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          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dunham &amp; Associates Investment Counsel, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-25803</investmentAdviserFileNo>
            <investmentAdviserCrdNo>N/A</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Logan Circle Partners LP</subAdviserName>
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            <subAdviserCrdNo>N/A</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-PA" subAdviserCountry="US"/>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2018-07-01"/>
          </subAdviser>
        </subAdvisers>
        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>PENN Capital Management Co., Inc.</subAdviserTerminatedName>
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            <subAdviserTerminatedLei>N/A</subAdviserTerminatedLei>
            <subAdviserTerminatedStateCountry subAdviserTerminatedState="US-PA" subAdviserTerminatedCountry="US"/>
            <subAdviserTerminationDate>2018-06-30</subAdviserTerminationDate>
          </subAdviserTerminated>
        </subAdvisersTerminated>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US Bank</custodianName>
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            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dunham &amp; Associates Investment Counsel, Inc.</shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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          </shareholderServicingAgent>
        </shareholderServicingAgents>
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        <admins>
          <admin>
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            <idNumberDesc>N/A</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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        <principalTransactions>
          <principalTransaction>
            <principalName>Nomura Group</principalName>
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            <principalCountry>JP</principalCountry>
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          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays</principalName>
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          <principalTransaction>
            <principalName>Citigroup</principalName>
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          <principalTransaction>
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          <principalTransaction>
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            <principalCountry>CA</principalCountry>
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          </principalTransaction>
          <principalTransaction>
            <principalName>Moelis &amp; Company</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Chase</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>13097241.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
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            <principalCountry>DE</principalCountry>
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          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs</principalName>
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            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>18360632.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>163527270.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>25560809.00000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>40000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="U.S Bank"/>
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              <sharedCreditType creditType="Shared">
                <creditUser fundName="Dunham High-Yield Bond Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham Focused Large Cap Growth Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham Corporate/Government Bond Fund" secFileNo="N/A"/>
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                <creditUser fundName="Dunham Floating Rate Bond Fund" secFileNo="N/A"/>
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                <creditUser fundName="Dunham Real Estate Stock Fund" secFileNo="N/A"/>
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                <creditUser fundName="Dunham International Stock Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham Small Cap Growth Fund" secFileNo="N/A"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Dunham Alternative Dividend Fund</mgmtInvFundName>
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        <isFirstFilingByFund>Y</isFirstFilingByFund>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Dunham Alternative Dividend Fund Class A" sharesOutstandingClassId="C000172684" sharesOutstandingTickerSymbol="DADHX"/>
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          <sharesOutstanding sharesOutstandingClassName="Dunham Alternative Dividend Fund Class C" sharesOutstandingClassId="C000172685" sharesOutstandingTickerSymbol="DCDHX"/>
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>U.S Bancorp Asset Management, Inc.</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="U.S Bancorp Asset Management, Inc." idemnityProviderLei="N/A"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
          <otherFeeDesc>75% Funds/25% Securities Lending Agent</otherFeeDesc>
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        <netIncomeSecuritiesLending>31350.00</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17e-1 (17 CFR 270.17e-1)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dunham &amp; Associates Investment Counsel, Inc.</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Sungarden Fund Management</subAdviserName>
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            <isSubAdviserHired>N</isSubAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>US Bank</custodianName>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dunham &amp; Associates Investment Counsel, Inc.</shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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            <adminName>Gemini Fund Services, LLC</adminName>
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            <principalName>BANK OF AMERICA MERRILL LYNCH</principalName>
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        <principalAggregatePurchase>224100.00000000</principalAggregatePurchase>
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        <lineOfCredit hasLineOfCredit="Y">
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>U.S Bancorp Asset Management, Inc.</securitiesAgentName>
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                <idemnityProvider idemnityProviderName="U.S Bancorp Asset Management, Inc." idemnityProviderLei="N/A"/>
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        <paymentToAgentManagers>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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      <managementInvestmentQuestion>
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        <securityLendings>
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        <paymentToAgentManagers>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dunham &amp; Associates Investment Counsel, Inc.</shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
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            <idNumberDesc>N/A</idNumberDesc>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>7752.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>US Bancorp.</principalName>
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            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
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        <principalAggregatePurchase>13370000.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>84615076.00000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
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              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="U.S Bank National Association"/>
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              <sharedCreditType creditType="Shared">
                <creditUser fundName="Dunham Corporate/Government Bond Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham Monthly Distribution Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham High-Yield Bond Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham International Opportunity Bond Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham Focused Large Cap Growth Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham International Stock Fund" secFileNo="N/A"/>
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                <creditUser fundName="Dunham Emerging Markets Stock Fund" secFileNo="N/A"/>
                <creditUser fundName="Dunham Small Cap Growth Fund" secFileNo="N/A"/>
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        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
          <otherFeeDesc>75% Funds/25% Securities Lending Agent</otherFeeDesc>
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        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dunham &amp; Associates Investment Counsel, Inc.</investmentAdviserName>
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            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Peirmont Capital Management, LLC</subAdviserName>
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            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-NY" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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        <custodians>
          <custodian>
            <custodianName>US Bank</custodianName>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
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          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <principalTransaction>
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        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <fundType>N/A</fundType>
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        <fundLendSecurities didFundLendSecurities="Y">
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
          <otherFeeDesc>75% Funds/25% Securities Lending Agent</otherFeeDesc>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Bailard, Inc.</subAdviserName>
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          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <custodian>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Dunham Large Cap Value Fund</mgmtInvFundName>
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          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
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        <investmentAdvisers>
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          <subAdviser>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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        <admins>
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            <adminName>Gemini Fund Services, LLC</adminName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Dunham Corporate/Government Bond Fund</mgmtInvFundName>
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    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
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    <signature registrantSignedName="Dunham Funds" signedDate="2018-12-31" signature="James Colantino" title="Assistant Treasurer"/>
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</edgarSubmission>
