# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001752724-25-162767
**Filing Date:** 2025-6
**Character Count:** 34589
**Document Hash:** acfb1f241bfa3e2fd14319c0b53fb067
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-162767.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-162767

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**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:** 251089880

**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 Long/Short Credit Fund (Series ID: S000020975)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000059520 | Dunham Long/Short Credit Fund Class A | DAAIX           |
| C000059521 | Dunham Long/Short Credit Fund Class C | DCAIX           |
| C000059522 | Dunham Long/Short Credit Fund Class N | DNAIX           |

## 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 Long/Short Credit Fund

- **b. EDGAR series identifier (if any):** S000020975

- **c. LEI of Series:** 549300HNTJP4LP1J7Y67

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $239227275.73

**Total Liabilities:** $21064963.33

**Net Assets:** $218162312.40

**Cash Not Reported:** $210345.25

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1676.71168500 | **1-Year:** 2173.17193800 | **5-Year:** 5759.11824400 | **10-Year:** 12135.36901500 | **30-Year:** 4529.70632900

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 2611.45343200 | **5-Year:** -12601.75621500 | **10-Year:** 2994.22707900 | **30-Year:** 59.87807200

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000059520 | 0.43%                | 0.25%                | 0.04%                |
| Class ID C000059521 | 0.41%                | 0.23%                | -0.13%               |
| Class ID C000059522 | 0.44%                | 0.38%                | 0.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-390315.44              | $1673985.46                                |
| Month 2  | $112530.80               | $-973873.40                                |
| Month 3  | $33417.91                | $-1053803.24                               |

**Designated Index Information**

- **Index Name:** Dunham Long/Short Credit Fund DRP

- **Index Identifier:** DUNHAM LONG/SHORT CREDIT FUND DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ABN AMRO Bank N.V.                                                              | ABNANV 6.575 10/13/26                | CUSIP: 00084DBC3<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   2500000 | PA      | $2518245.53   | 1.15%             | 2026-10-13      | Fixed         | 6.58%                 | Yes           | 2                  | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | AER 6.95 03/10/55                    | CUSIP: 00774MBK0<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2010000 | PA      | $2018084.36   | 0.93%             | 2055-03-10      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | AER 6 1/2 01/31/56                   | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2320000 | PA      | $2254207.42   | 1.03%             | 2056-01-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| American Electric Power Co, Inc.                                                | AEP 5.699 08/15/25                   | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   3465000 | PA      | $3473225.98   | 1.59%             | 2025-08-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                    | AVOL 4 1/4 04/15/26                  | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2900000 | PA      | $2873875.15   | 1.32%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                    | AVOL 4.95 01/15/28                   | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2320000 | PA      | $2307564.57   | 1.06%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           | 2                  | On Loan: No      |
| Bank of Nova Scotia                                                             | BNS 4.9 PERP                         | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1805000 | PA      | $1801922.66   | 0.83%             | 2168-09-04      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| Barclays PLC                                                                    | BACR 7 5/8 PERP                      | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3590000 | PA      | $3443475.95   | 1.58%             | 2173-09-15      | Fixed         | 7.62%                 | No            | 2                  | On Loan: —       |
| Biocon Biologics Global PLC                                                     | BIOLIN 6.67 10/09/29                 | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1576244.58   | 0.72%             | 2029-10-09      | Fixed         | 6.67%                 | Yes           | 2                  | On Loan: No      |
| CVS Health Corp                                                                 | CVS 7 03/10/55                       | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2240340.71   | 1.03%             | 2055-03-10      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Celanese US Holdings Llc                                                        | CE 6 1/2 04/15/30                    | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293441.34    | 0.13%             | 2030-04-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: —       |
| Colombia (Republic Of)                                                          | COLOM 7 3/4 11/07/36                 | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   2295000 | PA      | $2189562.86   | 1.00%             | 2036-11-07      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| UBS Group AG                                                                    | UBS 6.373 07/15/26                   | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3515000 | PA      | $3524911.28   | 1.62%             | 2026-07-15      | Fixed         | 6.37%                 | Yes           | 2                  | On Loan: No      |
| UBS AG                                                                          | CS 7 1/2 PERP                        | CUSIP: 22546DAB2<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   4185000 | PA      | $313875.00    | 0.14%             | 2170-06-11      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Dominion Energy Inc                                                             | D 6 5/8 05/15/55                     | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2895000 | PA      | $2853686.03   | 1.31%             | 2055-05-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                       | RRD 9 1/2 08/01/29                   | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    725000 | PA      | $693502.38    | 0.32%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           | 2                  | On Loan: No      |
| Farmers Insurance Exchange Inc.                                                 | FARMER 7 10/15/64                    | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1138098.71   | 0.52%             | 2064-10-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| First American Funds Inc.                                                       | FRST AM-GV OB-X                      | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7648195 | PA      | $7648195.34   | 3.51%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan Chase & Co.                                                            | JPM Float 02/01/27                   | CUSIP: 31945HAB1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $1965104.75   | 0.90%             | 2027-02-01      | Floating      | 5.10%                 | No            | 2                  | On Loan: No      |
| First Quantum Minerals Ltd.                                                     | FMCN 8 03/01/33                      | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1445000 | PA      | $1431500.95   | 0.66%             | 2033-03-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                                   | F 6.95 06/10/26                      | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2429000 | PA      | $2454542.83   | 1.13%             | 2026-06-10      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| Foundry JV Holdco LLC.                                                          | FABSJV 6.1 01/24/36                  | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2419352.22   | 1.11%             | 2036-01-24      | Fixed         | 6.10%                 | Yes           | 2                  | On Loan: No      |
| Frontier Communications Parent Inc                                              | FTR 6 3/4 05/01/29                   | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    828000 | PA      | $832245.16    | 0.38%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Frontier Communications Holdings Llc                                            | FYBR 6 01/15/30                      | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4857000 | PA      | $4876704.85   | 2.24%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: —       |
| Goldman Sachs Capital I                                                         | GS 6.345 02/15/34                    | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2542957.93   | 1.17%             | 2034-02-15      | Fixed         | 6.34%                 | No            | 2                  | On Loan: No      |
| Grand Canyon University                                                         | GCUNIV 5 1/8 10/01/28                | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2170490.77   | 0.99%             | 2028-10-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Hess Corporation                                                                | HES 6 01/15/40                       | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3140896.05   | 1.44%             | 2040-01-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Ihs Holding Limited                                                             | IHS 5 5/8 11/29/26                   | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   2345000 | PA      | $2293457.65   | 1.05%             | 2026-11-29      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                         | JBSSBZ 6 1/2 12/01/52                | CUSIP: 46590XAX4<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |   1645000 | PA      | $1696797.76   | 0.78%             | 2052-12-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Las Vegas Sands Corp                                                            | LVS 5 5/8 06/15/28                   | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   2185000 | PA      | $2189219.61   | 1.00%             | 2028-06-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH                                                | MAREDU 7.375 10/1/2029               | CUSIP: 56681NJD0<br>LEI: 529900XFER799IYOSW74 | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2499179.80   | 1.15%             | 2029-10-01      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| ESC NII HOLDINGS INC                                                            | ESC NII HOLDINGS INC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10000 | NS      | $5700.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NatWest Group PLC                                                               | NWG 7.472 11/10/26                   | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   3550000 | PA      | $3599187.66   | 1.65%             | 2026-11-10      | Fixed         | 7.47%                 | No            | 2                  | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                             | NEE 5.749 09/01/25                   | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $3038807.42   | 1.39%             | 2025-09-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Constellation Insurance Inc.                                                    | OHNAT 5.55 01/24/30                  | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |   2285000 | PA      | $2225237.15   | 1.02%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           | 2                  | On Loan: No      |
| Orbia Advance Corp S A B De Cv                                                  | ORBIA 6.8 05/13/30                   | CUSIP: 68560EAC2<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |   2735000 | PA      | $2733167.55   | 1.25%             | 2030-05-13      | Fixed         | 6.80%                 | Yes           | 2                  | On Loan: No      |
| PG&E Corporation                                                                | PCG 7 3/8 03/15/55                   | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3216903.69   | 1.47%             | 2055-03-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| Pacific Life Insurance Co.                                                      | PACLIF 9 1/4 06/15/39                | CUSIP: 694475AA2<br>LEI: 8WC3XYHE06SQFW7CQK10 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1358631.51   | 0.62%             | 2039-06-15      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| Rakuten Group Inc.                                                              | RAKUTN 11 1/4 02/15/27               | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   1900000 | PA      | $2036838.80   | 0.93%             | 2027-02-15      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| Rakuten Group Inc.                                                              | RAKUTN 9 3/4 04/15/29                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   2010000 | PA      | $2126276.31   | 0.97%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| Rogers Communications Inc.                                                      | RCICN 7 04/15/55                     | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   2380000 | PA      | $2396526.84   | 1.10%             | 2055-04-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Rogers Communications Inc.                                                      | RCICN 7 1/8 04/15/55                 | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1190000 | PA      | $1185437.48   | 0.54%             | 2055-04-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Samarco Mineracao SA                                                            | SAMMIN 9 1/2 06/30/31                | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    598162 | PA      | $563355.37    | 0.26%             | 2031-06-30      | Floating      | 9.00%                 | Yes           | 2                  | On Loan: No      |
| Societe Generale S.A.                                                           | SOCGEN 5 1/4 02/19/27                | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4615000 | PA      | $4650421.92   | 2.13%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | SPRNTS 5.152 03/20/28                | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    558000 | PA      | $561311.19    | 0.26%             | 2028-03-20      | Fixed         | 5.15%                 | Yes           | 2                  | On Loan: No      |
| UNITED AIRLINES PASS THROUGH TRUSTS                                             | UAL 4 7/8 01/15/26                   | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1552191 | PA      | $1546907.59   | 0.71%             | 2026-01-15      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                    | B 07/10/25                           | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27075000 | PA      | $26854940.36  | 12.31%            | 2025-07-10      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                    | B 05/06/25                           | CUSIP: 912797PC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7380000 | PA      | $7375697.53   | 3.38%             | 2025-05-06      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                    | B 06/17/25                           | CUSIP: 912797PS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27000000 | PA      | $26851068.81  | 12.31%            | 2025-06-17      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                    | B 09/18/25                           | CUSIP: 912797PX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27295000 | PA      | $26860459.78  | 12.31%            | 2025-09-18      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                    | T 4 1/2 11/15/54                     | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6405000 | PA      | $6212850.00   | 2.85%             | 2054-11-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                    | T 4 3/4 02/15/45                     | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3345000 | PA      | $3368519.53   | 1.54%             | 2045-02-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                    | T 4 5/8 02/15/35                     | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5825000 | PA      | $6033880.89   | 2.77%             | 2035-02-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                    | T 3 7/8 04/30/30                     | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    975000 | PA      | $980446.29    | 0.45%             | 2030-04-30      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Venture Global LNG Inc.                                                         | VENLNG 9 7/8 02/01/32                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   3075000 | PA      | $3127242.28   | 1.43%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           | 2                  | On Loan: —       |
| Paramount Global                                                                | PARA 6 7/8 04/30/36                  | CUSIP: 925524AX8<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1564948.20   | 0.72%             | 2036-04-30      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                               | WFC 5.95 12/15/36                    | CUSIP: 949746NL1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    795000 | PA      | $796622.82    | 0.37%             | 2086-12-01      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                               | WFC Float 01/15/27                   | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5145000 | PA      | $5043783.29   | 2.31%             | 2027-01-15      | Floating      | 5.02%                 | No            | 2                  | On Loan: No      |
| SWAP CLIENT CASH COLL - HSBC                                                    | SWAP CLIENT CSH COLL-HSBC            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1530654 | PA      | $1530653.64   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| FUTURE COLLLATERAL                                                              | FUT CLIENT OWNED COLL                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     30000 | PA      | $30000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SWAP COLLLATERAL                                                                | SWAP CLIENT COLL-GOLDMAN             | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | US        |   -260000 | PA      | $-260000.00   | -0.12%            |  |  |  | No            | 1                  | On Loan: No      |
| SWAP CLIENT CASH COLL - JPMORGAN                                                | SWAP CLIENT CASH COLL-BAR            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | US        |   -880000 | PA      | $-880000.00   | -0.40%            |  |  |  | No            | 1                  | 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      |
| CDX.NA.IG SERIES 43                                                             | MARKIT CDX.NA.IG.44 06/30            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  41000000 | PA      | $-590383.69   | -0.27%            |  |  |  | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 43                                                             | MARKIT CDX.NA.HY.44 06/30            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  17000000 | PA      | $-588694.01   | -0.27%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                             | DARDEN RESTAURANTS INC               | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   7000000 | PA      | $-108761.11   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                          | US 5YR NOTE (CBT) Jun25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -24 | NC      | $-54750.00    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                             | IBOXXHY SWAP                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |     38314 | NS      | $-21216.40    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                             | LENNAR CORPORATION                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -5000000 | PA      | $826210.39    | 0.38%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                             | TOLL BROTHERS INC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   5000000 | PA      | $21134.88     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                          | US 10YR NOTE (CBT)Jun25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -34 | NC      | $-83406.25    | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                                                          | US LONG BOND(CBT) Jun25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -59 | NC      | $-35354.27    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                                                          | US 10yr Ultra Fut Jun25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |      -122 | NC      | $-240465.77   | -0.11%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                             | VERIZON COMMUNICATIONS IN            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -7000000 | PA      | $83959.03     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                          | US ULTRA BOND CBT Jun25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -54 | NC      | $11390.65     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

**Name of Applicant:** Dunham Funds

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer