# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001866
**Filing Date:** 2025-12
**Character Count:** 58267
**Document Hash:** 2980310bb3500a61d214c0ff3832fa03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001866.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001866

**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:** 251574141

**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 Corporate Income Fund (Series ID: S000030386)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000093382 | INSTITUTIONAL CLASS SHARES | EMCIX           |
| C000098142 | Class A                    | ECDAX           |
| C000098143 | Class C                    | ECDCX           |
| C000183163 | Class T                    | ECDTX           |

## 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 Corporate Income Fund

- **b. EDGAR series identifier (if any):** S000030386

- **c. LEI of Series:** 5493004YGQCWJELE9114

**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:** $18826020.34

**Total Liabilities:** $86516.62

**Net Assets:** $18739503.72

**Cash Not Reported:** $218674.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9.611422473312 | **1-Year:** 232.218412585242 | **5-Year:** 906.076206704611 | **10-Year:** 1824.973551191434 | **30-Year:** 1497.682306109907

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

- **3-Month:** 8.376043078843 | **1-Year:** 451.787282657231 | **5-Year:** 1539.967844578446 | **10-Year:** 279.081202706196 | **30-Year:** 89.235807157073

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093382 | 1.55%                | 0.23%                | 0.96%                |
| Class ID C000098142 | 1.76%                | 0.01%                | 0.96%                |
| Class ID C000098143 | 1.51%                | -0.05%               | 0.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2165.27                 | $219524.64                                 |
| Month 2  | $-4838410.56             | $4765193.21                                |
| Month 3  | $-550365.62              | $658687.01                                 |

**Designated Index Information**

- **Index Name:** CEMBI BD

- **Index Identifier:** CEMBI BD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ecopetrol S.A.                                          | ECOPET 5.875 05/28/45                  | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     98000 | PA      | $74950.40     | 0.40%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of East Asia Ltd. (The)                            | BNKEA V4.875 04/22/32 EMTN             | CUSIP: Y06946MQ0<br>LEI: CO6GC26LCGGRTUESIP55 | Long             | DBT              | CORP              | HK        |    300000 | PA      | $299469.00    | 1.60%             | 2032-04-22      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NEW WORLD RES TL 10/07/16                               | NEW WORLD RES TL 10/07/16              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CZ        |    952166 | PA      | $1.10         | 0.00%             | 2016-10-07      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| New World Resources NV                                  | NWRLN 0 10/07/20 144A                  | CUSIP: N6342WAJ7<br>LEI: 6354007MKEEGGVUMXO83 | Long             | DBT              | CORP              | NL        |     58064 | PA      | $0.07         | 0.00%             | 2020-10-07      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Prudential Funding Asia PLC                             | PRUFIN V2.95 11/03/33 EMTN             | CUSIP: G7289NTZ2<br>LEI: 2549005TNASWKLR0XC37 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191106.00    | 1.02%             | 2033-11-03      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| New World Resources NV                                  | NWRLN 0 10/07/20 144a                  | CUSIP: N6342WAL2<br>LEI: 6354007MKEEGGVUMXO83 | Long             | DBT              | CORP              | NL        |     43548 | PA      | $0.05         | 0.00%             | 2020-10-07      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| New World Resources NV                                  | NWRLN 8 04/07/20 REGS                  | CUSIP: N6342WAF5<br>LEI: 6354007MKEEGGVUMXO83 | Long             | DBT              | CORP              | NL        |   1685299 | PA      | $1.95         | 0.00%             | 2020-04-07      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| New World Resources NV                                  | NWRLN 4 10/07/20 REGS                  | CUSIP: N6342WAD0<br>LEI: 6354007MKEEGGVUMXO83 | Long             | DBT              | CORP              | NL        |    700590 | PA      | $0.81         | 0.00%             | 2020-10-07      | Fixed         | 4.00%                 | Yes           |                  3 | On Loan: No      |
| Petroleos de Venezuela SA                               | PDVSA 8.5 10/27/20 REGS                | CUSIP: P7807HAV7<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |   1724000 | PA      | $1703398.20   | 9.09%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria Spain S.A.                                | AICNRA 5.75 06/15/33 REGS              | CUSIP: E0R75RAB2<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    250000 | PA      | $226281.25    | 1.21%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Savannah Energy PLC                                     | Savannah Energy PLC ORD GBP0.001       | CUSIP: G781AA104<br>LEI: 2138002YCJORSFH5YR43 | Long             | EC               | CORP              | GB        |   2258852 | NS      | $206238.07    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch      | BANORT V8.375 PERP REGs                | CUSIP: P1400MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $209600.00    | 1.12%             | 2049-12-31      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                         | TCELLT 7.65 01/24/32 REGS              | CUSIP: M8903CAM2<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $209662.00    | 1.12%             | 2032-01-24      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                        | VEDLN 9.475 07/24/30 REGS              | CUSIP: G9T27HAL8<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202500.00    | 1.08%             | 2030-07-24      | Fixed         | 9.47%                 | Yes           |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                 | LTMCI 7.625 01/07/31 144A              | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $206055.00    | 1.10%             | 2031-01-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                               | SUNAC 7 09/30/29 REGS                  | CUSIP: G8569ABR6<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    117339 | PA      | $17445.96     | 0.09%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BBVA Mexico SA                                          | BBVASM V8.125 01/08/39 REGS            | CUSIP: P1S81BAB4<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $216990.00    | 1.16%             | 2039-01-08      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| LD Celulose International GmbH                          | LNZAV 7.95 01/26/32 REGS               | CUSIP: A4S42PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | AT        |    200000 | PA      | $210690.00    | 1.12%             | 2032-01-26      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Pampa Energia SA                                        | PAMPAR 7.875 12/16/34 REGS             | CUSIP: P7464EAT3<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    130000 | PA      | $131436.50    | 0.70%             | 2034-12-16      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Vale Overseas Limited                                   | VALEBZ 6.4 06/28/54                    | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     85000 | PA      | $88527.50     | 0.47%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Agrobank Akb                                            | AGROBK 9.25 10/02/29 REGS              | CUSIP: Y17001AA9<br>LEI: 254900JPMU0LFCP18673 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $217750.00    | 1.16%             | 2029-10-02      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Niagara Energy S.A.C.                                   | NIAENE 5.746 10/03/34 REGS             | CUSIP: P7200AAA1<br>LEI: 254900V9UGCG42YQ6848 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $205550.00    | 1.10%             | 2034-10-03      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Vista Energy Argentina SAU                              | VISTAA 7.625 12/10/35 REGS             | CUSIP: P9659RAA6<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |    130000 | PA      | $128453.00    | 0.69%             | 2035-12-10      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                               | PDVSA 9.75 05/17/35 REGS               | CUSIP: P7807HAQ8<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |   2103000 | PA      | $511029.00    | 2.73%             | 2035-05-17      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Ypf Energia Electrica S.A.                              | YPFLUZ 7.875 10/16/32 REGS             | CUSIP: P9897PAS3<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |    130000 | PA      | $128215.10    | 0.68%             | 2032-10-16      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 6.75 12/28/30 144A              | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    548833 | PA      | $11251.08     | 0.06%             | 2030-12-28      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/30 .                    | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    457360 | PA      | $7779.01      | 0.04%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | Kaisa Group Holdings Ltd. HKD0.10      | CUSIP: G52132100<br>LEI: 254900N8L3L7NRJT0120 | Long             | EC               | CORP              | HK        |    583070 | NS      | $9004.09      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW World Resource                                      | NEW World Resource ORD EUR0.0004 A     | CUSIP: G65272109<br>LEI: 213800IVC2P8E1XCJ296 | Long             | EC               | CORP              | GB        |  36580138 | NS      | $4.81         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sunac Services Holdings Ltd.                            | Sunac Services Holdings Ltd. HKD0.01   | CUSIP: G8569B104<br>LEI: 549300K4OFRSVPWF2W77 | Long             | EC               | CORP              | KY        |     72634 | NS      | $14449.57     | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                               | SUNAC 7.25 09/30/30 REGS               | CUSIP: G8569ABT2<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    342587 | PA      | $51360.64     | 0.27%             | 2030-09-30      | 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        |    159500 | PA      | $152338.45    | 0.81%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Samarco Mineracao SA                                    | SAMMIN 9.5 06/30/31 REGS               | CUSIP: P8405QAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    104565 | PA      | $104207.03    | 0.56%             | 2031-06-30      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Moviles Chile S.A.                           | MOVCHI 3.537 11/18/31 REGS             | CUSIP: P90375AV1<br>LEI: 549300PDWJ2U6A15B785 | Long             | DBT              | CORP              | CL        |    150000 | PA      | $96750.00     | 0.52%             | 2031-11-18      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Chile Electricity Luxembourg Mpc II S.a.r.l.            | CHLMPC 5.58 10/20/35 REGS              | CUSIP: L1567LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    195501 | PA      | $201717.93    | 1.08%             | 2035-10-20      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Great Eastern Life Assurance Co Ltd                     | GESP V5.398 PERP EMTN                  | CUSIP: Y2863BAC4<br>LEI: XILNWRPRTWRS0ELWD465 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $203750.00    | 1.09%             | 2049-12-31      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Sable International Finance Limited                     | CWCLN 7.125 10/15/32 REGS              | CUSIP: G77636AE1<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200000.00    | 1.07%             | 2032-10-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Ihs Holding Limited                                     | IHS 8.25 11/29/31 REGS                 | CUSIP: G4701HAC3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $207900.00    | 1.11%             | 2031-11-29      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Liberty Costa Rica Senior Secured Finance               | LBTCOR 10.875 01/15/31 REGS            | CUSIP: G53901AA5<br>LEI: 549300W6O2PHTPCYQ751 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $211489.00    | 1.13%             | 2031-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Medco Maple Tree Pte Ltd.                               | MEDCIJ 8.96 04/27/29 REGS              | CUSIP: Y5951MAA0<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $261720.00    | 1.40%             | 2029-04-27      | Fixed         | 8.96%                 | Yes           |                  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      | $209476.34    | 1.12%             | 2027-07-03      | Fixed         | 9.70%                 | Yes           |                  2 | On Loan: No      |
| Telecom Argentina SA                                    | TECOAR 9.5 07/18/31 REGS               | CUSIP: P9028NBT7<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    100000 | PA      | $103500.00    | 0.55%             | 2031-07-18      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                              | YKBNK V9.743 PERP REGS                 | CUSIP: M9869G2U4<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    205000 | PA      | $215635.40    | 1.15%             | 2049-12-31      | Fixed         | 9.74%                 | Yes           |                  2 | On Loan: No      |
| Trident Energy Finance PLC                              | TRIEGY 12.5 11/30/29 REGS              | CUSIP: G9047MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205220.00    | 1.10%             | 2029-11-30      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| Turkiye Vakiflar Bankasi T.A.O.                         | VAKBN V8.994 10/05/34 REGS             | CUSIP: M9037B4W6<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $211188.00    | 1.13%             | 2034-10-05      | Fixed         | 8.99%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered PLC                                  | STANLN V5.905 05/14/35 REGS            | CUSIP: G84228GH5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211630.00    | 1.13%             | 2035-05-14      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                               | ARAMCO 5.875 07/17/64 REGS             | CUSIP: M8237RAP9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    200000 | PA      | $199450.00    | 1.06%             | 2064-07-17      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Woori Bank                                              | WOORIB V6.375 PERP REGS                | CUSIP: Y9700WAB2<br>LEI: 549300VUVMRL6RE7R376 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $209812.00    | 1.12%             | 2049-12-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bangkok Bank Public Company Limited (Hong Kong Branch)  | BBLTB V3.466 09/23/36 REGS             | CUSIP: Y0606WCC2<br>LEI: N/A                  | Long             | DBT              | CORP              | TH        |    200000 | PA      | $182416.00    | 0.97%             | 2036-09-23      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Energo-Pro AS                                           | ENGPRO 11 11/02/28 REGS                | CUSIP: X2112MAD8<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |    200000 | PA      | $211000.00    | 1.13%             | 2028-11-02      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Bank of Georgia JSC                                     | GEBGG V9.5 PERP REGS                   | CUSIP: Y06989AG5<br>LEI: 549300RPLD8RXL49Z691 | Long             | DBT              | CORP              | GE        |    200000 | PA      | $205280.00    | 1.10%             | 2049-12-31      | Fixed         | 9.50%                 | 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        |    205000 | PA      | $192206.50    | 1.03%             | 2027-11-25      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CT Trust                                                | COMCEL 5.125 02/03/32 REGS             | CUSIP: G2588BAA2<br>LEI: 5493003LN2KNNGM2Q244 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $189100.00    | 1.01%             | 2032-02-03      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                    | YPFDAR 9.5 01/17/31 REGS               | CUSIP: P989MJBU4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     98000 | PA      | $102924.50    | 0.55%             | 2031-01-17      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Banco de Credito e Inversiones Miami Branch             | BCICI V8.75 PERP REGS                  | CUSIP: 05890PAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    200000 | PA      | $215131.26    | 1.15%             | 2049-12-31      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MAF Global Securities Ltd.                              | MAFUAE V6.375 PERP                     | CUSIP: G5S64MAF3<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199962.92    | 1.07%             | 2049-12-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Leviathan Bond Limited                                  | LVIATH 6.5 06/30/27                    | CUSIP: M6746GAC0<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     67382 | PA      | $67697.85     | 0.36%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Minsur SA                                               | MINSUR 4.5 10/28/31 REGS               | CUSIP: P6811TAB1<br>LEI: 254900C69MVC7SXO2G61 | Long             | DBT              | CORP              | PE        |    215000 | PA      | $205443.25    | 1.10%             | 2031-10-28      | Fixed         | 4.50%                 | 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        |    925000 | PA      | $13875.00     | 0.07%             | 2023-01-09      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Grupo Aval Ltd.                                         | AVALCB 4.375 02/04/30 REGS             | CUSIP: G42045AC1<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $188059.50    | 1.00%             | 2030-02-04      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch      | BANORT V8.375 PERP REGS                | CUSIP: P1400MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    215000 | PA      | $228987.90    | 1.22%             | 2049-12-31      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Infraestructura Energetica Nova Sapi De CV              | IENOVA 4.75 01/15/51 REGS              | CUSIP: P56145AC2<br>LEI: 715K4H1JYF3O6JOK1411 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $155892.00    | 0.83%             | 2051-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                         | ZHPRHK 6.5 09/01/22                    | CUSIP: G9897EBJ7<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   2095000 | PA      | $5237.50      | 0.03%             | 2022-09-01      | Fixed         | 6.50%                 | 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        |   1840000 | PA      | $27600.00     | 0.15%             | 2022-10-18      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| OCP SA                                                  | OCPMR 5.125 06/23/51 REGS              | CUSIP: V6560AAQ5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    200000 | PA      | $168270.00    | 0.90%             | 2051-06-23      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Fantasia Holdings Group Co Ltd.                         | FTHDGR 15 12/18/21                     | CUSIP: G3311LAW4<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    830000 | PA      | $12450.00     | 0.07%             | 2021-12-18      | Fixed         | 15.00%                | Yes           |                  2 | On Loan: No      |
| Leviathan Bond Limited                                  | LVIATH 6.75 06/30/30                   | CUSIP: M6746GAD8<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    137043 | PA      | $138284.61    | 0.74%             | 2030-06-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| First Abu Dhabi Bank P.J.S.C                            | FABUH V4.5 PERP                        | CUSIP: M4289D3G4<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $198721.34    | 1.06%             | 2049-12-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Prosus NV                                               | PRXNA 4.027 08/03/50 REGS              | CUSIP: N7163RAD5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    360000 | PA      | $256950.00    | 1.37%             | 2050-08-03      | Fixed         | 4.03%                 | Yes           |                  2 | On Loan: No      |
| AngloGold Ashanti Holdings PLC                          | ANGSJ 3.375 11/01/28                   | CUSIP: 03512TAF8<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    270000 | PA      | $261056.25    | 1.39%             | 2028-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| EIG Pearl Holdings S.a r.l.                             | EIGPRL 3.545 08/31/36 REGS             | CUSIP: L2848UAB8<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |    275366 | PA      | $255488.28    | 1.36%             | 2036-08-31      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Fantasia Holdings Group Co Ltd.                         | FTHDGR 7.95 07/05/22                   | CUSIP: G3311LAJ3<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |   1200000 | PA      | $18000.00     | 0.10%             | 2022-07-05      | Fixed         | 7.95%                 | 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        |    200000 | PA      | $8500.00      | 0.05%             | 2024-04-09      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Sovcom Capital Designated Activity Company              | SOVCOM 7.6 PERP REGS                   | CUSIP: G8295PAF1<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |   1605000 | PA      | $1.61         | 0.00%             | 2049-12-31      | Fixed         | 7.60%                 | Yes           |                  3 | On Loan: No      |
| JSC National Company KazMunayGas                        | KZOKZ 6.375 10/24/48 REGS              | CUSIP: Y44709AG1<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    365000 | PA      | $367317.75    | 1.96%             | 2048-10-24      | Fixed         | 6.38%                 | 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        |   2611000 | PA      | $78330.00     | 0.42%             | 2024-08-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                     | SUZANO 3.125 01/15/32 DM3N             | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     75000 | PA      | $67196.25     | 0.36%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GTC Aurora Luxembourg SA                                | GTCAPW 2.25 06/23/26                   | CUSIP: L45109AA0<br>LEI: 549300UAWIR6P1PVC062 | Long             | DBT              | CORP              | LU        |    110000 | PA      | $123975.47    | 0.66%             | 2026-06-23      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Gold Fields Orogen Holding (BVI) Limited                | GFISJ 6.125 05/15/29 REGS              | CUSIP: G40365AB7<br>LEI: 213800CLGJ2E9KGU2F20 | Long             | DBT              | CORP              | VG        |    210000 | PA      | $220710.00    | 1.18%             | 2029-05-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                           | CHINSC 6 02/04/26                      | CUSIP: G21190AH9<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |   1099000 | PA      | $46707.50     | 0.25%             | 2026-02-04      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                        | KZOKZ 5.75 04/19/47 REGS               | CUSIP: Y4596HAD9<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    220000 | PA      | $207941.80    | 1.11%             | 2047-04-19      | Fixed         | 5.75%                 | 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        |    465000 | PA      | $13950.00     | 0.07%             | 2024-07-16      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ihs Holding Limited                                     | IHS 6.25 11/29/28 REGS                 | CUSIP: G4701HAA7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199720.00    | 1.07%             | 2028-11-29      | Fixed         | 6.25%                 | 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      | $5320.00      | 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        |    100000 | PA      | $14992.00     | 0.08%             | 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        |    100000 | PA      | $14882.00     | 0.08%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                           | PETBRA 6.85 06/05/15                   | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $33746.30     | 0.18%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Alfa SAB de CV                                          | ALFAA 6.875 03/25/44 REGS              | CUSIP: P0156PAC3<br>LEI: 549300ZCGJ6T8YDJ4M34 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $222176.00    | 1.19%             | 2044-03-25      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Power Finance Corp Ltd.                                 | POWFIN 4.5 06/18/29                    | CUSIP: Y7082RJD2<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | DBT              | CORP              | IN        |    235000 | PA      | $234370.20    | 1.25%             | 2029-06-18      | Fixed         | 4.50%                 | 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        |    400000 | PA      | $11200.00     | 0.06%             | 2025-08-27      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                             | FMCN 8.625 06/01/31 REGS               | CUSIP: C3535CAP3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $209250.00    | 1.12%             | 2031-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                            | ENOIGA 8.5 09/30/33                    | CUSIP: 29290WAA5<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    158790 | PA      | $169151.05    | 0.90%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                               | SUNAC 7 09/30/29 144A                  | CUSIP: G8569ABP0<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $14868.00     | 0.08%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                         | ZHPRHK 8.7 08/03/22                    | CUSIP: G9897EBH1<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   1360000 | PA      | $3400.00      | 0.02%             | 2022-08-03      | Fixed         | 8.70%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                         | ZHPRHK 7.875 04/14/24                  | CUSIP: G9897EAQ2<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   2315000 | PA      | $5787.50      | 0.03%             | 2024-04-14      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Greensaif Pipelines Bidco S.a r.l.                      | GASBCM 6.51 02/23/42 REGS              | CUSIP: L4464DAD1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    235000 | PA      | $256885.55    | 1.37%             | 2042-02-23      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Bangkok Bank Public Company Limited (Hong Kong Branch)  | BBLTB 9.025 03/15/29 REGS              | CUSIP: Y0606WBQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | TH        |    140000 | PA      | $157413.20    | 0.84%             | 2029-03-15      | Fixed         | 9.03%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                            | PEMEX 6.5 06/02/41                     | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     90000 | PA      | $79158.60     | 0.42%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACWA Power Management & Investments One Ltd.            | INTLWT 5.95 12/15/39 REGS              | CUSIP: M00020AA1<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |    184600 | PA      | $188810.73    | 1.01%             | 2039-12-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                         | ZHPRHK 9.15 05/06/23                   | CUSIP: G9897EAN9<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $1750.00      | 0.01%             | 2023-05-06      | Fixed         | 9.15%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                           | CHINSC 7 05/02/25                      | CUSIP: G21190AG1<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |   1236000 | PA      | $52530.00     | 0.28%             | 2025-05-02      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Colbun S.A.                                             | COLBUN 3.15 03/06/30 REGS              | CUSIP: P2867KAK2<br>LEI: 5493003VQJLE2QB8IF36 | Long             | DBT              | CORP              | CL        |    245000 | PA      | $231880.25    | 1.24%             | 2030-03-06      | Fixed         | 3.15%                 | 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        |    760000 | PA      | $32300.00     | 0.17%             | 2024-09-29      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                               | SUNAC 6 09/30/25 144A                  | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $15000.00     | 0.08%             | 2025-09-30      | Fixed         | 5.00%                 | 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        |    100000 | PA      | $14883.00     | 0.08%             | 2026-09-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Minejesa Capital BV                                     | MINCAP 5.625 08/10/37 REGS             | CUSIP: N57445AB9<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $199300.00    | 1.06%             | 2037-08-10      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Vale Overseas Limited                                   | VALEBZ 6.875 11/10/39                  | CUSIP: 91911TAK9<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     47000 | PA      | $53357.22     | 0.28%             | 2039-11-10      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                         | SHINFN V2.875 PERP REGS                | CUSIP: Y7749XAY7<br>LEI: 988400EB8A6G49E5KO54 | Long             | DBT              | CORP              | KR        |    255000 | PA      | $252450.00    | 1.35%             | 2049-12-31      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Tierra Mojada Luxembourg II S.a r.l.                    | TIEMOD 5.75 12/01/40 REGS              | CUSIP: L3500LAA7<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |    169056 | PA      | $166097.19    | 0.89%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc | JBSSBZ 5.75 04/01/33                   | CUSIP: 46590XAY2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     60000 | PA      | $62454.75     | 0.33%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                               | SUNAC 6.75 09/30/28 144A               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $15006.00     | 0.08%             | 2028-09-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                            | B 0 12/11/25                           | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    917200 | PA      | $913450.85    | 4.87%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | Yuzhou Group Holdings Company Ltd HKD1 | CUSIP: G9884A102<br>LEI: 213800MP59KHGJSPHE82 | Long             | EC               | CORP              | KY        |    241847 | NS      | $4927.43      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | YUZHOU 1 06/30/34 .                    | CUSIP: YL7132365<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    227169 | PA      | $272.60       | 0.00%             | 2034-06-30      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 6.5 12/28/29 144A               | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    457360 | PA      | $9833.24      | 0.05%             | 2029-12-28      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/25 144a                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    137218 | PA      | $3737.49      | 0.02%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/29 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    365888 | PA      | $8232.48      | 0.04%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | YUZHOU 7 06/30/27 .                    | CUSIP: YL7134841<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    252334 | PA      | $29659.34     | 0.16%             | 2027-06-30      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/26 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    182943 | PA      | $2443.41      | 0.01%             | 2026-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | YUZHOU 4 06/30/28 .                    | CUSIP: YL7124701<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    213940 | PA      | $6413.92      | 0.03%             | 2028-06-30      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 5 11/30/27 144A                 | CUSIP: YK3664892<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     35568 | PA      | $2799.56      | 0.01%             | 2027-11-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pluspetrol S.A.                                         | PLUSPE 8.5 05/30/32 REGS               | CUSIP: P7924AAA6<br>LEI: 254900QSCHBUBX6J6H71 | Long             | DBT              | CORP              | AR        |    130000 | PA      | $132385.50    | 0.71%             | 2032-05-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | YUZHOU 4.5 06/30/29 .                  | CUSIP: YL7122382<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    372538 | PA      | $8378.38      | 0.04%             | 2029-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 7.721 12/28/27 144A             | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    182943 | PA      | $4573.58      | 0.02%             | 2027-12-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 7 12/28/31 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    823249 | PA      | $16464.98     | 0.09%             | 2031-12-28      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/27 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    228690 | PA      | $2344.07      | 0.01%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/31 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    457360 | PA      | $5717.00      | 0.03%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | YUZHOU 5 06/30/30 .                    | CUSIP: YL7114843<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    497245 | PA      | $9949.87      | 0.05%             | 2030-06-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Navoi Mining & Metallurgical Co.                        | NAVOIM 6.95 10/17/31 REGS              | CUSIP: Y6S30MAB1<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $213750.00    | 1.14%             | 2031-10-17      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Hanwha Life Insurance Co., Ltd.                         | HLINSU V6.3 06/24/55 REGS              | CUSIP: Y306AXAL4<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $209940.00    | 1.12%             | 2055-06-24      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                       | YUZHOU 5.5 06/30/31 .                  | CUSIP: YL7128363<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    697517 | PA      | $5238.35      | 0.03%             | 2031-06-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 6.25 12/28/28 144A              | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    274416 | PA      | $5282.51      | 0.03%             | 2028-12-28      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 7.25 12/28/32 144A              | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    771364 | PA      | $12534.67     | 0.07%             | 2032-12-28      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/28 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    365888 | PA      | $2286.80      | 0.01%             | 2028-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                               | KAISAG 0 12/31/32 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    862837 | PA      | $10655.17     | 0.06%             | 2032-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Embraer Netherlands Finance B.V.                        | EMBRBZ 5.4 01/09/38                    | CUSIP: 29082HAF9<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200060.00    | 1.07%             | 2038-01-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                 | CURRENCY CONTRACT - USD                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -179990 | NC      | $3914.24      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                 | CURRENCY CONTRACT - USD                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -81221 | NC      | $1396.91      | 0.01%             |  |  |  | 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