# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001752724-25-160490
**Filing Date:** 2025-6
**Character Count:** 20570
**Document Hash:** cfc27c51dfb3414a5dfae809c85f7e5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160490.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-160490

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250626

**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:** 251081779

**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:** 2025-04-30

**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:** $98565273.48

**Total Liabilities:** $13783553.07

**Net Assets:** $84781720.41

**Cash Not Reported:** $1154940.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 43.91332600 | **1-Year:** 328.20033200 | **5-Year:** 42.33528600 | **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 | 0.17%                | -0.25%               | 1.77%                |
| Class ID C000087896 | 0.09%                | -0.36%               | 1.74%                |
| Class ID C000087897 | 0.25%                | -0.25%               | 1.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25.22                  | $-213883.23                                |
| Month 2  | $117087.61               | $-727352.89                                |
| Month 3  | $-389957.36              | $90057.09                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Asian Development Bank                              | ASIA 2 5/8 01/12/27                  | CUSIP: 045167DU4<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1473207.41   | 1.74%             | 2027-01-12      | Fixed         | 2.62%                 | No            | 2                  | On Loan: —       |
| Asian Development Bank                              | ASIA 1 04/14/26                      | CUSIP: 045167FC2<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1459416.39   | 1.72%             | 2026-04-14      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Franklin Templeton ETF Trust                        | FRANKLIN UK ETF                      | CUSIP: 35473P678<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |    112400 | NS      | $3276460.00   | 3.86%             |  |  |  | No            | 1                  | On Loan: —       |
| Franklin Templeton ETF Trust                        | FRANKLIN JAPAN                       | CUSIP: 35473P744<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |    153100 | NS      | $4678736.00   | 5.52%             |  |  |  | No            | 1                  | On Loan: —       |
| International Bank for Reconstruction & Development | IBRD 0 3/8 07/28/25                  | CUSIP: 459058JE4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1485394.26   | 1.75%             | 2025-07-28      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| Invesco Exchange Traded Fund Trust II               | INVES NASDAQ 100                     | CUSIP: 46138G649<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     30600 | NS      | $5993010.00   | 7.07%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares U.S. ETF Trust                              | ISHARES GSCI COM                     | CUSIP: 46431W853<br>LEI: 5493002YECWEEITPWL97 | Long             | EC               | RF                | US        |    113800 | NS      | $2756236.00   | 3.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds        | MSILF-GOVT-INS                       | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |  14404417 | PA      | $14404416.55  | 16.99%            |  |  |  | No            | 1                  | On Loan: No      |
| Spdr S&P 500 Etf Trust                              | SPDR S&P 500 ETF                     | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |     12200 | NS      | $6765388.00   | 7.98%             |  |  |  | No            | 1                  | On Loan: —       |
| SPDR Index Shares Funds                             | SPDR EURO STOXX                      | CUSIP: 78463X202<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |     61500 | NS      | $3459375.00   | 4.08%             |  |  |  | No            | 1                  | On Loan: —       |
| United States Treasury Notes                        | T 2 7/8 11/30/25                     | CUSIP: 9128285N6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2481997.05   | 2.93%             | 2025-11-30      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 2 1/4 03/31/26                     | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $985019.68    | 1.16%             | 2026-03-31      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 2 08/15/25                         | CUSIP: 912828K74<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3476299.19   | 4.10%             | 2025-08-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 2 1/8 05/15/25                     | CUSIP: 912828XB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2997343.68   | 3.54%             | 2025-05-15      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 2 3/4 06/30/25                     | CUSIP: 912828XZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2493853.55   | 2.94%             | 2025-06-30      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 2 7/8 07/31/25                     | CUSIP: 912828Y79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2988966.45   | 3.53%             | 2025-07-31      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 0 1/4 05/31/25                     | CUSIP: 912828ZT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $3188773.86   | 3.76%             | 2025-05-31      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 0 1/4 09/30/25                     | CUSIP: 91282CAM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2951492.61   | 3.48%             | 2025-09-30      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 0 1/4 10/31/25                     | CUSIP: 91282CAT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2451974.90   | 2.89%             | 2025-10-31      | Fixed         | 0.25%                 | 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        |   2000000 | PA      | $1943267.68   | 2.29%             | 2026-02-28      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 0 3/4 08/31/26                     | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1441523.43   | 1.70%             | 2026-08-31      | Fixed         | 0.75%                 | 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      | $1921328.12   | 2.27%             | 2026-09-30      | Fixed         | 0.88%                 | No            | 2                  | 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      | $1924843.76   | 2.27%             | 2026-10-31      | Fixed         | 1.12%                 | No            | 2                  | 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      | $1921914.06   | 2.27%             | 2026-12-31      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 2 7/8 06/15/25                     | CUSIP: 91282CEU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2994819.63   | 3.53%             | 2025-06-15      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                        | T 3 7/8 01/15/26                     | CUSIP: 91282CGE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1498591.94   | 1.77%             | 2026-01-15      | Fixed         | 3.88%                 | 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      |
| N/A                                                 | CURRENCY CONTRACT - EUR              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    603917 | NC      | $22719.71     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                 | CURRENCY CONTRACT - GBP              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    446477 | NC      | $20146.91     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                 | CURRENCY CONTRACT - JPY              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    583384 | NC      | $16595.11     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                 | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       | 625000000 | NC      | $-220711.43   | -0.26%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                 | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   3250000 | NC      | $-277349.70   | -0.33%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                 | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   2550000 | NC      | $-182627.18   | -0.22%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                 | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |  78000000 | NC      | $1131.64      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                         | S&P500 EMINI FUT  Jun25              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |        -8 | NC      | $19700.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION    | LONG GILT FUTURE  Jun25              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Long             | DIR              | CORP              | GB        |        66 | NC      | $116516.23    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                   | Euro-BTP Future   Jun25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        60 | NC      | $146311.64    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                   | Euro-BONO Sp Gov  Jun25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        25 | NC      | $17681.44     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                         | NASDAQ 100 E-MINI Jun25              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |        -4 | NC      | $-6380.31     | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                   | Euro-OAT Future   Jun25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        48 | NC      | $50832.42     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                   | EURO-BUND FUTURE  Jun25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        27 | NC      | $36753.97     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| OSAKA EXCHANGE                                      | TOPIX INDX FUTR   Jun25              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | JP        |        22 | NC      | $124929.32    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                              | US 10YR NOTE (CBT)Jun25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       112 | NC      | $124404.60    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREX DEUTSCHLAND                                   | EURO STOXX 50     Jun25              | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DE               | CORP              | DE        |        13 | NC      | $13806.64     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION    | FTSE 100 IDX FUT  Jun25              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Long             | DE               | CORP              | GB        |         9 | NC      | $8891.89      | 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