<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001420040</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000022888</seriesId>
        <classId>C000066378</classId>
        <classId>C000066379</classId>
        <classId>C000066380</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Dunham Funds</regName>
      <regFileNumber>811-22153</regFileNumber>
      <regCik>0001420040</regCik>
      <regLei>549300FI2C3SP4YCHL80</regLei>
      <regStreet1>6256 Greenwich Dr</regStreet1>
      <regStreet2>SUITE 550</regStreet2>
      <regCity>SAN DIEGO</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>92122</regZipOrPostalCode>
      <regPhone>858-964-0500</regPhone>
      <seriesName>Dunham Monthly Distribution Fund</seriesName>
      <seriesId>S000022888</seriesId>
      <seriesLei>549300BJH1DPTJHNON75</seriesLei>
      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>416100495.18</totAssets>
      <totLiabs>144775126.38</totLiabs>
      <netAssets>271325368.80</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>129677725.85000001</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="871729.44000000" lei="549300QQRY1JCFQHYS08" name="JANNEY MONTGOMERY SCOTT, LLC"/>
        <borrower aggrVal="4251843.12000000" lei="U4ONQX15J3RO8XCKE979" name="RAYMOND JAMES &amp; ASSOCIATES, INC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000066378" rtn1="0.81000000" rtn2="0.68000000" rtn3="-0.14000000"/>
          <monthlyTotReturn classId="C000066379" rtn1="0.80000000" rtn2="0.54000000" rtn3="-0.15000000"/>
          <monthlyTotReturn classId="C000066380" rtn1="0.86000000" rtn2="0.67000000" rtn3="-0.09000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="-513904.82000000" netUnrealizedAppr="320916.16000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="41353.88000000"/>
            <mon3 netRealizedGain="-5364.36000000" netUnrealizedAppr="104192.36000000"/>
            <optionCategory>
              <instrMon1 netRealizedGain="-513904.82000000" netUnrealizedAppr="320916.16000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="41353.88000000"/>
              <instrMon3 netRealizedGain="-5364.36000000" netUnrealizedAppr="104192.36000000"/>
            </optionCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="724710.19000000" netUnrealizedAppr="-602188.69000000"/>
            <mon2 netRealizedGain="-9196.30000000" netUnrealizedAppr="-151782.44000000"/>
            <mon3 netRealizedGain="-5379.64000000" netUnrealizedAppr="-101058.68000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="724710.19000000" netUnrealizedAppr="-602188.69000000"/>
              <instrMon2 netRealizedGain="-9196.30000000" netUnrealizedAppr="-151782.44000000"/>
              <instrMon3 netRealizedGain="-5379.64000000" netUnrealizedAppr="-101058.68000000"/>
            </forwardCategory>
          </foreignExchgContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="1753477.96000000" netUnrealizedAppr="496434.22000000"/>
        <othMon2 netRealizedGain="1682344.74000000" netUnrealizedAppr="24898.18000000"/>
        <othMon3 netRealizedGain="731273.67000000" netUnrealizedAppr="-1360996.94000000"/>
      </returnInfo>
      <mon1Flow redemption="1292941.86000000" reinvestment="1511678.07000000" sales="7822143.05000000"/>
      <mon2Flow redemption="5106533.43000000" reinvestment="3058803.50000000" sales="5555407.29000000"/>
      <mon3Flow redemption="3992510.55000000" reinvestment="22.47000000" sales="7358495.53000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>Dunham Monthly Distribution Fund DRP</nameDesignatedIndex>
          <indexIdentifier>DUNHAM MONTHLY DISTRIBUTION FUND DRP</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>AMERICAN AIRLINES GROUP, INC. ESCROW SEC</name>
        <lei>N/A</lei>
        <title>AMR CORP-ESCROW SECURITY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="001ESC102"/>
        </identifiers>
        <balance>101283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Lease Corporation</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>AIR LEASE C</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <isin value="US00912X3026"/>
        </identifiers>
        <balance>144219.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9320873.97000000</valUSD>
        <pctVal>3.435312374668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="871729.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altaba Inc</name>
        <lei>549300ZJC0V1K2ZCKG85</lei>
        <title>ALTABA INC</title>
        <cusip>021346101</cusip>
        <identifiers>
          <isin value="US0213461017"/>
        </identifiers>
        <balance>2468782.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3209416.60000000</valUSD>
        <pctVal>1.182866391813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Airlines Group Inc</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>AMERICAN AIRLINE</title>
        <cusip>02376R102</cusip>
        <identifiers>
          <isin value="US02376R1023"/>
        </identifiers>
        <balance>1025.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13632.50000000</valUSD>
        <pctVal>0.005024410382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Water Works Company, Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>AMERICAN WATER W</title>
        <cusip>030420103</cusip>
        <identifiers>
          <isin value="US0304201033"/>
        </identifiers>
        <balance>-34480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4452402.40000000</valUSD>
        <pctVal>-1.64098271374</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avidity Biosciences Inc.</name>
        <lei>N/A</lei>
        <title>AVIDITY BIOSCIEN</title>
        <cusip>05370A108</cusip>
        <identifiers>
          <isin value="US05370A1088"/>
        </identifiers>
        <balance>56181.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4077055.17000000</valUSD>
        <pctVal>1.502644293097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BLACK HILLS CORP</title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
        </identifiers>
        <balance>-159619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-11648994.62000000</valUSD>
        <pctVal>-4.29336728501</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>BRIGHTHOUSE FINA</title>
        <cusip>10922N103</cusip>
        <identifiers>
          <isin value="US10922N1037"/>
        </identifiers>
        <balance>-15932.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1020603.92000000</valUSD>
        <pctVal>-0.37615499225</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dayforce Inc</name>
        <lei>549300T64GVCHFJ8L449</lei>
        <title>DAYFORCE INC</title>
        <cusip>15677J108</cusip>
        <identifiers>
          <isin value="US15677J1088"/>
        </identifiers>
        <balance>97407.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6747382.89000000</valUSD>
        <pctVal>2.486823447376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chart Industries Inc</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>CHART INDUSTRIES</title>
        <cusip>16115Q308</cusip>
        <identifiers>
          <isin value="US16115Q3083"/>
        </identifiers>
        <balance>32785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6797641.90000000</valUSD>
        <pctVal>2.505346967762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charter Communications, Inc.</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
        <title>CHARTER COMMUN-A</title>
        <cusip>16119P108</cusip>
        <identifiers>
          <isin value="US16119P1084"/>
        </identifiers>
        <balance>-32119.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-6620368.28000000</valUSD>
        <pctVal>-2.44001079194</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coeur Mining Inc</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
        </identifiers>
        <balance>-421590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-8617299.60000000</valUSD>
        <pctVal>-3.17600216968</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Columbia Pipeline Group, Inc.</name>
        <lei>549300SRP1TQM9JJBG80</lei>
        <title>COLUMBIA PIPELIN</title>
        <cusip>198280109</cusip>
        <identifiers>
          <isin value="US1982801094"/>
        </identifiers>
        <balance>84102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comerica Incorporated</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>COMERICA INC</title>
        <cusip>200340107</cusip>
        <identifiers>
          <isin value="US2003401070"/>
        </identifiers>
        <balance>148965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13208726.55000000</valUSD>
        <pctVal>4.868223936603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Confluent Inc</name>
        <lei>254900MRZ83YWUV7SN74</lei>
        <title>CONFLUENT INC-A</title>
        <cusip>20717M103</cusip>
        <identifiers>
          <isin value="US20717M1036"/>
        </identifiers>
        <balance>133546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4078494.84000000</valUSD>
        <pctVal>1.503174899582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Electronic Arts Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>ELECTRONIC ARTS</title>
        <cusip>285512109</cusip>
        <identifiers>
          <isin value="US2855121099"/>
        </identifiers>
        <balance>26621.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5428554.32000000</valUSD>
        <pctVal>2.000754424110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NuVista Energy Ltd.</name>
        <lei>549300MG32TDSM60SX75</lei>
        <title>NUVISTA ENERGY</title>
        <cusip>67072Q104</cusip>
        <identifiers>
          <isin value="CA67072Q1046"/>
        </identifiers>
        <balance>840000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36163000"/>
        <valUSD>11499159.10000000</valUSD>
        <pctVal>4.238143727900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Utilities Inc</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>ESSENTIAL UTILIT</title>
        <cusip>29670G102</cusip>
        <identifiers>
          <isin value="US29670G1022"/>
        </identifiers>
        <balance>113044.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4384976.76000000</valUSD>
        <pctVal>1.616132239824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exact Sciences Corporation</name>
        <lei>549300VM3X1FYD4N9Z14</lei>
        <title>EXACT SCIENCES</title>
        <cusip>30063P105</cusip>
        <identifiers>
          <isin value="US30063P1057"/>
        </identifiers>
        <balance>79253.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8110752.02000000</valUSD>
        <pctVal>2.989308392308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Colchester Street Trust</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>FID-MM GOVT-I</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
        </identifiers>
        <balance>32794842.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32794842.74000000</valUSD>
        <pctVal>12.08690616916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANC</title>
        <cusip>316773100</cusip>
        <identifiers>
          <isin value="US3167731005"/>
        </identifiers>
        <balance>-278016.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-13961963.52000000</valUSD>
        <pctVal>-5.14583784839</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fox Corporation</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>FOX CORP - A</title>
        <cusip>35137L105</cusip>
        <identifiers>
          <isin value="US35137L1052"/>
        </identifiers>
        <balance>-128465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-9349682.70000000</valUSD>
        <pctVal>-3.44593015439</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fox Corporation</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>FOX CORP - B</title>
        <cusip>35137L204</cusip>
        <identifiers>
          <isin value="US35137L2043"/>
        </identifiers>
        <balance>142543.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9346544.51000000</valUSD>
        <pctVal>3.444773539362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hologic Inc</name>
        <lei>549300DYP6F5ZJL0LB74</lei>
        <title>HOLOGIC INC</title>
        <cusip>436440101</cusip>
        <identifiers>
          <isin value="US4364401012"/>
        </identifiers>
        <balance>125394.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9395772.42000000</valUSD>
        <pctVal>3.462917036307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kenvue Inc.</name>
        <lei>5493008HSF8L4M2LIJ82</lei>
        <title>KENVUE INC</title>
        <cusip>49177J102</cusip>
        <identifiers>
          <isin value="US49177J1025"/>
        </identifiers>
        <balance>487729.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8486484.60000000</valUSD>
        <pctVal>3.127788838004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1790425.20000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimberly-Clark Corporation</name>
        <lei>MP3J6QPYPGN75NVW2S34</lei>
        <title>KIMBERLY-CLARK</title>
        <cusip>494368103</cusip>
        <identifiers>
          <isin value="US4943681035"/>
        </identifiers>
        <balance>-71332.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-7132486.68000000</valUSD>
        <pctVal>-2.62875775735</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Broadband Corporation</name>
        <lei>549300MIX43II8JLN536</lei>
        <title>LIBERTY BR-C</title>
        <cusip>530307305</cusip>
        <identifiers>
          <isin value="US5303073051"/>
        </identifiers>
        <balance>136069.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6546279.59000000</valUSD>
        <pctVal>2.412704576410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESC NII HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>ESC NII HOLDINGS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="629ESC013"/>
        </identifiers>
        <balance>205893.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72062.55000000</valUSD>
        <pctVal>0.026559458969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Gold, Inc.</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>NEW GOLD INC</title>
        <cusip>644535106</cusip>
        <identifiers>
          <isin value="CA6445351068"/>
        </identifiers>
        <balance>850148.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8526984.44000000</valUSD>
        <pctVal>3.142715507109</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>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>NEWS CORP-CL A</title>
        <cusip>65249B109</cusip>
        <identifiers>
          <isin value="US65249B1098"/>
        </identifiers>
        <balance>167755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4534417.65000000</valUSD>
        <pctVal>1.671210351635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>NEWS CORP-CL B</title>
        <cusip>65249B208</cusip>
        <identifiers>
          <isin value="US65249B2088"/>
        </identifiers>
        <balance>-151985.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4726733.50000000</valUSD>
        <pctVal>-1.74209050959</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Norfolk Southern Corporation</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>NORFOLK SOUTHERN</title>
        <cusip>655844108</cusip>
        <identifiers>
          <isin value="US6558441084"/>
        </identifiers>
        <balance>13890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4045323.60000000</valUSD>
        <pctVal>1.490949267991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NorthWestern Energy Group Inc</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>NORTHWESTERN ENE</title>
        <cusip>668074305</cusip>
        <identifiers>
          <isin value="US6680743050"/>
        </identifiers>
        <balance>163051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11064640.86000000</valUSD>
        <pctVal>4.077997169573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2461417.92000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OneStream Inc</name>
        <lei>254900CRBCHIYDC37W82</lei>
        <title>ONESTREAM INC</title>
        <cusip>68278B107</cusip>
        <identifiers>
          <isin value="US68278B1070"/>
        </identifiers>
        <balance>144526.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3412258.86000000</valUSD>
        <pctVal>1.257626175942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ovintiv Inc</name>
        <lei>2549003MEX7YMKLGI239</lei>
        <title>OVINTIV INC</title>
        <cusip>69047Q102</cusip>
        <identifiers>
          <isin value="US69047Q1022"/>
        </identifiers>
        <balance>-144300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-6272721.00000000</valUSD>
        <pctVal>-2.31188149775</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TXNM Energy Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM ENERGY INC</title>
        <cusip>69349H107</cusip>
        <identifiers>
          <isin value="US69349H1077"/>
        </identifiers>
        <balance>181652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10702935.84000000</valUSD>
        <pctVal>3.944686738043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Palo Alto Networks Inc</name>
        <lei>549300QXR2YVZV231H43</lei>
        <title>PALO ALTO NETWOR</title>
        <cusip>697435105</cusip>
        <identifiers>
          <isin value="US6974351057"/>
        </identifiers>
        <balance>-43459.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-7690939.23000000</valUSD>
        <pctVal>-2.83458169208</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERSHING SPARC HLDGS RTS</name>
        <lei>N/A</lei>
        <title>PERSHING SPARC HLDGS RTS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="714920113            01769"/>
        </identifiers>
        <balance>117447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35234.10000000</valUSD>
        <pctVal>0.012985921720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rev Group Inc</name>
        <lei>549300SRD0SIG5ZZ3X20</lei>
        <title>REV GROUP INC</title>
        <cusip>749527107</cusip>
        <identifiers>
          <isin value="US7495271071"/>
        </identifiers>
        <balance>151656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9690818.40000000</valUSD>
        <pctVal>3.571659532929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RESOLUTE FOREST PRODUCTS, INC. - CVR</name>
        <lei>N/A</lei>
        <title>RESOLUTE FOREST -CVR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="76CVR1769"/>
        </identifiers>
        <balance>532221.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>798331.50000000</valUSD>
        <pctVal>0.294234005294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Terex Corporation</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>TEREX CORP</title>
        <cusip>880779103</cusip>
        <identifiers>
          <isin value="US8807791038"/>
        </identifiers>
        <balance>-148760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-8479320.00000000</valUSD>
        <pctVal>-3.12514824452</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>UNION PAC CORP</title>
        <cusip>907818108</cusip>
        <identifiers>
          <isin value="US9078181081"/>
        </identifiers>
        <balance>-13890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3265539.00000000</valUSD>
        <pctVal>-1.20355093017</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Warner Bros. Discovery Inc.</name>
        <lei>5493006ZCRFWKF6B1K26</lei>
        <title>WARNER BROS DISC</title>
        <cusip>934423104</cusip>
        <identifiers>
          <isin value="US9344231041"/>
        </identifiers>
        <balance>372805.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10267049.70000000</valUSD>
        <pctVal>3.784036024868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MOUNT VERNON LIQUID ASSETS PORTFOLIO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5245140.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABIOMED, INC.</name>
        <lei>N/A</lei>
        <title>ABIOMED INC -CVR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="ABIOM1769"/>
        </identifiers>
        <balance>34956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55929.60000000</valUSD>
        <pctVal>0.020613479766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="Reinvested Coll" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JDE Peets N.V</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE PEET'S NV</title>
        <cusip>N44664105</cusip>
        <identifiers>
          <isin value="NL0014332678"/>
        </identifiers>
        <balance>280057.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>10502137.50000000</valUSD>
        <pctVal>3.870680263496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - CAD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTCAD__00279406"/>
        </identifiers>
        <balance>3606880.41000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>102404.38000000</valUSD>
        <pctVal>0.037742279851</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-3606880.41000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>5048680.00000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>102404.38000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00279715"/>
        </identifiers>
        <balance>2173934.16000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10015.70000000</valUSD>
        <pctVal>0.003691398281</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-2173934.16000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>337615019.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>10015.70000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00279784"/>
        </identifiers>
        <balance>191707.92000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>460.03000000</valUSD>
        <pctVal>0.000169549202</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-191707.92000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>29707086.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>460.03000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00279889"/>
        </identifiers>
        <balance>22715.70000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-94.77000000</valUSD>
        <pctVal>-0.00003492854</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-22715.70000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>3496951.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>-94.77000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00280214"/>
        </identifiers>
        <balance>2328849.45000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>12111.45000000</valUSD>
        <pctVal>0.004463810388</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-2328849.45000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>361887228.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>12111.45000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00280261"/>
        </identifiers>
        <balance>4316927.88000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>30735.25000000</valUSD>
        <pctVal>0.011327820224</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-4316927.88000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>672101682.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>30735.25000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>8919815.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84286519"/>
        <valUSD>-209803.42000000</valUSD>
        <pctVal>-0.07732539752</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-8919815.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>10372926.90000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-12</settlementDt>
            <unrealizedAppr>-209803.42000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>5048680.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109258"/>
        <valUSD>-89166.21000000</valUSD>
        <pctVal>-0.03286320420</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-5048680.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>3620118.58000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-89166.21000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>40898455.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80963099"/>
        <valUSD>33679.47000000</valUSD>
        <pctVal>0.012412945442</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-40898455.00000000</amtCurSold>
            <curSold>HKD</curSold>
            <amtCurPur>5270604.88000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>33679.47000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>1318119901.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="154.58918088"/>
        <valUSD>74637.97000000</valUSD>
        <pctVal>0.027508658821</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-1318119901.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>8601236.62000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>74637.97000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>159786.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109263"/>
        <valUSD>-3195.66000000</valUSD>
        <pctVal>-0.00117779624</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-159786.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>114199.73000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-3195.66000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>791802.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109258"/>
        <valUSD>-13070.13000000</valUSD>
        <pctVal>-0.00481714262</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-791802.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>568669.87000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-13070.13000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>2763612.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109258"/>
        <valUSD>-56022.43000000</valUSD>
        <pctVal>-0.02064769330</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-2763612.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>1974414.03000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-56022.43000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>931671.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109258"/>
        <valUSD>-21362.48000000</valUSD>
        <pctVal>-0.00787338098</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-931671.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>663139.82000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-21362.48000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>931329.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109258"/>
        <valUSD>-21081.90000000</valUSD>
        <pctVal>-0.00776997008</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-931329.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>663169.13000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-21081.90000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>22673865.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80963101"/>
        <valUSD>15398.56000000</valUSD>
        <pctVal>0.005675311552</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-22673865.00000000</amtCurSold>
            <curSold>HKD</curSold>
            <amtCurPur>2918719.47000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>15398.56000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>86688065.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="154.58918189"/>
        <valUSD>-3003.56000000</valUSD>
        <pctVal>-0.00110699563</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-86688065.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>557760.55000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-17</settlementDt>
            <unrealizedAppr>-3003.56000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>1407078.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109258"/>
        <valUSD>-20344.02000000</valUSD>
        <pctVal>-0.00749801616</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-1407078.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>1013441.65000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-20344.02000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>574722.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36109259"/>
        <valUSD>-8510.88000000</valUSD>
        <pctVal>-0.00313678003</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <amtCurSold>-574722.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>413739.60000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-13</settlementDt>
            <unrealizedAppr>-8510.88000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Janus Henderson Group PLC</name>
        <lei>2138009WPYMWJN3RVF44</lei>
        <title>JANUS HENDERSON</title>
        <cusip>G4474Y214</cusip>
        <identifiers>
          <isin value="JE00BYPZJM29"/>
        </identifiers>
        <balance>227036.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10927242.68000000</valUSD>
        <pctVal>4.027357533255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cyberark Software Ltd.</name>
        <lei>529900YEXNDM894PWS93</lei>
        <title>CYBERARK SOFTWAR</title>
        <cusip>M2682V108</cusip>
        <identifiers>
          <isin value="IL0011334468"/>
        </identifiers>
        <balance>19749.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8508461.67000000</valUSD>
        <pctVal>3.135888733011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novo Nordisk A/S</name>
        <lei>N/A</lei>
        <title>NOVO NORDISK A/S-CVR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="NOVONOCVR"/>
        </identifiers>
        <balance>47455.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23727.50000000</valUSD>
        <pctVal>0.008745035565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>WBD US 06/18/26 C29</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="WBD C29   06/18/2026"/>
        </identifiers>
        <balance>-1831.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-247185.00000000</valUSD>
        <pctVal>-0.09110279701</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Warner Bros. Discovery Inc.</issuerName>
                <issueTitle>Warner Bros. Discovery Inc. COM SER A</issueTitle>
                <identifiers>
                  <cusip value="934423104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-1831.00000000</shareNo>
            <exercisePrice>29.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>140411.88000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Dunham Funds</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
