# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0000910472-26-009746
**Filing Date:** 2026-6
**Character Count:** 21004
**Document Hash:** 1d0549e8398de12967d374f02dfdaacc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-009746.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000910472-26-009746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20261031

**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:** 261122159

**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 Dynamic Macro Fund (Series ID: S000028743)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000087895 | Dunham Dynamic Macro Fund Class A | DAAVX           |
| C000087896 | Dunham Dynamic Macro Fund Class C | DCAVX           |
| C000087897 | Dunham Dynamic Macro Fund Class N | DNAVX           |

## 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 Dynamic Macro Fund

- **b. EDGAR series identifier (if any):** S000028743

- **c. LEI of Series:** 549300QCEJLNTIYU7A30

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $98533798.72

**Total Liabilities:** $103141.94

**Net Assets:** $98430656.78

**Cash Not Reported:** $2636228.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 358.72832400 | **1-Year:** 694.56098200 | **5-Year:** 28.89047800 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000087895 | 2.12%                | -1.13%               | 1.23%                |
| Class ID C000087896 | 2.04%                | -1.24%               | 1.15%                |
| Class ID C000087897 | 2.09%                | -1.11%               | 1.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $75401.09                | $649434.96                                 |
| Month 2  | $1441226.49              | $869368.56                                 |
| Month 3  | $38.90                   | $2281833.59                                |

**Designated Index Information**

- **Index Name:** MSCI/AC WORLD INDEX (Net)

- **Index Identifier:** 892400N

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 0 7/8 09/30/26                     | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2965498.77   | 3.01%             | 2026-09-30      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| CISCO SYSTEMS INC                                                                | CSCO 2 1/2 09/20/26                  | CUSIP: 17275RBL5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994941.91    | 1.01%             | 2026-09-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| SPDR S&P 500 ETF TRUST                                                           | SS S&P 500 ET-US                     | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      4480 | NS      | $3219596.80   | 3.27%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION                                 | FTSE 100 IDX FUT  Jun26              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DE               | CORP              | GB        |        -4 | NC      | $13928.19     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| NEDERLANDSE FINANCIERINGS - MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN NV             | NEDFIN 0 7/8 06/15/26                | CUSIP: N6S15DBZ8<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |   2000000 | PA      | $1992874.48   | 2.02%             | 2026-06-15      | Fixed         | 0.88%                 | Yes           | 2                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                | Euro-OAT Future   Jun26              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        34 | NC      | $-86880.76    | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| AMAZON.COM INC                                                                   | AMZN 3.15 08/22/27                   | CUSIP: 023135BC9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2967497.88   | 3.01%             | 2027-08-22      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                      | NASDAQ 100 E-MINI Jun26              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |        -8 | NC      | $-551380.00   | -0.56%            |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                | EURO-BUND FUTURE  Jun26              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        20 | NC      | $-52300.30    | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 2 1/4 08/15/27                     | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1960039.06   | 1.99%             | 2027-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 0 5/8 11/30/27                     | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1901015.62   | 1.93%             | 2027-11-30      | Fixed         | 0.62%                 | No            | 2                  | On Loan: No      |
| FRANKLIN TEMPLETON ETF TRUST                                                     | FRANKLIN UK ETF                      | CUSIP: 35473P678<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |       100 | NS      | $3605.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| KOREA HOUSING FINANCE CORP                                                       | KHFC 5 3/8 11/15/26                  | CUSIP: 50065RAM9<br>LEI: 9884002AAOBT56QW9B80 | Long             | DBT              | NUSS              | KR        |   2000000 | PA      | $2012799.56   | 2.04%             | 2026-11-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| BRITISH COLUMBIA (BC), PROVINCE OF - MINISTRY OF FINANCE AND CORPORATE RELATIONS | BRCOL 2 1/4 06/02/26                 | CUSIP: 11070TAK4<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |   3000000 | PA      | $2995310.10   | 3.04%             | 2026-06-02      | Fixed         | 2.25%                 | 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      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 1 1/4 12/31/26                     | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2951770.95   | 3.00%             | 2026-12-31      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| ASIAN DEVELOPMENT BANK                                                           | ASIA 2 5/8 01/12/27                  | CUSIP: 045167DU4<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | PH        |   1500000 | PA      | $1487401.25   | 1.51%             | 2027-01-12      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| FRANKLIN TEMPLETON ETF TRUST                                                     | FRANKLIN JAPAN                       | CUSIP: 35473P744<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     34100 | NS      | $1298528.00   | 1.32%             |  |  |  | No            | 1                  | On Loan: —       |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION                                 | LONG GILT FUTURE  Jun26              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Long             | DIR              | CORP              | GB        |        51 | NC      | $-300983.35   | -0.31%            |  |  |  | No            | 1                  | On Loan: No      |
| SPDR INDEX SHARES FUNDS                                                          | SPDR EURO STOXX                      | CUSIP: 78463X202<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |       400 | NS      | $26388.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: —       |
| BRISTOL-MYERS SQUIBB COMPANY                                                     | BMY 6.8 11/15/26                     | CUSIP: 110122AB4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1773199.59   | 1.80%             | 2026-11-15      | Fixed         | 6.80%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS                                     | MSILF-GOVT-INS                       | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   9730096 | PA      | $9730095.63   | 9.89%             |  |  |  | No            | 1                  | On Loan: No      |
| OSAKA EXCHANGE                                                                   | TOPIX INDX FUTR   Jun26              | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Short            | DE               | CORP              | JP        |       -10 | NC      | $-19547.33    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 0 5/8 07/31/26                     | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2977434.93   | 3.02%             | 2026-07-31      | Fixed         | 0.62%                 | No            | 2                  | On Loan: No      |
| MICROSOFT CORP                                                                   | MSFT 3.3 02/06/27                    | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1991112.34   | 2.02%             | 2027-02-06      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 4 1/2 07/15/26                     | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2003463.72   | 2.04%             | 2026-07-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| INVESCO EXCHANGE-TRADED FUND TRUST II                                            | INVES NASDAQ 100                     | CUSIP: 46138G649<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     13350 | NS      | $3669915.00   | 3.73%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 0 3/4 08/31/26                     | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3466049.76   | 3.52%             | 2026-08-31      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                | EURO STOXX 50     Jun26              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Short            | DE               | CORP              | DE        |        -8 | NC      | $5606.31      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                | Euro-BTP Future   Jun26              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |         8 | NC      | $-8874.96     | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 0 5/8 03/31/27                     | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2430542.33   | 2.47%             | 2027-03-31      | Fixed         | 0.62%                 | No            | 2                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | US TREASURY NOTE                     | CUSIP: 912828R36<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3996773.20   | 4.06%             | 2026-05-15      | Fixed         | 1.62%                 | No            | 2                  | On Loan: No      |
| ISHARES US ETF TRUST                                                             | ISHARES BLOOMBER                     | CUSIP: 46431W598<br>LEI: 5493002YECWEEITPWL97 | Long             | EC               | RF                | US        |    190000 | NS      | $11827500.00  | 12.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)Jun26              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        18 | NC      | $-14313.30    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 1 1/4 03/31/28                     | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2379394.53   | 2.42%             | 2028-03-31      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| MANITOBA (MB), PROVINCE OF                                                       | MP 2 1/8 06/22/26                    | CUSIP: 563469UL7<br>LEI: 5493003QILFOB3JRKE30 | Long             | DBT              | MUN               | CA        |   1300000 | PA      | $1296793.42   | 1.32%             | 2026-06-22      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| ISHARES US ETF TRUST                                                             | ISHARES GSCI COM                     | CUSIP: 46431W853<br>LEI: 5493002YECWEEITPWL97 | Long             | EC               | RF                | US        |    338400 | NS      | $12233024.64  | 12.43%            |  |  |  | No            | 1                  | On Loan: —       |
| APPLE INC                                                                        | AAPL 3.35 02/09/27                   | CUSIP: 037833CJ7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1993059.76   | 2.02%             | 2027-02-09      | Fixed         | 3.35%                 | No            | 2                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 1 1/8 10/31/26                     | CUSIP: 91282CDG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3455051.46   | 3.51%             | 2026-10-31      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 1 1/8 02/29/28                     | CUSIP: 91282CBP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1903515.62   | 1.93%             | 2028-02-29      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                             | T 1 1/4 11/30/26                     | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2957776.53   | 3.00%             | 2026-11-30      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                      | S&P500 EMINI FUT  Jun26              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |       -10 | NC      | $-337287.50   | -0.34%            |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** Dunham Funds

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer