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        <name>INDONESIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INDONESIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>THAILAND, KINGDOM OF - MINISTRY OF FINANCE</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CENTRAL BANK OF NIGERIA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>THAILAND, KINGDOM OF - MINISTRY OF FINANCE</name>
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        <name>CZECH, REPUBLIC - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MALAYSIA, FEDERATION OF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CZECH, REPUBLIC - MINISTRY OF FINANCE</name>
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        <name>INDONESIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        <name>POLAND, REPUBLIC OF - STATE TREASURY</name>
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        <name>POLAND, REPUBLIC OF - STATE TREASURY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINA, PEOPLE'S REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>MALAYSIA, FEDERATION OF</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HUNGARY, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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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>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CZECH, REPUBLIC - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COLOMBIA, REPUBLIC OF - MINISTERO DE HACIENDA Y CREDITO PUBLICO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HUNGARY, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CZECH, REPUBLIC - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INDONESIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MALAYSIA, FEDERATION OF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINA, PEOPLE'S REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP BRL RCV 13.09% PAY BZDIO1D 02-JAN-2029</name>
        <lei>N/A</lei>
        <title>OIS_CCP BRL RCV 13.09% PAY BZDIO1D 02-JAN-2029</title>
        <cusip>000000000</cusip>
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          <isin value="N/A"/>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>Deutsche Bank AG</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP BRL RCV 13.13% PAY BZDIO1D 02-JAN-2029</name>
        <lei>N/A</lei>
        <title>OIS_CCP BRL RCV 13.13% PAY BZDIO1D 02-JAN-2029</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>-4799.82</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS_CCP CNY RCV 1.7695% PAY CNRR07D 11-OCT-2029</name>
        <lei>N/A</lei>
        <title>IRS_CCP CNY RCV 1.7695% PAY CNRR07D 11-OCT-2029</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9MXNKRU"/>
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        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>HSBC Bank PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0" curCd="CNY" fixedOrFloating="Fixed" fixedRt="1.769500000000"/>
            <floatingPmntDesc curCd="CNY" fixedOrFloating="Floating" floatingRtIndex="7D REPO" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Day" resetDtUnit="7"/>
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            <terminationDt>2029-10-11</terminationDt>
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            <upfrontRcpt>0.000000000000</upfrontRcpt>
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            <curCd>CNY</curCd>
            <unrealizedAppr>931.99</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS_CCP PLN RCV 4.681% PAY WIBOR6M 19-JUN-2034</name>
        <lei>N/A</lei>
        <title>IRS_CCP PLN RCV 4.681% PAY WIBOR6M 19-JUN-2034</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9M6AHFU"/>
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        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
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        <pctVal>-0.0001870426</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="1671.72" curCd="PLN" fixedOrFloating="Fixed" fixedRt="4.681000000000"/>
            <floatingPmntDesc curCd="PLN" fixedOrFloating="Floating" floatingRtIndex="6M WIBOR" floatingRtSpread="0.000000000000" pmntAmt="-576.010000000000">
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                <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Month" resetDtUnit="6"/>
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            <terminationDt>2034-06-19</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
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            <notionalAmt>150000</notionalAmt>
            <curCd>PLN</curCd>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>IRS_CCP CNY RCV 2.7747% PAY CNRR07D 15-MAR-2028</name>
        <lei>N/A</lei>
        <title>IRS_CCP CNY RCV 2.7747% PAY CNRR07D 15-MAR-2028</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9LXRACU"/>
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        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
        <currencyConditional curCd="CNY" exchangeRt="6.83365"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>HSBC Bank PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <swapFlag>Y</swapFlag>
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                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Day" resetDtUnit="7"/>
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            <terminationDt>2028-03-15</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>CNY</pmntCurCd>
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            <unrealizedAppr>6413.24</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP MXN RCV MXIBTIEF1D PAY 7.7875% 11-JUN-2031</name>
        <lei>N/A</lei>
        <title>OIS_CCP MXN RCV MXIBTIEF1D PAY 7.7875% 11-JUN-2031</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9N8FSHU"/>
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        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
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        <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>BNP Paribas SA, Paris - Derivatives</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP INR RCV 5.794% PAY MIBOR1D 18-JUN-2035</name>
        <lei>N/A</lei>
        <title>OIS_CCP INR RCV 5.794% PAY MIBOR1D 18-JUN-2035</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9N27VRU"/>
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        <descOthUnits>NOTIONAL</descOthUnits>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0" curCd="INR" fixedOrFloating="Fixed" fixedRt="5.794000000000"/>
            <floatingPmntDesc curCd="INR" fixedOrFloating="Floating" floatingRtIndex="MIBOR" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
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            <terminationDt>2035-06-18</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OIS_CCP INR RCV MIBOR1D PAY 5.744% 16-JUN-2030</name>
        <lei>N/A</lei>
        <title>OIS_CCP INR RCV MIBOR1D PAY 5.744% 16-JUN-2030</title>
        <cusip>000000000</cusip>
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          <isin value="N/A"/>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Deutsche Bank AG</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>IRS_CCP MYR RCV 3.27% PAY KLIBO3M 17-JUN-2030</name>
        <lei>N/A</lei>
        <title>IRS_CCP MYR RCV 3.27% PAY KLIBO3M 17-JUN-2030</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Deutsche Bank AG</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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>
