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

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


      <seriesClassInfo>
        <seriesId>S000020977</seriesId>
        <classId>C000059528</classId>
        <classId>C000059527</classId>
        <classId>C000059526</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Dunham Funds</regName>
      <regFileNumber>811-22153</regFileNumber>
      <regCik>0001420040</regCik>
      <regLei>549300FI2C3SP4YCHL80</regLei>
      <regStreet1>6256 Greenwich Dr</regStreet1>
      <regStreet2>SUITE 550</regStreet2>
      <regCity>SAN DIEGO</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>92122</regZipOrPostalCode>
      <regPhone>858-964-0500</regPhone>
      <seriesName>Dunham Emerging Markets Stock Fund</seriesName>
      <seriesId>S000020977</seriesId>
      <seriesLei>549300H44PWNDVV6MH44</seriesLei>
      <repPdEnd>2024-10-31</repPdEnd>
      <repPdDate>2024-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>116045037.13</totAssets>
      <totLiabs>800073.96</totLiabs>
      <netAssets>115244963.17</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>0</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="1103880.40000000" lei="549300QQRY1JCFQHYS08" name="JANNEY MONTGOMERY SCOTT, LLC"/>
        <borrower aggrVal="1943656.40000000" lei="9R7GPTSO7KV3UQJZQ078" name="MORGAN STANLEY &amp; CO, LLC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000059528" rtn1="0.85000000" rtn2="2.80000000" rtn3="-3.75000000"/>
          <monthlyTotReturn classId="C000059527" rtn1="0.79000000" rtn2="2.74000000" rtn3="-3.89000000"/>
          <monthlyTotReturn classId="C000059526" rtn1="0.87000000" rtn2="2.81000000" rtn3="-3.85000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="12287.72000000" netUnrealizedAppr="-5.21000000"/>
            <mon2 netRealizedGain="-6523.18000000" netUnrealizedAppr="3.13000000"/>
            <mon3 netRealizedGain="-32009.27000000" netUnrealizedAppr="-3.16000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="12287.72000000" netUnrealizedAppr="-5.21000000"/>
              <instrMon2 netRealizedGain="-6523.18000000" netUnrealizedAppr="3.13000000"/>
              <instrMon3 netRealizedGain="-32009.27000000" netUnrealizedAppr="-3.16000000"/>
            </forwardCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-188445.40000000" netUnrealizedAppr="1682079.93000000"/>
        <othMon2 netRealizedGain="102951.46000000" netUnrealizedAppr="3280556.79000000"/>
        <othMon3 netRealizedGain="-43530.41000000" netUnrealizedAppr="-5005123.31000000"/>
      </returnInfo>
      <mon1Flow redemption="4637615.34000000" reinvestment="0.00000000" sales="6505723.44000000"/>
      <mon2Flow redemption="1326317.58000000" reinvestment="0.00000000" sales="3144365.34000000"/>
      <mon3Flow redemption="2637060.56000000" reinvestment="0.00000000" sales="1356943.34000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>BABA-SW</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
        </identifiers>
        <balance>328341.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>4016463.58000000</valUSD>
        <pctVal>3.485153250537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
        </identifiers>
        <balance>12659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1374.53000000"/>
        <valUSD>1663833.27000000</valUSD>
        <pctVal>1.443736215651</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>Midea Group Co Ltd.</name>
        <lei>3003003TRPHLHZD2IF61</lei>
        <title>MIDEA GROUP CO L</title>
        <cusip>Y6S40V111</cusip>
        <identifiers>
          <isin value="CNE100006M58"/>
        </identifiers>
        <balance>49500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>465141.78000000</valUSD>
        <pctVal>0.403611374593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</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>431608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>13572283.09000000</valUSD>
        <pctVal>11.77689915174</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>Qifu Technology Inc.</name>
        <lei>N/A</lei>
        <title>QIFU TECHNOLOGY</title>
        <cusip>88557W101</cusip>
        <identifiers>
          <isin value="US88557W1018"/>
        </identifiers>
        <balance>16400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>538084.00000000</valUSD>
        <pctVal>0.466904570229</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>Bharti Airtel Ltd.</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>BHARTI AIRTEL</title>
        <cusip>Y0885K108</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
        </identifiers>
        <balance>135753.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>2598809.85000000</valUSD>
        <pctVal>2.255031177515</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>Bharat Electronics Ltd.</name>
        <lei>335800HS8AOTM9W1F335</lei>
        <title>BHARAT ELECTRON</title>
        <cusip>Y0881Q141</cusip>
        <identifiers>
          <isin value="INE263A01024"/>
        </identifiers>
        <balance>375757.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1268615.01000000</valUSD>
        <pctVal>1.100798659745</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>Shenzhen Inovance Technology Co Ltd.</name>
        <lei>N/A</lei>
        <title>SHENZHEN INOVA-A</title>
        <cusip>Y7744Z101</cusip>
        <identifiers>
          <isin value="CNE100000V46"/>
        </identifiers>
        <balance>80300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>626773.86000000</valUSD>
        <pctVal>0.543862258930</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>Shenzhen Mindray Bio-Medical Electronics Co Ltd.</name>
        <lei>N/A</lei>
        <title>SHENZHEN MINDR-A</title>
        <cusip>Y774E3101</cusip>
        <identifiers>
          <isin value="CNE100003G67"/>
        </identifiers>
        <balance>23700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>887660.12000000</valUSD>
        <pctVal>0.770237670769</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>Magnit Public Joint Stock Company</name>
        <lei>2534009KKPTVL99W2Y12</lei>
        <title>MAGNIT</title>
        <cusip>X51729105</cusip>
        <identifiers>
          <isin value="RU000A0JKQU8"/>
        </identifiers>
        <balance>8512.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="97.37280000"/>
        <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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zomato Ltd.</name>
        <lei>335800T4VOF9ETHF8W59</lei>
        <title>ZOMATO LTD</title>
        <cusip>Y9899X105</cusip>
        <identifiers>
          <isin value="INE758T01015"/>
        </identifiers>
        <balance>371650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1066443.38000000</valUSD>
        <pctVal>0.925370923523</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>Jollibee Foods Corp.</name>
        <lei>2138009XN3KTAAKUPR35</lei>
        <title>JOLLIBEE FOODS</title>
        <cusip>Y4466S100</cusip>
        <identifiers>
          <isin value="PHY4466S1007"/>
        </identifiers>
        <balance>260300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>1182285.25000000</valUSD>
        <pctVal>1.025888869655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
        </identifiers>
        <balance>4500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>828585.00000000</valUSD>
        <pctVal>0.718977191894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sona BLW Precision Forgings Ltd.</name>
        <lei>335800LEL76GE6551Q27</lei>
        <title>SONA BLW PRECISI</title>
        <cusip>Y8T725106</cusip>
        <identifiers>
          <isin value="INE073K01018"/>
        </identifiers>
        <balance>136029.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1106675.89000000</valUSD>
        <pctVal>0.960281351617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minor International Public Co Ltd.</name>
        <lei>254900T4WB2UF9XPX041</lei>
        <title>MINOR INTER-NVDR</title>
        <cusip>Y6069M315</cusip>
        <identifiers>
          <isin value="TH0128010R17"/>
        </identifiers>
        <balance>1026839.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.78100000"/>
        <valUSD>813033.47000000</valUSD>
        <pctVal>0.705482866787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Axis Bank Ltd.</name>
        <lei>549300HVNWMJPOFVNI41</lei>
        <title>AXIS BANK LTD</title>
        <cusip>Y0487S137</cusip>
        <identifiers>
          <isin value="INE238A01034"/>
        </identifiers>
        <balance>170431.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>2341626.60000000</valUSD>
        <pctVal>2.031868929964</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>Firstrand Ltd</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FirstRand Ltd</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
        </identifiers>
        <balance>370346.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.62960000"/>
        <valUSD>1627224.29000000</valUSD>
        <pctVal>1.411969985707</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>Bank of the Philippine Islands</name>
        <lei>549300UW4UH6XT2X8C50</lei>
        <title>BANK PHILIPPINE</title>
        <cusip>Y0967S169</cusip>
        <identifiers>
          <isin value="PHY0967S1694"/>
        </identifiers>
        <balance>177500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>434665.94000000</valUSD>
        <pctVal>0.377166973760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Larsen &amp; Toubro Ltd.</name>
        <lei>3358003FR3JIC5FRXA90</lei>
        <title>LARSEN &amp; TOUBRO</title>
        <cusip>Y5217N159</cusip>
        <identifiers>
          <isin value="INE018A01030"/>
        </identifiers>
        <balance>36521.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1569082.70000000</valUSD>
        <pctVal>1.361519546572</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>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD</title>
        <cusip>Y3119P190</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
        </identifiers>
        <balance>117163.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>2408651.46000000</valUSD>
        <pctVal>2.090027532437</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>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GRO</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
        </identifiers>
        <balance>33275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1374.53000000"/>
        <valUSD>2173780.88000000</valUSD>
        <pctVal>1.886226365306</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>Itau Unibanco Holdings S.A.</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANC-ADR</title>
        <cusip>465562106</cusip>
        <identifiers>
          <isin value="US4655621062"/>
        </identifiers>
        <balance>221148.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1337945.40000000</valUSD>
        <pctVal>1.160957809519</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>ACEN Corp</name>
        <lei>549300LGUZQ61GQQXQ60</lei>
        <title>ACEN CORP</title>
        <cusip>Y1001H102</cusip>
        <identifiers>
          <isin value="PHY1001H1024"/>
        </identifiers>
        <balance>57780.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>4909.24000000</valUSD>
        <pctVal>0.004259830421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT AKR Corporindo Tbk</name>
        <lei>N/A</lei>
        <title>AKR CORPORINDO</title>
        <cusip>Y71161163</cusip>
        <identifiers>
          <isin value="ID1000106701"/>
        </identifiers>
        <balance>6260100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15694.00000000"/>
        <valUSD>538104.99000000</valUSD>
        <pctVal>0.466922783606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</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"/>
        </identifiers>
        <balance>340000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>724241.17000000</valUSD>
        <pctVal>0.628436289169</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"/>
        </identifiers>
        <balance>87041.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1374.53000000"/>
        <valUSD>3710554.79000000</valUSD>
        <pctVal>3.219711029389</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>Alchip Technologies Ltd.</name>
        <lei>529900HKE9RIY07SLX84</lei>
        <title>ALCHIP TECH</title>
        <cusip>G02242108</cusip>
        <identifiers>
          <isin value="KYG022421088"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>621139.46000000</valUSD>
        <pctVal>0.538973194935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco BTG Pactual S.A.</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>BCO BTG PAC-UNIT</title>
        <cusip>P1R8ZJ253</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
        </identifiers>
        <balance>87200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78130000"/>
        <valUSD>490352.00000000</valUSD>
        <pctVal>0.425486708062</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>Honasa Consumer Ltd.</name>
        <lei>2549004POI9PD5S9GC46</lei>
        <title>HONASA CONSUMER</title>
        <cusip>Y3R4AH101</cusip>
        <identifiers>
          <isin value="INE0J5401028"/>
        </identifiers>
        <balance>79586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>372209.79000000</valUSD>
        <pctVal>0.322972718079</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>Bank Central Asia Tbk PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>BANK CENTRAL ASI</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
        </identifiers>
        <balance>3846100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15694.00000000"/>
        <valUSD>2511948.83000000</valUSD>
        <pctVal>2.179660404155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Proya Cosmetics Co Ltd.</name>
        <lei>N/A</lei>
        <title>PROYA COSMETIC-A</title>
        <cusip>Y7S88X100</cusip>
        <identifiers>
          <isin value="CNE100002TP9"/>
        </identifiers>
        <balance>53600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>722500.12000000</valUSD>
        <pctVal>0.626925550693</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>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>FRST AM-GV OB-X</title>
        <cusip>31846V336</cusip>
        <identifiers>
          <isin value="US31846V3362"/>
        </identifiers>
        <balance>76138.15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76138.15000000</valUSD>
        <pctVal>0.066066358047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gazprom Public Joint Stock Company</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>GAZPROM</title>
        <cusip>X3123F106</cusip>
        <identifiers>
          <isin value="RU0007661625"/>
        </identifiers>
        <balance>376189.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="97.37280000"/>
        <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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCB X Public Co Ltd.</name>
        <lei>254900TG41KIWX7VDO42</lei>
        <title>SCB X PCL-NVDR</title>
        <cusip>Y8620D438</cusip>
        <identifiers>
          <isin value="THA790010R17"/>
        </identifiers>
        <balance>201100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.78100000"/>
        <valUSD>675595.90000000</valUSD>
        <pctVal>0.586225967206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</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 SA</name>
        <lei>213800KT8MEUJEJ2KW41</lei>
        <title>METLEN ENERGY &amp;</title>
        <cusip>X56014131</cusip>
        <identifiers>
          <isin value="GRS393503008"/>
        </identifiers>
        <balance>21222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91940000"/>
        <valUSD>745502.55000000</valUSD>
        <pctVal>0.646885147509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</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 Electronics Co Lt</title>
        <cusip>Y74718118</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
        </identifiers>
        <balance>32925.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1374.53000000"/>
        <valUSD>1137136.75000000</valUSD>
        <pctVal>0.986712754051</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>Hyundai Motor Co.</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>HYUNDAI MOTOR-2</title>
        <cusip>Y38472224</cusip>
        <identifiers>
          <isin value="KR7005382007"/>
        </identifiers>
        <balance>3206.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1374.53000000"/>
        <valUSD>371883.05000000</valUSD>
        <pctVal>0.322689200265</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>Monde Nissin Corp.</name>
        <lei>549300CUOTXJCLZ00K49</lei>
        <title>MONDE NISSIN COR</title>
        <cusip>Y6142T105</cusip>
        <identifiers>
          <isin value="PHY6142T1052"/>
        </identifiers>
        <balance>1876400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>350043.95000000</valUSD>
        <pctVal>0.303739044528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eastroc Beverage (Group) Co Ltd.</name>
        <lei>836800LQ338417RCIL29</lei>
        <title>EASTROC BEVERA-A</title>
        <cusip>Y2234Q109</cusip>
        <identifiers>
          <isin value="CNE100005576"/>
        </identifiers>
        <balance>57460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>1711054.55000000</valUSD>
        <pctVal>1.484710917453</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>JD.com Inc.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC-CL A</title>
        <cusip>G8208B101</cusip>
        <identifiers>
          <isin value="KYG8208B1014"/>
        </identifiers>
        <balance>72300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>1466222.09000000</valUSD>
        <pctVal>1.272265658879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BDO Unibank Inc.</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
        <title>BDO Unibank Inc</title>
        <cusip>Y07775102</cusip>
        <identifiers>
          <isin value="PHY077751022"/>
        </identifiers>
        <balance>190700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>497555.62000000</valUSD>
        <pctVal>0.431737410741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bangkok Dusit Medical Services Public Co Ltd.</name>
        <lei>N/A</lei>
        <title>BANGKOK DUSIT-F</title>
        <cusip>Y06071255</cusip>
        <identifiers>
          <isin value="TH0264A10Z12"/>
        </identifiers>
        <balance>1175600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.78100000"/>
        <valUSD>965717.42000000</valUSD>
        <pctVal>0.837969307669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accton Technology Corp.</name>
        <lei>529900M1YRZ0GWMDF920</lei>
        <title>ACCTON TECH</title>
        <cusip>Y0002S109</cusip>
        <identifiers>
          <isin value="TW0002345006"/>
        </identifiers>
        <balance>76099.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>1282265.16000000</valUSD>
        <pctVal>1.112643125329</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>Vietnam Enterprise Investments Ltd</name>
        <lei>213800SYT3T4AGEVW864</lei>
        <title>VIETNAM-EN INV-C</title>
        <cusip>G9361H109</cusip>
        <identifiers>
          <isin value="KYG9361H1092"/>
        </identifiers>
        <balance>136545.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77566000"/>
        <valUSD>1019255.28000000</valUSD>
        <pctVal>0.884425012567</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>JSW Energy Ltd</name>
        <lei>3358001ZFBW2VIMBMI85</lei>
        <title>JSW ENERGY LTD</title>
        <cusip>Y44677105</cusip>
        <identifiers>
          <isin value="INE121E01018"/>
        </identifiers>
        <balance>164189.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1323795.31000000</valUSD>
        <pctVal>1.148679537557</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>Kia Corp.</name>
        <lei>988400V8MJK9N7OI5X76</lei>
        <title>KIA CORP</title>
        <cusip>Y47601102</cusip>
        <identifiers>
          <isin value="KR7000270009"/>
        </identifiers>
        <balance>8381.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1374.53000000"/>
        <valUSD>556432.35000000</valUSD>
        <pctVal>0.482825743264</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>Banco do Brasil SA</name>
        <lei>QE0Q0253K88YAGNPE356</lei>
        <title>BANCO DO BRASIL</title>
        <cusip>P11427112</cusip>
        <identifiers>
          <isin value="BRBBASACNOR3"/>
        </identifiers>
        <balance>109200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78130000"/>
        <valUSD>496011.62000000</valUSD>
        <pctVal>0.430397655877</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>Max Healthcare Institute Ltd.</name>
        <lei>3358005LALYV4GZOYF67</lei>
        <title>MAX HEALTHCARE I</title>
        <cusip>Y5S464109</cusip>
        <identifiers>
          <isin value="INE027H01010"/>
        </identifiers>
        <balance>252718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>3051159.66000000</valUSD>
        <pctVal>2.647542743797</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>BYD Co Ltd.</name>
        <lei>5299005557VL7ULJ7A69</lei>
        <title>BYD CO LTD -A</title>
        <cusip>Y1023R120</cusip>
        <identifiers>
          <isin value="CNE100001526"/>
        </identifiers>
        <balance>34200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>1408752.26000000</valUSD>
        <pctVal>1.222398117236</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>SM Investments Corp.</name>
        <lei>254900YB8UATFP21AF80</lei>
        <title>SM INVESTMENTS</title>
        <cusip>Y80676102</cusip>
        <identifiers>
          <isin value="PHY806761029"/>
        </identifiers>
        <balance>51420.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>826567.21000000</valUSD>
        <pctVal>0.717226321449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PICC Property and Casualty Co Ltd.</name>
        <lei>300300F1000311000017</lei>
        <title>PICC P&amp;C-H</title>
        <cusip>Y6975Z103</cusip>
        <identifiers>
          <isin value="CNE100000593"/>
        </identifiers>
        <balance>1296000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>1966039.56000000</valUSD>
        <pctVal>1.705965715048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GRP-ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
        </identifiers>
        <balance>4500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>440910.00000000</valUSD>
        <pctVal>0.382585050029</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>BYD Co Ltd.</name>
        <lei>5299005557VL7ULJ7A69</lei>
        <title>BYD COMPANY</title>
        <cusip>Y1023R104</cusip>
        <identifiers>
          <isin value="CNE100000296"/>
        </identifiers>
        <balance>19500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>704329.38000000</valUSD>
        <pctVal>0.611158492854</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>N/A</name>
        <lei>N/A</lei>
        <title>MOUNT VERNON LIQUID ASSETS PORTFOLIO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3146913.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CGN Power Co Ltd</name>
        <lei>529900D2UINCGWQYBK45</lei>
        <title>CGN POWER CO L-A</title>
        <cusip>Y1300C119</cusip>
        <identifiers>
          <isin value="CNE100003N43"/>
        </identifiers>
        <balance>1013800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>574669.59000000</valUSD>
        <pctVal>0.498650504276</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>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>SABESP</title>
        <cusip>P2R268136</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
        </identifiers>
        <balance>117200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78130000"/>
        <valUSD>1870318.44000000</valUSD>
        <pctVal>1.622906883349</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>LPP SA</name>
        <lei>259400NUS7MKGPJL4752</lei>
        <title>LPP</title>
        <cusip>X5053G103</cusip>
        <identifiers>
          <isin value="PLLPP0000011"/>
        </identifiers>
        <balance>216.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.00280000"/>
        <valUSD>786083.78000000</valUSD>
        <pctVal>0.682098165835</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>Ayala Land Inc.</name>
        <lei>254900EWT10TQ6DKTV34</lei>
        <title>AYALA LAND INC</title>
        <cusip>Y0488F100</cusip>
        <identifiers>
          <isin value="PHY0488F1004"/>
        </identifiers>
        <balance>1222200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.29000000"/>
        <valUSD>683503.14000000</valUSD>
        <pctVal>0.593087212837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Merchants Bank Co Ltd.</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CM BANK-H</title>
        <cusip>Y14896115</cusip>
        <identifiers>
          <isin value="CNE1000002M1"/>
        </identifiers>
        <balance>258500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>1265006.31000000</valUSD>
        <pctVal>1.097667329837</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>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="4.37900000"/>
        <valUSD>102639.87000000</valUSD>
        <pctVal>0.089062347869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nari Technology Co Ltd.</name>
        <lei>3003006IGH1W58MAQM05</lei>
        <title>NARI TECHNOLOG-A</title>
        <cusip>Y6S99Q112</cusip>
        <identifiers>
          <isin value="CNE000001G38"/>
        </identifiers>
        <balance>371428.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>1356758.92000000</valUSD>
        <pctVal>1.177282618415</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>PetroChina Co Ltd.</name>
        <lei>529900RPY4YG47TRSV05</lei>
        <title>PETROCHINA-H</title>
        <cusip>Y6883Q104</cusip>
        <identifiers>
          <isin value="CNE1000003W8"/>
        </identifiers>
        <balance>1094000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>821519.71000000</valUSD>
        <pctVal>0.712846520492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</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-A</title>
        <cusip>Y9892H115</cusip>
        <identifiers>
          <isin value="CNE100000B24"/>
        </identifiers>
        <balance>427600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>1002691.45000000</valUSD>
        <pctVal>0.870052297661</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>Vivara Participacoes SA</name>
        <lei>N/A</lei>
        <title>VIVARA PARTICIPA</title>
        <cusip>P98017109</cusip>
        <identifiers>
          <isin value="BRVIVAACNOR0"/>
        </identifiers>
        <balance>124500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78130000"/>
        <valUSD>548925.85000000</valUSD>
        <pctVal>0.476312226496</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>Delta Electronics Inc.</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>DELTA ELEC</title>
        <cusip>Y20263102</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>109000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>1349953.82000000</valUSD>
        <pctVal>1.171377718268</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>PTT Exploration &amp; Production Public Co Ltd.</name>
        <lei>2549001O8YYGP5N7Q076</lei>
        <title>PTT EXPL &amp; PRO-F</title>
        <cusip>Y7145P165</cusip>
        <identifiers>
          <isin value="TH0355A10Z12"/>
        </identifiers>
        <balance>137510.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.78100000"/>
        <valUSD>515913.87000000</valUSD>
        <pctVal>0.447667174173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lotes Co Ltd.</name>
        <lei>N/A</lei>
        <title>LOTES</title>
        <cusip>Y53302116</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>764977.85000000</valUSD>
        <pctVal>0.663784194083</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>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>3469369.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230661"/>
        <valUSD>-3.16000000</valUSD>
        <pctVal>-0.00000274198</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>-3469369.00000000</amtCurSold>
            <curSold>INR</curSold>
            <amtCurPur>41263.33000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2024-10-29</settlementDt>
            <unrealizedAppr>-3.16000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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>75432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91940000"/>
        <valUSD>1286462.65000000</valUSD>
        <pctVal>1.116285358261</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>eMemory Technology Inc.</name>
        <lei>N/A</lei>
        <title>EMEMORY TECH</title>
        <cusip>Y2289B114</cusip>
        <identifiers>
          <isin value="TW0003529004"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>877524.04000000</valUSD>
        <pctVal>0.761442423045</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>Varun Beverages Ltd.</name>
        <lei>33580058NWEMWBDNMD48</lei>
        <title>VARUN BEVERAGES</title>
        <cusip>Y9T53H143</cusip>
        <identifiers>
          <isin value="INE200M01039"/>
        </identifiers>
        <balance>254650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1810549.22000000</valUSD>
        <pctVal>1.571044122187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIA Group Ltd, Hong Kong</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
        </identifiers>
        <balance>269200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>2124661.36000000</valUSD>
        <pctVal>1.843604528612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trip.com Group Ltd.</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>TRIP.COM GRO-ADR</title>
        <cusip>89677Q107</cusip>
        <identifiers>
          <isin value="US89677Q1076"/>
        </identifiers>
        <balance>47800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3078320.00000000</valUSD>
        <pctVal>2.671110229311</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="3047536.80000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shenzhen Envicool Technology Co Ltd.</name>
        <lei>N/A</lei>
        <title>SHENZHEN ENVIC-A</title>
        <cusip>Y7T41E107</cusip>
        <identifiers>
          <isin value="CNE100002CC3"/>
        </identifiers>
        <balance>193400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>879621.97000000</valUSD>
        <pctVal>0.763262832322</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>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>135800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77392000"/>
        <valUSD>7081065.32000000</valUSD>
        <pctVal>6.144359914068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prudential PLC</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>Prudential PLC</title>
        <cusip>G72899100</cusip>
        <identifiers>
          <isin value="GB0007099541"/>
        </identifiers>
        <balance>52800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77566000"/>
        <valUSD>439475.29000000</valUSD>
        <pctVal>0.381340127942</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>MediaTek Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
        </identifiers>
        <balance>47000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>1834664.33000000</valUSD>
        <pctVal>1.591969210223</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>Juniper Hotels Ltd.</name>
        <lei>335800QBDPW1325RMY43</lei>
        <title>JUNIPER HOTELS L</title>
        <cusip>Y4S6SB107</cusip>
        <identifiers>
          <isin value="INE696F01016"/>
        </identifiers>
        <balance>94074.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>376373.49000000</valUSD>
        <pctVal>0.326585630857</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>Afcons Infrastructure Limited</name>
        <lei>213800QXLO766CMGCQ60</lei>
        <title>AFCONS INFRASTUC</title>
        <cusip>Y0R19K116</cusip>
        <identifiers>
          <isin value="INE101I01011"/>
        </identifiers>
        <balance>216000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1189547.57000000</valUSD>
        <pctVal>1.032190507315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Quanta Computer Inc.</name>
        <lei>529900DE8BIV3XOXIK04</lei>
        <title>QUANTA COMPUTER</title>
        <cusip>Y7174J106</cusip>
        <identifiers>
          <isin value="TW0002382009"/>
        </identifiers>
        <balance>129000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.95200000"/>
        <valUSD>1174719.00000000</valUSD>
        <pctVal>1.019323506804</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>Lemon Tree Hotels Limited</name>
        <lei>335800QFBWIUBBCRJN72</lei>
        <title>LEMON TREE HOTEL</title>
        <cusip>Y5S322109</cusip>
        <identifiers>
          <isin value="INE970X01018"/>
        </identifiers>
        <balance>398541.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>555755.88000000</valUSD>
        <pctVal>0.482238758825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eicher Motors Ltd.</name>
        <lei>25490059S64CN2OY7239</lei>
        <title>EICHER MOTORS</title>
        <cusip>Y2251M148</cusip>
        <identifiers>
          <isin value="INE066A01021"/>
        </identifiers>
        <balance>11933.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>692678.24000000</valUSD>
        <pctVal>0.601048601992</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>Bank Polska Kasa Opieki SA</name>
        <lei>5493000LKS7B3UTF7H35</lei>
        <title>PEKAO</title>
        <cusip>X0R77T117</cusip>
        <identifiers>
          <isin value="PLPEKAO00016"/>
        </identifiers>
        <balance>16550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.00280000"/>
        <valUSD>579015.25000000</valUSD>
        <pctVal>0.502421306817</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>Bank Rakyat Indonesia (Persero) Tbk</name>
        <lei>254900HB6S4B12GBNP64</lei>
        <title>BANK RAKYAT INDO</title>
        <cusip>Y0697U112</cusip>
        <identifiers>
          <isin value="ID1000118201"/>
        </identifiers>
        <balance>7885000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15694.00000000"/>
        <valUSD>2403928.00000000</valUSD>
        <pctVal>2.085928906458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zabka Group SA</name>
        <lei>549300TU2RZ35E4ET914</lei>
        <title>ZABKA GROUP SA</title>
        <cusip>L98969105</cusip>
        <identifiers>
          <isin value="LU2910446546"/>
        </identifiers>
        <balance>122550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.00280000"/>
        <valUSD>656714.67000000</valUSD>
        <pctVal>0.569842405200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infosys Ltd.</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>INFOSYS LTD</title>
        <cusip>Y4082C133</cusip>
        <identifiers>
          <isin value="INE009A01021"/>
        </identifiers>
        <balance>53889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.07230000"/>
        <valUSD>1124561.33000000</valUSD>
        <pctVal>0.975800849830</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>Vista Energy S.A.B. de C.V.</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
        </identifiers>
        <balance>29600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1475856.00000000</valUSD>
        <pctVal>1.280625165216</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Bank Berhad</name>
        <lei>549300L2RSQCVMOHGM20</lei>
        <title>Public Bank Bhd</title>
        <cusip>Y71497104</cusip>
        <identifiers>
          <isin value="MYL1295OO004"/>
        </identifiers>
        <balance>1386200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.37900000"/>
        <valUSD>1394909.73000000</valUSD>
        <pctVal>1.210386720278</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>Spring Airlines Co Ltd.</name>
        <lei>300300EPVZRXQONKPM53</lei>
        <title>SPRING AIRLINE-A</title>
        <cusip>Y8131G102</cusip>
        <identifiers>
          <isin value="CNE100001V45"/>
        </identifiers>
        <balance>99576.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11790000"/>
        <valUSD>769939.70000000</valUSD>
        <pctVal>0.668089675089</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-11-28</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>
</edgarSubmission>
