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        <name>Delta Air Lines Inc.</name>
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      <invstOrSec>
        <name>Walt Disney Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Duke Energy Corp</name>
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        <name>Dupont De Nemours Inc</name>
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        <name>EOG Resources Inc.</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Equity Lifestyle Properties Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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        <name>Exxon Mobil Corp.</name>
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        <name>Meta Platforms Inc</name>
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        <name>Fox Corporation</name>
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      <invstOrSec>
        <name>Freeport-McMoRan Inc.</name>
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        <name>GE Vernova Inc.</name>
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        <name>General Motors Company</name>
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        <name>Gilead Sciences Inc.</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>The Hartford Insurance Group Inc.</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Knight-Swift Transportation Holdings Inc.</name>
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        <name>L3 Harris Technologies Inc</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>Martin Marietta Materials Inc</name>
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        <name>Merck &amp; Co., Inc</name>
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        <name>Microsoft Corp.</name>
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        <name>Micron Technology Inc.</name>
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        <name>Mondelez International, Inc.</name>
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        <name>Motorola Solutions Inc</name>
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        <name>NextEra Energy Inc</name>
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        <name>ON Semiconductor Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Otis Worldwide Corp.</name>
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        <name>Owens Corning</name>
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        <name>Parker-Hannifin Corp.</name>
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        <name>Pepsico Inc</name>
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        <name>The Procter &amp; Gamble Co.</name>
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        <name>Prologis Inc.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Public Storage</name>
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        <name>Qnity Electronics Inc.</name>
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        <name>Quanta Services, Inc.</name>
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        <name>Rockwell Automation, Inc.</name>
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        <name>SLB Ltd.</name>
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        <name>Service Corporation International</name>
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        <name>Short-Term Invts T</name>
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        <name>Stryker Corporation</name>
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        <name>The TJX Companies Inc.</name>
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        <name>Thermo Fisher Scientific Inc</name>
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        </identifiers>
        <balance>5139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2973476.79000000</valUSD>
        <pctVal>1.409623837088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Travelers Companies, Inc.</name>
        <lei>549300Y650407RU8B149</lei>
        <title>TRAVELERS COS IN</title>
        <cusip>89417E109</cusip>
        <identifiers>
          <isin value="US89417E1091"/>
        </identifiers>
        <balance>10602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3016375.02000000</valUSD>
        <pctVal>1.429960423464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TRUIST FINANCIAL</title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
        </identifiers>
        <balance>17097.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>879127.74000000</valUSD>
        <pctVal>0.416764449723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GRP</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
        </identifiers>
        <balance>7993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2293431.49000000</valUSD>
        <pctVal>1.087237575859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNIC</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <isin value="US92343V1044"/>
        </identifiers>
        <balance>45051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2005670.52000000</valUSD>
        <pctVal>0.950819923614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO</title>
        <cusip>949746101</cusip>
        <identifiers>
          <isin value="US9497461015"/>
        </identifiers>
        <balance>46433.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4201722.17000000</valUSD>
        <pctVal>1.991893041699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MOUNT VERNON LIQUID ASSETS PORTFOLIO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13518742.75000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Controls International PLC</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>JOHNSON CONTROLS</title>
        <cusip>G51502105</cusip>
        <identifiers>
          <isin value="IE00BY7QL619"/>
        </identifiers>
        <balance>26646.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3177801.96000000</valUSD>
        <pctVal>1.506487424898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>LINDE PLC</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
        </identifiers>
        <balance>9096.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4156599.12000000</valUSD>
        <pctVal>1.970501744112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>
