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      <registrantType>RMIC</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
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        <issuerCredentials>
          <cik>0001420040</cik>
          <ccc>XXXXXXXX</ccc>
          <!--Field: Pseudo-Tag; ID: Name; Data:-->
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      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
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      <investmentCompanyType>N-1A</investmentCompanyType>
      <periodOfReport>06/30/2025</periodOfReport>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham Long/Short Credit Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Long/Short Credit Fund Class A-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Long/Short Credit Fund Class C-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham Corporate/Government Bond Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Corporate/Government Bond Fund Class A-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham High Yield Bond Fund-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham Dynamic Macro Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Dynamic Macro Fund Class A-->
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          <classInfo>
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Dynamic Macro Fund Class C-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham International Opportunity Bond Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham International Opportunity Bond Fund Class A-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham International Opportunity Bond Fund Class C-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham International Opportunity Bond Fund Class N-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham Floating Rate Bond Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Floating Rate Bond Fund Class C-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham Floating Rate Bond Fund Class N-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Dunham U.S. Enhanced Market Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham U.S. Enhanced Market Fund Class C-->
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          <classInfo>
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham U.S. Enhanced Market Fund Class N-->
          </classInfo>
          <classInfo>
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Dunham U.S. Enhanced Market Fund Class A-->
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    <coverPage>
      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2025</reportCalendarYear>
      <reportingPerson>
        <name>Dunham Funds</name>
        <phoneNumber>1-858-964-0500</phoneNumber>
        <address>
          <com:street1>6256 GREENWICH DRIVE</com:street1>
          <com:street2>SUITE 550</com:street2>
          <com:city>SAN DIEGO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92122</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>Jeffrey A. Dunham</name>
        <address>
          <com:street1>Dunham Funds</com:street1>
          <com:street2>6256 Greenwich Drive, Suite 550</com:street2>
          <com:city>San Diego</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92122</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>FUND NOTICE REPORT</reportType>
      </reportInfo>
      <fileNumber>811-22153</fileNumber>
      <reportingSecFileNumber>333-147999</reportingSecFileNumber>
      <leiNumber>549300FI2C3SP4YCHL80</leiNumber>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
      </explanatoryInformation>
    </coverPage>
    <seriesPage>
      <seriesCount>7</seriesCount>
      <seriesDetails>
        <seriesReports>
          <idOfSeries>S000028743</idOfSeries>
          <nameOfSeries>Dunham Dynamic Macro Fund</nameOfSeries>
          <leiOfSeries>549300QCEJLNTIYU7A30</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000042247</idOfSeries>
          <nameOfSeries>Dunham International Opportunity Bond Fund</nameOfSeries>
          <leiOfSeries>549300CZHQ4VN7TRVE44</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000020975</idOfSeries>
          <nameOfSeries>Dunham Long/Short Credit Fund</nameOfSeries>
          <leiOfSeries>549300HNTJP4LP1J7Y67</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000080196</idOfSeries>
          <nameOfSeries>Dunham U.S. Enhanced Market Fund</nameOfSeries>
          <leiOfSeries>5493000BIM0RGYJXR847</leiOfSeries>
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          <idOfSeries>S000020976</idOfSeries>
          <nameOfSeries>Dunham Corporate/Government Bond Fund</nameOfSeries>
          <leiOfSeries>549300TMDJ8PGJIEKS74</leiOfSeries>
        </seriesReports>
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          <idOfSeries>S000042248</idOfSeries>
          <nameOfSeries>Dunham Floating Rate Bond Fund</nameOfSeries>
          <leiOfSeries>549300UGWNBB21ENNS29</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000020978</idOfSeries>
          <nameOfSeries>Dunham High Yield Bond Fund</nameOfSeries>
          <leiOfSeries>549300EMO57TQ4UQFX73</leiOfSeries>
        </seriesReports>
      </seriesDetails>
    </seriesPage>
    <signaturePage>
      <reportingPerson>Dunham Funds</reportingPerson>
      <txSignature>/s/ Jeffrey A. Dunham</txSignature>
      <txPrintedSignature>/s/ Jeffrey A. Dunham</txPrintedSignature>
      <txTitle>President</txTitle>
      <txAsOfDate>08/25/2025</txAsOfDate>
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