# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001873
**Filing Date:** 2025-12
**Character Count:** 26490
**Document Hash:** c5249c88e13d09061362ea95dfd887d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001873.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001873

**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:** 251574145

**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 Frontier Equity Fund (Series ID: S000041978)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130348 | Class A             | EFEAX           |
| C000130349 | Class C             | EFECX           |
| C000130350 | Institutional Class | EFEIX           |
| C000183169 | Class T             | EFETX           |

## 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 Frontier Equity Fund

- **b. EDGAR series identifier (if any):** S000041978

- **c. LEI of Series:** 5493004FM1DCWJL13M78

**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:** $102105281.51

**Total Liabilities:** $739594.19

**Net Assets:** $101365687.32

**Cash Not Reported:** $3725189.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130348 | 4.72%                | -1.61%               | 0.41%                |
| Class ID C000130349 | 4.70%                | -1.69%               | 0.34%                |
| Class ID C000130350 | 4.79%                | -1.64%               | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1067646.58              | $3811452.57                                |
| Month 2  | $988458.50               | $-2754973.88                               |
| Month 3  | $874194.45               | $-320214.97                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nam Long Investment Corporation                          | Nam Long Investment Corporation VND 10000 SUBS RTS 20/11/25                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   1027900 | NS      | $149800.36    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Kuwait S.A.K.P.                         | National Bank of Kuwait S.A.K.P. KWD0.1                                           | CUSIP: M7103V108<br>LEI: 549300NB7FE83IH6BW96 | Long             | EC               | CORP              | KW        |   1018373 | NS      | $3493939.66   | 3.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Gulf Bnk Of Kuwait                                       | Gulf Bnk Of Kuwait KWD0.1                                                         | CUSIP: M5246Y104<br>LEI: 254900600P224MZQZD69 | Long             | EC               | CORP              | KW        |   1547289 | NS      | $1768735.68   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Helios Towers PLC                                        | Helios Towers PLC ORD GBP0.01                                                     | CUSIP: G4431S102<br>LEI: 213800DGC7GS4XCHCU30 | Long             | EC               | CORP              | GB        |    603277 | NS      | $1188114.46   | 1.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Akdital S.A                                              | Akdital S.A MAD10                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MA        |      8672 | NS      | $1343379.33   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Ayala Land Inc.                                          | Ayala Land Inc. PHP1                                                              | CUSIP: Y0488F100<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |   2043700 | NS      | $691357.45    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Gemadept Corp                                            | Gemadept Corp VND10000                                                            | CUSIP: Y2690B109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    562900 | NS      | $1455705.36   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Digital Retail Joint Stock Company                   | FPT Digital Retail Joint Stock Company NPV                                        | CUSIP: Y26334105<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    402200 | NS      | $2267755.09   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Imexpharm Corporation                                    | Imexpharm Corporation VND10000                                                    | CUSIP: Y3884L101<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    321000 | NS      | $611100.85    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Riyadh Cables Group Co.                                  | Riyadh Cables Group Co. SAR10                                                     | CUSIP: M82162104<br>LEI: 558600VWEJBGFYTZ1S78 | Long             | EC               | CORP              | SA        |     33350 | NS      | $1257028.82   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Halyk Savings Bank Of Kazakhstan JSC Almaty              | Halyk Savings Bank Of Kazakhstan JSC Almaty GDR EACH REPR 40 ORD SHS'REGS' (SPON) | CUSIP: 46627J302<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               | CORP              | KZ        |    109313 | NS      | $2918878.92   | 2.88%             |  |  |  | Yes           |                  2 | On Loan: No      |
| First Abu Dhabi Bank P.J.S.C                             | First Abu Dhabi Bank P.J.S.C AED1                                                 | CUSIP: M7080Z114<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |    405249 | NS      | $1925370.66   | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Nam Long Investment Corporation                          | Nam Long Investment Corporation VND10000                                          | CUSIP: Y618A5109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    658400 | NS      | $993088.02    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar National Bank QPSC                                 | Qatar National Bank QPSC QAR1                                                     | CUSIP: M81802106<br>LEI: 549300FFSRVBS0SQXY75 | Long             | EC               | CORP              | QA        |    534705 | NS      | $2717551.44   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| HOA Phat Group Jsc                                       | HOA Phat Group Jsc VND10000                                                       | CUSIP: Y3231H100<br>LEI: 549300ODJEFGL5CWKD32 | Long             | EC               | CORP              | VN        |   2580860 | NS      | $2618661.01   | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc.                                         | BDO Unibank Inc. PHP10                                                            | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    987223 | NS      | $2238657.25   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| RAS Al Khaimah Pro                                       | RAS Al Khaimah Pro AED1                                                           | CUSIP: M81868107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   2473142 | NS      | $949488.32    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant S.A                                              | Globant S.A USD1.20                                                               | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     12650 | NS      | $778987.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Stock Commercial Bank For Foreign Trade Of Vietnam | Joint Stock Commercial Bank For Foreign Trade Of Vietnam VND10000                 | CUSIP: Y444A7106<br>LEI: 2549004TS5QUBFGAWE51 | Long             | EC               | CORP              | VN        |    828684 | NS      | $1875617.35   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Mcb Group Limited                                        | Mcb Group Limited NPV                                                             | CUSIP: V58013109<br>LEI: 13250000000000000107 | Long             | EC               | CORP              | MU        |     99385 | NS      | $1019638.55   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Century Pacific Food Inc                                 | Century Pacific Food Inc PHP1                                                     | CUSIP: Y1249R102<br>LEI: 254900NFV7QTJB821G52 | Long             | EC               | CORP              | PH        |   1409500 | NS      | $838606.39    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| VinaCapital Vietnam Opportunity Fund Ltd.                | VinaCapital Vietnam Opportunity Fund Ltd. ORD USD0.01                             | CUSIP: G9361B102<br>LEI: 2138007UD8FBBVAX9469 | Long             | EC               | RF                | GG        |    152841 | NS      | $919544.90    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Enterprise Investments Ltd                       | Vietnam Enterprise Investments Ltd ORD USD0.01(DI)                                | CUSIP: G9361H109<br>LEI: 213800SYT3T4AGEVW864 | Long             | EC               | CORP              | KY        |    175328 | NS      | $1744081.34   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ljubljanska Bank DD                                 | Nova Ljubljanska Bank DD 5 GDR EACH REPR 1 ORD SHS SPON REG S                     | CUSIP: 66980N203<br>LEI: 5493001BABFV7P27OW30 | Long             | EC               | CORP              | SI        |     82704 | NS      | $3317534.10   | 3.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OMV Petrom SA                                            | OMV Petrom SA RON0.1                                                              | CUSIP: X6000W100<br>LEI: 549300UKYDM6L8HEPU79 | Long             | EC               | CORP              | RO        |   7201236 | NS      | $1539229.41   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| NagaCorp Ltd.                                            | NagaCorp Ltd. HKD0.0125                                                           | CUSIP: G6382M109<br>LEI: 549300MMNKN0RBJELS20 | Long             | EC               | CORP              | KY        |   1331263 | NS      | $893361.15    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc.           | International Container Terminal Services Inc. PHP1                               | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    150810 | NS      | $1357025.67   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| The Searle Company Limited                               | The Searle Company Limited PKR10                                                  | CUSIP: Y7561Y104<br>LEI: N/A                  | Long             | EC               | CORP              | PK        |   3918459 | NS      | $1559097.87   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp.                                                | FPT Corp. VND10000                                                                | CUSIP: Y26333107<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    408363 | NS      | $1612129.50   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Doha Bank Ltd                                            | Doha Bank Ltd QAR1.00                                                             | CUSIP: M28186100<br>LEI: 549300O5KAG21BMZ8N83 | Long             | EC               | CORP              | QA        |   4051628 | NS      | $2798837.17   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                    | Emaar Properties PJSC AED1                                                        | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    948332 | NS      | $3665461.16   | 3.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinhomes Joint Stock Co.                                 | Vinhomes Joint Stock Co. VND10000                                                 | CUSIP: Y937JX103<br>LEI: 2549007LS0F7J946DA02 | Long             | EC               | CORP              | VN        |    965900 | NS      | $3643991.42   | 3.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                              | Abu Dhabi Islamic Bank PJSC AED1                                                  | CUSIP: M0152R102<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |    396701 | NS      | $2280643.99   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Prosperity Jsc Bank                              | Vietnam Prosperity Jsc Bank VND10000                                              | CUSIP: Y9369Z101<br>LEI: 254900A0PM1YPJVDW880 | Long             | EC               | CORP              | VN        |   1727000 | NS      | $1882076.16   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Loma Negra Compania Industrial Argentina S.A.            | Loma Negra Compania Industrial Argentina S.A. SPON ADS EACH REP 5 ORD SHS         | CUSIP: 54150E104<br>LEI: 529900VKOQQJ8U9DDK92 | Long             | EC               | CORP              | AR        |    117088 | NS      | $1284455.36   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Sulaiman Al Habib For Medical Service Group Company   | Dr Sulaiman Al Habib For Medical Service Group Company SAR10                      | CUSIP: M28438105<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      7072 | NS      | $512514.72    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Attijariwafa Bank                                        | Attijariwafa Bank MAD10                                                           | CUSIP: V0378K154<br>LEI: 213800NKX83414QQZ664 | Long             | EC               | CORP              | MA        |     36384 | NS      | $3043005.70   | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asia Commercial Joint Stock Bank                         | Asia Commercial Joint Stock Bank VND10000                                         | CUSIP: Y0324N101<br>LEI: 5493001VSLUXY7LJS086 | Long             | EC               | CORP              | VN        |   1653031 | NS      | $1600758.66   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                           | Credicorp Ltd. COM USD5                                                           | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      6718 | NS      | $1753398.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                       | Cameco Corporation COM NPV                                                        | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     14000 | NS      | $1430940.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial International Bank (Egypt) SAE                | Commercial International Bank (Egypt) SAE GDR EACH REPR 1 ORD EGP10 REG'S'        | CUSIP: 201712205<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |    352977 | NS      | $753553.14    | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Banca Transilvania SA                                    | Banca Transilvania SA RON10                                                       | CUSIP: X0308Q105<br>LEI: 549300RG3H390KEL8896 | Long             | EC               | CORP              | RO        |    527230 | NS      | $3346450.87   | 3.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corporation                      | Mobile World Investment Corporation VND10000                                      | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |    869000 | NS      | $2726572.49   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank (the)                                | Saudi National Bank (the) SAR10                                                   | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    149666 | NS      | $1592316.46   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| AL Babtain Power                                         | AL Babtain Power SAR10                                                            | CUSIP: M0R187101<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     84952 | NS      | $1420144.62   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Emirates NBD Bank PJSC                                   | Emirates NBD Bank PJSC AED1                                                       | CUSIP: M4029Z107<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |    179729 | NS      | $1375733.67   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Arion Banki HF                                           | Arion Banki HF ISK1                                                               | CUSIP: X02228108<br>LEI: RIL4VBPDB0M7Z3KXSF19 | Long             | EC               | CORP              | IS        |   1347618 | NS      | $1888268.91   | 1.86%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Piraeus Financial Holdings S.A                           | Piraeus Financial Holdings S.A EUR0.93(POST CONS & WTOF)                          | CUSIP: X06397248<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |    292270 | NS      | $2279288.85   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Systems Limited                                          | Systems Limited PKR10                                                             | CUSIP: Y83476104<br>LEI: N/A                  | Long             | EC               | CORP              | PK        |   1085622 | NS      | $594790.80    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Alkhorayef Water & Power Technologies Co                 | Alkhorayef Water & Power Technologies Co SAR10                                    | CUSIP: M0852G109<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     15558 | NS      | $622681.20    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Transportadora de Gas del Sur S.A.                       | Transportadora de Gas del Sur S.A. SPN ADS EACH REP 5'B'ARS1                      | CUSIP: 893870204<br>LEI: 5299002TRC7IFQYSW596 | Long             | EC               | CORP              | AR        |     34072 | NS      | $1060661.36   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Gas Transport Co. (Nakilat)                        | Qatar Gas Transport Co. (Nakilat) QAR1                                            | CUSIP: M8178L108<br>LEI: N/A                  | Long             | EC               | CORP              | QA        |    796733 | NS      | $968233.22    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                    | Aldar Properties PJSC AED1                                                        | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |    683699 | NS      | $1674937.55   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| HudBay Minerals Inc                                      | HudBay Minerals Inc COM NPV                                                       | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |     79800 | NS      | $1279030.34   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Phunhuan Jewelry JSC                                     | Phunhuan Jewelry JSC VND10000                                                     | CUSIP: Y6891A109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    593066 | NS      | $2130996.38   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                             | Kaspi.Kz JSC SPONSORED ADS                                                        | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     41203 | NS      | $3081572.37   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adnoc Drilling Company PJSC                              | Adnoc Drilling Company PJSC AED0.1                                                | CUSIP: M0R81X106<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    467156 | NS      | $709584.69    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Adnoc Gas                                                | Adnoc Gas USD0.250                                                                | CUSIP: M0R823101<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |    770662 | NS      | $732184.45    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Ashmore Funds

**Signature:** Taurai Sigauke

**Name of Signer:** Taurai Sigauke

**Title:** Treasurer