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        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Bank of Nigeria</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PETROLEOS DE VENEZUELA SA</name>
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        <name>POLAND, REPUBLIC OF - STATE TREASURY</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>BANK GOSPODARSTWA KRAJOWEGO SA</name>
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        <name>GHANA, REPUBLIC OF</name>
        <lei>213800PP4399SNNXZ126</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GHANA, REPUBLIC OF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NAVOI MINING AND METALLURGICAL CO JSC</name>
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        <name>PETROLEOS MEXICANOS SA DE CV</name>
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        <name>INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)</name>
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        <name>BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL</name>
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        <name>YUZHOU GROUP HOLDINGS CO LTD</name>
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        <name>KAISA GROUP HOLDINGS LTD</name>
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        <name>BAHRAIN, KINGDOM OF - MINISTRY OF FINANCE &amp; NATIONAL ECONOMY</name>
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        <name>KAISA GROUP HOLDINGS LTD</name>
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        <name>URUGUAY, REPUBLICA ORIENTAL DEL - MINISTERIO DE ECONOMIA Y FINANZAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ZHENRO PROPERTIES GROUP LTD</name>
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        <name>ZHENRO PROPERTIES GROUP LTD</name>
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        <name>URUGUAY, REPUBLICA ORIENTAL DEL - MINISTERIO DE ECONOMIA Y FINANZAS</name>
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        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        <name>MALAYSIA, FEDERATION OF</name>
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        <name>URUGUAY, REPUBLICA ORIENTAL DEL - MINISTERIO DE ECONOMIA Y FINANZAS</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Banco Santander S.A</counterpartyName>
              <counterpartyLei>2549002GDR3F5N47I112</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0" curCd="USD" fixedOrFloating="Fixed" fixedRt="8.170000000000"/>
            <floatingPmntDesc curCd="COP" fixedOrFloating="Floating" floatingRtIndex="90 DAY DTF" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2027-04-07</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>COP</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>COP</rcptCurCd>
            <notionalAmt>2609650000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-26859.48</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP MXN RCV MXIBTIEF1D PAY 7.6455% 11-JUN-2031</name>
        <lei>N/A</lei>
        <title>OIS_CCP MXN RCV MXIBTIEF1D PAY 7.6455% 11-JUN-2031</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9N8691U"/>
        </identifiers>
        <balance>3600000</balance>
        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
        <currencyConditional curCd="MXN" exchangeRt="17.4685"/>
        <valUSD>2290.84</valUSD>
        <pctVal>0.0081466950</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>J.P. Morgan Securities plc.</counterpartyName>
              <counterpartyLei>K6Q0W1PS1L1O4IQL9C32</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="MXN" fixedOrFloating="Floating" floatingRtIndex="MEXICO INTERBANK TIIE 1 DAY" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0" curCd="MXN" fixedOrFloating="Fixed" fixedRt="7.645500000000"/>
            <terminationDt>2031-06-11</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>MXN</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>MXN</rcptCurCd>
            <notionalAmt>3600000</notionalAmt>
            <curCd>MXN</curCd>
            <unrealizedAppr>2290.84</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP CLP RCV CAMAR1D PAY 4.71% 02-FEB-2031</name>
        <lei>N/A</lei>
        <title>OIS_CCP CLP RCV CAMAR1D PAY 4.71% 02-FEB-2031</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9N6SH9U"/>
        </identifiers>
        <balance>403000000</balance>
        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
        <currencyConditional curCd="CLP" exchangeRt="899.81"/>
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        <pctVal>0.0229629444</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="CLP" fixedOrFloating="Floating" floatingRtIndex="CAMARA" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Day" resetDtUnit="1"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="0" curCd="CLP" fixedOrFloating="Fixed" fixedRt="4.710000000000"/>
            <terminationDt>2031-02-02</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>CLP</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>CLP</rcptCurCd>
            <notionalAmt>403000000</notionalAmt>
            <curCd>CLP</curCd>
            <unrealizedAppr>6457.15</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP CLP RCV CAMAR1D PAY 5.25% 26-JAN-2036</name>
        <lei>N/A</lei>
        <title>OIS_CCP CLP RCV CAMAR1D PAY 5.25% 26-JAN-2036</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9N6PH3U"/>
        </identifiers>
        <balance>480000000</balance>
        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
        <currencyConditional curCd="CLP" exchangeRt="899.81"/>
        <valUSD>614.63</valUSD>
        <pctVal>0.0021857498</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="CLP" fixedOrFloating="Floating" floatingRtIndex="CAMARA" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0" curCd="CLP" fixedOrFloating="Fixed" fixedRt="5.250000000000"/>
            <terminationDt>2036-01-26</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>CLP</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>CLP</rcptCurCd>
            <notionalAmt>480000000</notionalAmt>
            <curCd>CLP</curCd>
            <unrealizedAppr>614.63</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Ashmore Funds</ncom:nameOfApplicant>
      <ncom:signature>Taurai Sigauke</ncom:signature>
      <ncom:signerName>Taurai Sigauke</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
