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        <cusip>V0378K154</cusip>
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          <isin value="MA0000012445"/>
          <ticker value="ATW"/>
        </identifiers>
        <balance>34518</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.23575"/>
        <valUSD>2619282.9</valUSD>
        <pctVal>2.4606744517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QATAR NATIONAL BANK SAQ</name>
        <lei>549300FFSRVBS0SQXY75</lei>
        <title>QATAR NATIONAL BANK SAQ QAR1</title>
        <cusip>M81802106</cusip>
        <identifiers>
          <isin value="QA0006929895"/>
          <ticker value="QNBK"/>
        </identifiers>
        <balance>558372</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.641"/>
        <valUSD>2667894.69</valUSD>
        <pctVal>2.5063425961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABU DHABI ISLAMIC BANK EGYPT</name>
        <lei>549300FMPETKV5WPMW57</lei>
        <title>ABU DHABI ISLAMIC BANK EGYPT EGP10</title>
        <cusip>M0153Y106</cusip>
        <identifiers>
          <isin value="EGS60111C019"/>
          <ticker value="ADIB"/>
        </identifiers>
        <balance>1098600</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="53.62"/>
        <valUSD>917890.34</valUSD>
        <pctVal>0.8623082711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASIA COMMERCIAL BANK JSB</name>
        <lei>5493001VSLUXY7LJS086</lei>
        <title>ASIA COMMERCIAL BANK JSB VND10000</title>
        <cusip>Y0324N101</cusip>
        <identifiers>
          <isin value="VN000000ACB8"/>
          <ticker value="ACB"/>
        </identifiers>
        <balance>1528031</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>1370660.21</valUSD>
        <pctVal>1.2876610467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOA PHAT GROUP JSC</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>HOA PHAT GROUP JSC VND10000</title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
          <ticker value="HPG"/>
        </identifiers>
        <balance>1994660</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>2102921.62</valUSD>
        <pctVal>1.9755809898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BDO UNIBANK INC</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
        <title>BDO UNIBANK INC PHP10</title>
        <cusip>Y07775102</cusip>
        <identifiers>
          <isin value="PHY077751022"/>
          <ticker value="BDOUF"/>
        </identifiers>
        <balance>935853</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.475"/>
        <valUSD>1749110.37</valUSD>
        <pctVal>1.6431944792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARKIN COMPANY PJSC</name>
        <lei>N/A</lei>
        <title>PARKIN COMPANY PJSC AED0.02</title>
        <cusip>M75283107</cusip>
        <identifiers>
          <isin value="AEE01370P249"/>
          <ticker value="PARKIN"/>
        </identifiers>
        <balance>1344065</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6731"/>
        <valUSD>1913999.35</valUSD>
        <pctVal>1.7980987472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDICORP LTD</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD COM USD5</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
        </identifiers>
        <balance>10373</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3362615.41</valUSD>
        <pctVal>3.1589950937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSPORTADORA DE GAS DEL SUR SA</name>
        <lei>5299002TRC7IFQYSW596</lei>
        <title>TRANSPORTADORA DE GAS DEL SUR SA SPN ADS EACH REP 5'B'ARS1</title>
        <cusip>893870204</cusip>
        <identifiers>
          <isin value="US8938702045"/>
          <ticker value="TGS"/>
        </identifiers>
        <balance>41501</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1266195.51</valUSD>
        <pctVal>1.1895221178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAMECO CORP</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>CAMECO CORP COM NPV</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
          <ticker value="CCJ"/>
        </identifiers>
        <balance>12800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1574912</valUSD>
        <pctVal>1.4795445433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QATAR GAS TRANSPORT COMPANY LTD (NAKILAT)</name>
        <lei>N/A</lei>
        <title>QATAR GAS TRANSPORT COMPANY LTD (NAKILAT) QAR1</title>
        <cusip>M8178L108</cusip>
        <identifiers>
          <isin value="QA000A0KD6L1"/>
          <ticker value="QGTS"/>
        </identifiers>
        <balance>1446375</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.641"/>
        <valUSD>1703826.86</valUSD>
        <pctVal>1.6006530736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK FOR FOREIGN TRADE OF VIETNAM JSC</name>
        <lei>2549004TS5QUBFGAWE51</lei>
        <title>BANK FOR FOREIGN TRADE OF VIETNAM JSC VND10000</title>
        <cusip>Y444A7106</cusip>
        <identifiers>
          <isin value="VN000000VCB4"/>
          <ticker value="VCB"/>
        </identifiers>
        <balance>894684</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>2026224.43</valUSD>
        <pctVal>1.9035281329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GULF BANK KSCP</name>
        <lei>254900600P224MZQZD69</lei>
        <title>GULF BANK KSCP KWD0.1</title>
        <cusip>M5246Y104</cusip>
        <identifiers>
          <isin value="KW0EQ0100028"/>
          <ticker value="GBK"/>
        </identifiers>
        <balance>1121265</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3075"/>
        <valUSD>1236514.41</valUSD>
        <pctVal>1.1616383316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHUNHUAN JEWELRY JSC</name>
        <lei>N/A</lei>
        <title>PHUNHUAN JEWELRY JSC VND10000</title>
        <cusip>Y6891A109</cusip>
        <identifiers>
          <isin value="VN000000PNJ6"/>
          <ticker value="PNJ"/>
        </identifiers>
        <balance>727899</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>1874279.99</valUSD>
        <pctVal>1.7607845593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURY PACIFIC FOOD INC</name>
        <lei>254900NFV7QTJB821G52</lei>
        <title>CENTURY PACIFIC FOOD INC PHP1</title>
        <cusip>Y1249R102</cusip>
        <identifiers>
          <isin value="PHY1249R1024"/>
          <ticker value="CNPF"/>
        </identifiers>
        <balance>1085300</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.475"/>
        <valUSD>503702.4</valUSD>
        <pctVal>0.4732011296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVA LJUBLJANSKA BANKA DD</name>
        <lei>5493001BABFV7P27OW30</lei>
        <title>NOVA LJUBLJANSKA BANKA DD 5 GDR EACH REPR 1 ORD SHS SPON REG S</title>
        <cusip>66980N203</cusip>
        <identifiers>
          <isin value="US66980N2036"/>
          <ticker value="NLB"/>
        </identifiers>
        <balance>51784</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2719366.68</valUSD>
        <pctVal>2.5546977435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KASPI.KZ JSC</name>
        <lei>2549003YU6FARG8OAZ13</lei>
        <title>KASPI.KZ JSC SPONSORED ADS</title>
        <cusip>48581R205</cusip>
        <identifiers>
          <isin value="US48581R2058"/>
          <ticker value="KSPI"/>
        </identifiers>
        <balance>45304</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3888895.36</valUSD>
        <pctVal>3.6534066090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOBILE WORLD INVESTMENT CORP</name>
        <lei>254900ZRFNB8CRAHHO95</lei>
        <title>MOBILE WORLD INVESTMENT CORP VND10000</title>
        <cusip>Y604K2105</cusip>
        <identifiers>
          <isin value="VN000000MWG0"/>
          <ticker value="MWG"/>
        </identifiers>
        <balance>588000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>1888910.88</valUSD>
        <pctVal>1.7745294882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADNOC GAS PLC</name>
        <lei>254900O5NS03BDOOM362</lei>
        <title>ADNOC GAS PLC USD0.250</title>
        <cusip>M0R823101</cusip>
        <identifiers>
          <isin value="AEE01195A234"/>
          <ticker value="ADNOCGAS"/>
        </identifiers>
        <balance>762869</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6731"/>
        <valUSD>700200.69</valUSD>
        <pctVal>0.6578006327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIETNAM DAIRY PRODUCTS JSC</name>
        <lei>549300148GRJ07D21X63</lei>
        <title>VIETNAM DAIRY PRODUCTS JSC VND10000</title>
        <cusip>Y9365V104</cusip>
        <identifiers>
          <isin value="VN000000VNM8"/>
          <ticker value="VNM"/>
        </identifiers>
        <balance>450000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>1045620.07</valUSD>
        <pctVal>0.9823034360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHILEX MINING CORP</name>
        <lei>2549003WBGIWUSNRZX59</lei>
        <title>PHILEX MINING CORP PHP1</title>
        <cusip>Y68991135</cusip>
        <identifiers>
          <isin value="PHY689911352"/>
          <ticker value="PXMFF"/>
        </identifiers>
        <balance>6993300</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.475"/>
        <valUSD>1084091.41</valUSD>
        <pctVal>1.0184451767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAGACORP LTD</name>
        <lei>549300MMNKN0RBJELS20</lei>
        <title>NAGACORP LTD HKD0.0125</title>
        <cusip>G6382M109</cusip>
        <identifiers>
          <isin value="KYG6382M1096"/>
          <ticker value="NGCRF"/>
        </identifiers>
        <balance>2657263</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8325"/>
        <valUSD>1358637.79</valUSD>
        <pctVal>1.2763666341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KRKA TOVARNA ZDRAVIL DD</name>
        <lei>549300H9RLRTRTLRUZ73</lei>
        <title>KRKA TOVARNA ZDRAVIL DD NPV</title>
        <cusip>X4571Y100</cusip>
        <identifiers>
          <isin value="SI0031102120"/>
          <ticker value="KRKAF"/>
        </identifiers>
        <balance>8263</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2368242.12</valUSD>
        <pctVal>2.2248352326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL CONTAINER TERMINAL SERVICES INC</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>INTERNATIONAL CONTAINER TERMINAL SERVICES INC PHP1</title>
        <cusip>Y41157101</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
          <ticker value="ICTEF"/>
        </identifiers>
        <balance>200590</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.475"/>
        <valUSD>2333733.2</valUSD>
        <pctVal>2.1924159709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GEMADEPT CORP</name>
        <lei>N/A</lei>
        <title>GEMADEPT CORP VND10000</title>
        <cusip>Y2690B109</cusip>
        <identifiers>
          <isin value="VN000000GMD0"/>
          <ticker value="GMD"/>
        </identifiers>
        <balance>666700</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>1908280.17</valUSD>
        <pctVal>1.7927258873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEARLE CO LTD (THE)</name>
        <lei>N/A</lei>
        <title>SEARLE CO LTD (THE) PKR10</title>
        <cusip>Y7561Y104</cusip>
        <identifiers>
          <isin value="PK0061701014"/>
          <ticker value="SRPEF"/>
        </identifiers>
        <balance>5756711</balance>
        <units>NS</units>
        <currencyConditional curCd="PKR" exchangeRt="278.79"/>
        <valUSD>1804325.01</valUSD>
        <pctVal>1.6950656436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SODEP MARSA MAROC</name>
        <lei>N/A</lei>
        <title>SODEP MARSA MAROC MAD10</title>
        <cusip>V8006D104</cusip>
        <identifiers>
          <isin value="MA0000012312"/>
          <ticker value="MSA"/>
        </identifiers>
        <balance>22480</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.23575"/>
        <valUSD>2037753.94</valUSD>
        <pctVal>1.9143594833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FPT DIGITAL RETAIL JSC</name>
        <lei>N/A</lei>
        <title>FPT DIGITAL RETAIL JSC NPV</title>
        <cusip>Y26334105</cusip>
        <identifiers>
          <isin value="VN000000FRT7"/>
          <ticker value="FRT"/>
        </identifiers>
        <balance>419200</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>2378954.24</valUSD>
        <pctVal>2.2348986893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOHA BANK QSC</name>
        <lei>549300O5KAG21BMZ8N83</lei>
        <title>DOHA BANK QSC QAR1.00</title>
        <cusip>M28186100</cusip>
        <identifiers>
          <isin value="QA0006929770"/>
          <ticker value="DOHAF"/>
        </identifiers>
        <balance>1900389</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.641"/>
        <valUSD>1409559.13</valUSD>
        <pctVal>1.3242044757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VINGROUP JSC</name>
        <lei>254900MJ9C15O3O1V757</lei>
        <title>VINGROUP JSC VND10000</title>
        <cusip>Y9375L104</cusip>
        <identifiers>
          <isin value="VN000000VIC9"/>
          <ticker value="VIC"/>
        </identifiers>
        <balance>305800</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>2499031.95</valUSD>
        <pctVal>2.3477051957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMEXPHARM CORP</name>
        <lei>N/A</lei>
        <title>IMEXPHARM CORP VND10000</title>
        <cusip>Y3884L101</cusip>
        <identifiers>
          <isin value="VN000000IMP0"/>
          <ticker value="IMP"/>
        </identifiers>
        <balance>331500</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>639441.98</valUSD>
        <pctVal>0.6007211147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMAAR PROPERTIES PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>EMAAR PROPERTIES PJSC AED1</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR"/>
        </identifiers>
        <balance>397255</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6731"/>
        <valUSD>1285598.88</valUSD>
        <pctVal>1.2077505332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAROOOOO LTD</name>
        <lei>N/A</lei>
        <title>KAROOOOO LTD ORD SHS</title>
        <cusip>Y4600W108</cusip>
        <identifiers>
          <isin value="SGXZ19450089"/>
          <ticker value="KARO"/>
        </identifiers>
        <balance>27900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1365844.5</valUSD>
        <pctVal>1.2831369480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADNOC LOGISTICS &amp; SERVICES PLC</name>
        <lei>254900CIXQYSEOFXAB16</lei>
        <title>ADNOC LOGISTICS &amp; SERVICES PLC USD0.54</title>
        <cusip>M0R824109</cusip>
        <identifiers>
          <isin value="AEE01268A239"/>
          <ticker value="ADNOCLS"/>
        </identifiers>
        <balance>1076785</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6731"/>
        <valUSD>1724973.14</valUSD>
        <pctVal>1.6205188586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <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>
