<?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">
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    <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>
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    <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>2026-07-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
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      <totLiabs>192659874.75</totLiabs>
      <netAssets>309374168.29</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>135015107.44000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="6132076.67000000" lei="U4ONQX15J3RO8XCKE979" name="RAYMOND JAMES &amp; ASSOCIATES, INC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000066378" rtn1="-0.55000000" rtn2="0.57000000" rtn3="-0.52000000"/>
          <monthlyTotReturn classId="C000066379" rtn1="-0.57000000" rtn2="0.49000000" rtn3="-0.60000000"/>
          <monthlyTotReturn classId="C000066380" rtn1="-0.51000000" rtn2="0.56000000" rtn3="-0.52000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
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            <mon2 netRealizedGain="619979.17000000" netUnrealizedAppr="272976.82000000"/>
            <mon3 netRealizedGain="-22000.28000000" netUnrealizedAppr="-676545.63000000"/>
            <forwardCategory>
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              <instrMon3 netRealizedGain="-22000.28000000" netUnrealizedAppr="-676545.63000000"/>
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            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <swapCategory>
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              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-49877.77000000" netUnrealizedAppr="-1795288.96000000"/>
        <othMon2 netRealizedGain="1019049.00000000" netUnrealizedAppr="-584068.84000000"/>
        <othMon3 netRealizedGain="-3247423.33000000" netUnrealizedAppr="1601609.65000000"/>
      </returnInfo>
      <mon1Flow redemption="2584095.54000000" reinvestment="1593775.94000000" sales="4444415.21000000"/>
      <mon2Flow redemption="2310531.84000000" reinvestment="1608854.55000000" sales="26109377.89000000"/>
      <mon3Flow redemption="1714607.75000000" reinvestment="1735126.96000000" sales="4722022.30000000"/>


      <varInfo>

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

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
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        <name>CYBER ARK SOFTWARE CONTRA</name>
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          <ticker value="CYBR"/>
        </identifiers>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>987975.00000000</valUSD>
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        <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>SHELL PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
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        <cusip>780259305</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILICON LABORATORIES INC</name>
        <lei>4PRDF8Q9TDHRVZKZSZ47</lei>
        <title>SILICON LABS</title>
        <cusip>826919102</cusip>
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          <isin value="US8269191024"/>
        </identifiers>
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        <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>KIMBERLY CLARK CORP</name>
        <lei>MP3J6QPYPGN75NVW2S34</lei>
        <title>KIMBERLY-CLARK</title>
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          <isin value="US4943681035"/>
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        <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>TPG INC - CVR</name>
        <lei>N/A</lei>
        <title>TPG INC - CVR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="TPGINCVR2"/>
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        <curCd>USD</curCd>
        <valUSD>1116.77000000</valUSD>
        <pctVal>0.000360977132</pctVal>
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        <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>
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      </invstOrSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
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        <balance>18384.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74201768"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
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            <amtCurSold>-18384.00000000</amtCurSold>
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            <amtCurPur>24245.50000000</amtCurPur>
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            <settlementDt>2026-09-08</settlementDt>
            <unrealizedAppr>-530.19000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TXNM ENERGY INC</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM ENERGY INC</title>
        <cusip>69349H107</cusip>
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          <isin value="US69349H1077"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARCOSA INC</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>ARCOSA INC</title>
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          <isin value="US0396531008"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <ticker value="USD"/>
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        <balance>4855860.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74201767"/>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>QORVO INC</name>
        <lei>254900YAUJV2EUEVBR11</lei>
        <title>QORVO INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SOLSTICE ADVANCED MATERIALS INC</name>
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        <title>SOLSTICE ADV MAT</title>
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        <balance>-79689.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KENVUE INC</name>
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        <title>KENVUE INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARC RESOURCES LTD</name>
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        <currencyConditional curCd="CAD" exchangeRt="1.40177000"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY COLCHESTER STREET TRUST</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>FID-MM GOVT-I</title>
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        <balance>39860308.68000000</balance>
        <units>PA</units>
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        <valUSD>39860308.68000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UNION PACIFIC CORP</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>UNION PAC CORP</title>
        <cusip>907818108</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTGBP__00290160"/>
        </identifiers>
        <balance>2893723.38000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3242.69000000</valUSD>
        <pctVal>0.001048145040</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
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            <amtCurSold>-2893723.38000000</amtCurSold>
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            <amtCurPur>2149600.00000000</amtCurPur>
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            <unrealizedAppr>3242.69000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AES CORP (THE)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP</title>
        <cusip>00130H105</cusip>
        <identifiers>
          <isin value="US00130H1059"/>
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        <balance>845381.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12410193.08000000</valUSD>
        <pctVal>4.011386325042</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>SKYWORKS SOLUTIONS INC</name>
        <lei>549300WZ3ORQ2BVKBD96</lei>
        <title>SKYWORKS SOLUTIO</title>
        <cusip>83088M102</cusip>
        <identifiers>
          <isin value="US83088M1027"/>
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        <balance>-58344.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3633664.32000000</valUSD>
        <pctVal>-1.17452091752</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD RENEWABLE PARTNERS LP</name>
        <lei>VA8DFMRI2GY8Y7V79H93</lei>
        <title>BROOKFIELD RENEW</title>
        <cusip>G16258108</cusip>
        <identifiers>
          <isin value="BMG162581083"/>
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        <balance>97113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3191133.18000000</valUSD>
        <pctVal>1.031480164500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EQUITABLE HOLDINGS INC</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQUITABLE HOLDIN</title>
        <cusip>29452E101</cusip>
        <identifiers>
          <isin value="US29452E1010"/>
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        <balance>228274.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10877256.10000000</valUSD>
        <pctVal>3.515890211558</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>
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      <invstOrSec>
        <name>BROOKFIELD RENEWABLE CORP</name>
        <lei>894500N9AWD5I1YNP231</lei>
        <title>BROOKFIELD RENEW</title>
        <cusip>11285B108</cusip>
        <identifiers>
          <isin value="CA11285B1085"/>
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        <balance>-97113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3238718.55000000</valUSD>
        <pctVal>-1.04686133554</pctVal>
        <payoffProfile>Short</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>
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      </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>6501875.32000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
        <valUSD>-8185.18000000</valUSD>
        <pctVal>-0.00264572186</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>US BANK NATIONAL ASSOCIATION</counterpartyName>
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            <amtCurSold>-6501875.32000000</amtCurSold>
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            <unrealizedAppr>-8185.18000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
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        <balance>4992980.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39621556"/>
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        <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>
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            <amtCurSold>-4992980.00000000</amtCurSold>
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            <unrealizedAppr>-15044.44000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROOKFIELD INFRASTRUCTURE PARTNERS LP</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>BROOKFIELD INFRA</title>
        <cusip>G16252101</cusip>
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          <isin value="BMG162521014"/>
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        <balance>77123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3220656.48000000</valUSD>
        <pctVal>1.041023075003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHWESTERN ENERGY GROUP INC</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>NORTHWESTERN ENE</title>
        <cusip>668074305</cusip>
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          <isin value="US6680743050"/>
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        <balance>129175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8879489.50000000</valUSD>
        <pctVal>2.870145736174</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>
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      <invstOrSec>
        <name>WARNER BROS. DISCOVERY INC</name>
        <lei>5493006ZCRFWKF6B1K26</lei>
        <title>WARNER BROS DISC</title>
        <cusip>934423104</cusip>
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          <isin value="US9344231041"/>
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        <balance>350448.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9216782.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ROKU INC</name>
        <lei>549300KR6ITU0YIR1T71</lei>
        <title>ROKU INC</title>
        <cusip>77543R102</cusip>
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          <isin value="US77543R1023"/>
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        <balance>43838.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6356948.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ESSENTIAL UTILITIES INC</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>ESSENTIAL UTILIT</title>
        <cusip>29670G102</cusip>
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          <isin value="US29670G1022"/>
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        <balance>335359.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13364056.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAESARS ENTERTAINMENT INC</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAI</title>
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          <isin value="US12769G1004"/>
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        <balance>211561.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA-SPON A</title>
        <cusip>05964H105</cusip>
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          <isin value="US05964H1059"/>
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        <balance>-175953.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-2480937.30000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <ticker value="USD"/>
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        <balance>10251089.00000000</balance>
        <units>NC</units>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELEMENT SOLUTIONS INC</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>ELEMENT SOLUTION</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AMERICAN AIRLINES GROUP INC</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>AMERICAN AIRLINE</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>MOUNT VERNON LIQUID ASSETS PORTFOLIO</title>
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        <fairValLevel>N/A</fairValLevel>
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        <name>NORFOLK SOUTHERN CORP</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>NORFOLK SOUTHERN</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEXTERA ENERGY INC</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NEXTERA ENERGY</title>
        <cusip>65339F101</cusip>
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        <balance>71231.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
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        <balance>8424811.00000000</balance>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NCR ATLEOS CORP</name>
        <lei>9845005FC3S0VA714741</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centessa Pharmaceuticals PLC</name>
        <lei>N/A</lei>
        <title>Centessa Pharmac CVR</title>
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          <other otherDesc="Internal ID" value="152CVR015"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEBSTER FINANCIAL CORP</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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          <isin value="US9478901096"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <ticker value="USD"/>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEAZLEY PLC</name>
        <lei>213800VTOMUWD41GIT12</lei>
        <title>Beazley PLC</title>
        <cusip>G0936K107</cusip>
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          <isin value="GB00BYQ0JC66"/>
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        <balance>325403.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY</title>
        <cusip>25746U109</cusip>
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          <isin value="US25746U1097"/>
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        <balance>-87530.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL T</title>
        <cusip>529043408</cusip>
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          <isin value="US5290434084"/>
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        <balance>49069.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLUMBIA PIPELINE GROUP INC</name>
        <lei>549300SRP1TQM9JJBG80</lei>
        <title>COLUMBIA PIPELIN</title>
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          <isin value="US1982801094"/>
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        <balance>84102.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <ticker value="USD"/>
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        <balance>13911768.00000000</balance>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY FX</counterpartyName>
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      <invstOrSec>
        <name>LIBERTY BROADBAND CORP</name>
        <lei>549300MIX43II8JLN536</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Novo Nordisk A/S</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INTERTEK GROUP PLC</name>
        <lei>2138003GAT25WW1RN369</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BRINK'S COMPANY (THE)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
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        <assetCat>EC</assetCat>
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        <name>CHARTER COMMUNICATIONS INC</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <name>FOX CORP</name>
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        <name>BIO-TECHNE CORP</name>
        <lei>54930073RLKQ51TILZ35</lei>
        <title>BIO-TECHNE CORP</title>
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        <name>ALTABA INC</name>
        <lei>549300ZJC0V1K2ZCKG85</lei>
        <title>ALTABA INC</title>
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        <name>APOGEE THERAPEUTICS INC</name>
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        <title>APOGEE THERAPEUT</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BORALEX INC</name>
        <lei>5493004UT7HNQU2SVR90</lei>
        <title>BORALEX INC -A</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COREBRIDGE FINANCIAL INC</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>COREBRIDGE FINAN</title>
        <cusip>21871X109</cusip>
        <identifiers>
          <isin value="US21871X1090"/>
        </identifiers>
        <balance>-355004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-11072574.76000000</valUSD>
        <pctVal>-3.57902368552</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>0.011388830617</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>AMERICAN WATER WORKS COMPANY INC</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>AMERICAN WATER W</title>
        <cusip>030420103</cusip>
        <identifiers>
          <isin value="US0304201033"/>
        </identifiers>
        <balance>-102289.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-13724115.13000000</valUSD>
        <pctVal>-4.43608954356</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>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>295100.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74201766"/>
        <valUSD>-2669.98000000</valUSD>
        <pctVal>-0.00086302615</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>-295100.00000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>395029.45000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-09-08</settlementDt>
            <unrealizedAppr>-2669.98000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>0.018078303146</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>CURRENCY CONTRACT - CAD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTCAD__00290230"/>
        </identifiers>
        <balance>502065.22000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-134.86000000</valUSD>
        <pctVal>-0.00004359122</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>-502065.22000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>702756.00000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2026-08-31</settlementDt>
            <unrealizedAppr>-134.86000000</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>379211.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74201767"/>
        <valUSD>-3532.92000000</valUSD>
        <pctVal>-0.00114195700</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>-379211.00000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>507520.95000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-09-08</settlementDt>
            <unrealizedAppr>-3532.92000000</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>484228.16000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40177001"/>
        <valUSD>88.74000000</valUSD>
        <pctVal>0.000028683713</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>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-484228.16000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>345529.26000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-08-04</settlementDt>
            <unrealizedAppr>88.74000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACK HILLS CORP</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BLACK HILLS CORP</title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
        </identifiers>
        <balance>-126414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-9001940.94000000</valUSD>
        <pctVal>-2.90972610601</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>BROOKFIELD INFRASTRUCTURE CORP</name>
        <lei>254900YTMKBFJAKUBO55</lei>
        <title>BROOKFIELD INFRA</title>
        <cusip>11276H106</cusip>
        <identifiers>
          <isin value="CA11276H1064"/>
        </identifiers>
        <balance>-77123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3262302.90000000</valUSD>
        <pctVal>-1.05448458028</pctVal>
        <payoffProfile>Short</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>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>7982040.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74201767"/>
        <valUSD>-43497.39000000</valUSD>
        <pctVal>-0.01405980022</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>-7982040.00000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>10713712.80000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-09-08</settlementDt>
            <unrealizedAppr>-43497.39000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>PUBLIC STORAGE</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
        </identifiers>
        <balance>0.68000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>220.44000000</valUSD>
        <pctVal>0.000071253524</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>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>2142408.03000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
        <valUSD>-3232.67000000</valUSD>
        <pctVal>-0.00104490624</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>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-2142408.03000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>2884109.69000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-08-03</settlementDt>
            <unrealizedAppr>-3232.67000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>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>0.258047239177</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-28</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>
