# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0000910472-25-005948
**Filing Date:** 2025-12
**Character Count:** 22936
**Document Hash:** 2f763827e09a40869b82b0f09fe2671b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005948.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-005948

**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:** 251603392

**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:** 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:** $93015503.47

**Total Liabilities:** $119392.87

**Net Assets:** $92896110.60

**Cash Not Reported:** $5287220.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 478.84144300 | **1-Year:** 653.12525900 | **5-Year:** 10.48466700 | **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 | 0.41%                | 0.24%                | -0.16%               |
| Class ID C000087896 | 0.35%                | 0.18%                | -0.26%               |
| Class ID C000087897 | 0.40%                | 0.24%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20370.55                | $735664.10                                 |
| Month 2  | $5713720.94              | $-4929256.22                               |
| Month 3  | $4148992.43              | $-3995426.81                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION                                                | LONG GILT FUTURE  Dec25              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Long             | DIR              | CORP              | GB        |        63 | NC      | $268274.77    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 2 1/4 03/31/26                     | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3975424.84   | 4.28%             | 2026-03-31      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 2 7/8 11/30/25                     | CUSIP: 9128285N6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3996376.76   | 4.30%             | 2025-11-30      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 0 7/8 09/30/26                     | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1949345.06   | 2.10%             | 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      | $988499.85    | 1.06%             | 2026-09-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Ontario (Province Of)                                                                           | ONT 2 1/2 04/27/26                   | CUSIP: 68323ADP6<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |   2000000 | PA      | $1985696.74   | 2.14%             | 2026-04-27      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Spdr S&P 500 Etf Trust                                                                          | SPDR S&P 500 ETF                     | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      1230 | NS      | $838933.80    | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.                            | NEDFIN 0 7/8 06/15/26                | CUSIP: N6S15DBZ8<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |   2000000 | PA      | $1965130.00   | 2.12%             | 2026-06-15      | Fixed         | 0.88%                 | Yes           | 2                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                               | Euro-OAT Future   Dec25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        55 | NC      | $156161.58    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| International Bank for Reconstruction & Development                                             | IBRD 4 3/4 04/10/26                  | CUSIP: 459058LE1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |    247000 | PA      | $247841.52    | 0.27%             | 2026-04-10      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                                          | US 10YR NOTE (CBT)Dec25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       129 | NC      | $54995.78     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 0 3/8 12/31/25                     | CUSIP: 91282CBC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3977441.96   | 4.28%             | 2025-12-31      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 0 1/2 02/28/26                     | CUSIP: 91282CBQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3462049.92   | 3.73%             | 2026-02-28      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 4 12/15/25                         | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1500035.40   | 1.61%             | 2025-12-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 0 3/4 04/30/26                     | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2955494.22   | 3.18%             | 2026-04-30      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Franklin Templeton ETF Trust                                                                    | FRANKLIN UK ETF                      | CUSIP: 35473P678<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |       100 | NS      | $3278.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 0 3/8 01/31/26                     | CUSIP: 91282CBH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2478957.23   | 2.67%             | 2026-01-31      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| British Columbia (Province Of)                                                                  | BRCOL 2 1/4 06/02/26                 | CUSIP: 11070TAK4<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |   3000000 | PA      | $2970595.80   | 3.20%             | 2026-06-02      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | US TREASURY NOTE                     | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3997702.04   | 4.30%             | 2025-11-15      | 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 Treasury Notes                                                                    | T 1 1/4 12/31/26                     | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1944687.50   | 2.09%             | 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              | N/A       |   1500000 | PA      | $1480425.06   | 1.59%             | 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      | $1215665.00   | 1.31%             |  |  |  | No            | 1                  | On Loan: —       |
| EUREX DEUTSCHLAND                                                                               | EURO-BUND FUTURE  Dec25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        27 | NC      | $46203.39     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Index Shares Funds                                                                         | SPDR EURO STOXX                      | CUSIP: 78463X202<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |       400 | NS      | $24992.00     | 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      | $1800282.35   | 1.94%             | 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        |  10106728 | PA      | $10106727.97  | 10.88%            |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                                                           | INVES NASDAQ 100                     | CUSIP: 46138G649<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |      6000 | NS      | $1553760.00   | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| IBM International Capital Pte. Ltd.                                                             | IBM 4.7 02/05/26                     | CUSIP: 449276AA2<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |    750000 | PA      | $750972.87    | 0.81%             | 2026-02-05      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                               | Euro-BTP Future   Dec25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        56 | NC      | $191130.66    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION                                                | FTSE 100 IDX FUT  Dec25              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DE               | CORP              | GB        |       -19 | NC      | $-79325.87    | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 0 3/4 08/31/26                     | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3415492.99   | 3.68%             | 2026-08-31      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Oesterreichische Kontrollbank AG                                                                | OKB 0 1/2 02/02/26                   | CUSIP: 676167CC1<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |   1500000 | PA      | $1487086.46   | 1.60%             | 2026-02-02      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| OSAKA EXCHANGE                                                                                  | TOPIX INDX FUTR   Dec25              | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Short            | DE               | CORP              | JP        |       -28 | NC      | $-329474.71   | -0.35%            |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                               | Euro-BONO Sp Gov  Dec25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        28 | NC      | $78587.52     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 3 7/8 01/15/26                     | CUSIP: 91282CGE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3499627.36   | 3.77%             | 2026-01-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Central American Bank For Economic Integration - Banco Centroamericano De Integracion Economica | CABEI 5 02/09/26                     | CUSIP: 15238RAH5<br>LEI: 549300OLDAMXBPSHIC05 | Long             | DBT              | NUSS              | N/A       |   3000000 | PA      | $3004201.83   | 3.23%             | 2026-02-09      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Notes                                                                    | US TREASURY NOTE                     | CUSIP: 912828R36<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3460231.64   | 3.72%             | 2026-05-15      | Fixed         | 1.62%                 | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)                                                             | S&P500 EMINI FUT  Dec25              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |        -9 | NC      | $-83350.00    | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Manitoba (Province of)                                                                          | MP 2 1/8 06/22/26                    | CUSIP: 563469UL7<br>LEI: 5493003QILFOB3JRKE30 | Long             | DBT              | MUN               | CA        |   1300000 | PA      | $1284643.45   | 1.38%             | 2026-06-22      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| EUREX DEUTSCHLAND                                                                               | EURO STOXX 50     Dec25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Short            | DE               | CORP              | DE        |       -36 | NC      | $-41185.57    | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. ETF Trust                                                                          | ISHARES GSCI COM                     | CUSIP: 46431W853<br>LEI: 5493002YECWEEITPWL97 | Long             | EC               | RF                | US        |    408900 | NS      | $11021899.50  | 11.86%            |  |  |  | No            | 1                  | On Loan: —       |
| Asian Development Bank                                                                          | ASIA 1 04/14/26                      | CUSIP: 045167FC2<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |   2000000 | PA      | $1973916.38   | 2.12%             | 2026-04-14      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)                                                             | NASDAQ 100 E-MINI DEC25              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |        -8 | NC      | $-212590.00   | -0.23%            |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Notes                                                                    | T 1 1/8 10/31/26                     | CUSIP: 91282CDG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1949368.92   | 2.10%             | 2026-10-31      | Fixed         | 1.12%                 | 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