# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0000910472-25-005977
**Filing Date:** 2025-12
**Character Count:** 39519
**Document Hash:** 5117fa9cb6f1338d479c177f42593fa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005977.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-005977

**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:** 251604017

**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:** 2025-10-31

**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:** $321156120.13

**Total Liabilities:** $22013160.13

**Net Assets:** $299142960.00

**Cash Not Reported:** $1597580.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1660.15879200 | **1-Year:** 3579.68930300 | **5-Year:** 13151.79983500 | **10-Year:** 13477.52576600 | **30-Year:** 4827.19137000

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

- **3-Month:** 52.66801600 | **1-Year:** 17.80729100 | **5-Year:** -17988.30781800 | **10-Year:** 2284.94009500 | **30-Year:** 375.84355000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000059522 | 0.68%                | 0.00%                | 0.51%                |
| Class ID C000059521 | 0.54%                | -0.06%               | 0.47%                |
| Class ID C000059520 | 0.55%                | 0.09%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $81301.83                | $1111367.55                                |
| Month 2  | $235837.45               | $-473749.53                                |
| Month 3  | $-1284469.44             | $1869890.45                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prologis Targeted US Logistics Fund LP                                                         | PLDTLF 4 1/4 01/15/31                | CUSIP: 74350LAD6<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |    555000 | PA      | $550927.90    | 0.18%             | 2031-01-15      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH                                                               | MAREDU 7.375 10/1/2029               | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2525498.92   | 0.84%             | 2029-10-01      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Frontier Communications Holdings Llc                                                           | FTR 6 3/4 05/01/29                   | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    828000 | PA      | $836921.70    | 0.28%             | 2029-05-01      | Fixed         | 6.75%                 | 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      | $2255511.59   | 0.75%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           | 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      | $2332355.06   | 0.78%             | 2026-11-29      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Samarco Mineracao SA                                                                           | SAMMIN 9 1/2 06/30/31                | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |   2026298 | PA      | $2027539.51   | 0.68%             | 2031-06-30      | Floating      | 9.00%                 | Yes           | 2                  | On Loan: —       |
| N/A                                                                                            | THE CAMPBELLS COMPANY                | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  10000000 | PA      | $-236973.44   | -0.08%            |  |  |  | No            | 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      | $2459462.53   | 0.82%             | 2026-06-10      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| CDX.NA.IG SERIES 44                                                                            | MARKIT CDX.NA.IG.44 06/30            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  41000000 | PA      | $-906734.62   | -0.30%            |  |  |  | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                                   | T 4 7/8 08/15/45                     | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4995000 | PA      | $5141728.13   | 1.72%             | 2045-08-15      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| Discovery Communications, LLC                                                                  | WBD 3.95 03/20/28                    | CUSIP: 25470DBS7<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2647391.20   | 0.88%             | 2028-03-20      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                            | VERIZON COMMUNICATIONS IN            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -7000000 | PA      | $77368.02     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                                            | LENNAR CORPORATION                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -5000000 | PA      | $820221.38    | 0.27%             |  |  |  | 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      |
| NatWest Group PLC                                                                              | NWG 7.472 11/10/26                   | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   3550000 | PA      | $3552012.92   | 1.19%             | 2026-11-10      | Fixed         | 7.47%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                                   | B 12/18/25                           | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36800000 | PA      | $36622532.00  | 12.24%            | 2025-12-18      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Resorts World Las Vegas LLC / RWLV Capital Inc.                                                | RWLVCA 4 5/8 04/06/31                | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2652024.89   | 0.89%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| FMC Corp.                                                                                      | FMC 8.45 11/01/55                    | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   2520000 | PA      | $2447394.39   | 0.82%             | 2055-11-01      | Fixed         | 8.45%                 | 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      | $830820.92    | 0.28%             | 2086-12-01      | Fixed         | 5.95%                 | No            | 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      | $2344012.56   | 0.78%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                            | TOLL BROTHERS INC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   5000000 | PA      | $-62219.56    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Meta Platforms Inc                                                                             | META 4 7/8 11/15/35                  | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   3740000 | PA      | $3748882.69   | 1.25%             | 2035-11-15      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 44                                                                            | MARKIT CDX.NA.HY.44 06/30            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  17000000 | PA      | $-1292590.59  | -0.43%            |  |  |  | No            | 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      | $4661955.50   | 1.56%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                                                   | B 02/12/26                           | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39500000 | PA      | $39086218.54  | 13.07%            | 2026-02-12      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                                         | US ULTRA BOND CBT Dec25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -52 | NC      | $-156437.50   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Oracle Corp.                                                                                   | ORCL 5.95 09/26/55                   | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    845000 | PA      | $802171.72    | 0.27%             | 2055-09-26      | Fixed         | 5.95%                 | No            | 2                  | On Loan: —       |
| Scentre Group Trust 2                                                                          | SCGAU 5 1/8 09/24/2080               | CUSIP: 76025LAB0<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | CORP              | AU        |   2700000 | PA      | $2731217.40   | 0.91%             | 2080-09-24      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Paramount Global                                                                               | PARA 7 7/8 07/30/30                  | CUSIP: 925524AH3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   2064000 | PA      | $2285395.35   | 0.76%             | 2030-07-30      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| United Airlines Holdings Inc                                                                   | UAL 4 7/8 01/15/26                   | CUSIP: 90932VAA3<br>LEI: 98450079DA0B78DD6764 | Long             | ABS-O            | CORP              | US        |   1070014 | PA      | $1070238.88   | 0.36%             | 2026-01-15      | Fixed         | 4.88%                 | 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      | $743973.25    | 0.25%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           | 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   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills                                                                   | B 04/09/26                           | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39730000 | PA      | $39087179.72  | 13.07%            | 2026-04-09      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)            | AER 6 1/2 01/31/56                   | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2930000 | PA      | $3029634.65   | 1.01%             | 2056-01-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                   | T 3 5/8 09/30/30                     | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3830000 | PA      | $3814440.63   | 1.28%             | 2030-09-30      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| CI Financial Corp                                                                              | CIXCN 7 1/2 05/30/29                 | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |   2450000 | PA      | $2604638.76   | 0.87%             | 2029-05-30      | Fixed         | 7.50%                 | 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        |   1205000 | PA      | $1252971.05   | 0.42%             | 2052-12-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Oracle Corp.                                                                                   | ORCL 4.45 09/26/30                   | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1571774.98   | 0.53%             | 2030-09-26      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| First American Funds Inc.                                                                      | FRST AM-GV OB-X                      | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   8101592 | PA      | $8101592.23   | 2.71%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                            | NEXTERA ENERGY CAPITAL               | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -7000000 | PA      | $135256.96    | 0.05%             |  |  |  | No            | 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      | $4929670.43   | 1.65%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: —       |
| Paramount Global                                                                               | PARA 6 7/8 04/30/36                  | CUSIP: 925524AX8<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1639542.17   | 0.55%             | 2036-04-30      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| General Motors Company                                                                         | GM 5.35 04/15/28                     | CUSIP: 37045VBC3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   2195000 | PA      | $2247823.09   | 0.75%             | 2028-04-15      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                                         | US 10YR NOTE (CBT)Dec25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -32 | NC      | $-23500.00    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Hess Corporation                                                                               | HES 6 01/15/40                       | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3263366.91   | 1.09%             | 2040-01-15      | Fixed         | 6.00%                 | 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      | $2510946.64   | 0.84%             | 2036-01-24      | Fixed         | 6.10%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                            | SEMPRA ENERGY                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   7000000 | PA      | $-208168.71   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                                   | T 4 1/4 08/15/35                     | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5520000 | PA      | $5585981.22   | 1.87%             | 2035-08-15      | Fixed         | 4.25%                 | 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      | $1537499.78   | 0.51%             | 2033-03-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| UBS AG                                                                                         | CS 7 1/2 PERP                        | CUSIP: 22546DAB2<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   4185000 | PA      | $1234575.00   | 0.41%             | 2170-06-11      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                           | JPM Float 02/01/27                   | CUSIP: 31945HAB1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $1987754.31   | 0.66%             | 2027-02-01      | Floating      | 5.11%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                                         | US LONG BOND(CBT) Dec25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |       -69 | NC      | $-218859.37   | -0.07%            |  |  |  | No            | 1                  | 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      |
| Flutter Treasury Designated Activity Co.                                                       | FLTR 6 3/8 04/29/29                  | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   1265000 | PA      | $1311484.04   | 0.44%             | 2029-04-29      | Fixed         | 6.38%                 | Yes           | 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      | $2283775.27   | 0.76%             | 2028-10-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: —       |
| Barclays PLC                                                                                   | BACR 7 5/8 PERP                      | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3590000 | PA      | $3799656.00   | 1.27%             | 2173-09-15      | Fixed         | 7.62%                 | No            | 2                  | On Loan: —       |
| Chicago Board of Trade                                                                         | US 5YR NOTE (CBT) Dec25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |      -128 | NC      | $42859.48     | 0.01%             |  |  |  | No            | 1                  | 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      | $3286395.92   | 1.10%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           | 2                  | On Loan: —       |
| Pacific Life Insurance Co.                                                                     | PACLIF 9 1/4 06/15/39                | CUSIP: 694475AA2<br>LEI: 8WC3XYHE06SQFW7CQK10 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1372374.26   | 0.46%             | 2039-06-15      | Fixed         | 9.25%                 | 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      | $1177192.19   | 0.39%             | 2064-10-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                            | IBOXXHY SWAP                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |     36073 | NS      | $-8299.54     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Centene Corp.                                                                                  | CNC 3 10/15/30                       | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2635030.57   | 0.88%             | 2030-10-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                              | WFC Float 01/15/27                   | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5145000 | PA      | $5107062.16   | 1.71%             | 2027-01-15      | Floating      | 4.67%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                                   | B 01/08/26                           | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39360000 | PA      | $39087587.08  | 13.07%            | 2026-01-08      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Braskem Netherlands Finance B V                                                                | BRASKM 8 10/15/34                    | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     85000 | PA      | $35010.65     | 0.01%             | 2034-10-15      | Fixed         | 8.00%                 | 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      | $2054777.59   | 0.69%             | 2027-02-15      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| SWAP CLIENT CASH COLL - JPMORGAN                                                               | SWAP CLIENT CASH COLL-BAR            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | US        |   -630000 | PA      | $-630000.00   | -0.21%            |  |  |  | No            | 1                  | On Loan: No      |
| First Quantum Minerals Ltd.                                                                    | FMCN 7 1/4 02/15/34                  | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1340000 | PA      | $1392524.54   | 0.47%             | 2034-02-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Goldman Sachs Capital I                                                                        | GS 6.345 02/15/34                    | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2664247.20   | 0.89%             | 2034-02-15      | Fixed         | 6.34%                 | No            | 2                  | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)            | AER 6.95 03/10/55                    | CUSIP: 00774MBK0<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2010000 | PA      | $2114412.69   | 0.71%             | 2055-03-10      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                            | ORACLE CORPORATION                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       | -10000000 | PA      | $78225.66     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                                   | T 4 3/4 05/15/55                     | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5650000 | PA      | $5721949.25   | 1.91%             | 2055-05-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Voyager Parent LLC                                                                             | EVRI 9 1/4 07/01/32                  | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1049106.00   | 0.35%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Notes                                                                   | T 3 5/8 10/31/30                     | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2085000 | PA      | $2076448.25   | 0.69%             | 2030-10-31      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                            | DARDEN RESTAURANTS INC               | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   7000000 | PA      | $-88252.31    | -0.03%            |  |  |  | No            | 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      | $3020793.54   | 1.01%             | 2055-05-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Biocon Biologics Global PLC                                                                    | BIOLIN 6.67 10/09/29                 | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1730580.37   | 0.58%             | 2029-10-09      | Fixed         | 6.67%                 | Yes           | 2                  | On Loan: —       |
| Farmers Exchange Capital                                                                       | FARMER 7.05 07/15/28                 | CUSIP: 309588AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $404802.76    | 0.14%             | 2028-07-15      | Fixed         | 7.05%                 | Yes           | 2                  | On Loan: No      |
| Drawbridge Special Opportunities Fund LP/ Drawbridge Special Opportunities Finance Corporation | DRAWBR 5.95 09/17/30                 | CUSIP: 26150TAF6<br>LEI: OTW7FAILU3FWEXAKRN53 | Long             | DBT              | CORP              | US        |   3695000 | PA      | $3580556.83   | 1.20%             | 2030-09-17      | Fixed         | 5.95%                 | Yes           | 2                  | On Loan: No      |
| Constellation Insurance Inc.                                                                   | OHNAT 5.55 01/24/30                  | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |   3835000 | PA      | $3880877.30   | 1.30%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Trade                                                                         | US 10yr Ultra Fut Dec25              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Short            | DIR              | CORP              | US        |      -128 | NC      | $-165606.98   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Braskem Netherlands Finance B V                                                                | BRASKM 4 1/2 01/31/30                | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   3615000 | PA      | $1457170.35   | 0.49%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Vistra Operations Co LLC                                                                       | VST 4.3 10/15/28                     | CUSIP: 92840VAX0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   5075000 | PA      | $5058721.94   | 1.69%             | 2028-10-15      | Fixed         | 4.30%                 | 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        |    465000 | PA      | $467701.76    | 0.16%             | 2028-03-20      | Fixed         | 5.15%                 | Yes           | 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