# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001752724-25-162766
**Filing Date:** 2025-6
**Character Count:** 17491
**Document Hash:** 201ab00548802c0942e69503486b7d8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-162766.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-162766

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 251089878

**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 Real Estate Stock Fund (Series ID: S000020971)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000059508 | Dunham Real Estate Stock Fund Class A | DAREX           |
| C000059509 | Dunham Real Estate Stock Fund Class C | DCREX           |
| C000059510 | Dunham Real Estate Stock Fund Class N | DNREX           |

## 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 Real Estate Stock Fund

- **b. EDGAR series identifier (if any):** S000020971

- **c. LEI of Series:** 549300NHRSYVLPC3PQ36

**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:** $50847202.00

**Total Liabilities:** $60531.53

**Net Assets:** $50786670.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000059508 | -0.42%               | -5.47%               | -2.33%               |
| Class ID C000059509 | -0.47%               | -5.59%               | -2.33%               |
| Class ID C000059510 | -0.43%               | -5.44%               | -2.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11768.92                | $-188889.62                                |
| Month 2  | $-2362960.08             | $-533913.23                                |
| Month 3  | $-69265.10               | $-657173.27                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Agnc Investment Corp                  | AGNC INVESTMENT                      | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     70851 | NS      | $625614.33    | 1.23%             |  |  |  | No            | 1                  | On Loan: —       |
| Alexandria Real Estate Equities, Inc. | ALEXANDRIA REAL                      | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     12077 | NS      | $877514.82    | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                 | AMERICAN HOMES-A                     | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     11330 | NS      | $423628.70    | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| American Tower Corporation            | AMERICAN TOWER C                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     18626 | NS      | $4198486.66   | 8.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc            | AMERICOLD REALTY                     | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     10064 | NS      | $194637.76    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Annaly Capital Management, Inc.       | ANNALY CAPITAL M                     | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     33554 | NS      | $657658.40    | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities, Inc.           | AVALONBAY COMMUN                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      4608 | NS      | $967587.84    | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackstone Inc                        | BLACKSTONE INC                       | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      3325 | NS      | $437935.75    | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| CBRE Group Inc.                       | CBRE GROUP INC-A                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     11714 | NS      | $1431216.52   | 2.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Cadiz Inc                             | CADIZ INC                            | CUSIP: 127537207<br>LEI: 549300PFFIS1TCKZS151 | Long             | EC               | CORP              | US        |    137154 | NS      | $389517.36    | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Costar Group Inc                      | COSTAR GROUP INC                     | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15171 | NS      | $1125233.07   | 2.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Crown Castle Inc.                     | CROWN CASTLE INC                     | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     23391 | NS      | $2473832.16   | 4.87%             |  |  |  | No            | 1                  | On Loan: No      |
| CubeSmart (Maryland)                  | CUBESMART                            | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8535 | NS      | $347118.45    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc.             | DIGITAL REALTY                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     14630 | NS      | $2348700.20   | 4.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix, Inc.                         | EQUINIX INC                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      4041 | NS      | $3478290.75   | 6.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Lifestyle Properties Inc       | EQUITY LIFESTYLE                     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      7022 | NS      | $454885.16    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                    | EQUITY RESIDENTI                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     11577 | NS      | $813400.02    | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc.              | EXTRA SPACE STOR                     | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      8127 | NS      | $1190768.04   | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Colchester Street Trust      | FID-MM GOVT-I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    627465 | PA      | $627464.88    | 1.24%             |  |  |  | No            | 1                  | On Loan: No      |
| FTAI Infrastructure Inc               | FTAI INFRASTRUCT                     | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    625997 | NS      | $2704307.04   | 5.32%             |  |  |  | No            | 1                  | On Loan: No      |
| GE Vernova Inc.                       | GE VERNOVA LLC                       | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1888 | NS      | $700108.16    | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc.                 | INVITATION HOMES                     | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     21127 | NS      | $722332.13    | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc.                    | IRON MOUNTAIN                        | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     12564 | NS      | $1126613.88   | 2.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Kirby Corp                            | KIRBY CORP                           | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      2096 | NS      | $201991.52    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| MGM Resorts International             | MGM RESORTS INTE                     | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     29881 | NS      | $940056.26    | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| The Macerich Company                  | MACERICH CO                          | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     98342 | NS      | $1441693.72   | 2.84%             |  |  |  | No            | 1                  | On Loan: No      |
| New Fortress Energy Inc.              | NEW FORTRESS ENE                     | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |    113756 | NS      | $617695.08    | 1.22%             |  |  |  | No            | 1                  | On Loan: —       |
| Newlake Capital Partners Inc          | NEWLAKE CAPITAL                      | CUSIP: 651495103<br>LEI: 549300SW6G33FGNP2338 | Long             | EC               | CORP              | US        |     68859 | NS      | $986060.88    | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc.                         | PROLOGIS INC                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     35542 | NS      | $3632392.40   | 7.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                        | PUBLIC STORAGE                       | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4225 | NS      | $1269316.75   | 2.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc.        | REXFORD INDUSTRI                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     10379 | NS      | $343544.90    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| SBA Communications Corp.              | SBA COMM CORP                        | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      4488 | NS      | $1092379.20   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc              | SIMON PROPERTY                       | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     10989 | NS      | $1729448.82   | 3.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Communities, Inc.                 | SUN COMMUNITIES                      | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      4609 | NS      | $573497.87    | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Ventas Inc.                           | VENTAS INC                           | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     24329 | NS      | $1704976.32   | 3.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Vici Properties Inc                   | VICI PROPERTIES                      | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     35304 | NS      | $1130434.08   | 2.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower OP LLC                      | WELLTOWER INC                        | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9346 | NS      | $1426106.14   | 2.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Company                  | WEYERHAEUSER CO                      | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     22192 | NS      | $574994.72    | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Wynn Resorts Limited                  | WYNN RESORTS LTD                     | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     21255 | NS      | $1706989.05   | 3.36%             |  |  |  | No            | 1                  | On Loan: —       |
| Zillow Group Inc                      | ZILLOW GRO-C                         | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      6808 | NS      | $458382.64    | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| 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      |
| FTAI Aviation Ltd                     | FTAI AVIATION LT                     | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     24641 | NS      | $2639297.51   | 5.20%             |  |  |  | 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