# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0000910472-25-005944
**Filing Date:** 2025-12
**Character Count:** 32168
**Document Hash:** 6df168336e9080677007f4906a8a930d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005944.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-005944

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 251603387

**BUSINESS ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

## Series and Classes Contracts Data

### Dunham Emerging Markets Stock Fund (Series ID: S000020977)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000059526 | Dunham Emerging Markets Stock Fund Class A | DAEMX           |
| C000059527 | Dunham Emerging Markets Stock Fund Class C | DCEMX           |
| C000059528 | Dunham Emerging Markets Stock Fund Class N | DNEMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Dunham Funds

- **b. Investment Company Act file number:** 811-22153

- **c. CIK number of Registrant:** 0001420040

- **d. LEI of Registrant:** 549300FI2C3SP4YCHL80

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6256 Greenwich Dr

  - **City:** SAN DIEGO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92122

  - **Telephone number:** 858-964-0500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Dunham Emerging Markets Stock Fund

- **b. EDGAR series identifier (if any):** S000020977

- **c. LEI of Series:** 549300H44PWNDVV6MH44

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $135415203.08

**Total Liabilities:** $1995900.96

**Net Assets:** $133419302.12

**Cash Not Reported:** $725841.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000059528 | 2.04%                | 7.00%                | 4.68%                |
| Class ID C000059527 | 2.01%                | 6.91%                | 4.55%                |
| Class ID C000059526 | 2.03%                | 6.95%                | 4.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $655330.12               | $1738080.83                                |
| Month 2  | $2049085.63              | $7050737.63                                |
| Month 3  | $1346681.80              | $4913854.82                                |

### Schedule of Portfolio Investments

| Name                                                           | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Vale S.A.                                                      | VALE SA-SP ADR                       | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     58900 | NS      | $712101.00    | 0.53%             |  |  |  | No            | 1                  | On Loan: —       |
| Alibaba Group Holding Ltd.                                     | BABA-SW                              | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    286541 | NS      | $6097132.05   | 4.57%             |  |  |  | No            | 2                  | On Loan: No      |
| SK Hynix Inc.                                                  | SK HYNIX INC                         | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     11106 | NS      | $4309506.20   | 3.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TSMC                                 | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    356608 | NS      | $17219124.45  | 12.91%            |  |  |  | No            | 2                  | On Loan: No      |
| Qfin Holdings Inc.                                             | QIFU TECHNOLOGY                      | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | KY        |      7700 | NS      | $185955.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Bharti Airtel Ltd.                                             | BHARTI AIRTEL                        | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    115449 | NS      | $2673790.87   | 2.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Aura Minerals Inc (Vg)                                         | AURA MINERALS                        | CUSIP: G06973112<br>LEI: 549300YIRI8PSDM2FV20 | Long             | EC               | CORP              | VG        |     11800 | NS      | $381494.00    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Bharat Electronics Ltd.                                        | BHARAT ELECTRON                      | CUSIP: Y0881Q141<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    287356 | NS      | $1378157.94   | 1.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Gamuda Berhad                                                  | GAMUDA BHD                           | CUSIP: Y2679X106<br>LEI: 254900RW4N94L9KA9137 | Long             | EC               | CORP              | MY        |   1016900 | NS      | $1220317.12   | 0.91%             |  |  |  | No            | 2                  | On Loan: No      |
| Cholamandalam Investment & Finance Co Ltd.                     | CHOLAMANDALAM IN                     | CUSIP: Y1R849143<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |     41463 | NS      | $792487.93    | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Hanwha Aerospace Co Ltd                                        | HANWHA AEROSPACE                     | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      1924 | NS      | $1316125.52   | 0.99%             |  |  |  | No            | 2                  | On Loan: No      |
| Magnit Public Joint Stock Company                              | MAGNIT                               | CUSIP: X51729105<br>LEI: 2534009KKPTVL99W2Y12 | Long             | EC               | CORP              | RU        |      8512 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Jollibee Foods Corp.                                           | JOLLIBEE FOODS                       | CUSIP: Y4466S100<br>LEI: 2138009XN3KTAAKUPR35 | Long             | EC               | CORP              | PH        |    161220 | NS      | $594893.56    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Xiaomi Corp.                                                   | XIAOMI CORP-CLASS B                  | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    323600 | NS      | $1795274.56   | 1.35%             |  |  |  | Yes           | 2                  | On Loan: No      |
| OTP Bank PLC                                                   | OTP BANK PLC                         | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      8213 | NS      | $783910.53    | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Firstrand Ltd                                                  | FirstRand Ltd                        | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    228931 | NS      | $1086570.75   | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| Bank of the Philippine Islands                                 | BANK PHILIPPINE                      | CUSIP: Y0967S169<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |    155750 | NS      | $279660.14    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| 360 One Wam Ltd.                                               | 360 ONE WAM LTD                      | CUSIP: Y8R01R106<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |    118262 | NS      | $1439494.57   | 1.08%             |  |  |  | No            | 2                  | On Loan: No      |
| VNET Group Inc.                                                | VNET GROUP-ADR                       | CUSIP: 90138A103<br>LEI: 529900672GYJQ3T38I58 | Long             | EC               | CORP              | KY        |     89100 | NS      | $926640.00    | 0.69%             |  |  |  | No            | 1                  | On Loan: —       |
| Larsen & Toubro Ltd.                                           | LARSEN & TOUBRO                      | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     37915 | NS      | $1720651.07   | 1.29%             |  |  |  | No            | 2                  | On Loan: No      |
| HDFC Bank Ltd.                                                 | HDFC BANK LTD                        | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     94184 | NS      | $1047386.98   | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| Gold Fields Ltd                                                | Gold Fields Ltd                      | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     27865 | NS      | $1074452.88   | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| Trip.com Group Ltd.                                            | TRIP.COM GROUP L                     | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     25050 | NS      | $1762774.77   | 1.32%             |  |  |  | No            | 2                  | On Loan: No      |
| KB Financial Group Inc.                                        | KB FINANCIAL GRO                     | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     16483 | NS      | $1341902.58   | 1.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Grab Holdings Ltd.                                             | GRAB HOLDINGS LT                     | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    216310 | NS      | $1300023.10   | 0.97%             |  |  |  | No            | 1                  | On Loan: —       |
| Chifeng Jilong Gold Mining Co Ltd.                             | CHIFENG JILONG-H                     | CUSIP: Y1368F103<br>LEI: 300300PUFBCIZ7STN538 | Long             | EC               | CORP              | CN        |    204800 | NS      | $753542.15    | 0.56%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Zijin Mining Group Co Ltd.                                     | ZIJIN MINING-H                       | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    202000 | NS      | $835663.03    | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| Newat Valve (Suzhou) Co Ltd                                    | NEWAY VALVE SU-A                     | CUSIP: Y6280S109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    213000 | NS      | $1570996.56   | 1.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Samsung Electronics Co Ltd.                                    | SAMSUNG ELECTRON                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     81029 | NS      | $6082948.49   | 4.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Grupo Mexico SAB de CV                                         | GRUPO MEXICO-B                       | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    113100 | NS      | $975879.53    | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| CGN Mining Company Ltd.                                        | CGN MINING                           | CUSIP: G2029E105<br>LEI: 529900LQYG057CZAZT41 | Long             | EC               | CORP              | KY        |   1955000 | NS      | $983951.94    | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                            | HKEX                                 | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     26000 | NS      | $1417051.60   | 1.06%             |  |  |  | No            | 2                  | On Loan: No      |
| First American Funds Inc.                                      | FRST AM-GV OB-X                      | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    127843 | PA      | $127842.63    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Gazprom Public Joint Stock Company                             | GAZPROM                              | CUSIP: X3123F106<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    376189 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Mao Geping Cosmetics Co Ltd.                                   | MAO GEPING COSME                     | CUSIP: Y581B1107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     65700 | NS      | $758821.88    | 0.57%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Futu Holdings Ltd.                                             | FUTU HOLDING-ADR                     | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |     13800 | NS      | $2746752.00   | 2.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Woori Financial Group Inc.                                     | WOORI FINANCIAL GROUP INC            | CUSIP: Y972JZ105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     62907 | NS      | $1116802.44   | 0.84%             |  |  |  | No            | 2                  | On Loan: No      |
| Indus Towers Ltd.                                              | INDUS TOWERS LTD                     | CUSIP: Y0R86J109<br>LEI: 335800L6DI4VHODGDK41 | Long             | EC               | CORP              | IN        |    244667 | NS      | $1002788.17   | 0.75%             |  |  |  | No            | 2                  | On Loan: No      |
| Naspers Limited                                                | NASPERS LTD-N                        | CUSIP: S53435129<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     13028 | NS      | $915109.27    | 0.69%             |  |  |  | No            | 2                  | On Loan: No      |
| Samsung Electronics Co Ltd.                                    | Samsung Electronics Co Lt            | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     35311 | NS      | $2078203.20   | 1.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                             | HON HAI PRECISION INDUSTR            | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    274000 | NS      | $2275484.69   | 1.71%             |  |  |  | No            | 2                  | On Loan: No      |
| HDFC Bank Ltd.                                                 | HDFC BANK-ADR                        | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     62978 | NS      | $2281063.16   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Cyrela Brazil Realty S.A. Empreendimentos E Participacoes      | CYRELA                               | CUSIP: P34085103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    170000 | NS      | $962842.48    | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Elm Co                                                         | ELM CO                               | CUSIP: M3046F102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      3229 | NS      | $816866.78    | 0.61%             |  |  |  | No            | 2                  | On Loan: No      |
| Metlen Energy & Metals PLC                                     | METLEN ENERGY &                      | CUSIP: G6042Y105<br>LEI: 213800ZSR3HVKMMPVG86 | Long             | EC               | CORP              | GB        |     14673 | NS      | $744221.33    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| BDO Unibank Inc.                                               | BDO Unibank Inc                      | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    253214 | NS      | $575878.52    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Sea Ltd.                                                       | SEA LTD-ADR                          | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      2100 | NS      | $328125.00    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Accton Technology Corp.                                        | ACCTON TECH                          | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |    114099 | NS      | $3961930.39   | 2.97%             |  |  |  | No            | 2                  | On Loan: No      |
| Vietnam Enterprise Investments Ltd                             | VIETNAM-EN INV-C                     | CUSIP: G9361H109<br>LEI: 213800SYT3T4AGEVW864 | Long             | EC               | CORP              | KY        |    128764 | NS      | $1280712.86   | 0.96%             |  |  |  | No            | 2                  | On Loan: No      |
| Max Healthcare Institute Ltd.                                  | MAX HEALTHCARE I                     | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    213155 | NS      | $2756510.30   | 2.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Adnoc Drilling Company PJSC                                    | ADNOC DRILLING C                     | CUSIP: M0R81X106<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    606279 | NS      | $921030.42    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| PICC Property and Casualty Co Ltd.                             | PICC P&C-H                           | CUSIP: Y6975Z103<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |    806000 | NS      | $1904162.81   | 1.43%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                            | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | SABESP                               | CUSIP: P2R268136<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |     56800 | NS      | $1396086.10   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| LPP SA                                                         | LPP                                  | CUSIP: X5053G103<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |       237 | NS      | $1150348.18   | 0.86%             |  |  |  | No            | 2                  | On Loan: No      |
| Ayala Land Inc.                                                | AYALA LAND INC                       | CUSIP: Y0488F100<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |   1104800 | NS      | $374149.57    | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Heiniken Malaysia Berhad                                       | HEINEKEN MALAYSI                     | CUSIP: Y29432104<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     19800 | NS      | $100631.41    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Asia Vital Components Co Ltd                                   | ASIA VITAL                           | CUSIP: Y0392D100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     86000 | NS      | $3931128.79   | 2.95%             |  |  |  | No            | 2                  | On Loan: No      |
| Wiwynn Corp.                                                   | WIWYNN CORP                          | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     10000 | NS      | $1408043.55   | 1.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Tencent Music Entertainment Group                              | TENCENT MUSI-ADR                     | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |    102400 | NS      | $2285568.00   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| TMG Holding                                                    | T M G HOLDING                        | CUSIP: M8763H108<br>LEI: N/A                  | Long             | EC               | CORP              | EG        |    468349 | NS      | $570155.67    | 0.43%             |  |  |  | No            | 2                  | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                                    | ABU DHABI ISLAMI                     | CUSIP: M0152R102<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |    152062 | NS      | $873732.33    | 0.65%             |  |  |  | No            | 2                  | On Loan: No      |
| Lig Nex1 Co Ltd                                                | LIG NEX1 CO LTD                      | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |      2291 | NS      | $832280.35    | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Wuxi Biologics (Cayman) Inc.                                   | WUXI BIOLOGICS C                     | CUSIP: G97008117<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |    416000 | NS      | $1940231.36   | 1.45%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Vivara Participacoes SA                                        | VIVARA PARTICIPA                     | CUSIP: P98017109<br>LEI: 254900KO2WRLAVSJDR42 | Long             | EC               | CORP              | BR        |    261100 | NS      | $1515698.17   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | SABESP-ADR                           | CUSIP: 20441A102<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |      3900 | NS      | $95706.00     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Delta Electronics Inc.                                         | DELTA ELEC                           | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     31000 | NS      | $995557.94    | 0.75%             |  |  |  | No            | 2                  | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                        | CONTEMPORARY A-A                     | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     41700 | NS      | $2278669.20   | 1.71%             |  |  |  | No            | 2                  | On Loan: No      |
| Opap SA                                                        | OPAP SA                              | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |     59942 | NS      | $1240298.44   | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Varun Beverages Ltd.                                           | VARUN BEVERAGES                      | CUSIP: Y9T53H143<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |     90548 | NS      | $478568.46    | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| AIA Group Ltd, Hong Kong                                       | AIA                                  | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    168000 | NS      | $1634736.42   | 1.23%             |  |  |  | No            | 2                  | On Loan: No      |
| JBS NV                                                         | JBS NV-A                             | CUSIP: N4732M103<br>LEI: 254900JSFON4WL81TW77 | Long             | EC               | CORP              | NL        |     38100 | NS      | $503301.00    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Tencent Holdings Ltd.                                          | TENCENT                              | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    102200 | NS      | $8301338.46   | 6.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                        | GRUPO F BANORT-O                     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     68400 | NS      | $642096.75    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| SK Square Co Ltd                                               | SK SQUARE CO LTD                     | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9676 | NS      | $1751563.91   | 1.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Lemon Tree Hotels Limited                                      | LEMON TREE HOTEL                     | CUSIP: Y5S322109<br>LEI: 335800QFBWIUBBCRJN72 | Long             | EC               | CORP              | IN        |    377479 | NS      | $702383.47    | 0.53%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Eicher Motors Ltd.                                             | EICHER MOTORS                        | CUSIP: Y2251M148<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     13321 | NS      | $1050696.64   | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| Bank Polska Kasa Opieki SA                                     | PEKAO                                | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |     31589 | NS      | $1617281.77   | 1.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Vista Energy S.A.B. de C.V.                                    | VISTA ENERGY SAB                     | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |     15300 | NS      | $741285.00    | 0.56%             |  |  |  | No            | 1                  | On Loan: —       |
| Samsung C&T Corporation                                        | SAMSUNG C&T CORP                     | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     13889 | NS      | $2191966.68   | 1.64%             |  |  |  | No            | 2                  | On Loan: No      |
| Public Bank Berhad                                             | Public Bank Bhd                      | CUSIP: Y71497104<br>LEI: 549300L2RSQCVMOHGM20 | Long             | EC               | CORP              | MY        |   1909900 | NS      | $1921170.57   | 1.44%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Dunham Funds

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer