# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001869
**Filing Date:** 2025-12
**Character Count:** 58257
**Document Hash:** 1c8856f91a41e016088887a93825564d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001869.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001869

**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:** 251574143

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

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

## Series and Classes Contracts Data

### Ashmore Emerging Markets Debt Fund (Series ID: S000069539)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 61 Aldwych

  - **City:** London

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

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

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

- **a. Name of Series:** Ashmore Emerging Markets Debt Fund

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

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

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

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

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

**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:** $21810669.20

**Total Liabilities:** $88274.98

**Net Assets:** $21722394.22

**Cash Not Reported:** $194564.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14.877882211029 | **1-Year:** 253.239408838364 | **5-Year:** 1058.728494396754 | **10-Year:** 3129.161031803970 | **30-Year:** 3367.578428935988

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

- **3-Month:** 0.505215413751 | **1-Year:** 228.439679815940 | **5-Year:** 1171.310203384913 | **10-Year:** 2579.557256548033 | **30-Year:** 1945.855991002636

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221884 | 1.76%                | 2.19%                | 2.85%                |
| Class ID C000221885 | 1.88%                | 2.19%                | 2.72%                |
| Class ID C000221886 | 1.70%                | 2.24%                | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5604.79                | $279265.62                                 |
| Month 2  | $-6236.29                | $372098.34                                 |
| Month 3  | $133144.84               | $366150.73                                 |

**Designated Index Information**

- **Index Name:** EMBI GD

- **Index Identifier:** EMBI GD

### Schedule of Portfolio Investments

| Name                                    | Title                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Poland (Republic of)                    | POLAND 5.5 04/04/53 30Y    | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     43000 | PA      | $42208.37     | 0.19%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Paraguay (Republic of)                  | PARGUY 5.85 08/21/33 REGS  | CUSIP: P75744AM7<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $211250.00    | 0.97%             | 2033-08-21      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                    | PANAMA 7.125 01/29/26      | CUSIP: 698299AV6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    100000 | PA      | $100500.00    | 0.46%             | 2026-01-29      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 5.4 02/09/28           | CUSIP: 91087BAU4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $204770.00    | 0.94%             | 2028-02-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                    | POLAND 4.875 10/04/33 10Y  | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     72000 | PA      | $73130.40     | 0.34%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kazakhstan (Republic Of)                | KAZAKS 6.5 07/21/45 REGS   | CUSIP: Y7276LDF2<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    200000 | PA      | $224188.00    | 1.03%             | 2045-07-21      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 6.625 02/17/28 REGS | CUSIP: X7360WCN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     52000 | PA      | $54103.40     | 0.25%             | 2028-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Morocco (Kingdom of)                    | MOROC 6.5 09/08/33 REGS    | CUSIP: V5311VAK6<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    200000 | PA      | $219500.00    | 1.01%             | 2033-09-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hungarian Export-Import Bank Pte Ltd.   | MAEXIM 6.125 12/04/27 REGS | CUSIP: X5S8QYBF9<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $206876.00    | 0.95%             | 2027-12-04      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)               | KSA 5 01/16/34 REGS        | CUSIP: M6320UCG2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    325000 | PA      | $333211.13    | 1.53%             | 2034-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                   | PETMK 4.55 04/21/50 REGS   | CUSIP: Y68856AV8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    282000 | PA      | $251388.90    | 1.16%             | 2050-04-21      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Philippines (Republic Of)               | PHILIP 9.5 02/02/30        | CUSIP: 718286AY3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    105000 | PA      | $126492.19    | 0.58%             | 2030-02-02      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 5.75 10/28/34       | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     70000 | PA      | $75320.00     | 0.35%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 7.125 01/17/33 REGS | CUSIP: X7360WCQ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     36000 | PA      | $38812.68     | 0.18%             | 2033-01-17      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA       | PETRPE 5.625 06/19/47 REGS | CUSIP: P7808BAB3<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    234000 | PA      | $169357.50    | 0.78%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Guatemala (Republic of)                 | GUATEM 6.6 06/13/36 REGS   | CUSIP: P5015VAQ9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $215600.00    | 0.99%             | 2036-06-13      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 7.625 03/21/36      | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     75000 | PA      | $91588.25     | 0.42%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 5.75 10/12/10 GMTN     | CUSIP: 91086QAZ1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     76000 | PA      | $66576.00     | 0.31%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)               | PHILIP 6.375 10/23/34      | CUSIP: 718286BG1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    100000 | PA      | $112843.75    | 0.52%             | 2034-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 4.125 11/20/45      | CUSIP: 760942AY8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     62000 | PA      | $55490.00     | 0.26%             | 2045-11-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 5.55 01/21/45          | CUSIP: 91086QBE7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     64000 | PA      | $60464.00     | 0.28%             | 2045-01-21      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                 | VENZ 11.75 10/21/26        | CUSIP: P17625AE7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    865000 | PA      | $259500.00    | 1.19%             | 2026-10-21      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 6.125 01/22/44 REGS | CUSIP: 77586TAE6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     42000 | PA      | $40331.55     | 0.19%             | 2044-01-22      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Colombia (Republic Of)                  | COLOM 5.625 02/26/44       | CUSIP: 195325BR5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $166800.00    | 0.77%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                 | INDON 5.95 01/08/46 REGS   | CUSIP: Y20721BP3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    313000 | PA      | $337492.25    | 1.55%             | 2046-01-08      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Southern Gas Corridor                   | SGCAZE 6.875 03/24/26 REGS | CUSIP: Y8T6JPAA4<br>LEI: 213800DG58KG59XY6318 | Long             | DBT              | CORP              | AZ        |    200000 | PA      | $201538.00    | 0.93%             | 2026-03-24      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 4.75 03/08/44 MTN      | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     62000 | PA      | $52390.00     | 0.24%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                 | INDON 8.5 10/12/35 REGS    | CUSIP: Y20721AE9<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    137000 | PA      | $176045.00    | 0.81%             | 2035-10-12      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| El Salvador (Republic of)               | ELSALV 7.65 06/15/35 REGS  | CUSIP: P01012AN6<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     47000 | PA      | $48794.23     | 0.22%             | 2035-06-15      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Venezuela (Republic Of)                 | VENZ 11.95 08/05/31        | CUSIP: P17625AD9<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    620100 | PA      | $181379.25    | 0.83%             | 2031-08-05      | Fixed         | 11.95%                | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 7.875 01/15/33      | CUSIP: 917288BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    103000 | PA      | $123625.75    | 0.57%             | 2033-01-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)            | BRAZIL 8.25 01/20/34       | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     15000 | PA      | $17580.00     | 0.08%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                 | VENZ 9.25 09/15/27         | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    759000 | PA      | $235290.00    | 1.08%             | 2027-09-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                    | PANAMA 6.7 01/26/36        | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     88000 | PA      | $94644.00     | 0.44%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)               | PHILIP 7.75 01/14/31       | CUSIP: 718286BB2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    100000 | PA      | $116500.00    | 0.54%             | 2031-01-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                | COSTAR 5.625 04/30/43 REGS | CUSIP: P3699PGF8<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $189250.00    | 0.87%             | 2043-04-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 5.1 06/18/50        | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     67000 | PA      | $64688.50     | 0.30%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                 | INDON 7.75 01/17/38 REGS   | CUSIP: Y20721AL3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $125000.00    | 0.58%             | 2038-01-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                    | PANAMA 9.375 04/01/29      | CUSIP: 698299AK0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     63000 | PA      | $71879.22     | 0.33%             | 2029-04-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Pakistan (Islamic Republic of)          | PKSTAN 8.875 04/08/51 REGS | CUSIP: Y2835JAJ7<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    400000 | PA      | $381008.00    | 1.75%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 0 02/01/36 REGS     | CUSIP: X5S0055Y3<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     26964 | PA      | $13684.23     | 0.06%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                    | TURKEY 6.5 01/03/35        | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $197500.00    | 0.91%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 7.5 02/10/37 REGS   | CUSIP: X7360WDJ8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     82000 | PA      | $89867.08     | 0.41%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                    | TURKEY 4.875 04/16/43 30Y  | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    238000 | PA      | $180939.50    | 0.83%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV            | PEMEX 8.75 06/02/29        | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    101000 | PA      | $109069.90    | 0.50%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Zambia (Republic Of)                    | ZAMBIN 5.75 06/30/33 REGS  | CUSIP: V7179UML0<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     35353 | PA      | $33935.17     | 0.16%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                     | GHANA 5 07/03/29 REGS      | CUSIP: V3R60FEL4<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    193600 | PA      | $188760.00    | 0.87%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 5.25 09/10/60       | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    125454 | PA      | $120247.66    | 0.55%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 5.75 03/24/35 REGS  | CUSIP: X7360WDA7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     90000 | PA      | $87975.00     | 0.40%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)              | SOAF 5.75 09/30/49 30Y     | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $168700.00    | 0.78%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego             | BGOSK 5.75 07/09/34 REGS   | CUSIP: X0645ADB5<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $211472.00    | 0.97%             | 2034-07-09      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                     | GHANA 5 07/03/35 REGS      | CUSIP: V3R60FEN0<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    281400 | PA      | $240948.75    | 1.11%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                     | GHANA 0 01/03/30 REGS      | CUSIP: V3R60FEP5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     35562 | PA      | $30672.23     | 0.14%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ecuador (Republic Of)                   | ECUA 6.9 07/31/35 REGS     | CUSIP: P8054QBC6<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    124000 | PA      | $94837.11     | 0.44%             | 2035-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 4.5 02/01/35 REGS   | CUSIP: X5S0055X5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    133654 | PA      | $74177.97     | 0.34%             | 2035-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 4.5 02/01/36 REGS   | CUSIP: X5S0056C0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     77551 | PA      | $42536.72     | 0.20%             | 2036-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)              | SOAF 5.875 04/20/32 10Y    | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $206200.00    | 0.95%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 0 02/01/30 REGS     | CUSIP: X5S0055Z0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     10246 | PA      | $5404.77      | 0.02%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kazakhstan (Republic Of)                | KAZAKS 4.714 04/09/35 REGS | CUSIP: Y7276LDX3<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    217000 | PA      | $214010.83    | 0.99%             | 2035-04-09      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                    | POLAND 5.5 11/16/27 5Y     | CUSIP: 857524AD4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     15000 | PA      | $15494.85     | 0.07%             | 2027-11-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 0 02/01/34 REGS     | CUSIP: X5S0056A4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     38290 | PA      | $15947.79     | 0.07%             | 2034-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SUCI Second Investment Co.              | PIFKSA 4.375 09/10/27      | CUSIP: G85444AD2<br>LEI: 558600VUMCHBIHACQF76 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200175.00    | 0.92%             | 2027-09-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                      | PERU 5.375 02/08/35        | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     52000 | PA      | $53352.00     | 0.25%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bulgaria (Republic Of)                  | BGARIA 5 03/05/37 13Y      | CUSIP: X0R483BD3<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |     12000 | PA      | $12001.56     | 0.06%             | 2037-03-05      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 0 02/01/35 REGS     | CUSIP: X5S0056B2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     32358 | PA      | $16454.04     | 0.08%             | 2035-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                     | GHANA 0 07/03/26 REGS      | CUSIP: V3R60FEK6<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     12800 | PA      | $12448.00     | 0.06%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                    | TURKEY 7.25 05/29/32       | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $209296.00    | 0.96%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                      | PERU 3.3 03/11/41          | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    144000 | PA      | $112212.00    | 0.52%             | 2041-03-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                   | REPHUN 2.125 09/22/31 REGS | CUSIP: X93622FZ0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $171868.08    | 0.79%             | 2031-09-22      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Chile (Republic Of)                     | CHILE 3.1 05/07/41         | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $154950.00    | 0.71%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 3 02/14/31 REGS     | CUSIP: X7360WBP6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $26910.00     | 0.12%             | 2031-02-14      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Hungary (Republic Of)                   | REPHUN 3.125 09/21/51 REGS | CUSIP: X93622FY3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $129400.00    | 0.60%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                   | UKRAIN 4.5 02/01/34 REGS   | CUSIP: X5S0055W7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    214378 | PA      | $120266.06    | 0.55%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 3.625 03/27/32 REGS | CUSIP: X7360WCA8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     44000 | PA      | $39600.00     | 0.18%             | 2032-03-27      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)            | UZBEK 5.375 02/20/29 REGS  | CUSIP: Y000WRAB4<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    220000 | PA      | $221127.50    | 1.02%             | 2029-02-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV            | PEMEX 6.35 02/12/48        | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    101000 | PA      | $80784.85     | 0.37%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| DP World Crescent LTD                   | DPWDU 3.7495 01/30/30 REGS | CUSIP: G28288AD3<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |    361000 | PA      | $351014.74    | 1.62%             | 2030-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Bapco Energies B.S.C.                   | BEXBAH 8.375 11/07/28 REGS | CUSIP: M75198AB3<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $216538.00    | 1.00%             | 2028-11-07      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo           | ENAPCL 5.25 11/06/29 REGS  | CUSIP: P37110AN6<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | CORP              | CL        |    268000 | PA      | $273092.00    | 1.26%             | 2029-11-06      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                | EGYPT 7.6003 03/01/29 REGS | CUSIP: M1487WCY9<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $209338.00    | 0.96%             | 2029-03-01      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Chile (Republic Of)                     | CHILE 3.1 01/22/61         | CUSIP: 168863DQ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    400000 | PA      | $254100.00    | 1.17%             | 2061-01-22      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                   | PETMK 2.48 01/28/32 REGS   | CUSIP: Y6886MAE0<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    200000 | PA      | $179648.00    | 0.83%             | 2032-01-28      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| Indonesia (Republic of)                 | INDON 4.2 10/15/50         | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $167750.00    | 0.77%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                    | PANAMA 8.875 09/30/27      | CUSIP: 698299AD6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     40000 | PA      | $43116.07     | 0.20%             | 2027-09-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                      | DOMREP 5.3 01/21/41 REGS   | CUSIP: P3579ECJ4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $136800.00    | 0.63%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 6 05/25/34 REGS     | CUSIP: X7360WCG5<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     32000 | PA      | $32120.00     | 0.15%             | 2034-05-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Benin (The Republic of)                 | BENIN 7.96 02/13/38 REGS   | CUSIP: V15389AG0<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    200000 | PA      | $208000.00    | 0.96%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 4.975 04/20/55      | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    137000 | PA      | $127615.50    | 0.59%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile | CDEL 4.375 02/05/49 REGS   | CUSIP: P3143NBB9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $160850.00    | 0.74%             | 2049-02-05      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Indonesia (Republic of)                 | INDON 6.625 02/17/37 REGS  | CUSIP: Y20721AJ8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $114250.00    | 0.53%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                      | PERU 8.75 11/21/33         | CUSIP: 715638AP7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    149000 | PA      | $188485.00    | 0.87%             | 2033-11-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV            | PEMEX 6.75 09/21/47        | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    102000 | PA      | $84343.80     | 0.39%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)               | KSA 5 04/17/49 REGS        | CUSIP: M6320UAJ8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $186062.00    | 0.86%             | 2049-04-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills            | B 0 12/11/25               | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    436700 | PA      | $434914.95    | 2.00%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                | EGYPT 8.5 01/31/47 REGS    | CUSIP: M1487WBS3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $184438.00    | 0.85%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)           | NGERIA 7.625 11/28/47 REGS | CUSIP: V342A3BW3<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    405000 | PA      | $359437.50    | 1.65%             | 2047-11-28      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)           | NGERIA 7.696 02/23/38 REGS | CUSIP: V342A3BY9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $187750.00    | 0.86%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Colombia (Republic Of)                  | COLOM 7.375 09/18/37       | CUSIP: 195325BK0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    100000 | PA      | $104000.00    | 0.48%             | 2037-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                     | OMAN 6.5 03/08/47 REGS     | CUSIP: M75242BA0<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $219312.00    | 1.01%             | 2047-03-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                    | PANAMA 4.5 04/16/50        | CUSIP: 698299BH6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $156368.84    | 0.72%             | 2050-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 0.75 07/09/30       | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     52800 | PA      | $43216.80     | 0.20%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 1 07/09/29          | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     99200 | PA      | $84518.40     | 0.39%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV            | PEMEX 7.69 01/23/50        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    154000 | PA      | $139685.70    | 0.64%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 3.771 05/24/61         | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $129300.00    | 0.60%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                      | DOMREP 5.875 01/30/60 REGS | CUSIP: P3579ECG0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    282000 | PA      | $256180.08    | 1.18%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                | EGYPT 7.625 05/29/32 REGS  | CUSIP: M1487WDG7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $203200.00    | 0.94%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 4.125 07/09/35      | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    262666 | PA      | $184128.87    | 0.85%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 3.5 07/09/41        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    134000 | PA      | $87234.00     | 0.40%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 3.75 04/19/71          | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $124200.00    | 0.57%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                      | PERU 2.78 12/01/60         | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    207000 | PA      | $117369.00    | 0.54%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi (Emirate of)                  | ADGB 3.125 09/30/49 REGS   | CUSIP: M0152WAD3<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    400000 | PA      | $295882.00    | 1.36%             | 2049-09-30      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                | EGYPT 8.7002 03/01/49 REGS | CUSIP: M1487WCX1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $186438.00    | 0.86%             | 2049-03-01      | Fixed         | 8.70%                 | Yes           |                  2 | On Loan: No      |
| Oman (Sultanate Of)                     | OMAN 6.75 10/28/27 REGS    | CUSIP: M75242BN2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $208472.00    | 0.96%             | 2027-10-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Angola (Republic of)                    | ANGOL 8 11/26/29 REGS      | CUSIP: V5S1ASAB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $191455.92    | 0.88%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 4 02/14/51 REGS     | CUSIP: X7360WBN1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     64000 | PA      | $44160.00     | 0.20%             | 2051-02-14      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Mongolia (Government of)                | MONGOL 4.45 07/07/31 REGS  | CUSIP: Y6142NAE8<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $183000.00    | 0.84%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                      | PERU 3.23 07/28/21         | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     53000 | PA      | $30157.00     | 0.14%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                    | TURKEY 5.25 03/13/30 10Y   | CUSIP: 900123CY4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    225000 | PA      | $222131.25    | 1.02%             | 2030-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 0.75 07/09/30       | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    330220 | PA      | $270285.07    | 1.24%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 5 01/09/38          | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    145000 | PA      | $106430.00    | 0.49%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                    | PANAMA 3.16 01/23/30       | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $187253.00    | 0.86%             | 2030-01-23      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                 | ARGENT 4.125 07/09/35      | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     56000 | PA      | $39256.00     | 0.18%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Bahrain (Kingdom of)                    | BHRAIN 5.625 09/30/31 REGS | CUSIP: M63633BW6<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $200600.00    | 0.92%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                | EGYPT 8.875 05/29/50 REGS  | CUSIP: M1487WDF9<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $188812.00    | 0.87%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Ecuador (Republic Of)                   | ECUA 5 07/31/40 REGS       | CUSIP: P8054QBE2<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    155000 | PA      | $105371.45    | 0.49%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                      | DOMREP 4.875 09/23/32 REGS | CUSIP: P3579ECH8<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    225000 | PA      | $215514.38    | 0.99%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                   | URUGUA 5.442 02/14/37      | CUSIP: 760942BH4<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    144000 | PA      | $150997.68    | 0.70%             | 2037-02-14      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                      | DOMREP 5.875 10/28/35 144A | CUSIP: 25714PFF0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $150000.00    | 0.69%             | 2035-10-28      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)               | IVYCST 7.625 01/30/33 REGS | CUSIP: V73789BL8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    207000 | PA      | $217712.25    | 1.00%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)          | MEX 6.4 05/07/54           | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $199800.00    | 0.92%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV            | PEMEX 6.7 02/16/32         | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    165000 | PA      | $164835.00    | 0.76%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                   | ROMANI 5.875 01/30/29 REGS | CUSIP: X7360WCU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    108000 | PA      | $111101.76    | 0.51%             | 2029-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                    | POLAND 5.5 03/18/54 30Y    | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     96000 | PA      | $94392.00     | 0.43%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                    | ANGOL 9.875 10/15/35 144A  | CUSIP: 035198AJ9<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $193562.00    | 0.89%             | 2035-10-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)               | IVYCST 8.25 01/30/37 REGS  | CUSIP: V73789BK0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $212288.00    | 0.98%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                    | POLAND 5.125 09/18/34 10Y  | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     76000 | PA      | $78025.40     | 0.36%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)            | BRAZIL 6.125 03/15/34      | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $203700.00    | 0.94%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)            | BRAZIL 7.25 01/12/56       | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $202533.78    | 0.93%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                     | OMAN 4.75 06/15/26 REGS    | CUSIP: M75242AW3<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $200125.00    | 0.92%             | 2026-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Philippines (Republic Of)               | PHILIP 3.95 01/20/40       | CUSIP: 718286BZ9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    200000 | PA      | $179500.00    | 0.83%             | 2040-01-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)              | SOAF 4.3 10/12/28 12Y      | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $198519.00    | 0.91%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA               | PDVSA 8.5 10/27/20 REGS    | CUSIP: P7807HAV7<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |    419000 | PA      | $413992.95    | 1.91%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CZK                 | CURRENCY CONTRACT - CZK    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -107450 | NC      | $-2523.34     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - HUF                 | CURRENCY CONTRACT - HUF    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -208266 | NC      | $-3228.54     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - PLN                 | CURRENCY CONTRACT - PLN    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -100696 | NC      | $-1726.88     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - PLN                 | CURRENCY CONTRACT - PLN    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -107000 | NC      | $-1769.60     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                 | CURRENCY CONTRACT - USD    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        | -36198635 | NC      | $45.96        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                 | CURRENCY CONTRACT - USD    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -365838 | NC      | $1188.04      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                 | CURRENCY CONTRACT - USD    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -2210455 | NC      | $1433.89      | 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