# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0001145549-25-042008
**Filing Date:** 2025-6
**Character Count:** 60573
**Document Hash:** 3e4f0fe797f7c2534e036c9a6eb760cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042008.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ashmore Funds
- **CENTRAL INDEX KEY:** 0001498498

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 251075976

**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:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21203645.74

**Total Liabilities:** $129263.50

**Net Assets:** $21074382.24

**Cash Not Reported:** $20798.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12.710990986574 | **1-Year:** 288.184555766423 | **5-Year:** 1096.313656574437 | **10-Year:** 1729.544176140633 | **30-Year:** 1221.393651284034

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

- **3-Month:** 8.749994186435 | **1-Year:** 399.387546794224 | **5-Year:** 2270.677811475015 | **10-Year:** 657.602006086941 | **30-Year:** 165.752860014454

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093382 | 1.63%                | -0.05%               | -1.96%               |
| Class ID C000098142 | 1.48%                | 0.08%                | -2.08%               |
| Class ID C000098143 | 1.43%                | 0.02%                | -1.96%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $168345.78               | $74445.09                                  |
| Month 2  | $35061.03                | $-128802.78                                |
| Month 3  | $-3293.12                | $-512327.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAF Global Securities Ltd.                                              | MAFUAE V6.375 PERP                   | CUSIP: G5S64MAF3<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199812.00    | 0.95%             | 2049-12-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GC Treasury Center Co Ltd.                                              | PTTGC 2.98 03/18/31 REGS             | CUSIP: 36830DAB7<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |    200000 | PA      | $172562.00    | 0.82%             | 2031-03-18      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                               | KAISAG 11.7 11/11/25                 | CUSIP: G52132CG3<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    625000 | PA      | $26562.50     | 0.13%             | 2025-11-11      | Fixed         | 11.70%                | 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      | $196254.15    | 0.93%             | 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      | $25437.50     | 0.12%             | 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      | $175250.00    | 0.83%             | 2030-02-04      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Absa Group Ltd                                                          | ABGSJ V6.375 PERP                    | CUSIP: S0269JAH7<br>LEI: 2138006IPPRD4N6XLT30 | Long             | DBT              | CORP              | ZA        |    200000 | PA      | $198000.00    | 0.94%             | 2049-12-31      | Fixed         | 6.38%                 | 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      | 0.02%             | 2022-09-01      | Fixed         | 6.50%                 | 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      | $255157.50    | 1.21%             | 2029-04-27      | Fixed         | 8.96%                 | 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      | $203100.00    | 0.96%             | 2039-01-08      | Fixed         | 8.12%                 | 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      | $195688.00    | 0.93%             | 2027-07-03      | Fixed         | 9.70%                 | 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      | $204850.00    | 0.97%             | 2032-01-26      | Fixed         | 7.95%                 | 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      | $46000.00     | 0.22%             | 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      | $145954.00    | 0.69%             | 2051-06-23      | Fixed         | 5.12%                 | 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      | $202937.50    | 0.96%             | 2031-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                                       | KOS 8.75 10/01/31 REGS               | CUSIP: U5007TAE5<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    200000 | PA      | $160940.00    | 0.76%             | 2031-10-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Agrobank Akb                                                            | AGROBK 9.25 10/02/29 REGS            | CUSIP: Y17001AA9<br>LEI: 254900JPMU0LFCP18673 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $205150.00    | 0.97%             | 2029-10-02      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Azule Energy Finance PLC                                                | AZURGY 8.125 01/23/30 144A           | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191500.00    | 0.91%             | 2030-01-23      | Fixed         | 8.12%                 | 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      | $20750.00     | 0.10%             | 2021-12-18      | Fixed         | 15.00%                | 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      | $189312.00    | 0.90%             | 2029-11-30      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| Nexa Resources SA                                                       | NEXA 6.75 04/09/34 REGS              | CUSIP: L67359AB2<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204250.00    | 0.97%             | 2034-04-09      | Fixed         | 6.75%                 | 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      | $236025.00    | 1.12%             | 2050-08-03      | Fixed         | 4.03%                 | Yes           |                  2 | On Loan: No      |
| Mc Brazil Downstream Trading Sarl                                       | MCBRAC 7.25 06/30/31 REGS            | CUSIP: L626A6AA2<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    326829 | PA      | $252639.08    | 1.20%             | 2031-06-30      | Fixed         | 7.25%                 | 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      | $255825.00    | 1.21%             | 2028-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                        | VEDLN 9.475 07/24/30 144A            | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $184126.00    | 0.87%             | 2030-07-24      | Fixed         | 9.47%                 | 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      | $196626.00    | 0.93%             | 2049-12-31      | Fixed         | 9.50%                 | 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      | $110967.50    | 0.53%             | 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      | $63963.75     | 0.30%             | 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      | $112209.48    | 0.53%             | 2026-06-23      | Fixed         | 2.25%                 | Yes           |                  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      | $246312.15    | 1.17%             | 2049-12-31      | Fixed         | 2.88%                 | 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      | $218251.98    | 1.04%             |  |  |  | No            |                  1 | 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      | $216759.38    | 1.03%             | 2029-05-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Hikma Finance USA LLC                                                   | HIKLN 3.25 07/09/25                  | CUSIP: U4327BAA8<br>LEI: 213800BU7YH2WTM1QL87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199200.00    | 0.95%             | 2025-07-09      | Fixed         | 3.25%                 | 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      | $66287.04     | 0.31%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Enfragen Energia Sur S A U / Prime Energia S P A / Enfragen Spain S A U | ENFRAG 5.375 12/30/30 REGS           | CUSIP: E4181LAA9<br>LEI: 5493003ME0392SW30U44 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $171312.00    | 0.81%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Buffalo Energy Mexico Holding S A De C V                                | VALIAE 7.875 02/15/39 REGS           | CUSIP: P1915AAA0<br>LEI: 254900881F7MS73FUK11 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $202688.00    | 0.96%             | 2039-02-15      | Fixed         | 7.88%                 | 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      | $184113.60    | 0.87%             | 2047-04-19      | Fixed         | 5.75%                 | 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      | $217365.00    | 1.03%             | 2049-12-31      | Fixed         | 8.38%                 | 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      | $130520.00    | 0.62%             | 2034-12-16      | Fixed         | 7.88%                 | 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        |     45000 | PA      | $39093.75     | 0.19%             | 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      | $208835.00    | 0.99%             | 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      | $229399.95    | 1.09%             | 2029-06-18      | Fixed         | 4.50%                 | 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      | $124059.00    | 0.59%             | 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        |   2987000 | PA      | $376362.00    | 1.79%             | 2035-05-17      | Fixed         | 9.75%                 | Yes           |                  2 | 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      |
| 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      |
| Leviathan Bond Limited                                                  | LVIATH 6.75 06/30/30                 | CUSIP: M6746GAD8<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    137043 | PA      | $132802.89    | 0.63%             | 2030-06-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                    | YPFDAR 8.75 09/11/31 REGS            | CUSIP: P989MJBV2<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    107818 | PA      | $109267.07    | 0.52%             | 2031-09-11      | Fixed         | 8.75%                 | 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      | $126961.25    | 0.60%             | 2032-10-16      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Garanti Bbva                                                            | GARAN V8.125 01/03/35 REGS           | CUSIP: M4752SJV9<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $196064.00    | 0.93%             | 2035-01-03      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                                         | TCELLT 7.65 01/24/32 144A            | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $199876.00    | 0.95%             | 2032-01-24      | Fixed         | 7.65%                 | 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      | $158548.60    | 0.75%             | 2029-03-15      | Fixed         | 9.03%                 | Yes           |                  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      | $4.88         | 0.00%             |  |  |  | No            |                  3 | 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        |    188458 | PA      | $187751.28    | 0.89%             | 2039-12-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                               | KAISAG 9.375 06/30/24                | CUSIP: G52132AU4<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1350000 | PA      | $57375.00     | 0.27%             | 2024-06-30      | Fixed         | 9.38%                 | 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      | $198000.00    | 0.94%             | 2049-12-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Sunac Services Holdings Ltd.                                            | Sunac Services Holdings Ltd. HKD0.01 | CUSIP: G8569B104<br>LEI: 549300K4OFRSVPWF2W77 | Long             | EC               | CORP              | KY        |     72634 | NS      | $17241.66     | 0.08%             |  |  |  | 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      | $202314.00    | 0.96%             | 2035-05-14      | Fixed         | 5.91%                 | 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      | $30000.00     | 0.14%             | 2022-07-05      | Fixed         | 7.95%                 | 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      | $193741.49    | 0.92%             | 2035-10-20      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| New World Resources NV                                                  | NWRLN 4 10/07/20 REGS                | CUSIP: N6342WAD0<br>LEI: 6354007MKEEGGVUMXO83 | Long             | DBT              | CORP              | NL        |    700590 | PA      | $0.79         | 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      | $1603320.00   | 7.61%             | 2020-10-27      | Fixed         | 8.50%                 | 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        |    173454 | PA      | $159406.02    | 0.76%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                    | YPFDAR 9.5 01/17/31 REGS             | CUSIP: P989MJBU4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    177000 | PA      | $183106.50    | 0.87%             | 2031-01-17      | Fixed         | 9.50%                 | 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      | $192250.00    | 0.91%             | 2031-11-29      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                          | ECOPET 5.875 05/28/45                | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     98000 | PA      | $65219.00     | 0.31%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  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      | $1.08         | 0.00%             | 2016-10-07      | Fixed         | 8.50%                 | No            |                  3 | 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      | $1.91         | 0.00%             | 2020-04-07      | Fixed         | 8.00%                 | Yes           |                  3 | 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     | 0.22%             | 2026-02-04      | Fixed         | 6.00%                 | 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      | $19762.50     | 0.09%             | 2024-07-16      | Fixed         | 7.25%                 | 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      | $138000.00    | 0.65%             | 2051-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                          | CENCHI 7.25 04/28/25                 | CUSIP: G20769AK4<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    190000 | PA      | $8550.00      | 0.04%             | 2025-04-28      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                          | ECOPET 8.875 01/13/33                | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    176000 | PA      | $176107.36    | 0.84%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  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      | $17000.00     | 0.08%             | 2025-08-27      | Fixed         | 7.65%                 | 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      | $159287.01    | 0.76%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Mong Duong Finance Holdings B V                                         | MONDFI 5.125 05/07/29 REGS           | CUSIP: N6000DAA1<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    190613 | PA      | $182214.36    | 0.86%             | 2029-05-07      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                       | YUZHOU 7.8125 01/21/23 EMTN          | CUSIP: G9884AAG7<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |   3200550 | PA      | $224038.50    | 1.06%             | 2023-01-21      | Fixed         | 7.81%                 | 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      | $240781.00    | 1.14%             | 2042-02-23      | Fixed         | 6.51%                 | 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     | 0.25%             | 2025-05-02      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Globo Comunicacao E Participacoes SA                                    | GLOPAR 5.5 01/14/32 REGS             | CUSIP: P47777AC4<br>LEI: 52990054HEKS017PVR75 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $184924.00    | 0.88%             | 2032-01-14      | Fixed         | 5.50%                 | Yes           |                  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        |    277940 | PA      | $245890.08    | 1.17%             | 2036-08-31      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| PT Freeport Indonesia                                                   | FRIDPT 6.2 04/14/52 REGS             | CUSIP: Y7141BAC7<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |    220000 | PA      | $212231.80    | 1.01%             | 2052-04-14      | Fixed         | 6.20%                 | 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      | 0.04%             | 2024-04-09      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                           | CHINSC 5.95 09/29/24                 | CUSIP: G21190AJ5<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    760000 | PA      | $32300.00     | 0.15%             | 2024-09-29      | Fixed         | 5.95%                 | 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      |
| Kyobo Life Insurance Co., Ltd.                                          | KYOBOL V5.9 06/15/52 REGS            | CUSIP: Y50800AA2<br>LEI: 988400Y298KYBHWRBS28 | Long             | DBT              | CORP              | KR        |    225000 | PA      | $225632.25    | 1.07%             | 2052-06-15      | Fixed         | 5.90%                 | Yes           |                  2 | 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      | $324167.45    | 1.54%             | 2048-10-24      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Banco de Credito del Peru                                               | BCP V3.125 07/01/30 REGS             | CUSIP: 05971V2C8<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     40000 | PA      | $39768.00     | 0.19%             | 2030-07-01      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Ecobank Transnational Inc.                                              | ETINL 10.125 10/15/29 REGS           | CUSIP: V3203SAD5<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |    200000 | PA      | $205750.00    | 0.98%             | 2029-10-15      | Fixed         | 10.12%                | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                               | KAISAG 11.25 04/16/25                | CUSIP: G52132CC2<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1180000 | PA      | $50150.00     | 0.24%             | 2025-04-16      | Fixed         | 11.25%                | 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      | $211062.00    | 1.00%             | 2031-01-15      | Fixed         | 10.88%                | Yes           |                  2 | 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      | $196600.00    | 0.93%             | 2049-12-31      | Fixed         | 8.38%                 | 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      | $13493.99     | 0.06%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bancolombia SA                                                          | BCOLO V8.625 12/24/34                | CUSIP: 05968LAN2<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $206990.00    | 0.98%             | 2034-12-24      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B V                                         | BRASKM 8 10/15/34 REGS               | CUSIP: N15516AJ1<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $177350.00    | 0.84%             | 2034-10-15      | Fixed         | 8.00%                 | 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      |
| Yapi Ve Kredi Bankasi A.S.                                              | YKBNK V9.743 PERP REGS               | CUSIP: M9869G2U4<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    205000 | PA      | $206569.52    | 0.98%             | 2049-12-31      | Fixed         | 9.74%                 | Yes           |                  2 | On Loan: No      |
| BBVA Mexico SA                                                          | BBVASM 5.25 09/10/29 REGS            | CUSIP: P1S81BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $200460.00    | 0.95%             | 2029-09-10      | Fixed         | 5.25%                 | 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      |
| Sunac China Holdings Ltd.                                               | SUNAC 7.25 09/30/30 REGS             | CUSIP: G8569ABT2<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    342587 | PA      | $39397.51     | 0.19%             | 2030-09-30      | Fixed         | 6.25%                 | 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      | $183500.00    | 0.87%             | 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      | $199400.00    | 0.95%             | 2049-12-31      | Fixed         | 6.38%                 | 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      | $222229.70    | 1.05%             | 2030-03-06      | Fixed         | 3.15%                 | 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      | $175752.00    | 0.83%             | 2036-09-23      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Limited                                                | GRNKEN 4.3 12/13/28 REGS             | CUSIP: V3855MAA5<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    167000 | PA      | $152354.10    | 0.72%             | 2028-12-13      | Fixed         | 4.30%                 | 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      | $209126.00    | 0.99%             | 2028-11-02      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Samarco Mineracao SA                                                    | SAMMIN 9.5 06/30/31 REGS             | CUSIP: P8405QAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     20000 | PA      | $18759.00     | 0.09%             | 2031-06-30      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Oi S A - Em Recuperacao Judicial                                        | OIBRBZ 8.5 12/31/28 144A             | CUSIP: 67117EAG3<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |   1933227 | PA      | $131459.44    | 0.62%             | 2028-12-31      | Fixed         | 8.50%                 | 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      | $193575.00    | 0.92%             | 2049-12-31      | Fixed         | 5.40%                 | 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      | $183154.69    | 0.87%             | 2027-11-25      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Cathaylife Singapore Pte Ltd.                                           | CATLIF 5.95 07/05/34                 | CUSIP: Y12198AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    200000 | PA      | $207376.00    | 0.98%             | 2034-07-05      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Nbk Tier 1 Financing Ltd.                                               | NTBKKK V4.5 PERP REGS                | CUSIP: M7301ZAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | AE        |    265000 | PA      | $262350.00    | 1.24%             | 2049-12-31      | Fixed         | 4.50%                 | 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      | $196510.00    | 0.93%             | 2032-10-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                               | KAISAG 11.5 01/30/23                 | CUSIP: G52132BU3<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1850000 | PA      | $78625.00     | 0.37%             | 2023-01-30      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| SK Hynix Inc.                                                           | HYUELE 5.5 01/16/29 REGS             | CUSIP: Y8085FBU3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $204438.00    | 0.97%             | 2029-01-16      | Fixed         | 5.50%                 | 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      | $189131.24    | 0.90%             | 2028-11-29      | Fixed         | 6.25%                 | Yes           |                  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      | $292755.00    | 1.39%             | 2032-04-22      | Fixed         | 4.88%                 | 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      | $11500.00     | 0.05%             | 2030-09-30      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                               | SUNAC 6.5 09/30/27 144A              | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $11500.00     | 0.05%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Rumo Luxembourg S A R L                                                 | RAILBZ 4.2 01/18/32 REGS             | CUSIP: L79090AD5<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $218312.50    | 1.04%             | 2032-01-18      | Fixed         | 4.20%                 | 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      | $11500.00     | 0.05%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Navoi Mining & Metallurgical Co.                                        | NAVOIM 6.95 10/17/31 144A            | CUSIP: 63890CAB0<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $201196.00    | 0.95%             | 2031-10-17      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                               | KAISAG 10.875 07/23/23               | CUSIP: G52132BV1<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $17000.00     | 0.08%             | 2023-07-23      | Fixed         | 10.88%                | Yes           |                  2 | 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      | $184372.50    | 0.87%             | 2033-11-03      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                        | TEVA 6.75 03/01/28                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $204095.00    | 0.97%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  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      | $11500.00     | 0.05%             | 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      | $11750.00     | 0.06%             | 2027-09-30      | Fixed         | 5.25%                 | 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      | $205075.00    | 0.97%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                               | SUNAC 6.75 09/30/28 144A             | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $11500.00     | 0.05%             | 2028-09-30      | Fixed         | 5.75%                 | 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      | $207250.00    | 0.98%             | 2049-12-31      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                                            | B 0 07/10/25                         | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    106800 | PA      | $105928.83    | 0.50%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina SA                                                    | TECOAR 9.5 07/18/31 REGS             | CUSIP: P9028NBT7<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    120000 | PA      | $125190.00    | 0.59%             | 2031-07-18      | Fixed         | 9.50%                 | 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      | $196812.00    | 0.93%             | 2034-10-03      | Fixed         | 5.75%                 | 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      | $202687.50    | 0.96%             | 2034-10-05      | Fixed         | 8.99%                 | 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      | $180440.00    | 0.86%             | 2032-02-03      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                 | CURRENCY CONTRACT - USD              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -181385 | NC      | $-7534.25     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                 | CURRENCY CONTRACT - USD              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -81221 | NC      | $-4215.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                  | JUN 25 US 2YR JUN 25                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         6 | NC      | $1248890.62   | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-23

**Name of Applicant:** Ashmore Funds

**Signature:** Taurai Sigauke

**Name of Signer:** Taurai Sigauke

**Title:** Treasurer