# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001874
**Filing Date:** 2025-12
**Character Count:** 44922
**Document Hash:** 83fe61a812e2ab5206da62ad2c3dd7f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001874.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001874

**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:** 251574146

**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 Short Duration Fund (Series ID: S000045773)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000142708 | INSTITUTIONAL CLASS SHARES | ESFIX           |
| C000142709 | Class A                    | ESFAX           |
| C000142710 | Class C                    | ESFCX           |
| C000183170 | Class T                    | ESFTX           |

## 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 Short Duration Fund

- **b. EDGAR series identifier (if any):** S000045773

- **c. LEI of Series:** 549300FJA3PPBMYPQI16

**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:** $31338215.90

**Total Liabilities:** $152788.16

**Net Assets:** $31185427.74

**Cash Not Reported:** $321011.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 49.849037884892 | **1-Year:** 495.563420579840 | **5-Year:** 557.994462559319 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 56.050354808519 | **1-Year:** 1149.629617350041 | **5-Year:** 882.403743792348 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142708 | 2.55%                | 0.14%                | -0.01%               |
| Class ID C000142709 | 2.49%                | 0.12%                | -0.03%               |
| Class ID C000142710 | 2.32%                | 0.05%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $737814.94                                 |
| Month 2  | $-13034832.19            | $12939561.43                               |
| Month 3  | $37332.74                | $-48990.16                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Zhenro Properties Group Limited                                                   | ZHPRHK 8.3 09/15/23                    | CUSIP: G9897EAT6<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   1017000 | PA      | $2542.50      | 0.01%             | 2023-09-15      | Fixed         | 8.30%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 8 03/06/23                      | CUSIP: G9897EBF5<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   4920000 | PA      | $12300.00     | 0.04%             | 2023-03-06      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Central America Bottling Corporation / Cbc Bottling Holdco S L / Beliv Holdco S L | CAMEBO 5.25 04/27/29 REGS              | CUSIP: G20038AA6<br>LEI: 549300DT8SH0CF6BTT37 | Long             | DBT              | CORP              | VG        |    315000 | PA      | $308385.00    | 0.99%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Inversiones CMPC SA                                                               | CMPCCI 4.375 04/04/27 REGS             | CUSIP: P58072AL6<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $199636.00    | 0.64%             | 2027-04-04      | Fixed         | 4.38%                 | 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        |   4160000 | PA      | $62400.00     | 0.20%             | 2023-01-09      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Bank Muscat                                                                       | BKMBOM 4.75 03/17/26 EMTN              | CUSIP: M16157AK1<br>LEI: 549300HC6W6OEXV7SY67 | Long             | DBT              | CORP              | OM        |    200000 | PA      | $199750.00    | 0.64%             | 2026-03-17      | Fixed         | 4.75%                 | 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        |   4000000 | PA      | $60000.00     | 0.19%             | 2022-10-18      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| PT Freeport Indonesia                                                             | FRIDPT 4.763 04/14/27 REGS             | CUSIP: Y7141BAA1<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |    400000 | PA      | $401324.00    | 1.29%             | 2027-04-14      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| KWG Group Holdings Limited                                                        | KWGPRO 6 01/14/24                      | CUSIP: G53224BL7<br>LEI: 549300LK82ZOM9ZE7H90 | Long             | DBT              | CORP              | KY        |    205000 | PA      | $12812.50     | 0.04%             | 2024-01-14      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                               | SUZANO 6 01/15/29                      | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    500000 | PA      | $516985.00    | 1.66%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  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        |    169400 | PA      | $167350.42    | 0.54%             | 2029-05-07      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Clean Renewable Power Mauritius Pte Ltd.                                          | CLRNPW 4.25 03/25/27 REGS              | CUSIP: V2352NAB1<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |    578270 | PA      | $565258.93    | 1.81%             | 2027-03-25      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                                     | HLSTWR 2.875 03/18/27                  | CUSIP: V4256BAD6<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    400000 | PA      | $393010.40    | 1.26%             | 2027-03-18      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Bank Negara Indonesia (Persero) Tbk PT                                            | BBNIIJ 3.75 03/30/26 EMTN              | CUSIP: Y7457QAA6<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |    335000 | PA      | $332313.30    | 1.07%             | 2026-03-30      | Fixed         | 3.75%                 | 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        |    410000 | PA      | $17425.00     | 0.06%             | 2024-04-09      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Fantasia Holdings Group Co Ltd.                                                   | FTHDGR 11.875 06/01/23                 | CUSIP: G3311PAJ4<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |   1510000 | PA      | $22650.00     | 0.07%             | 2023-06-01      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| Colbun S.A.                                                                       | COLBUN 3.15 03/06/30 REGS              | CUSIP: P2867KAK2<br>LEI: 5493003VQJLE2QB8IF36 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $189290.00    | 0.61%             | 2030-03-06      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 5.95 09/29/24                   | CUSIP: G21190AJ5<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $34000.00     | 0.11%             | 2024-09-29      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| OTP Bank PLC                                                                      | OTPHB V7.5 05/25/27 EMTN               | CUSIP: X6074EMD0<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |    400000 | PA      | $406200.00    | 1.30%             | 2027-05-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Transportadora de Gas del Peru S.A.                                               | TGPERU 4.25 04/30/28 REGS              | CUSIP: P9367RAG6<br>LEI: 529900SKHHNI5HVI0Y66 | Long             | DBT              | CORP              | PE        |    120000 | PA      | $119962.80    | 0.38%             | 2028-04-30      | Fixed         | 4.25%                 | 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        |    979000 | PA      | $29370.00     | 0.09%             | 2024-08-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| TML Holdings Pte Ltd.                                                             | TTMTIN 4.35 06/09/26                   | CUSIP: Y8848XAE9<br>LEI: 254900EBGMM47QH02V57 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $198800.00    | 0.64%             | 2026-06-09      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Prosus NV                                                                         | PRXNA 3.257 01/19/27 REGS              | CUSIP: N7163RAW3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    610000 | PA      | $601040.63    | 1.93%             | 2027-01-19      | Fixed         | 3.26%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                                                | TIGO 5.125 01/15/28 REGS               | CUSIP: L6388GAB6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    360000 | PA      | $357976.80    | 1.15%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Sammaan Capital Ltd.                                                              | IHFLIN 8.95 08/28/28 REGS              | CUSIP: Y747JPAB9<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $210500.00    | 0.67%             | 2028-08-28      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Banco de Credito e Inversiones Miami Branch                                       | BCICI 3.5 10/12/27 REGS                | CUSIP: 05890PZA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    200000 | PA      | $196793.76    | 0.63%             | 2027-10-12      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Muangthai Capital Public Co Ltd.                                                  | MTCTB 7.55 07/21/30 REGS               | CUSIP: Y613G3QA0<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |    300000 | PA      | $310890.00    | 1.00%             | 2030-07-21      | Fixed         | 7.55%                 | Yes           |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                                  | VEDLN 10.875 09/17/29 REGS             | CUSIP: G9T27HAG9<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209560.00    | 0.67%             | 2029-09-17      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Grupo Nutresa Sa                                                                  | NUTRES 8 05/12/30 REGS                 | CUSIP: P4R21KAA4<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $214345.00    | 0.69%             | 2030-05-12      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BRF GmbH                                                                          | BRFSBZ 4.35 09/29/26 REGS              | CUSIP: A08163AA4<br>LEI: 5299002S6DY5RA2IOQ11 | Long             | DBT              | CORP              | AT        |    400000 | PA      | $396400.00    | 1.27%             | 2026-09-29      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| GNL Quintero S.A.                                                                 | GNLQCI 4.634 07/31/29 REGS             | CUSIP: P4909LAA8<br>LEI: 549300JJJIQXE6E1QY27 | Long             | DBT              | CORP              | CL        |    129470 | PA      | $129552.21    | 0.42%             | 2029-07-31      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                         | PDVSA 8.5 10/27/20 REGS                | CUSIP: P7807HAV7<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |  12447500 | PA      | $12298752.38  | 39.44%            | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 6 02/04/26                      | CUSIP: G21190AH9<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |   1085000 | PA      | $46112.50     | 0.15%             | 2026-02-04      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Alpha Star Holding VIII Ltd.                                                      | DAMACR 8.375 04/12/27                  | CUSIP: M085A1AA1<br>LEI: 254900TMRVHA9YMIFC14 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $206916.00    | 0.66%             | 2027-04-12      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Sammaan Capital Ltd.                                                              | IHFLIN 9.7 07/03/27 REGS               | CUSIP: Y39140AA9<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $209476.34    | 0.67%             | 2027-07-03      | Fixed         | 9.70%                 | Yes           |                  2 | On Loan: No      |
| Meituan LLC                                                                       | MEITUA 0 04/27/28                      | CUSIP: G59668AA4<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $394869.28    | 1.27%             | 2028-04-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Empresas Publicas de Medellin                                                     | EEPPME 4.25 07/18/29 REGS              | CUSIP: P9379RBA4<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $189000.00    | 0.61%             | 2029-07-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Agrobank Akb                                                                      | AGROBK 9.25 10/02/29 REGS              | CUSIP: Y17001AA9<br>LEI: 254900JPMU0LFCP18673 | Long             | DBT              | CORP              | UZ        |    400000 | PA      | $435500.00    | 1.40%             | 2029-10-02      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander (Mx) SA Institucion De Banca Multiple Grupo Financiero Santander  | BSMXB 5.621 12/10/29 REGS              | CUSIP: P1507SAL1<br>LEI: SCRYQ25DTVRHYYMM6P89 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $415376.00    | 1.33%             | 2029-12-10      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                              | MUTHIN 7.125 02/14/28 REGS             | CUSIP: 62828M2C4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    300000 | PA      | $306180.24    | 0.98%             | 2028-02-14      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| BBVA Mexico SA                                                                    | BBVASM 5.25 09/10/29 REGS              | CUSIP: P1S81BAC2<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $410950.00    | 1.32%             | 2029-09-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Is Bankasi AS                                                             | ISCTR 7.75 06/12/29 REGS               | CUSIP: M8933FQD2<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $416000.00    | 1.33%             | 2029-06-12      | Fixed         | 7.75%                 | 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        |    600000 | PA      | $562555.62    | 1.80%             | 2027-11-25      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Muangthai Capital Public Co Ltd.                                                  | MTCTB 6.875 09/30/28                   | CUSIP: Y613G3MY2<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |    500000 | PA      | $507500.00    | 1.63%             | 2028-09-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Navoi Mining & Metallurgical Co.                                                  | NAVOIM 6.7 10/17/28 REGS               | CUSIP: Y6S30MAA3<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    600000 | PA      | $623400.00    | 2.00%             | 2028-10-17      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Delhi International Airport Ltd.                                                  | DIALIN 6.45 06/04/29 REGS              | CUSIP: Y2R40TAB4<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    630000 | PA      | $656145.00    | 2.10%             | 2029-06-04      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 1 06/30/34 .                    | CUSIP: YL7132365<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    342847 | PA      | $411.42       | 0.00%             | 2034-06-30      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 7 09/30/29 REGS                  | CUSIP: G8569ABR6<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    363451 | PA      | $54037.89     | 0.17%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 6.5 12/28/29 144A               | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1107831 | PA      | $23818.37     | 0.08%             | 2029-12-28      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/25 144a                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    332374 | PA      | $9053.07      | 0.03%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/29 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    886264 | PA      | $19940.94     | 0.06%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fortune Star (BVI) Limited                                                        | FOSUNI 8.5 05/19/28                    | CUSIP: G3641TAS7<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    320000 | PA      | $334400.00    | 1.07%             | 2028-05-19      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 7 06/30/27 .                    | CUSIP: YL7134841<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    442296 | PA      | $51987.47     | 0.17%             | 2027-06-30      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                                  | VEDLN 10.25 06/03/28 REGS              | CUSIP: G9T27HAH7<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    305000 | PA      | $314888.10    | 1.01%             | 2028-06-03      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Alpha Star Holding IX Ltd.                                                        | DAMACR 7 08/26/28                      | CUSIP: M085BFAA9<br>LEI: 254900IL2SBV9ANGBE89 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $204000.00    | 0.65%             | 2028-08-26      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 4 06/30/28 .                    | CUSIP: YL7124701<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    375000 | PA      | $11242.50     | 0.04%             | 2028-06-30      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 5 11/30/27 144A                 | CUSIP: YK3664892<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     86105 | PA      | $6777.32      | 0.02%             | 2027-11-30      | Fixed         | 5.00%                 | 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        |    325380 | PA      | $310770.44    | 1.00%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 4.5 06/30/29 .                  | CUSIP: YL7122382<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    652993 | PA      | $14685.81     | 0.05%             | 2029-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 7.721 12/28/27 144A             | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    443131 | PA      | $11078.28     | 0.04%             | 2027-12-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 7 12/28/31 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1994096 | PA      | $39881.92     | 0.13%             | 2031-12-28      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/27 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    553941 | PA      | $5677.90      | 0.02%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/31 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1107831 | PA      | $13847.89     | 0.04%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 5 06/30/30 .                    | CUSIP: YL7114843<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    871582 | PA      | $17440.36     | 0.06%             | 2030-06-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 5.5 06/30/31 .                  | CUSIP: YL7128363<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |   1222624 | PA      | $9181.91      | 0.03%             | 2031-06-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 6.25 12/28/28 144A              | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    664698 | PA      | $12795.44     | 0.04%             | 2028-12-28      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 7.25 12/28/32 144A              | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1868418 | PA      | $30361.79     | 0.10%             | 2032-12-28      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/28 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    886264 | PA      | $5539.15      | 0.02%             | 2028-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/32 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   2089984 | PA      | $25809.21     | 0.08%             | 2032-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.5 07/14/25                    | CUSIP: G20769AJ7<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    422000 | PA      | $13715.00     | 0.04%             | 2025-07-14      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Banco de Credito del Peru                                                         | BCP 5.85 01/11/29 REGS                 | CUSIP: 05971V2E4<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    400000 | PA      | $417572.00    | 1.34%             | 2029-01-11      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Bancolombia SA                                                                    | BCOLO V6.909 10/18/27                  | CUSIP: 05968LAK8<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |    400000 | PA      | $411516.00    | 1.32%             | 2027-10-18      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.25 07/16/24                   | CUSIP: G20768AF7<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |   1275000 | PA      | $38250.00     | 0.12%             | 2024-07-16      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ihs Holding Limited                                                               | IHS 6.25 11/29/28 REGS                 | CUSIP: G4701HAA7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199720.00    | 0.64%             | 2028-11-29      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.25 04/28/25                   | CUSIP: G20769AK4<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    190000 | PA      | $5320.00      | 0.02%             | 2025-04-28      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 7.25 09/30/30 144A               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    130119 | PA      | $19507.44     | 0.06%             | 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        |     94564 | PA      | $14073.01     | 0.05%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.65 08/27/25                   | CUSIP: G20769AM0<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    560000 | PA      | $15680.00     | 0.05%             | 2025-08-27      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 7 09/30/29 144A                  | CUSIP: G8569ABP0<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    143892 | PA      | $21393.86     | 0.07%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 7.875 04/14/24                  | CUSIP: G9897EAQ2<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    575000 | PA      | $1437.50      | 0.00%             | 2024-04-14      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered PLC                                                            | STANLN V6.187 07/06/27 REGS            | CUSIP: G84228FU7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $404820.00    | 1.30%             | 2027-07-06      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | Kaisa Group Holdings Ltd. HKD0.10      | CUSIP: G52132100<br>LEI: 254900N8L3L7NRJT0120 | Long             | EC               | CORP              | HK        |   1411961 | NS      | $21804.28     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 9.15 05/06/23                   | CUSIP: G9897EAN9<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    813000 | PA      | $2032.50      | 0.01%             | 2023-05-06      | Fixed         | 9.15%                 | Yes           |                  2 | On Loan: No      |
| CSN Inova Ventures                                                                | CSNABZ 6.75 01/28/28 REGS              | CUSIP: G2583XAB7<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $185100.00    | 0.59%             | 2028-01-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 7 05/02/25                      | CUSIP: G21190AG1<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |   1135000 | PA      | $48237.50     | 0.15%             | 2025-05-02      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 6 09/30/25 144A                  | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     91207 | PA      | $13681.05     | 0.04%             | 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        |     91428 | PA      | $13607.23     | 0.04%             | 2026-09-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Garanti Bbva                                                                      | GARAN V7.177 05/24/27 REGS             | CUSIP: M4752SHG4<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $411500.00    | 1.32%             | 2027-05-24      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| NBM US Holdings Inc                                                               | MRFGBZ 7 05/14/26 REGS                 | CUSIP: U63768AA0<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114712.50    | 0.37%             | 2026-05-14      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.9 11/07/23                    | CUSIP: G20769AE8<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    560000 | PA      | $15680.00     | 0.05%             | 2023-11-07      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Banco Do Brasil SA Cayman Islands Branch                                          | BANBRA 4.875 01/11/29 REGS             | CUSIP: P3772WAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    400000 | PA      | $397802.00    | 1.28%             | 2029-01-11      | Fixed         | 4.88%                 | 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        |    143385 | PA      | $21516.35     | 0.07%             | 2028-09-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | Yuzhou Group Holdings Company Ltd HKD1 | CUSIP: G9884A102<br>LEI: 213800MP59KHGJSPHE82 | Long             | EC               | CORP              | KY        |    423916 | NS      | $8636.94      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                      | B 0 12/11/25                           | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1822700 | PA      | $1815249.53   | 5.82%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 6.75 12/28/30 144A              | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1329396 | PA      | $27252.62     | 0.09%             | 2030-12-28      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/26 144A                 | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    443131 | PA      | $5918.50      | 0.02%             | 2026-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 0 12/31/30 .                    | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1107831 | PA      | $18842.54     | 0.06%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  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