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      <regCik>0001420040</regCik>
      <regLei>549300FI2C3SP4YCHL80</regLei>
      <regStreet1>6256 Greenwich Dr</regStreet1>
      <regStreet2>SUITE 550</regStreet2>
      <regCity>SAN DIEGO</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>92122</regZipOrPostalCode>
      <regPhone>858-964-0500</regPhone>
      <seriesName>Dunham Long/Short Credit Fund</seriesName>
      <seriesId>S000020975</seriesId>
      <seriesLei>549300HNTJP4LP1J7Y67</seriesLei>
      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>18366215.00</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>FMC Corp.</name>
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        <name>Farmers Insurance Exchange Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>Flutter Treasury Designated Activity Co.</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <name>Foundry JV Holdco LLC.</name>
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        <name>Frontier Communications Holdings Llc</name>
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        <name>Frontier Communications Holdings Llc</name>
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        <name>General Motors Company</name>
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        <name>Goldman Sachs Capital I</name>
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        <name>Grand Canyon University</name>
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        <name>Hess Corporation</name>
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        <name>JBS NV / JBS USA Food Co Holdings Inc. / JBS USA Foods Group Holdings Inc.</name>
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        <name>MARICOPA CNTY ARIZ INDL DEV AUTH</name>
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        <name>Constellation Insurance Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Pacific Life Insurance Co.</name>
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        <name>Rakuten Group Inc.</name>
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        <name>Rakuten Group Inc.</name>
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        <name>Scentre Group Trust 2</name>
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        <name>Societe Generale S.A.</name>
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        <name>Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC</name>
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        <name>State Street Corp.</name>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <name>Venture Global LNG Inc.</name>
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        <name>Paramount Global</name>
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        <name>CDX.NA.IG SERIES 45</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-923361.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.IG Series 45</indexName>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">N/A</otherRecDesc>
            <fixedPmntDesc amount="-48972.22000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <terminationDt>2030-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-994753.90000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>41000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>71392.11000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CDX.NA.HY SERIES 45</name>
        <lei>N/A</lei>
        <title>MARKIT CDX.NA.HY.45 12/30</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CDXNAHY45"/>
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        <balance>16830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1407714.00000000</valUSD>
        <pctVal>-0.44664485313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.HY SERIES 45</indexName>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">N/A</otherRecDesc>
            <fixedPmntDesc amount="-100512.50000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <terminationDt>2030-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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            <upfrontRcpt>-1441696.34000000</upfrontRcpt>
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            <notionalAmt>16830000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>33982.34000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>DARDEN RESTAURANTS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="DARDN1718"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-77441.64000000</valUSD>
        <pctVal>-0.02457097814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Darden Restaurants Inc.</issuerName>
                <issueTitle>Darden Restaurants Inc.</issueTitle>
                <identifiers>
                  <isin value="US237194AL90"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">N/A</otherRecDesc>
            <fixedPmntDesc amount="-8361.11000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <terminationDt>2027-06-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-6433.22000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-71008.42000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 5YR NOTE (CBT) Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVH6 COMDTY"/>
        </identifiers>
        <balance>-139.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>114203.12000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 5 Year US Treasury Note</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-04-01</expDate>
            <notionalAmt>-15255429.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>114203.12000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IBOXXHY SWAP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="IBOXX1741            00001"/>
        </identifiers>
        <balance>35787.32900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-152860.15000000</valUSD>
        <pctVal>-0.04850004990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>iBoxx High Yield</indexName>
                <indexIdentifier>IBOXHYIND</indexIdentifier>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.00000010" pmntAmt="57345.48000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="3"/>
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            <otherPmntDesc fixedOrFloating="Other">performance</otherPmntDesc>
            <terminationDt>2026-03-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>13999999.58000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-152860.15000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LENNAR CORPORATION</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="LNNAR1718            00001"/>
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        <balance>-5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>794110.42000000</valUSD>
        <pctVal>0.251958375004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Lennar Corporation</issuerName>
                <issueTitle>Lennar Corporation</issueTitle>
                <identifiers>
                  <isin value="US526057CD41"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="29861.11000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">N/A</otherPmntDesc>
            <terminationDt>2029-12-20</terminationDt>
            <upfrontPmnt>768273.73000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-5000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>25836.69000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY CAPITAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="NEECD1718            00001"/>
        </identifiers>
        <balance>-7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>136561.28000000</valUSD>
        <pctVal>0.043328682423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Nextera Energy Capital</issuerName>
                <issueTitle>Nextera Energy Capital</issueTitle>
                <identifiers>
                  <isin value="US65339KBY55"/>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="8361.11000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">N/A</otherPmntDesc>
            <terminationDt>2030-06-20</terminationDt>
            <upfrontPmnt>114877.40000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-7000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>21683.88000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ORACLE CORPORATION</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="ORCL1718             00001"/>
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        <balance>-10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-238457.70000000</valUSD>
        <pctVal>-0.07565876619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Sempra</issuerName>
                <issueTitle>Oracle Corporation</issueTitle>
                <identifiers>
                  <isin value="US68389XBN49"/>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="11944.44000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">N/A</otherPmntDesc>
            <terminationDt>2030-12-20</terminationDt>
            <upfrontPmnt>185209.52000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-10000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-423667.22000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SEMPRA ENERGY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SRECD1718"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-193196.07000000</valUSD>
        <pctVal>-0.06129798404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Sempra</issuerName>
                <issueTitle>Sempra</issueTitle>
                <identifiers>
                  <isin value="US816851BA63"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">N/A</otherRecDesc>
            <fixedPmntDesc amount="-8361.11000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <terminationDt>2030-06-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
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            <notionalAmt>7000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-13381.88000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TOLL BROTHERS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="TOLBI1718"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-79076.50000000</valUSD>
        <pctVal>-0.02508969274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Toll Brothers Inc</issuerName>
                <issueTitle>Toll Brothers Inc</issueTitle>
                <identifiers>
                  <isin value="US88947EAT73"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">N/A</otherRecDesc>
            <fixedPmntDesc amount="-5972.22000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <terminationDt>2029-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-46887.46000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-32189.04000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10YR NOTE (CBT)Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYH6 COMDTY"/>
        </identifiers>
        <balance>-31.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>46257.82000000</valUSD>
        <pctVal>0.014676857103</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 10 Year US Treasury Note</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>-3512929.70000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>46257.82000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US LONG BOND(CBT) Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USH6 COMDTY"/>
        </identifiers>
        <balance>-56.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>128838.83000000</valUSD>
        <pctVal>0.040878474109</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT US Treasure Bond Futures</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>-6575838.83000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>128838.83000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10yr Ultra Fut Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXYH6 COMDTY"/>
        </identifiers>
        <balance>-125.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>226925.00000000</valUSD>
        <pctVal>0.071999627265</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Ultra 10-Year US Treasury Note</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>-14496456.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>226925.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>VERIZON COMMUNICATIONS IN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="VERCM1718            00001"/>
        </identifiers>
        <balance>-7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66013.05000000</valUSD>
        <pctVal>0.020944871630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Verizon Communications Inc</issuerName>
                <issueTitle>Verizon Communications Inc</issueTitle>
                <identifiers>
                  <isin value="US92343VDY74"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="8361.11000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">N/A</otherPmntDesc>
            <terminationDt>2027-06-20</terminationDt>
            <upfrontPmnt>1157.72000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-7000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>64855.33000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US ULTRA BOND CBT Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNH6 COMDTY"/>
        </identifiers>
        <balance>-41.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>146007.35000000</valUSD>
        <pctVal>0.046325767447</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>HSBC SECURITIES</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Ultra U.S. Treasury Bond Futur</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>-4960944.85000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>146007.35000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Dunham Funds</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
