# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001875
**Filing Date:** 2025-12
**Character Count:** 22186
**Document Hash:** 93f4019fa9269b2a91a49f01fdc7671b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001875.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001875

**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:** 251574148

**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 Small-Cap Equity Fund (Series ID: S000033753)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000104313 | Class A             | ESSAX           |
| C000104314 | Class C             | ESSCX           |
| C000104315 | Institutional Class | ESCIX           |
| C000183168 | Class T             | ESSTX           |

## 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 Small-Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000033753

- **c. LEI of Series:** 54930062LM13HOJBOD30

**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:** $6463977.73

**Total Liabilities:** $203212.05

**Net Assets:** $6260765.68

**Cash Not Reported:** $106822.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000104313 | 2.96%                | 3.89%                | 4.24%                |
| Class ID C000104314 | 2.91%                | 3.83%                | 4.18%                |
| Class ID C000104315 | 2.96%                | 3.94%                | 4.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-55279.95               | $202976.91                                 |
| Month 2  | $125717.19               | $104596.22                                 |
| Month 3  | $117797.39               | $142881.13                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Grupo Traxion Sab De Cv                             | Grupo Traxion Sab De Cv COM SER 'A' NPV 144A/REG S                            | CUSIP: P4989G104<br>LEI: 4469000001BS6B603745 | Long             | EC               | CORP              | MX        |     66200 | NS      | $48781.01     | 0.78%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Classys Inc                                         | Classys Inc KRW100                                                            | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1767 | NS      | $61045.88     | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Loma Negra Compania Industrial Argentina S.A.       | Loma Negra Compania Industrial Argentina S.A. SPON ADS EACH REP 5 ORD SHS     | CUSIP: 54150E104<br>LEI: 529900VKOQQJ8U9DDK92 | Long             | EC               | CORP              | AR        |      7800 | NS      | $85566.00     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CreditAccess Grameen Limited                        | CreditAccess Grameen Limited INR10                                            | CUSIP: Y2R43C102<br>LEI: 335800YHFDVKKBDQMK23 | Long             | EC               | CORP              | IN        |     11504 | NS      | $184159.37    | 2.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Komico Ltd                                          | Komico Ltd KRW500                                                             | CUSIP: Y4S17T102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1299 | NS      | $100508.92    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Ciputra Development Tbk                          | PT Ciputra Development Tbk IDR250                                             | CUSIP: Y7121J134<br>LEI: 2549000JMJUYB9U5Y204 | Long             | EC               | CORP              | ID        |   1995600 | NS      | $106114.51    | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Eugene Technology                                   | Eugene Technology KRW500                                                      | CUSIP: Y2347W100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3478 | NS      | $230779.21    | 3.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Quess Corp Ltd                                      | Quess Corp Ltd INR10                                                          | CUSIP: Y3R6BW102<br>LEI: 335800IMP1C9KOQZDK11 | Long             | EC               | CORP              | IN        |     32061 | NS      | $86461.58     | 1.38%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Totvs SA                                            | Totvs SA COM NPV                                                              | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     13300 | NS      | $109688.94    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Himax Technologies Inc.                             | Himax Technologies Inc. SPONSORED ADR                                         | CUSIP: 43289P106<br>LEI: 529900Z6XWS79D8T1X09 | Long             | EC               | CORP              | KY        |     10300 | NS      | $97026.00     | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Care Ratings Limited                                | Care Ratings Limited INR10                                                    | CUSIP: Y1R7BV106<br>LEI: 335800BPDT71YUVM2E79 | Long             | EC               | CORP              | IN        |      6817 | NS      | $123219.02    | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Gentera SAB de CV                                   | Gentera SAB de CV COM NPV                                                     | CUSIP: P4831V101<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |     73900 | NS      | $175815.06    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                 | Mobile World Investment Corporation VND10000                                  | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |     32800 | NS      | $102913.21    | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd.                                | DB Insurance Co Ltd. KRW500                                                   | CUSIP: Y2096K109<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |      1492 | NS      | $132620.73    | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Unimicron Technology Corp.                          | Unimicron Technology Corp. TWD10                                              | CUSIP: Y90668107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     26000 | NS      | $137455.78    | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinik Co                                            | Kinik Co TWD10                                                                | CUSIP: Y4789C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     11000 | NS      | $112031.94    | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansol Chemical Co Ltd                              | Hansol Chemical Co Ltd KRW5000                                                | CUSIP: Y3064E109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1570 | NS      | $254971.53    | 4.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. SPON ADR EA REP 8 SER 'B' | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      1400 | NS      | $138068.00    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmax Inc.                                         | Cosmax Inc. KRW500                                                            | CUSIP: Y1R696106<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |       485 | NS      | $69792.25     | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Zetrix AI Berhad                                    | Zetrix AI Berhad NPV                                                          | CUSIP: Y6147P116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   1474897 | NS      | $296892.39    | 4.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Ligachem Biosciences Inc.                           | Ligachem Biosciences Inc. KRW500                                              | CUSIP: Y5S30B101<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       962 | NS      | $98674.03     | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Wizz Air Holdings PLC                               | Wizz Air Holdings PLC ORD GBP0.0001                                           | CUSIP: G96871101<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | JE        |      4726 | NS      | $64997.12     | 1.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Eris Lifesciences Ltd                               | Eris Lifesciences Ltd INR1                                                    | CUSIP: Y2R9KJ115<br>LEI: 33580023SPXBP9PCKQ56 | Long             | EC               | CORP              | IN        |      4176 | NS      | $75413.58     | 1.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alchip Technologies Ltd.                            | Alchip Technologies Ltd. TWD10                                                | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      1600 | NS      | $180220.99    | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Jnby Design Ltd                                     | Jnby Design Ltd HKD0.01                                                       | CUSIP: G55044104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     53000 | NS      | $122874.94    | 1.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Taiwan Union Technology Corp.                       | Taiwan Union Technology Corp. TWD10                                           | CUSIP: Y84735102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     10000 | NS      | $124600.86    | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Galicia S.A.                       | Grupo Financiero Galicia S.A. SPON ADR EACH REP 10 CL B                       | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |      1105 | NS      | $65338.65     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                                     | Lojas Renner SA COM NPV                                                       | CUSIP: P6332C102<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |     43370 | NS      | $119631.37    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| United International Transportation Co              | United International Transportation Co SAR10                                  | CUSIP: M95429102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      4418 | NS      | $86953.43     | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Gudeng Precision Industrial Co.                     | Gudeng Precision Industrial Co. TWD10                                         | CUSIP: Y2941Y106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     20000 | NS      | $228607.49    | 3.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Systems Sa                                  | Benefit Systems Sa PLN1.00                                                    | CUSIP: X071AA119<br>LEI: 2594007UY43JEUOLID52 | Long             | EC               | CORP              | PL        |       221 | NS      | $187596.57    | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Huaming Power Equipment Co Ltd                      | Huaming Power Equipment Co Ltd 'A'CNY1                                        | CUSIP: Y767A3109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     32900 | NS      | $120794.96    | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Sieyuan Electric Co Ltd                             | Sieyuan Electric Co Ltd 'A'CNY1                                               | CUSIP: Y7688J105<br>LEI: 836800H6UQQUWN4PSZ32 | Long             | EC               | CORP              | CN        |      4600 | NS      | $85225.37     | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Syariah Indonesia Tbk                          | Bank Syariah Indonesia Tbk IDR500                                             | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |    507700 | NS      | $77681.21     | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| APL Apollo Tubes Ltd.                               | APL Apollo Tubes Ltd. INR2.00 POST SUB                                        | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |      3263 | NS      | $65699.62     | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Medi Assist Healthcare Services Ltd.                | Medi Assist Healthcare Services Ltd. INR5                                     | CUSIP: Y5S075111<br>LEI: 984500B67B3CF5AF5822 | Long             | EC               | CORP              | IN        |     29630 | NS      | $191077.15    | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Spinneys 1961 Holding PLC                           | Spinneys 1961 Holding PLC AED0.01                                             | CUSIP: M8559F100<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    221481 | NS      | $96487.19     | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Phunhuan Jewelry JSC                                | Phunhuan Jewelry JSC VND10000                                                 | CUSIP: Y6891A109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |     35200 | NS      | $126480.14    | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Boxer Retail Ltd.                                   | Boxer Retail Ltd. NPV                                                         | CUSIP: S12871109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     19437 | NS      | $85265.91     | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunresin New Materials Co. Ltd.,Xi'an               | Sunresin New Materials Co. Ltd.,Xi'an CNY1 A                                  | CUSIP: Y8240K101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     11398 | NS      | $88724.82     | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Atour Lifestyle Holdings Ltd.                       | Atour Lifestyle Holdings Ltd. SPONSORED ADS                                   | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2437 | NS      | $94945.52     | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Rasan Information Technology Co.                    | Rasan Information Technology Co. SAR1                                         | CUSIP: M8189E101<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      5948 | NS      | $174632.90    | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| International Gemmological Institute India Pvt Ltd. | International Gemmological Institute India Pvt Ltd. INR2                      | CUSIP: Y4R06E117<br>LEI: 254900EP4A4RLO5W8Y29 | Long             | EC               | CORP              | IN        |     45261 | NS      | $172119.98    | 2.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Proya Cosmetics Co Ltd.                             | Proya Cosmetics Co Ltd. A CNY1                                                | CUSIP: Y7S88X100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8200 | NS      | $85169.25     | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaori Heat Treatment Co., Ltd                       | Kaori Heat Treatment Co., Ltd TWD10                                           | CUSIP: Y4573A125<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      8000 | NS      | $161582.89    | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Andes Technology Corporation                        | Andes Technology Corporation TWD10                                            | CUSIP: Y0R7YV103<br>LEI: 549300HYC94K4ELRHM60 | Long             | EC               | CORP              | TW        |     23737 | NS      | $205848.36    | 3.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Karooooo Limited                                    | Karooooo Limited ORD SHS                                                      | CUSIP: Y4600W108<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      4018 | NS      | $179122.44    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Winway Technology Co Ltd                            | Winway Technology Co Ltd TWD10                                                | CUSIP: Y96657146<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      2000 | NS      | $170072.82    | 2.72%             |  |  |  | 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