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      <regStreet1>6256 Greenwich Dr</regStreet1>
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      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>92122</regZipOrPostalCode>
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      <seriesName>Dunham Emerging Markets Stock Fund</seriesName>
      <seriesId>S000020977</seriesId>
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      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MediaTek Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
        </identifiers>
        <balance>49000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.59700000"/>
        <valUSD>2707131.38000000</valUSD>
        <pctVal>1.837770510422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heiniken Malaysia Berhad</name>
        <lei>N/A</lei>
        <title>HEINEKEN MALAYSI</title>
        <cusip>Y29432104</cusip>
        <identifiers>
          <isin value="MYL3255OO006"/>
        </identifiers>
        <balance>19800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="3.94090000"/>
        <valUSD>120079.51000000</valUSD>
        <pctVal>0.081517500042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bharti Airtel Ltd.</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>BHARTI AIRTEL</title>
        <cusip>Y0885K108</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
        </identifiers>
        <balance>107547.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.68840000"/>
        <valUSD>2314081.61000000</valUSD>
        <pctVal>1.570943683408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
        </identifiers>
        <balance>9402.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>5829774.09000000</valUSD>
        <pctVal>3.957616163064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asia Vital Components Co Ltd</name>
        <lei>N/A</lei>
        <title>ASIA VITAL</title>
        <cusip>Y0392D100</cusip>
        <identifiers>
          <isin value="TW0003017000"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.59700000"/>
        <valUSD>2262494.96000000</valUSD>
        <pctVal>1.535923431048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Firstrand Ltd</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FIRSTRAND LTD</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
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        <balance>389450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.15430000"/>
        <valUSD>2221291.07000000</valUSD>
        <pctVal>1.507951647145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zijin Mining Group Co Ltd.</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING-H</title>
        <cusip>Y9892H107</cusip>
        <identifiers>
          <isin value="CNE100000502"/>
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        <balance>388000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>2023025.38000000</valUSD>
        <pctVal>1.373356466061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRON</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
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        <balance>76414.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>8383402.72000000</valUSD>
        <pctVal>5.691179382587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hanwha Aerospace Co Ltd</name>
        <lei>9884001NSUA8FQKQWR25</lei>
        <title>HANWHA AEROSPACE</title>
        <cusip>Y7470L102</cusip>
        <identifiers>
          <isin value="KR7012450003"/>
        </identifiers>
        <balance>2420.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>2163363.96000000</valUSD>
        <pctVal>1.468627093007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELE-PREF</title>
        <cusip>Y74718118</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
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        <balance>25479.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>2049544.76000000</valUSD>
        <pctVal>1.391359483897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TSMC</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
        </identifiers>
        <balance>356608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.59700000"/>
        <valUSD>19639715.70000000</valUSD>
        <pctVal>13.33267037322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Opap SA</name>
        <lei>213800M4NRGFJCI34834</lei>
        <title>OPAP SA</title>
        <cusip>X3232T104</cusip>
        <identifiers>
          <isin value="GRS419003009"/>
        </identifiers>
        <balance>59942.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1208508.06000000</valUSD>
        <pctVal>0.820411041253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LPP SA</name>
        <lei>259400NUS7MKGPJL4752</lei>
        <title>LPP</title>
        <cusip>X5053G103</cusip>
        <identifiers>
          <isin value="PLLPP0000011"/>
        </identifiers>
        <balance>162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.55290000"/>
        <valUSD>894675.03000000</valUSD>
        <pctVal>0.607361504023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>PETROBRAS SA-ADR</title>
        <cusip>71654V408</cusip>
        <identifiers>
          <isin value="US71654V4086"/>
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        <balance>77700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1191918.00000000</valUSD>
        <pctVal>0.809148668374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OTP Bank PLC</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK PLC</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
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        <balance>10089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="321.77000000"/>
        <valUSD>1269569.43000000</valUSD>
        <pctVal>0.861863327589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tencent Music Entertainment Group</name>
        <lei>213800XTZK2GOHQTYK41</lei>
        <title>TENCENT MUSI-ADR</title>
        <cusip>88034P109</cusip>
        <identifiers>
          <isin value="US88034P1093"/>
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        <balance>69500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1166210.00000000</valUSD>
        <pctVal>0.791696466153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VNET Group Inc.</name>
        <lei>529900672GYJQ3T38I58</lei>
        <title>VNET GROUP-ADR</title>
        <cusip>90138A103</cusip>
        <identifiers>
          <isin value="US90138A1034"/>
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        <balance>17100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>180063.00000000</valUSD>
        <pctVal>0.122238053853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Vista Energy S.A.B. de C.V.</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
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        <balance>17800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1076722.00000000</valUSD>
        <pctVal>0.730946401102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>0.00000000</balance>
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        <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="2697674.75000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Public Bank Berhad</name>
        <lei>549300L2RSQCVMOHGM20</lei>
        <title>PUBLIC BANK BHD</title>
        <cusip>Y71497104</cusip>
        <identifiers>
          <isin value="MYL1295OO004"/>
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        <balance>1909900.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="3.94090000"/>
        <valUSD>2361283.19000000</valUSD>
        <pctVal>1.602987075321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Larsen &amp; Toubro Ltd.</name>
        <lei>3358003FR3JIC5FRXA90</lei>
        <title>LARSEN &amp; TOUBRO</title>
        <cusip>Y5217N159</cusip>
        <identifiers>
          <isin value="INE018A01030"/>
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        <balance>37915.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="91.68840000"/>
        <valUSD>1627573.93000000</valUSD>
        <pctVal>1.104899228084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Emaar Properties PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>EMAAR PROP PJSC</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
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        <balance>325015.00000000</balance>
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        <currencyConditional curCd="AED" exchangeRt="3.67250000"/>
        <valUSD>1329537.02000000</valUSD>
        <pctVal>0.902573087483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Haci Omer Sabanci Holding A.S.</name>
        <lei>78900090FFOWNLGP0F20</lei>
        <title>SABANCI HOLDING</title>
        <cusip>M8223R100</cusip>
        <identifiers>
          <isin value="TRASAHOL91Q5"/>
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        <balance>367818.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="43.49240000"/>
        <valUSD>925468.50000000</valUSD>
        <pctVal>0.628266042125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>SABESP</title>
        <cusip>P2R268136</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TMG Holding</name>
        <lei>N/A</lei>
        <title>T M G HOLDING</title>
        <cusip>M8763H108</cusip>
        <identifiers>
          <isin value="EGS691S1C011"/>
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        <balance>624748.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GRO</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
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        <balance>25161.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>2338753.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AIA Group Ltd, Hong Kong</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
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        <balance>201400.00000000</balance>
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        <valUSD>2323631.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sany Heavy Equipment International Holdings Co Ltd</name>
        <lei>254900BKG9FQLCKFVK72</lei>
        <title>SANY HEAVY EQUIP</title>
        <cusip>G78163105</cusip>
        <identifiers>
          <isin value="KYG781631059"/>
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        <balance>790000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1213660.17000000</valUSD>
        <pctVal>0.823908616544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Magnit Public Joint Stock Company</name>
        <lei>2534009KKPTVL99W2Y12</lei>
        <title>MAGNIT</title>
        <cusip>X51729105</cusip>
        <identifiers>
          <isin value="RU000A0JKQU8"/>
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        <balance>8512.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="75.99980000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gazprom Public Joint Stock Company</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>GAZPROM</title>
        <cusip>X3123F106</cusip>
        <identifiers>
          <isin value="RU0007661625"/>
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        <balance>376189.00000000</balance>
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        <currencyConditional curCd="RUB" exchangeRt="75.99980000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BDO Unibank Inc.</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
        <title>BDO UNIBANK INC</title>
        <cusip>Y07775102</cusip>
        <identifiers>
          <isin value="PHY077751022"/>
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        <balance>253214.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="58.92000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CGN Mining Company Ltd.</name>
        <lei>529900LQYG057CZAZT41</lei>
        <title>CGN MINING</title>
        <cusip>G2029E105</cusip>
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          <isin value="KYG2029E1052"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indus Towers Ltd.</name>
        <lei>335800L6DI4VHODGDK41</lei>
        <title>INDUS TOWERS LTD</title>
        <cusip>Y0R86J109</cusip>
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          <isin value="INE121J01017"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vietnam Enterprise Investments Ltd</name>
        <lei>213800SYT3T4AGEVW864</lei>
        <title>VIETNAM-EN INV-C</title>
        <cusip>G9361H109</cusip>
        <identifiers>
          <isin value="KYG9361H1092"/>
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        <balance>128764.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bharat Electronics Ltd.</name>
        <lei>335800HS8AOTM9W1F335</lei>
        <title>BHARAT ELECTRON</title>
        <cusip>Y0881Q141</cusip>
        <identifiers>
          <isin value="INE263A01024"/>
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        <balance>411681.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="91.68840000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lemon Tree Hotels Limited</name>
        <lei>335800QFBWIUBBCRJN72</lei>
        <title>LEMON TREE HOTEL</title>
        <cusip>Y5S322109</cusip>
        <identifiers>
          <isin value="INE970X01018"/>
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        <balance>377479.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASE Technology Holding Co Ltd.</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE TECHNOLOGY H</title>
        <cusip>Y0249T100</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Woori Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>WOORI FINANCIAL</title>
        <cusip>Y972JZ105</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Contemporary Amperex Technology Co Ltd.</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>CONTEMPORARY A-A</title>
        <cusip>Y1R48E105</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD</title>
        <cusip>Y3119P190</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>BABA-W</title>
        <cusip>G01719114</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Max Healthcare Institute Ltd.</name>
        <lei>3358005LALYV4GZOYF67</lei>
        <title>MAX HEALTHCARE I</title>
        <cusip>Y5S464109</cusip>
        <identifiers>
          <isin value="INE027H01010"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HD Hyundai Heavy Industries Co Ltd.</name>
        <lei>988400CAR8W9URQLGF30</lei>
        <title>HD HYUNDAI HEAVY</title>
        <cusip>Y3838M122</cusip>
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          <isin value="KR7329180004"/>
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        <balance>3789.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SK Square Co Ltd</name>
        <lei>N/A</lei>
        <title>SK SQUARE CO LTD</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT</title>
        <cusip>G87572163</cusip>
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          <isin value="KYG875721634"/>
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        <balance>83400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eicher Motors Ltd.</name>
        <lei>25490059S64CN2OY7239</lei>
        <title>EICHER MOTORS</title>
        <cusip>Y2251M148</cusip>
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          <isin value="INE066A01021"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mao Geping Cosmetics Co Ltd.</name>
        <lei>N/A</lei>
        <title>MAO GEPING COS-H</title>
        <cusip>Y581B1107</cusip>
        <identifiers>
          <isin value="CNE100006PM5"/>
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        <balance>65700.00000000</balance>
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        <valUSD>728652.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Varun Beverages Ltd.</name>
        <lei>33580058NWEMWBDNMD48</lei>
        <title>VARUN BEVERAGES</title>
        <cusip>Y9T53H143</cusip>
        <identifiers>
          <isin value="INE200M01039"/>
        </identifiers>
        <balance>90548.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.68840000"/>
        <valUSD>465329.64000000</valUSD>
        <pctVal>0.315894934518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>360 One Wam Ltd.</name>
        <lei>335800DDYMCDBO5OLL32</lei>
        <title>360 ONE WAM LTD</title>
        <cusip>Y8R01R106</cusip>
        <identifiers>
          <isin value="INE466L01038"/>
        </identifiers>
        <balance>107157.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.68840000"/>
        <valUSD>1326180.92000000</valUSD>
        <pctVal>0.900294756385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newat Valve (Suzhou) Co Ltd</name>
        <lei>N/A</lei>
        <title>NEWAY VALVE SU-A</title>
        <cusip>Y6280S109</cusip>
        <identifiers>
          <isin value="CNE100001SJ6"/>
        </identifiers>
        <balance>127400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95140000"/>
        <valUSD>1109036.74000000</valUSD>
        <pctVal>0.752883672659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi National Bank (the)</name>
        <lei>5586006ZEFQ542K7CY16</lei>
        <title>SAUDI NATIONAL B</title>
        <cusip>M7S2CL107</cusip>
        <identifiers>
          <isin value="SA13L050IE10"/>
        </identifiers>
        <balance>64071.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75070000"/>
        <valUSD>766316.97000000</valUSD>
        <pctVal>0.520224005198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung C&amp;T Corporation</name>
        <lei>988400GFRE4IDFPE9E64</lei>
        <title>SAMSUNG C&amp;T CORP</title>
        <cusip>Y7T71K106</cusip>
        <identifiers>
          <isin value="KR7028260008"/>
        </identifiers>
        <balance>14740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>3051357.70000000</valUSD>
        <pctVal>2.071452918480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metlen Energy &amp; Metals PLC</name>
        <lei>213800ZSR3HVKMMPVG86</lei>
        <title>METLEN ENERGY &amp;</title>
        <cusip>G6042Y105</cusip>
        <identifiers>
          <isin value="GB00BTQGS779"/>
        </identifiers>
        <balance>14673.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>799110.22000000</valUSD>
        <pctVal>0.542486119345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chifeng Jilong Gold Mining Co Ltd.</name>
        <lei>300300PUFBCIZ7STN538</lei>
        <title>CHIFENG JILONG-H</title>
        <cusip>Y1368F103</cusip>
        <identifiers>
          <isin value="CNE100006T51"/>
        </identifiers>
        <balance>277200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1320725.70000000</valUSD>
        <pctVal>0.896591411022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Naspers Limited</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>NASPERS LTD-N</title>
        <cusip>S53435129</cusip>
        <identifiers>
          <isin value="ZAE000351946"/>
        </identifiers>
        <balance>22939.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.15430000"/>
        <valUSD>1404398.48000000</valUSD>
        <pctVal>0.953393740139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco BTG Pactual S.A.</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>BCO BTG PAC-UNIT</title>
        <cusip>P1R8ZJ253</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
        </identifiers>
        <balance>158800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.25990000"/>
        <valUSD>1804195.52000000</valUSD>
        <pctVal>1.224801037064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aura Minerals Inc (Vg)</name>
        <lei>549300YIRI8PSDM2FV20</lei>
        <title>AURA MINERALS</title>
        <cusip>G06973112</cusip>
        <identifiers>
          <isin value="VGG069731120"/>
        </identifiers>
        <balance>26900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1713261.00000000</valUSD>
        <pctVal>1.163068983544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
        </identifiers>
        <balance>4640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1655691.20000000</valUSD>
        <pctVal>1.123986993836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="285464.00000000"/>
        </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>
