# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001580642-26-000189
**Filing Date:** 2026-1
**Character Count:** 1002723
**Document Hash:** 21f9ea284fad1a72172bad6b42d843c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000189.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000189

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 129

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 26522008

**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           |

### Dunham Large Cap Value Fund (Series ID: S000020972)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000059511 | Dunham Large Cap Value Fund Class A | DALVX           |
| C000059512 | Dunham Large Cap Value Fund Class C | DCLVX           |
| C000059513 | Dunham Large Cap Value Fund Class N | DNLVX           |

### Dunham Small Cap Growth Fund (Series ID: S000020973)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000059514 | Dunham Small Cap Growth Fund Class A | DADGX           |
| C000059515 | Dunham Small Cap Growth Fund Class C | DCDGX           |
| C000059516 | Dunham Small Cap Growth Fund Class N | DNDGX           |

### Dunham Small Cap Value Fund (Series ID: S000020974)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000059517 | Dunham Small Cap Value Fund Class A | DASVX           |
| C000059518 | Dunham Small Cap Value Fund Class C | DCSVX           |
| C000059519 | Dunham Small Cap Value Fund Class N | DNSVX           |

### Dunham Long/Short Credit Fund (Series ID: S000020975)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000059520 | Dunham Long/Short Credit Fund Class A | DAAIX           |
| C000059521 | Dunham Long/Short Credit Fund Class C | DCAIX           |
| C000059522 | Dunham Long/Short Credit Fund Class N | DNAIX           |

### Dunham Corporate/Government Bond Fund (Series ID: S000020976)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000059523 | Dunham Corporate/Government Bond Fund Class A | DACGX           |
| C000059524 | Dunham Corporate/Government Bond Fund Class C | DCCGX           |
| C000059525 | Dunham Corporate/Government Bond Fund Class N | DNCGX           |

### Dunham Emerging Markets Stock Fund (Series ID: S000020977)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000059526 | Dunham Emerging Markets Stock Fund Class A | DAEMX           |
| C000059527 | Dunham Emerging Markets Stock Fund Class C | DCEMX           |
| C000059528 | Dunham Emerging Markets Stock Fund Class N | DNEMX           |

### Dunham High Yield Bond Fund (Series ID: S000020978)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000059529 | Dunham High Yield Bond Fund Class A | DAHYX           |
| C000059530 | Dunham High Yield Bond Fund Class C | DCHYX           |
| C000059531 | Dunham High Yield Bond Fund Class N | DNHYX           |

### Dunham International Stock Fund (Series ID: S000020979)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000059532 | Dunham International Stock Fund Class A | DAINX           |
| C000059533 | Dunham International Stock Fund Class C | DCINX           |
| C000059534 | Dunham International Stock Fund Class N | DNINX           |

### Dunham Monthly Distribution Fund (Series ID: S000022888)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000066378 | Dunham Monthly Distribution Fund Class A | DAMDX           |
| C000066379 | Dunham Monthly Distribution Fund Class C | DCMDX           |
| C000066380 | Dunham Monthly Distribution Fund Class N | DNMDX           |

### Dunham Dynamic Macro Fund (Series ID: S000028743)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000087895 | Dunham Dynamic Macro Fund Class A | DAAVX           |
| C000087896 | Dunham Dynamic Macro Fund Class C | DCAVX           |
| C000087897 | Dunham Dynamic Macro Fund Class N | DNAVX           |

### Dunham Focused Large Cap Growth Fund (Series ID: S000034854)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000107185 | Dunham Focused Large Cap Growth Fund Class A | DAFGX           |
| C000107186 | Dunham Focused Large Cap Growth Fund Class C | DCFGX           |
| C000107187 | Dunham Focused Large Cap Growth Fund Class N | DNFGX           |

### Dunham International Opportunity Bond Fund (Series ID: S000042247)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000131120 | Dunham International Opportunity Bond Fund Class A | DAIOX           |
| C000131121 | Dunham International Opportunity Bond Fund Class C | DCIOX           |
| C000131122 | Dunham International Opportunity Bond Fund Class N | DNIOX           |

### Dunham Floating Rate Bond Fund (Series ID: S000042248)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000131123 | Dunham Floating Rate Bond Fund Class A | DAFRX           |
| C000131124 | Dunham Floating Rate Bond Fund Class C | DCFRX           |
| C000131125 | Dunham Floating Rate Bond Fund Class N | DNFRX           |

### Dunham U.S. Enhanced Market Fund (Series ID: S000080196)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000241912 | Dunham U.S. Enhanced Market Fund Class C |  |
| C000241913 | Dunham U.S. Enhanced Market Fund Class N |  |
| C000241914 | Dunham U.S. Enhanced Market Fund Class A |  |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **WASHINGTON, D.C. 20549** |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** |
| **INVESTMENT COMPANIES** |

---

Investment Company Act file number <u>811-22153</u>

<u>Dunham Funds</u> <br> (Exact name of registrant as specified in charter)

<u>6256 Greenwich Dr. Ste. 550, San Diego, CA</u> <u>92122</u> <br> (Address of principal executive offices) (Zip code)

Timothy Burdick <br> <u>Ultimus Fund Solutions LLC., 4221 N 203<sup>rd</sup> St., Suite 100, Elkhorn, NE 68022</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u>

Date of fiscal year end: <u>10/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date of reporting period: <u>10/31/25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Item 1. Reports to Stockholders.**

(a) #### Dunham Corporate/Government Bond Fund

#### Class A (DACGX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia183b04cbfeb2fcdecf3b80e.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/corpgov/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $130 | 1.26% |

---

# How did the Fund perform during the reporting period?
**Sector allocation positively contributed to relative Fund performance over the fiscal year.** The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to corporate high-yield credit positively impacted relative performance from an allocation perspective. The largest detractor was the underweight to agency mortgage-backed securities, as that sector outperformed the overall index.

**Credit selection positively contributed to relative Fund performance over the fiscal year.** The Fund's top two sectors from a credit selection standpoint were investment-grade corporate debt and agency mortgage-backed securities. Security selection within bank loans and non-agency residential mortgage-backed securities acted as a relative detractor to Fund performance for the fiscal year.

**The Fund's duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year.** The Fund's underweight to duration relative to the benchmark index detracted from performance, as the benchmark's higher duration exposure benefited more from the decline in interest rates.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3974f5ac0f59912e7eb07587.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Corporate/Government Bond Fund - Class A** | **Dunham Corporate/Government Bond Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Intermediate Core Plus Bond Category** |
| **Oct-2015** | $10000 | $9548 | $10000 | $10000 |
| **Oct-2016** | $10384 | $9914 | $10437 | $10567 |
| **Oct-2017** | $10536 | $10060 | $10531 | $10800 |
| **Oct-2018** | $10202 | $9741 | $10315 | $10781 |
| **Oct-2019** | $11224 | $10716 | $11502 | $11191 |
| **Oct-2020** | $11775 | $11243 | $12214 | $11472 |
| **Oct-2021** | $11891 | $11353 | $12155 | $11700 |
| **Oct-2022** | $10073 | $9618 | $10249 | $9977 |
| **Oct-2023** | $10174 | $9714 | $10286 | $10169 |
| **Oct-2024** | $11303 | $10792 | $11370 | $11506 |
| **Oct-2025** | $11890 | $11353 | $12071 | $11971 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Corporate/Government Bond Fund |  |  |  |
| Class A Without Load | 5.20% | 0.20% | 1.75% |
| Class A With Load | 0.48% | -0.72% | 1.28% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Morningstar Intermediate Core Plus Bond Category | 4.04% | 0.85% | 1.81% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $309118515 |
| Number of Portfolio Holdings | 653 |
| Total Advisory Fee | $1928108 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iad2f02c943f4a0dd84d40bd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 24.5% |
| Corporate Bonds | 31.1% |
| Exchange-Traded Funds | 1.0% |
| Money Market Funds | 4.8% |
| Non U.S. Government & Agencies | 2.7% |
| Term Loans | 4.0% |
| U.S. Government & Agencies | 31.9% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ieb91627c2218b476a2961cd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.3% |
| Real Estate | 0.3% |
| CLO | 0.4% |
| Fixed Income | 1.0% |
| Materials | 1.6% |
| Consumer Staples | 1.7% |
| Communications | 2.0% |
| Consumer Discretionary | 2.4% |
| Technology | 2.5% |
| Sovereign | 2.8% |
| Utilities | 3.0% |
| Health Care | 3.2% |
| Industrials | 3.6% |
| Energy | 4.0% |
| CMBS | 4.6% |
| Money Market Funds | 4.9% |
| CMO | 9.3% |
| ABS | 10.7% |
| Financials | 11.6% |
| MBS Passthrough | 14.8% |
| U.S. Treasury Obligations | 17.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 02/15/35 | 2.1% |
| United States Treasury Note, 4.625%, 02/15/55 | 2.0% |
| Freddie Mac Pool, 5.000%, 01/01/55 | 1.9% |
| United States Treasury Note, 4.625%, 05/15/54 | 1.9% |
| United States Treasury Note, 4.250%, 05/15/35 | 1.7% |
| United States Treasury Note, 4.250%, 02/15/54 | 1.5% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.2% |
| Fannie Mae Pool, 4.000%, 03/01/55 | 1.1% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.1% |
| Fannie Mae Pool, 5.000%, 04/01/54 | 1.1% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i5d32e557a59af66197291500.jpg)

#### Dunham Corporate/Government Bond Fund - Class A (DACGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/corpgov/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DACGX

#### Dunham Corporate/Government Bond Fund

#### Class C (DCCGX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia183b04cbfeb2fcdecf3b80e.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/corpgov/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $180 | 1.76% |

---

# How did the Fund perform during the reporting period?
**Sector allocation positively contributed to relative Fund performance over the fiscal year.** The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to corporate high-yield credit positively impacted relative performance from an allocation perspective. The largest detractor was the underweight to agency mortgage-backed securities, as that sector outperformed the overall index.

**Credit selection positively contributed to relative Fund performance over the fiscal year.** The Fund's top two sectors from a credit selection standpoint were investment-grade corporate debt and agency mortgage-backed securities. Security selection within bank loans and non-agency residential mortgage-backed securities acted as a relative detractor to Fund performance for the fiscal year.

**The Fund's duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year.** The Fund's underweight to duration relative to the benchmark index detracted from performance, as the benchmark's higher duration exposure benefited more from the decline in interest rates.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i55269bbb1c58adf4a02026da.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham Corporate/Government Bond Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Intermediate Core Plus Bond Category** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $10327 | $10437 | $10567 |
| **Oct-2017** | $10428 | $10531 | $10800 |
| **Oct-2018** | $10045 | $10315 | $10781 |
| **Oct-2019** | $11003 | $11502 | $11191 |
| **Oct-2020** | $11475 | $12214 | $11472 |
| **Oct-2021** | $11530 | $12155 | $11700 |
| **Oct-2022** | $9723 | $10249 | $9977 |
| **Oct-2023** | $9771 | $10286 | $10169 |
| **Oct-2024** | $10801 | $11370 | $11506 |
| **Oct-2025** | $11302 | $12071 | $11971 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Corporate/Government Bond Fund | 4.64% | -0.30% | 1.23% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Morningstar Intermediate Core Plus Bond Category | 4.04% | 0.85% | 1.81% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $309118515 |
| Number of Portfolio Holdings | 653 |
| Total Advisory Fee | $1928108 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iad2f02c943f4a0dd84d40bd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 24.5% |
| Corporate Bonds | 31.1% |
| Exchange-Traded Funds | 1.0% |
| Money Market Funds | 4.8% |
| Non U.S. Government & Agencies | 2.7% |
| Term Loans | 4.0% |
| U.S. Government & Agencies | 31.9% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ieb91627c2218b476a2961cd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.3% |
| Real Estate | 0.3% |
| CLO | 0.4% |
| Fixed Income | 1.0% |
| Materials | 1.6% |
| Consumer Staples | 1.7% |
| Communications | 2.0% |
| Consumer Discretionary | 2.4% |
| Technology | 2.5% |
| Sovereign | 2.8% |
| Utilities | 3.0% |
| Health Care | 3.2% |
| Industrials | 3.6% |
| Energy | 4.0% |
| CMBS | 4.6% |
| Money Market Funds | 4.9% |
| CMO | 9.3% |
| ABS | 10.7% |
| Financials | 11.6% |
| MBS Passthrough | 14.8% |
| U.S. Treasury Obligations | 17.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 02/15/35 | 2.1% |
| United States Treasury Note, 4.625%, 02/15/55 | 2.0% |
| Freddie Mac Pool, 5.000%, 01/01/55 | 1.9% |
| United States Treasury Note, 4.625%, 05/15/54 | 1.9% |
| United States Treasury Note, 4.250%, 05/15/35 | 1.7% |
| United States Treasury Note, 4.250%, 02/15/54 | 1.5% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.2% |
| Fannie Mae Pool, 4.000%, 03/01/55 | 1.1% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.1% |
| Fannie Mae Pool, 5.000%, 04/01/54 | 1.1% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i5d32e557a59af66197291500.jpg)

#### Dunham Corporate/Government Bond Fund - Class C (DCCGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/corpgov/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCCGX

#### Dunham Corporate/Government Bond Fund

#### Class N (DNCGX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia183b04cbfeb2fcdecf3b80e.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/corpgov/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $104 | 1.01% |

---

# How did the Fund perform during the reporting period?
**Sector allocation positively contributed to relative Fund performance over the fiscal year.** The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to corporate high-yield credit positively impacted relative performance from an allocation perspective. The largest detractor was the underweight to agency mortgage-backed securities, as that sector outperformed the overall index.

**Credit selection positively contributed to relative Fund performance over the fiscal year.** The Fund's top two sectors from a credit selection standpoint were investment-grade corporate debt and agency mortgage-backed securities. Security selection within bank loans and non-agency residential mortgage-backed securities acted as a relative detractor to Fund performance for the fiscal year.

**The Fund's duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year.** The Fund's underweight to duration relative to the benchmark index detracted from performance, as the benchmark's higher duration exposure benefited more from the decline in interest rates.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i0a22827fb7823b0154e285d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham Corporate/Government Bond Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Intermediate Core Plus Bond Category** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $104090 | $104370 | $105672 |
| **Oct-2017** | $105875 | $105312 | $108001 |
| **Oct-2018** | $102776 | $103150 | $107808 |
| **Oct-2019** | $113326 | $115021 | $111914 |
| **Oct-2020** | $119180 | $122138 | $114723 |
| **Oct-2021** | $120651 | $121554 | $116996 |
| **Oct-2022** | $102412 | $102491 | $99774 |
| **Oct-2023** | $103674 | $102856 | $101688 |
| **Oct-2024** | $115544 | $113704 | $115062 |
| **Oct-2025** | $121847 | $120707 | $119705 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Corporate/Government Bond Fund | 5.46% | 0.44% | 2.00% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Morningstar Intermediate Core Plus Bond Category | 4.04% | 0.85% | 1.81% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $309118515 |
| Number of Portfolio Holdings | 653 |
| Total Advisory Fee | $1928108 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iad2f02c943f4a0dd84d40bd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 24.5% |
| Corporate Bonds | 31.1% |
| Exchange-Traded Funds | 1.0% |
| Money Market Funds | 4.8% |
| Non U.S. Government & Agencies | 2.7% |
| Term Loans | 4.0% |
| U.S. Government & Agencies | 31.9% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ieb91627c2218b476a2961cd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.3% |
| Real Estate | 0.3% |
| CLO | 0.4% |
| Fixed Income | 1.0% |
| Materials | 1.6% |
| Consumer Staples | 1.7% |
| Communications | 2.0% |
| Consumer Discretionary | 2.4% |
| Technology | 2.5% |
| Sovereign | 2.8% |
| Utilities | 3.0% |
| Health Care | 3.2% |
| Industrials | 3.6% |
| Energy | 4.0% |
| CMBS | 4.6% |
| Money Market Funds | 4.9% |
| CMO | 9.3% |
| ABS | 10.7% |
| Financials | 11.6% |
| MBS Passthrough | 14.8% |
| U.S. Treasury Obligations | 17.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 02/15/35 | 2.1% |
| United States Treasury Note, 4.625%, 02/15/55 | 2.0% |
| Freddie Mac Pool, 5.000%, 01/01/55 | 1.9% |
| United States Treasury Note, 4.625%, 05/15/54 | 1.9% |
| United States Treasury Note, 4.250%, 05/15/35 | 1.7% |
| United States Treasury Note, 4.250%, 02/15/54 | 1.5% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.2% |
| Fannie Mae Pool, 4.000%, 03/01/55 | 1.1% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.1% |
| Fannie Mae Pool, 5.000%, 04/01/54 | 1.1% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i5d32e557a59af66197291500.jpg)

#### Dunham Corporate/Government Bond Fund - Class N (DNCGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/corpgov/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNCGX

#### Dunham Dynamic Macro Fund

#### Class A (DAAVX)

#### Annual Shareholder Report - October 31, 2025
![Image](ic97f9e34823e468052da9644.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $172 | 1.67% |

---

# How did the Fund perform during the reporting period?
**The overall lower equity exposure had mixed results during the fiscal year, broadly contributing to relative performance during the steep downturn from mid-February through early April, but detracting from relative performance as equities strongly rose after April.** The Sub-Adviser continued to reduce the equity exposure from the start of the fiscal year, then added back to equities during the downturn between February and April, and then reduced equity exposure during the proceeding run-up, eventually having a negative allocation to equities. This materially added to relative performance as markets broadly sold off from mid-February through early April, but detracted to an even greater degree as equity markets rebounded and continued to rise through the end of the fiscal year.

**Shifting the exposure as well as the overall duration of bonds in the Fund initially detracted but later benefitted the Fund during the fiscal year.** The Fund had a low exposure to interest rate sensitivity coming into the fiscal year, which generally detracted from performance during the first five months of the fiscal year. However, the Sub-Adviser's signals shifted and resulted in increasing that sensitivity to nearly 4 years, which this higher sensitivity broadly contributed to performance during the latter seven months of the fiscal year as investors became more optimistic about interest rates declining.

**The Sub-Adviser's models signaled to add commodity exposure during the fiscal year, which generally detracted from performance.** At the beginning of the fiscal year, the Sub-Adviser's signals indicated that there should be no commodity exposure in the Fund. However, in February that shifted to a positive position and the exposure ended the fiscal year at nearly 12 percent. This generally detracted from performance as the Fund's exposure to commodities depreciated..

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9eab2a2e01008f6d7887c4fe.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Dynamic Macro Fund - Class A** | **Dunham Dynamic Macro Fund - Class A- with load** | **MSCI ACWI Index Net** | **Dow Jones Moderately Aggressive Portfolio Index** | **Morningstar Tactical Allocation Category** |
| **Oct-2015** | $10000 | $9424 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9715 | $9155 | $10205 | $10401 | $10297 |
| **Oct-2017** | $10316 | $9721 | $12572 | $12336 | $11712 |
| **Oct-2018** | $9643 | $9087 | $12507 | $12381 | $11638 |
| **Oct-2019** | $10419 | $9818 | $14082 | $13815 | $12430 |
| **Oct-2020** | $10315 | $9720 | $14770 | $14375 | $12285 |
| **Oct-2021** | $11616 | $10947 | $20277 | $18816 | $15585 |
| **Oct-2022** | $10048 | $9469 | $16230 | $15439 | $13463 |
| **Oct-2023** | $11135 | $10493 | $17934 | $16216 | $13747 |
| **Oct-2024** | $13172 | $12412 | $23816 | $20415 | $16713 |
| **Oct-2025** | $13920 | $13118 | $29208 | $23711 | $19040 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Dynamic Macro Fund |  |  |  |
| Class A Without Load | 5.68% | 6.18% | 3.36% |
| Class A With Load | -0.36% | 4.94% | 2.75% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.15% | 10.53% | 9.02% |
| Morningstar Tactical Allocation Category | 13.91% | 9.16% | 6.65% |
| MSCI ACWI Index Net | 22.64% | 14.61% | 11.31% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $92869576 |
| Number of Portfolio Holdings | 45 |
| Total Advisory Fee | $804130 |
| Portfolio Turnover | 145% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2ac383e4a5af2cf0f1e53229.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 9.0% |
| Exchange-Traded Funds | 15.5% |
| Money Market Funds | 18.6% |
| Non U.S. Government & Agencies | 12.0% |
| U.S. Government & Agencies | 44.9% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib943db888cdf523d44f894c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.0% |
| Financials | 1.6% |
| Health Care | 1.9% |
| Technology | 1.9% |
| Government Guaranteed | 2.1% |
| Equity | 3.9% |
| Local Authority | 6.8% |
| Supranational | 7.2% |
| Collateral for Securities Loaned | 8.1% |
| Money Market Funds | 10.8% |
| Commodity | 11.9% |
| U.S. Treasury Obligations | 45.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares GSCI Commodity Dynamic Roll Strategy ETF | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;United States Treasury Note, 2.250%, 11/15/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 2.875%, 11/30/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 0.375%, 12/31/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 2.250%, 03/31/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 3.875%, 01/15/26 | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;United States Treasury Note, 0.500%, 02/28/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;United States Treasury Note, 0.750%, 08/31/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Central American Bank for Economic Integration, 5.000%, 02/09/26 | &nbsp;&nbsp;3.2% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](id546052f00273a032b5e1bcc.jpg)

#### Dunham Dynamic Macro Fund - Class A (DAAVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAAVX

#### Dunham Dynamic Macro Fund

#### Class C (DCAVX)

#### Annual Shareholder Report - October 31, 2025
![Image](ic97f9e34823e468052da9644.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $248 | 2.42% |

---

# How did the Fund perform during the reporting period?
**The overall lower equity exposure had mixed results during the fiscal year, broadly contributing to relative performance during the steep downturn from mid-February through early April, but detracting from relative performance as equities strongly rose after April.** The Sub-Adviser continued to reduce the equity exposure from the start of the fiscal year, then added back to equities during the downturn between February and April, and then reduced equity exposure during the proceeding run-up, eventually having a negative allocation to equities. This materially added to relative performance as markets broadly sold off from mid-February through early April, but detracted to an even greater degree as equity markets rebounded and continued to rise through the end of the fiscal year.

**Shifting the exposure as well as the overall duration of bonds in the Fund initially detracted but later benefitted the Fund during the fiscal year.** The Fund had a low exposure to interest rate sensitivity coming into the fiscal year, which generally detracted from performance during the first five months of the fiscal year. However, the Sub-Adviser's signals shifted and resulted in increasing that sensitivity to nearly 4 years, which this higher sensitivity broadly contributed to performance during the latter seven months of the fiscal year as investors became more optimistic about interest rates declining.

**The Sub-Adviser's models signaled to add commodity exposure during the fiscal year, which generally detracted from performance.** At the beginning of the fiscal year, the Sub-Adviser's signals indicated that there should be no commodity exposure in the Fund. However, in February that shifted to a positive position and the exposure ended the fiscal year at nearly 12 percent. This generally detracted from performance as the Fund's exposure to commodities depreciated..

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic578c8cbb6a28902a07c3e5c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Dynamic Macro Fund - Class C** | **MSCI ACWI Index Net** | **Dow Jones Moderately Aggressive Portfolio Index** | **Morningstar Tactical Allocation Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9645 | $10205 | $10401 | $10297 |
| **Oct-2017** | $10167 | $12572 | $12336 | $11712 |
| **Oct-2018** | $9426 | $12507 | $12381 | $11638 |
| **Oct-2019** | $10104 | $14082 | $13815 | $12430 |
| **Oct-2020** | $9924 | $14770 | $14375 | $12285 |
| **Oct-2021** | $11100 | $20277 | $18816 | $15585 |
| **Oct-2022** | $9532 | $16230 | $15439 | $13463 |
| **Oct-2023** | $10486 | $17934 | $16216 | $13747 |
| **Oct-2024** | $12306 | $23816 | $20415 | $16713 |
| **Oct-2025** | $12903 | $29208 | $23711 | $19040 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Dynamic Macro Fund | 4.85% | 5.39% | 2.58% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.15% | 10.53% | 9.02% |
| Morningstar Tactical Allocation Category | 13.91% | 9.16% | 6.65% |
| MSCI ACWI Index Net | 22.64% | 14.61% | 11.31% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $92869576 |
| Number of Portfolio Holdings | 45 |
| Total Advisory Fee | $804130 |
| Portfolio Turnover | 145% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2ac383e4a5af2cf0f1e53229.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 9.0% |
| Exchange-Traded Funds | 15.5% |
| Money Market Funds | 18.6% |
| Non U.S. Government & Agencies | 12.0% |
| U.S. Government & Agencies | 44.9% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib943db888cdf523d44f894c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.0% |
| Financials | 1.6% |
| Health Care | 1.9% |
| Technology | 1.9% |
| Government Guaranteed | 2.1% |
| Equity | 3.9% |
| Local Authority | 6.8% |
| Supranational | 7.2% |
| Collateral for Securities Loaned | 8.1% |
| Money Market Funds | 10.8% |
| Commodity | 11.9% |
| U.S. Treasury Obligations | 45.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares GSCI Commodity Dynamic Roll Strategy ETF | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;United States Treasury Note, 2.250%, 11/15/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 2.875%, 11/30/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 0.375%, 12/31/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 2.250%, 03/31/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 3.875%, 01/15/26 | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;United States Treasury Note, 0.500%, 02/28/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;United States Treasury Note, 0.750%, 08/31/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Central American Bank for Economic Integration, 5.000%, 02/09/26 | &nbsp;&nbsp;3.2% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](id546052f00273a032b5e1bcc.jpg)

#### Dunham Dynamic Macro Fund - Class C (DCAVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCAVX

#### Dunham Dynamic Macro Fund

#### Class N (DNAVX)

#### Annual Shareholder Report - October 31, 2025
![Image](ic97f9e34823e468052da9644.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $146 | 1.42% |

---

# How did the Fund perform during the reporting period?
**The overall lower equity exposure had mixed results during the fiscal year, broadly contributing to relative performance during the steep downturn from mid-February through early April, but detracting from relative performance as equities strongly rose after April.** The Sub-Adviser continued to reduce the equity exposure from the start of the fiscal year, then added back to equities during the downturn between February and April, and then reduced equity exposure during the proceeding run-up, eventually having a negative allocation to equities. This materially added to relative performance as markets broadly sold off from mid-February through early April, but detracted to an even greater degree as equity markets rebounded and continued to rise through the end of the fiscal year.

**Shifting the exposure as well as the overall duration of bonds in the Fund initially detracted but later benefitted the Fund during the fiscal year.** The Fund had a low exposure to interest rate sensitivity coming into the fiscal year, which generally detracted from performance during the first five months of the fiscal year. However, the Sub-Adviser's signals shifted and resulted in increasing that sensitivity to nearly 4 years, which this higher sensitivity broadly contributed to performance during the latter seven months of the fiscal year as investors became more optimistic about interest rates declining.

**The Sub-Adviser's models signaled to add commodity exposure during the fiscal year, which generally detracted from performance.** At the beginning of the fiscal year, the Sub-Adviser's signals indicated that there should be no commodity exposure in the Fund. However, in February that shifted to a positive position and the exposure ended the fiscal year at nearly 12 percent. This generally detracted from performance as the Fund's exposure to commodities depreciated..

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](id28de3ea317ea1294ac44de7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Dynamic Macro Fund - Class N** | **MSCI ACWI Index Net** | **Dow Jones Moderately Aggressive Portfolio Index** | **Morningstar Tactical Allocation Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $97452 | $102047 | $104008 | $102972 |
| **Oct-2017** | $103772 | $125725 | $123365 | $117122 |
| **Oct-2018** | $97146 | $125074 | $123813 | $116383 |
| **Oct-2019** | $105254 | $140822 | $138153 | $124303 |
| **Oct-2020** | $104419 | $147704 | $143751 | $122845 |
| **Oct-2021** | $117937 | $202767 | $188165 | $155846 |
| **Oct-2022** | $102366 | $162299 | $154393 | $134625 |
| **Oct-2023** | $113623 | $179343 | $162160 | $137470 |
| **Oct-2024** | $134682 | $238156 | $204146 | $167131 |
| **Oct-2025** | $142665 | $292081 | $237114 | $190396 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Dynamic Macro Fund | 5.93% | 6.44% | 3.62% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.15% | 10.53% | 9.02% |
| Morningstar Tactical Allocation Category | 13.91% | 9.16% | 6.65% |
| MSCI ACWI Index Net | 22.64% | 14.61% | 11.31% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $92869576 |
| Number of Portfolio Holdings | 45 |
| Total Advisory Fee | $804130 |
| Portfolio Turnover | 145% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2ac383e4a5af2cf0f1e53229.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 9.0% |
| Exchange-Traded Funds | 15.5% |
| Money Market Funds | 18.6% |
| Non U.S. Government & Agencies | 12.0% |
| U.S. Government & Agencies | 44.9% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib943db888cdf523d44f894c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.0% |
| Financials | 1.6% |
| Health Care | 1.9% |
| Technology | 1.9% |
| Government Guaranteed | 2.1% |
| Equity | 3.9% |
| Local Authority | 6.8% |
| Supranational | 7.2% |
| Collateral for Securities Loaned | 8.1% |
| Money Market Funds | 10.8% |
| Commodity | 11.9% |
| U.S. Treasury Obligations | 45.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares GSCI Commodity Dynamic Roll Strategy ETF | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;United States Treasury Note, 2.250%, 11/15/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 2.875%, 11/30/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 0.375%, 12/31/25 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 2.250%, 03/31/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;United States Treasury Note, 3.875%, 01/15/26 | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;United States Treasury Note, 0.500%, 02/28/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;United States Treasury Note, 0.750%, 08/31/26 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Central American Bank for Economic Integration, 5.000%, 02/09/26 | &nbsp;&nbsp;3.2% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](id546052f00273a032b5e1bcc.jpg)

#### Dunham Dynamic Macro Fund - Class N (DNAVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNAVX

#### Dunham Emerging Markets Stock Fund

#### Class A (DAEMX)

#### Annual Shareholder Report - October 31, 2025
![Image](i10d3aae1d15e2487f0a7b6fb.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**. You can also request this information by contacting us at 1-800-442-4358. **This report describes change to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $163 | 1.44% |

---

# How did the Fund perform during the reporting period?
**Emerging markets outperformed foreign developed markets over the fiscal year.** Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, underperforming emerging markets, as measured by the MSCI Emerging Markets TR Index, which rallied 27.9 percent.

**Security selection contributed to Fund performance over the fiscal year.** The Fund was adversely impacted by security selection in India, Indonesia, and Gulf Markets. However, it was not enough to offset the meaningful positive impact of security selection in China, Taiwan, and Brazil.

**Country allocation detracted from Fund performance.** The positive impact from allocation in China, South Korea, and Indian markets was outweighed by the exposure to Indonesia, Philippines and a small position to cash.

**Lack of reward for positioning in small and mid-capitalization stocks was a headwind to positive Fund performance over the fiscal year**. The MSCI EM Small Cap Index has returned 15.5 percent against 27.9 percent for the broad index for the year to date. This was reflected in the drag from overweight positioning in smaller and less liquid markets across the Association of Southeast Asian Nations (ASEAN).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i21cfb232112a695bc22c4fa4.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Emerging Markets Stock Fund - Class A** | **Dunham Emerging Markets Stock Fund - Class A- with load** | **MSCI Emerging Markets Index** | **MSCI ACWI ex USA Index** | **Morningstar Diversified Emerging Markets Category** |
| **Oct-2015** | $10000 | $9428 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10684 | $10073 | $10927 | $10022 | $10982 |
| **Oct-2017** | $13607 | $12829 | $13817 | $12391 | $13727 |
| **Oct-2018** | $11057 | $10425 | $12087 | $11370 | $12028 |
| **Oct-2019** | $12493 | $11779 | $13521 | $12651 | $14380 |
| **Oct-2020** | $13827 | $13036 | $14636 | $12321 | $13515 |
| **Oct-2021** | $16505 | $15562 | $17119 | $15975 | $16543 |
| **Oct-2022** | $10518 | $9917 | $11807 | $12025 | $11614 |
| **Oct-2023** | $11409 | $10757 | $13083 | $13477 | $13052 |
| **Oct-2024** | $13677 | $12896 | $16394 | $16756 | $16171 |
| **Oct-2025** | $17343 | $16352 | $20971 | $20933 | $20391 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Emerging Markets Stock Fund |  |  |  |
| Class A Without Load | 26.80% | 4.64% | 5.66% |
| Class A With Load | 19.49% | 3.40% | 5.04% |
| Morningstar Diversified Emerging Markets Category | 26.10% | 8.57% | 7.39% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index | 27.92% | 7.46% | 7.69% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $133352889 |
| Number of Portfolio Holdings | 80 |
| Total Advisory Fee | $958190 |
| Portfolio Turnover | 107% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i97be83a927fd99dcc9127741.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.3% |
| Money Market Funds | 0.6% |
| Mixed Allocation | 1.0% |
| Real Estate | 1.0% |
| Utilities | 1.1% |
| Consumer Staples | 1.4% |
| Information Technology | 1.7% |
| Energy | 3.0% |
| Health Care | 3.5% |
| Collateral for Securities Loaned | 4.2% |
| Materials | 4.2% |
| Consumer Discretionary | 8.9% |
| Industrials | 9.8% |
| Communications | 13.8% |
| Financials | 19.1% |
| Technology | 32.0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib9791d1536e512e228e02538.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.9% |
| Common Stocks | 93.0% |
| Money Market Funds | 4.6% |
| Preferred Stocks | 1.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Accton Technology Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Futu Holdings Ltd. - ADR | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ifd16588a2f9924e259f8fcad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.3% |
| Other Countries | 15.0% |
| Malaysia | 2.4% |
| Brazil | 3.5% |
| United States | 4.8% |
| Taiwan Province Of China | 5.7% |
| South Korea | 7.8% |
| Korea (Republic Of) | 8.0% |
| China | 8.9% |
| India | 13.0% |
| Taiwan | 16.6% |
| Cayman Islands | 19.6% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective July 31, 2025, disclosures pertaining to China Risk and China Related Variable Interest Entity Risk were added to the Fund's Prospectus, Summary Prospectus, and SAI. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ or by calling 1-800-442-4358.

![Image](id4d2e4cce3772e9dc392c8e7.jpg)

#### Dunham Emerging Markets Stock Fund - Class A (DAEMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAEMX

#### Dunham Emerging Markets Stock Fund

#### Class C (DCEMX)

#### Annual Shareholder Report - October 31, 2025
![Image](i10d3aae1d15e2487f0a7b6fb.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**. You can also request this information by contacting us at 1-800-442-4358. **This report describes change to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $247 | 2.19% |

---

# How did the Fund perform during the reporting period?
**Emerging markets outperformed foreign developed markets over the fiscal year.** Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, underperforming emerging markets, as measured by the MSCI Emerging Markets TR Index, which rallied 27.9 percent.

**Security selection contributed to Fund performance over the fiscal year.** The Fund was adversely impacted by security selection in India, Indonesia, and Gulf Markets. However, it was not enough to offset the meaningful positive impact of security selection in China, Taiwan, and Brazil.

**Country allocation detracted from Fund performance.** The positive impact from allocation in China, South Korea, and Indian markets was outweighed by the exposure to Indonesia, Philippines and a small position to cash.

**Lack of reward for positioning in small and mid-capitalization stocks was a headwind to positive Fund performance over the fiscal year**. The MSCI EM Small Cap Index has returned 15.5 percent against 27.9 percent for the broad index for the year to date. This was reflected in the drag from overweight positioning in smaller and less liquid markets across the Association of Southeast Asian Nations (ASEAN).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5cdbc847a5596cf133682371.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Emerging Markets Stock Fund - Class C** | **MSCI Emerging Markets Index** | **MSCI ACWI ex USA Index** | **Morningstar Diversified Emerging Markets Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10610 | $10927 | $10022 | $10982 |
| **Oct-2017** | $13411 | $13817 | $12391 | $13727 |
| **Oct-2018** | $10815 | $12087 | $11370 | $12028 |
| **Oct-2019** | $12132 | $13521 | $12651 | $14380 |
| **Oct-2020** | $13319 | $14636 | $12321 | $13515 |
| **Oct-2021** | $15777 | $17119 | $15975 | $16543 |
| **Oct-2022** | $9984 | $11807 | $12025 | $11614 |
| **Oct-2023** | $10743 | $13083 | $13477 | $13052 |
| **Oct-2024** | $12784 | $16394 | $16756 | $16171 |
| **Oct-2025** | $16079 | $20971 | $20933 | $20391 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Emerging Markets Stock Fund | 25.77% | 3.84% | 4.86% |
| Morningstar Diversified Emerging Markets Category | 26.10% | 8.57% | 7.39% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index | 27.92% | 7.46% | 7.69% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $133352889 |
| Number of Portfolio Holdings | 80 |
| Total Advisory Fee | $958190 |
| Portfolio Turnover | 107% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i97be83a927fd99dcc9127741.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.3% |
| Money Market Funds | 0.6% |
| Mixed Allocation | 1.0% |
| Real Estate | 1.0% |
| Utilities | 1.1% |
| Consumer Staples | 1.4% |
| Information Technology | 1.7% |
| Energy | 3.0% |
| Health Care | 3.5% |
| Collateral for Securities Loaned | 4.2% |
| Materials | 4.2% |
| Consumer Discretionary | 8.9% |
| Industrials | 9.8% |
| Communications | 13.8% |
| Financials | 19.1% |
| Technology | 32.0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib9791d1536e512e228e02538.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.9% |
| Common Stocks | 93.0% |
| Money Market Funds | 4.6% |
| Preferred Stocks | 1.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Accton Technology Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Futu Holdings Ltd. - ADR | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ifd16588a2f9924e259f8fcad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.3% |
| Other Countries | 15.0% |
| Malaysia | 2.4% |
| Brazil | 3.5% |
| United States | 4.8% |
| Taiwan Province Of China | 5.7% |
| South Korea | 7.8% |
| Korea (Republic Of) | 8.0% |
| China | 8.9% |
| India | 13.0% |
| Taiwan | 16.6% |
| Cayman Islands | 19.6% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective July 31, 2025, disclosures pertaining to China Risk and China Related Variable Interest Entity Risk were added to the Fund's Prospectus, Summary Prospectus, and SAI. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ or by calling 1-800-442-4358.

![Image](id4d2e4cce3772e9dc392c8e7.jpg)

#### Dunham Emerging Markets Stock Fund - Class C (DCEMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCEMX

#### Dunham Emerging Markets Stock Fund

#### Class N (DNEMX)

#### Annual Shareholder Report - October 31, 2025
![Image](i10d3aae1d15e2487f0a7b6fb.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**. You can also request this information by contacting us at 1-800-442-4358. **This report describes change to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $135 | 1.19% |

---

# How did the Fund perform during the reporting period?
**Emerging markets outperformed foreign developed markets over the fiscal year.** Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, underperforming emerging markets, as measured by the MSCI Emerging Markets TR Index, which rallied 27.9 percent.

**Security selection contributed to Fund performance over the fiscal year.** The Fund was adversely impacted by security selection in India, Indonesia, and Gulf Markets. However, it was not enough to offset the meaningful positive impact of security selection in China, Taiwan, and Brazil.

**Country allocation detracted from Fund performance.** The positive impact from allocation in China, South Korea, and Indian markets was outweighed by the exposure to Indonesia, Philippines and a small position to cash.

**Lack of reward for positioning in small and mid-capitalization stocks was a headwind to positive Fund performance over the fiscal year**. The MSCI EM Small Cap Index has returned 15.5 percent against 27.9 percent for the broad index for the year to date. This was reflected in the drag from overweight positioning in smaller and less liquid markets across the Association of Southeast Asian Nations (ASEAN).

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i027f02fba6ce77df42116dde.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Emerging Markets Stock Fund - Class N** | **MSCI Emerging Markets Index** | **MSCI ACWI ex USA Index** | **Morningstar Diversified Emerging Markets Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $107130 | $109266 | $100223 | $109824 |
| **Oct-2017** | $136795 | $138168 | $123915 | $137268 |
| **Oct-2018** | $111386 | $120875 | $113700 | $120282 |
| **Oct-2019** | $126188 | $135206 | $126513 | $143795 |
| **Oct-2020** | $139990 | $146361 | $123208 | $135148 |
| **Oct-2021** | $167521 | $171185 | $159754 | $165426 |
| **Oct-2022** | $107074 | $118072 | $120253 | $116136 |
| **Oct-2023** | $116371 | $130825 | $134766 | $130515 |
| **Oct-2024** | $139922 | $163941 | $167561 | $161709 |
| **Oct-2025** | $177723 | $209706 | $209332 | $203910 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Emerging Markets Stock Fund | 27.02% | 4.89% | 5.92% |
| Morningstar Diversified Emerging Markets Category | 26.10% | 8.57% | 7.39% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index | 27.92% | 7.46% | 7.69% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $133352889 |
| Number of Portfolio Holdings | 80 |
| Total Advisory Fee | $958190 |
| Portfolio Turnover | 107% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i97be83a927fd99dcc9127741.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.3% |
| Money Market Funds | 0.6% |
| Mixed Allocation | 1.0% |
| Real Estate | 1.0% |
| Utilities | 1.1% |
| Consumer Staples | 1.4% |
| Information Technology | 1.7% |
| Energy | 3.0% |
| Health Care | 3.5% |
| Collateral for Securities Loaned | 4.2% |
| Materials | 4.2% |
| Consumer Discretionary | 8.9% |
| Industrials | 9.8% |
| Communications | 13.8% |
| Financials | 19.1% |
| Technology | 32.0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib9791d1536e512e228e02538.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.9% |
| Common Stocks | 93.0% |
| Money Market Funds | 4.6% |
| Preferred Stocks | 1.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Accton Technology Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Futu Holdings Ltd. - ADR | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ifd16588a2f9924e259f8fcad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.3% |
| Other Countries | 15.0% |
| Malaysia | 2.4% |
| Brazil | 3.5% |
| United States | 4.8% |
| Taiwan Province Of China | 5.7% |
| South Korea | 7.8% |
| Korea (Republic Of) | 8.0% |
| China | 8.9% |
| India | 13.0% |
| Taiwan | 16.6% |
| Cayman Islands | 19.6% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective July 31, 2025, disclosures pertaining to China Risk and China Related Variable Interest Entity Risk were added to the Fund's Prospectus, Summary Prospectus, and SAI. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ or by calling 1-800-442-4358.

![Image](id4d2e4cce3772e9dc392c8e7.jpg)

#### Dunham Emerging Markets Stock Fund - Class N (DNEMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNEMX

#### Dunham Floating Rate Bond Fund

#### Class A (DAFRX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia11da5b78909a23e6533df1a.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $137 | 1.33% |

---

# How did the Fund perform during the reporting period?
**The allocation to securitized asset pools, known as collateralized loan obligations (CLO), contributed meaningfully to positive Fund performance.** CLOs within the Fund rallied amid a supportive technical environment and strong carry.

**The overweight to CCC-rated credits contributed to Fund performance.** The Fund maintained a higher allocation to CCC-rated securities versus the benchmark index. This exposure benefited the Fund as CCC rated securities rallied over the fiscal year.

**Security selection within the loan allocation detracted from Fund Performance.** Contributors within the loan allocation were broad-based over the fiscal year, however idiosyncratic overweight positions, such as positions in a aftermarket auto parts company, weighed on Fund performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i985db28336221dd81ff4b076.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Floating Rate Bond Fund - Class A** | **Dunham Floating Rate Bond Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan 100 Index** | **Morningstar Bank Loan Category** |
| **Oct-2015** | $10000 | $9552 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10451 | $9982 | $10437 | $10680 | $10660 |
| **Oct-2017** | $10832 | $10346 | $10531 | $11152 | $11260 |
| **Oct-2018** | $11132 | $10633 | $10315 | $11617 | $11768 |
| **Oct-2019** | $11313 | $10806 | $11502 | $12017 | $12122 |
| **Oct-2020** | $11136 | $10637 | $12214 | $12201 | $12207 |
| **Oct-2021** | $11874 | $11341 | $12155 | $13064 | $13242 |
| **Oct-2022** | $11421 | $10909 | $10249 | $12751 | $12878 |
| **Oct-2023** | $12681 | $12113 | $10286 | $14275 | $14311 |
| **Oct-2024** | $13996 | $13369 | $11370 | $15782 | $15925 |
| **Oct-2025** | $14867 | $14201 | $12071 | $16948 | $16982 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Floating Rate Bond Fund |  |  |  |
| Class A Without Load | 6.22% | 5.95% | 4.05% |
| Class A With Load | 1.41% | 4.97% | 3.57% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Morningstar Bank Loan Category | 6.63% | 6.83% | 5.44% |
| Morningstar LSTA US Leveraged Loan 100 Index | 7.39% | 6.79% | 5.42% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $207998565 |
| Number of Portfolio Holdings | 266 |
| Total Advisory Fee | $1514164 |
| Portfolio Turnover | 45% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia24f0813534e8fe4e7972573.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 5.4% |
| Common Stocks | 0.2% |
| Corporate Bonds | 9.8% |
| Money Market Funds | 7.8% |
| Right | 0.0% |
| Term Loans | 76.8% |
| Warrant | 0.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i58338980df75c976212f63d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.6% |
| Utilities | 1.4% |
| Consumer Staples | 1.7% |
| Real Estate | 2.0% |
| Collateral for Securities Loaned | 2.3% |
| Health Care | 4.5% |
| Energy | 4.6% |
| CLO | 5.6% |
| Money Market Funds | 5.9% |
| Materials | 6.4% |
| Communications | 9.8% |
| Financials | 13.0% |
| Technology | 13.4% |
| Industrials | 13.8% |
| Consumer Discretionary | 20.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Funds, Class I | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;BlueMountain CLO XXXIII Ltd., ER | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Bain Capital Credit CLO 2021-7 Ltd., ER | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Neptune Bidco US, Inc. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;BlueMountain CLO XXXII Ltd., ER | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Asurion, LLC | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Virgin Media Bristol, LLC | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Voyager Parent, LLC | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Focus Financial Partners, LLC | &nbsp;&nbsp;0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3ddbd02122411f31cd1cd3e1.jpg)

#### Dunham Floating Rate Bond Fund - Class A (DAFRX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAFRX

#### Dunham Floating Rate Bond Fund

#### Class C (DCFRX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia11da5b78909a23e6533df1a.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $188 | 1.83% |

---

# How did the Fund perform during the reporting period?
**The allocation to securitized asset pools, known as collateralized loan obligations (CLO), contributed meaningfully to positive Fund performance.** CLOs within the Fund rallied amid a supportive technical environment and strong carry.

**The overweight to CCC-rated credits contributed to Fund performance.** The Fund maintained a higher allocation to CCC-rated securities versus the benchmark index. This exposure benefited the Fund as CCC rated securities rallied over the fiscal year.

**Security selection within the loan allocation detracted from Fund Performance.** Contributors within the loan allocation were broad-based over the fiscal year, however idiosyncratic overweight positions, such as positions in a aftermarket auto parts company, weighed on Fund performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idcf3fc440d0784828563010b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Floating Rate Bond Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan 100 Index** | **Morningstar Bank Loan Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10387 | $10437 | $10680 | $10660 |
| **Oct-2017** | $10720 | $10531 | $11152 | $11260 |
| **Oct-2018** | $10962 | $10315 | $11617 | $11768 |
| **Oct-2019** | $11098 | $11502 | $12017 | $12122 |
| **Oct-2020** | $10870 | $12214 | $12201 | $12207 |
| **Oct-2021** | $11519 | $12155 | $13064 | $13242 |
| **Oct-2022** | $11037 | $10249 | $12751 | $12878 |
| **Oct-2023** | $12180 | $10286 | $14275 | $14311 |
| **Oct-2024** | $13375 | $11370 | $15782 | $15925 |
| **Oct-2025** | $14153 | $12071 | $16948 | $16982 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Floating Rate Bond Fund | 5.81% | 5.42% | 3.53% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Morningstar Bank Loan Category | 6.63% | 6.83% | 5.44% |
| Morningstar LSTA US Leveraged Loan 100 Index | 7.39% | 6.79% | 5.42% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $207998565 |
| Number of Portfolio Holdings | 266 |
| Total Advisory Fee | $1514164 |
| Portfolio Turnover | 45% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia24f0813534e8fe4e7972573.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 5.4% |
| Common Stocks | 0.2% |
| Corporate Bonds | 9.8% |
| Money Market Funds | 7.8% |
| Right | 0.0% |
| Term Loans | 76.8% |
| Warrant | 0.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i58338980df75c976212f63d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.6% |
| Utilities | 1.4% |
| Consumer Staples | 1.7% |
| Real Estate | 2.0% |
| Collateral for Securities Loaned | 2.3% |
| Health Care | 4.5% |
| Energy | 4.6% |
| CLO | 5.6% |
| Money Market Funds | 5.9% |
| Materials | 6.4% |
| Communications | 9.8% |
| Financials | 13.0% |
| Technology | 13.4% |
| Industrials | 13.8% |
| Consumer Discretionary | 20.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Funds, Class I | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;BlueMountain CLO XXXIII Ltd., ER | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Bain Capital Credit CLO 2021-7 Ltd., ER | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Neptune Bidco US, Inc. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;BlueMountain CLO XXXII Ltd., ER | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Asurion, LLC | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Virgin Media Bristol, LLC | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Voyager Parent, LLC | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Focus Financial Partners, LLC | &nbsp;&nbsp;0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3ddbd02122411f31cd1cd3e1.jpg)

#### Dunham Floating Rate Bond Fund - Class C (DCFRX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCFRX

#### Dunham Floating Rate Bond Fund

#### Class N (DNFRX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia11da5b78909a23e6533df1a.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $111 | 1.08% |

---

# How did the Fund perform during the reporting period?
**The allocation to securitized asset pools, known as collateralized loan obligations (CLO), contributed meaningfully to positive Fund performance.** CLOs within the Fund rallied amid a supportive technical environment and strong carry.

**The overweight to CCC-rated credits contributed to Fund performance.** The Fund maintained a higher allocation to CCC-rated securities versus the benchmark index. This exposure benefited the Fund as CCC rated securities rallied over the fiscal year.

**Security selection within the loan allocation detracted from Fund Performance.** Contributors within the loan allocation were broad-based over the fiscal year, however idiosyncratic overweight positions, such as positions in a aftermarket auto parts company, weighed on Fund performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ifc512b94e8bcdb3e757e9b52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Floating Rate Bond Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan 100 Index** | **Morningstar Bank Loan Category** |
| **Oct-2015** | $100000 | $100000 | $100001 | $100000 |
| **Oct-2016** | $104739 | $104370 | $106802 | $106599 |
| **Oct-2017** | $108829 | $105312 | $111526 | $112597 |
| **Oct-2018** | $112114 | $103150 | $116176 | $117680 |
| **Oct-2019** | $114223 | $115021 | $120172 | $121223 |
| **Oct-2020** | $112726 | $122138 | $122012 | $122065 |
| **Oct-2021** | $120471 | $121554 | $130647 | $132416 |
| **Oct-2022** | $116166 | $102491 | $127518 | $128781 |
| **Oct-2023** | $129158 | $102856 | $142761 | $143106 |
| **Oct-2024** | $143061 | $113704 | $157824 | $159254 |
| **Oct-2025** | $152323 | $120707 | $169488 | $169822 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Floating Rate Bond Fund | 6.47% | 6.21% | 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Morningstar Bank Loan Category | 6.63% | 6.83% | 5.44% |
| Morningstar LSTA US Leveraged Loan 100 Index | 7.39% | 6.79% | 5.42% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $207998565 |
| Number of Portfolio Holdings | 266 |
| Total Advisory Fee | $1514164 |
| Portfolio Turnover | 45% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia24f0813534e8fe4e7972573.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 5.4% |
| Common Stocks | 0.2% |
| Corporate Bonds | 9.8% |
| Money Market Funds | 7.8% |
| Right | 0.0% |
| Term Loans | 76.8% |
| Warrant | 0.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i58338980df75c976212f63d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.6% |
| Utilities | 1.4% |
| Consumer Staples | 1.7% |
| Real Estate | 2.0% |
| Collateral for Securities Loaned | 2.3% |
| Health Care | 4.5% |
| Energy | 4.6% |
| CLO | 5.6% |
| Money Market Funds | 5.9% |
| Materials | 6.4% |
| Communications | 9.8% |
| Financials | 13.0% |
| Technology | 13.4% |
| Industrials | 13.8% |
| Consumer Discretionary | 20.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Funds, Class I | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;BlueMountain CLO XXXIII Ltd., ER | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Bain Capital Credit CLO 2021-7 Ltd., ER | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Neptune Bidco US, Inc. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;BlueMountain CLO XXXII Ltd., ER | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Asurion, LLC | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Virgin Media Bristol, LLC | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Voyager Parent, LLC | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Focus Financial Partners, LLC | &nbsp;&nbsp;0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3ddbd02122411f31cd1cd3e1.jpg)

#### Dunham Floating Rate Bond Fund - Class N (DNFRX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNFRX

#### Dunham Focused Large Cap Growth Fund

#### Class A (DAFGX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia1fddd7435096cd9cf323131.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $140 | 1.28% |

---

# How did the Fund perform during the reporting period?
**The exposure to "large capitalization" stocks with a "growth" style contributed positively to Fund performance over the fiscal year.** Large cap growth companies broadly outpaced other styles and capitalizations as large growth stocks increased nearly 12 percent more than small cap growth stocks over the 12-month period ended October 31, 2025.

**Stock selection provided mixed results over the fiscal year.** The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.

**The Fund had no direct exposure to stocks in the consumer staples, utilities, or energy sectors, which generally contributed positively to relative performance.** The Fund did not have holdings directly in any of these sectors, which generally increased less than the Fund or benchmark as a whole, so this helped relative performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2beeb6838fdbb7a464372ab5.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Focused Large Cap Growth Fund - Class A** | **Dunham Focused Large Cap Growth Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** | **Morningstar Large Cap Growth Category** |
| **Oct-2015** | $10000 | $9428 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9416 | $8877 | $10451 | $10228 | $10122 |
| **Oct-2017** | $11421 | $10768 | $12921 | $13267 | $12959 |
| **Oct-2018** | $13360 | $12596 | $13870 | $14688 | $14215 |
| **Oct-2019** | $15610 | $14716 | $15857 | $17200 | $16437 |
| **Oct-2020** | $22336 | $21057 | $17397 | $22226 | $20709 |
| **Oct-2021** | $29735 | $28033 | $24862 | $31830 | $29215 |
| **Oct-2022** | $17953 | $16925 | $21230 | $24001 | $21115 |
| **Oct-2023** | $22606 | $21312 | $23383 | $28549 | $24233 |
| **Oct-2024** | $32473 | $30614 | $32272 | $41044 | $34536 |
| **Oct-2025** | $38648 | $36436 | $39196 | $53644 | $43628 |

---

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Focused Large Cap Growth Fund |  |  |  |
| Class A Without Load | 19.01% | 11.59% | 14.48% |
| Class A With Load | 12.18% | 10.28% | 13.80% |
| Morningstar Large Cap Growth Category | 26.35% | 16.07% | 15.87% |
| Russell 1000<sup>®</sup> Growth Index | 30.70% | 19.27% | 18.29% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $213350382 |
| Number of Portfolio Holdings | 36 |
| Total Advisory Fee | $1644287 |
| Portfolio Turnover | 44% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i516f3c52eaf8dc9547854f68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic240ea91d1578244ced81ec1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Consumer Staples | 0.9% |
| Collateral for Securities Loaned | 1.2% |
| Money Market Funds | 1.3% |
| Industrials | 2.5% |
| Financials | 2.7% |
| Health Care | 7.0% |
| Consumer Discretionary | 11.6% |
| Communications | 14.9% |
| Technology | 58.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Shopify, Inc. - Class A | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A | &nbsp;&nbsp;3.2% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i12a9972cb9a6106ae4348232.jpg)

#### Dunham Focused Large Cap Growth Fund - Class A (DAFGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAFGX

#### Dunham Focused Large Cap Growth Fund

#### Class C (DCFGX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia1fddd7435096cd9cf323131.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $221 | 2.03% |

---

# How did the Fund perform during the reporting period?
**The exposure to "large capitalization" stocks with a "growth" style contributed positively to Fund performance over the fiscal year.** Large cap growth companies broadly outpaced other styles and capitalizations as large growth stocks increased nearly 12 percent more than small cap growth stocks over the 12-month period ended October 31, 2025.

**Stock selection provided mixed results over the fiscal year.** The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.

**The Fund had no direct exposure to stocks in the consumer staples, utilities, or energy sectors, which generally contributed positively to relative performance.** The Fund did not have holdings directly in any of these sectors, which generally increased less than the Fund or benchmark as a whole, so this helped relative performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i29b6e75c6b925205fc2ed6d7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Focused Large Cap Growth Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** | **Morningstar Large Cap Growth Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9344 | $10451 | $10228 | $10122 |
| **Oct-2017** | $11253 | $12921 | $13267 | $12959 |
| **Oct-2018** | $13063 | $13870 | $14688 | $14215 |
| **Oct-2019** | $15152 | $15857 | $17200 | $16437 |
| **Oct-2020** | $21512 | $17397 | $22226 | $20709 |
| **Oct-2021** | $28431 | $24862 | $31830 | $29215 |
| **Oct-2022** | $17039 | $21230 | $24001 | $21115 |
| **Oct-2023** | $21291 | $23383 | $28549 | $24233 |
| **Oct-2024** | $30355 | $32272 | $41044 | $34536 |
| **Oct-2025** | $35853 | $39196 | $53644 | $43628 |

---

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Focused Large Cap Growth Fund | 18.11% | 10.76% | 13.62% |
| Morningstar Large Cap Growth Category | 26.35% | 16.07% | 15.87% |
| Russell 1000<sup>®</sup> Growth Index | 30.70% | 19.27% | 18.29% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $213350382 |
| Number of Portfolio Holdings | 36 |
| Total Advisory Fee | $1644287 |
| Portfolio Turnover | 44% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i516f3c52eaf8dc9547854f68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic240ea91d1578244ced81ec1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Consumer Staples | 0.9% |
| Collateral for Securities Loaned | 1.2% |
| Money Market Funds | 1.3% |
| Industrials | 2.5% |
| Financials | 2.7% |
| Health Care | 7.0% |
| Consumer Discretionary | 11.6% |
| Communications | 14.9% |
| Technology | 58.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Shopify, Inc. - Class A | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A | &nbsp;&nbsp;3.2% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i12a9972cb9a6106ae4348232.jpg)

#### Dunham Focused Large Cap Growth Fund - Class C (DCFGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCFGX

#### Dunham Focused Large Cap Growth Fund

#### Class N (DNFGX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia1fddd7435096cd9cf323131.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $113 | 1.03% |

---

# How did the Fund perform during the reporting period?
**The exposure to "large capitalization" stocks with a "growth" style contributed positively to Fund performance over the fiscal year.** Large cap growth companies broadly outpaced other styles and capitalizations as large growth stocks increased nearly 12 percent more than small cap growth stocks over the 12-month period ended October 31, 2025.

**Stock selection provided mixed results over the fiscal year.** The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.

**The Fund had no direct exposure to stocks in the consumer staples, utilities, or energy sectors, which generally contributed positively to relative performance.** The Fund did not have holdings directly in any of these sectors, which generally increased less than the Fund or benchmark as a whole, so this helped relative performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i54a7bccfb817f561a51fa26e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Focused Large Cap Growth Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** | **Morningstar Large Cap Growth Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $94338 | $104509 | $102282 | $101218 |
| **Oct-2017** | $114782 | $129207 | $132671 | $129586 |
| **Oct-2018** | $134571 | $138699 | $146883 | $142148 |
| **Oct-2019** | $157702 | $158569 | $172004 | $164370 |
| **Oct-2020** | $226128 | $173967 | $222261 | $207091 |
| **Oct-2021** | $301825 | $248623 | $318297 | $292147 |
| **Oct-2022** | $182702 | $212297 | $240007 | $211154 |
| **Oct-2023** | $230590 | $233830 | $285490 | $242332 |
| **Oct-2024** | $332092 | $322725 | $410438 | $345357 |
| **Oct-2025** | $396291 | $391957 | $536443 | $436280 |

---

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Focused Large Cap Growth Fund | 19.33% | 11.87% | 14.76% |
| Morningstar Large Cap Growth Category | 26.35% | 16.07% | 15.87% |
| Russell 1000<sup>®</sup> Growth Index | 30.70% | 19.27% | 18.29% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $213350382 |
| Number of Portfolio Holdings | 36 |
| Total Advisory Fee | $1644287 |
| Portfolio Turnover | 44% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i516f3c52eaf8dc9547854f68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic240ea91d1578244ced81ec1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Consumer Staples | 0.9% |
| Collateral for Securities Loaned | 1.2% |
| Money Market Funds | 1.3% |
| Industrials | 2.5% |
| Financials | 2.7% |
| Health Care | 7.0% |
| Consumer Discretionary | 11.6% |
| Communications | 14.9% |
| Technology | 58.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Shopify, Inc. - Class A | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A | &nbsp;&nbsp;3.2% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i12a9972cb9a6106ae4348232.jpg)

#### Dunham Focused Large Cap Growth Fund - Class N (DNFGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNFGX

#### Dunham High Yield Bond Fund

#### Class A (DAHYX)

#### Annual Shareholder Report - October 31, 2025
![Image](i103029bcc37f6747c58ed4b5.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/highyield/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $140 | 1.35% |

---

# How did the Fund perform during the reporting period?
**From a sector selection standpoint, the Fund positively benefited from the Sub-Adviser's ability to have off-benchmark sector weights for the fiscal year.** An overweight allocation to cash and the transportation sector were the largest detractors. Meanwhile, overweight allocations to the communications and energy sectors contributed to Fund performance.

**Overall security selection also contributed to relative Fund performance over the fiscal year.** Energy, consumer non-cyclical, and transportation credits were the most notable contributors to performance, while consumer cyclical and capital goods credits detracted from relative performance.

**The Fund's exposure to CCC-rated credits generally contributed positively to relative performance over the fiscal year.** The Fund's approximate 7 percent relative overweight to CCC-rated credits positively contributed to Fund performance, as that specific credit quality outperformed the broader high-yield asset class.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i29f2dedabff4c1ace35a79ae.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham High Yield Bond Fund - Class A** | **Dunham High Yield Bond Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Morningstar High-Yield Bond Category** |
| **Oct-2015** | $10000 | $9554 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10521 | $10052 | $10437 | $11010 | $10818 |
| **Oct-2017** | $11344 | $10837 | $10531 | $12017 | $11787 |
| **Oct-2018** | $11226 | $10725 | $10315 | $12116 | $11906 |
| **Oct-2019** | $12146 | $11604 | $11502 | $13129 | $12864 |
| **Oct-2020** | $12563 | $12002 | $12214 | $13469 | $13140 |
| **Oct-2021** | $13730 | $13117 | $12155 | $14895 | $14581 |
| **Oct-2022** | $12222 | $11677 | $10249 | $13209 | $13075 |
| **Oct-2023** | $13202 | $12613 | $10286 | $13984 | $13917 |
| **Oct-2024** | $15089 | $14415 | $11370 | $16279 | $16084 |
| **Oct-2025** | $16146 | $15425 | $12071 | $17602 | $17430 |

---

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham High Yield Bond Fund |  |  |  |
| Class A Without Load | 7.00% | 5.15% | 4.91% |
| Class A With Load | 2.23% | 4.19% | 4.43% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 8.13% | 5.50% | 5.82% |
| Morningstar High-Yield Bond Category | 8.36% | 5.81% | 5.71% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $231236620 |
| Number of Portfolio Holdings | 286 |
| Total Advisory Fee | $1838352 |
| Portfolio Turnover | 69% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5eb43041726424a29ebfd4f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 82.6% |
| Money Market Funds | 17.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibfdff3d63fe9285f3038c8b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -13.2% |
| To Be Classified | 0.3% |
| Real Estate | 2.2% |
| Consumer Staples | 3.1% |
| Industrials | 4.7% |
| Utilities | 4.8% |
| Health Care | 5.7% |
| Money Market Funds | 5.7% |
| Technology | 8.6% |
| Materials | 9.7% |
| Communications | 12.6% |
| Financials | 13.7% |
| Consumer Discretionary | 13.8% |
| Collateral for Securities Loaned | 14.0% |
| Energy | 14.3% |

---

# Credit Quality Allocation (% of total investments)

---

| | |
|:---|:---|
| BA3 | 16.4% |
| B2 | 16.1% |
| B1 | 13.6% |
| Collateral for Securities Loaned | 12.4% |
| B3 | 10.2% |
| BA2 | 10.0% |
| BA1 | 7.2% |
| AAA | 5.1% |
| CAA1 | 3.6% |
| BAA3 | 3.0% |
| CAA2 | 2.0% |
| CAA3 | 0.4% |
| Other/Not Rated | 0.0% |

---

The ratings indicated are from Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. Credit quality is subject to change and may have changed since the date specified.

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i38875a763146a21400be4d3d.jpg)

#### Dunham High Yield Bond Fund - Class A (DAHYX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/highyield/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAHYX

#### Dunham High Yield Bond Fund

#### Class C (DCHYX)

#### Annual Shareholder Report - October 31, 2025
![Image](i103029bcc37f6747c58ed4b5.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/highyield/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $191 | 1.85% |

---

# How did the Fund perform during the reporting period?
**From a sector selection standpoint, the Fund positively benefited from the Sub-Adviser's ability to have off-benchmark sector weights for the fiscal year.** An overweight allocation to cash and the transportation sector were the largest detractors. Meanwhile, overweight allocations to the communications and energy sectors contributed to Fund performance.

**Overall security selection also contributed to relative Fund performance over the fiscal year.** Energy, consumer non-cyclical, and transportation credits were the most notable contributors to performance, while consumer cyclical and capital goods credits detracted from relative performance.

**The Fund's exposure to CCC-rated credits generally contributed positively to relative performance over the fiscal year.** The Fund's approximate 7 percent relative overweight to CCC-rated credits positively contributed to Fund performance, as that specific credit quality outperformed the broader high-yield asset class.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id276933c43d94afefa37472b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham High Yield Bond Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Morningstar High-Yield Bond Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10465 | $10437 | $11010 | $10818 |
| **Oct-2017** | $11245 | $10531 | $12017 | $11787 |
| **Oct-2018** | $11085 | $10315 | $12116 | $11906 |
| **Oct-2019** | $11921 | $11502 | $13129 | $12864 |
| **Oct-2020** | $12273 | $12214 | $13469 | $13140 |
| **Oct-2021** | $13352 | $12155 | $14895 | $14581 |
| **Oct-2022** | $11817 | $10249 | $13209 | $13075 |
| **Oct-2023** | $12702 | $10286 | $13984 | $13917 |
| **Oct-2024** | $14449 | $11370 | $16279 | $16084 |
| **Oct-2025** | $15388 | $12071 | $17602 | $17430 |

---

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham High Yield Bond Fund | 6.50% | 4.63% | 4.40% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 8.13% | 5.50% | 5.82% |
| Morningstar High-Yield Bond Category | 8.36% | 5.81% | 5.71% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $231236620 |
| Number of Portfolio Holdings | 286 |
| Total Advisory Fee | $1838352 |
| Portfolio Turnover | 69% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5eb43041726424a29ebfd4f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 82.6% |
| Money Market Funds | 17.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibfdff3d63fe9285f3038c8b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -13.2% |
| To Be Classified | 0.3% |
| Real Estate | 2.2% |
| Consumer Staples | 3.1% |
| Industrials | 4.7% |
| Utilities | 4.8% |
| Health Care | 5.7% |
| Money Market Funds | 5.7% |
| Technology | 8.6% |
| Materials | 9.7% |
| Communications | 12.6% |
| Financials | 13.7% |
| Consumer Discretionary | 13.8% |
| Collateral for Securities Loaned | 14.0% |
| Energy | 14.3% |

---

# Credit Quality Allocation (% of total investments)

---

| | |
|:---|:---|
| BA3 | 16.4% |
| B2 | 16.1% |
| B1 | 13.6% |
| Collateral for Securities Loaned | 12.4% |
| B3 | 10.2% |
| BA2 | 10.0% |
| BA1 | 7.2% |
| AAA | 5.1% |
| CAA1 | 3.6% |
| BAA3 | 3.0% |
| CAA2 | 2.0% |
| CAA3 | 0.4% |
| Other/Not Rated | 0.0% |

---

The ratings indicated are from Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. Credit quality is subject to change and may have changed since the date specified.

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i38875a763146a21400be4d3d.jpg)

#### Dunham High Yield Bond Fund - Class C (DCHYX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/highyield/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCHYX

#### Dunham High Yield Bond Fund

#### Class N (DNHYX)

#### Annual Shareholder Report - October 31, 2025
![Image](i103029bcc37f6747c58ed4b5.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/highyield/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $114 | 1.10% |

---

# How did the Fund perform during the reporting period?
**From a sector selection standpoint, the Fund positively benefited from the Sub-Adviser's ability to have off-benchmark sector weights for the fiscal year.** An overweight allocation to cash and the transportation sector were the largest detractors. Meanwhile, overweight allocations to the communications and energy sectors contributed to Fund performance.

**Overall security selection also contributed to relative Fund performance over the fiscal year.** Energy, consumer non-cyclical, and transportation credits were the most notable contributors to performance, while consumer cyclical and capital goods credits detracted from relative performance.

**The Fund's exposure to CCC-rated credits generally contributed positively to relative performance over the fiscal year.** The Fund's approximate 7 percent relative overweight to CCC-rated credits positively contributed to Fund performance, as that specific credit quality outperformed the broader high-yield asset class.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i9fc6fe6d1be58679f84798a3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham High Yield Bond Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Morningstar High-Yield Bond Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $105395 | $104370 | $110103 | $108184 |
| **Oct-2017** | $114025 | $105312 | $120166 | $117874 |
| **Oct-2018** | $113111 | $103150 | $121159 | $119058 |
| **Oct-2019** | $122637 | $115021 | $131291 | $128640 |
| **Oct-2020** | $127224 | $122138 | $134689 | $131398 |
| **Oct-2021** | $139362 | $121554 | $148955 | $145807 |
| **Oct-2022** | $124202 | $102491 | $132086 | $130748 |
| **Oct-2023** | $134621 | $102856 | $139843 | $139169 |
| **Oct-2024** | $154324 | $113704 | $162791 | $160841 |
| **Oct-2025** | $165512 | $120707 | $176019 | $174303 |

---

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham High Yield Bond Fund | 7.25% | 5.40% | 5.17% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 8.13% | 5.50% | 5.82% |
| Morningstar High-Yield Bond Category | 8.36% | 5.81% | 5.71% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $231236620 |
| Number of Portfolio Holdings | 286 |
| Total Advisory Fee | $1838352 |
| Portfolio Turnover | 69% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5eb43041726424a29ebfd4f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 82.6% |
| Money Market Funds | 17.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibfdff3d63fe9285f3038c8b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -13.2% |
| To Be Classified | 0.3% |
| Real Estate | 2.2% |
| Consumer Staples | 3.1% |
| Industrials | 4.7% |
| Utilities | 4.8% |
| Health Care | 5.7% |
| Money Market Funds | 5.7% |
| Technology | 8.6% |
| Materials | 9.7% |
| Communications | 12.6% |
| Financials | 13.7% |
| Consumer Discretionary | 13.8% |
| Collateral for Securities Loaned | 14.0% |
| Energy | 14.3% |

---

# Credit Quality Allocation (% of total investments)

---

| | |
|:---|:---|
| BA3 | 16.4% |
| B2 | 16.1% |
| B1 | 13.6% |
| Collateral for Securities Loaned | 12.4% |
| B3 | 10.2% |
| BA2 | 10.0% |
| BA1 | 7.2% |
| AAA | 5.1% |
| CAA1 | 3.6% |
| BAA3 | 3.0% |
| CAA2 | 2.0% |
| CAA3 | 0.4% |
| Other/Not Rated | 0.0% |

---

The ratings indicated are from Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. Credit quality is subject to change and may have changed since the date specified.

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i38875a763146a21400be4d3d.jpg)

#### Dunham High Yield Bond Fund - Class N (DNHYX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/highyield/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNHYX

#### Dunham International Opportunity Bond Fund

#### Class A (DAIOX)

#### Annual Shareholder Report - October 31, 2025
![Image](if14f05a7d2b7ab25a4e62f1f.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $196 | 1.90% |

---

# How did the Fund perform during the reporting period?
**The high exposure to emerging market debt materially contributed to relative performance.** The Fund maintained nearly half of its exposure to the debt of emerging market countries' governments and of companies domiciled in emerging markets. Emerging market debt outperformed developed market debt in general during the fiscal year, which benefited the higher allocation in the Fund.

**Security selection within emerging market debt contributed positively to Fund performance.** The Sub-Adviser generally identified countries and sectors within emerging market regions that outperformed emerging market debt, in general. This resulted in additional positive contributions from the exposure to emerging market debt.

**The exposure to Pan-European High-Yield Bonds had mixed results on overall performance.** The Fund's exposure to Pan-European High-Yield broadly detracted from relative performance early in the fiscal year as uncertainty around tariffs and trade relationships generally saw high-yield bonds struggle relative to investment-grade debt, in general. This exposure then contributed to performance in the third fiscal quarter before once again detracting from performance in the final three months of the fiscal year. Overall, the exposure had a positive contribution to performance during the full 12-month period ended October 31, 2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0cf52f078d01ce0160c3f440.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham International Opportunity Bond Fund - Class A** | **Dunham International Opportunity Bond Fund - Class A- with load** | **Bloomberg Global Aggregate ex USD** | **Morningstar Global Bond Category** | **Bloomberg Global Aggregate ex USD Hedged Index** |
| **Oct-2015** | $10000 | $9549 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10477 | $10005 | $10647 | $10613 | $10573 |
| **Oct-2017** | $10525 | $10051 | $10781 | $11055 | $10711 |
| **Oct-2018** | $10071 | $9617 | $10556 | $10938 | $10923 |
| **Oct-2019** | $10674 | $10193 | $11384 | $11554 | $12003 |
| **Oct-2020** | $10457 | $9986 | $11949 | $11659 | $12331 |
| **Oct-2021** | $10834 | $10346 | $11711 | $11770 | $12175 |
| **Oct-2022** | $8600 | $8212 | $8831 | $9659 | $11076 |
| **Oct-2023** | $9579 | $9147 | $9060 | $10007 | $11347 |
| **Oct-2024** | $10965 | $10471 | $9844 | $11065 | $12400 |
| **Oct-2025** | $11669 | $11143 | $10358 | $11939 | $12956 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Opportunity Bond Fund |  |  |  |
| Class A Without Load | 6.42% | 2.22% | 1.56% |
| Class A With Load | 1.60% | 1.28% | 1.09% |
| Bloomberg Global Aggregate ex USD | 5.22% | -2.82% | 0.35% |
| Bloomberg Global Aggregate ex USD Hedged Index | 4.49% | 0.99% | 2.62% |
| Morningstar Global Bond Category | 7.91% | 0.48% | 1.79% |

---

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $104375810 |
| Number of Portfolio Holdings | 527 |
| Total Advisory Fee | $988667 |
| Portfolio Turnover | 78% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb7947cc0ebca8542656853b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 0.0% |
| Convertible Bonds | 0.4% |
| Corporate Bonds | 58.4% |
| Money Market Funds | 7.8% |
| Non U.S. Government & Agencies | 33.4% |
| Right | 0.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib394beb2efc18e91ff4134c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Local Authority | 0.3% |
| Supranational | 0.3% |
| Technology | 0.5% |
| Real Estate | 1.5% |
| Consumer Staples | 2.1% |
| Treasury | 2.1% |
| Collateral for Securities Loaned | 3.1% |
| Health Care | 3.2% |
| Money Market Funds | 4.5% |
| Consumer Discretionary | 5.0% |
| Materials | 5.5% |
| Utilities | 5.7% |
| Communications | 5.7% |
| Industrials | 6.5% |
| Financials | 10.8% |
| Energy | 11.2% |
| Non U.S. Treasury | 13.6% |
| Sovereign | 16.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| French Republic Government Bond OAT, 3.500%, 11/25/33 | 2.3% |
| Italy Buoni Poliennali Del Tesoro, 4.200%, 03/01/34 | 1.7% |
| French Republic Government Bond OAT, 0.250%, 11/25/26 | 1.6% |
| Spain Government Bond, 3.450%, 10/31/34 | 1.1% |
| Italy Buoni Poliennali Del Tesoro, 3.850%, 02/01/35 | 1.0% |
| United Kingdom Gilt, 4.250%, 12/07/40 | 1.0% |
| Spain Government Bond, 2.500%, 05/31/27 | 1.0% |
| Australia Government Bond, 1.250%, 05/21/32 | 1.0% |
| Argentine Republic Government International Bond, 0.750%, 07/09/30 | 0.9% |
| Kingdom of Belgium Government Bond, 5.000%, 03/28/35 | 0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i9e45c2add0e8b6e3e0d170e2.jpg)

#### Dunham International Opportunity Bond Fund - Class A (DAIOX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAIOX

#### Dunham International Opportunity Bond Fund

#### Class C (DCIOX)

#### Annual Shareholder Report - October 31, 2025
![Image](if14f05a7d2b7ab25a4e62f1f.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $247 | 2.40% |

---

# How did the Fund perform during the reporting period?
**The high exposure to emerging market debt materially contributed to relative performance.** The Fund maintained nearly half of its exposure to the debt of emerging market countries' governments and of companies domiciled in emerging markets. Emerging market debt outperformed developed market debt in general during the fiscal year, which benefited the higher allocation in the Fund.

**Security selection within emerging market debt contributed positively to Fund performance.** The Sub-Adviser generally identified countries and sectors within emerging market regions that outperformed emerging market debt, in general. This resulted in additional positive contributions from the exposure to emerging market debt.

**The exposure to Pan-European High-Yield Bonds had mixed results on overall performance.** The Fund's exposure to Pan-European High-Yield broadly detracted from relative performance early in the fiscal year as uncertainty around tariffs and trade relationships generally saw high-yield bonds struggle relative to investment-grade debt, in general. This exposure then contributed to performance in the third fiscal quarter before once again detracting from performance in the final three months of the fiscal year. Overall, the exposure had a positive contribution to performance during the full 12-month period ended October 31, 2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i23703c12cecaf5fef8c316b7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham International Opportunity Bond Fund - Class C** | **Bloomberg Global Aggregate ex USD** | **Morningstar Global Bond Category** | **Bloomberg Global Aggregate ex USD Hedged Index** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10419 | $10647 | $10613 | $10573 |
| **Oct-2017** | $10411 | $10781 | $11055 | $10711 |
| **Oct-2018** | $9920 | $10556 | $10938 | $10923 |
| **Oct-2019** | $10451 | $11384 | $11554 | $12003 |
| **Oct-2020** | $10192 | $11949 | $11659 | $12331 |
| **Oct-2021** | $10506 | $11711 | $11770 | $12175 |
| **Oct-2022** | $8298 | $8831 | $9659 | $11076 |
| **Oct-2023** | $9199 | $9060 | $10007 | $11347 |
| **Oct-2024** | $10479 | $9844 | $11065 | $12400 |
| **Oct-2025** | $11090 | $10358 | $11939 | $12956 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Opportunity Bond Fund | 5.83% | 1.70% | 1.04% |
| Bloomberg Global Aggregate ex USD | 5.22% | -2.82% | 0.35% |
| Bloomberg Global Aggregate ex USD Hedged Index | 4.49% | 0.99% | 2.62% |
| Morningstar Global Bond Category | 7.91% | 0.48% | 1.79% |

---

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $104375810 |
| Number of Portfolio Holdings | 527 |
| Total Advisory Fee | $988667 |
| Portfolio Turnover | 78% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb7947cc0ebca8542656853b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 0.0% |
| Convertible Bonds | 0.4% |
| Corporate Bonds | 58.4% |
| Money Market Funds | 7.8% |
| Non U.S. Government & Agencies | 33.4% |
| Right | 0.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib394beb2efc18e91ff4134c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Local Authority | 0.3% |
| Supranational | 0.3% |
| Technology | 0.5% |
| Real Estate | 1.5% |
| Consumer Staples | 2.1% |
| Treasury | 2.1% |
| Collateral for Securities Loaned | 3.1% |
| Health Care | 3.2% |
| Money Market Funds | 4.5% |
| Consumer Discretionary | 5.0% |
| Materials | 5.5% |
| Utilities | 5.7% |
| Communications | 5.7% |
| Industrials | 6.5% |
| Financials | 10.8% |
| Energy | 11.2% |
| Non U.S. Treasury | 13.6% |
| Sovereign | 16.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| French Republic Government Bond OAT, 3.500%, 11/25/33 | 2.3% |
| Italy Buoni Poliennali Del Tesoro, 4.200%, 03/01/34 | 1.7% |
| French Republic Government Bond OAT, 0.250%, 11/25/26 | 1.6% |
| Spain Government Bond, 3.450%, 10/31/34 | 1.1% |
| Italy Buoni Poliennali Del Tesoro, 3.850%, 02/01/35 | 1.0% |
| United Kingdom Gilt, 4.250%, 12/07/40 | 1.0% |
| Spain Government Bond, 2.500%, 05/31/27 | 1.0% |
| Australia Government Bond, 1.250%, 05/21/32 | 1.0% |
| Argentine Republic Government International Bond, 0.750%, 07/09/30 | 0.9% |
| Kingdom of Belgium Government Bond, 5.000%, 03/28/35 | 0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i9e45c2add0e8b6e3e0d170e2.jpg)

#### Dunham International Opportunity Bond Fund - Class C (DCIOX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCIOX

#### Dunham International Opportunity Bond Fund

#### Class N (DNIOX)

#### Annual Shareholder Report - October 31, 2025
![Image](if14f05a7d2b7ab25a4e62f1f.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $171 | 1.65% |

---

# How did the Fund perform during the reporting period?
**The high exposure to emerging market debt materially contributed to relative performance.** The Fund maintained nearly half of its exposure to the debt of emerging market countries' governments and of companies domiciled in emerging markets. Emerging market debt outperformed developed market debt in general during the fiscal year, which benefited the higher allocation in the Fund.

**Security selection within emerging market debt contributed positively to Fund performance.** The Sub-Adviser generally identified countries and sectors within emerging market regions that outperformed emerging market debt, in general. This resulted in additional positive contributions from the exposure to emerging market debt.

**The exposure to Pan-European High-Yield Bonds had mixed results on overall performance.** The Fund's exposure to Pan-European High-Yield broadly detracted from relative performance early in the fiscal year as uncertainty around tariffs and trade relationships generally saw high-yield bonds struggle relative to investment-grade debt, in general. This exposure then contributed to performance in the third fiscal quarter before once again detracting from performance in the final three months of the fiscal year. Overall, the exposure had a positive contribution to performance during the full 12-month period ended October 31, 2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ie82e1302ea9d27746c40f1f0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham International Opportunity Bond Fund - Class N** | **Bloomberg Global Aggregate ex USD** | **Morningstar Global Bond Category** | **Bloomberg Global Aggregate ex USD Hedged Index** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $105026 | $106468 | $106125 | $105731 |
| **Oct-2017** | $105733 | $107810 | $110545 | $107114 |
| **Oct-2018** | $101431 | $105561 | $109380 | $109236 |
| **Oct-2019** | $107808 | $113839 | $115542 | $120032 |
| **Oct-2020** | $105859 | $119486 | $116594 | $123310 |
| **Oct-2021** | $110021 | $117108 | $117700 | $121751 |
| **Oct-2022** | $87440 | $88314 | $96594 | $110767 |
| **Oct-2023** | $97647 | $90603 | $100069 | $113475 |
| **Oct-2024** | $112046 | $98438 | $110645 | $124000 |
| **Oct-2025** | $119604 | $103581 | $119392 | $129566 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Opportunity Bond Fund | 6.75% | 2.47% | 1.81% |
| Bloomberg Global Aggregate ex USD | 5.22% | -2.82% | 0.35% |
| Bloomberg Global Aggregate ex USD Hedged Index | 4.49% | 0.99% | 2.62% |
| Morningstar Global Bond Category | 7.91% | 0.48% | 1.79% |

---

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $104375810 |
| Number of Portfolio Holdings | 527 |
| Total Advisory Fee | $988667 |
| Portfolio Turnover | 78% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb7947cc0ebca8542656853b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 0.0% |
| Convertible Bonds | 0.4% |
| Corporate Bonds | 58.4% |
| Money Market Funds | 7.8% |
| Non U.S. Government & Agencies | 33.4% |
| Right | 0.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib394beb2efc18e91ff4134c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Local Authority | 0.3% |
| Supranational | 0.3% |
| Technology | 0.5% |
| Real Estate | 1.5% |
| Consumer Staples | 2.1% |
| Treasury | 2.1% |
| Collateral for Securities Loaned | 3.1% |
| Health Care | 3.2% |
| Money Market Funds | 4.5% |
| Consumer Discretionary | 5.0% |
| Materials | 5.5% |
| Utilities | 5.7% |
| Communications | 5.7% |
| Industrials | 6.5% |
| Financials | 10.8% |
| Energy | 11.2% |
| Non U.S. Treasury | 13.6% |
| Sovereign | 16.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| French Republic Government Bond OAT, 3.500%, 11/25/33 | 2.3% |
| Italy Buoni Poliennali Del Tesoro, 4.200%, 03/01/34 | 1.7% |
| French Republic Government Bond OAT, 0.250%, 11/25/26 | 1.6% |
| Spain Government Bond, 3.450%, 10/31/34 | 1.1% |
| Italy Buoni Poliennali Del Tesoro, 3.850%, 02/01/35 | 1.0% |
| United Kingdom Gilt, 4.250%, 12/07/40 | 1.0% |
| Spain Government Bond, 2.500%, 05/31/27 | 1.0% |
| Australia Government Bond, 1.250%, 05/21/32 | 1.0% |
| Argentine Republic Government International Bond, 0.750%, 07/09/30 | 0.9% |
| Kingdom of Belgium Government Bond, 5.000%, 03/28/35 | 0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i9e45c2add0e8b6e3e0d170e2.jpg)

#### Dunham International Opportunity Bond Fund - Class N (DNIOX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNIOX

#### Dunham International Stock Fund

#### Class A (DAINX)

#### Annual Shareholder Report - October 31, 2025
![Image](i82fabc4673df649743610722.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalstock/**. You can also request this information by contacting us at 1-800-442-4358. **This report describes change to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $262 | 2.20% |

---

# How did the Fund perform during the reporting period?
**Developed markets underperformed emerging markets over the fiscal year.** Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, rallied 27.9 percent.

**Countries contributing the most to returns relative to the Index during the fiscal year were:** China, driven by overweight positioning and positive selection within the financials, communication services and information technology baskets; and Korea, driven by overweight positioning to the industrials, information technology and financials baskets. Countries detracting the most relative to the Index included: Brazil, primarily as a result of overweight positioning to the consumer staples, energy and financials baskets; and Israel, primarily as a result of negative selection paired with overweight positioning to information technology.

**Sectors contributing the most to returns relative to the Index during the fiscal year included:** Financials, largely driven by overweight positioning and positive selection within the Italian and Chinese financials baskets. Overweight positioning to the Korean and Chinese information technology baskets additionally contributed positively to sector-level results. The only sector level detractor relative to the Index was consumer discretionary, mainly because of negative selection plus overweight positioning to the Chinese consumer discretionary basket.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i19e74b915bbcace8070f3dae.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham International Stock Fund - Class A** | **Dunham International Stock Fund - Class A- with load** | **MSCI ACWI ex USA Index** | **Morningstar Foreign Large Value Category** |
| **Oct-2015** | $10000 | $9423 | $10000 | $10000 |
| **Oct-2016** | $9979 | $9403 | $10022 | $9976 |
| **Oct-2017** | $12266 | $11558 | $12391 | $12237 |
| **Oct-2018** | $11363 | $10707 | $11370 | $11321 |
| **Oct-2019** | $12133 | $11433 | $12651 | $12181 |
| **Oct-2020** | $12161 | $11460 | $12321 | $10908 |
| **Oct-2021** | $16923 | $15946 | $15975 | $14944 |
| **Oct-2022** | $12974 | $12225 | $12025 | $12291 |
| **Oct-2023** | $15201 | $14324 | $13477 | $14364 |
| **Oct-2024** | $18878 | $17789 | $16756 | $17530 |
| **Oct-2025** | $26064 | $24560 | $20933 | $22417 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Stock Fund |  |  |  |
| Class A Without Load | 38.06% | 16.47% | 10.05% |
| Class A With Load | 30.11% | 15.10% | 9.40% |
| Morningstar Foreign Large Value Category | 27.86% | 15.49% | 8.41% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $173340081 |
| Number of Portfolio Holdings | 410 |
| Total Advisory Fee | $2460783 |
| Portfolio Turnover | 120% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0df956c65395789efcf4d2ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Money Market Funds | 0.1% |
| Equity | 0.5% |
| Real Estate | 0.6% |
| Information Technology | 1.0% |
| Utilities | 1.1% |
| Consumer Staples | 2.3% |
| Energy | 2.4% |
| Collateral for Securities Loaned | 3.4% |
| Health Care | 5.6% |
| Materials | 5.9% |
| Consumer Discretionary | 6.0% |
| Communications | 8.6% |
| Industrials | 14.2% |
| Technology | 21.4% |
| Financials | 29.8% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2679bcec93ddfd1f0e2bd25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.0% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 3.4% |
| Preferred Stocks | 2.1% |
| Warrant | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Deutsche Telekom A.G. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Kioxia Holdings Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ABB Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Lasertec Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Franco-Nevada Corporation | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;NN Group N.V. | &nbsp;&nbsp;1.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i37047759a4ef4e7fafd1187b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Other Countries | 14.7% |
| Ireland | 2.3% |
| France | 2.5% |
| South Korea | 2.5% |
| Hong Kong | 2.9% |
| Cayman Islands | 3.3% |
| United States | 4.0% |
| United Kingdom | 4.1% |
| Netherlands | 4.2% |
| Switzerland | 4.7% |
| Germany | 4.8% |
| Taiwan | 5.1% |
| Canada | 7.5% |
| Korea (Republic Of) | 7.7% |
| Japan | 16.2% |
| China | 16.4% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective July 31, 2025, disclosures pertaining to China Risk and China Related Variable Interest Entity Risk were added to the Fund's Prospectus, Summary Prospectus, and SAI. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/internationalstock/ or by calling 1-800-442-4358.

![Image](i6319b85213f1c410dce120f9.jpg)

#### Dunham International Stock Fund - Class A (DAINX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/internationalstock/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAINX

#### Dunham International Stock Fund

#### Class C (DCINX)

#### Annual Shareholder Report - October 31, 2025
![Image](i82fabc4673df649743610722.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalstock/**. You can also request this information by contacting us at 1-800-442-4358. **This report describes change to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $351 | 2.96% |

---

# How did the Fund perform during the reporting period?
**Developed markets underperformed emerging markets over the fiscal year.** Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, rallied 27.9 percent.

**Countries contributing the most to returns relative to the Index during the fiscal year were:** China, driven by overweight positioning and positive selection within the financials, communication services and information technology baskets; and Korea, driven by overweight positioning to the industrials, information technology and financials baskets. Countries detracting the most relative to the Index included: Brazil, primarily as a result of overweight positioning to the consumer staples, energy and financials baskets; and Israel, primarily as a result of negative selection paired with overweight positioning to information technology.

**Sectors contributing the most to returns relative to the Index during the fiscal year included:** Financials, largely driven by overweight positioning and positive selection within the Italian and Chinese financials baskets. Overweight positioning to the Korean and Chinese information technology baskets additionally contributed positively to sector-level results. The only sector level detractor relative to the Index was consumer discretionary, mainly because of negative selection plus overweight positioning to the Chinese consumer discretionary basket.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if002988615b8a7df6346b9e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham International Stock Fund - Class C** | **MSCI ACWI ex USA Index** | **Morningstar Foreign Large Value Category** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $9905 | $10022 | $9976 |
| **Oct-2017** | $12083 | $12391 | $12237 |
| **Oct-2018** | $11113 | $11370 | $11321 |
| **Oct-2019** | $11775 | $12651 | $12181 |
| **Oct-2020** | $11718 | $12321 | $10908 |
| **Oct-2021** | $16183 | $15975 | $14944 |
| **Oct-2022** | $12318 | $12025 | $12291 |
| **Oct-2023** | $14320 | $13477 | $14364 |
| **Oct-2024** | $17642 | $16756 | $17530 |
| **Oct-2025** | $24180 | $20933 | $22417 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Stock Fund | 37.06% | 15.59% | 9.23% |
| Morningstar Foreign Large Value Category | 27.86% | 15.49% | 8.41% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $173340081 |
| Number of Portfolio Holdings | 410 |
| Total Advisory Fee | $2460783 |
| Portfolio Turnover | 120% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0df956c65395789efcf4d2ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Money Market Funds | 0.1% |
| Equity | 0.5% |
| Real Estate | 0.6% |
| Information Technology | 1.0% |
| Utilities | 1.1% |
| Consumer Staples | 2.3% |
| Energy | 2.4% |
| Collateral for Securities Loaned | 3.4% |
| Health Care | 5.6% |
| Materials | 5.9% |
| Consumer Discretionary | 6.0% |
| Communications | 8.6% |
| Industrials | 14.2% |
| Technology | 21.4% |
| Financials | 29.8% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2679bcec93ddfd1f0e2bd25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.0% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 3.4% |
| Preferred Stocks | 2.1% |
| Warrant | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Deutsche Telekom A.G. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Kioxia Holdings Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ABB Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Lasertec Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Franco-Nevada Corporation | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;NN Group N.V. | &nbsp;&nbsp;1.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i37047759a4ef4e7fafd1187b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Other Countries | 14.7% |
| Ireland | 2.3% |
| France | 2.5% |
| South Korea | 2.5% |
| Hong Kong | 2.9% |
| Cayman Islands | 3.3% |
| United States | 4.0% |
| United Kingdom | 4.1% |
| Netherlands | 4.2% |
| Switzerland | 4.7% |
| Germany | 4.8% |
| Taiwan | 5.1% |
| Canada | 7.5% |
| Korea (Republic Of) | 7.7% |
| Japan | 16.2% |
| China | 16.4% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective July 31, 2025, disclosures pertaining to China Risk and China Related Variable Interest Entity Risk were added to the Fund's Prospectus, Summary Prospectus, and SAI. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/internationalstock/ or by calling 1-800-442-4358.

![Image](i6319b85213f1c410dce120f9.jpg)

#### Dunham International Stock Fund - Class C (DCINX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/internationalstock/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCINX

#### Dunham International Stock Fund

#### Class N (DNINX)

#### Annual Shareholder Report - October 31, 2025
![Image](i82fabc4673df649743610722.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalstock/**. You can also request this information by contacting us at 1-800-442-4358. **This report describes change to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $232 | 1.95% |

---

# How did the Fund perform during the reporting period?
**Developed markets underperformed emerging markets over the fiscal year.** Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, rallied 27.9 percent.

**Countries contributing the most to returns relative to the Index during the fiscal year were:** China, driven by overweight positioning and positive selection within the financials, communication services and information technology baskets; and Korea, driven by overweight positioning to the industrials, information technology and financials baskets. Countries detracting the most relative to the Index included: Brazil, primarily as a result of overweight positioning to the consumer staples, energy and financials baskets; and Israel, primarily as a result of negative selection paired with overweight positioning to information technology.

**Sectors contributing the most to returns relative to the Index during the fiscal year included:** Financials, largely driven by overweight positioning and positive selection within the Italian and Chinese financials baskets. Overweight positioning to the Korean and Chinese information technology baskets additionally contributed positively to sector-level results. The only sector level detractor relative to the Index was consumer discretionary, mainly because of negative selection plus overweight positioning to the Chinese consumer discretionary basket.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ia0b794a2b0c07a202b3dcbb1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham International Stock Fund - Class N** | **MSCI ACWI ex USA Index** | **Morningstar Foreign Large Value Category** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $100058 | $100223 | $99763 |
| **Oct-2017** | $123245 | $123915 | $122370 |
| **Oct-2018** | $114521 | $113700 | $113206 |
| **Oct-2019** | $122633 | $126513 | $121809 |
| **Oct-2020** | $123186 | $123208 | $109081 |
| **Oct-2021** | $171869 | $159754 | $149442 |
| **Oct-2022** | $132066 | $120253 | $122910 |
| **Oct-2023** | $155202 | $134766 | $143641 |
| **Oct-2024** | $193150 | $167561 | $175302 |
| **Oct-2025** | $267289 | $209332 | $224166 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Stock Fund | 38.38% | 16.76% | 10.33% |
| Morningstar Foreign Large Value Category | 27.86% | 15.49% | 8.41% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $173340081 |
| Number of Portfolio Holdings | 410 |
| Total Advisory Fee | $2460783 |
| Portfolio Turnover | 120% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0df956c65395789efcf4d2ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Money Market Funds | 0.1% |
| Equity | 0.5% |
| Real Estate | 0.6% |
| Information Technology | 1.0% |
| Utilities | 1.1% |
| Consumer Staples | 2.3% |
| Energy | 2.4% |
| Collateral for Securities Loaned | 3.4% |
| Health Care | 5.6% |
| Materials | 5.9% |
| Consumer Discretionary | 6.0% |
| Communications | 8.6% |
| Industrials | 14.2% |
| Technology | 21.4% |
| Financials | 29.8% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2679bcec93ddfd1f0e2bd25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.0% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 3.4% |
| Preferred Stocks | 2.1% |
| Warrant | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Deutsche Telekom A.G. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Kioxia Holdings Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ABB Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Lasertec Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Franco-Nevada Corporation | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;NN Group N.V. | &nbsp;&nbsp;1.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i37047759a4ef4e7fafd1187b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Other Countries | 14.7% |
| Ireland | 2.3% |
| France | 2.5% |
| South Korea | 2.5% |
| Hong Kong | 2.9% |
| Cayman Islands | 3.3% |
| United States | 4.0% |
| United Kingdom | 4.1% |
| Netherlands | 4.2% |
| Switzerland | 4.7% |
| Germany | 4.8% |
| Taiwan | 5.1% |
| Canada | 7.5% |
| Korea (Republic Of) | 7.7% |
| Japan | 16.2% |
| China | 16.4% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective July 31, 2025, disclosures pertaining to China Risk and China Related Variable Interest Entity Risk were added to the Fund's Prospectus, Summary Prospectus, and SAI. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/internationalstock/ or by calling 1-800-442-4358.

![Image](i6319b85213f1c410dce120f9.jpg)

#### Dunham International Stock Fund - Class N (DNINX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/internationalstock/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNINX

#### Dunham Large Cap Value Fund

#### Class A (DALVX)

#### Annual Shareholder Report - October 31, 2025
![Image](icd29e35f49839e2295152ba4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $151 | 1.42% |

---

# How did the Fund perform during the reporting period?
**The exposure to "large capitalization" stocks with a "value" style generally detracted from performance relative to the overall market during the fiscal year.** Large-cap value companies, as measured by the Russell 1000 Value Index, returned 11.1 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 21.4 percent over the period. Additionally, when looking at all large capitalization value stocks relative to large capitalization growth stocks, large value stocks meaningfully underperformed for the fiscal year.

**Stock selection and sector allocation provided mixed results over the fiscal year.** The Sub-Adviser's effective security selection within the technology sector, and relative underweight to the consumer staples sector, positively contributed to relative performance. However, an overweight to the healthcare sector and stock picking within the energy sector hurt relative Fund performance.

**Individual positions that positively/negatively impacted relative Fund performance.** Micron Technology, Inc. (MU) (holding weight\*: 1.95 percent), positively contributed to Fund performance, as the position gained 125.5 percent over the fiscal year. UnitedHealth Group, Inc. (UNH) (holding weight\*: 1.40 percent), negatively contributed to Fund performance, as the position lost 38.2 percent over the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie74a28328edec3b7cf56cc9e.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Large Cap Value Fund - Class A** | **Dunham Large Cap Value Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar Large Cap Value Category** |
| **Oct-2015** | $10000 | $9426 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10143 | $9561 | $10451 | $10637 | $10512 |
| **Oct-2017** | $11926 | $11241 | $12921 | $12528 | $12696 |
| **Oct-2018** | $12139 | $11442 | $13870 | $12909 | $13217 |
| **Oct-2019** | $13474 | $12700 | $15857 | $14356 | $14297 |
| **Oct-2020** | $12621 | $11897 | $17397 | $13270 | $14446 |
| **Oct-2021** | $18336 | $17283 | $24862 | $19077 | $20873 |
| **Oct-2022** | $16836 | $15870 | $21230 | $17742 | $20094 |
| **Oct-2023** | $16599 | $15646 | $23383 | $17765 | $20379 |
| **Oct-2024** | $21936 | $20677 | $32272 | $23269 | $26632 |
| **Oct-2025** | $24643 | $23229 | $39196 | $25863 | $29665 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Large Cap Value Fund |  |  |  |
| Class A Without Load | 12.34% | 14.32% | 9.44% |
| Class A With Load | 5.86% | 12.98% | 8.79% |
| Morningstar Large Cap Value Category | 11.39% | 15.48% | 11.49% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $195892196 |
| Number of Portfolio Holdings | 77 |
| Total Advisory Fee | $1714056 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb1e1622952fe54f272d1cbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 93.0% |
| Money Market Funds | 7.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9470e5f7c457f3d264a95fc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Money Market Funds | 2.5% |
| Utilities | 2.9% |
| Real Estate | 3.3% |
| Consumer Staples | 3.4% |
| Materials | 4.5% |
| Collateral for Securities Loaned | 4.9% |
| Energy | 5.5% |
| Consumer Discretionary | 8.5% |
| Communications | 8.8% |
| Technology | 9.6% |
| Health Care | 13.2% |
| Industrials | 16.1% |
| Financials | 21.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;RTX Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Parker-Hannifin Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i28419a385db3af4bf146824a.jpg)

#### Dunham Large Cap Value Fund - Class A (DALVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/largecapvalue/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DALVX

#### Dunham Large Cap Value Fund

#### Class C (DCLVX)

#### Annual Shareholder Report - October 31, 2025
![Image](icd29e35f49839e2295152ba4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $229 | 2.17% |

---

# How did the Fund perform during the reporting period?
**The exposure to "large capitalization" stocks with a "value" style generally detracted from performance relative to the overall market during the fiscal year.** Large-cap value companies, as measured by the Russell 1000 Value Index, returned 11.1 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 21.4 percent over the period. Additionally, when looking at all large capitalization value stocks relative to large capitalization growth stocks, large value stocks meaningfully underperformed for the fiscal year.

**Stock selection and sector allocation provided mixed results over the fiscal year.** The Sub-Adviser's effective security selection within the technology sector, and relative underweight to the consumer staples sector, positively contributed to relative performance. However, an overweight to the healthcare sector and stock picking within the energy sector hurt relative Fund performance.

**Individual positions that positively/negatively impacted relative Fund performance.** Micron Technology, Inc. (MU) (holding weight\*: 1.95 percent), positively contributed to Fund performance, as the position gained 125.5 percent over the fiscal year. UnitedHealth Group, Inc. (UNH) (holding weight\*: 1.40 percent), negatively contributed to Fund performance, as the position lost 38.2 percent over the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9a691f6eaf5f5b24417427e8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Large Cap Value Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar Large Cap Value Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10066 | $10451 | $10637 | $10512 |
| **Oct-2017** | $11749 | $12921 | $12528 | $12696 |
| **Oct-2018** | $11866 | $13870 | $12909 | $13217 |
| **Oct-2019** | $13081 | $15857 | $14356 | $14297 |
| **Oct-2020** | $12156 | $17397 | $13270 | $14446 |
| **Oct-2021** | $17528 | $24862 | $19077 | $20873 |
| **Oct-2022** | $15969 | $21230 | $17742 | $20094 |
| **Oct-2023** | $15634 | $23383 | $17765 | $20379 |
| **Oct-2024** | $20503 | $32272 | $23269 | $26632 |
| **Oct-2025** | $22855 | $39196 | $25863 | $29665 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Large Cap Value Fund | 11.47% | 13.46% | 8.62% |
| Morningstar Large Cap Value Category | 11.39% | 15.48% | 11.49% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $195892196 |
| Number of Portfolio Holdings | 77 |
| Total Advisory Fee | $1714056 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb1e1622952fe54f272d1cbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 93.0% |
| Money Market Funds | 7.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9470e5f7c457f3d264a95fc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Money Market Funds | 2.5% |
| Utilities | 2.9% |
| Real Estate | 3.3% |
| Consumer Staples | 3.4% |
| Materials | 4.5% |
| Collateral for Securities Loaned | 4.9% |
| Energy | 5.5% |
| Consumer Discretionary | 8.5% |
| Communications | 8.8% |
| Technology | 9.6% |
| Health Care | 13.2% |
| Industrials | 16.1% |
| Financials | 21.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;RTX Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Parker-Hannifin Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i28419a385db3af4bf146824a.jpg)

#### Dunham Large Cap Value Fund - Class C (DCLVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/largecapvalue/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCLVX

#### Dunham Large Cap Value Fund

#### Class N (DNLVX)

#### Annual Shareholder Report - October 31, 2025
![Image](icd29e35f49839e2295152ba4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $124 | 1.17% |

---

# How did the Fund perform during the reporting period?
**The exposure to "large capitalization" stocks with a "value" style generally detracted from performance relative to the overall market during the fiscal year.** Large-cap value companies, as measured by the Russell 1000 Value Index, returned 11.1 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 21.4 percent over the period. Additionally, when looking at all large capitalization value stocks relative to large capitalization growth stocks, large value stocks meaningfully underperformed for the fiscal year.

**Stock selection and sector allocation provided mixed results over the fiscal year.** The Sub-Adviser's effective security selection within the technology sector, and relative underweight to the consumer staples sector, positively contributed to relative performance. However, an overweight to the healthcare sector and stock picking within the energy sector hurt relative Fund performance.

**Individual positions that positively/negatively impacted relative Fund performance.** Micron Technology, Inc. (MU) (holding weight\*: 1.95 percent), positively contributed to Fund performance, as the position gained 125.5 percent over the fiscal year. UnitedHealth Group, Inc. (UNH) (holding weight\*: 1.40 percent), negatively contributed to Fund performance, as the position lost 38.2 percent over the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](iaba79b9176dced9a38bce35d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Large Cap Value Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar Large Cap Value Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $101735 | $104509 | $106370 | $105117 |
| **Oct-2017** | $119882 | $129207 | $125284 | $126958 |
| **Oct-2018** | $122251 | $138699 | $129086 | $132174 |
| **Oct-2019** | $136154 | $158569 | $143561 | $142967 |
| **Oct-2020** | $127774 | $173967 | $132700 | $144461 |
| **Oct-2021** | $186153 | $248623 | $190765 | $208734 |
| **Oct-2022** | $171333 | $212297 | $177417 | $200935 |
| **Oct-2023** | $169377 | $233830 | $177655 | $203793 |
| **Oct-2024** | $224381 | $322725 | $232686 | $266320 |
| **Oct-2025** | $252630 | $391957 | $258626 | $296645 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Large Cap Value Fund | 12.59% | 14.61% | 9.71% |
| Morningstar Large Cap Value Category | 11.39% | 15.48% | 11.49% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $195892196 |
| Number of Portfolio Holdings | 77 |
| Total Advisory Fee | $1714056 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb1e1622952fe54f272d1cbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 93.0% |
| Money Market Funds | 7.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9470e5f7c457f3d264a95fc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Money Market Funds | 2.5% |
| Utilities | 2.9% |
| Real Estate | 3.3% |
| Consumer Staples | 3.4% |
| Materials | 4.5% |
| Collateral for Securities Loaned | 4.9% |
| Energy | 5.5% |
| Consumer Discretionary | 8.5% |
| Communications | 8.8% |
| Technology | 9.6% |
| Health Care | 13.2% |
| Industrials | 16.1% |
| Financials | 21.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;RTX Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Parker-Hannifin Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i28419a385db3af4bf146824a.jpg)

#### Dunham Large Cap Value Fund - Class N (DNLVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/largecapvalue/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNLVX

#### Dunham Long/Short Credit Fund

#### Class A (DAAIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i108f40c94c2fe069961d4fd4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/longshortcredit/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $115 | 1.13% |

---

# How did the Fund perform during the reporting period?
**The Fund's core long positions were the strongest contributor to Fund performance over the fiscal year.** The core long positions were the largest source of positive performance over the fiscal quarter, with gains driven by short duration holdings from the financial services sector.

**The Sub-Adviser continued to implement its interest rate hedging strategy, maintaining an overall portfolio duration of approximately 0.84 years.** Duration management remained a key focus, and this positioning initially contributed positively to Fund performance as investors hedged bets of meaningful interest rate reductions toward the end of 2024 and early 2025. However, the exposure later detracted from performance as signs of labor market weakness prompted the Federal Reserve to ease policy, driving short-term yields lower.

**Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year.** For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 8.1 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index, over the fiscal year.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2528772bcc72e09d4da5faa1.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Long/Short Credit Fund - Class A** | **Dunham Long/Short Credit Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Nontraditional Bond Category** | **BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%** |
| **Oct-2015** | $10000 | $9428 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9781 | $9221 | $10437 | $10499 | $10319 |
| **Oct-2017** | $10836 | $10216 | $10531 | $11096 | $10703 |
| **Oct-2018** | $11727 | $11056 | $10315 | $11242 | $11204 |
| **Oct-2019** | $12321 | $11615 | $11502 | $11840 | $11809 |
| **Oct-2020** | $12811 | $12077 | $12214 | $12117 | $12285 |
| **Oct-2021** | $13293 | $12532 | $12155 | $12859 | $12647 |
| **Oct-2022** | $12918 | $12178 | $10249 | $11917 | $13126 |
| **Oct-2023** | $13164 | $12410 | $10286 | $12519 | $14150 |
| **Oct-2024** | $13771 | $12983 | $11370 | $14011 | $15341 |
| **Oct-2025** | $14302 | $13484 | $12071 | $14976 | $16466 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Long/Short Credit Fund |  |  |  |
| Class A Without Load | 3.86% | 2.23% | 3.64% |
| Class A With Load | -2.15% | 1.03% | 3.03% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 7.33% | 6.03% | 5.11% |
| Morningstar Nontraditional Bond Category | 6.89% | 4.33% | 4.12% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $299141936 |
| Number of Portfolio Holdings | 82 |
| Total Advisory Fee | $1869429 |
| Portfolio Turnover | 234% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie9779dbf0ca0ce371701d93a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0% |
| Corporate Bonds | 36.9% |
| Money Market Funds | 7.6% |
| Municipal Bonds | 0.8% |
| U.S. Government & Agencies | 54.7% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icba53eca696528032b007a61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -7.5% |
| Consumer Staples | 0.4% |
| Education | 0.8% |
| Real Estate | 1.1% |
| Industrials | 1.4% |
| Health Care | 1.5% |
| Technology | 1.6% |
| Energy | 2.2% |
| Utilities | 2.7% |
| Money Market Funds | 2.8% |
| Materials | 3.0% |
| Collateral for Securities Loaned | 5.3% |
| Consumer Discretionary | 5.5% |
| Communications | 5.5% |
| Financials | 14.8% |
| U.S. Treasury Obligations | 58.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 01/08/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 04/09/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 02/12/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 12/18/25 | &nbsp;&nbsp;12.2% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;United States Treasury Note, 4.750%, 05/15/55 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, 08/15/35 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 08/15/45 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Wells Fargo & Company, 4.666%, 01/15/27 | &nbsp;&nbsp;1.7% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i2deeb3cabbb3ba14fa355833.jpg)

#### Dunham Long/Short Credit Fund - Class A (DAAIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/longshortcredit/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAAIX

#### Dunham Long/Short Credit Fund

#### Class C (DCAIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i108f40c94c2fe069961d4fd4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/longshortcredit/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $194 | 1.91% |

---

# How did the Fund perform during the reporting period?
**The Fund's core long positions were the strongest contributor to Fund performance over the fiscal year.** The core long positions were the largest source of positive performance over the fiscal quarter, with gains driven by short duration holdings from the financial services sector.

**The Sub-Adviser continued to implement its interest rate hedging strategy, maintaining an overall portfolio duration of approximately 0.84 years.** Duration management remained a key focus, and this positioning initially contributed positively to Fund performance as investors hedged bets of meaningful interest rate reductions toward the end of 2024 and early 2025. However, the exposure later detracted from performance as signs of labor market weakness prompted the Federal Reserve to ease policy, driving short-term yields lower.

**Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year.** For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 8.1 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index, over the fiscal year.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5c827c6ce4dc0f126dfcf2d1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Long/Short Credit Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Nontraditional Bond Category** | **BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9705 | $10437 | $10499 | $10319 |
| **Oct-2017** | $10671 | $10531 | $11096 | $10703 |
| **Oct-2018** | $11454 | $10315 | $11242 | $11204 |
| **Oct-2019** | $11951 | $11502 | $11840 | $11809 |
| **Oct-2020** | $12338 | $12214 | $12117 | $12285 |
| **Oct-2021** | $12708 | $12155 | $12859 | $12647 |
| **Oct-2022** | $12257 | $10249 | $11917 | $13126 |
| **Oct-2023** | $12393 | $10286 | $12519 | $14150 |
| **Oct-2024** | $12867 | $11370 | $14011 | $15341 |
| **Oct-2025** | $13278 | $12071 | $14976 | $16466 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Long/Short Credit Fund | 3.19% | 1.48% | 2.88% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 7.33% | 6.03% | 5.11% |
| Morningstar Nontraditional Bond Category | 6.89% | 4.33% | 4.12% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $299141936 |
| Number of Portfolio Holdings | 82 |
| Total Advisory Fee | $1869429 |
| Portfolio Turnover | 234% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie9779dbf0ca0ce371701d93a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0% |
| Corporate Bonds | 36.9% |
| Money Market Funds | 7.6% |
| Municipal Bonds | 0.8% |
| U.S. Government & Agencies | 54.7% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icba53eca696528032b007a61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -7.5% |
| Consumer Staples | 0.4% |
| Education | 0.8% |
| Real Estate | 1.1% |
| Industrials | 1.4% |
| Health Care | 1.5% |
| Technology | 1.6% |
| Energy | 2.2% |
| Utilities | 2.7% |
| Money Market Funds | 2.8% |
| Materials | 3.0% |
| Collateral for Securities Loaned | 5.3% |
| Consumer Discretionary | 5.5% |
| Communications | 5.5% |
| Financials | 14.8% |
| U.S. Treasury Obligations | 58.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 01/08/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 04/09/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 02/12/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 12/18/25 | &nbsp;&nbsp;12.2% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;United States Treasury Note, 4.750%, 05/15/55 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, 08/15/35 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 08/15/45 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Wells Fargo & Company, 4.666%, 01/15/27 | &nbsp;&nbsp;1.7% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i2deeb3cabbb3ba14fa355833.jpg)

#### Dunham Long/Short Credit Fund - Class C (DCAIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/longshortcredit/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCAIX

#### Dunham Long/Short Credit Fund

#### Class N (DNAIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i108f40c94c2fe069961d4fd4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/longshortcredit/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $93 | 0.91% |

---

# How did the Fund perform during the reporting period?
**The Fund's core long positions were the strongest contributor to Fund performance over the fiscal year.** The core long positions were the largest source of positive performance over the fiscal quarter, with gains driven by short duration holdings from the financial services sector.

**The Sub-Adviser continued to implement its interest rate hedging strategy, maintaining an overall portfolio duration of approximately 0.84 years.** Duration management remained a key focus, and this positioning initially contributed positively to Fund performance as investors hedged bets of meaningful interest rate reductions toward the end of 2024 and early 2025. However, the exposure later detracted from performance as signs of labor market weakness prompted the Federal Reserve to ease policy, driving short-term yields lower.

**Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year.** For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 8.1 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index, over the fiscal year.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](iadcca3756f9852ceab23c748.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Long/Short Credit Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Nontraditional Bond Category** | **BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $98084 | $104370 | $104989 | $103190 |
| **Oct-2017** | $108949 | $105312 | $110961 | $107030 |
| **Oct-2018** | $118262 | $103150 | $112419 | $112036 |
| **Oct-2019** | $124539 | $115021 | $118399 | $118090 |
| **Oct-2020** | $129806 | $122138 | $121166 | $122848 |
| **Oct-2021** | $135001 | $121554 | $128594 | $126465 |
| **Oct-2022** | $131529 | $102491 | $119167 | $131255 |
| **Oct-2023** | $134364 | $102856 | $125186 | $141499 |
| **Oct-2024** | $141057 | $113704 | $140113 | $153409 |
| **Oct-2025** | $146849 | $120707 | $149764 | $164654 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Long/Short Credit Fund | 4.11% | 2.50% | 3.92% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 7.33% | 6.03% | 5.11% |
| Morningstar Nontraditional Bond Category | 6.89% | 4.33% | 4.12% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $299141936 |
| Number of Portfolio Holdings | 82 |
| Total Advisory Fee | $1869429 |
| Portfolio Turnover | 234% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie9779dbf0ca0ce371701d93a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0% |
| Corporate Bonds | 36.9% |
| Money Market Funds | 7.6% |
| Municipal Bonds | 0.8% |
| U.S. Government & Agencies | 54.7% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icba53eca696528032b007a61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -7.5% |
| Consumer Staples | 0.4% |
| Education | 0.8% |
| Real Estate | 1.1% |
| Industrials | 1.4% |
| Health Care | 1.5% |
| Technology | 1.6% |
| Energy | 2.2% |
| Utilities | 2.7% |
| Money Market Funds | 2.8% |
| Materials | 3.0% |
| Collateral for Securities Loaned | 5.3% |
| Consumer Discretionary | 5.5% |
| Communications | 5.5% |
| Financials | 14.8% |
| U.S. Treasury Obligations | 58.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 01/08/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 04/09/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 02/12/26 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 12/18/25 | &nbsp;&nbsp;12.2% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;United States Treasury Note, 4.750%, 05/15/55 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, 08/15/35 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 08/15/45 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Wells Fargo & Company, 4.666%, 01/15/27 | &nbsp;&nbsp;1.7% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i2deeb3cabbb3ba14fa355833.jpg)

#### Dunham Long/Short Credit Fund - Class N (DNAIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/longshortcredit/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNAIX

#### Dunham Monthly Distribution Fund

#### Class A (DAMDX)

#### Annual Shareholder Report - October 31, 2025
![Image](ifce043a48d54502d22749e96.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $237 | 2.28% |

---

# How did the Fund perform during the reporting period?
**Cross-border mergers and acquisitions were generally impacted by harsher scrutiny by European authorities.** Despite optimism that political scrutiny may be less of a hindrance in the US, foreign authorities, particularly in the United Kingdom and Europe generally exhibited increased scrutiny during the fiscal year.

**Mergers related to the information technology and artificial intelligence space have become more prevalent.** The Fund participated in a deal between a cybersecurity firm that relies heavily on AI for threat detection and a company that focuses on identity security. This deal included stock consideration as part of the acquisition terms, which meant that the Sub-Adviser took a short position in the acquirers stock. This short position generally detracted from performance as the stock surged in value during the period. However, the Sub-Adviser was also long the target company's stock, which offset the adverse effects of the short position in the acquirer.

**Although derivatives are generally used sparingly in the Fund, the Sub-Adviser continued to use multiple options strategies during the fiscal year.** The Sub-Adviser used collar strategies, which involves writing a call and buying a put on the same underlying stock to potentially limit downside, while also limiting upside, on stocks that are a target in an announced merger. In addition, the Sub-Adviser used put options on a position that was difficult to outright short in its local market.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](icbdf172c93b56ba7853aded5.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Monthly Distribution Fund - Class A** | **Dunham Monthly Distribution Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Morningstar Event Driven Category** | **Credit Suisse Merger Arb Liquidity Beta Index** |
| **Oct-2015** | $10000 | $9426 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10153 | $9571 | $10451 | $10329 | $9700 |
| **Oct-2017** | $10829 | $10207 | $12921 | $11143 | $10548 |
| **Oct-2018** | $10758 | $10140 | $13870 | $11517 | $10794 |
| **Oct-2019** | $11005 | $10373 | $15857 | $12382 | $11345 |
| **Oct-2020** | $11016 | $10384 | $17397 | $12880 | $11416 |
| **Oct-2021** | $11154 | $10513 | $24862 | $14353 | $12552 |
| **Oct-2022** | $11250 | $10604 | $21230 | $14258 | $12614 |
| **Oct-2023** | $11399 | $10744 | $23383 | $14712 | $13343 |
| **Oct-2024** | $12199 | $11499 | $32272 | $15912 | $13885 |
| **Oct-2025** | $13173 | $12417 | $39196 | $17457 | $15603 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.

For disclosure regarding the extent to which the Fund's distribution policy resulted in distributions of capital during the reporting period ending October 31, 2025 (i.e., a return of capital), please refer to the Fund's Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Monthly Distribution Fund |  |  |  |
| Class A Without Load | 7.98% | 3.64% | 2.79% |
| Class A With Load | 1.78% | 2.42% | 2.19% |
| Credit Suisse Merger Arb Liquidity Beta Index | 12.37% | 6.45% | 4.55% |
| Morningstar Event Driven Category | 9.72% | 6.27% | 5.73% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $258649548 |
| Number of Portfolio Holdings | 80 |
| Total Advisory Fee | $2631334 |
| Portfolio Turnover | 377% |

---

# **Asset Weighting (% of total investments)\***![Group By Asset Type Chart](i254bb52fd3f4fcca6b02059b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 1.7% |
| Common Stocks | 110.0% |
| Money Market Funds | 26.9% |
| Purchased Options | 0.3% |
| Right | 0.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)\***![Group By Sector Chart](i58ea12042be34e5a048fc3ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.0% |
| Purchased Options | 0.2% |
| Materials | 0.3% |
| Equity | 1.2% |
| Health Care | 3.0% |
| Consumer Discretionary | 3.4% |
| Financials | 10.9% |
| Consumer Staples | 5.4% |
| Utilities | 9.9% |
| Industrials | 8.5% |
| Technology | 10.4% |
| Energy | 8.1% |
| Collateral for Securities Loaned | 9.0% |
| Communications | 20.0% |
| Money Market Funds | 10.5% |

---

\* If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Parkland Corporation | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Chart Industries, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Frontier Communications Parent, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;JDE Peet's N.V. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Air Lease Corporation | &nbsp;&nbsp;3.5% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i876c29432dfd58f7af76b775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currency Contracts | 17.6% |
| Energy | -1.0% |
| Industrials | -2.6% |
| Utilities | -4.2% |
| Technology | -4.4% |
| Financials | -5.5% |
| Communications | -10.7% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i1108028aacf997e999f8ea98.jpg)

#### Dunham Monthly Distribution Fund - Class A (DAMDX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAMDX

#### Dunham Monthly Distribution Fund

#### Class C (DCMDX)

#### Annual Shareholder Report - October 31, 2025
![Image](ifce043a48d54502d22749e96.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $313 | 3.02% |

---

# How did the Fund perform during the reporting period?
**Cross-border mergers and acquisitions were generally impacted by harsher scrutiny by European authorities.** Despite optimism that political scrutiny may be less of a hindrance in the US, foreign authorities, particularly in the United Kingdom and Europe generally exhibited increased scrutiny during the fiscal year.

**Mergers related to the information technology and artificial intelligence space have become more prevalent.** The Fund participated in a deal between a cybersecurity firm that relies heavily on AI for threat detection and a company that focuses on identity security. This deal included stock consideration as part of the acquisition terms, which meant that the Sub-Adviser took a short position in the acquirers stock. This short position generally detracted from performance as the stock surged in value during the period. However, the Sub-Adviser was also long the target company's stock, which offset the adverse effects of the short position in the acquirer.

**Although derivatives are generally used sparingly in the Fund, the Sub-Adviser continued to use multiple options strategies during the fiscal year.** The Sub-Adviser used collar strategies, which involves writing a call and buying a put on the same underlying stock to potentially limit downside, while also limiting upside, on stocks that are a target in an announced merger. In addition, the Sub-Adviser used put options on a position that was difficult to outright short in its local market.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](icd5963431477ca3f7ffbcb48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Monthly Distribution Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Morningstar Event Driven Category** | **Credit Suisse Merger Arb Liquidity Beta Index** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10074 | $10451 | $10329 | $9700 |
| **Oct-2017** | $10661 | $12921 | $11143 | $10548 |
| **Oct-2018** | $10515 | $13870 | $11517 | $10794 |
| **Oct-2019** | $10674 | $15857 | $12382 | $11345 |
| **Oct-2020** | $10603 | $17397 | $12880 | $11416 |
| **Oct-2021** | $10660 | $24862 | $14353 | $12552 |
| **Oct-2022** | $10670 | $21230 | $14258 | $12614 |
| **Oct-2023** | $10730 | $23383 | $14712 | $13343 |
| **Oct-2024** | $11394 | $32272 | $15912 | $13885 |
| **Oct-2025** | $12213 | $39196 | $17457 | $15603 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.

For disclosure regarding the extent to which the Fund's distribution policy resulted in distributions of capital during the reporting period ending October 31, 2025 (i.e., a return of capital), please refer to the Fund's Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Monthly Distribution Fund | 7.18% | 2.87% | 2.02% |
| Credit Suisse Merger Arb Liquidity Beta Index | 12.37% | 6.45% | 4.55% |
| Morningstar Event Driven Category | 9.72% | 6.27% | 5.73% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $258649548 |
| Number of Portfolio Holdings | 80 |
| Total Advisory Fee | $2631334 |
| Portfolio Turnover | 377% |

---

# **Asset Weighting (% of total investments)\***![Group By Asset Type Chart](i254bb52fd3f4fcca6b02059b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 1.7% |
| Common Stocks | 110.0% |
| Money Market Funds | 26.9% |
| Purchased Options | 0.3% |
| Right | 0.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)\***![Group By Sector Chart](i58ea12042be34e5a048fc3ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.0% |
| Purchased Options | 0.2% |
| Materials | 0.3% |
| Equity | 1.2% |
| Health Care | 3.0% |
| Consumer Discretionary | 3.4% |
| Financials | 10.9% |
| Consumer Staples | 5.4% |
| Utilities | 9.9% |
| Industrials | 8.5% |
| Technology | 10.4% |
| Energy | 8.1% |
| Collateral for Securities Loaned | 9.0% |
| Communications | 20.0% |
| Money Market Funds | 10.5% |

---

\* If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Parkland Corporation | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Chart Industries, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Frontier Communications Parent, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;JDE Peet's N.V. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Air Lease Corporation | &nbsp;&nbsp;3.5% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i876c29432dfd58f7af76b775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currency Contracts | 17.6% |
| Energy | -1.0% |
| Industrials | -2.6% |
| Utilities | -4.2% |
| Technology | -4.4% |
| Financials | -5.5% |
| Communications | -10.7% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i1108028aacf997e999f8ea98.jpg)

#### Dunham Monthly Distribution Fund - Class C (DCMDX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCMDX

#### Dunham Monthly Distribution Fund

#### Class N (DNMDX)

#### Annual Shareholder Report - October 31, 2025
![Image](ifce043a48d54502d22749e96.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $209 | 2.01% |

---

# How did the Fund perform during the reporting period?
**Cross-border mergers and acquisitions were generally impacted by harsher scrutiny by European authorities.** Despite optimism that political scrutiny may be less of a hindrance in the US, foreign authorities, particularly in the United Kingdom and Europe generally exhibited increased scrutiny during the fiscal year.

**Mergers related to the information technology and artificial intelligence space have become more prevalent.** The Fund participated in a deal between a cybersecurity firm that relies heavily on AI for threat detection and a company that focuses on identity security. This deal included stock consideration as part of the acquisition terms, which meant that the Sub-Adviser took a short position in the acquirers stock. This short position generally detracted from performance as the stock surged in value during the period. However, the Sub-Adviser was also long the target company's stock, which offset the adverse effects of the short position in the acquirer.

**Although derivatives are generally used sparingly in the Fund, the Sub-Adviser continued to use multiple options strategies during the fiscal year.** The Sub-Adviser used collar strategies, which involves writing a call and buying a put on the same underlying stock to potentially limit downside, while also limiting upside, on stocks that are a target in an announced merger. In addition, the Sub-Adviser used put options on a position that was difficult to outright short in its local market.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ica406fd549def9aa3d65be3c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Monthly Distribution Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Morningstar Event Driven Category** | **Credit Suisse Merger Arb Liquidity Beta Index** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100001 |
| **Oct-2016** | $101783 | $104509 | $103287 | $97002 |
| **Oct-2017** | $108825 | $129207 | $111426 | $105475 |
| **Oct-2018** | $108376 | $138699 | $115173 | $107934 |
| **Oct-2019** | $111139 | $158569 | $123821 | $113450 |
| **Oct-2020** | $111513 | $173967 | $128803 | $114156 |
| **Oct-2021** | $113233 | $248623 | $143527 | $125516 |
| **Oct-2022** | $114457 | $212297 | $142577 | $126138 |
| **Oct-2023** | $116274 | $233830 | $147116 | $133430 |
| **Oct-2024** | $124777 | $322725 | $159117 | $138850 |
| **Oct-2025** | $135016 | $391957 | $174574 | $156025 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.

For disclosure regarding the extent to which the Fund's distribution policy resulted in distributions of capital during the reporting period ending October 31, 2025 (i.e., a return of capital), please refer to the Fund's Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Monthly Distribution Fund | 8.21% | 3.90% | 3.05% |
| Credit Suisse Merger Arb Liquidity Beta Index | 12.37% | 6.45% | 4.55% |
| Morningstar Event Driven Category | 9.72% | 6.27% | 5.73% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $258649548 |
| Number of Portfolio Holdings | 80 |
| Total Advisory Fee | $2631334 |
| Portfolio Turnover | 377% |

---

# **Asset Weighting (% of total investments)\***![Group By Asset Type Chart](i254bb52fd3f4fcca6b02059b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 1.7% |
| Common Stocks | 110.0% |
| Money Market Funds | 26.9% |
| Purchased Options | 0.3% |
| Right | 0.4% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)\***![Group By Sector Chart](i58ea12042be34e5a048fc3ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.0% |
| Purchased Options | 0.2% |
| Materials | 0.3% |
| Equity | 1.2% |
| Health Care | 3.0% |
| Consumer Discretionary | 3.4% |
| Financials | 10.9% |
| Consumer Staples | 5.4% |
| Utilities | 9.9% |
| Industrials | 8.5% |
| Technology | 10.4% |
| Energy | 8.1% |
| Collateral for Securities Loaned | 9.0% |
| Communications | 20.0% |
| Money Market Funds | 10.5% |

---

\* If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Parkland Corporation | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Chart Industries, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Frontier Communications Parent, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;JDE Peet's N.V. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Air Lease Corporation | &nbsp;&nbsp;3.5% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i876c29432dfd58f7af76b775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currency Contracts | 17.6% |
| Energy | -1.0% |
| Industrials | -2.6% |
| Utilities | -4.2% |
| Technology | -4.4% |
| Financials | -5.5% |
| Communications | -10.7% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i1108028aacf997e999f8ea98.jpg)

#### Dunham Monthly Distribution Fund - Class N (DNMDX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNMDX

#### Dunham Real Estate Stock Fund

#### Class A (DAREX)

#### Annual Shareholder Report - October 31, 2025
![Image](i129b0a8159c421fc2ef49c3b.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/realestate/**. You can also request this information by contacting us at 1-800-442-4358.

This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $151 | 1.58% |

---

# How did the Fund perform during the reporting period?
**The meaningful exposure to data center REITs detracted from Fund performance over the fiscal year.** Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. However, higher financing costs, large upfront capital expenditures, and high expectations weighed on stock prices.

**Off-benchmark exposures contributed to positive Fund performance over the fiscal year.** The exposure to water resources, commercial real estate, and an American technology real estate marketplace company outweighed the adverse impact from the exposure to casinos over the fiscal year.

**The Fund's underweight exposure to retail and regional mall REITs detracted from Fund Performance.** The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i758d4cf13f7d5c3172aa655e.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Dunham Real Estate Stock Fund - Class A** | **Dunham Real Estate Stock Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Real Estate Index** | **Morningstar Real Estate Category** | **Dow Jones Global Select REIT Total Return Net Index** |
| **Oct-2015** | $10000 | $9423 | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10560 | $9950 | $10451 | $10649 | $10643 | $10182 |
| **Oct-2017** | $10917 | $10287 | $12921 | $11632 | $11376 | $10501 |
| **Oct-2018** | $10837 | $10211 | $13870 | $11835 | $11528 | $10643 |
| **Oct-2019** | $13417 | $12643 | $15857 | $14758 | $14352 | $12775 |
| **Oct-2020** | $13380 | $12607 | $17397 | $12587 | $11925 | $9420 |
| **Oct-2021** | $17725 | $16702 | $24862 | $18150 | $17806 | $13895 |
| **Oct-2022** | $11012 | $10376 | $21230 | $14349 | $14210 | $10768 |
| **Oct-2023** | $9767 | $9203 | $23383 | $13326 | $13361 | $10024 |
| **Oct-2024** | $13233 | $12469 | $32272 | $17897 | $17927 | $12952 |
| **Oct-2025** | $12087 | $11389 | $39196 | $17750 | $17577 | $13227 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Real Estate Stock Fund |  |  |  |
| Class A Without Load | -8.66% | -2.01% | 1.91% |
| Class A With Load | -13.93% | -3.17% | 1.31% |
| Dow Jones Global Select REIT Total Return Net Index | 2.13% | 7.02% | 2.84% |
| Dow Jones US Real Estate Index | -0.82% | 7.12% | 5.91% |
| Morningstar Real Estate Category | -1.95% | 8.07% | 5.80% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

Effective October 1, 2025, the Benchmark Index of the Fund is the Dow Jones Global Select REIT Total Return Net Index. The Fund's Adviser believes the Dow Jones Global Select REIT Total Return Net Index is a more appropriate and accurate index against which to compare the Fund's investment strategies and, therefore, the Dow Jones Global Select REIT Total Return Net Index will replace the Dow Jones U.S. Real Estate Total Return Index as the Fund's primary benchmark in future comparisons.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $55784915 |
| Number of Portfolio Holdings | 41 |
| Total Advisory Fee | $457173 |
| Portfolio Turnover | 165% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic5d0b1a61bd1c2243e26a4d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 82.7% |
| Money Market Funds | 17.3% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3ba82ff327c179dea3cd67b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -20.9% |
| Money Market Funds | 0.1% |
| Communications | 0.7% |
| Health Care | 1.1% |
| Collateral for Securities Loaned | 20.8% |
| Real Estate | 98.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Kimco Realty Corporation | &nbsp;&nbsp;3.5% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective October 1, 2025, PGIM, Inc. ("PGIM") replaced American Assets Capital Advisors, LLC ("AACA") as sub-adviser to the Dunham Real Estate Stock Fund. Additionally, effective October 1, 2025 the Benchmark Index of the Fund is the Dow Jones Global Select REIT Total Return Net Index. The new sub-advisory fee is a fulcrum fee with a base or fulcrum of 0.45 bps (0.45%) and can range from 0.05% to 0.85% based on the Fund's performance relative to the Dow Jones Global Select REIT Total Return Net Index. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/realestate/ or by calling 1-800-442-4358.

![Image](i1a5fdd1be39ccf10998b5590.jpg)

#### Dunham Real Estate Stock Fund - Class A (DAREX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/realestate/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DAREX

#### Dunham Real Estate Stock Fund

#### Class C (DCREX)

#### Annual Shareholder Report - October 31, 2025
![Image](i129b0a8159c421fc2ef49c3b.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/realestate/**. You can also request this information by contacting us at 1-800-442-4358.

This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $223 | 2.34% |

---

# How did the Fund perform during the reporting period?
**The meaningful exposure to data center REITs detracted from Fund performance over the fiscal year.** Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. However, higher financing costs, large upfront capital expenditures, and high expectations weighed on stock prices.

**Off-benchmark exposures contributed to positive Fund performance over the fiscal year.** The exposure to water resources, commercial real estate, and an American technology real estate marketplace company outweighed the adverse impact from the exposure to casinos over the fiscal year.

**The Fund's underweight exposure to retail and regional mall REITs detracted from Fund Performance.** The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia64e17e3af5081369eb650de.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Real Estate Stock Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Real Estate Index** | **Morningstar Real Estate Category** | **Dow Jones Global Select REIT Total Return Net Index** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10479 | $10451 | $10649 | $10643 | $10182 |
| **Oct-2017** | $10746 | $12921 | $11632 | $11376 | $10501 |
| **Oct-2018** | $10585 | $13870 | $11835 | $11528 | $10643 |
| **Oct-2019** | $13017 | $15857 | $14758 | $14352 | $12775 |
| **Oct-2020** | $12877 | $17397 | $12587 | $11925 | $9420 |
| **Oct-2021** | $16933 | $24862 | $18150 | $17806 | $13895 |
| **Oct-2022** | $10435 | $21230 | $14349 | $14210 | $10768 |
| **Oct-2023** | $9186 | $23383 | $13326 | $13361 | $10024 |
| **Oct-2024** | $12357 | $32272 | $17897 | $17927 | $12952 |
| **Oct-2025** | $11201 | $39196 | $17750 | $17577 | $13227 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Real Estate Stock Fund | -9.36% | -2.75% | 1.14% |
| Dow Jones Global Select REIT Total Return Net Index | 2.13% | 7.02% | 2.84% |
| Dow Jones US Real Estate Index | -0.82% | 7.12% | 5.91% |
| Morningstar Real Estate Category | -1.95% | 8.07% | 5.80% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

Effective October 1, 2025, the Benchmark Index of the Fund is the Dow Jones Global Select REIT Total Return Net Index. The Fund's Adviser believes the Dow Jones Global Select REIT Total Return Net Index is a more appropriate and accurate index against which to compare the Fund's investment strategies and, therefore, the Dow Jones Global Select REIT Total Return Net Index will replace the Dow Jones U.S. Real Estate Total Return Index as the Fund's primary benchmark in future comparisons.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $55784915 |
| Number of Portfolio Holdings | 41 |
| Total Advisory Fee | $457173 |
| Portfolio Turnover | 165% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic5d0b1a61bd1c2243e26a4d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 82.7% |
| Money Market Funds | 17.3% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3ba82ff327c179dea3cd67b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -20.9% |
| Money Market Funds | 0.1% |
| Communications | 0.7% |
| Health Care | 1.1% |
| Collateral for Securities Loaned | 20.8% |
| Real Estate | 98.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Kimco Realty Corporation | &nbsp;&nbsp;3.5% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective October 1, 2025, PGIM, Inc. ("PGIM") replaced American Assets Capital Advisors, LLC ("AACA") as sub-adviser to the Dunham Real Estate Stock Fund. Additionally, effective October 1, 2025 the Benchmark Index of the Fund is the Dow Jones Global Select REIT Total Return Net Index. The new sub-advisory fee is a fulcrum fee with a base or fulcrum of 0.45 bps (0.45%) and can range from 0.05% to 0.85% based on the Fund's performance relative to the Dow Jones Global Select REIT Total Return Net Index. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/realestate/ or by calling 1-800-442-4358.

![Image](i1a5fdd1be39ccf10998b5590.jpg)

#### Dunham Real Estate Stock Fund - Class C (DCREX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/realestate/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCREX

#### Dunham Real Estate Stock Fund

#### Class N (DNREX)

#### Annual Shareholder Report - October 31, 2025
![Image](i129b0a8159c421fc2ef49c3b.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/realestate/**. You can also request this information by contacting us at 1-800-442-4358.

This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $126 | 1.32% |

---

# How did the Fund perform during the reporting period?
**The meaningful exposure to data center REITs detracted from Fund performance over the fiscal year.** Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. However, higher financing costs, large upfront capital expenditures, and high expectations weighed on stock prices.

**Off-benchmark exposures contributed to positive Fund performance over the fiscal year.** The exposure to water resources, commercial real estate, and an American technology real estate marketplace company outweighed the adverse impact from the exposure to casinos over the fiscal year.

**The Fund's underweight exposure to retail and regional mall REITs detracted from Fund Performance.** The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i72cb81e11922b7eedf3d3b51.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Real Estate Stock Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Real Estate Index** | **Morningstar Real Estate Category** | **Dow Jones Global Select REIT Total Return Net Index** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $105830 | $104509 | $106496 | $106427 | $101822 |
| **Oct-2017** | $109608 | $129207 | $116322 | $113755 | $105011 |
| **Oct-2018** | $109085 | $138699 | $118350 | $115276 | $106426 |
| **Oct-2019** | $135441 | $158569 | $147588 | $143518 | $127749 |
| **Oct-2020** | $135417 | $173967 | $125872 | $119254 | $94196 |
| **Oct-2021** | $179840 | $248623 | $181506 | $178060 | $138950 |
| **Oct-2022** | $111945 | $212297 | $143495 | $142099 | $107676 |
| **Oct-2023** | $99533 | $233830 | $133269 | $133609 | $100235 |
| **Oct-2024** | $135245 | $322725 | $178977 | $179274 | $129517 |
| **Oct-2025** | $123829 | $391957 | $177506 | $175772 | $132271 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Real Estate Stock Fund | -8.44% | -1.77% | 2.16% |
| Dow Jones Global Select REIT Total Return Net Index | 2.13% | 7.02% | 2.84% |
| Dow Jones US Real Estate Index | -0.82% | 7.12% | 5.91% |
| Morningstar Real Estate Category | -1.95% | 8.07% | 5.80% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

Effective October 1, 2025, the Benchmark Index of the Fund is the Dow Jones Global Select REIT Total Return Net Index. The Fund's Adviser believes the Dow Jones Global Select REIT Total Return Net Index is a more appropriate and accurate index against which to compare the Fund's investment strategies and, therefore, the Dow Jones Global Select REIT Total Return Net Index will replace the Dow Jones U.S. Real Estate Total Return Index as the Fund's primary benchmark in future comparisons.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $55784915 |
| Number of Portfolio Holdings | 41 |
| Total Advisory Fee | $457173 |
| Portfolio Turnover | 165% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic5d0b1a61bd1c2243e26a4d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 82.7% |
| Money Market Funds | 17.3% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3ba82ff327c179dea3cd67b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -20.9% |
| Money Market Funds | 0.1% |
| Communications | 0.7% |
| Health Care | 1.1% |
| Collateral for Securities Loaned | 20.8% |
| Real Estate | 98.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Kimco Realty Corporation | &nbsp;&nbsp;3.5% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
Effective October 1, 2025, PGIM, Inc. ("PGIM") replaced American Assets Capital Advisors, LLC ("AACA") as sub-adviser to the Dunham Real Estate Stock Fund. Additionally, effective October 1, 2025 the Benchmark Index of the Fund is the Dow Jones Global Select REIT Total Return Net Index. The new sub-advisory fee is a fulcrum fee with a base or fulcrum of 0.45 bps (0.45%) and can range from 0.05% to 0.85% based on the Fund's performance relative to the Dow Jones Global Select REIT Total Return Net Index. This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus available on the Fund's website https://Dunham.onlineprospectus.net/Dunham/realestate/ or by calling 1-800-442-4358.

![Image](i1a5fdd1be39ccf10998b5590.jpg)

#### Dunham Real Estate Stock Fund - Class N (DNREX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/realestate/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNREX

#### Dunham Small Cap Growth Fund

#### Class A (DADGX)

#### Annual Shareholder Report - October 31, 2025
![Image](i17e4f8ff9955355092357fc1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $157 | 1.46% |

---

# How did the Fund perform during the reporting period?
**The exposure to the information technology sector meaningfully detracted from Fund performance over the fiscal year.** As artificial intelligence continued to develop and garner increased demand, many related names held in the benchmark index saw increased valuations.

**Stock selection, or lack thereof, provided mixed results over the fiscal year.** Security selection within information technology greatly detracted from performance over the fiscal year, while avoiding all but three energy companies meaningfully contributed to returns.

**The Fund's lack of exposure to materials and real estate benefitted Fund Performance.** Both the real estate and materials sectors underperformed the benchmark for the fiscal year, so the Sub-Adviser's underweight allocation contributed to returns.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i267ccdd3a0cab8f03d2602df.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Growth Fund - Class A** | **Dunham Small Cap Growth Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Morningstar Small Cap Growth Category** |
| **Oct-2015** | $10000 | $9427 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9788 | $9227 | $10451 | $9951 | $10180 |
| **Oct-2017** | $12925 | $12185 | $12921 | $13036 | $13281 |
| **Oct-2018** | $14960 | $14103 | $13870 | $13574 | $14510 |
| **Oct-2019** | $15146 | $14279 | $15857 | $14443 | $15663 |
| **Oct-2020** | $20750 | $19561 | $17397 | $16374 | $18553 |
| **Oct-2021** | $30902 | $29132 | $24862 | $22670 | $27186 |
| **Oct-2022** | $19297 | $18191 | $21230 | $16771 | $19818 |
| **Oct-2023** | $18941 | $17856 | $23383 | $15492 | $18627 |
| **Oct-2024** | $25079 | $23642 | $32272 | $21144 | $25183 |
| **Oct-2025** | $28924 | $27267 | $39196 | $25121 | $28353 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Growth Fund |  |  |  |
| Class A Without Load | 15.33% | 6.87% | 11.21% |
| Class A With Load | 8.73% | 5.61% | 10.55% |
| Morningstar Small Cap Growth Category | 12.59% | 8.85% | 10.98% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 9.65% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $89661778 |
| Number of Portfolio Holdings | 107 |
| Total Advisory Fee | $750307 |
| Portfolio Turnover | 153% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if24c3358a231491a9224aa4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 75.7% |
| Money Market Funds | 24.3% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d40da8c7a57be228b580d27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -27.1% |
| Communications | 1.1% |
| Consumer Staples | 2.6% |
| Energy | 3.1% |
| Materials | 3.6% |
| Money Market Funds | 4.0% |
| Financials | 8.1% |
| Consumer Discretionary | 10.7% |
| Health Care | 17.3% |
| Technology | 23.9% |
| Industrials | 25.8% |
| Collateral for Securities Loaned | 26.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mirion Technologies, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Adaptive Biotechnologies Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Hexcel Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;SiTime Corporation | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Onto Innovation, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Fulton Financial Corporation | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Procore Technologies, Inc. | &nbsp;&nbsp;1.3% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](idb204b70709efe61c3ed0867.jpg)

#### Dunham Small Cap Growth Fund - Class A (DADGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DADGX

#### Dunham Small Cap Growth Fund

#### Class C (DCDGX)

#### Annual Shareholder Report - October 31, 2025
![Image](i17e4f8ff9955355092357fc1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $238 | 2.22% |

---

# How did the Fund perform during the reporting period?
**The exposure to the information technology sector meaningfully detracted from Fund performance over the fiscal year.** As artificial intelligence continued to develop and garner increased demand, many related names held in the benchmark index saw increased valuations.

**Stock selection, or lack thereof, provided mixed results over the fiscal year.** Security selection within information technology greatly detracted from performance over the fiscal year, while avoiding all but three energy companies meaningfully contributed to returns.

**The Fund's lack of exposure to materials and real estate benefitted Fund Performance.** Both the real estate and materials sectors underperformed the benchmark for the fiscal year, so the Sub-Adviser's underweight allocation contributed to returns.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8c4967fa32eb8ea9135f231b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Growth Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Morningstar Small Cap Growth Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9718 | $10451 | $9951 | $10180 |
| **Oct-2017** | $12735 | $12921 | $13036 | $13281 |
| **Oct-2018** | $14633 | $13870 | $13574 | $14510 |
| **Oct-2019** | $14699 | $15857 | $14443 | $15663 |
| **Oct-2020** | $20000 | $17397 | $16374 | $18553 |
| **Oct-2021** | $29556 | $24862 | $22670 | $27186 |
| **Oct-2022** | $18328 | $21230 | $16771 | $19818 |
| **Oct-2023** | $17856 | $23383 | $15492 | $18627 |
| **Oct-2024** | $23438 | $32272 | $21144 | $25183 |
| **Oct-2025** | $26845 | $39196 | $25121 | $28353 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Growth Fund | 14.54% | 6.06% | 10.38% |
| Morningstar Small Cap Growth Category | 12.59% | 8.85% | 10.98% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 9.65% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $89661778 |
| Number of Portfolio Holdings | 107 |
| Total Advisory Fee | $750307 |
| Portfolio Turnover | 153% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if24c3358a231491a9224aa4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 75.7% |
| Money Market Funds | 24.3% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d40da8c7a57be228b580d27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -27.1% |
| Communications | 1.1% |
| Consumer Staples | 2.6% |
| Energy | 3.1% |
| Materials | 3.6% |
| Money Market Funds | 4.0% |
| Financials | 8.1% |
| Consumer Discretionary | 10.7% |
| Health Care | 17.3% |
| Technology | 23.9% |
| Industrials | 25.8% |
| Collateral for Securities Loaned | 26.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mirion Technologies, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Adaptive Biotechnologies Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Hexcel Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;SiTime Corporation | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Onto Innovation, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Fulton Financial Corporation | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Procore Technologies, Inc. | &nbsp;&nbsp;1.3% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](idb204b70709efe61c3ed0867.jpg)

#### Dunham Small Cap Growth Fund - Class C (DCDGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCDGX

#### Dunham Small Cap Growth Fund

#### Class N (DNDGX)

#### Annual Shareholder Report - October 31, 2025
![Image](i17e4f8ff9955355092357fc1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $130 | 1.21% |

---

# How did the Fund perform during the reporting period?
**The exposure to the information technology sector meaningfully detracted from Fund performance over the fiscal year.** As artificial intelligence continued to develop and garner increased demand, many related names held in the benchmark index saw increased valuations.

**Stock selection, or lack thereof, provided mixed results over the fiscal year.** Security selection within information technology greatly detracted from performance over the fiscal year, while avoiding all but three energy companies meaningfully contributed to returns.

**The Fund's lack of exposure to materials and real estate benefitted Fund Performance.** Both the real estate and materials sectors underperformed the benchmark for the fiscal year, so the Sub-Adviser's underweight allocation contributed to returns.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i6972ba30d6fd930e5d907882.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Growth Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Morningstar Small Cap Growth Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $98124 | $104509 | $99511 | $101795 |
| **Oct-2017** | $129916 | $129207 | $130356 | $132814 |
| **Oct-2018** | $150734 | $138699 | $135742 | $145098 |
| **Oct-2019** | $152977 | $158569 | $144431 | $156626 |
| **Oct-2020** | $210156 | $173967 | $163738 | $185532 |
| **Oct-2021** | $313823 | $248623 | $226702 | $271864 |
| **Oct-2022** | $196398 | $212297 | $167708 | $198183 |
| **Oct-2023** | $193331 | $233830 | $154916 | $186274 |
| **Oct-2024** | $256531 | $322725 | $211445 | $251827 |
| **Oct-2025** | $296664 | $391957 | $251213 | $283533 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Growth Fund | 15.64% | 7.14% | 11.49% |
| Morningstar Small Cap Growth Category | 12.59% | 8.85% | 10.98% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 9.65% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $89661778 |
| Number of Portfolio Holdings | 107 |
| Total Advisory Fee | $750307 |
| Portfolio Turnover | 153% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if24c3358a231491a9224aa4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 75.7% |
| Money Market Funds | 24.3% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d40da8c7a57be228b580d27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -27.1% |
| Communications | 1.1% |
| Consumer Staples | 2.6% |
| Energy | 3.1% |
| Materials | 3.6% |
| Money Market Funds | 4.0% |
| Financials | 8.1% |
| Consumer Discretionary | 10.7% |
| Health Care | 17.3% |
| Technology | 23.9% |
| Industrials | 25.8% |
| Collateral for Securities Loaned | 26.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mirion Technologies, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Adaptive Biotechnologies Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Hexcel Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;SiTime Corporation | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Onto Innovation, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Fulton Financial Corporation | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Procore Technologies, Inc. | &nbsp;&nbsp;1.3% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](idb204b70709efe61c3ed0867.jpg)

#### Dunham Small Cap Growth Fund - Class N (DNDGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNDGX

#### Dunham Small Cap Value Fund

#### Class A (DASVX)

#### Annual Shareholder Report - October 31, 2025
![Image](id200654f16b89a37a5ceec81.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $147 | 1.41% |

---

# How did the Fund perform during the reporting period?
**The exposure to "small capitalization" stocks with a "value" style generally detracted from performance relative to the overall market during the fiscal year.** Small-cap value companies, as measured by the Russell 2000 Value Index, returned 9.9 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 21.4 percent over the period. Additionally, when looking at all value stocks across both small and large capitalization companies, small value stocks unperformed large value for the fiscal year.

**Stock selection and sector allocation provided mixed results over the fiscal year.** The Sub-Adviser's effective security selection within the energy sector, and relative overweight to the technology sector, positively contributed to relative performance. However, an underweight to the utilities sector and stock picking within the healthcare sector hurt relative Fund performance.

**Individual positions that positively/negatively impacted relative Fund performance.** Motorcar Parts of America, Inc. (MPAA) (holding weight\*: 0.37 percent), positively contributed to Fund performance, as the position gained 223.7 percent over the fiscal year. Vivid Seats, Inc. (SEAT) (holding weight\*: 0.08 percent), negatively contributed to Fund performance, as the position lost 84.8 percent over the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ida20d7564d5983f8b15596e0.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Value Fund - Class A** | **Dunham Small Cap Value Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Morningstar Small Cap Value Category** |
| **Oct-2015** | $10000 | $9422 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10433 | $9829 | $10451 | $10881 | $10643 |
| **Oct-2017** | $13068 | $12312 | $12921 | $13581 | $13275 |
| **Oct-2018** | $13078 | $12322 | $13870 | $13500 | $13112 |
| **Oct-2019** | $13843 | $13043 | $15857 | $13935 | $13448 |
| **Oct-2020** | $11209 | $10561 | $17397 | $11995 | $13499 |
| **Oct-2021** | $17687 | $16665 | $24862 | $19708 | $22289 |
| **Oct-2022** | $16288 | $15346 | $21230 | $17594 | $20854 |
| **Oct-2023** | $15341 | $14454 | $23383 | $15847 | $20362 |
| **Oct-2024** | $19463 | $18338 | $32272 | $20881 | $26123 |
| **Oct-2025** | $20990 | $19777 | $39196 | $22943 | $27674 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Value Fund |  |  |  |
| Class A Without Load | 7.84% | 13.37% | 7.70% |
| Class A With Load | 1.67% | 12.04% | 7.06% |
| Morningstar Small Cap Value Category | 5.93% | 15.44% | 10.72% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $94951701 |
| Number of Portfolio Holdings | 208 |
| Total Advisory Fee | $893635 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idc7f29a7f79892fa112e3356.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 86.0% |
| Money Market Funds | 14.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibeff22c60cbc9b9bbe6ac241.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.1% |
| Consumer Staples | 1.0% |
| Communications | 2.9% |
| Utilities | 4.3% |
| Money Market Funds | 4.6% |
| Real Estate | 5.8% |
| Health Care | 6.1% |
| Consumer Discretionary | 7.1% |
| Energy | 7.5% |
| Materials | 9.6% |
| Technology | 10.7% |
| Collateral for Securities Loaned | 11.0% |
| Financials | 18.1% |
| Industrials | 22.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vimeo, Inc. | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;National Energy Services Reunited Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;NCR Voyix Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Silicon Motion Technology Corporation - ADR | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Enterprise Financial Services Corporation | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;BGC Group, Inc. - Class A | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Enovis Corporation | &nbsp;&nbsp;0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i34b37646aa71c7740de81487.jpg)

#### Dunham Small Cap Value Fund - Class A (DASVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DASVX

#### Dunham Small Cap Value Fund

#### Class C (DCSVX)

#### Annual Shareholder Report - October 31, 2025
![Image](id200654f16b89a37a5ceec81.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $224 | 2.16% |

---

# How did the Fund perform during the reporting period?
**The exposure to "small capitalization" stocks with a "value" style generally detracted from performance relative to the overall market during the fiscal year.** Small-cap value companies, as measured by the Russell 2000 Value Index, returned 9.9 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 21.4 percent over the period. Additionally, when looking at all value stocks across both small and large capitalization companies, small value stocks unperformed large value for the fiscal year.

**Stock selection and sector allocation provided mixed results over the fiscal year.** The Sub-Adviser's effective security selection within the energy sector, and relative overweight to the technology sector, positively contributed to relative performance. However, an underweight to the utilities sector and stock picking within the healthcare sector hurt relative Fund performance.

**Individual positions that positively/negatively impacted relative Fund performance.** Motorcar Parts of America, Inc. (MPAA) (holding weight\*: 0.37 percent), positively contributed to Fund performance, as the position gained 223.7 percent over the fiscal year. Vivid Seats, Inc. (SEAT) (holding weight\*: 0.08 percent), negatively contributed to Fund performance, as the position lost 84.8 percent over the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i767e058a08ced89c18558545.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Value Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Morningstar Small Cap Value Category** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10353 | $10451 | $10881 | $10643 |
| **Oct-2017** | $12867 | $12921 | $13581 | $13275 |
| **Oct-2018** | $12786 | $13870 | $13500 | $13112 |
| **Oct-2019** | $13434 | $15857 | $13935 | $13448 |
| **Oct-2020** | $10792 | $17397 | $11995 | $13499 |
| **Oct-2021** | $16895 | $24862 | $19708 | $22289 |
| **Oct-2022** | $15452 | $21230 | $17594 | $20854 |
| **Oct-2023** | $14443 | $23383 | $15847 | $20362 |
| **Oct-2024** | $18188 | $32272 | $20881 | $26123 |
| **Oct-2025** | $19465 | $39196 | $22943 | $27674 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Value Fund | 7.02% | 12.52% | 6.89% |
| Morningstar Small Cap Value Category | 5.93% | 15.44% | 10.72% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $94951701 |
| Number of Portfolio Holdings | 208 |
| Total Advisory Fee | $893635 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idc7f29a7f79892fa112e3356.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 86.0% |
| Money Market Funds | 14.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibeff22c60cbc9b9bbe6ac241.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.1% |
| Consumer Staples | 1.0% |
| Communications | 2.9% |
| Utilities | 4.3% |
| Money Market Funds | 4.6% |
| Real Estate | 5.8% |
| Health Care | 6.1% |
| Consumer Discretionary | 7.1% |
| Energy | 7.5% |
| Materials | 9.6% |
| Technology | 10.7% |
| Collateral for Securities Loaned | 11.0% |
| Financials | 18.1% |
| Industrials | 22.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vimeo, Inc. | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;National Energy Services Reunited Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;NCR Voyix Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Silicon Motion Technology Corporation - ADR | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Enterprise Financial Services Corporation | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;BGC Group, Inc. - Class A | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Enovis Corporation | &nbsp;&nbsp;0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i34b37646aa71c7740de81487.jpg)

#### Dunham Small Cap Value Fund - Class C (DCSVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCSVX

#### Dunham Small Cap Value Fund

#### Class N (DNSVX)

#### Annual Shareholder Report - October 31, 2025
![Image](id200654f16b89a37a5ceec81.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $121 | 1.16% |

---

# How did the Fund perform during the reporting period?
**The exposure to "small capitalization" stocks with a "value" style generally detracted from performance relative to the overall market during the fiscal year.** Small-cap value companies, as measured by the Russell 2000 Value Index, returned 9.9 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 21.4 percent over the period. Additionally, when looking at all value stocks across both small and large capitalization companies, small value stocks unperformed large value for the fiscal year.

**Stock selection and sector allocation provided mixed results over the fiscal year.** The Sub-Adviser's effective security selection within the energy sector, and relative overweight to the technology sector, positively contributed to relative performance. However, an underweight to the utilities sector and stock picking within the healthcare sector hurt relative Fund performance.

**Individual positions that positively/negatively impacted relative Fund performance.** Motorcar Parts of America, Inc. (MPAA) (holding weight\*: 0.37 percent), positively contributed to Fund performance, as the position gained 223.7 percent over the fiscal year. Vivid Seats, Inc. (SEAT) (holding weight\*: 0.08 percent), negatively contributed to Fund performance, as the position lost 84.8 percent over the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ia99fcf123edc8429ba0d58ee.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Value Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Morningstar Small Cap Value Category** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $104578 | $104509 | $108812 | $106429 |
| **Oct-2017** | $131371 | $129207 | $135807 | $132752 |
| **Oct-2018** | $131781 | $138699 | $135004 | $131116 |
| **Oct-2019** | $139879 | $158569 | $139351 | $134480 |
| **Oct-2020** | $113562 | $173967 | $119952 | $134992 |
| **Oct-2021** | $179608 | $248623 | $197079 | $222886 |
| **Oct-2022** | $165869 | $212297 | $175937 | $208539 |
| **Oct-2023** | $156559 | $233830 | $158467 | $203618 |
| **Oct-2024** | $199135 | $322725 | $208811 | $261234 |
| **Oct-2025** | $215296 | $391957 | $229430 | $276736 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Value Fund | 8.12% | 13.65% | 7.97% |
| Morningstar Small Cap Value Category | 5.93% | 15.44% | 10.72% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $94951701 |
| Number of Portfolio Holdings | 208 |
| Total Advisory Fee | $893635 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idc7f29a7f79892fa112e3356.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 86.0% |
| Money Market Funds | 14.0% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibeff22c60cbc9b9bbe6ac241.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.1% |
| Consumer Staples | 1.0% |
| Communications | 2.9% |
| Utilities | 4.3% |
| Money Market Funds | 4.6% |
| Real Estate | 5.8% |
| Health Care | 6.1% |
| Consumer Discretionary | 7.1% |
| Energy | 7.5% |
| Materials | 9.6% |
| Technology | 10.7% |
| Collateral for Securities Loaned | 11.0% |
| Financials | 18.1% |
| Industrials | 22.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vimeo, Inc. | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;National Energy Services Reunited Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;NCR Voyix Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Silicon Motion Technology Corporation - ADR | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Enterprise Financial Services Corporation | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;BGC Group, Inc. - Class A | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Enovis Corporation | &nbsp;&nbsp;0.9% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i34b37646aa71c7740de81487.jpg)

#### Dunham Small Cap Value Fund - Class N (DNSVX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNSVX

#### Dunham U.S. Enhanced Market Fund

#### Class A (DASPX)

#### Annual Shareholder Report - October 31, 2025
![Image](i160b556701c1cee6afa4084e.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $170 | 1.54% |

---

# How did the Fund perform during the reporting period?
**The Fund's higher sensitivity to the benchmark index, as measured by Delta, positively contributed to Fund performance.** Average portfolio sensitivity for the trailing year was 1.08, above the baseline 1.0, which was a positive relative contributor to performance as the S&P 500 Index rallied over the fiscal year.

**The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal year.** Option prices were positively impacted by increases in implied volatility, along with a decrease in the implied dividend yield, and falling interest rates and time decay detracted value.

**The fixed income exposure contributed slightly to positive Fund performance.** Overall interest rate exposure was a positive contributor to performance. The Sub-Adviser continues to actively manage targeted portfolio duration to be cautious, and while the Sub-Adviser has raised duration to maintain its target duration, the Fund remains short duration relative to the benchmark.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i10a8a83f7e65e2926fb24722.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham U.S. Enhanced Market Fund - Class A** | **Dunham U.S. Enhanced Market Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Morningstar Global Moderately Conservative Allocation Category** |
| **May-2023** | $10000 | $9550 | $10000 | $10000 |
| **Oct-2023** | $9900 | $9454 | $10143 | $9667 |
| **Oct-2024** | $13793 | $13172 | $13999 | $11503 |
| **Oct-2025** | $16722 | $15969 | $17002 | $12854 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 1, 2023)** |
| Dunham U.S. Enhanced Market Fund |  |  |
| Class A Without Load | 21.23% | 22.82% |
| Class A With Load | 15.78% | 20.58% |
| Morningstar Global Moderately Conservative Allocation Category | 11.75% | 10.56% |
| S&P 500<sup>®</sup> Index | 21.45% | 23.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $128825500 |
| Number of Portfolio Holdings | 11 |
| Total Advisory Fee | $1241034 |
| Portfolio Turnover | 39% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if040f8cbfeda16ccfcda07d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 7.3% |
| Purchased Options | 40.9% |
| U.S. Government & Agencies | 51.8% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0cdbeb81bb7b8e7ce73d257f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 40.8% |
| Money Market Funds | 7.3% |
| U.S. Treasury Obligations | 51.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;S&P 500 INDEX, 01/31/30 | &nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;United States Treasury Bill, –%, 12/02/25 | &nbsp;&nbsp;20.9% |
| &nbsp;&nbsp;United States Treasury Bill, –%, 11/04/25 | &nbsp;&nbsp;19.4% |
| &nbsp;&nbsp;S&P 500 INDEX, 06/11/29 | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;United States Treasury Note, 1.2500%, 09/30/28 | &nbsp;&nbsp;11.6% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i74d117bed476d7e6cd6767df.jpg)

#### Dunham U.S. Enhanced Market Fund - Class A (DASPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DASPX

#### Dunham U.S. Enhanced Market Fund

#### Class C (DCSPX)

#### Annual Shareholder Report - October 31, 2025
![Image](i160b556701c1cee6afa4084e.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $251 | 2.28% |

---

# How did the Fund perform during the reporting period?
**The Fund's higher sensitivity to the benchmark index, as measured by Delta, positively contributed to Fund performance.** Average portfolio sensitivity for the trailing year was 1.08, above the baseline 1.0, which was a positive relative contributor to performance as the S&P 500 Index rallied over the fiscal year.

**The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal year.** Option prices were positively impacted by increases in implied volatility, along with a decrease in the implied dividend yield, and falling interest rates and time decay detracted value.

**The fixed income exposure contributed slightly to positive Fund performance.** Overall interest rate exposure was a positive contributor to performance. The Sub-Adviser continues to actively manage targeted portfolio duration to be cautious, and while the Sub-Adviser has raised duration to maintain its target duration, the Fund remains short duration relative to the benchmark.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id283b1d692b55776e190e2d7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham U.S. Enhanced Market Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Morningstar Global Moderately Conservative Allocation Category** |
| **May-2023** | $10000 | $10000 | $10000 |
| **Oct-2023** | $9864 | $10143 | $9667 |
| **Oct-2024** | $13646 | $13999 | $11503 |
| **Oct-2025** | $16402 | $17002 | $12854 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 1, 2023)** |
| Dunham U.S. Enhanced Market Fund | 20.20% | 21.87% |
| Morningstar Global Moderately Conservative Allocation Category | 11.75% | 10.56% |
| S&P 500<sup>®</sup> Index | 21.45% | 23.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $128825500 |
| Number of Portfolio Holdings | 11 |
| Total Advisory Fee | $1241034 |
| Portfolio Turnover | 39% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if040f8cbfeda16ccfcda07d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 7.3% |
| Purchased Options | 40.9% |
| U.S. Government & Agencies | 51.8% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0cdbeb81bb7b8e7ce73d257f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 40.8% |
| Money Market Funds | 7.3% |
| U.S. Treasury Obligations | 51.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;S&P 500 INDEX, 01/31/30 | &nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;United States Treasury Bill, –%, 12/02/25 | &nbsp;&nbsp;20.9% |
| &nbsp;&nbsp;United States Treasury Bill, –%, 11/04/25 | &nbsp;&nbsp;19.4% |
| &nbsp;&nbsp;S&P 500 INDEX, 06/11/29 | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;United States Treasury Note, 1.2500%, 09/30/28 | &nbsp;&nbsp;11.6% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i74d117bed476d7e6cd6767df.jpg)

#### Dunham U.S. Enhanced Market Fund - Class C (DCSPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DCSPX

#### Dunham U.S. Enhanced Market Fund

#### Class N (DNSPX)

#### Annual Shareholder Report - October 31, 2025
![Image](i160b556701c1cee6afa4084e.jpg)

# Fund Overview
This annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**. You can also request this information by contacting us at 1-800-442-4358.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $142 | 1.28% |

---

# How did the Fund perform during the reporting period?
**The Fund's higher sensitivity to the benchmark index, as measured by Delta, positively contributed to Fund performance.** Average portfolio sensitivity for the trailing year was 1.08, above the baseline 1.0, which was a positive relative contributor to performance as the S&P 500 Index rallied over the fiscal year.

**The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal year.** Option prices were positively impacted by increases in implied volatility, along with a decrease in the implied dividend yield, and falling interest rates and time decay detracted value.

**The fixed income exposure contributed slightly to positive Fund performance.** Overall interest rate exposure was a positive contributor to performance. The Sub-Adviser continues to actively manage targeted portfolio duration to be cautious, and while the Sub-Adviser has raised duration to maintain its target duration, the Fund remains short duration relative to the benchmark.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ic2ef00a5ad24e610a563e9ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham U.S. Enhanced Market Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Morningstar Global Moderately Conservative Allocation Category** |
| **May-2023** | $100000 | $100000 | $100000 |
| **Oct-2023** | $99143 | $101427 | $96671 |
| **Oct-2024** | $138500 | $139987 | $115028 |
| **Oct-2025** | $168237 | $170018 | $128536 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.

# **Average Annual Total Returns (As of October 31, 2025)** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 1, 2023)** |
| Dunham U.S. Enhanced Market Fund | 21.47% | 23.12% |
| Morningstar Global Moderately Conservative Allocation Category | 11.75% | 10.56% |
| S&P 500<sup>®</sup> Index | 21.45% | 23.64% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.

# **Key Fund Statistics (As of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $128825500 |
| Number of Portfolio Holdings | 11 |
| Total Advisory Fee | $1241034 |
| Portfolio Turnover | 39% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if040f8cbfeda16ccfcda07d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 7.3% |
| Purchased Options | 40.9% |
| U.S. Government & Agencies | 51.8% |

---

# What did the Fund invest in? (As of October 31, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0cdbeb81bb7b8e7ce73d257f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 40.8% |
| Money Market Funds | 7.3% |
| U.S. Treasury Obligations | 51.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;S&P 500 INDEX, 01/31/30 | &nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;United States Treasury Bill, –%, 12/02/25 | &nbsp;&nbsp;20.9% |
| &nbsp;&nbsp;United States Treasury Bill, –%, 11/04/25 | &nbsp;&nbsp;19.4% |
| &nbsp;&nbsp;S&P 500 INDEX, 06/11/29 | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;United States Treasury Note, 1.2500%, 09/30/28 | &nbsp;&nbsp;11.6% |

---

Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i74d117bed476d7e6cd6767df.jpg)

#### Dunham U.S. Enhanced Market Fund - Class N (DNSPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**) or by calling 1-800-442-4358, including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

TSR-AR 103125-DNSPX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the registrant
 has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal
 accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
 registrant or a third party.

(b) For purposes of this item, "code of ethics" means
 written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of
 actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure
 in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an
 appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments:

During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers:

During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that Michael Torvinen is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Torvinen is independent for purposes of this Item 3.

(a)(2) Not Applicable

(a)(3) Not Applicable

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| FY 2025 | $216000 |
| FY 2024 | $206250 |

---

(b)  **<u>Audit-Related Fees</u>** There
 were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably
 related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this
 Item.

---

| | |
|:---|:---|
| FY 2025 | $0 |
| FY 2024 | $0 |

---

(c)  **<u>Tax Fees</u>** The
 aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance
 are as follows:

---

| | |
|:---|:---|
| FY 2025 | $47250 |
| FY 2024 | $45000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** The
 aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant,
 other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, $0 and
 $0 respectively.

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY 2025 | $0 | $0 |
| FY 2024 | $0 | $0 |

---

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee is also required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant to the extent that the services are determined to have a direct impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described in each of paragraphs (b) through
 (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal
 accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed
 to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the registrant's principal
 accountant for services rendered to the registrant for each of the last two fiscal years are disclosed in (b)-(d) above. There were no
 audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h) Not applicable.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![(COVER PAGE)](du001_v1.jpg)

This report is for the information of shareholders of the Dunham Funds. It may also be used as sales literature when preceded by or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing. For this and other information about the Dunham Funds, contact your financial advisor or call Client Services at (800) 442-4358.

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| |
|:---|
| **Bond Funds** |
| Dunham Corporate/Government Bond Fund |
| Dunham Floating Rate Bond Fund |
| Dunham High-Yield Bond Fund |
| Dunham International Opportunity Bond Fund |
| **U.S. Value Funds** |
| Dunham Large Cap Value Fund |
| Dunham Small Cap Value Fund |
| **U.S. Growth Funds** |
| Dunham Focused Large Cap Growth Fund |
| Dunham Small Cap Growth Fund |
| **International Equity Funds** |
| Dunham Emerging Markets Stock Fund |
| Dunham International Stock Fund |
| **Alternative Funds** |
| Dunham Dynamic Macro Fund |
| Dunham Long/Short Credit Fund |
| Dunham Monthly Distribution Fund |
| Dunham Real Estate Stock Fund |
| Dunham U.S. Enhanced Market Fund |

---

**Investment Adviser:**

**Dunham & Associates Investment Counsel, Inc.**

**P.O. Box 910309 San Diego, CA 92191 (800) 442-4358**

**The financial statements contained herein are submitted for the general information of the shareholders of the Funds.** **PROSPECTIVE PURCHASERS OF THE FUNDS SHOULD CONSIDER CAREFULLY THE INFORMATION SET FORTH HEREIN AND THE APPLICABLE FUND'S PROSPECTUS.**

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 1.0%** |  |  |  |
|  | **FIXED INCOME - 1.0%** |  |  |  |
| 31535 | SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> |  |  | $3071194 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,051,011)** |  |  | 3071194 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **ASSET BACKED SECURITIES — 25.1%** |  |  |  |
|  | **AUTO LOAN — 4.4%** |  |  |  |
| 481735 | ACM Auto Trust Series 2025-2A A<sup>(b)</sup> | 5.5500 | 06/20/28 | 480300 |
| 595000 | American Credit Acceptance Receivables Trust Series 1 C<sup>(b)</sup> | 5.0900 | 08/12/31 | 599224 |
| 446000 | Arivo Acceptance Auto Loan Receivables Trust Series 1A B<sup>(b)</sup> | 6.8700 | 06/17/30 | 456420 |
| 556000 | Avis Budget Rental Car Funding AESOP, LLC Series 2A D<sup>(b)</sup> | 7.4300 | 10/20/28 | 565566 |
| 465000 | Bridgecrest Lending Auto Securitization Trust Series 1 C | 5.1500 | 12/17/29 | 466824 |
| 560000 | Bridgecrest Lending Auto Securitization Trust Series 2 D | 5.6200 | 03/17/31 | 564350 |
| 705000 | Carmax Select Receivables Trust Series 2025-B C | 4.8300 | 06/16/31 | 704117 |
| 755000 | Carvana Auto Receivables Trust Series 2021-P3 B | 1.4200 | 08/10/27 | 737243 |
| 22376 | Carvana Auto Receivables Trust Series 2021-N1 C | 1.3000 | 01/10/28 | 21992 |
| 29527 | Carvana Auto Receivables Trust Series 2021-N2 C | 1.0700 | 03/10/28 | 28789 |
| 330000 | Carvana Auto Receivables Trust Series 2023-N4 C<sup>(b)</sup> | 6.5900 | 02/11/30 | 338098 |
| 495000 | Carvana Auto Receivables Trust Series 2024-N1 B<sup>(b)</sup> | 5.6300 | 05/10/30 | 500180 |
| 675000 | Consumer Portfolio Services Auto Trust Series 2025-B C<sup>(b)</sup> | 5.1200 | 07/15/31 | 678221 |
| 430000 | CPS Auto Receivables Trust Series 2024-A C<sup>(b)</sup> | 5.7400 | 04/15/30 | 433222 |
| 302000 | Credit Acceptance Auto Loan Trust Series 1A A<sup>(b)</sup> | 5.6800 | 03/15/34 | 304751 |
| 195000 | DT Auto Owner Trust Series 2023-3A C<sup>(b)</sup> | 6.4000 | 05/15/29 | 196996 |
| 700000 | Exeter Automobile Receivables Trust Series 2025-4 B | 4.4000 | 05/15/30 | 701104 |
| 62200 | FHF Trust Series 2023-1A A2<sup>(b)</sup> | 6.5700 | 06/15/28 | 62475 |
| 540030 | FinBe USA Trust Series 2025-1A A<sup>(b)</sup> | 5.7000 | 12/15/28 | 539755 |
| 330000 | Flagship Credit Auto Trust Series 2024-1 C<sup>(b)</sup> | 5.7900 | 02/15/30 | 326402 |
| 565000 | GLS Auto Receivables Issuer Trust Series 2021-3A E<sup>(b)</sup> | 3.2000 | 10/16/28 | 558046 |
| 339000 | LAD Auto Receivables Trust Series 2023-4A C<sup>(b)</sup> | 6.7600 | 03/15/29 | 348966 |
| 21443 | Lendbuzz Securitization Trust Series 2022-1A A<sup>(b)</sup> | 4.2200 | 05/17/27 | 21418 |
| 221110 | Lendbuzz Securitization Trust Series 2024-2A A2<sup>(b)</sup> | 5.9900 | 05/15/29 | 222210 |
| 120168 | Merchants Fleet Funding, LLC Series 1A A<sup>(b)</sup> | 7.2100 | 05/20/36 | 120821 |
| 140000 | OneMain Direct Auto Receivables Trust Series 2021-1A B<sup>(b)</sup> | 1.2600 | 07/14/28 | 139078 |
| 506000 | Prestige Auto Receivables Trust Series 2025-1A C<sup>(b)</sup> | 5.5200 | 02/15/30 | 510961 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** |  |  |
|  | **AUTO LOAN — 4.4% (Continued)** |  |  |  |  |
| 76716 | Santander Drive Auto Receivables Trust Series 2022-5 C |  | 4.7400 | 10/15/28 | $76767 |
| 276000 | SBNA Auto Receivables Trust Series 2024-A C<sup>(b)</sup> |  | 5.5900 | 01/15/30 | 280809 |
| 337273 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(b)</sup> |  | 6.8400 | 01/10/28 | 338036 |
| 590000 | Veros Auto Receivables Trust Series 2025-1 B<sup>(b)</sup> |  | 5.5400 | 07/16/29 | 593358 |
| 446000 | Westlake Automobile Receivables Trust Series 1A B<sup>(b)</sup> |  | 5.5500 | 11/15/27 | 448354 |
| 900000 | Westlake Automobile Receivables Trust Series 2025-3A A3<sup>(b)</sup> |  | 4.2200 | 06/15/29 | 899842 |
| 515000 | Westlake Automobile Receivables Trust Series 2024-2A B<sup>(b)</sup> |  | 5.6200 | 03/15/30 | 520191 |
|  |  |  |  |  | 13784886 |
|  | **COLLATERALIZED LOAN OBLIGATION — 0.4%** |  |  |  |  |
| 515000 | GoldenTree Loan Management US CLO 1 Ltd. Series 9A AR<sup>(b),(c)</sup> | TSFR3M + 1.500% | 5.3840 | 04/20/37 | 516951 |
| 649741 | UPX HIL 2025-1 Issuer Trust Series 1 A<sup>(b)</sup> |  | 5.1600 | 01/25/47 | 651933 |
|  |  |  |  |  | 1168884 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4%** |  |  |  |  |
| 441716 | A&D Mortgage Trust Series 2023-NQM3 A1<sup>(b),(d)</sup> |  | 6.7330 | 07/25/68 | 445370 |
| 567964 | A&D Mortgage Trust Series 2025-NQM2 A1<sup>(b),(e)</sup> |  | 5.7900 | 06/25/70 | 572693 |
| 44710 | Angel Oak Mortgage Trust Series 2020-R1 A2<sup>(b),(e)</sup> |  | 1.2470 | 04/25/53 | 42586 |
| 418752 | Angel Oak Mortgage Trust Series 2021-8 A1<sup>(b),(e)</sup> |  | 1.8200 | 11/25/66 | 376280 |
| 633357 | Angel Oak Mortgage Trust Series 2022-5 A1<sup>(b),(d)</sup> |  | 4.5000 | 05/25/67 | 630022 |
| 758588 | Angel Oak Mortgage Trust Series 2023-1 A1<sup>(b),(d)</sup> |  | 4.7500 | 09/26/67 | 755173 |
| 232096 | Arroyo Mortgage Trust Series 2019-1 A1<sup>(b),(e)</sup> |  | 3.8050 | 01/25/49 | 226606 |
| 53134 | Arroyo Mortgage Trust Series 2019-2 A1<sup>(b),(e)</sup> |  | 3.3470 | 04/25/49 | 51800 |
| 770000 | Arroyo Mortgage Trust Series 2020-1 A3<sup>(b)</sup> |  | 3.3280 | 03/25/55 | 710868 |
| 102525 | Bunker Hill Loan Depositary Trust Series 2019-2 A1<sup>(b),(d)</sup> |  | 2.8790 | 07/25/49 | 100635 |
| 640957 | CIM TRUST Series 2022-R2 A1<sup>(b),(e)</sup> |  | 3.7500 | 12/25/61 | 613153 |
| 345587 | Citigroup Mortgage Loan Trust Series 2025-INV1 A2<sup>(b),(e)</sup> |  | 6.0000 | 01/25/55 | 350824 |
| 451357 | Citigroup Mortgage Loan Trust Series 2019-RP1<sup>(b),(e)</sup> |  | 3.5000 | 01/25/66 | 443486 |
| 960266 | COLT Mortgage Loan Trust Series 2022-5 A1<sup>(b),(e)</sup> |  | 4.5500 | 04/25/67 | 960271 |
| 606660 | COOPR Residential Mortgage Trust Series 2025-CES2 A1A<sup>(b),(d)</sup> |  | 5.5020 | 06/25/60 | 612147 |
| 374599 | CSMC Trust Series 2020-RPL4 A1<sup>(b),(e)</sup> |  | 2.0000 | 01/25/60 | 340512 |
| 96830 | CSMC Trust Series 2020-NQM1 A1<sup>(b),(d)</sup> |  | 2.2080 | 05/25/65 | 92832 |
| 725602 | Deephaven Residential Mortgage Trust Series 2022-1 A1<sup>(b),(e)</sup> |  | 2.2050 | 01/25/67 | 671706 |
| 320987 | EFMT Series 2025-CES4 A1<sup>(b),(d)</sup> |  | 5.4310 | 06/25/60 | 323175 |
| 734064 | EFMT Series 2025-NQM2 A1<sup>(b),(d)</sup> |  | 5.5960 | 06/25/70 | 740119 |
| 171275 | Ellington Financial Mortgage Trust Series 2019-2 A3<sup>(b),(e)</sup> |  | 3.0460 | 11/25/59 | 166281 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% (Continued)** |  |  |
| 18189 Flagstar Mortgage Trust Series 2017-1 1A3<sup>(b),(e)</sup> | 3.5000 | 03/25/47 | $16867 |
| 319123 Foundation Finance Trust Series 2024-2A A<sup>(b)</sup> | 4.6000 | 03/15/50 | 319912 |
| 5923 Galton Funding Mortgage Trust Series 2018-1 A23<sup>(b),(e)</sup> | 3.5000 | 11/25/57 | 5416 |
| 202720 Imperial Fund Mortgage Trust Series 2022-NQM3 A1<sup>(b),(d)</sup> | 4.3800 | 05/25/67 | 202136 |
| 5537 JP Morgan Mortgage Trust Series 2017-5 A1<sup>(b),(e)</sup> | 4.9670 | 12/15/47 | 5591 |
| 614508 JP Morgan Mortgage Trust Series 2017-4 A3<sup>(b),(e)</sup> | 3.5000 | 11/25/48 | 560348 |
| 277097 JP Morgan Mortgage Trust Series 2025-CES1 A1<sup>(b),(e)</sup> | 5.6660 | 05/25/55 | 279257 |
| 439689 JP Morgan Mortgage Trust Series 2025-NQM2 A1<sup>(b),(e)</sup> | 5.5670 | 09/25/65 | 443023 |
| 323621 JP Morgan Seasoned Mortgage Trust Series 2024-1 A4<sup>(b),(e)</sup> | 4.4150 | 10/25/54 | 318678 |
| 330000 LHOME Mortgage Trust Series 2024-RTL1 A1<sup>(b),(d)</sup> | 7.0170 | 01/25/29 | 331871 |
| 425000 LHOME Mortgage Trust Series 2024-RTL4 A1<sup>(b),(d)</sup> | 5.9210 | 07/25/39 | 427338 |
| 100000 Metlife Securitization Trust Series 2017-1A M1<sup>(b),(e)</sup> | 3.4110 | 04/25/55 | 91727 |
| 15702 Metlife Securitization Trust Series 2019-1A A1A<sup>(b),(e)</sup> | 3.7500 | 04/25/58 | 15520 |
| 635635 MFA Trust Series 2022-INV2 A1<sup>(b),(d)</sup> | 4.9500 | 07/25/57 | 634333 |
| 790968 MFA Trust Series 2023-INV2 A1<sup>(b),(d)</sup> | 6.7750 | 10/25/58 | 798398 |
| 94006 MFA Trust Series 2020-NQM3 A1<sup>(b),(e)</sup> | 1.0140 | 01/26/65 | 89540 |
| 786078 MFA Trust Series 2022-INV1 A1<sup>(b),(d)</sup> | 3.9070 | 04/25/66 | 775276 |
| 597551 MFA Trust Series 2022-NQM2 A1<sup>(b),(d)</sup> | 4.0000 | 05/25/67 | 592255 |
| 988274 MFA Trust Series 2024-NQM2 A1<sup>(b),(d)</sup> | 5.2720 | 08/25/69 | 989216 |
| 199462 Mill City Mortgage Loan Trust Series 2019-GS2 A1<sup>(b),(e)</sup> | 2.7500 | 08/25/59 | 194242 |
| 199632 Mill City Mortgage Loan Trust Series 2019-1 M2<sup>(b),(e)</sup> | 3.5000 | 10/25/69 | 185978 |
| 369801 New Residential Mortgage Loan Trust Series 2016-4A A1<sup>(b),(e)</sup> | 3.7500 | 11/25/56 | 356318 |
| 502652 New Residential Mortgage Loan Trust Series 2017-2A A3<sup>(b),(e)</sup> | 4.0000 | 03/25/57 | 489262 |
| 352361 New Residential Mortgage Loan Trust Series 2018-1A A1A<sup>(b),(e)</sup> | 4.0000 | 12/25/57 | 345069 |
| 21489 New Residential Mortgage Loan Trust Series 2021-NQ2R A1<sup>(b),(e)</sup> | 0.9410 | 09/25/58 | 20591 |
| 598129 New Residential Mortgage Loan Trust Series 2022-NQM2 A1<sup>(b),(e)</sup> | 3.0790 | 03/27/62 | 569838 |
| 228288 New Residential Mortgage Loan Trust Series 2024-NQM3 A1<sup>(b),(d)</sup> | 5.4660 | 11/25/64 | 230520 |
| 501685 NYMT Loan Trust Series 2022-CP1 A1<sup>(b)</sup> | 2.0420 | 07/25/61 | 474665 |
| 357638 NYMT Loan Trust Series 2024-CP1 A1<sup>(b)</sup> | 3.7500 | 02/25/68 | 334528 |
| 274451 OBX Trust Series 2024-HYB2 A1<sup>(b),(e)</sup> | 3.6880 | 04/25/53 | 270721 |
| 197602 OBX Trust Series 2022-NQM1 A1<sup>(b),(e)</sup> | 2.3050 | 11/25/61 | 179220 |
| 530507 OBX Trust Series 2023-NQM9 A1<sup>(b),(d)</sup> | 7.1590 | 10/25/63 | 538672 |
| 245549 OBX Trust Series 2024-NQM9 A1<sup>(b),(d)</sup> | 6.0300 | 01/25/64 | 248961 |
| 18557 Palisades Mortgage Loan Trust Series 2021-RTL1 A1<sup>(b),(d)</sup> | 3.4870 | 06/25/26 | 18514 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% (Continued)** |  |  |
| 907560 | PMT Loan Trust Series INV7 A7<sup>(b),(e)</sup> |  | 6.0000 | 06/25/56 | $921441 |
| 357610 | PMT Loan Trust Series 2024-INV1 A2<sup>(b),(e)</sup> |  | 6.0000 | 10/25/59 | 363813 |
| 191755 | PMT Loan Trust Series 2024-INV2 A1<sup>(b),(e)</sup> |  | 6.0000 | 12/25/59 | 194661 |
| 378098 | PRET Trust Series 2025-NPL1 A1<sup>(b),(d)</sup> |  | 6.0630 | 02/25/55 | 379601 |
| 1288000 | PRKCM Trust Series 2022-AFC1 A1A<sup>(b),(e)</sup> |  | 4.1000 | 04/25/57 | 1283683 |
| 366035 | RCKT Mortgage Trust Series 2023-CES1 A1A<sup>(b),(e)</sup> |  | 6.5150 | 06/25/43 | 368023 |
| 542266 | RCKT Mortgage Trust Series 2023-CES2 A1A<sup>(b),(e)</sup> |  | 6.8080 | 09/25/43 | 547971 |
| 574369 | RCKT Mortgage Trust Series 2024-CES3 A1A<sup>(b),(e)</sup> |  | 6.5910 | 05/25/44 | 582814 |
| 44260 | RCKT Mortgage Trust Series 2020-1 A1<sup>(b),(e)</sup> |  | 3.0000 | 02/25/50 | 38545 |
| 6634 | Residential Mortgage Loan Trust Series 2020-1 A1<sup>(b),(e)</sup> |  | 2.3760 | 01/26/60 | 6595 |
| 47694 | Starwood Mortgage Residential Trust Series 2020-1 A1<sup>(b),(e)</sup> |  | 2.2750 | 02/25/50 | 45922 |
| 688612 | Starwood Mortgage Residential Trust Series 2021-5 A2<sup>(b),(e)</sup> |  | 2.1780 | 09/25/66 | 607552 |
| 265000 | Towd Point Mortgage Trust Series 2019-HY2 M1<sup>(b),(c)</sup> | TSFR1M + 1.714% | 5.7060 | 05/25/58 | 265825 |
| 365000 | Towd Point Mortgage Trust Series 2021-1 A2<sup>(b),(e)</sup> |  | 2.7500 | 11/25/61 | 315533 |
| 450497 | Towd Point Mortgage Trust Series 2024-1 A1<sup>(b),(e)</sup> |  | 4.8760 | 03/25/64 | 462060 |
| 1176398 | Verus Securitization Trust Series 2023-1 A1<sup>(b),(d)</sup> |  | 5.8500 | 12/25/67 | 1175481 |
| 558449 | Verus Securitization Trust Series 2023-8 A1<sup>(b),(d)</sup> |  | 6.2590 | 12/25/68 | 564069 |
| 135894 | Wells Fargo Mortgage Backed Securities Series 2020-4 A1<sup>(b),(e)</sup> |  | 3.0000 | 07/25/50 | 119009 |
|  |  |  |  |  | 28822938 |
|  | **CREDIT CARD — 0.1%** |  |  |  |  |
| 430000 | Mercury Financial Credit Card Master Trust Series 2A A<sup>(b)</sup> |  | 6.5600 | 07/20/29 | 432679 |
|  | **HOME EQUITY — 0.3%** |  |  |  |  |
| 500000 | Santander Mortgage Asset Receivable Trust Series CES1 A1A<sup>(b),(d)</sup> |  | 5.0360 | 09/25/55 | 500453 |
| 450000 | Towd Point Mortgage Trust Series 2025-CES4 A1A<sup>(b),(d)</sup> |  | 5.0910 | 10/25/65 | 451002 |
|  |  |  |  |  | 951455 |
|  | **NON AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 4.6%** |  |  |  |  |
| 610000 | ALA Trust Series 2025-OANA A<sup>(b),(c)</sup> | TSFR1M + 1.743% | 5.7760 | 06/15/30 | 613303 |
| 520000 | BBCMS Mortgage Trust Series 2018-TALL<sup>(b),(c)</sup> | TSFR1M + 0.919% | 4.9520 | 03/15/37 | 491027 |
| 613000 | BBCMS Trust Series 2018-CBM A<sup>(b),(c)</sup> | TSFR1M + 1.297% | 5.3300 | 07/15/37 | 598828 |
| 774961 | BX Commercial Mortgage Trust Series 2024-XL5 A<sup>(b),(c)</sup> | TSFR1M + 1.392% | 5.4240 | 03/15/41 | 776268 |
| 510000 | BX Trust Series 2022-CLS A<sup>(b)</sup> |  | 5.7600 | 10/13/27 | 513870 |
| 423349 | BX Trust Series 2025-ROIC C<sup>(b),(c)</sup> | TSFR1M + 1.543% | 5.5750 | 03/15/30 | 422554 |
| 805000 | BX Trust Series 2019-OC11 B<sup>(b)</sup> |  | 3.6050 | 12/09/41 | 768462 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** |  |  |
|  | **NON AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 4.6% (Continued)** | **NON AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 4.6% (Continued)** | **NON AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 4.6% (Continued)** |  |  |
| 410000 | BX Trust Series 2019-OC11 D<sup>(b),(e)</sup> |  | 4.0750 | 12/09/41 | $388738 |
| 665000 | CENT Series 2025-CITY A<sup>(b),(e)</sup> |  | 4.9200 | 07/10/40 | 673884 |
| 367000 | ELM Trust Series 2024-ELM A10<sup>(b),(e)</sup> |  | 5.8010 | 06/10/27 | 370627 |
| 510000 | Exeter Automobile Receivables Trust Series 2024-5A B |  | 4.9800 | 04/16/29 | 509663 |
| 450000 | Extended Stay America Trust Series 2025-ESH A<sup>(b),(c)</sup> | TSFR1M + 1.300% | 5.4500 | 10/15/42 | 451468 |
| 510000 | Fashion Show Mall, LLC Series SHOW A<sup>(b),(e)</sup> |  | 5.1040 | 10/10/29 | 517540 |
| 320000 | Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU A<sup>(b),(c)</sup> | TSFR1M + 1.450% | 5.4820 | 12/15/39 | 320818 |
| 820000 | Houston Galleria Mall Trust Series 2025-HGLR A<sup>(b),(e)</sup> |  | 5.4620 | 02/05/45 | 852631 |
| 1095000 | Hudson Yards Mortgage Trust Series 2025-SPRL A<sup>(b),(e)</sup> |  | 5.4670 | 01/13/40 | 1134199 |
| 570000 | JP Morgan Chase Commercial Mortgage Securities Series OMNI A<sup>(b),(e)</sup> |  | 5.7970 | 10/05/39 | 580241 |
| 325000 | MIRA Trust Series 2023-Mile A<sup>(b)</sup> |  | 6.7550 | 06/06/28 | 338021 |
| 880000 | MSSG Trust Series 2017-237P A<sup>(b)</sup> |  | 3.3970 | 09/13/39 | 837976 |
| 470000 | NY Commercial Mortgage Trust Series 2025-299P A<sup>(b),(e)</sup> |  | 5.6640 | 02/10/47 | 494409 |
| 800000 | NYC Commercial Mortgage Trust Series 2025-300P A<sup>(b)</sup> |  | 4.8790 | 07/13/42 | 804052 |
| 679661 | RCKT Mortgage Trust Series 2025-CES5 A1A<sup>(b),(d)</sup> |  | 5.6870 | 06/25/55 | 687915 |
| 560000 | RFR Trust Series 2025-SGRM A<sup>(b),(e)</sup> |  | 5.3790 | 03/11/29 | 572584 |
| 170000 | ROCK Trust Series 2024-CNTR A<sup>(b)</sup> |  | 5.3880 | 11/13/41 | 174564 |
| 450000 | ROCK Trust Series 2024-CNTR C<sup>(b)</sup> |  | 6.4710 | 11/13/41 | 468339 |
|  |  |  |  |  | 14361981 |
|  | **OTHER ABS — 5.4%** |  |  |  |  |
| 67028 | ACHV A.B.S TRUST Series 2024-1PL A<sup>(b)</sup> |  | 5.9000 | 04/25/31 | 67595 |
| 43846 | Affirm Asset Securitization Trust Series 2024-X2 A<sup>(b)</sup> |  | 5.2200 | 12/17/29 | 43875 |
| 287954 | Affirm Asset Securitization Trust Series 2025-X1 A<sup>(b)</sup> |  | 5.0800 | 04/15/30 | 288544 |
| 600000 | Amur Equipment Finance Receivables XV, LLC Series 1A D<sup>(b)</sup> |  | 5.6800 | 08/20/32 | 610645 |
| 30579 | Aqua Finance Trust Series 2019-A A<sup>(b)</sup> |  | 3.1400 | 07/16/40 | 29831 |
| 118370 | Aqua Finance Trust Series 2019-A C<sup>(b)</sup> |  | 4.0100 | 07/16/40 | 116014 |
| 194302 | Aqua Finance Trust Series 2020-AA B<sup>(b)</sup> |  | 2.7900 | 07/17/46 | 186151 |
| 510000 | Aqua Finance Trust Series 2024-A B<sup>(b)</sup> |  | 5.0600 | 04/18/50 | 514931 |
| 426453 | Castlelake Aircraft Structured Trust Series 2025-1A A<sup>(b)</sup> |  | 5.7830 | 02/15/50 | 434138 |
| 465000 | CCG Receivables Trust Series 2024-1 B<sup>(b)</sup> |  | 5.0800 | 03/15/32 | 473737 |
| 102714 | CF Hippolyta, LLC Series 2020-1 A1<sup>(b)</sup> |  | 1.6900 | 07/15/60 | 88413 |
| 670000 | Commercial Equipment Finance, LLC Series 2025-1A A<sup>(b)</sup> |  | 4.8300 | 05/15/31 | 670000 |
| 100000 | Corevest American Finance Trust Series 2019-3 C<sup>(b)</sup> |  | 3.2650 | 10/15/52 | 94503 |
| 101027 | Dext A.B.S, LLC Series 2023-1 A2<sup>(b)</sup> |  | 5.9900 | 03/15/32 | 101494 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** |  |  |
|  | **OTHER ABS — 5.4% (Continued)** |  |  |  |  |
| 163898 | Elara HGV Timeshare Issuer, LLC Series 2023-A A<sup>(b)</sup> |  | 6.1600 | 02/25/38 | $169490 |
| 130000 | FirstKey Homes Trust Series 2021-SFR1 D<sup>(b)</sup> |  | 2.1890 | 08/17/28 | 127037 |
| 208927 | Foundation Finance Trust Series 2023-2A A<sup>(b)</sup> |  | 6.5300 | 06/15/49 | 217929 |
| 198776 | Hilton Grand Vacations Trust Series 2024-2A A<sup>(b)</sup> |  | 5.5000 | 03/25/38 | 203027 |
| 34884 | HIN Timeshare Trust Series 2020-A C<sup>(b)</sup> |  | 3.4200 | 10/09/39 | 34201 |
| 406905 | HINNT, LLC Series 2025-A B<sup>(b)</sup> |  | 5.4500 | 03/15/44 | 411334 |
| 128050 | Jersey Mike's Funding Series 2019-1A A2<sup>(b)</sup> |  | 4.4330 | 02/15/50 | 127719 |
| 422875 | Jersey Mike's Funding, LLC Series 1A A2<sup>(b)</sup> |  | 5.6360 | 02/15/55 | 429870 |
| 740000 | Mariner Finance Issuance Trust Series 2025-AA A<sup>(b)</sup> |  | 4.9800 | 05/20/38 | 746624 |
| 550000 | MetroNet Infrastructure Issuer, LLC Series 2A A2<sup>(b)</sup> |  | 5.4000 | 08/20/55 | 557176 |
| 800000 | MMP Capital, LLC Series 2025-A B<sup>(b)</sup> |  | 5.7200 | 12/15/31 | 815872 |
| 23085 | MVW, LLC Series 2020-1A A<sup>(b)</sup> |  | 1.7400 | 10/20/37 | 22609 |
| 148051 | MVW, LLC Series 2023-1A B<sup>(b)</sup> |  | 5.4200 | 10/20/40 | 150027 |
| 570000 | NMEF Funding, LLC Series 2025-A B<sup>(b)</sup> |  | 5.1800 | 04/25/32 | 576429 |
| 765000 | Octane Receivables Trust Series 2025-1A A2<sup>(b)</sup> |  | 4.2500 | 02/20/31 | 764386 |
| 630000 | Onemain Financial Issuance Trust Series 2025-1A B<sup>(b)</sup> |  | 5.0500 | 07/14/38 | 638192 |
| 300000 | Oportun Funding, LLC Series A A<sup>(b)</sup> |  | 5.0100 | 02/08/33 | 300039 |
| 254285 | Oportun Issuance Trust Series 2021-C A<sup>(b)</sup> |  | 2.1800 | 10/08/31 | 249510 |
| 435000 | PEAC Solutions Receivables, LLC Series 2024-1A B<sup>(b)</sup> |  | 5.7900 | 11/20/30 | 446653 |
| 198348 | PowerPay Issuance Trust Series 2024-1A A<sup>(b)</sup> |  | 6.5300 | 02/18/39 | 204448 |
| 265000 | Progress Residential Series 2021-SFR3 D<sup>(b)</sup> |  | 2.2880 | 05/17/26 | 262308 |
| 480000 | Purchasing Power Funding Series A B<sup>(b)</sup> |  | 6.4300 | 08/15/28 | 483531 |
| 670000 | Reach A.B.S Trust Series 2025-2A B<sup>(b)</sup> |  | 5.1200 | 08/18/32 | 674982 |
| 515000 | Regional Management Issuance Trust Series 2 A<sup>(b)</sup> |  | 5.1100 | 12/15/33 | 518728 |
| 680000 | Scalelogix Abs Us Issuer, LLC Series 1A A2<sup>(b)</sup> |  | 5.6730 | 07/25/55 | 674280 |
| 102382 | Sierra Timeshare Receivables Funding, LLC Series 2023-2A B<sup>(b)</sup> |  | 6.2800 | 04/20/40 | 104280 |
| 301232 | SoFi Consumer Loan Program Trust Series 2025-1 A<sup>(b)</sup> |  | 4.8000 | 02/27/34 | 301819 |
| 314585 | STAR Trust Series 2025-SFR5 A<sup>(b),(c)</sup> | TSFR1M + 1.450% | 5.4830 | 02/17/42 | 314919 |
| 750000 | Taco Bell Funding, LLC Series 1A A2I<sup>(b)</sup> |  | 4.8210 | 08/25/55 | 747741 |
| 200000 | Tricon American Homes Trust Series 2020-SFR2 D<sup>(b)</sup> |  | 2.2810 | 11/17/27 | 188982 |
| 160000 | Tricon Residential Trust Series 2021-SFR1 B<sup>(b)</sup> |  | 2.2440 | 07/17/38 | 157269 |
| 446625 | TSC SPV Funding, LLC Series 1A A2<sup>(b)</sup> |  | 6.2910 | 08/20/54 | 453053 |
| 630000 | Upstart Securitization Trust Series 2025-2 A2<sup>(b)</sup> |  | 5.2200 | 06/20/35 | 631821 |
|  |  |  |  |  | 16426156 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** | **ASSET BACKED SECURITIES — 25.1% (Continued)** |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.5%** |  |  |  |  |
| 55017 | AJAX Mortgage Loan Trust Series 2019-D A1<sup>(b),(d)</sup> |  | 2.9560 | 09/25/65 | $53272 |
| 135000 | Towd Point Mortgage Trust Series 2016-4 B1<sup>(b),(e)</sup> |  | 3.9670 | 07/25/56 | 131718 |
| 115000 | Towd Point Mortgage Trust Series 2017-1 M1<sup>(b),(e)</sup> |  | 3.7500 | 10/25/56 | 113411 |
| 590000 | Towd Point Mortgage Trust Series 2017-4 A2<sup>(b),(e)</sup> |  | 3.0000 | 06/25/57 | 561577 |
| 300000 | Towd Point Mortgage Trust Series 2018-6 A2<sup>(b),(e)</sup> |  | 3.7500 | 03/25/58 | 278672 |
| 255000 | Towd Point Mortgage Trust Series 2019-2 A2<sup>(b),(e)</sup> |  | 3.7500 | 12/25/58 | 232633 |
| 235000 | Towd Point Mortgage Trust Series 2019-4 A2<sup>(b),(e)</sup> |  | 3.2500 | 10/25/59 | 215361 |
|  |  |  |  |  | 1586644 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $77,113,036)** | **TOTAL ASSET BACKED SECURITIES (Cost $77,113,036)** | **TOTAL ASSET BACKED SECURITIES (Cost $77,113,036)** |  | 77535623 |
|  | **CORPORATE BONDS — 31.8%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.1%** |  |  |  |  |
| 410000 | Interpublic Group of Companies, Inc. (The) |  | 5.3750 | 06/15/33 | 419041 |
|  | **AEROSPACE & DEFENSE — 0.4%** |  |  |  |  |
| 618000 | Boeing Company (The) |  | 5.9300 | 05/01/60 | 614508 |
| 459000 | L3Harris Technologies, Inc. B |  | 5.4000 | 07/31/33 | 479075 |
| 185000 | TransDigm, Inc.<sup>(b)</sup> |  | 6.6250 | 03/01/32 | 191558 |
|  |  |  |  |  | 1285141 |
|  | **ASSET MANAGEMENT — 2.0%** |  |  |  |  |
| 600000 | Apollo Debt Solutions BDC |  | 6.9000 | 04/13/29 | 628273 |
| 547000 | Apollo Global Management, Inc.<sup>(a),(e)</sup> | H15T5Y + 2.168% | 6.0000 | 12/15/54 | 544375 |
| 546000 | BlackRock Funding, Inc. |  | 5.2500 | 03/14/54 | 536617 |
| 177000 | Blackstone Private Credit Fund |  | 5.9500 | 07/16/29 | 180931 |
| 339000 | Blackstone Private Credit Fund<sup>(a)</sup> |  | 6.0000 | 11/22/34 | 343727 |
| 635000 | Blue Owl Finance, LLC |  | 3.1250 | 06/10/31 | 575666 |
| 290000 | Blue Owl Finance, LLC |  | 6.2500 | 04/18/34 | 300989 |
| 538000 | Brookfield Asset Management Ltd. |  | 5.7950 | 04/24/35 | 562869 |
| 225000 | Charles Schwab Corporation (The)<sup>(e)</sup> | SOFRRATE + 2.010% | 6.1360 | 08/24/34 | 245121 |
| 467000 | Charles Schwab Corporation (The)<sup>(e)</sup> | H15T10Y + 3.079% | 4.0000 | 03/01/69 | 438431 |
| 495000 | Drawbridge Special Opportunities Fund, L.P.<sup>(b)</sup> |  | 5.9500 | 09/17/30 | 479669 |
| 534000 | HA Sustainable Infrastructure Capital, Inc. |  | 6.3750 | 07/01/34 | 539466 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 2.0% (Continued)** |  |  |  |  |
| 165000 | HA Sustainable Infrastructure Capital, Inc. |  | 6.7500 | 07/15/35 | $169163 |
| 220000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation |  | 5.2500 | 05/15/27 | 216277 |
| 370000 | UBS Group A.G.<sup>(b),(e)</sup> | H15T1Y + 2.400% | 4.9880 | 08/05/33 | 375817 |
|  |  |  |  |  | 6137391 |
|  | **AUTOMOTIVE — 0.4%** |  |  |  |  |
| 405000 | Aptiv plc / Aptiv Global Financing DAC<sup>(e)</sup> | H15T5Y + 3.385% | 6.8750 | 12/15/54 | 414089 |
| 15000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(b)</sup> |  | 6.7500 | 02/15/30 | 15561 |
| 72000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 57960 |
| 209000 | Ford Motor Credit Company, LLC |  | 6.8000 | 05/12/28 | 217369 |
| 89000 | Ford Motor Credit Company, LLC |  | 6.0540 | 11/05/31 | 90943 |
| 145000 | Ford Motor Credit Company, LLC<sup>(a)</sup> |  | 6.5000 | 02/07/35 | 150079 |
| 344000 | Stellantis Finance US, Inc.<sup>(b)</sup> |  | 6.4500 | 03/18/35 | 357552 |
|  |  |  |  |  | 1303553 |
|  | **BANKING — 4.8%** |  |  |  |  |
| 694000 | Australia & New Zealand Banking Group Ltd.<sup>(b),(e)</sup> | H15T10Y + 1.350% | 5.8160 | 06/18/36 | 722711 |
| 64000 | Banco de Credito del Peru S.A.<sup>(b),(e)</sup> | H15T5Y + 2.486% | 6.4500 | 07/30/35 | 66562 |
| 120000 | Banco de Credito e Inversiones S.A.<sup>(b),(e)</sup> | H15T5Y + 3.767% | 7.5000 | 12/15/73 | 126571 |
| 108000 | Banco Mercantil del Norte S.A.<sup>(b),(e)</sup> | H15T5Y + 4.072% | 8.3750 | 11/20/74 | 113088 |
| 695000 | Bank of America Corporation<sup>(e)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 635044 |
| 662000 | Bank of America Corporation<sup>(e)</sup> | SOFRRATE + 1.738% | 5.5180 | 10/25/35 | 678983 |
| 419000 | Barclays plc<sup>(e)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 480747 |
| 139000 | BBVA Mexico S.A. Institucion De Banca Mult Grupo Financiero BBVA Mexico<sup>(a),(b),(e)</sup> | H15T5Y + 4.214% | 8.1250 | 01/08/39 | 151510 |
| 440000 | BPCE S.A.<sup>(b),(e)</sup> | SOFRRATE + 2.590% | 7.0030 | 10/19/34 | 491435 |
| 209000 | BPCE S.A.<sup>(b),(e)</sup> | SOFRRATE + 2.610% | 6.9150 | 01/14/46 | 224645 |
| 335000 | Citigroup, Inc.<sup>(e)</sup> | SOFRRATE + 2.338% | 6.2700 | 11/17/33 | 365525 |
| 239000 | Citigroup, Inc.<sup>(e)</sup> | SOFRRATE + 2.661% | 6.1740 | 05/25/34 | 254062 |
| 583000 | Citigroup, Inc.<sup>(e)</sup> | SOFRRATE + 1.488% | 5.1740 | 09/11/36 | 590178 |
| 250000 | Citigroup, Inc.<sup>(e)</sup> | H15T5Y + 3.417% | 3.8750 | 05/18/69 | 248727 |
| 594000 | Deutsche Bank A.G.<sup>(e)</sup> | SOFRRATE + 2.050% | 5.4030 | 09/11/35 | 604836 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **BANKING — 4.8% (Continued)** |  |  |  |  |
| 692000 | Fifth Third Bancorp<sup>(e)</sup> | SOFRRATE + 1.660% | 4.3370 | 04/25/33 | $674439 |
| 475000 | Huntington Bancshares, Inc.<sup>(e)</sup> | SOFRINDX + 1.870% | 5.7090 | 02/02/35 | 493035 |
| 130000 | Huntington Bancshares, Inc.<sup>(e)</sup> | H15T5Y + 1.700% | 6.1410 | 11/18/39 | 134577 |
| 710000 | JPMorgan Chase & Company<sup>(e)</sup> |  | 1.9530 | 02/04/32 | 628814 |
| 420000 | JPMorgan Chase & Company<sup>(e)</sup> | SOFRRATE + 2.580% | 5.7170 | 09/14/33 | 445841 |
| 195000 | JPMorgan Chase & Company<sup>(e)</sup> | SOFRRATE + 1.810% | 6.2540 | 10/23/34 | 214719 |
| 420000 | JPMorgan Chase & Company<sup>(e)</sup> | SOFRRATE + 1.635% | 5.5760 | 07/23/36 | 435793 |
| 533000 | KeyCorporation<sup>(e)</sup> | SOFRRATE + 2.420% | 6.4010 | 03/06/35 | 577495 |
| 30000 | Lloyds Banking Group plc<sup>(e)</sup> | H15T5Y + 2.681% | 6.6250 | 03/27/74 | 29870 |
| 693000 | M&T Bank Corporation<sup>(e)</sup> | H15T5Y + 1.430% | 5.4000 | 07/30/35 | 698041 |
| 626000 | NatWest Group plc<sup>(e)</sup> | H15T5Y + 2.200% | 6.4750 | 06/01/34 | 656526 |
| 570000 | PNC Financial Services Group, Inc. (The)<sup>(e)</sup> | SOFRRATE + 1.394% | 5.5750 | 01/29/36 | 595547 |
| 610000 | Societe Generale S.A.<sup>(b),(e)</sup> | H15T1Y + 2.100% | 6.0660 | 01/19/35 | 640989 |
| 200000 | Texas Capital Bancshares, Inc.<sup>(e)</sup> | H15T5Y + 3.150% | 4.0000 | 05/06/31 | 196764 |
| 449000 | Toronto-Dominion Bank (The)<sup>(e)</sup> | H15T5Y + 4.075% | 8.1250 | 10/31/82 | 474836 |
| 65000 | Truist Financial Corporation<sup>(e)</sup> | SOFRRATE + 1.852% | 5.1220 | 01/26/34 | 65827 |
| 515000 | Truist Financial Corporation<sup>(e)</sup> | SOFRRATE + 2.361% | 5.8670 | 06/08/34 | 545208 |
| 631000 | US Bancorp<sup>(e)</sup> | SOFRRATE + 1.411% | 5.4240 | 02/12/36 | 653856 |
| 292000 | Wells Fargo & Company<sup>(e)</sup> | SOFRRATE + 2.100% | 4.8970 | 07/25/33 | 296424 |
| 298000 | Wells Fargo & Company<sup>(a),(e)</sup> | SOFRRATE + 2.060% | 6.4910 | 10/23/34 | 330813 |
| 343000 | Wells Fargo & Company<sup>(e)</sup> | H15T5Y + 3.453% | 3.9000 | 03/15/69 | 340961 |
|  |  |  |  |  | 14884999 |
|  | **BIOTECH & PHARMA — 0.7%** |  |  |  |  |
| 711000 | Amgen, Inc. |  | 5.6500 | 03/02/53 | 709548 |
| 15000 | Amneal Pharmaceuticals, LLC<sup>(b)</sup> |  | 6.8750 | 08/01/32 | 15744 |
| 593000 | EMD Finance, LLC<sup>(b)</sup> |  | 5.0000 | 10/15/35 | 594677 |
| 45000 | Par Pharmaceutical, Inc.<sup>(b),(g)</sup> |  |  | 04/01/27 |  |
| 590000 | Royalty Pharma plc |  | 5.4000 | 09/02/34 | 603133 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |
|  | **BIOTECH & PHARMA — 0.7% (Continued)** |  |  |  |
| 483000 | Royalty Pharma plc | 3.3500 | 09/02/51 | $327166 |
| 681 | Viatris, Inc.<sup>(b)</sup> | 2.3000 | 06/22/27 | 655 |
|  |  |  |  | 2250923 |
|  | **CABLE & SATELLITE — 0.4%** |  |  |  |
| 14000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> | 6.3750 | 09/01/29 | 14116 |
| 180000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> | 4.7500 | 03/01/30 | 171270 |
| 45000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> | 4.5000 | 08/15/30 | 42215 |
| 898000 | Charter Communications Operating, LLC / Charter Communications Operating Capital | 4.8000 | 03/01/50 | 696414 |
| 200000 | CSC Holdings, LLC<sup>(b)</sup> | 11.7500 | 01/31/29 | 158073 |
| 152000 | Directv Financing, LLC<sup>(b)</sup> | 5.8750 | 08/15/27 | 152130 |
| 45000 | Directv Financing, LLC<sup>(b)</sup> | 8.8750 | 02/01/30 | 44784 |
|  |  |  |  | 1279002 |
|  | **CHEMICALS — 0.2%** |  |  |  |
| 354000 | Bayport Polymers, LLC<sup>(b)</sup> | 5.1400 | 04/14/32 | 347189 |
| 200000 | INEOS Quattro Finance 2 plc<sup>(b)</sup> | 9.6250 | 03/15/29 | 187688 |
| 20000 | Solstice Advanced Materials, Inc.<sup>(b)</sup> | 5.6250 | 09/30/33 | 20039 |
| 130000 | Windsor Holdings III, LLC<sup>(b)</sup> | 8.5000 | 06/15/30 | 137390 |
|  |  |  |  | 692306 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |
| 5000 | AMN Healthcare, Inc.<sup>(b)</sup> | 6.5000 | 01/15/31 | 5012 |
| 616000 | Sodexo, Inc.<sup>(b)</sup> | 5.8000 | 08/15/35 | 644275 |
|  |  |  |  | 649287 |
|  | **CONSTRUCTION MATERIALS — 0.4%** |  |  |  |
| 584000 | CRH America Finance, Inc. | 5.4000 | 05/21/34 | 605746 |
| 709000 | JH North America Holdings, Inc.<sup>(b)</sup> | 6.1250 | 07/31/32 | 727632 |
| 55000 | Quikrete Holdings, Inc.<sup>(b)</sup> | 6.3750 | 03/01/32 | 57081 |
|  |  |  |  | 1390459 |
|  | **CONTAINERS & PACKAGING — 0.7%** |  |  |  |
| 589000 | Berry Global, Inc. | 5.6500 | 01/15/34 | 615559 |
| 615000 | Smurfit Kappa Treasury ULC | 5.7770 | 04/03/54 | 627228 |
| 645000 | Sonoco Products Company<sup>(a)</sup> | 5.0000 | 09/01/34 | 636845 |
|  |  |  |  | 1879632 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **ELEC & GAS MARKETING & TRADING — 0.1%** |  |  |  |  |
| 397000 | New York State Electric & Gas Corporation<sup>(b)</sup> |  | 5.8500 | 08/15/33 | $423122 |
|  | **ELECTRIC UTILITIES — 2.3%** |  |  |  |  |
| 195000 | AES Corporation (The)<sup>(e)</sup> | H15T5Y + 3.201% | 7.6000 | 01/15/55 | 199992 |
| 750000 | Black Hills Corporation |  | 6.1500 | 05/15/34 | 803818 |
| 631000 | Capital Power US Holdings, Inc.<sup>(b)</sup> |  | 6.1890 | 06/01/35 | 660994 |
| 577000 | CMS Energy Corporation<sup>(e)</sup> | H15T5Y + 4.116% | 4.7500 | 06/01/50 | 568546 |
| 205000 | Dominion Energy, Inc.<sup>(e)</sup> | H15T5Y + 2.511% | 7.0000 | 06/01/54 | 224120 |
| 295000 | Dominion Energy, Inc.<sup>(e)</sup> | H15T5Y + 2.006% | 6.2000 | 02/15/56 | 297936 |
| 591000 | Electricite de France S.A.<sup>(b)</sup> |  | 6.9000 | 05/23/53 | 661061 |
| 235000 | Enel Finance International N.V.<sup>(b)</sup> |  | 7.5000 | 10/14/32 | 271054 |
| 195000 | Enel Finance International N.V.<sup>(b)</sup> |  | 5.5000 | 06/26/34 | 202613 |
| 444000 | Entergy Corporation<sup>(e)</sup> | H15T5Y + 2.670% | 7.1250 | 12/01/54 | 467992 |
| 271000 | Entergy Texas, Inc. |  | 5.8000 | 09/01/53 | 276610 |
| 156000 | National Rural Utilities Cooperative Finance<sup>(c)</sup> | TSFR3M + 3.172% | 7.0100 | 04/30/43 | 156118 |
| 428000 | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup> | H15T5Y + 1.979% | 6.5000 | 08/15/55 | 458167 |
| 401000 | NRG Energy, Inc.<sup>(b)</sup> |  | 7.0000 | 03/15/33 | 443012 |
| 265000 | PacifiCorporation |  | 5.8000 | 01/15/55 | 258253 |
| 419000 | Puget Energy, Inc. |  | 2.3790 | 06/15/28 | 399032 |
| 339000 | Southern California Edison Company |  | 6.0000 | 01/15/34 | 355589 |
| 245000 | Vistra Corporation<sup>(b),(e)</sup> | H15T5Y + 6.930% | 8.0000 | 04/15/70 | 252040 |
| 292000 | Vistra Operations Company, LLC<sup>(b)</sup> |  | 5.7000 | 12/30/34 | 300065 |
|  |  |  |  |  | 7257012 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 140000 | Global Infrastructure Solutions, Inc.<sup>(b)</sup> |  | 7.5000 | 04/15/32 | 146716 |
| 398000 | Sempra Infrastructure Partners, L.P.<sup>(b)</sup> |  | 3.2500 | 01/15/32 | 353689 |
|  |  |  |  |  | 500405 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 530000 | Univision Communications, Inc.<sup>(b)</sup> |  | 8.0000 | 08/15/28 | 545974 |
|  | **FOOD — 0.5%** |  |  |  |  |
| 594000 | Mars, Inc.<sup>(b)</sup> |  | 5.2000 | 03/01/35 | 609861 |
| 685000 | Pilgrim's Pride Corporation |  | 6.2500 | 07/01/33 | 730501 |
| 190000 | Post Holdings, Inc.<sup>(a),(b)</sup> |  | 6.3750 | 03/01/33 | 192911 |
|  |  |  |  |  | $1533273 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.4%** |  |  |  |  |
| 271000 | Brooklyn Union Gas Company (The)<sup>(b)</sup> |  | 4.8660 | 08/05/32 | $268660 |
| 445000 | Ferrellgas Escrow, LLC / FG Operating Finance Corporation Escrow Corporation<sup>(b)</sup> |  | 5.8750 | 04/01/29 | 423392 |
| 381000 | KeySpan Gas East Corporation<sup>(b)</sup> |  | 5.9940 | 03/06/33 | 403958 |
|  |  |  |  |  | 1096010 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.5%** |  |  |  |  |
| 500000 | CHS/Community Health Systems, Inc.<sup>(b)</sup> |  | 5.2500 | 05/15/30 | 469139 |
| 736000 | CVS Health Corporation |  | 5.0500 | 03/25/48 | 654505 |
| 306000 | CVS Health Corporation<sup>(e)</sup> | H15T5Y + 2.516% | 6.7500 | 12/10/54 | 318323 |
| 193000 | HCA, Inc. |  | 5.5000 | 06/01/33 | 201260 |
| 171000 | HCA, Inc. |  | 5.2500 | 06/15/49 | 156923 |
| 340000 | HCA, Inc. |  | 6.0000 | 04/01/54 | 343655 |
| 605000 | Icon Investments Six DAC |  | 6.0000 | 05/08/34 | 634414 |
| 527000 | IQVIA, Inc. |  | 6.2500 | 02/01/29 | 555493 |
| 300000 | IQVIA, Inc.<sup>(b)</sup> |  | 6.2500 | 06/01/32 | 313054 |
| 115000 | Molina Healthcare, Inc.<sup>(b)</sup> |  | 6.2500 | 01/15/33 | 115819 |
| 372000 | Universal Health Services, Inc. |  | 2.6500 | 01/15/32 | 326131 |
| 422000 | Universal Health Services, Inc. |  | 5.0500 | 10/15/34 | 413203 |
|  |  |  |  |  | 4501919 |
|  | **HOME & OFFICE PRODUCTS — 0.1%** |  |  |  |  |
| 225000 | Newell Brands, Inc. |  | 6.3750 | 09/15/27 | 225107 |
|  | **HOME CONSTRUCTION — 0.4%** |  |  |  |  |
| 265000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(b)</sup> |  | 4.6250 | 04/01/30 | 250045 |
| 459000 | DR Horton, Inc. |  | 5.5000 | 10/15/35 | 476479 |
| 434000 | Meritage Homes Corporation<sup>(b)</sup> |  | 3.8750 | 04/15/29 | 424602 |
| 240000 | Toll Brothers Finance Corporation |  | 5.6000 | 06/15/35 | 246103 |
|  |  |  |  |  | 1397229 |
|  | **HOUSEHOLD PRODUCTS — 0.1%** |  |  |  |  |
| 165000 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US, LLC<sup>(b)</sup> |  | 5.6000 | 01/15/31 | 165674 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 405000 | Ashtead Capital, Inc.<sup>(b)</sup> |  | 5.5000 | 08/11/32 | $418560 |
| 115000 | Ashtead Capital, Inc.<sup>(b)</sup> |  | 5.9500 | 10/15/33 | 121620 |
| 110000 | Ashtead Capital, Inc.<sup>(b)</sup> |  | 5.8000 | 04/15/34 | 115333 |
| 215000 | Herc Holdings, Inc.<sup>(b)</sup> |  | 7.0000 | 06/15/30 | 225175 |
| 100000 | Herc Holdings, Inc.<sup>(a),(b)</sup> |  | 7.2500 | 06/15/33 | 105505 |
|  |  |  |  |  | 986193 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |
| 486000 | Bank of New York Mellon Corporation (The)<sup>(e)</sup> | SOFRINDX + 2.074% | 5.8340 | 10/25/33 | 523386 |
| 203000 | Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | SOFRRATE + 1.550% | 5.3300 | 07/23/35 | 209002 |
| 324000 | Goldman Sachs Group, Inc. (The) |  | 6.4500 | 05/01/36 | 355965 |
| 305000 | Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | SOFRRATE + 1.330% | 4.9390 | 10/21/36 | 303224 |
| 454000 | Morgan Stanley<sup>(e)</sup> | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | 468566 |
| 537000 | Morgan Stanley<sup>(e)</sup> | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 559310 |
| 287000 | Morgan Stanley<sup>(e)</sup> | H15T5Y + 2.430% | 5.9480 | 01/19/38 | 300982 |
| 541000 | Northern Trust Corporation<sup>(e)</sup> |  | 3.3750 | 05/08/32 | 531831 |
| 565000 | State Street Corporation<sup>(e)</sup> | SOFRRATE + 1.958% | 6.1230 | 11/21/34 | 612116 |
| 182000 | State Street Corporation<sup>(e)</sup> | H15T5Y + 2.613% | 6.7000 | 03/15/74 | 189779 |
|  |  |  |  |  | 4054161 |
|  | **INSURANCE — 1.7%** |  |  |  |  |
| 209000 | Allianz S.E.<sup>(b),(e)</sup> | H15T5Y + 3.232% | 6.3500 | 09/06/53 | 225158 |
| 271000 | Allianz S.E.<sup>(b),(e)</sup> | H15T5Y + 2.771% | 5.6000 | 09/03/54 | 279602 |
| 105000 | American National Group, Inc.<sup>(e)</sup> | H15T5Y + 3.183% | 7.0000 | 12/01/55 | 107661 |
| 425000 | Ascot Group Ltd.<sup>(b)</sup> |  | 4.2500 | 12/15/30 | 392458 |
| 407000 | Corebridge Financial, Inc.<sup>(e)</sup> | H15T5Y + 2.646% | 6.3750 | 09/15/54 | 419354 |
| 522000 | F&G Annuities & Life, Inc. |  | 6.5000 | 06/04/29 | 544870 |
| 198000 | Global Atlantic Fin Company<sup>(b)</sup> |  | 7.9500 | 06/15/33 | 227340 |
| 105000 | Global Atlantic Fin Company<sup>(b),(e)</sup> | H15T5Y + 3.608% | 7.9500 | 10/15/54 | 109950 |
| 515000 | Liberty Mutual Group, Inc.<sup>(b),(e)</sup> | H15T5Y + 3.315% | 4.1250 | 12/15/51 | 503484 |
| 350000 | Nippon Life Insurance Company<sup>(b),(e)</sup> | H15T5Y + 2.954% | 6.2500 | 09/13/53 | 373036 |
| 246000 | Nippon Life Insurance Company<sup>(b),(e)</sup> | H15T5Y + 3.189% | 6.5000 | 04/30/55 | 266794 |
| 104000 | Prudential Financial, Inc.<sup>(e)</sup> | H15T5Y + 3.162% | 5.1250 | 03/01/52 | 103737 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.7% (Continued)** |  |  |  |  |
| 210000 | Prudential Financial, Inc.<sup>(e)</sup> | H15T5Y + 2.848% | 6.7500 | 03/01/53 | $225045 |
| 330000 | Prudential Financial, Inc.<sup>(e)</sup> | H15T5Y + 2.404% | 6.5000 | 03/15/54 | 351810 |
| 610000 | Reinsurance Group of America, Inc.<sup>(e)</sup> | H15T5Y + 2.392% | 6.6500 | 09/15/55 | 637245 |
| 594000 | Sumitomo Life Insurance Company<sup>(b),(e)</sup> | H15T5Y + 2.651% | 5.8750 | 09/10/55 | 607654 |
|  |  |  |  |  | 5375198 |
|  | **INTERNET MEDIA & SERVICES — 0.4%** |  |  |  |  |
| 945000 | Meta Platforms, Inc. |  | 5.7500 | 11/15/65 | 937387 |
| 165000 | Snap, Inc.<sup>(b)</sup> |  | 6.8750 | 03/15/34 | 168323 |
|  |  |  |  |  | 1105710 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 720000 | Flutter Treasury DAC<sup>(b)</sup> |  | 5.8750 | 06/04/31 | 729450 |
| 280000 | Hilton Domestic Operating Company, Inc.<sup>(b)</sup> |  | 5.7500 | 09/15/33 | 285747 |
| 75000 | Rivers Enterprise Lender, LLC / Rivers Enterprise Lender Corporation<sup>(b)</sup> |  | 6.2500 | 10/15/30 | 75955 |
|  |  |  |  |  | 1091152 |
|  | **MACHINERY — 0.6%** |  |  |  |  |
| 550000 | Ingersoll Rand, Inc. |  | 5.4500 | 06/15/34 | 572893 |
| 606000 | Regal Rexnord Corporation |  | 6.4000 | 04/15/33 | 650074 |
| 699000 | Veralto Corporation |  | 5.4500 | 09/18/33 | 731558 |
|  |  |  |  |  | 1954525 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.7%** |  |  |  |  |
| 755000 | 180 Medical, Inc.<sup>(b)</sup> |  | 5.3000 | 10/08/35 | 748643 |
| 737000 | DENTSPLY SIRONA, Inc.<sup>(a)</sup> |  | 3.2500 | 06/01/30 | 683292 |
| 776000 | Smith & Nephew plc |  | 5.4000 | 03/20/34 | 803633 |
|  |  |  |  |  | 2235568 |
|  | **METALS & MINING — 0.3%** |  |  |  |  |
| 336000 | Corp Nacional del Cobre de Chile<sup>(b)</sup> |  | 5.9500 | 01/08/34 | 353696 |
| 306000 | Glencore Funding, LLC<sup>(b)</sup> |  | 2.8500 | 04/27/31 | 281186 |
| 250000 | Glencore Funding, LLC<sup>(b)</sup> |  | 5.6340 | 04/04/34 | 260616 |
|  |  |  |  |  | 895498 |
|  | **OIL & GAS PRODUCERS — 3.5%** |  |  |  |  |
| 275000 | Ascent Resources Utica Holdings, LLC / ARU Finance Corporation<sup>(b)</sup> |  | 6.6250 | 07/15/33 | 280171 |
| 625000 | BP Capital Markets plc<sup>(e)</sup> | H15T5Y + 4.398% | 4.8750 | 12/22/00 | 625617 |
| 140000 | Buckeye Partners, L.P.<sup>(b)</sup> |  | 6.7500 | 02/01/30 | 146222 |
| 150000 | Columbia Pipelines Operating Company, LLC<sup>(b)</sup> |  | 6.0360 | 11/15/33 | 160328 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.5% (Continued)** | **OIL & GAS PRODUCERS — 3.5% (Continued)** | **OIL & GAS PRODUCERS — 3.5% (Continued)** |  |  |
| 552000 | Columbia Pipelines Operating Company, LLC<sup>(b)</sup> |  | 5.4390 | 02/15/35 | $564920 |
| 583000 | Diamondback Energy, Inc. |  | 5.9000 | 04/18/64 | 558176 |
| 738000 | DT Midstream, Inc.<sup>(b)</sup> |  | 4.3750 | 06/15/31 | 716094 |
| 330000 | Enbridge, Inc.<sup>(e)</sup> | H15T10Y + 4.431% | 8.5000 | 01/15/84 | 379702 |
| 120000 | Energy Transfer, L.P.<sup>(e)</sup> | H15T5Y + 5.306% | 7.1250 | 05/15/69 | 124043 |
| 175000 | Energy Transfer, L.P.<sup>(e)</sup> | H15T5Y + 5.694% | 6.5000 | 11/15/69 | 175982 |
| 145000 | EOG Resources, Inc. |  | 5.3500 | 01/15/36 | 149245 |
| 370000 | EOG Resources, Inc. |  | 5.6500 | 12/01/54 | 370339 |
| 654000 | Flex Intermediate Holdco, LLC<sup>(b)</sup> |  | 3.3630 | 06/30/31 | 600566 |
| 305000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 8.8750 | 04/15/30 | 321642 |
| 454000 | Harbour Energy plc<sup>(b)</sup> |  | 6.3270 | 04/01/35 | 464990 |
| 530000 | HF Sinclair Corporation |  | 6.2500 | 01/15/35 | 553367 |
| 87000 | KazMunayGas National Company JSC<sup>(b)</sup> |  | 5.7500 | 04/19/47 | 82472 |
| 85000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | 01/15/38 | 95923 |
| 444000 | Kinder Morgan, Inc. |  | 5.8500 | 06/01/35 | 468113 |
| 50000 | NGL Energy Partners, L.P.<sup>(b)</sup> |  | 8.1250 | 02/15/29 | 51199 |
| 80000 | NGL Energy Partners, L.P.<sup>(b)</sup> |  | 8.3750 | 02/15/32 | 81879 |
| 375000 | Occidental Petroleum Corporation<sup>(a)</sup> |  | 5.5500 | 10/01/34 | 380763 |
| 271000 | Occidental Petroleum Corporation |  | 6.2000 | 03/15/40 | 277757 |
| 275000 | Pertamina Persero PT<sup>(b)</sup> |  | 6.4500 | 05/30/44 | 298387 |
| 308000 | Petroleos Mexicanos |  | 5.9500 | 01/28/31 | 301468 |
| 142000 | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 128888 |
| 70000 | Petroleos Mexicanos |  | 6.9500 | 01/28/60 | 57703 |
| 241000 | Petronas Capital Ltd.<sup>(b)</sup> |  | 5.8480 | 04/03/55 | 257495 |
| 235000 | Reliance Industries Ltd.<sup>(b)</sup> |  | 2.8750 | 01/12/32 | 213997 |
| 368000 | Saudi Arabian Oil Company<sup>(b)</sup> |  | 5.2500 | 07/17/34 | 381100 |
| 110000 | South Bow Canadian Infrastructure Holdings Ltd.<sup>(e)</sup> | H15T5Y + 3.667% | 7.5000 | 03/01/55 | 117778 |
| 95000 | South Bow USA Infrastructure Holdings, LLC |  | 5.5840 | 10/01/34 | 95366 |
| 70000 | South Bow USA Infrastructure Holdings, LLC |  | 6.1760 | 10/01/54 | 67945 |
| 787000 | Western Midstream Operating, L.P. |  | 5.2500 | 02/01/50 | 679042 |
| 521000 | Williams Companies, Inc. (The) |  | 5.1500 | 03/15/34 | 529007 |
|  |  |  |  |  | 10757686 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.1%** |  |  |  |  |
| 180000 | Kodiak Gas Services, LLC<sup>(b)</sup> |  | 6.7500 | 10/01/35 | 185487 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.1% (Continued)** | **OIL & GAS SERVICES & EQUIPMENT — 0.1% (Continued)** |  |  |
| 188000 | Nabors Industries, Inc.<sup>(b)</sup> | 7.3750 | 05/15/27 | $190948 |
|  |  |  |  | 376435 |
|  | **PUBLISHING & BROADCASTING — 0.2%** |  |  |  |
| 240000 | Gray Media, Inc.<sup>(b)</sup> | 7.2500 | 08/15/33 | 235265 |
| 305000 | Sinclair Television Group, Inc.<sup>(b)</sup> | 8.1250 | 02/15/33 | 311184 |
|  |  |  |  | 546449 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |  |  |
| 310000 | Iron Mountain, Inc.<sup>(b)</sup> | 6.2500 | 01/15/33 | 317315 |
| 260000 | Millrose Properties, Inc.<sup>(b)</sup> | 6.2500 | 09/15/32 | 261481 |
| 75000 | Service Properties Trust | 4.9500 | 02/15/27 | 74790 |
|  |  |  |  | 653586 |
|  | **RETAIL - CONSUMER STAPLES — 0.4%** |  |  |  |
| 50000 | Albertsons Companies, Inc.<sup>(b)</sup> | 5.7500 | 03/31/34 | 50348 |
| 510000 | Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, L.P.<sup>(b)</sup> | 4.8750 | 02/15/30 | 504301 |
| 775000 | Alimentation Couche-Tard, Inc.<sup>(b)</sup> | 5.0770 | 09/29/35 | 777495 |
|  |  |  |  | 1332144 |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |
| 175000 | BlueLinx Holdings, Inc.<sup>(b)</sup> | 6.0000 | 11/15/29 | 171941 |
| 240000 | Builders FirstSource, Inc.<sup>(b)</sup> | 6.3750 | 03/01/34 | 248844 |
| 660000 | Dick's Sporting Goods, Inc. | 4.1000 | 01/15/52 | 492550 |
|  |  |  |  | 913335 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |
| 209000 | Broadcom, Inc. | 5.1500 | 11/15/31 | 217175 |
| 575000 | Broadcom, Inc.<sup>(b)</sup> | 3.1370 | 11/15/35 | 497995 |
| 579000 | Foundry JV Holdco, LLC<sup>(b)</sup> | 5.8750 | 01/25/34 | 599025 |
| 527000 | Marvell Technology, Inc.<sup>(a)</sup> | 5.4500 | 07/15/35 | 542837 |
|  |  |  |  | 1857032 |
|  | **SOFTWARE — 0.6%** |  |  |  |
| 400000 | Cloud Software Group, Inc.<sup>(b)</sup> | 9.0000 | 09/30/29 | 414112 |
| 105000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<sup>(b)</sup> | 8.7500 | 05/01/29 | 106893 |
| 115000 | Oracle Corporation | 6.2500 | 11/09/32 | 123207 |
| 420000 | Oracle Corporation | 6.9000 | 11/09/52 | 448407 |
| 75000 | Oracle Corporation | 3.8500 | 04/01/60 | 49605 |
| 724000 | Roper Technologies, Inc. | 5.1000 | 09/15/35 | 728609 |
|  |  |  |  | 1870833 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 1.5%** |  |  |  |  |
| 244000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  | 3.3000 | 01/30/32 | $225171 |
| 156000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<sup>(e)</sup> | H15T5Y + 2.720% | 6.9500 | 03/10/55 | 164104 |
| 224000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<sup>(e)</sup> | H15T5Y + 2.441% | 6.5000 | 01/31/56 | 231617 |
| 73000 | Ally Financial, Inc.<sup>(e)</sup> | SOFRRATE + 1.960% | 5.7370 | 05/15/29 | 74471 |
| 422000 | Ally Financial, Inc.<sup>(e)</sup> | SOFRRATE + 1.730% | 5.5430 | 01/17/31 | 429411 |
| 767000 | American Express Company<sup>(e)</sup> | SOFRRATE + 1.930% | 5.6250 | 07/28/34 | 805111 |
| 245000 | Aviation Capital Group, LLC<sup>(b)</sup> |  | 3.5000 | 11/01/27 | 240721 |
| 423000 | Aviation Capital Group, LLC<sup>(b)</sup> |  | 6.3750 | 07/15/30 | 451820 |
| 647000 | Avolon Holdings Funding Ltd.<sup>(b)</sup> |  | 5.7500 | 11/15/29 | 670945 |
| 217000 | Capital One Financial Corporation<sup>(e)</sup> |  | 2.3590 | 07/29/32 | 188498 |
| 490000 | Capital One Financial Corporation<sup>(e)</sup> | SOFRRATE + 2.860% | 6.3770 | 06/08/34 | 530566 |
| 65000 | OneMain Finance Corporation |  | 6.1250 | 05/15/30 | 65805 |
| 235000 | OneMain Finance Corporation |  | 6.5000 | 03/15/33 | 234356 |
| 255000 | Rocket Companies, Inc.<sup>(b)</sup> |  | 6.3750 | 08/01/33 | 265949 |
|  |  |  |  |  | 4578545 |
|  | **TECHNOLOGY SERVICES — 1.1%** |  |  |  |  |
| 165000 | Block, Inc. |  | 6.5000 | 05/15/32 | 171294 |
| 90000 | Block, Inc.<sup>(b)</sup> |  | 6.0000 | 08/15/33 | 92097 |
| 416000 | Booz Allen Hamilton, Inc.<sup>(a),(b)</sup> |  | 4.0000 | 07/01/29 | 405702 |
| 209000 | Booz Allen Hamilton, Inc.<sup>(a)</sup> |  | 5.9500 | 08/04/33 | 218470 |
| 591000 | CoStar Group, Inc.<sup>(b)</sup> |  | 2.8000 | 07/15/30 | 539946 |
| 800000 | Gartner, Inc.<sup>(b)</sup> |  | 3.7500 | 10/01/30 | 756786 |
| 578000 | MSCI, Inc.<sup>(b)</sup> |  | 3.6250 | 09/01/30 | 549782 |
| 510000 | Neptune Bidco US, Inc.<sup>(b)</sup> |  | 9.2900 | 04/15/29 | 504089 |
|  |  |  |  |  | 3238166 |
|  | **TELECOMMUNICATIONS — 0.2%** |  |  |  |  |
| 488000 | Sprint Capital Corporation |  | 8.7500 | 03/15/32 | 593919 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.8% (Continued)** |  |  |  |
|  | **TOBACCO & CANNABIS — 0.4%** |  |  |  |
| 309000 | BAT Capital Corporation | 7.7500 | 10/19/32 | $360062 |
| 485000 | Imperial Brands Finance plc<sup>(b)</sup> | 5.8750 | 07/01/34 | 505473 |
| 510000 | Philip Morris International, Inc. | 4.9000 | 11/01/34 | 513093 |
|  |  |  |  | 1378628 |
|  | **TRANSPORTATION & LOGISTICS — 0.9%** |  |  |  |
| 328960 | Alaska Airlines Class A Pass Through Trust Series 2021-1<sup>(b)</sup> | 4.8000 | 08/15/27 | 330131 |
| 349000 | BNSF Funding Trust I<sup>(e)</sup> | 6.6130 | 12/15/55 | 351110 |
| 317859 | British Airways Class A Pass Through Trust Series 2021-1<sup>(b)</sup> | 2.9000 | 03/15/35 | 292062 |
| 308961 | Delta Air Lines Class AA Pass Through Trust Series 2015-1 | 3.6250 | 07/30/27 | 304899 |
| 128000 | DP World plc<sup>(b)</sup> | 6.8500 | 07/02/37 | 147560 |
| 720000 | Transurban Finance Company Pty Ltd.<sup>(b)</sup> | 4.9240 | 03/24/36 | 718260 |
| 292953 | United Airlines Class A Pass Through Trust Series 2023-1 | 5.8000 | 07/15/36 | 306603 |
| 149656 | United Airlines Class AA Pass Through Trust Series 2024-1 | 5.4500 | 02/15/37 | 154878 |
|  |  |  |  | 2605503 |
|  | **TOTAL CORPORATE BONDS (Cost $95,596,680)** | **TOTAL CORPORATE BONDS (Cost $95,596,680)** |  | 98217725 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.7%** | **NON U.S. GOVERNMENT & AGENCIES — 2.7%** |  |  |
|  | **SOVEREIGN — 2.7%** |  |  |  |
| 167000 | Angolan Government International Bond<sup>(b)</sup> | 8.0000 | 11/26/29 | 160028 |
| 126000 | Angolan Government International Bond<sup>(b)</sup> | 9.2440 | 01/15/31 | 123126 |
| 441000 | Brazilian Government International Bond | 6.0000 | 10/20/33 | 452024 |
| 67000 | Brazilian Government International Bond | 6.6250 | 03/15/35 | 69831 |
| 56000 | Brazilian Government International Bond | 7.2500 | 01/12/56 | 56717 |
| 81000 | Chile Government International Bond | 3.2500 | 09/21/71 | 51723 |
| 92000 | Colombia Government International Bond | 7.3750 | 04/25/30 | 98693 |
| 91000 | Colombia Government International Bond | 8.0000 | 11/14/35 | 99418 |
| 112000 | Colombia Government International Bond | 7.7500 | 11/07/36 | 119533 |
| 79000 | Colombia Government International Bond | 8.7500 | 11/14/53 | 90945 |
| 34000 | Costa Rica Government International Bond<sup>(b)</sup> | 6.5500 | 04/03/34 | 36840 |
| 30000 | Costa Rica Government International Bond<sup>(b)</sup> | 7.3000 | 11/13/54 | 33619 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)** |  |  |
|  | **SOVEREIGN — 2.7% (Continued)** |  |  |  |
| 150000 | Dominican Republic International Bond<sup>(b)</sup> | 5.5000 | 02/22/29 | $152858 |
| 311000 | Dominican Republic International Bond<sup>(b)</sup> | 4.8750 | 09/23/32 | 298669 |
| 67000 | Dominican Republic International Bond | 6.9500 | 03/15/37 | 71600 |
| 59000 | El Salvador Government International Bond<sup>(b)</sup> | 8.6250 | 02/28/29 | 63056 |
| 141000 | El Salvador Government International Bond | 7.6500 | 06/15/35 | 146923 |
| 71000 | Guatemala Government Bond<sup>(b)</sup> | 6.6000 | 06/13/36 | 76644 |
| 220000 | Hungary Government International Bond<sup>(b)</sup> | 6.2500 | 09/22/32 | 237356 |
| 232000 | Hungary Government International Bond<sup>(b)</sup> | 5.5000 | 03/26/36 | 234521 |
| 200000 | Indonesia Government International Bond | 4.5500 | 01/11/28 | 201986 |
| 156000 | Indonesia Government International Bond | 4.7500 | 09/10/34 | 156934 |
| 304000 | Indonesia Government International Bond<sup>(a)</sup> | 5.1000 | 02/10/54 | 295598 |
| 213000 | Ivory Coast Government International Bond<sup>(b)</sup> | 8.2500 | 01/30/37 | 226675 |
| 145000 | Mexico Government International Bond | 5.3750 | 03/22/33 | 145334 |
| 175000 | Mexico Government International Bond | 6.0000 | 05/07/36 | 179524 |
| 200000 | Mexico Government International Bond | 6.6250 | 01/29/38 | 211700 |
| 157000 | Morocco Government International Bond<sup>(b)</sup> | 3.0000 | 12/15/32 | 139026 |
| 254000 | Nigeria Government International Bond<sup>(b)</sup> | 10.3750 | 12/09/34 | 286354 |
| 107000 | Panama Government International Bond | 8.0000 | 03/01/38 | 124692 |
| 122000 | Peruvian Government International Bond | 2.7830 | 01/23/31 | 113076 |
| 192000 | Peruvian Government International Bond<sup>(a)</sup> | 5.3750 | 02/08/35 | 197570 |
| 346000 | Philippine Government International Bond | 4.7500 | 03/05/35 | 349106 |
| 76000 | Republic of Kenya Government International Bond<sup>(b)</sup> | 9.7500 | 02/16/31 | 81927 |
| 145000 | Republic of Kenya Government International Bond<sup>(b)</sup> | 7.8750 | 10/09/33 | 142129 |
| 210000 | Republic of Poland Government International Bond | 4.8750 | 10/04/33 | 213803 |
| 82000 | Republic of Poland Government International Bond | 5.1250 | 09/18/34 | 84384 |
| 129000 | Republic of Poland Government International Bond | 5.3750 | 02/12/35 | 135083 |
| 200000 | Republic of South Africa Government International Bond | 5.8750 | 06/22/30 | 207107 |
| 135000 | Republic of South Africa Government International Bond | 5.6500 | 09/27/47 | 114421 |
| 116000 | Republic of Uzbekistan International Bond<sup>(b)</sup> | 6.9000 | 02/28/32 | 125971 |
| 206000 | Romanian Government International Bond<sup>(b)</sup> | 5.8750 | 01/30/29 | 212303 |
| 217000 | Romanian Government International Bond<sup>(b)</sup> | 7.1250 | 01/17/33 | 234339 |
| 137000 | Romanian Government International Bond<sup>(b)</sup> | 6.6250 | 05/16/36 | 141010 |
| 154000 | Saudi Government International Bond<sup>(b)</sup> | 4.8750 | 07/18/33 | 157258 |
| 200000 | Saudi Government International Bond<sup>(b)</sup> | 5.6250 | 01/13/35 | 214406 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)** |  |  |
|  | **SOVEREIGN — 2.7% (Continued)** |  |  |  |  |
| 95000 | Saudi Government International Bond<sup>(b)</sup> |  | 4.5000 | 10/26/46 | $84050 |
| 149000 | Serbia International Bond<sup>(b)</sup> |  | 6.5000 | 09/26/33 | 162954 |
| 143000 | Turkiye Government International Bond |  | 7.2500 | 05/29/32 | 149865 |
| 257000 | Turkiye Government International Bond |  | 7.6250 | 05/15/34 | 275043 |
| 70000 | Turkiye Government International Bond |  | 6.6250 | 02/17/45 | 64252 |
| 173000 | UAE International Government Bond<sup>(b)</sup> |  | 4.0500 | 07/07/32 | 174685 |
| 322000 | Uruguay Government International Bond |  | 5.1000 | 06/18/50 | 311938 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $8,211,069)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $8,211,069)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $8,211,069)** |  | 8588627 |
|  |  | **Spread** |  |  |  |
|  | **TERM LOANS — 4.1%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 94763 | Endeavor Operating Company, LLC<sup>(c)</sup> | TSFR1M + 3.000% | 7.1630 | 01/28/32 | 95375 |
|  | **AEROSPACE & DEFENSE — 0.2%** |  |  |  |  |
| 311472 | Dynasty Acquisition Company, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.3270 | 10/27/31 | 312348 |
| 80000 | TransDigm, Inc.<sup>(c)</sup> | TSFR3M + 2.250% | 6.3810 | 03/22/30 | 80155 |
| 191718 | TransDigm, Inc.<sup>(c)</sup> | TSFR3M + 2.500% | 6.7990 | 02/28/31 | 192194 |
|  |  |  |  |  | 584697 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 70000 | Beach Acquisition Bidco, LLC<sup>(c)</sup> | TSFR1M + 3.250% | 7.3080 | 06/28/32 | 70467 |
|  | **ASSET MANAGEMENT — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 294263 | FinCompany I, LLC<sup>(c)</sup> | TSFR3M +1.750% | 6.0760 | 06/27/29 | 294293 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 140000 | American Axle & Manufacturing, Inc.<sup>(c)</sup> | TSFR1M + 3.250% | 7.4050 | 09/20/32 | 139300 |
| 205000 | Clarios Global, L.P.<sup>(c)</sup> | TSFR1M + 2.750% | 7.0770 | 01/14/32 | 205897 |
|  |  |  |  |  | 345197 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 125000 | Sazerac Company, Inc.<sup>(c)</sup> | TSFR1M + 2.500% | 6.8130 | 06/25/32 | $125820 |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 280000 | Grifols Worldwide Operations USA, Inc.<sup>(c)</sup> | TSFR3M + 2.150% | 6.4630 | 11/08/27 | 280403 |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 193251 | Charter Communications Operating, LLC<sup>(c)</sup> | TSFR1M + 2.250% | 6.5480 | 11/22/31 | 193153 |
| 171974 | Cogeco Communications USA II, L.P.<sup>(c)</sup> | TSFR1M + 3.250% | 7.5770 | 09/18/30 | 169738 |
| 217582 | Directv Financing, LLC<sup>(c)</sup> | TSFR1M + 5.365% | 9.7910 | 08/02/29 | 218217 |
|  |  |  |  |  | 581108 |
|  | **CHEMICALS — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 106876 | INEOS US Finance, LLC<sup>(c)</sup> | TSFR1M + 3.250% | 7.5770 | 02/19/30 | 92064 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 255000 | AlixPartners LLP<sup>(c)</sup> | TSFR1M + 2.000% | 6.3530 | 07/30/32 | 254327 |
| 295000 | Brightview Landscapes, LLC<sup>(c)</sup> | TSFR1M + 2.000% | 6.3130 | 04/20/29 | 295369 |
| 168303 | Prime Security Services Borrower, LLC<sup>(c)</sup> | TSFR1M + 2.000% | 6.3200 | 10/15/30 | 168214 |
|  |  |  |  |  | 717910 |
|  | **CONSTRUCTION MATERIALS — 0.1%** |  |  |  |  |
| 127729 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5770 | 04/14/31 | 128078 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 310000 | Calpine Corporation<sup>(c)</sup> | TSFR1M + 1.750% | 6.0770 | 01/31/31 | 310085 |
| 196788 | Kestrel Acquisition, LLC<sup>(c)</sup> | TSFR3M + 3.000% | 6.9340 | 11/06/31 | 197265 |
| 90000 | Talen Energy Supply, LLC<sup>(c)</sup> | TSFR1M + 2.000% | 6.1060 | 10/09/32 | 90056 |
|  |  |  |  |  | 597406 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 202701 | Gates Corporation<sup>(c)</sup> | TSFR1M + 1.750% | 6.0770 | 06/04/31 | 202836 |
| 174563 | MX Holdings US, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5770 | 02/19/32 | 175435 |
| 199367 | Wec US Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5740 | 01/27/31 | 200054 |
|  |  |  |  |  | 578325 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 238200 | Construction Partners, Inc.<sup>(c)</sup> | TSFR1M + 2.500% | 6.8290 | 10/29/31 | 238945 |
| 80000 | Cornerstone Generation, LLC<sup>(c)</sup> | TSFR1M + 3.250% | 8.0540 | 10/28/31 | 80814 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 0.2% (Continued)** | **ENGINEERING & CONSTRUCTION — 0.2% (Continued)** | **ENGINEERING & CONSTRUCTION — 0.2% (Continued)** |  |  |
| 119100 | Frontdoor, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5770 | 12/16/31 | $119497 |
| 90000 | Green Infrastructure Partners, Inc.<sup>(c)</sup> | TSFR1M + 2.750% | 6.7530 | 09/18/32 | 90253 |
| 214463 | Red SPV, LLC<sup>(c)</sup> | TSFR1M + 2.250% | 6.5620 | 03/08/32 | 214463 |
|  |  |  |  |  | 743972 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 227125 | Univision Communications, Inc.<sup>(c)</sup> | TSFR1M + 3.500% | 7.9410 | 01/31/29 | 225450 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 23409 | Del Monte Foods Corporation II, Inc.<sup>(c)</sup> | TSFR1M + 1.000% | 4.3540 | 04/02/26 | 19254 |
| 27189 | Del Monte Foods Corporation II, Inc.<sup>(c)</sup> | TSFR1M + 1.000% | 5.3220 | 04/02/26 | 26272 |
| 120326 | Del Monte Foods Corporation II, Inc.<sup>(c)</sup> | TSFR3M + 3.400% | 8.3470 | 08/02/28 | 2482 |
| 52259 | Del Monte Foods Corporation II, Inc.<sup>(c)</sup> | TSFR3M + 4.400% | 8.5740 | 08/02/28 | 2286 |
| 38092 | Del Monte Foods Corporation II, Inc.<sup>(c)</sup> | TSFR3M + 8.150% | 12.4740 | 08/02/28 | 19084 |
| 383574 | Froneri US, Inc.<sup>(c)</sup> | TSFR1M + 2.000% | 6.1970 | 09/18/31 | 381339 |
|  |  |  |  |  | 450717 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 147387 | Phoenix Guarantor, Inc.<sup>(c)</sup> | TSFR1M + 2.500% | 6.8270 | 02/21/31 | 148002 |
| 183613 | Select Medical Corporation<sup>(c)</sup> | TSFR1M + 2.000% | 6.3270 | 11/19/31 | 184301 |
|  |  |  |  |  | 332303 |
|  | **HOUSEHOLD PRODUCTS — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 98587 | Energizer Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.000% | 6.3270 | 03/13/32 | 98895 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 170000 | Resideo Funding, Inc.<sup>(c)</sup> | TSFR1M + 2.000% | 6.3580 | 08/09/32 | 170000 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.1%** |  |  |  |  |
| 187183 | Citadel Securities, L.P.<sup>(c)</sup> | TSFR1M + 2.000% | 6.3270 | 10/24/31 | 187967 |
|  | **INSURANCE — 0.1%** |  |  |  |  |
| 250000 | TIH Insurance Holdings, LLC<sup>(c)</sup> | TSFR3M + 2.750% | 6.7520 | 05/06/31 | 250159 |
|  | **LEISURE FACILITIES & SERVICES — 0.6%** |  |  |  |  |
| 48900 | Caesars Entertainment, Inc.<sup>(c)</sup> | TSFR3M + 2.250% | 6.5770 | 02/06/30 | 48661 |
| 205000 | Delta 2 Lux Sarl<sup>(c)</sup> | TSFR1M + 2.000% | 6.2990 | 09/10/31 | 205576 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 0.6% (Continued)** | **LEISURE FACILITIES & SERVICES — 0.6% (Continued)** | **LEISURE FACILITIES & SERVICES — 0.6% (Continued)** |  |  |
| 110000 | Entain Holdings Gibraltar Ltd.<sup>(c)</sup> | TSFR3M + 2.250% | 6.5690 | 07/30/32 | $109725 |
| 191588 | Flutter Entertainment plc<sup>(c)</sup> | TSFR1M + 1.750% | 6.0490 | 11/29/30 | 191061 |
| 214463 | Flutter Financing BV<sup>(c)</sup> | TSFR1M + 2.000% | 6.3530 | 06/04/32 | 213747 |
| 303167 | Life Time, Inc.<sup>(c)</sup> | TSFR1M + 2.000% | 6.3600 | 11/05/31 | 303663 |
| 225000 | Live Nation Entertainment, Inc.<sup>(c)</sup> | TSFR1M + 2.000% | 6.0880 | 10/19/32 | 225281 |
| 269295 | Playtika Holding Corporation<sup>(c)</sup> | TSFR1M + 2.865% | 7.9430 | 03/05/28 | 263861 |
| 183665 | UFC Holdings, LLC<sup>(c)</sup> | TSFR3M + 2.000% | 6.1710 | 11/21/31 | 184283 |
|  |  |  |  |  | 1745858 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.1%** |  |  |  |  |
| 204739 | Medline Borrower, L.P.<sup>(c)</sup> | TSFR1M + 2.000% | 6.3510 | 10/25/30 | 205052 |
|  | **OIL & GAS PRODUCERS — 0.4%** |  |  |  |  |
| 280000 | Blackfin Pipeline, LLC<sup>(c)</sup> | TSFR1M + 3.000% | 7.1660 | 09/29/32 | 280263 |
| 176858 | EPIC Crude Services, L.P.<sup>(c)</sup> | TSFR3M + 2.500% | 6.8170 | 10/15/31 | 177917 |
| 109895 | Freeport LNG Investments LLLP<sup>(c)</sup> | TSFR3M + 3.250% | 7.5190 | 12/21/28 | 110272 |
| 259291 | GIP Pilot Acquisition Partners, L.P.<sup>(c)</sup> | TSFR3M + 2.000% | 6.2770 | 10/04/30 | 259777 |
| 74625 | Hilcorp Energy I, L.P.<sup>(c)</sup> | TSFR1M + 2.000% | 6.3140 | 02/05/30 | 74859 |
| 204597 | Oryx Midstream Services Permian Basin, LLC<sup>(c)</sup> | TSFR1M + 2.250% | 6.5750 | 10/05/28 | 205352 |
| 74064 | WhiteWater DBR HoldCo, LLC<sup>(c)</sup> | TSFR1M + 2.250% | 6.5490 | 03/03/31 | 74157 |
|  |  |  |  |  | 1182597 |
|  | **PUBLISHING & BROADCASTING — 0.1%** |  |  |  |  |
| 384038 | Nexstar Media, Inc.<sup>(c)</sup> | TSFR1M + 2.500% | 6.8120 | 06/24/32 | 384848 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** |  |  |  |  |
| 171617 | Iron Mountain, Inc.<sup>(c)</sup> | TSFR1M + 2.100% | 6.3270 | 01/31/31 | 171956 |
|  | **RETAIL - DISCRETIONARY — 0.1%** |  |  |  |  |
| 277205 | Belron Finance 2019, LLC<sup>(c)</sup> | TSFR1M + 2.250% | 6.8610 | 10/16/31 | 278910 |
| 93453 | Harbor Freight Tools USA, Inc.<sup>(c)</sup> | TSFR1M + 2.500% | 6.5770 | 06/05/31 | 92360 |
|  |  |  |  |  | 371270 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 150000 | SS&C Technologies, Inc.<sup>(c)</sup> | TSFR1M + 2.000% | 7.3440 | 05/09/31 | 150500 |
| 128820 | UKG, Inc.<sup>(c)</sup> | TSFR3M + 3.000% | 7.3110 | 02/10/31 | 128951 |
|  |  |  |  |  | 279451 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.1% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 0.2%** |  |  |  |  |
| 147850 | Amazon Holdco, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5770 | 07/30/31 | $147997 |
| 233825 | Boost Newco Borrower, LLC<sup>(c)</sup> | TSFR1M + 2.000% | 6.2990 | 01/31/31 | 234703 |
| 253 | Neptune Bidco US, Inc.<sup>(c)</sup> | TSFR3M + 5.100% | 9.3300 | 04/11/29 | 245 |
| 205337 | North American Bancard, LLC<sup>(c)</sup> | TSFR3M + 2.500% | 6.7990 | 11/24/28 | 201157 |
|  |  |  |  |  | 584102 |
|  | **TELECOMMUNICATIONS — 0.1%** |  |  |  |  |
| 274280 | Eagle Broadband Investments, LLC<sup>(c)</sup> | TSFR3M + 3.115% | 7.5610 | 11/12/27 | 270949 |
|  | **TRANSPORTATION & LOGISTICS — 0.1%** |  |  |  |  |
| 159200 | AAdvantage Loyalty IP Ltd.<sup>(c)</sup> | TSFR3M + 2.250% | 6.5750 | 04/20/28 | 159562 |
| 259347 | Rand Parent, LLC<sup>(c)</sup> | TSFR3M + 3.000% | 7.3010 | 03/18/30 | 255025 |
|  |  |  |  |  | 414587 |
|  | **TOTAL TERM LOANS (Cost $12,729,654)** |  |  |  | 12561276 |
|  | **U.S. GOVERNMENT & AGENCIES — 32.7%** | **U.S. GOVERNMENT & AGENCIES — 32.7%** | **U.S. GOVERNMENT & AGENCIES — 32.7%** |  |  |
|  | **AGENCY FIXED RATE — 14.7%** |  |  |  |  |
| 5253 | Fannie Mae Pool 735061 |  | 6.0000 | 11/01/34 | 5525 |
| 7311 | Fannie Mae Pool 866009 |  | 6.0000 | 03/01/36 | 7714 |
| 43150 | Fannie Mae Pool 938574 |  | 5.5000 | 09/01/36 | 44855 |
| 21125 | Fannie Mae Pool 310041 |  | 6.5000 | 05/01/37 | 22440 |
| 8258 | Fannie Mae Pool 962752 |  | 5.0000 | 04/01/38 | 8489 |
| 12155 | Fannie Mae Pool 909175 |  | 5.5000 | 04/01/38 | 12622 |
| 25987 | Fannie Mae Pool 909220 |  | 6.0000 | 08/01/38 | 27510 |
| 38064 | Fannie Mae Pool AS7026 |  | 4.0000 | 04/01/46 | 36865 |
| 61686 | Fannie Mae Pool BJ9260 |  | 4.0000 | 04/01/48 | 59650 |
| 680732 | Fannie Mae Pool FS4991 |  | 3.0000 | 03/01/52 | 604080 |
| 1180127 | Fannie Mae Pool FS8360 |  | 3.5000 | 09/01/52 | 1089902 |
| 591559 | Fannie Mae Pool MA4805 |  | 4.5000 | 11/01/52 | 579372 |
| 749250 | Fannie Mae Pool FS4438 |  | 5.0000 | 11/01/52 | 749552 |
| 1119547 | Fannie Mae Pool MA4839 |  | 4.0000 | 12/01/52 | 1067139 |
| 2117408 | Fannie Mae Pool FS7751 |  | 4.0000 | 03/01/53 | 2014896 |
| 504264 | Fannie Mae Pool MA4980 |  | 6.0000 | 04/01/53 | 518557 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 32.7% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 32.7% (Continued)** |  |  |
|  | **AGENCY FIXED RATE — 14.7% (Continued)** |  |  |  |
| 490401 | Fannie Mae Pool MA5072 | 5.5000 | 06/01/53 | $495955 |
| 902571 | Fannie Mae Pool CB6857 | 4.5000 | 08/01/53 | 885519 |
| 2394599 | Fannie Mae Pool FA1728 | 6.0000 | 10/01/53 | 2454225 |
| 486892 | Fannie Mae Pool FS6679 | 6.0000 | 12/01/53 | 499460 |
| 2422527 | Fannie Mae Pool MA5271 | 5.5000 | 02/01/54 | 2453999 |
| 3288418 | Fannie Mae Pool FA2472 | 5.0000 | 04/01/54 | 3286962 |
| 1717773 | Fannie Mae Pool MA5385 | 4.0000 | 06/01/54 | 1631093 |
| 1182238 | Fannie Mae Pool FS8791 | 6.0000 | 08/01/54 | 1212364 |
| 1612984 | Fannie Mae Pool FA0685 | 6.0000 | 01/01/55 | 1651572 |
| 3647712 | Fannie Mae Pool FA1378 | 4.0000 | 03/01/55 | 3471090 |
| 48689 | Freddie Mac Gold Pool G01980 | 5.0000 | 12/01/35 | 50027 |
| 7823 | Freddie Mac Gold Pool G05888 | 5.5000 | 10/01/39 | 8132 |
| 212881 | Freddie Mac Pool SB8269 | 6.0000 | 10/01/38 | 220345 |
| 1935619 | Freddie Mac Pool SD2026 | 5.0000 | 11/01/52 | 1936101 |
| 514587 | Freddie Mac Pool SD3238 | 5.5000 | 12/01/52 | 522302 |
| 1789880 | Freddie Mac Pool SD8309 | 6.0000 | 03/01/53 | 1837617 |
| 1084891 | Freddie Mac Pool SD5594 | 5.5000 | 07/01/53 | 1100983 |
| 836018 | Freddie Mac Pool SD8343 | 6.0000 | 07/01/53 | 857546 |
| 501460 | Freddie Mac Pool SD8350 | 6.0000 | 08/01/53 | 514226 |
| 1816073 | Freddie Mac Pool SD5856 | 3.5000 | 01/01/54 | 1675084 |
| 1126674 | Freddie Mac Pool SD8409 | 6.0000 | 03/01/54 | 1154069 |
| 2543063 | Freddie Mac Pool SD8418 | 4.5000 | 04/01/54 | 2480420 |
| 1372711 | Freddie Mac Pool SL0627 | 6.0000 | 10/01/54 | 1407937 |
| 5890972 | Freddie Mac Pool SD8492 | 5.0000 | 01/01/55 | 5866922 |
| 1081740 | Freddie Mac Pool SD8494 | 5.5000 | 01/01/55 | 1093967 |
|  |  |  |  | 45617085 |
|  | **U.S. TREASURY BONDS — 1.4%** |  |  |  |
| 2405000 | United States Treasury Bond | 1.2500 | 05/15/50 | 1194703 |
| 5850000 | United States Treasury Bond | 1.3750 | 08/15/50 | 2980072 |
|  |  |  |  | 4174775 |
|  | **U.S. TREASURY NOTES — 16.6%** |  |  |  |
| 775000 | United States Treasury Note | 4.3750 | 08/15/26 | 778597 |
| 370000 | United States Treasury Note | 4.0000 | 01/31/29 | 374163 |
| 3280000 | United States Treasury Note | 4.0000 | 07/31/29 | 3318886 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 32.7% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 32.7% (Continued)** |  |  |
|  | **U.S. TREASURY NOTES — 16.6% (Continued)** |  |  |  |
| 1055000 | United States Treasury Note | 4.0000 | 03/31/30 | $1068064 |
| 1380000 | United States Treasury Note | 3.8750 | 07/31/30 | 1389865 |
| 890000 | United States Treasury Note | 4.0000 | 02/15/34 | 890382 |
| 1875000 | United States Treasury Note | 3.8750 | 08/15/34 | 1852917 |
| 6300000 | United States Treasury Note | 4.6250 | 02/15/35 | 6569226 |
| 5045000 | United States Treasury Note | 4.2500 | 05/15/35 | 5111216 |
| 1135000 | United States Treasury Note | 1.8750 | 11/15/51 | 649278 |
| 4100000 | United States Treasury Note | 4.0000 | 11/15/52 | 3661732 |
| 1950000 | United States Treasury Note | 3.6250 | 02/15/53 | 1626917 |
| 2610000 | United States Treasury Note | 3.6250 | 05/15/53 | 2175374 |
| 4875000 | United States Treasury Note | 4.2500 | 02/15/54 | 4541177 |
| 5770000 | United States Treasury Note | 4.6250 | 05/15/54 | 5719061 |
| 365000 | United States Treasury Note | 4.2500 | 08/15/54 | 340191 |
| 3310000 | United States Treasury Note | 4.5000 | 11/15/54 | 3217682 |
| 6235000 | United States Treasury Note | 4.6250 | 02/15/55 | 6186288 |
| 1775000 | United States Treasury Note | 4.7500 | 05/15/55 | 1797604 |
|  |  |  |  | 51268620 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $103,282,366)** |  |  | 101060480 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.9%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.5%** | **COLLATERAL FOR SECURITIES LOANED - 2.5%** |  |  |
| 7697773 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.10% (Cost $7,697,773)<sup>(h),(i)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, , 4.10% (Cost $7,697,773)<sup>(h),(i)</sup> |  | 7697773 |
|  | **MONEY MARKET FUNDS - 2.4%** |  |  |  |
| 7466377 | Fidelity Government Portfolio, Institutional, 4.02% (Cost $7,466,377)<sup>(i)</sup> | Fidelity Government Portfolio, Institutional, 4.02% (Cost $7,466,377)<sup>(i)</sup> |  | 7466377 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $15,164,150)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $15,164,150)** |  | 15164150 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 102.3% (Cost $315,147,966)** | $316199075 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.3)%** | (7080560) |
| **NET ASSETS - 100.0%** | $309118515 |

---

---

| | |
|:---|:---|
| ABS | - Asset Backed Securities |
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage-Backed Securities |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRINDX | Secured Overnight Financing Rate Compounded |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 month |
| TSFR3M | Secured Overnight Financing Rate 3 month |

---

<sup>(a)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $7,457,928 at October 31, 2025.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $115,218,733 or 37.3% of net assets.

<sup>(c)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2025.

<sup>(e)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(f)</sup> Percentage rounds to less than 0.1%.

<sup>(g)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(h)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $7,697,773 at October 31, 2025.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 0.3%** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES - 0.3%** |  |  |  |  |
| 7877 | Aimbridge Hospitality 3/25<sup>(a)</sup> |  |  |  | $535635 |
|  | **TOTAL COMMON STOCKS (Cost $531,698)** |  |  |  | 535635 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 5.6%** |  |  |  |  |
|  | **CLO — 5.6%** |  |  |  |  |
| 1500000 | Bain Capital Credit CLO 2021-1 Ltd. Series 1A ER<sup>(b),(c)</sup> | TSFR3M + 6.300% | 10.1840 | &nbsp;&nbsp;04/18/34 | 1453950 |
| 3000000 | Bain Capital Credit CLO 2021-7 Ltd. Series 7A ER<sup>(b),(c)</sup> | TSFR3M + 6.500% | 10.3570 | &nbsp;&nbsp;01/22/35 | 2902578 |
| 2250000 | BlueMountain CLO XXXII Ltd. Series 32A ER<sup>(b),(c)</sup> | TSFR3M + 6.600% | 10.5050 | &nbsp;&nbsp;10/15/34 | 2221216 |
| 3500000 | BlueMountain CLO XXXIII Ltd. Series 33A ER<sup>(b),(c)</sup> | TSFR3M + 6.930% | 10.8470 | &nbsp;&nbsp;10/20/38 | 3411295 |
| 1750000 | THL Credit Wind River 2019-3 CLO Ltd. Series 2019-3A E2R<sup>(b),(c)</sup> | US0003M + 6.750% | 10.9160 | &nbsp;&nbsp;04/15/31 | 1750088 |
|  |  |  |  |  | 11739127 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $11,911,584)** | **TOTAL ASSET BACKED SECURITIES (Cost $11,911,584)** | **TOTAL ASSET BACKED SECURITIES (Cost $11,911,584)** |  | 11739127 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.2%** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.8%** |  |  |  |  |
| 330000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;08/15/29 | 240491 |
| 492000 | Cable One, Inc.<sup>(b),(d)</sup> |  | 4.0000 | &nbsp;&nbsp;11/15/30 | 389955 |
| 600000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b),(d)</sup> |  | 4.2500 | &nbsp;&nbsp;01/15/34 | 504573 |
| 575000 | Sirius XM Radio, Inc.<sup>(b),(d)</sup> |  | 4.1250 | &nbsp;&nbsp;07/01/30 | 541808 |
|  |  |  |  |  | 1676827 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 450000 | Deluxe Corporation<sup>(b)</sup> |  | 8.0000 | &nbsp;&nbsp;06/01/29 | 446513 |
|  | **CONTAINERS & PACKAGING — 0.2%** |  |  |  |  |
| 400000 | Iris Holding, Inc.<sup>(b),(d)</sup> |  | 10.0000 | &nbsp;&nbsp;12/15/28 | 346274 |
|  | **ELECTRIC UTILITIES — 0.5%** |  |  |  |  |
| 525000 | California Buyer Ltd. / Atlantica Sustainable<sup>(b)</sup> |  | 6.3750 | &nbsp;&nbsp;02/15/32 | 530794 |
| 525000 | NextEra Energy Operating Partners, L.P.<sup>(b)</sup> |  | 7.2500 | &nbsp;&nbsp;01/15/29 | 540308 |
|  |  |  |  |  | 1071102 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.2% (Continued)** |  |  |  |  |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 490000 | Univision Communications, Inc.<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;07/31/31 | $501683 |
| 525000 | ViacomCBS, Inc.<sup>(e)</sup> | US0003M + 3.899% | 6.2500 | &nbsp;&nbsp;02/28/57 | 515111 |
|  |  |  |  |  | 1016794 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 509000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b),(d)</sup> |  | 4.8750 | &nbsp;&nbsp;06/01/29 | 449303 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.2%** |  |  |  |  |
| 575000 | Glatfelter Corporation<sup>(b)</sup> |  | 4.7500 | &nbsp;&nbsp;11/15/29 | 479534 |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 500000 | Venture Global Plaquemines Lng, LLC<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;05/01/33 | 550161 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.2%** |  |  |  |  |
| 386000 | DaVita, Inc.<sup>(b)</sup> |  | 6.7500 | &nbsp;&nbsp;07/15/33 | 400495 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |  |
| 500000 | VFH Parent, LLC / Valor Co-Issuer, Inc.<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;06/15/31 | 523693 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 490000 | Carnival Corporation<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;08/01/32 | 504408 |
| 582000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b),(d)</sup> |  | 4.8750 | &nbsp;&nbsp;07/01/31 | 538531 |
|  |  |  |  |  | 1042939 |
|  | **METALS & MINING — 0.3%** |  |  |  |  |
| 168000 | Mineral Resources Ltd.<sup>(b),(d)</sup> |  | 9.2500 | &nbsp;&nbsp;10/01/28 | 176358 |
| 336000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;05/01/30 | 350545 |
|  |  |  |  |  | 526903 |
|  | **OIL & GAS PRODUCERS — 1.9%** |  |  |  |  |
| 395000 | Civitas Resources, Inc.<sup>(b)</sup> |  | 8.6250 | &nbsp;&nbsp;11/01/30 | 408761 |
| 305000 | Crescent Energy Finance, LLC<sup>(b)</sup> |  | 7.3750 | &nbsp;&nbsp;01/15/33 | 288803 |
| 360000 | Crescent Energy Finance, LLC<sup>(b)</sup> |  | 8.3750 | &nbsp;&nbsp;01/15/34 | 352453 |
| 350000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(b)</sup> |  | 8.6250 | &nbsp;&nbsp;03/15/29 | 365480 |
| 500000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.8750 | &nbsp;&nbsp;05/15/32 | 515309 |
| 400000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 6.0000 | &nbsp;&nbsp;02/01/31 | 380119 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.2% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 1.9% (Continued)** |  |  |  |  |
| 494000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | &nbsp;&nbsp;08/01/29 | $478897 |
| 389000 | Venture Global LNG, Inc.<sup>(b)</sup> |  | 8.3750 | &nbsp;&nbsp;06/01/31 | 399735 |
| 325000 | Vital Energy, Inc.<sup>(b),(d)</sup> |  | 7.8750 | &nbsp;&nbsp;04/15/32 | 309224 |
| 383000 | Wildfire Intermediate Holdings, LLC<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;10/15/29 | 383235 |
|  |  |  |  |  | 3882016 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |  |  |  |
| 500000 | Service Properties Trust |  | 8.8750 | &nbsp;&nbsp;06/15/32 | 493693 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.3%** |  |  |  |  |
| 558000 | Kennedy-Wilson, Inc. |  | 4.7500 | &nbsp;&nbsp;03/01/29 | 528597 |
|  | **RETAIL - DISCRETIONARY — 0.6%** |  |  |  |  |
| 525000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(b),(d)</sup> |  | 8.2500 | &nbsp;&nbsp;01/15/30 | 537083 |
| 47000 | Hertz Corporation (The)<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;12/01/26 | 45668 |
| 425000 | Hertz Corporation (The)<sup>(b),(d)</sup> |  | 12.6250 | &nbsp;&nbsp;07/15/29 | 421163 |
| 394000 | Kohl's Corporation |  | 5.1250 | &nbsp;&nbsp;05/01/31 | 308784 |
|  |  |  |  |  | 1312698 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 210000 | Cloud Software Group, Inc.<sup>(b)</sup> |  | 8.2500 | &nbsp;&nbsp;06/30/32 | 220890 |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |  |
| 498000 | Bread Financial Holdings, Inc.<sup>(b)</sup> |  | 9.7500 | &nbsp;&nbsp;03/15/29 | 531862 |
| 236000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.8750 | &nbsp;&nbsp;04/15/30 | 234719 |
| 500000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | &nbsp;&nbsp;11/01/29 | 421861 |
| 209000 | Credit Acceptance Corporation<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;03/15/30 | 209083 |
| 510000 | goeasy Ltd.<sup>(b)</sup> |  | 6.8750 | &nbsp;&nbsp;05/15/30 | 499709 |
|  |  |  |  |  | 1897234 |
|  | **STEEL — 0.2%** |  |  |  |  |
| 485000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> |  | 7.3750 | &nbsp;&nbsp;05/01/33 | 502379 |
|  | **TECHNOLOGY HARDWARE — 0.3%** |  |  |  |  |
| 500000 | EquipmentShare.com, Inc.<sup>(b)</sup> |  | 8.0000 | &nbsp;&nbsp;03/15/33 | 496647 |
| 196000 | Viasat, Inc.<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;05/30/31 | 184203 |
|  |  |  |  |  | 680850 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 10.2% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |  |
| 380000 | ION Platform Finance US, Inc. / ION Platform<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;05/01/28 | $362516 |
| 475000 | ION Platform Finance US, Inc. / ION Platform<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;05/15/28 | 453096 |
| 545000 | Mobius Merger Sub, Inc.<sup>(b)</sup> |  | 9.0000 | &nbsp;&nbsp;06/01/30 | 454513 |
|  |  |  |  |  | 1270125 |
|  | **TELECOMMUNICATIONS — 0.7%** |  |  |  |  |
| 300000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;04/15/31 | 322614 |
| 200000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 7.0000 | &nbsp;&nbsp;04/15/32 | 204914 |
| 152000 | Rogers Communications, Inc.<sup>(e)</sup> | H15T5Y + 2.653% | 7.0000 | &nbsp;&nbsp;04/15/55 | 159398 |
| 353000 | Rogers Communications, Inc.<sup>(d),(e)</sup> | H15T5Y + 2.620% | 7.1250 | &nbsp;&nbsp;04/15/55 | 377836 |
| 350000 | Sable International Finance Ltd.<sup>(b)</sup> |  | 7.1250 | &nbsp;&nbsp;10/15/32 | 350553 |
|  |  |  |  |  | 1415315 |
|  | **TRANSPORTATION & LOGISTICS — 0.2%** |  |  |  |  |
| 514000 | Star Leasing Company, LLC<sup>(b)</sup> |  | 7.6250 | &nbsp;&nbsp;02/15/30 | 486010 |
|  | **TOTAL CORPORATE BONDS (Cost $21,251,231)** |  |  |  | 21220345 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.7%** |  |  |  |  |
| 1124190 | Endeavor Operating Company, LLC<sup>(c)</sup> | TSFR1M + 3.164% | 7.1630 | &nbsp;&nbsp;01/28/32 | 1131453 |
| 357512 | Planet US Buyer, LLC<sup>(c)</sup> | TSFR3M + 3.441% | 7.3300 | &nbsp;&nbsp;02/10/31 | 359830 |
|  |  |  |  |  | 1491283 |
|  | **AEROSPACE & DEFENSE — 1.0%** |  |  |  |  |
| 63458 | Kaman Corporation<sup>(c),(k)</sup> | TSFR1M + 3.050% | 7.0490 | &nbsp;&nbsp;01/30/32 | 6444 |
| 672818 | Kaman Corporation<sup>(c)</sup> | TSFR1M + 3.084% | 7.0830 | &nbsp;&nbsp;01/30/32 | 675516 |
| 717137 | Spirit AeroSystems, Inc.<sup>(c)</sup> | TSFR1M + 4.781% | 8.7800 | &nbsp;&nbsp;11/23/27 | 720052 |
| 701350 | TransDigm Group, Inc.<sup>(c)</sup> | TSFR1M + 2.858% | 6.8570 | &nbsp;&nbsp;08/13/32 | 702381 |
|  |  |  |  |  | 2104393 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.9%** |  |  |  |  |
| 480620 | Beach Acquisition Bidco, LLC<sup>(c)</sup> | TSFR1M + 3.309% | 7.3080 | &nbsp;&nbsp;06/28/32 | 483824 |
| 1466563 | Varsity Brands, Inc.<sup>(c)</sup> | TSFR1M + 3.027% | 7.0260 | &nbsp;&nbsp;08/26/31 | 1471696 |
|  |  |  |  |  | 1955520 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 3.6%** |  |  |  |  |
| 855045 | Clue Opco, LLC<sup>(c)</sup> | TSFR3M + 4.891% | 8.7800 | &nbsp;&nbsp;12/19/30 | $833314 |
| 387337 | Deep Blue Operating I, LLC<sup>(c)</sup> | TSFR1M + 2.974% | 6.9730 | &nbsp;&nbsp;09/17/32 | 389034 |
| 783386 | Dragon Buyer, Inc.<sup>(c)</sup> | TSFR1M + 3.300% | 7.2990 | &nbsp;&nbsp;09/24/31 | 786715 |
| 1478519 | Focus Financial Partners, LLC<sup>(c)</sup> | TSFR1M + 2.914% | 6.9130 | &nbsp;&nbsp;09/15/31 | 1483678 |
| 1485859 | Hightower Holding, LLC<sup>(c)</sup> | TSFR3M + 3.175% | 7.0640 | &nbsp;&nbsp;02/03/32 | 1487716 |
| 1371339 | Nexus Buyer, LLC<sup>(c)</sup> | TSFR1M + 3.664% | 7.6630 | &nbsp;&nbsp;07/31/31 | 1364291 |
| 1057545 | Osaic Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.164% | 7.1630 | &nbsp;&nbsp;07/19/32 | 1060411 |
|  |  |  |  |  | 7405159 |
|  | **AUTOMOTIVE — 2.3%** |  |  |  |  |
| 962707 | American Axle & Manufacturing, Inc.<sup>(c)</sup> | TSFR1M + 3.406% | 7.4050 | &nbsp;&nbsp;09/20/32 | 957894 |
| 1095673 | Clarios Global, L.P.<sup>(c)</sup> | TSFR1M + 3.078% | 7.0770 | &nbsp;&nbsp;01/14/32 | 1100466 |
| 519878 | First Brands Group, LLC<sup>(c)</sup> | TSFR1M + 1.680% | 5.6790 | &nbsp;&nbsp;06/29/26 | 553020 |
| 2138954 | First Brands Group, LLC<sup>(c)</sup> | US0001M + 5.000% | 9.5700 | &nbsp;&nbsp;03/24/27 | 712272 |
| 706354 | First Brands Group, LLC<sup>(c)</sup> | TSFR1M + 5.571% | 9.5700 | &nbsp;&nbsp;03/30/27 | 235216 |
| 492970 | IXS Holdings, Inc.<sup>(c)</sup> | TSFR3M + 5.845% | 9.7340 | &nbsp;&nbsp;09/05/29 | 490914 |
| 885200 | PAI Holdco, Inc.<sup>(c)</sup> | US0001M + 3.721% | 8.2910 | &nbsp;&nbsp;10/28/27 | 741080 |
|  |  |  |  |  | 4790862 |
|  | **BEVERAGES — 0.4%** |  |  |  |  |
| 821448 | Pegasus Bidco BV<sup>(c)</sup> | TSFR3M + 2.873% | 6.7620 | &nbsp;&nbsp;07/12/29 | 827608 |
|  | **BIOTECH & PHARMA — 0.2%** |  |  |  |  |
| 496959 | Amneal Pharmaceuticals, LLC<sup>(c)</sup> | TSFR1M + 3.664% | 7.6630 | &nbsp;&nbsp;07/26/32 | 501720 |
|  | **CABLE & SATELLITE — 3.7%** |  |  |  |  |
| 2121307 | Altice Financing S.A.<sup>(c)</sup> | TSFR1M + 5.303% | 9.3020 | &nbsp;&nbsp;10/31/27 | 1685559 |
| 1500000 | Coral-US Co-Borrower, LLC<sup>(c)</sup> | TSFR1M + 3.507% | 7.5060 | &nbsp;&nbsp;01/30/32 | 1456253 |
| 494751 | CSC Holdings, LLC<sup>(c)</sup> | US0001M + 4.430% | 9.0000 | &nbsp;&nbsp;04/15/27 | 467235 |
| 1161981 | CSC Holdings, LLC<sup>(c)</sup> | TSFR1M + 5.305% | 9.3040 | &nbsp;&nbsp;01/18/28 | 1153132 |
| 870458 | Sunrise Financing Partnership<sup>(c)</sup> | TSFR1M + 2.794% | 6.7930 | &nbsp;&nbsp;02/17/32 | 869248 |
| 1980000 | Virgin Media Bristol, LLC<sup>(c)</sup> | US0001M + 3.250% | 7.6760 | &nbsp;&nbsp;01/10/29 | 1979178 |
|  |  |  |  |  | 7610605 |
|  | **CHEMICALS — 2.8%** |  |  |  |  |
| 1257885 | AIP RD Buyer Corporation<sup>(c)</sup> | TSFR1M + 3.658% | 7.6570 | &nbsp;&nbsp;12/23/30 | 1261620 |
| 895000 | Consolidated Energy Finance S.A.<sup>(c)</sup> | TSFR1M + 5.558% | 9.5570 | &nbsp;&nbsp;11/08/30 | 755828 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 2.8% (Continued)** |  |  |  |  |
| 955651 | Groupe Solmax, Inc.<sup>(c)</sup> | US0001M + 4.750% | 9.1910 | &nbsp;&nbsp;07/23/28 | $760517 |
| 737398 | Iris Holding, Inc.<sup>(c)</sup> | TSFR1M + 5.131% | 9.1300 | &nbsp;&nbsp;06/15/28 | 717779 |
| 669889 | Nouryon Finance BV<sup>(c)</sup> | TSFR3M + 3.147% | 7.0360 | &nbsp;&nbsp;04/03/28 | 670308 |
| 707557 | Solenis Holdings Ltd.<sup>(c)</sup> | TSFR3M + 3.410% | 7.2990 | &nbsp;&nbsp;06/23/31 | 702155 |
| 907861 | Windsor Holdings III, LLC<sup>(c)</sup> | TSFR1M + 2.917% | 6.9160 | &nbsp;&nbsp;08/01/30 | 908618 |
|  |  |  |  |  | 5776825 |
|  | **COMMERCIAL SUPPORT SERVICES — 3.8%** |  |  |  |  |
| 475341 | Action Environmental Group, Inc. (The)<sup>(c)</sup> | TSFR3M + 3.671% | 7.5600 | &nbsp;&nbsp;10/24/30 | 476530 |
| 1049778 | Allied Universal Holdco, LLC<sup>(c)</sup> | TSFR1M + 3.154% | 7.5130 | &nbsp;&nbsp;08/06/32 | 1055221 |
| 627537 | Creative Artists Agency, LLC<sup>(c)</sup> | TSFR1M + 2.856% | 6.8550 | &nbsp;&nbsp;10/01/31 | 629150 |
| 441592 | Fleet US Bidco, Inc.<sup>(c)</sup> | TSFR1M + 3.056% | 7.0550 | &nbsp;&nbsp;02/10/31 | 443248 |
| 607139 | Garda World Security Corporation<sup>(c)</sup> | TSFR1M + 3.049% | 7.0480 | &nbsp;&nbsp;02/01/29 | 608278 |
| 956335 | GFL Environmental Services, Inc./ON<sup>(c)</sup> | TSFR1M + 2.825% | 6.8240 | &nbsp;&nbsp;02/04/32 | 958008 |
| 94609 | Groundworks, LLC<sup>(c),(k)</sup> | TSFR1M + 0.999% | 3.0000 | &nbsp;&nbsp;03/06/31 | 15409 |
| 508635 | Groundworks, LLC<sup>(c)</sup> | TSFR1M + 3.324% | 7.3230 | &nbsp;&nbsp;03/06/31 | 510067 |
| 669691 | PG Polaris BidCompany Sarl<sup>(c)</sup> | TSFR3M + 3.440% | 7.3290 | &nbsp;&nbsp;03/24/31 | 673123 |
| 846169 | Ryan, LLC<sup>(c)</sup> | TSFR1M + 3.828% | 7.8270 | &nbsp;&nbsp;11/14/30 | 844054 |
| 562063 | Tidal Waste & Recycling Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.800% | 7.7990 | &nbsp;&nbsp;10/06/31 | 565224 |
| 1091159 | WestJet Loyalty, L.P.<sup>(c)</sup> | TSFR1M + 3.253% | 7.2520 | &nbsp;&nbsp;02/01/31 | 1096276 |
|  |  |  |  |  | 7874588 |
|  | **CONSTRUCTION MATERIALS — 0.8%** |  |  |  |  |
| 785952 | Foley Products Company, LLC<sup>(c)</sup> | SOFRRATE + 4.750% | 9.1990 | &nbsp;&nbsp;02/10/29 | 789634 |
| 466531 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;03/26/29 | 467606 |
| 342022 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;01/31/32 | 342824 |
|  |  |  |  |  | 1600064 |
|  | **CONSUMER SERVICES — 1.0%** |  |  |  |  |
| 448033 | KUEHG Corporation<sup>(c)</sup> | TSFR3M + 3.152% | 7.0410 | &nbsp;&nbsp;06/12/30 | 447233 |
| 653233 | Opal, LLC<sup>(c)</sup> | TSFR1M + 3.253% | 7.2520 | &nbsp;&nbsp;03/31/32 | 656807 |
| 563506 | Prometric Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.914% | 7.9130 | &nbsp;&nbsp;06/18/32 | 567027 |
| 477355 | Spring Education Group, Inc.<sup>(c)</sup> | TSFR1M + 4.300% | 8.2990 | &nbsp;&nbsp;09/29/30 | 479443 |
|  |  |  |  |  | 2150510 |
|  | **CONTAINERS & PACKAGING — 1.9%** |  |  |  |  |
| 670728 | Berlin Packaging, LLC<sup>(c)</sup> | TSFR1M +3.607% | 7.6060 | &nbsp;&nbsp;06/09/31 | 670812 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 1.9% (Continued)** |  |  |  |  |
| 968056 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.250% | 7.5020 | &nbsp;&nbsp;03/30/29 | $968569 |
| 279623 | Clydesdale Acquisition Holdings, Inc.<sup>(c),(k)</sup> | TSFR1M + 3.414% | 7.4130 | &nbsp;&nbsp;03/29/32 | 274680 |
| 751674 | SupplyOne, Inc.<sup>(c)</sup> | TSFR1M + 3.828% | 7.8270 | &nbsp;&nbsp;03/27/31 | 753918 |
| 167582 | SupplyOne, Inc.<sup>(c)</sup> | TSFR1M + 3.533% | 7.5320 | &nbsp;&nbsp;04/21/31 | 168082 |
| 1191934 | Trident TPI Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.050% | 8.0490 | &nbsp;&nbsp;09/18/28 | 1166885 |
|  |  |  |  |  | 4002946 |
|  | **E-COMMERCE DISCRETIONARY — 0.5%** |  |  |  |  |
| 1024873 | CNT Holdings I Corporation<sup>(c)</sup> | TSFR3M + 2.891% | 6.7800 | &nbsp;&nbsp;11/08/32 | 1027815 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 1238764 | Showtime Acquisition, LLC<sup>(c)</sup> | TSFR1M + 5.075% | 9.0740 | &nbsp;&nbsp;08/13/31 | 1242635 |
| 635000 | Texas Competitive Electric Holdings Company, LLC<sup>(f)(j)</sup> |  |  | &nbsp;&nbsp;11/22/49 |  |
|  |  |  |  |  | 1242635 |
|  | **ELECTRICAL EQUIPMENT — 1.9%** |  |  |  |  |
| 651532 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.0610 | &nbsp;&nbsp;12/22/28 | 655096 |
| 179825 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 6.750% | 11.3110 | &nbsp;&nbsp;12/15/29 | 183027 |
| 1041133 | Lsf12 Crown US Commercial Bidco, LLC<sup>(c)</sup> | TSFR1M + 3.837% | 7.8360 | &nbsp;&nbsp;12/02/31 | 1048614 |
| 1339262 | TK Elevator US Newco, Inc.<sup>(c)</sup> | TSFR1M + 3.238% | 7.2370 | &nbsp;&nbsp;04/30/30 | 1349031 |
| 803181 | Vantage Elevator Solutions<sup>(c)</sup> | US0001M + 3.458% | 8.0280 | &nbsp;&nbsp;11/10/28 | 806695 |
|  |  |  |  |  | 4042463 |
|  | **ENGINEERING & CONSTRUCTION — 1.3%** |  |  |  |  |
| 649701 | Green Infrastructure Partners, Inc.<sup>(c)</sup> | TSFR1M + 2.754% | 6.7530 | &nbsp;&nbsp;09/18/32 | 651530 |
| 1274996 | Osmose Utilities Services, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.6910 | &nbsp;&nbsp;06/17/28 | 1226788 |
| 818813 | Service Logic Acquisition, Inc.<sup>(c)</sup> | TSFR1M + 3.281% | 7.2800 | &nbsp;&nbsp;10/29/27 | 823930 |
|  |  |  |  |  | 2702248 |
|  | **ENTERTAINMENT CONTENT — 1.1%** |  |  |  |  |
| 1257389 | Univision Communications, Inc.<sup>(c)</sup> | TSFR1M + 4.550% | 8.5490 | &nbsp;&nbsp;06/10/29 | 1257390 |
| 1034421 | Versant Media Group, Inc.<sup>(c)</sup> | TSFR1M + 3.538% | 7.5370 | &nbsp;&nbsp;10/23/30 | 1032269 |
|  |  |  |  |  | 2289659 |
|  | **FOOD — 1.1%** |  |  |  |  |
| 798630 | Flora Food Management US Corporation<sup>(c)</sup> | TSFR1M + 4.281% | 8.2800 | &nbsp;&nbsp;02/12/26 | 750549 |
| 705342 | Froneri US, Inc.<sup>(c)</sup> | TSFR1M + 2.826% | 6.8250 | &nbsp;&nbsp;07/16/32 | 705821 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **FOOD — 1.1% (Continued)** |  |  |  |  |
| 854767 | HLF Financing Sarl, LLC<sup>(c)</sup> | TSFR1M + 7.078% | 11.0770 | 04/05/29 | $868611 |
|  |  |  |  |  | 2324981 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.8%** |  |  |  |  |
| 857589 | Bella Holding Company, LLC<sup>(c)</sup> | TSFR1M + 3.164% | 7.1630 | &nbsp;&nbsp;05/10/28 | 860744 |
| 1187973 | Charlotte Buyer, Inc.<sup>(c)</sup> | TSFR1M + 4.565% | 8.5640 | &nbsp;&nbsp;02/11/28 | 1186268 |
| 944627 | Corgi BidCo, Inc.<sup>(c)</sup> | TSFR1M + 5.300% | 9.2990 | &nbsp;&nbsp;09/20/29 | 832788 |
| 7978 | Hanger, Inc.<sup>(c)</sup> | TSFR1M + 3.664% | 7.6630 | &nbsp;&nbsp;10/16/31 | 8009 |
| 1455465 | LifePoint Health, Inc.<sup>(c)</sup> | TSFR1M + 4.069% | 8.0680 | &nbsp;&nbsp;05/14/31 | 1458261 |
| 1257717 | Milano Acquisition Corporation<sup>(c)</sup> | US0001M + 4.000% | 8.3990 | &nbsp;&nbsp;08/17/27 | 1248284 |
| 935193 | Phoenix Newco, Inc.<sup>(c)</sup> | TSFR1M + 2.828% | 6.8270 | &nbsp;&nbsp;11/15/28 | 938822 |
| 1206786 | Star Parent, Inc.<sup>(c)</sup> | TSFR1M + 4.003% | 8.0020 | &nbsp;&nbsp;09/19/30 | 1210286 |
|  |  |  |  |  | 7743462 |
|  | **HOME & OFFICE PRODUCTS — 0.8%** |  |  |  |  |
| 791619 | AI Aqua Merger Sub, Inc.<sup>(c)</sup> | TSFR1M + 3.130% | 7.1290 | &nbsp;&nbsp;07/31/28 | 794239 |
| 858849 | Weber-Stephen Products, LLC<sup>(c)</sup> | TSFR1M + 3.736% | 7.7350 | &nbsp;&nbsp;09/17/32 | 857600 |
|  |  |  |  |  | 1651839 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.2%** |  |  |  |  |
| 387951 | Crosby US Acquisition Corporation<sup>(c)</sup> | TSFR1M + 3.828% | 7.8270 | &nbsp;&nbsp;08/16/29 | 390963 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 1307390 | Gloves Buyer, Inc.<sup>(c)</sup> | TSFR1M + 4.328% | 8.3270 | &nbsp;&nbsp;01/20/32 | 1291865 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.1%** |  |  |  |  |
| 783078 | Ascensus Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.164% | 7.1630 | &nbsp;&nbsp;08/02/28 | 784914 |
| 1040000 | Jane Street Group, LLC<sup>(c)</sup> | TSFR1M + 2.079% | 6.0780 | &nbsp;&nbsp;12/11/31 | 1031612 |
| 562249 | Jump Financial, LLC<sup>(c)</sup> | TSFR3M + 3.925% | 7.8140 | &nbsp;&nbsp;02/26/32 | 564709 |
|  |  |  |  |  | 2381235 |
|  | **INSURANCE — 4.0%** |  |  |  |  |
| 499313 | Acrisure, LLC<sup>(c)</sup> | TSFR1M + 3.414% | 7.4130 | &nbsp;&nbsp;06/07/32 | 500512 |
| 884488 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | TSFR1M + 2.667% | 6.6660 | &nbsp;&nbsp;09/19/31 | 884639 |
| 855000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.5280 | &nbsp;&nbsp;01/29/28 | 839905 |
| 365000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.5280 | &nbsp;&nbsp;01/14/29 | 349006 |
| 1999988 | Asurion, LLC<sup>(c)</sup> | TSFR1M + 4.575% | 8.5740 | &nbsp;&nbsp;09/19/30 | 1994577 |
| 1039589 | Asurion, LLC<sup>(c)</sup> | TSFR1M + 4.578% | 8.5770 | &nbsp;&nbsp;09/19/30 | 1037640 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **INSURANCE — 4.0% (Continued)** |  |  |  |  |
| 859099 | BroadStreet Partners, Inc.<sup>(c)</sup> | TSFR1M + 2.914% | 6.9130 | &nbsp;&nbsp;05/12/31 | $862072 |
| 527659 | Howden Group Holdings Ltd.<sup>(c)</sup> | TSFR1M + 3.664% | 7.6630 | &nbsp;&nbsp;04/18/30 | 530657 |
| 244599 | Hyperion Refinance Sarl<sup>(c)</sup> | TSFR1M + 2.914% | 6.9130 | &nbsp;&nbsp;02/18/31 | 245275 |
| 1079932 | TIH Insurance Holdings, LLC<sup>(c)</sup> | TSFR3M + 2.863% | 6.7520 | &nbsp;&nbsp;05/06/31 | 1080616 |
|  |  |  |  |  | 8324899 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 681480 | Pug, LLC<sup>(c)</sup> | TSFR1M + 4.914% | 8.9130 | &nbsp;&nbsp;03/12/30 | 682615 |
|  | **LEISURE FACILITIES & SERVICES — 5.1%** |  |  |  |  |
| 160222 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | TSFR1M + 5.858% | 9.8570 | &nbsp;&nbsp;03/11/30 | 160973 |
| 87481 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | TSFR1M + 7.981% | 11.9800 | &nbsp;&nbsp;03/11/30 | 86971 |
| 946097 | BCPE Grill Parent, Inc.<sup>(c)</sup> | TSFR1M + 5.078% | 9.0770 | &nbsp;&nbsp;09/21/30 | 905301 |
| 694710 | Caesars Entertainment, Inc.<sup>(c)</sup> | TSFR3M + 2.326% | 6.2150 | &nbsp;&nbsp;02/06/31 | 689934 |
| 1210406 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 3.563% | 7.5620 | &nbsp;&nbsp;06/29/29 | 1115498 |
| 442821 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 3.563% | 7.5620 | &nbsp;&nbsp;09/29/31 | 397195 |
| 951810 | GBT US III, LLC<sup>(c)</sup> | TSFR1M + 2.784% | 6.7830 | &nbsp;&nbsp;07/28/31 | 954461 |
| 519294 | Herschend Entertainment Company, LLC<sup>(c)</sup> | TSFR1M + 3.576% | 7.5750 | &nbsp;&nbsp;05/17/32 | 522493 |
| 1381794 | Ontario Gaming GTA, L.P.<sup>(c)</sup> | TSFR1M + 4.550% | 8.5490 | &nbsp;&nbsp;07/20/30 | 1299466 |
| 1030717 | Scientific Games Holdings, L.P.<sup>(c)</sup> | TSFR1M + 3.286% | 7.2850 | &nbsp;&nbsp;04/04/29 | 1019894 |
| 765487 | Tortuga Resorts Ghd, LLC<sup>(c)</sup> | TSFR1M + 3.062% | 7.6010 | &nbsp;&nbsp;08/13/32 | 757193 |
| 1805295 | Voyager Parent, LLC<sup>(c)</sup> | TSFR1M + 4.752% | 8.7510 | &nbsp;&nbsp;05/10/32 | 1807669 |
| 1141002 | Whatabrands, LLC<sup>(c)</sup> | TSFR1M + 2.828% | 6.8270 | &nbsp;&nbsp;08/03/28 | 1144819 |
|  |  |  |  |  | 10861867 |
|  | **LEISURE PRODUCTS — 0.5%** |  |  |  |  |
| 959583 | Recess Holdings, Inc.<sup>(c)</sup> | TSFR3M + 4.136% | 8.0250 | &nbsp;&nbsp;02/20/30 | 964909 |
|  | **MACHINERY — 1.2%** |  |  |  |  |
| 646882 | Alliance Laundry Systems, LLC<sup>(c)</sup> | TSFR3M + 3.188% | 7.0770 | &nbsp;&nbsp;08/19/31 | 648551 |
| 654811 | Madison IAQ, LLC<sup>(c)</sup> | TSFR1M + 3.511% | 7.5100 | &nbsp;&nbsp;03/29/32 | 658085 |
| 1293533 | STS Operating, Inc.<sup>(c)</sup> | TSFR1M + 4.428% | 8.4270 | &nbsp;&nbsp;03/17/31 | 1293048 |
|  |  |  |  |  | 2599684 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.3%** |  |  |  |  |
| 694165 | Sotera Health Holdings, LLC<sup>(c)</sup> | TSFR1M + 2.644% | 6.6430 | &nbsp;&nbsp;05/30/31 | 697635 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 2.2%** |  |  |  |  |
| 955954 | EG America, LLC<sup>(c)</sup> | TSFR3M + 3.810% | 7.6990 | &nbsp;&nbsp;02/07/28 | $962627 |
| 593989 | ITT Holdings, LLC<sup>(c)</sup> | TSFR1M + 2.475% | 6.8490 | &nbsp;&nbsp;10/11/30 | 595227 |
| 1025661 | M6 ETX Holdings II Midco, LLC<sup>(c)</sup> | TSFR1M + 2.533% | 6.5320 | &nbsp;&nbsp;04/01/32 | 1028706 |
| 1005310 | NGL Energy Operating, LLC<sup>(c)</sup> | TSFR1M + 4.078% | 8.0770 | &nbsp;&nbsp;02/03/31 | 1007194 |
| 994988 | Oryx Midstream Services Permian Basin, LLC<sup>(c)</sup> | TSFR1M + 2.576% | 6.5750 | &nbsp;&nbsp;10/05/28 | 998660 |
|  |  |  |  |  | 4592414 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.5%** |  |  |  |  |
| 1007253 | Goodnight Water Solutions Holdings, LLC<sup>(c)</sup> | TSFR1M + 4.317% | 8.3160 | &nbsp;&nbsp;06/04/29 | 998445 |
| 1140 | Paragon Offshore Finance Company<sup>(c)(j)</sup> | US0003M + 3.750% |  | &nbsp;&nbsp;07/15/22 |  |
|  |  |  |  |  | 998445 |
|  | **PUBLISHING & BROADCASTING — 0.5%** |  |  |  |  |
| 618913 | Sinclair Television Group, Inc.<sup>(c)</sup> | TSFR1M + 4.528% | 8.5270 | &nbsp;&nbsp;12/31/30 | 564062 |
| 492340 | United Talent Agency, LLC<sup>(c)</sup> | TSFR1M + 3.812% | 7.8110 | &nbsp;&nbsp;06/10/32 | 497264 |
|  |  |  |  |  | 1061326 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** |  |  |  |  |
| 1154097 | Claros Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 4.928% | 8.9270 | &nbsp;&nbsp;08/09/26 | 1115145 |
| 760888 | Stonepeak Bayou Holdings, L.P.<sup>(c)</sup> | TSFR1M + 2.898% | 6.8970 | &nbsp;&nbsp;09/24/32 | 688604 |
|  |  |  |  |  | 1803749 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4%** |  |  |  |  |
| 819832 | Greystar Real Estate Partners, LLC<sup>(c)</sup> | TSFR3M + 2.936% | 6.8250 | &nbsp;&nbsp;08/21/30 | 823932 |
|  | **REAL ESTATE SERVICES — 0.2%** |  |  |  |  |
| 502258 | Cushman & Wakefield US Borrower, LLC<sup>(c)</sup> | TSFR1M + 3.202% | 7.2010 | &nbsp;&nbsp;01/31/30 | 504353 |
|  | **RETAIL - DISCRETIONARY — 7.3%** |  |  |  |  |
| 1092561 | Avis Budget Car Rental, LLC<sup>(c)</sup> | TSFR1M + 2.828% | 6.8270 | &nbsp;&nbsp;07/12/32 | 1081182 |
| 491944 | Belron Finance 2019, LLC<sup>(c)</sup> | TSFR1M + 2.826% | 6.8610 | &nbsp;&nbsp;10/16/31 | 494970 |
| 1579340 | Champions Financing, Inc.<sup>(c)</sup> | TSFR3M + 5.191% | 9.0800 | &nbsp;&nbsp;02/23/29 | 1465580 |
| 488094 | Gulfside Supply, Inc.<sup>(c)</sup> | TSFR1M + 3.300% | 7.2990 | &nbsp;&nbsp;05/29/31 | 483945 |
| 1250456 | Hertz Corporation (The)<sup>(c)</sup> | US0001M + 3.250% | 8.0410 | &nbsp;&nbsp;06/14/28 | 1040561 |
| 629034 | Highline Aftermarket Acquisition, LLC<sup>(c)</sup> | TSFR1M + 3.828% | 7.8270 | &nbsp;&nbsp;02/12/30 | 631789 |
| 1646057 | LBM Acquisition, LLC<sup>(c)</sup> | TSFR1M + 4.063% | 8.0620 | &nbsp;&nbsp;06/06/31 | 1593935 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 7.3% (Continued)** |  |  |  |  |
| 696500 | LS Group OpCompany Acquistion, LLC<sup>(c)</sup> | TSFR1M + 2.834% | 6.8330 | &nbsp;&nbsp;04/23/31 | $694323 |
| 1589670 | Mavis Tire Express Services Topco Corporation<sup>(c)</sup> | TSFR1M + 3.200% | 7.1990 | &nbsp;&nbsp;05/04/28 | 1594749 |
| 536963 | Park River Holdings, Inc.<sup>(c)</sup> | TSFR3M + 4.637% | 8.5260 | &nbsp;&nbsp;09/25/31 | 539648 |
| 381534 | Peer Holding III BV<sup>(c)</sup> | TSFR1M + 2.800% | 6.7990 | &nbsp;&nbsp;07/01/31 | 383584 |
| 1633943 | Petco Health & Wellness Company, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.5130 | &nbsp;&nbsp;02/25/28 | 1613601 |
| 1066258 | PetSmart, LLC<sup>(c)</sup> | TSFR1M + 4.137% | 8.1360 | &nbsp;&nbsp;08/09/32 | 1052930 |
| 1237061 | Specialty Building Products Holdings, LLC<sup>(c)</sup> | US0001M + 3.750% | 8.1770 | &nbsp;&nbsp;10/05/28 | 1189545 |
| 1181011 | White Cap Supply Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.578% | 7.5770 | &nbsp;&nbsp;10/31/29 | 1185245 |
|  |  |  |  |  | 15045587 |
|  | **SOFTWARE — 7.3%** |  |  |  |  |
| 1608299 | AthenaHealth Group, Inc.<sup>(c)</sup> | TSFR1M + 3.078% | 7.0770 | &nbsp;&nbsp;02/15/29 | 1603522 |
| 933211 | BMC Software, Inc.<sup>(c)</sup> | TSFR1M + 3.200% | 7.1990 | &nbsp;&nbsp;07/30/31 | 928163 |
| 688642 | Boxer Parent Company, Inc.<sup>(c)</sup> | TSFR1M + 5.950% | 9.9490 | &nbsp;&nbsp;07/06/32 | 665917 |
| 994190 | Camelot US Acquisition, LLC<sup>(c)</sup> | TSFR1M + 3.078% | 7.0770 | &nbsp;&nbsp;01/31/31 | 977726 |
| 751008 | Cloud Software Group, Inc.<sup>(c)</sup> | TSFR3M + 3.363% | 7.2520 | &nbsp;&nbsp;03/24/31 | 752007 |
| 527483 | Cloud Software Group, Inc.<sup>(c)</sup> | TSFR3M + 3.363% | 7.2520 | &nbsp;&nbsp;08/09/32 | 528103 |
| 538235 | Corel, Inc.<sup>(c)</sup> | TSFR3M + 5.544% | 9.4330 | &nbsp;&nbsp;07/02/26 | 515080 |
| 581437 | Cotiviti, Inc.<sup>(c)</sup> | TSFR1M + 6.884% | 6.8840 | &nbsp;&nbsp;02/24/31 | 561573 |
| 425821 | Cotiviti, Inc.<sup>(c)</sup> | TSFR1M + 7.074% | 7.0740 | &nbsp;&nbsp;02/17/32 | 410783 |
| 600000 | Dcert Buyer, Inc.<sup>(c)</sup> | US0001M + 7.000% | 11.3270 | &nbsp;&nbsp;02/16/29 | 543126 |
| 460689 | Ellucian Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.916% | 6.9150 | &nbsp;&nbsp;10/09/29 | 461949 |
| 628953 | Epicor Software Corporation<sup>(c)</sup> | TSFR1M + 3.078% | 7.0770 | &nbsp;&nbsp;05/23/31 | 631050 |
| 362884 | Ping Identity Holding Corporation<sup>(c)</sup> | TSFR1M + 3.999% | 7.9980 | &nbsp;&nbsp;10/29/32 | 361977 |
| 500506 | Project Alpha Intermediate Holding, Inc.<sup>(c)</sup> | TSFR1M + 3.253% | 7.2520 | &nbsp;&nbsp;10/28/30 | 501219 |
| 199304 | Project Alpha Intermediate Holding, Inc.<sup>(c)</sup> | TSFR1M + 5.308% | 9.3070 | &nbsp;&nbsp;11/22/32 | 194570 |
| 1123128 | Project Boost Purchaser, LLC<sup>(c)</sup> | TSFR1M + 2.909% | 6.9080 | &nbsp;&nbsp;07/16/31 | 1122106 |
| 894128 | Proofpoint, Inc.<sup>(c)</sup> | TSFR1M + 3.164% | 7.1630 | &nbsp;&nbsp;08/31/28 | 899609 |
| 1607797 | Rackspace Finance, LLC<sup>(c)</sup> | TSFR1M + 3.180% | 7.1790 | &nbsp;&nbsp;05/15/28 | 731049 |
| 1198233 | RealPage, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.2630 | &nbsp;&nbsp;02/18/28 | 1197232 |
| 832008 | Storable, Inc.<sup>(c)</sup> | TSFR1M + 3.414% | 7.4130 | &nbsp;&nbsp;04/17/31 | 837038 |
| 760870 | UKG, Inc.<sup>(c)</sup> | TSFR1M + 3.312% | 7.3110 | &nbsp;&nbsp;01/31/31 | 761643 |
|  |  |  |  |  | 15185442 |
|  | **SPECIALTY FINANCE — 3.0%** |  |  |  |  |
| 1174535 | Apex Group Treasury, LLC<sup>(c)</sup> | TSFR1M + 3.765% | 7.7550 | &nbsp;&nbsp;02/20/32 | 1101861 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 3.0% (Continued)** |  |  |  |  |
| 1111914 | Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | TSFR1M + 3.578% | 7.5770 | &nbsp;&nbsp;06/05/30 | $1117824 |
| 177774 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 2.854% | 6.8530 | &nbsp;&nbsp;05/09/29 | 178219 |
| 730701 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 3.312% | 7.3110 | &nbsp;&nbsp;12/10/30 | 734657 |
| 1384390 | CFC USA 2025, LLC<sup>(c)</sup> | TSFR1M + 3.736% | 7.7350 | &nbsp;&nbsp;05/31/32 | 1356702 |
| 364558 | IMC Global Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.637% | 7.6360 | &nbsp;&nbsp;06/02/32 | 368203 |
| 1275953 | Orion US Finco<sup>(c)</sup> | TSFR1M + 3.834% | 7.8330 | &nbsp;&nbsp;05/20/32 | 1283635 |
|  |  |  |  |  | 6141101 |
|  | **TECHNOLOGY HARDWARE — 1.1%** |  |  |  |  |
| 1082796 | VeriFone Systems, Inc.<sup>(c)</sup> | TSFR1M + 6.212% | 10.2110 | &nbsp;&nbsp;08/21/28 | 1039636 |
| 1180411 | Viasat, Inc.<sup>(c)</sup> | SOFRRATE + 4.500% | 8.9410 | &nbsp;&nbsp;02/24/29 | 1173771 |
|  |  |  |  |  | 2213407 |
|  | **TECHNOLOGY SERVICES — 4.0%** |  |  |  |  |
| 612946 | Ahead DB Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.300% | 7.2990 | &nbsp;&nbsp;02/03/31 | 615499 |
| 365339 | Amazon Holdco, Inc.<sup>(c)</sup> | TSFR1M + 2.5780% | 6.5770 | &nbsp;&nbsp;07/30/31 | 365705 |
| 645178 | Fortress Intermediate 3, Inc.<sup>(c)</sup> | TSFR1M + 3.107% | 7.1060 | &nbsp;&nbsp;06/27/31 | 647598 |
| 684315 | Indy US Holdco, LLC<sup>(c)</sup> | TSFR1M + 2.852% | 6.8510 | &nbsp;&nbsp;10/07/30 | 684315 |
| 849071 | MoneyGram International, Inc.<sup>(c)</sup> | TSFR1M + 5.074% | 9.0730 | &nbsp;&nbsp;06/03/30 | 760249 |
| 2709123 | Neptune Bidco US, Inc.<sup>(c)</sup> | TSFR1M + 5.331% | 9.3300 | &nbsp;&nbsp;04/11/29 | 2623447 |
| 1148127 | Peraton Corporation<sup>(c)</sup> | US0001M + 3.750% | 8.1770 | &nbsp;&nbsp;02/24/28 | 994829 |
| 1693513 | Trio Bidco, Inc.<sup>(c),(k)</sup> | TSFR1M + 4.166% | 8.1650 | &nbsp;&nbsp;10/08/32 | 1615614 |
|  |  |  |  |  | 8307256 |
|  | **TELECOMMUNICATIONS — 1.5%** |  |  |  |  |
| 822911 | Connect Finco S.A.RL<sup>(c)</sup> | TSFR1M + 4.828% | 8.8270 | &nbsp;&nbsp;09/28/29 | 820570 |
| 734444 | Iridium Satellite, LLC<sup>(c)</sup> | TSFR1M + 2.578% | 6.5770 | &nbsp;&nbsp;09/20/30 | 690987 |
| 1661129 | Zayo Group Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.774% | 7.7730 | &nbsp;&nbsp;03/11/30 | 1590273 |
|  |  |  |  |  | 3101830 |
|  | **TRANSPORTATION & LOGISTICS — 3.2%** |  |  |  |  |
| 362930 | AAdvantage Loyalty IP Ltd.<sup>(c)</sup> | TSFR1M + 3.581% | 7.5800 | &nbsp;&nbsp;05/28/32 | 364745 |
| 1059555 | American Airlines, Inc.<sup>(c)</sup> | TSFR1M + 2.508% | 6.5070 | &nbsp;&nbsp;06/04/29 | 1057733 |
| 115382 | Brown Group Holding, LLC<sup>(c)</sup> | TSFR3M + 2.938% | 6.8270 | &nbsp;&nbsp;07/01/31 | 115992 |
| 1750048 | PAC Aviation International, Inc.<sup>(c)</sup> | TSFR1M + 3.385% | 7.3840 | &nbsp;&nbsp;10/09/30 | 1736380 |
| 936907 | PODS, LLC<sup>(c)</sup> | US0001M + 3.000% | 7.5410 | &nbsp;&nbsp;03/19/28 | 921345 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 80.0% (Continued)** |  |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 3.2% (Continued)** |  |  |  |  |
| 1193671 | Stonepeak Nile Parent, LLC<sup>(c)</sup> | TSFR1M + 2.299% | 6.2980 | &nbsp;&nbsp;04/09/32 | $1193796 |
| 1169336 | Third Coast Infrastructure, LLC<sup>(c)</sup> | TSFR1M + 4.100% | 8.0990 | &nbsp;&nbsp;09/25/30 | 1171528 |
|  |  |  |  |  | 6561519 |
|  | **WHOLESALE - DISCRETIONARY — 0.4%** |  |  |  |  |
| 767098 | Veritiv Operating Company<sup>(c)</sup> | TSFR3M + 4.410% | 8.2990 | &nbsp;&nbsp;12/02/30 | 738750 |
|  | **TOTAL TERM LOANS (Cost $168,424,327)** |  |  |  | 166391968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(g)</sup>** |  |  |  |
|  | **NON-LISTED RIGHT - 0.0% <sup>(g)</sup>** |  |  |  |
| 10588 | TRA Rights | 11/22/2049 |  | 13500 |
|  | **TOTAL RIGHT (Cost $17,470)** |  |  | 13500 |
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **WARRANT — 0.0%<sup>(g)</sup>** |  |  |  |
|  | **PUBLISHING & BROADCASTING - 0.0% <sup>(g)</sup>** |  |  |  |
| 14905 | iHeartMedia, Inc. | 05/02/2039 | $0.00 | 37263 |
|  | **TOTAL WARRANT (Cost $287,609)** |  |  | 37263 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 12222244 Fidelity Investments Money Market Funds, Class I, 4.02% (Cost $12,222,244)<sup>(h)</sup> | 12222244 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 8.2% (Continued)** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.3%** |  |
| 4730650 | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $4,730,650)<sup>(h),(i)</sup> | $4730650 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $16,952,894)** | 16952894 |
|  | **TOTAL INVESTMENTS - 104.3% (Cost $219,386,813)** | $216890732 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.3)%** | (8882066) |
|  | **NET ASSETS - 100.0%** | $208008666 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | One Month Term Secured Overnight Financing Rate |
| TSFR3M | Three Month Term Secured Overnight Financing Rate |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is 30,060,744 or 14.5% of net assets. |
| <sup>(c)</sup> | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| <sup>(d)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $4,619,618 at October 31, 2025. |
| <sup>(e)</sup> | Variable rate security; the rate shown represents the rate on October 31, 2025. |
| <sup>(f)</sup> | Represents issuer in default on interest payments; non-income producing security. |
| <sup>(g)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(h)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |
| <sup>(I)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $4,730,650 at October 31, 2025. |
| <sup>(j)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
| <sup>(k)</sup> | This investment or portion thereof was not funded as of October 31, 2025. The Fund had $212,408 at par value in unfunded commitments as of October 31, 2025. See Note 2. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.4%** |  |  |  |  |
| 985000 | Focus Financial Partners, LLC<sup>(a)</sup> |  | 6.7500 | 08/15/31 | $1015701 |
|  | **AUTOMOTIVE — 0.5%** |  |  |  |  |
| 670000 | American Axle & Manufacturing, Inc.<sup>(a)</sup> |  | 6.3750 | 10/15/32 | 672311 |
| 595000 | American Axle & Manufacturing, Inc.<sup>(a)</sup> |  | 7.7500 | 10/15/33 | 595341 |
|  |  |  |  |  | 1267652 |
|  | **BIOTECH & PHARMA — 2.2%** |  |  |  |  |
| 1189000 | Organon Finance 1, LLC<sup>(a)</sup> |  | 5.1250 | 04/30/31 | 913451 |
| 1610000 | Perrigo Finance Unlimited Company |  | 6.1250 | 09/30/32 | 1625438 |
| 450000 | Teva Pharmaceutical Finance Netherlands II BV |  | 5.7500 | 12/01/30 | 465544 |
| 775000 | Teva Pharmaceutical Finance Netherlands III BV |  | 7.8750 | 09/15/29 | 848358 |
| 900000 | Teva Pharmaceutical Finance Netherlands III BV |  | 6.0000 | 12/01/32 | 940080 |
|  |  |  |  |  | 4792871 |
|  | **CABLE & SATELLITE — 4.6%** |  |  |  |  |
| 2886000 | Altice Financing S.A.<sup>(a)</sup> |  | 5.0000 | 01/15/28 | 2153943 |
| 1166000 | Cable One, Inc.<sup>(a),(b)</sup> |  | 4.0000 | 11/15/30 | 924162 |
| 378000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.0000 | 02/01/28 | 374535 |
| 825000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.3750 | 06/01/29 | 814742 |
| 210000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 6.3750 | 09/01/29 | 211738 |
| 1210000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a),(b)</sup> |  | 4.2500 | 01/15/34 | 1017556 |
| 450000 | CSC Holdings, LLC<sup>(a)</sup> |  | 11.7500 | 01/31/29 | 355664 |
| 1325000 | CSC Holdings, LLC<sup>(a)</sup> |  | 6.5000 | 02/01/29 | 921358 |
| 540000 | CSC Holdings, LLC<sup>(a),(b)</sup> |  | 4.1250 | 12/01/30 | 332955 |
| 1215000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 4.0000 | 07/15/28 | 1180796 |
| 320000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 3.8750 | 09/01/31 | 290619 |
| 1225000 | UPC Broadband Finco BV<sup>(a)</sup> |  | 4.8750 | 07/15/31 | 1169636 |
| 1105000 | Virgin Media Finance plc<sup>(a),(b)</sup> |  | 5.0000 | 07/15/30 | 988535 |
|  |  |  |  |  | 10736239 |
|  | **CHEMICALS — 1.7%** |  |  |  |  |
| 1500000 | Consolidated Energy Finance S.A.<sup>(a),(b)</sup> |  | 5.6250 | 10/15/28 | 1026120 |
| 435000 | Methanex Corporation |  | 5.1250 | 10/15/27 | 436316 |
| 63000 | Methanex Corporation |  | 5.2500 | 12/15/29 | 62873 |
| 1230000 | Methanex US Operations, Inc.<sup>(a),(b)</sup> |  | 6.2500 | 03/15/32 | 1252022 |
| 961000 | Minerals Technologies, Inc.<sup>(a)</sup> |  | 5.0000 | 07/01/28 | 950410 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 1.7% (Continued)** |  |  |  |  |
| 324056 | Trinseo Luxco Finance SPV Sarl / Trinseo NA<sup>(a)</sup> |  | 7.6250 | 05/03/29 | $110179 |
|  |  |  |  |  | 3837920 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.8%** |  |  |  |  |
| 475000 | Clean Harbors, Inc.<sup>(a)</sup> |  | 5.7500 | 10/15/33 | 485557 |
| 1400000 | Deluxe Corporation<sup>(a)</sup> |  | 8.0000 | 06/01/29 | 1389151 |
| 35000 | Deluxe Corporation<sup>(a)</sup> |  | 8.1250 | 09/15/29 | 36670 |
|  |  |  |  |  | 1911378 |
|  | **CONSTRUCTION MATERIALS — 0.5%** |  |  |  |  |
| 1349000 | Standard Industries, Inc.<sup>(a)</sup> |  | 3.3750 | 01/15/31 | 1229672 |
|  | **CONTAINERS & PACKAGING — 2.6%** |  |  |  |  |
| 1639000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(a),(b)</sup> |  | 3.2500 | 09/01/28 | 1565003 |
| 1250000 | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup> |  | 8.7500 | 04/15/30 | 1253771 |
| 70000 | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | 04/15/32 | 70264 |
| 529000 | Crown Americas, LLC<sup>(b)</sup> |  | 5.2500 | 04/01/30 | 537507 |
| 380000 | Crown Americas, LLC<sup>(a)</sup> |  | 5.8750 | 06/01/33 | 385501 |
| 1234000 | Iris Holding, Inc.<sup>(a),(b)</sup> |  | 10.0000 | 12/15/28 | 1068254 |
| 602000 | Mauser Packaging Solutions Holding Company<sup>(a),(b)</sup> |  | 7.8750 | 08/15/26 | 599743 |
| 615000 | Silgan Holdings, Inc. |  | 4.1250 | 02/01/28 | 603606 |
|  |  |  |  |  | 6083649 |
|  | **ELECTRIC UTILITIES — 4.3%** |  |  |  |  |
| 435000 | California Buyer Ltd. / Atlantica Sustainable<sup>(a)</sup> |  | 6.3750 | 02/15/32 | 439801 |
| 703000 | Calpine Corporation<sup>(a)</sup> |  | 5.0000 | 02/01/31 | 704697 |
| 1260000 | Clearway Energy Operating, LLC<sup>(a)</sup> |  | 3.7500 | 01/15/32 | 1141640 |
| 1871000 | NextEra Energy Operating Partners, L.P.<sup>(a),(b)</sup> |  | 7.2500 | 01/15/29 | 1925554 |
| 2040000 | NRG Energy Inc<sup>(a)</sup> |  | 3.6250 | 02/15/31 | 1905704 |
| 200000 | NRG Energy, Inc.<sup>(a)</sup> |  | 5.7500 | 01/15/34 | 201716 |
| 450000 | NRG Energy, Inc.<sup>(a)</sup> |  | 6.0000 | 01/15/36 | 458412 |
| 607000 | Talen Energy Supply, LLC<sup>(a)</sup> |  | 6.2500 | 02/01/34 | 623072 |
| 607000 | Talen Energy Supply, LLC<sup>(a)</sup> |  | 6.5000 | 02/01/36 | 629469 |
| 1435000 | Vistra Operations Company, LLC<sup>(a)</sup> |  | 7.7500 | 10/15/31 | 1523781 |
| 279000 | XPLR Infrastructure Operating Partners, L.P.<sup>(a),(b)</sup> |  | 8.3750 | 01/15/31 | 292091 |
|  |  |  |  |  | 9845937 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 762000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 6.3750 | 03/15/33 | $796819 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |  |
| 1055000 | VM Consolidated, Inc.<sup>(a)</sup> |  | 5.5000 | 04/15/29 | 1046382 |
|  | **ENTERTAINMENT CONTENT — 2.5%** |  |  |  |  |
| 1175000 | Banijay Entertainment S.A.SU<sup>(a)</sup> |  | 8.1250 | 05/01/29 | 1220429 |
| 874000 | Paramount Global<sup>(c)</sup> | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 862857 |
| 421000 | Univision Communications, Inc.<sup>(a)</sup> |  | 7.3750 | 06/30/30 | 422808 |
| 1270000 | Univision Communications, Inc.<sup>(a)</sup> |  | 8.5000 | 07/31/31 | 1300278 |
| 485000 | Univision Communications, Inc.<sup>(a)</sup> |  | 9.3750 | 08/01/32 | 512248 |
| 508000 | ViacomCBS, Inc.<sup>(c)</sup> | ICE LIBOR USD 3 <br> Month + 3.899% | 6.2500 | 02/28/57 | 498432 |
| 1165000 | Warnermedia Holdings, Inc. |  | 5.0500 | 03/15/42 | 936439 |
|  |  |  |  |  | 5753491 |
|  | **FOOD — 1.1%** |  |  |  |  |
| 1055000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(a),(b)</sup> |  | 12.2500 | 04/15/29 | 1146132 |
| 1448000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(a),(b)</sup> |  | 4.8750 | 06/01/29 | 1278175 |
| 209000 | Land O'Lakes Capital Trust I<sup>(a),(b)</sup> |  | 7.4500 | 03/15/28 | 216891 |
|  |  |  |  |  | 2641198 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.3%** |  |  |  |  |
| 888000 | Glatfelter Corporation<sup>(a)</sup> |  | 4.7500 | 11/15/29 | 740567 |
|  | **GAS & WATER UTILITIES — 0.5%** |  |  |  |  |
| 369000 | Venture Global Plaquemines Lng, LLC<sup>(a)</sup> |  | 7.5000 | 05/01/33 | 406018 |
| 681000 | Venture Global Plaquemines Lng, LLC<sup>(a)</sup> |  | 7.7500 | 05/01/35 | 768890 |
|  |  |  |  |  | 1174908 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.5%** |  |  |  |  |
| 1223000 | Concentra Escrow Issuer Corporation<sup>(a),(b)</sup> |  | 6.8750 | 07/15/32 | 1277138 |
| 865000 | DaVita, Inc.<sup>(a)</sup> |  | 6.7500 | 07/15/33 | 897483 |
| 350000 | LifePoint Health, Inc.<sup>(a)</sup> |  | 9.8750 | 08/15/30 | 378252 |
| 985000 | Select Medical Corporation<sup>(a),(b)</sup> |  | 6.2500 | 12/01/32 | 1000229 |
|  |  |  |  |  | 3553102 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **HOME CONSTRUCTION — 1.0%** |  |  |  |  |
| 1045000 | Ashton Woods USA, LLC / Ashton Woods Finance<sup>(a)</sup> |  | 6.8750 | 08/01/33 | $1048625 |
| 361000 | Mattamy Group Corporation<sup>(a)</sup> |  | 5.2500 | 12/15/27 | 359850 |
| 889000 | Mattamy Group Corporation<sup>(a)</sup> |  | 4.6250 | 03/01/30 | 862724 |
|  |  |  |  |  | 2271199 |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |  |  |  |
| 1250000 | Edgewell Personal Care Company<sup>(a)</sup> |  | 4.1250 | 04/01/29 | 1188483 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.9%** |  |  |  |  |
| 1106000 | EquipmentShare.com, Inc.<sup>(a)</sup> |  | 8.6250 | 05/15/32 | 1117791 |
| 299000 | Herc Holdings, Inc.<sup>(a)</sup> |  | 7.0000 | 06/15/30 | 313150 |
| 620000 | Herc Holdings, Inc.<sup>(a),(b)</sup> |  | 7.2500 | 06/15/33 | 654133 |
|  |  |  |  |  | 2085074 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |  |  |
| 716000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 7.1250 | 04/30/31 | 751883 |
| 371000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 6.1250 | 11/01/32 | 377672 |
| 676000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 6.7500 | 05/01/33 | 707105 |
| 1200000 | VFH Parent, LLC / Valor Co-Issuer, Inc.<sup>(a)</sup> |  | 7.5000 | 06/15/31 | 1256863 |
|  |  |  |  |  | 3093523 |
|  | **INSURANCE — 2.4%** |  |  |  |  |
| 1215000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> |  | 6.7500 | 07/01/32 | 1247241 |
| 940000 | Alliant Holdings Intermediate, LLC / Alliant<sup>(a)</sup> |  | 6.5000 | 10/01/31 | 965262 |
| 605000 | Baldwin Insurance Group Holdings, LLC / Baldwin<sup>(a)</sup> |  | 7.1250 | 05/15/31 | 621362 |
| 1150000 | Howden UK Refinance plc / Howden UK Refinance 2<sup>(a)</sup> |  | 7.2500 | 02/15/31 | 1186161 |
| 596000 | Jones Deslauriers Insurance Management, Inc.<sup>(a)</sup> |  | 8.5000 | 03/15/30 | 626416 |
| 860000 | Panther Escrow Issuer, LLC<sup>(a)</sup> |  | 7.1250 | 06/01/31 | 889524 |
|  |  |  |  |  | 5535966 |
|  | **INTERNET MEDIA & SERVICES — 1.0%** |  |  |  |  |
| 1264655 | GrubHub Holdings, Inc.<sup>(a),(b)</sup> |  | 13.0000 | 07/31/30 | 1078233 |
| 588000 | Match Group Holdings II, LLC<sup>(a)</sup> |  | 4.1250 | 08/01/30 | 554738 |
| 201000 | Match Group Holdings II, LLC<sup>(a)</sup> |  | 3.6250 | 10/01/31 | 182290 |
| 495000 | Match Group Holdings II, LLC<sup>(a)</sup> |  | 6.1250 | 09/15/33 | 498713 |
|  |  |  |  |  | 2313974 |
|  | **LEISURE FACILITIES & SERVICES — 8.2%** |  |  |  |  |
| 740000 | Brinker International, Inc.<sup>(a)</sup> |  | 8.2500 | 07/15/30 | 784343 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 8.2% (Continued)** |  |  |  |  |
| 1517000 | Carnival Corporation<sup>(a)</sup> |  | 6.0000 | 05/01/29 | $1539755 |
| 255000 | Carnival Corporation<sup>(a)</sup> |  | 5.7500 | 08/01/32 | 262498 |
| 991000 | Carnival Corporation<sup>(a)</sup> |  | 6.1250 | 02/15/33 | 1021533 |
| 1155000 | Flutter Treasury DAC<sup>(a)</sup> |  | 5.8750 | 06/04/31 | 1170159 |
| 513000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(a),(b)</sup> |  | 5.0000 | 06/01/29 | 492855 |
| 1090000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(a),(b)</sup> |  | 4.8750 | 07/01/31 | 1008588 |
| 780000 | Light & Wonder International, Inc.<sup>(a)</sup> |  | 6.2500 | 10/01/33 | 778674 |
| 943000 | Melco Resorts Finance Ltd.<sup>(a)</sup> |  | 5.3750 | 12/04/29 | 932528 |
| 936000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 7.7500 | 02/15/29 | 1000985 |
| 72000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 5.8750 | 01/15/31 | 72011 |
| 1265000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 6.7500 | 02/01/32 | 1300991 |
| 30000 | NCL Corporation Ltd.<sup>(a)</sup> |  | 6.2500 | 09/15/33 | 30364 |
| 1250000 | Ontario Gaming GTA, L.P.<sup>(a)</sup> |  | 8.0000 | 08/01/30 | 1233670 |
| 510000 | Raising Cane's Restaurants, LLC<sup>(a)</sup> |  | 9.3750 | 05/01/29 | 533909 |
| 1675000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 6.0000 | 02/01/33 | 1717299 |
| 1160000 | SeaWorld Parks & Entertainment, Inc.<sup>(a),(b)</sup> |  | 5.2500 | 08/15/29 | 1138418 |
| 1169000 | Station Casinos, LLC<sup>(a)</sup> |  | 6.6250 | 03/15/32 | 1188016 |
| 715000 | Travel + Leisure Company<sup>(a),(b)</sup> |  | 4.5000 | 12/01/29 | 696669 |
| 726000 | Travel + Leisure Company<sup>(a)</sup> |  | 6.1250 | 09/01/33 | 734335 |
| 1365000 | Voyager Parent, LLC<sup>(a)</sup> |  | 9.2500 | 07/01/32 | 1432030 |
|  |  |  |  |  | 19069630 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.0%** |  |  |  |  |
| 1215000 | Avantor Funding, Inc.<sup>(a)</sup> |  | 3.8750 | 11/01/29 | 1155593 |
| 920000 | Insulet Corporation<sup>(a)</sup> |  | 6.5000 | 04/01/33 | 959541 |
| 1007000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 3.8750 | 04/01/29 | 979783 |
| 725000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 5.2500 | 10/01/29 | 722729 |
| 874000 | Sotera Health Holdings, LLC<sup>(a)</sup> |  | 7.3750 | 06/01/31 | 919579 |
|  |  |  |  |  | 4737225 |
|  | **METALS & MINING — 2.6%** |  |  |  |  |
| 901000 | Capstone Copper Corporation<sup>(a)</sup> |  | 6.7500 | 03/31/33 | 933012 |
| 1103000 | FMG Resources August 2006 Pty Ltd.<sup>(a)</sup> |  | 4.3750 | 04/01/31 | 1067369 |
| 675000 | Hudbay Minerals, Inc.<sup>(a)</sup> |  | 6.1250 | 04/01/29 | 683741 |
| 500000 | Mineral Resources Ltd.<sup>(a),(b)</sup> |  | 9.2500 | 10/01/28 | 524874 |
| 1424000 | Mineral Resources Ltd.<sup>(a),(b)</sup> |  | 8.5000 | 05/01/30 | 1485646 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 2.6% (Continued)** |  |  |  |  |
| 227000 | Mineral Resources Ltd.<sup>(a)</sup> |  | 7.0000 | 04/01/31 | $235162 |
| 815000 | Novelis Corporation<sup>(a)</sup> |  | 6.3750 | 08/15/33 | 826412 |
| 255000 | Warrior Met Coal, Inc.<sup>(a),(b)</sup> |  | 7.8750 | 12/01/28 | 259895 |
|  |  |  |  |  | 6016111 |
|  | **OIL & GAS PRODUCERS — 11.8%** |  |  |  |  |
| 576000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | 01/15/28 | 577383 |
| 929000 | Baytex Energy Corporation<sup>(a)</sup> |  | 7.3750 | 03/15/32 | 915106 |
| 485000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.6250 | 11/01/30 | 501897 |
| 485000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 9.6250 | 06/15/33 | 520764 |
| 1115000 | Comstock Resources, Inc.<sup>(a)</sup> |  | 6.7500 | 03/01/29 | 1105698 |
| 500000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 7.6250 | 04/01/32 | 485117 |
| 502000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 7.3750 | 01/15/33 | 475342 |
| 225000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 8.3750 | 01/15/34 | 220283 |
| 560000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(a)</sup> |  | 8.6250 | 03/15/29 | 584768 |
| 775000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(a)</sup> |  | 7.3750 | 06/30/33 | 787005 |
| 1290000 | Excelerate Energy, L.P.<sup>(a)</sup> |  | 8.0000 | 05/15/30 | 1362537 |
| 899000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.8750 | 04/15/30 | 948052 |
| 120000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.8750 | 05/15/32 | 123674 |
| 530000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.0000 | 05/15/33 | 548015 |
| 1322000 | Harvest Midstream I, L.P.<sup>(a)</sup> |  | 7.5000 | 09/01/28 | 1342026 |
| 625000 | Harvest Midstream I, L.P.<sup>(a)</sup> |  | 7.5000 | 05/15/32 | 648166 |
| 615000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(a),(b)</sup> |  | 5.7500 | 02/01/29 | 603720 |
| 476000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(a)</sup> |  | 6.0000 | 02/01/31 | 452342 |
| 795000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(a)</sup> |  | 7.2500 | 02/15/35 | 767087 |
| 1060000 | Howard Midstream Energy Partners, LLC<sup>(a)</sup> |  | 7.3750 | 07/15/32 | 1111812 |
| 180000 | Howard Midstream Energy Partners, LLC<sup>(a)</sup> |  | 6.6250 | 01/15/34 | 185653 |
| 1935000 | ITT Holdings, LLC<sup>(a)</sup> |  | 6.5000 | 08/01/29 | 1875842 |
| 935000 | Murphy Oil USA, Inc. |  | 4.7500 | 09/15/29 | 924996 |
| 633000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.1250 | 02/15/29 | 648180 |
| 686000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.3750 | 02/15/32 | 702111 |
| 790000 | Northern Oil & Gas, Inc.<sup>(a)</sup> |  | 7.8750 | 10/15/33 | 770098 |
| 554000 | NuStar Logistics, L.P. |  | 6.3750 | 10/01/30 | 577365 |
| 1304000 | Strathcona Resources Ltd.<sup>(a)</sup> |  | 6.8750 | 08/01/26 | 1304867 |
| 120000 | Sunoco, L.P.<sup>(a)</sup> |  | 5.6250 | 03/15/31 | 120144 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 11.8% (Continued)** |  |  |  |  |
| 390000 | Sunoco, L.P.<sup>(a)</sup> |  | 7.2500 | 05/01/32 | $411502 |
| 615000 | Sunoco, L.P.<sup>(a)</sup> |  | 5.8750 | 03/15/34 | 615312 |
| 114000 | Talos Production, Inc.<sup>(a)</sup> |  | 9.0000 | 02/01/29 | 117298 |
| 805000 | Talos Production, Inc.<sup>(a)</sup> |  | 9.3750 | 02/01/31 | 823908 |
| 2202000 | Venture Global LNG, Inc.<sup>(a),(b)</sup> |  | 8.3750 | 06/01/31 | 2262768 |
| 1210000 | Vital Energy, Inc.<sup>(a),(b)</sup> |  | 7.8750 | 04/15/32 | 1151264 |
| 824000 | Wildfire Intermediate Holdings, LLC<sup>(a)</sup> |  | 7.5000 | 10/15/29 | 824505 |
|  |  |  |  |  | 27396607 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.3%** |  |  |  |  |
| 1020000 | Archrock Partners, L.P. / Archrock Partners<sup>(a)</sup> |  | 6.6250 | 09/01/32 | 1049307 |
| 69688 | Atlas Energy Solutions, Inc. <sup>(g)</sup> |  | 5.0000 | 01/31/26 | 68642 |
| 915000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 7.2500 | 02/15/29 | 950716 |
| 262000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 6.5000 | 10/01/33 | 268681 |
| 268000 | Kodiak Gas Services, LLC<sup>(a)</sup> |  | 6.7500 | 10/01/35 | 276170 |
| 448000 | Nabors Industries, Inc.<sup>(a)</sup> |  | 7.3750 | 05/15/27 | 455023 |
| 1035000 | Valaris Ltd.<sup>(a)</sup> |  | 8.3750 | 04/30/30 | 1081860 |
| 650000 | WBI Operating, LLC<sup>(a)</sup> |  | 6.2500 | 10/15/30 | 650452 |
| 455000 | WBI Operating, LLC<sup>(a)</sup> |  | 6.5000 | 10/15/33 | 454984 |
|  |  |  |  |  | 5255835 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 740000 | Belo Corporation |  | 7.7500 | 06/01/27 | 775527 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** |  |  |  |  |
| 93000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(a)</sup> |  | 3.3750 | 06/15/26 | 92106 |
| 1175000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(a),(b)</sup> |  | 3.7500 | 09/15/30 | 1083559 |
| 51000 | Service Properties Trust<sup>(a),(d)</sup> |  |  | 09/30/27 | 45010 |
| 95000 | Service Properties Trust |  | 8.3750 | 06/15/29 | 94568 |
| 905000 | Service Properties Trust |  | 8.8750 | 06/15/32 | 893585 |
|  |  |  |  |  | 2208828 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.8%** |  |  |  |  |
| 613000 | Greystar Real Estate Partners, LLC<sup>(a)</sup> |  | 7.7500 | 09/01/30 | 648660 |
| 1234000 | Kennedy-Wilson, Inc. |  | 4.7500 | 03/01/29 | 1168976 |
|  |  |  |  |  | 1817636 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **REAL ESTATE SERVICES — 0.4%** |  |  |  |  |
| 1019000 | Cushman & Wakefield US Borrower, LLC<sup>(a)</sup> |  | 6.7500 | 05/15/28 | $1027885 |
|  | **RENEWABLE ENERGY — 0.5%** |  |  |  |  |
| 533000 | Atlantica Sustainable Infrastructure plc<sup>(a)</sup> |  | 4.1250 | 06/15/28 | 516320 |
| 554000 | EnerSys<sup>(a)</sup> |  | 4.3750 | 12/15/27 | 547423 |
| 95000 | EnerSys<sup>(a)</sup> |  | 6.6250 | 01/15/32 | 97756 |
|  |  |  |  |  | 1161499 |
|  | **RETAIL - CONSUMER STAPLES — 0.8%** |  |  |  |  |
| 506000 | Albertsons Companies Inc / Safeway Inc / New<sup>(a)</sup> |  | 5.8750 | 02/15/28 | 507160 |
| 110000 | Albertsons Companies, Inc.<sup>(a)</sup> |  | 5.5000 | 03/31/31 | 111009 |
| 363000 | Albertsons Companies, Inc.<sup>(a)</sup> |  | 5.7500 | 03/31/34 | 364891 |
| 730000 | Albertsons Companies, Inc. / Safeway, Inc. / New<sup>(a)</sup> |  | 6.2500 | 03/15/33 | 751329 |
|  |  |  |  |  | 1734389 |
|  | **RETAIL - DISCRETIONARY — 3.6%** |  |  |  |  |
| 500000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(a),(b)</sup> |  | 8.2500 | 01/15/30 | 511508 |
| 441000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(a),(b)</sup> |  | 8.3750 | 06/15/32 | 452492 |
| 1003000 | Champions Financing, Inc.<sup>(a),(b)</sup> |  | 8.7500 | 02/15/29 | 973687 |
| 512000 | Hertz Corporation (The)<sup>(a)</sup> |  | 4.6250 | 12/01/26 | 497493 |
| 445000 | Hertz Corporation (The)<sup>(a),(b)</sup> |  | 12.6250 | 07/15/29 | 440983 |
| 1392000 | Kohl's Corporation |  | 5.1250 | 05/01/31 | 1090933 |
| 901000 | LBM Acquisition, LLC<sup>(a)(b)</sup> |  | 6.2500 | 01/15/29 | 823153 |
| 695000 | LBM Acquisition, LLC<sup>(a)</sup> |  | 9.5000 | 06/15/31 | 728881 |
| 365125 | Park River Holdings, Inc.<sup>(a)</sup> |  | 8.7500 | 12/31/30 | 366684 |
| 755000 | Park River Holdings, Inc.<sup>(a)</sup> |  | 8.0000 | 03/15/31 | 778429 |
| 320000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(a)</sup> |  | 7.5000 | 09/15/32 | 319531 |
| 750000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(a)</sup> |  | 10.0000 | 09/15/33 | 755049 |
| 518000 | Queen MergerCo, Inc.<sup>(a)</sup> |  | 6.7500 | 04/30/32 | 537489 |
|  |  |  |  |  | 8276312 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 670000 | Amkor Technology, Inc.<sup>(a)</sup> |  | 5.8750 | 10/01/33 | 682404 |
| 745000 | Entegris Escrow Corporation<sup>(a)</sup> |  | 5.9500 | 06/15/30 | 756651 |
|  |  |  |  |  | 1439055 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.2% (Continued)** |  |  |  |  |
| 940000 | Capstone Borrower, Inc.<sup>(a)</sup> |  | 8.0000 | 06/15/30 | $960026 |
| 795000 | Cloud Software Group, Inc.<sup>(a)</sup> |  | 6.6250 | 08/15/33 | 797517 |
| 275000 | Gen Digital, Inc.<sup>(a)</sup> |  | 6.2500 | 04/01/33 | 283770 |
| 606000 | NortonLifeLock, Inc.<sup>(a)</sup> |  | 7.1250 | 09/30/30 | 626732 |
| 636000 | Open Text Corporation<sup>(a)</sup> |  | 3.8750 | 12/01/29 | 602533 |
| 1132000 | Picard Midco, Inc.<sup>(a)</sup> |  | 6.5000 | 03/31/29 | 1141852 |
| 1503240 | Rackspace Finance, LLC<sup>(a)</sup> |  | 3.5000 | 05/15/28 | 593780 |
|  |  |  |  |  | 5006210 |
|  | **SPECIALTY FINANCE — 9.6%** |  |  |  |  |
| 536000 | Air Lease Corporation<sup>(c)</sup> | H15T5Y + 4.076% | 4.6500 | 06/15/70 | 530871 |
| 1220000 | Aircastle Ltd.<sup>(a),(c)</sup> | H15T5Y + 4.410% | 5.2500 | 09/15/71 | 1214166 |
| 1189000 | Ally Financial, Inc.<sup>(b)</sup> |  | 6.7000 | 02/14/33 | 1239637 |
| 226000 | Ally Financial, Inc.<sup>(c)</sup> | H15T5Y + 2.450% | 6.6460 | 01/17/40 | 226554 |
| 1405000 | Apollo Commercial Real Estate Finance, Inc.<sup>(a),(b)</sup> |  | 4.6250 | 06/15/29 | 1353652 |
| 1350000 | Arbor Realty SR, Inc.<sup>(a)</sup> |  | 7.8750 | 07/15/30 | 1373413 |
| 1096000 | Blackstone Mortgage Trust, Inc.<sup>(a)</sup> |  | 7.7500 | 12/01/29 | 1155476 |
| 471000 | Bread Financial Holdings, Inc.<sup>(a)</sup> |  | 9.7500 | 03/15/29 | 503027 |
| 539000 | Bread Financial Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | 05/15/31 | 542653 |
| 660000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 6.2500 | 04/15/28 | 654631 |
| 200000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 6.8750 | 04/15/30 | 198914 |
| 1435000 | Cobra AcquisitionCo, LLC<sup>(a)</sup> |  | 6.3750 | 11/01/29 | 1210742 |
| 600000 | Credit Acceptance Corporation<sup>(a)</sup> |  | 9.2500 | 12/15/28 | 629997 |
| 463000 | Credit Acceptance Corporation<sup>(a)</sup> |  | 6.6250 | 03/15/30 | 463183 |
| 563000 | EZCORP, Inc.<sup>(a)</sup> |  | 7.3750 | 04/01/32 | 596891 |
| 436000 | FirstCash, Inc.<sup>(a),(b)</sup> |  | 4.6250 | 09/01/28 | 430152 |
| 175000 | FirstCash, Inc.<sup>(a)</sup> |  | 5.6250 | 01/01/30 | 175832 |
| 330000 | FirstCash, Inc.<sup>(a)</sup> |  | 6.8750 | 03/01/32 | 343248 |
| 328000 | goeasy Ltd.<sup>(a)</sup> |  | 7.6250 | 07/01/29 | 330543 |
| 940000 | goeasy Ltd.<sup>(a),(b)</sup> |  | 6.8750 | 05/15/30 | 921032 |
| 255000 | goeasy Ltd.<sup>(a)</sup> |  | 6.8750 | 02/15/31 | 249343 |
| 584000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 4.2500 | 02/01/27 | 578528 |
| 805000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 4.7500 | 06/15/29 | 789944 |
| 1575000 | Pattern Energy Operations, L.P. / Pattern Energy<sup>(a)</sup> |  | 4.5000 | 08/15/28 | 1536299 |
| 1105000 | Phoenix Aviation Capital Ltd.<sup>(a)</sup> |  | 9.2500 | 07/15/30 | 1165031 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 9.6% (Continued)** |  |  |  |  |
| 1124000 | Planet Financial Group, LLC<sup>(a)</sup> |  | 10.5000 | 12/15/29 | $1166413 |
| 554000 | Rfna, L.P.<sup>(a),(b)</sup> |  | 7.8750 | 02/15/30 | 551790 |
| 1125000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 07/01/30 | 1171366 |
| 720000 | Walker & Dunlop, Inc.<sup>(a)</sup> |  | 6.6250 | 04/01/33 | 737916 |
|  |  |  |  |  | 22041244 |
|  | **STEEL — 2.0%** |  |  |  |  |
| 1031000 | Allegheny Technologies, Inc. |  | 4.8750 | 10/01/29 | 1028430 |
| 950000 | Cleveland-Cliffs, Inc.<sup>(a),(b)</sup> |  | 7.0000 | 03/15/32 | 972202 |
| 565000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 7.3750 | 05/01/33 | 585246 |
| 735000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 7.6250 | 01/15/34 | 764486 |
| 95000 | Cleveland-Cliffs, Inc. |  | 6.2500 | 10/01/40 | 80958 |
| 1177000 | Commercial Metals Company |  | 3.8750 | 02/15/31 | 1101345 |
|  |  |  |  |  | 4532667 |
|  | **TECHNOLOGY HARDWARE — 1.8%** |  |  |  |  |
| 392000 | EquipmentShare.com, Inc.<sup>(a)</sup> |  | 8.0000 | 03/15/33 | 389371 |
| 1020000 | Imola Merger Corporation<sup>(a)</sup> |  | 4.7500 | 05/15/29 | 1006962 |
| 248000 | NCR Corporation<sup>(a)</sup> |  | 5.1250 | 04/15/29 | 245650 |
| 163000 | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup> |  | 4.1250 | 01/15/31 | 153505 |
| 550000 | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup> |  | 5.7500 | 12/01/34 | 563292 |
| 1030000 | TTM Technologies, Inc.<sup>(a)</sup> |  | 4.0000 | 03/01/29 | 996384 |
| 877000 | Viasat, Inc.<sup>(a)</sup> |  | 7.5000 | 05/30/31 | 824214 |
|  |  |  |  |  | 4179378 |
|  | **TECHNOLOGY SERVICES — 4.0%** |  |  |  |  |
| 660000 | Block, Inc. |  | 6.5000 | 05/15/32 | 685177 |
| 180000 | Block, Inc.<sup>(a)</sup> |  | 6.0000 | 08/15/33 | 184194 |
| 705000 | Fortress Intermediate 3, Inc.<sup>(a)</sup> |  | 7.5000 | 06/01/31 | 735665 |
| 710000 | GTCR W-2 Merger Sub, LLC<sup>(a)</sup> |  | 7.5000 | 01/15/31 | 754567 |
| 480000 | ION Platform Finance US, Inc.<sup>(a)</sup> |  | 7.8750 | 09/30/32 | 468977 |
| 864000 | ION Platform Finance US, Inc. / ION Platform<sup>(a)</sup> |  | 4.6250 | 05/01/28 | 824247 |
| 417000 | ION Platform Finance US, Inc. / ION Platform<sup>(a)</sup> |  | 5.7500 | 05/15/28 | 397771 |
| 415000 | ION Platform Finance US, Inc. / ION Platform<sup>(a)</sup> |  | 9.5000 | 05/30/29 | 424480 |
| 1470000 | Mobius Merger Sub, Inc.<sup>(a)</sup> |  | 9.0000 | 06/01/30 | 1225936 |
| 1920000 | Neptune Bidco US, Inc.<sup>(a)</sup> |  | 9.2900 | 04/15/29 | 1897746 |
| 724000 | Shift4 Payments, LLC / Shift4 Payments Finance<sup>(a)</sup> |  | 6.7500 | 08/15/32 | 747082 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 4.0% (Continued)** |  |  |  |  |
| 964000 | WEX, Inc.<sup>(a)</sup> |  | 6.5000 | 03/15/33 | $986805 |
|  |  |  |  |  | 9332647 |
|  | **TELECOMMUNICATIONS — 4.2%** |  |  |  |  |
| 632000 | Bell Telephone Company of Canada or Bell Canada<sup>(c)</sup> | H15T5Y + 2.390% | 6.8750 | 09/15/55 | 660416 |
| 445000 | Bell Telephone Company of Canada or Bell Canada<sup>(c)</sup> | H15T5Y + 2.363% | 7.0000 | 09/15/55 | 468116 |
| 1585000 | C&W Senior Finance Ltd.<sup>(a),(b)</sup> |  | 9.0000 | 01/15/33 | 1617965 |
| 750000 | Connect Finco S.A.RL / Connect US Finco, LLC<sup>(a),(b)</sup> |  | 9.0000 | 09/15/29 | 795059 |
| 223000 | Iliad Holding S.A.SU<sup>(a)</sup> |  | 8.5000 | 04/15/31 | 239810 |
| 2076000 | Iliad Holding S.A.SU<sup>(a)</sup> |  | 7.0000 | 04/15/32 | 2127008 |
| 245000 | Rogers Communications, Inc.<sup>(c)</sup> | H15T5Y + 2.653% | 7.0000 | 04/15/55 | 256924 |
| 867000 | Rogers Communications, Inc.<sup>(b),(c)</sup> | H15T5Y + 2.620% | 7.1250 | 04/15/55 | 927998 |
| 254000 | Sable International Finance Ltd.<sup>(a)</sup> |  | 7.1250 | 10/15/32 | 254402 |
| 939000 | Vmed O2 UK Financing I plc<sup>(a)</sup> |  | 7.7500 | 04/15/32 | 974527 |
| 181802 | Zayo Group Holdings, Inc.<sup>(a)</sup> |  | 9.2500 | 03/09/30 | 172946 |
| 1227054 | Zayo Group Holdings, Inc.<sup>(a)</sup> |  | 9.0000 | 09/09/30 | 1120938 |
|  |  |  |  |  | 9616109 |
|  | **TRANSPORTATION & LOGISTICS — 2.2%** |  |  |  |  |
| 575000 | Air Canada<sup>(a)</sup> |  | 3.8750 | 08/15/26 | 570964 |
| 350000 | American Airlines, Inc.<sup>(a)</sup> |  | 7.2500 | 02/15/28 | 358355 |
| 1135000 | American Airlines, Inc.<sup>(a),(b)</sup> |  | 8.5000 | 05/15/29 | 1184959 |
| 1014000 | Star Leasing Company, LLC<sup>(a)</sup> |  | 7.6250 | 02/15/30 | 958781 |
| 1015000 | Stonepeak Nile Parent, LLC<sup>(a)</sup> |  | 7.2500 | 03/15/32 | 1074316 |
| 271000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.3750 | 04/15/26 | 270622 |
| 520000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.6250 | 04/15/29 | 515343 |
|  |  |  |  |  | 4933340 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.7%** |  |  |  |  |
| 1036000 | C&S Group Enterprises, LLC<sup>(a)</sup> |  | 5.0000 | 12/15/28 | 946097 |
| 695000 | Performance Food Group, Inc.<sup>(a)</sup> |  | 4.2500 | 08/01/29 | 678624 |
|  |  |  |  |  | 1624721 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 93.5% (Continued)** |  |  |  |  |
|  | **WHOLESALE - DISCRETIONARY — 0.5%** |  |  |  |  |
| 1035000 | Verde Purchaser, LLC<sup>(a)</sup> |  | 10.5000 | 11/30/30 | $1078391 |
|  | **TOTAL CORPORATE BONDS (Cost $213,375,659)** | **TOTAL CORPORATE BONDS (Cost $213,375,659)** |  |  | 216176951 |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.7%** |  |  |  |  |
|  | **MONEY MARKET FUND - 5.7%** |  |  |  |  |
| 13254707 | First American Government Obligations Fund Class Z, 4.02% (Cost $13,254,707)<sup>(f)</sup> | First American Government Obligations Fund Class Z, 4.02% (Cost $13,254,707)<sup>(f)</sup> | First American Government Obligations Fund Class Z, 4.02% (Cost $13,254,707)<sup>(f)</sup> | First American Government Obligations Fund Class Z, 4.02% (Cost $13,254,707)<sup>(f)</sup> | 13254707 |
|  | **COLLATERAL FOR SECURITIES LOANED - 14.0%** | **COLLATERAL FOR SECURITIES LOANED - 14.0%** |  |  |  |
| 32388190 | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $32,388,190)<sup>(e),(f)</sup> | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $32,388,190)<sup>(e),(f)</sup> | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $32,388,190)<sup>(e),(f)</sup> | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $32,388,190)<sup>(e),(f)</sup> | $32388190 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $45,642,897)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $45,642,897)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $45,642,897)** |  | 45642897 |
|  | **TOTAL INVESTMENTS - 113.2% (Cost $259,018,556)** | **TOTAL INVESTMENTS - 113.2% (Cost $259,018,556)** | **TOTAL INVESTMENTS - 113.2% (Cost $259,018,556)** |  | $261819848 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (13.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (13.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (13.2)%** |  | (30583228) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $231236620 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| US0003M | ICE LIBOR USD 3 Month |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $193,938,742 or 83.9% of net assets. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $31,195,952 at October 31, 2025. |
| <sup>(c)</sup> | Variable rate security; the rate shown represents the rate on October 31, 2025. |
| <sup>(d)</sup> | Zero coupon bond. |
| <sup>(e)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $32,388,190 at October 31, 2025. |
| <sup>(f)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |
| <sup>(g)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $68,642. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 0.0%<sup>(a)</sup>** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 4,466 EUR | Fondo de Titulizacion de Activos Santander Series 2 A<sup>(d)</sup> | EUR003M + 0.150% | 2.1540 | 01/18/49 | $5116 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $4,744)** | **TOTAL ASSET BACKED SECURITIES (Cost $4,744)** |  |  | 5116 |
|  | **CONVERTIBLE BONDS — 0.4%** |  |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 0.4%** |  |  |  |  |
| 400,000 USD | HTA Group Ltd./Mauritius |  | 2.8750 | 03/18/27 | 397832 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $394,139)** |  |  |  | 397832 |
|  | **CORPORATE BONDS — 57.3%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.2%** |  |  |  |  |
| 200,000 EUR | Airbus S.E. |  | 2.3750 | 04/07/32 | 225957 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.2%** |  |  |  |  |
| 200,000 EUR | Beach Acquisition Bidco, LLC<sup>(c)</sup> |  | 5.2500 | 07/15/32 | 237520 |
|  | **ASSET MANAGEMENT — 1.4%** |  |  |  |  |
| 250,000 EUR | Blackrock, Inc. |  | 3.7500 | 07/18/35 | 298408 |
| 335,000 USD | Brookfield Asset Management Ltd. |  | 5.7950 | 04/24/35 | 350486 |
| 100,000 EUR | JAB Holdings BV |  | 1.0000 | 12/20/27 | 111660 |
| 200,000 EUR | JAB Holdings BV |  | 2.5000 | 06/25/29 | 228001 |
| 83,000 USD | MDGH GMTN RSC Ltd.<sup>(c)</sup> |  | 5.8750 | 05/01/34 | 91435 |
| 400,000 USD | UBS Group A.G.<sup>(c),(d)</sup> | H15T1Y + 1.100% | 2.7460 | 02/11/33 | 358003 |
|  |  |  |  |  | 1437993 |
|  | **AUTOMOTIVE — 1.6%** |  |  |  |  |
| 330,000 USD | Aptiv plc / Aptiv Global Financing DAC<sup>(d)</sup> | H15T5Y + 3.385% | 6.8750 | 12/15/54 | 337406 |
| 325,000 USD | Hyundai Capital Services, Inc.<sup>(c)</sup> |  | 5.2500 | 01/22/28 | 331593 |
| 300,000 EUR | Mercedes-Benz Group A.G. |  | 0.7500 | 02/08/30 | 319494 |
| 250,000 EUR | Stellantis N.V. |  | 4.2500 | 06/16/31 | 296993 |
| 123,000 USD | Uzauto Motors AJ<sup>(c)</sup> |  | 4.8500 | 05/04/26 | 121327 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 1.6% (Continued)** |  |  |  |  |
| 300,000 EUR | Volkswagen International Finance N.V. |  | 1.8750 | 03/30/27 | $342634 |
|  |  |  |  |  | 1749447 |
|  | **BANKING — 6.6%** |  |  |  |  |
| 200,000 USD | African Export-Import Bank (The) |  | 2.6340 | 05/17/26 | 197286 |
| 330,000 USD | ASB Bank Ltd.<sup>(c),(d)</sup> | H15T5Y + 2.250% | 5.2840 | 06/17/32 | 334004 |
| 340,000 USD | Australia & New Zealand Banking Group Ltd.<sup>(c),(d)</sup> | H15T10Y + 1.350% | 5.8160 | 06/18/36 | 354067 |
| 300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. <sup>(b)</sup> |  | 3.5000 | 02/10/27 | 349937 |
| 339,000 USD | Banco Davivienda S.A.<sup>(c),(d)</sup> | H15T5Y + 4.588% | 8.1250 | 07/02/35 | 350763 |
| 48,000 USD | Banco de Credito del Peru S.A.<sup>(c),(d)</sup> | H15T5Y + 2.486% | 6.4500 | 07/30/35 | 49922 |
| 276,000 USD | Banco de Credito e Inversiones S.A.<sup>(c),(d)</sup> | H15T5Y + 3.767% | 7.5000 | 12/15/73 | 291114 |
| 206,000 USD | Banco Mercantil del Norte S.A.<sup>(c),(d)</sup> | H15T10Y + 5.034% | 6.6250 | 01/24/70 | 202625 |
| 572,000 USD | Banco Mercantil del Norte S.A.<sup>(c),(d)</sup> | H15T5Y + 4.072% | 8.3750 | 11/20/74 | 598949 |
| 340,000 USD | Bank of America Corporation<sup>(d)</sup> | SOFRRATE + 1.738% | 5.5180 | 10/25/35 | 348722 |
| 350,000 USD | Barclays PLC<sup>(d)</sup> | SOFRRATE + 1.910% | 5.3350 | 09/10/35 | 354896 |
| 300,000 USD | BPCE S.A.<sup>(c),(d)</sup> | H15T1Y + 2.791% | 6.5080 | 01/18/35 | 319906 |
| 200,000 EUR | CaixaBank S.A. |  | 4.2500 | 09/06/30 | 245277 |
| 310,000 USD | Deutsche Bank A.G.<sup>(d)</sup> | SOFRRATE + 3.650% | 7.0790 | 02/10/34 | 339785 |
| 325,000 USD | HSBC Holdings PLC<sup>(d)</sup> | SOFRRATE + 1.290% | 5.2860 | 11/19/30 | 335162 |
| 200,000 EUR | Intesa Sanpaolo SpA |  | 5.1250 | 08/29/31 | 255984 |
| 440,000 USD | Mizuho Financial Group, Inc. |  | 2.5640 | 09/13/31 | 392117 |
| 315,000 USD | NatWest Group PLC<sup>(d)</sup> | H15T5Y + 2.200% | 6.4750 | 06/01/34 | 330361 |
| 236,000 USD | NBK Tier 1 Ltd.<sup>(c),(d)</sup> | CMTUSD6Y + 2.403% | 6.3750 | 07/10/73 | 244219 |
| 310,000 USD | Societe Generale S.A.<sup>(c),(d)</sup> | H15T1Y + 2.950% | 6.6910 | 01/10/34 | 337733 |
| 365,000 USD | Standard Chartered PLC<sup>(c),(d)</sup> | H15T5Y + 2.300% | 3.2650 | 02/18/36 | 336644 |
| 330,000 USD | Toronto-Dominion Bank (The)<sup>(d)</sup> | H15T5Y + 4.075% | 8.1250 | 10/31/82 | 348988 |
| 117,000 USD | Yapi ve Kredi Bankasi A/S<sup>(c),(e)</sup> |  | 7.1250 | 10/10/29 | 120621 |
|  |  |  |  |  | 7039082 |
|  | **BEVERAGES — 0.3%** |  |  |  |  |
| 245,000 EUR | Molson Coors Beverage Company |  | 3.8000 | 06/15/32 | 289418 |
|  | **BIOTECH & PHARMA — 2.9%** |  |  |  |  |
| 300,000 EUR | Bayer A.G. |  | 1.3750 | 07/06/32 | 306714 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 2.9% (Continued)** |  |  |  |  |
| 490,000 EUR | Cheplapharm Arzneimittel GmbH |  | 7.5000 | 05/15/30 | $582564 |
| 335,000 USD | EMD Finance, LLC<sup>(c)</sup> |  | 5.0000 | 10/15/35 | 335947 |
| 370,000 EUR | Grifols S.A. |  | 3.8750 | 10/15/28 | 417041 |
| 220,000 EUR | Organon & Company / Organon Foreign Debt Co-Issuer |  | 2.8750 | 04/30/28 | 242876 |
| 340,000 EUR | Perrigo Finance Unlimited Company |  | 5.3750 | 09/30/32 | 407744 |
| 300,000 EUR | Takeda Pharmaceutical Company Ltd. |  | 1.0000 | 07/09/29 | 324211 |
| 200,000 EUR | Utah Acquisition Sub, Inc. |  | 3.1250 | 11/22/28 | 231870 |
|  |  |  |  |  | 2848967 |
|  | **CABLE & SATELLITE — 1.0%** |  |  |  |  |
| 580,000 EUR | Altice Financing S.A. |  | 4.2500 | 08/15/29 | 497569 |
| 475,000 EUR | United Group BV |  | 4.6250 | 08/15/28 | 549011 |
|  |  |  |  |  | 1046580 |
|  | **CHEMICALS — 2.2%** |  |  |  |  |
| 205,000 USD | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 4.5000 | 01/31/30 | 82633 |
| 330,000 EUR | INEOS Finance plc<sup>(c)</sup> |  | 7.2500 | 03/31/31 | 351002 |
| 390,000 EUR | INEOS Quattro Finance 2 PLC |  | 8.5000 | 03/15/29 | 418458 |
| 500,000 EUR | Maxam Prill Sarl<sup>(c)</sup> |  | 6.0000 | 07/15/30 | 586836 |
| 202,000 USD | OCP S.A.<sup>(c)</sup> |  | 7.5000 | 05/02/54 | 226205 |
| 224,000 USD | Orbia Advance Corp S.A.B. de C.V.<sup>(c)</sup> |  | 7.5000 | 05/13/35 | 223160 |
| 321,000 USD | Sasol Financing USA, LLC |  | 4.3750 | 09/18/26 | 319620 |
| 105,000 USD | Sasol Financing USA, LLC |  | 6.5000 | 09/27/28 | 103584 |
|  |  |  |  |  | 2311498 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.4%** |  |  |  |  |
| 35,000 USD | Sodexo, Inc.<sup>(c)</sup> |  | 5.1500 | 08/15/30 | 35884 |
| 330,000 USD | Sodexo, Inc.<sup>(c)</sup> |  | 5.8000 | 08/15/35 | 345147 |
|  |  |  |  |  | 381031 |
|  | **CONSTRUCTION MATERIALS — 0.6%** |  |  |  |  |
| 68,000 USD | Cemex S.A.B. de C.V.<sup>(c),(d)</sup> | H15T5Y + 4.534% | 5.1250 | 09/08/69 | 67076 |
| 198,000 USD | Cemex S.A.B. de C.V.<sup>(c),(d)</sup> | H15T5Y + 0.250% | 7.2000 | 09/10/73 | 205959 |
| 325,000 EUR | Holcim Finance Luxembourg S.A. |  | 0.5000 | 09/03/30 | 336367 |
|  |  |  |  |  | 609402 |
|  | **CONSUMER SERVICES — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 32,000 USD | Amazon Conservation DAC<sup>(c)</sup> |  | 6.0340 | 01/16/42 | 33042 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 320,000 EUR | Kleopatra Finco Sarl |  | 4.2500 | 03/01/26 | $149164 |
|  | **ELEC & GAS MARKETING & TRADING — 0.3%** |  |  |  |  |
| 300,000 EUR | Orsted A/S |  | 1.5000 | 11/26/29 | 325070 |
|  | **ELECTRIC UTILITIES — 5.2%** |  |  |  |  |
| 260,000 USD | Adani Electricity Mumbai Ltd.<sup>(c)</sup> |  | 3.9490 | 02/12/30 | 244301 |
| 160,409 USD | Adani Green Energy UP Ltd. / Prayatna Developers<sup>(c)</sup> |  | 6.7000 | 03/12/42 | 158664 |
| 252,945 USD | Adani Renewable Energy RJ Ltd./Kodangal Solar<sup>(c)</sup> |  | 4.6250 | 10/15/39 | 218231 |
| 208,000 USD | Adani Transmission Step-One Ltd.<sup>(c)</sup> |  | 4.0000 | 08/03/26 | 206292 |
| 162,000 USD | Aydem Yenilenebilir Enerji A/S<sup>(c)</sup> |  | 9.8750 | 09/30/30 | 159886 |
| 315,000 USD | Capital Power US Holdings, Inc.<sup>(c)</sup> |  | 6.1890 | 06/01/35 | 329973 |
| 43,000 USD | Comision Ejecutiva Hidroelectrica del Rio Lempa<sup>(c)</sup> |  | 8.6500 | 01/24/33 | 45602 |
| 12,000 USD | Comision Federal de Electricidad<sup>(c)</sup> |  | 6.4500 | 01/24/35 | 12290 |
| 285,000 EUR | E.ON S.E. |  | 3.5000 | 03/25/32 | 337995 |
| 310,000 USD | Electricite de France S.A.<sup>(c)</sup> |  | 6.9000 | 05/23/53 | 346750 |
| 205,000 USD | Enel Finance International N.V.<sup>(c)</sup> |  | 6.0000 | 10/07/39 | 216608 |
| 125,000 USD | Enel Finance International N.V.<sup>(c)</sup> |  | 5.5000 | 06/15/52 | 119860 |
| 100,000 EUR | Energo-Pro A/S<sup>(c)</sup> |  | 8.0000 | 05/27/30 | 122505 |
| 290,000 USD | Engie S.A.<sup>(c)</sup> |  | 5.6250 | 04/10/34 | 304248 |
| 223,000 USD | Eskom Holdings SOC Ltd.<sup>(c)</sup> |  | 8.4500 | 08/10/28 | 239295 |
| 216,000 USD | Generacion Mediterranea S.A. / Central Termica<sup>(c)</sup> |  | 11.0000 | 11/01/31 | 123298 |
| 143,590 USD | Greenko Dutch BV<sup>(c)</sup> |  | 3.8500 | 03/29/26 | 142267 |
| 226,548 USD | Minejesa Capital BV<sup>(c)</sup> |  | 4.6250 | 08/10/30 | 226435 |
| 220,000 USD | Minejesa Capital BV<sup>(c)</sup> |  | 5.6250 | 08/10/37 | 219580 |
| 169,400 USD | Mong Duong Finance Holdings BV<sup>(c)</sup> |  | 5.1250 | 05/07/29 | 167918 |
| 490,800 USD | MSU Energy S.A.<sup>(c)</sup> |  | 9.7500 | 12/05/30 | 458898 |
| 300,000 EUR | National Grid PLC |  | 0.1630 | 01/20/28 | 328862 |
| 300,000 EUR | Naturgy Finance BV |  | 1.5000 | 01/29/28 | 338770 |
| 8,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 3.3750 | 02/05/30 | 7685 |
| 31,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 4.0000 | 06/30/50 | 23539 |
| 105,000 USD | Saavi Energia Sarl<sup>(c)</sup> |  | 8.8750 | 02/10/35 | 113006 |
| 270,000 USD | YPF Energia Electrica S.A.<sup>(c)</sup> |  | 7.8750 | 10/16/32 | 269130 |
| 148,000 USD | Zorlu Enerji Elektrik Uretim A/S<sup>(c)</sup> |  | 11.0000 | 04/23/30 | 133050 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 5.2% (Continued)** |  |  |  | |
|  |  |  |  |  | $5614938 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 200,000 EUR | TK Elevator Midco GmbH |  | 4.3750 | 07/15/27 | 231254 |
|  | **ENGINEERING & CONSTRUCTION — 1.8%** |  |  |  |  |
| 420,000 USD | ATP Tower Holdings / Andean Telecom Partners Chile<sup>(c)</sup> |  | 7.8750 | 02/03/30 | 432174 |
| 200,000 EUR | Cellnex Finance Company S.A. |  | 2.0000 | 02/15/33 | 208978 |
| 315,000 USD | HTA Group Ltd./Mauritius<sup>(c)</sup> |  | 7.5000 | 06/04/29 | 327417 |
| 233,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 6.2500 | 11/29/28 | 233038 |
| 260,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 7.8750 | 05/29/30 | 265664 |
| 320,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 8.2500 | 11/29/31 | 334122 |
| 82,497 USD | IHS Netherlands Holdco BV<sup>(c)</sup> |  | 8.0000 | 09/18/27 | 82770 |
|  |  |  |  |  | 1884163 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 260,000 GBP | Pinewood Finco PLC<sup>(c)</sup> |  | 6.0000 | 03/27/30 | 345331 |
| 100,000 GBP | Pinewood Finco PLC |  | 6.0000 | 03/27/30 | 132819 |
|  |  |  |  |  | 478150 |
|  | **FOOD — 0.9%** |  |  |  |  |
| 119,000 USD | Adecoagro S.A.<sup>(c)</sup> |  | 7.5000 | 07/29/32 | 112580 |
| 300,000 EUR | Danone S.A. |  | 3.0710 | 09/07/32 | 345440 |
| 400,000 EUR | Froneri Lux FinCompany S.A.RL<sup>(c)</sup> |  | 4.7500 | 08/01/32 | 471069 |
| 96,000 USD | Minerva Luxembourg S.A.<sup>(c)</sup> |  | 4.3750 | 03/18/31 | 88604 |
|  |  |  |  |  | 1017693 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.8%** |  |  |  |  |
| 320,000 USD | Ashtead Capital, Inc.<sup>(c)</sup> |  | 5.9500 | 10/15/33 | 338420 |
| 100,000 EUR | Motability Operations Group PLC |  | 3.6250 | 01/22/33 | 116313 |
| 200,000 GBP | Motability Operations Group PLC |  | 5.6250 | 01/24/54 | 243548 |
| 239,000 USD | Vamos Europe S.A.<sup>(c)</sup> |  | 9.2000 | 01/26/31 | 223355 |
|  |  |  |  |  | 921636 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.2%** |  |  |  |  |
| 175,000 USD | Nomura Holdings, Inc. |  | 2.1720 | 07/14/28 | 165707 |
|  | **INSURANCE — 1.5%** |  |  |  |  |
| 300,000 EUR | Allianz S.E.<sup>(d)</sup> | EUR003M + 3.350% | 3.0990 | 07/06/47 | 347825 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.5% (Continued)** |  |  |  |  |
| 490,000 EUR | Ardonagh Finco Ltd. |  | 6.8750 | 02/15/31 | $588599 |
| 280,000 USD | Nippon Life Insurance Company<sup>(c),(d)</sup> | H15T5Y + 2.954% | 6.2500 | 09/13/53 | 298429 |
| 350,000 USD | Sumitomo Life Insurance Company<sup>(c),(d)</sup> | H15T5Y + 2.651% | 5.8750 | 09/10/55 | 358045 |
|  |  |  |  |  | 1592898 |
|  | **INTERNET MEDIA & SERVICES — 0.8%** |  |  |  |  |
| 250,000 EUR | Booking Holdings, Inc. |  | 4.5000 | 11/15/31 | 310362 |
| 200,000 USD | Prosus N.V.<sup>(c)</sup> |  | 3.0610 | 07/13/31 | 182135 |
| 127,000 USD | Prosus N.V. |  | 3.0610 | 07/13/31 | 115656 |
| 269,000 USD | Prosus N.V.<sup>(c)</sup> |  | 3.8320 | 02/08/51 | 184066 |
|  |  |  |  |  | 792219 |
|  | **LEISURE FACILITIES & SERVICES — 2.8%** |  |  |  |  |
| 350,000 GBP | 888 Acquisitions Ltd.<sup>(c)</sup> |  | 10.7500 | 05/15/30 | 451926 |
| 400,000 EUR | Accor S.A.<sup>(d)</sup> | EUSA5 + 4.105% | 7.2500 | 10/11/73 | 510431 |
| 300,000 EUR | Flutter Treasury DAC |  | 4.0000 | 06/04/31 | 346844 |
| 106,000 USD | Melco Resorts Finance Ltd.<sup>(c)</sup> |  | 5.7500 | 07/21/28 | 105752 |
| 388,000 USD | Melco Resorts Finance Ltd. |  | 5.7500 | 07/21/28 | 387094 |
| 59,000 USD | Melco Resorts Finance Ltd.<sup>(c)</sup> |  | 5.3750 | 12/04/29 | 58345 |
| 200,000 USD | Melco Resorts Finance Ltd. |  | 5.3750 | 12/04/29 | 197779 |
| 400,000 EUR | Motion Bondco DAC |  | 4.5000 | 11/15/27 | 438833 |
| 384,000 USD | Studio City Finance Ltd.<sup>(c),(e)</sup> |  | 5.0000 | 01/15/29 | 367933 |
|  |  |  |  |  | 2864937 |
|  | **MACHINERY — 0.3%** |  |  |  |  |
| 250,000 EUR | Smiths Group PLC |  | 2.0000 | 02/23/27 | 286066 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |  |
| 300,000 USD | 180 Medical, Inc.<sup>(c)</sup> |  | 5.3000 | 10/08/35 | 297474 |
| 200,000 EUR | Medtronic Global Holdings SCA |  | 0.7500 | 10/15/32 | 198291 |
|  |  |  |  |  | 495765 |
|  | **METALS & MINING — 1.9%** |  |  |  |  |
| 14,000 USD | Corp Nacional del Cobre de Chile<sup>(c)</sup> |  | 6.3300 | 01/13/35 | 14992 |
| 6,000 USD | Corp Nacional del Cobre de Chile<sup>(c)</sup> |  | 3.7000 | 01/30/50 | 4367 |
| 151,000 USD | Freeport Indonesia PT |  | 5.3150 | 04/14/32 | 154343 |
| 300,000 EUR | Glencore Capital Finance DAC |  | 1.1250 | 03/10/28 | 335929 |
| 26,000 USD | Indonesia Asahan Aluminium Persero PT<sup>(c)</sup> |  | 5.8000 | 05/15/50 | 25835 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 1.9% (Continued)** |  |  |  |  |
| 498,005 USD | Samarco Mineracao S.A.<sup>(c),(e)</sup> |  | 9.0000 | 06/30/31 | $498311 |
| 217,000 USD | Vedanta Resources Finance II PLC<sup>(c)</sup> |  | 10.2500 | 06/03/28 | 224462 |
| 109,000 USD | Vedanta Resources Finance II PLC<sup>(c)</sup> |  | 10.8750 | 09/17/29 | 114360 |
| 103,000 USD | Vedanta Resources Finance II PLC<sup>(c)</sup> |  | 9.4750 | 07/24/30 | 104582 |
| 232,000 USD | Volcan Cia Minera S.A.A<sup>(c)</sup> |  | 8.5000 | 10/28/32 | 235665 |
| 178,000 USD | WE Soda Investments Holding PLC<sup>(c)</sup> |  | 9.5000 | 10/06/28 | 178760 |
|  |  |  |  |  | 1891606 |
|  | **OIL & GAS PRODUCERS — 8.6%** |  |  |  |  |
| 309,000 USD | 3R Lux S.A.RL<sup>(c)</sup> |  | 9.7500 | 02/05/31 | 317019 |
| 16,000 USD | Abu Dhabi Crude Oil Pipeline, LLC<sup>(c)</sup> |  | 3.6500 | 11/02/29 | 15783 |
| 78,000 USD | AI Candelaria Spain S.A.<sup>(c)</sup> |  | 5.7500 | 06/15/33 | 70845 |
| 687,000 USD | AI Candelaria Spain S.A.<sup>(e)</sup> |  | 5.7500 | 06/15/33 | 623982 |
| 200,000 USD | Azule Energy Finance plc<sup>(c)</sup> |  | 8.1250 | 01/23/30 | 201299 |
| 335,000 USD | BP Capital Markets plc<sup>(d)</sup> | H15T5Y + 4.398% | 4.8750 | 12/22/00 | 335330 |
| 33,000 USD | Energean Israel Finance Ltd.<sup>(c)</sup> |  | 5.3750 | 03/30/28 | 32451 |
| 215,000 USD | Energean Israel Finance Ltd.<sup>(c)</sup> |  | 5.8750 | 03/30/31 | 208018 |
| 253,000 USD | Energean PLC<sup>(c)</sup> |  | 6.5000 | 04/30/27 | 252855 |
| 164,000 USD | Energean PLC |  | 6.5000 | 04/30/27 | 163906 |
| 250,000 EUR | Eni SpA |  | 2.0000 | 05/18/31 | 275797 |
| 390,000 USD | Geopark Ltd.<sup>(c)</sup> |  | 8.7500 | 01/31/30 | 368636 |
| 273,000 USD | Gran Tierra Energy, Inc.<sup>(c)</sup> |  | 9.5000 | 10/15/29 | 221901 |
| 250,000 USD | Harbour Energy PLC<sup>(c)</sup> |  | 6.3270 | 04/01/35 | 256052 |
| 54,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 5.7500 | 04/19/47 | 51189 |
| 99,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 6.3750 | 10/24/48 | 100090 |
| 298,000 USD | Kosmos Energy Ltd. |  | 7.7500 | 05/01/27 | 280364 |
| 48,000 USD | Kosmos Energy Ltd. |  | 7.5000 | 03/01/28 | 38452 |
| 56,000 USD | Kosmos Energy Ltd.<sup>(c)</sup> |  | 8.7500 | 10/01/31 | 37679 |
| 258,000 USD | Leviathan Bond Ltd. |  | 6.5000 | 06/30/27 | 259697 |
| 110,000 USD | Leviathan Bond Ltd.<sup>(c)</sup> |  | 6.7500 | 06/30/30 | 111327 |
| 461,578 USD | MC Brazil Downstream Trading S.A.RL |  | 7.2500 | 06/30/31 | 379556 |
| 100,000 USD | Medco Bell Pte Ltd. |  | 6.3750 | 01/30/27 | 100327 |
| 216,000 USD | Medco Laurel Tree Pte Ltd.<sup>(c)</sup> |  | 6.9500 | 11/12/28 | 217148 |
| 1,625,000 USD | PDVSA<sup>(f)</sup> |  | 9.0000 | 11/17/21 | 368875 |
| 460,000 USD | Petroleos de Venezuela S.A.<sup>(f)</sup> |  | 0.0000 | 05/17/35 | 112010 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 8.6% (Continued)** |  |  |  |  |
| 217,000 USD | Petroleos del Peru S.A. |  | 4.7500 | 06/19/32 | $186309 |
| 114,000 USD | Petroleos Mexicanos |  | 5.9500 | 01/28/31 | 111582 |
| 99,000 USD | Petroleos Mexicanos |  | 6.7000 | 02/16/32 | 98972 |
| 435,000 USD | Petroleos Mexicanos |  | 6.3500 | 02/12/48 | 349012 |
| 197,000 USD | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 178810 |
| 265,000 USD | Petroleos Mexicanos |  | 6.9500 | 01/28/60 | 218448 |
| 14,000 USD | Petronas Capital Ltd. |  | 2.4800 | 01/28/32 | 12594 |
| 272,000 USD | Raizen Fuels Finance S.A.<sup>(c)</sup> |  | 6.4500 | 03/05/34 | 231710 |
| 12,000 USD | Saudi Arabian Oil Company<sup>(c)</sup> |  | 5.8750 | 07/17/64 | 11996 |
| 330,000 USD | SierraCol Energy Andina, LLC<sup>(c)</sup> |  | 6.0000 | 06/15/28 | 323602 |
| 335,000 USD | South Bow USA Infrastructure Holdings, LLC |  | 5.5840 | 10/01/34 | 336291 |
| 300,000 EUR | TotalEnergies Capital Canada Ltd. |  | 2.1250 | 09/18/29 | 339390 |
| 277,000 USD | Trident Energy Finance PLC<sup>(c)</sup> |  | 12.5000 | 11/30/29 | 283426 |
| 191,000 USD | Uzbekneftegaz JSC<sup>(c)</sup> |  | 8.7500 | 05/07/30 | 203898 |
| 478,000 USD | YPF S.A.<sup>(c),(e)</sup> |  | 9.5000 | 01/17/31 | 504661 |
|  |  |  |  |  | 8791289 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.6%** |  |  |  |  |
| 398,000 USD | FORESEA Holding S.A.<sup>(c),(e)</sup> |  | 7.5000 | 06/15/30 | 390216 |
| 393,256 USD | MV24 Capital BV<sup>(c)</sup> |  | 6.7480 | 06/01/34 | 391450 |
| 320,000 USD | NewCompany Holding USD 20 Sarl<sup>(c),(e)</sup> |  | 9.3750 | 11/07/29 | 329600 |
| 403,750 USD | OHI Group S.A.<sup>(c)</sup> |  | 13.0000 | 07/22/29 | 417276 |
| 624,454 USD | Poinsettia Finance Ltd. |  | 6.6250 | 06/17/31 | 621619 |
| 413,039 USD | Yinson Boronia Production BV<sup>(c)</sup> |  | 8.9470 | 07/31/42 | 451532 |
|  |  |  |  |  | 2601693 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 300,000 EUR | Bertelsmann S.E. & Company KGaA |  | 3.5000 | 05/29/29 | 354879 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.8%** |  |  |  |  |
| 700,000 USD | China SCE Group Holdings Ltd.<sup>(f)</sup> |  | 7.0000 | 05/02/25 | 29838 |
| 200,000 USD | Country Garden Holdings Company Ltd. |  | 4.8000 | 08/06/30 | 19500 |
| 200,000 EUR | CPI Property Group S.A.<sup>(g)</sup> |  | 1.6250 | 04/23/27 | 228941 |
| 100,000 EUR | CPI Property Group S.A.<sup>(d)</sup> | EUAMDB05 + 5.232% | 7.5000 | 06/24/73 | 109781 |
| 330,000 USD | MAF Global Securities Ltd.<sup>(d)</sup> | H15T5Y + 3.539% | 6.3750 | 09/20/70 | 331074 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.8% (Continued)** |  |  |  |  |
| 61,867 USD | Port Of Spain Waterfront Development |  | 7.8750 | 02/19/40 | $62839 |
|  |  |  |  |  | 781973 |
|  | **REIT — 0.7%** |  |  |  |  |
| 400,000 EUR | Iron Mountain, Inc.<sup>(c)</sup> |  | 4.7500 | 01/15/34 | 463620 |
| 250,000 EUR | Prologis Euro Finance, LLC |  | 4.6250 | 05/23/33 | 312403 |
|  |  |  |  |  | 776023 |
|  | **RENEWABLE ENERGY — 0.4%** |  |  |  |  |
| 190,000 USD | FS Luxembourg Sarl<sup>(c)</sup> |  | 8.8750 | 02/12/31 | 198455 |
| 102,000 USD | Investment Energy Resources Ltd.<sup>(c)</sup> |  | 6.2500 | 04/26/29 | 101604 |
| 57,000 USD | Limak Yenilenebilir Enerji A/S<sup>(c)</sup> |  | 9.6250 | 08/12/30 | 56375 |
|  |  |  |  |  | 356434 |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |  |
| 200,000 EUR | Carrefour S.A. |  | 4.3750 | 11/14/31 | 243827 |
| 300,000 EUR | Tesco Corporate Treasury Services plc |  | 3.3750 | 05/06/32 | 348418 |
|  |  |  |  |  | 592245 |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |  |
| 346,000 USD | Movida Europe S.A.<sup>(c),(e)</sup> |  | 7.8500 | 04/11/29 | 316957 |
|  | **SPECIALTY FINANCE — 1.0%** |  |  |  |  |
| 400,000 USD | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | 01/30/32 | 369133 |
| 330,000 USD | American Express Company<sup>(d)</sup> | SOFRRATE + 1.930% | 5.6250 | 07/28/34 | 346397 |
| 330,000 USD | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 5.1500 | 01/15/30 | 335304 |
|  |  |  |  |  | 1050834 |
|  | **STEEL — 0.8%** |  |  |  |  |
| 477,000 USD | CSN Resources S.A.<sup>(c)</sup> |  | 4.6250 | 06/10/31 | 373286 |
| 490,000 USD | Metinvest BV<sup>(c)</sup> |  | 7.7500 | 10/17/29 | 370213 |
|  |  |  |  |  | 743499 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |  |  |  |
| 320,000 EUR | ION Platform Finance S.A.RL<sup>(c)</sup> |  | 7.8750 | 05/01/29 | 378734 |
| 100,000 EUR | ION Platform Finance S.A.RL |  | 7.8750 | 05/01/29 | 118354 |
|  |  |  |  |  | 497088 |
|  | **TELECOMMUNICATIONS — 3.0%** |  |  |  |  |
| 23,344 USD | Altice France Lux 3 / Altice Holdings 1 |  | 10.0000 | 01/15/33 | 22015 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 57.3% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 3.0% (Continued)** |  |  |  |  |
| 150,000 EUR | Altice France S.A.<sup>(c)</sup> |  | 7.2500 | 11/01/29 | $173316 |
| 16,000 USD | Millicom International Cellular S.A.<sup>(c)</sup> |  | 4.5000 | 04/27/31 | 14965 |
| 300,000 EUR | Orange S.A. |  | 2.0000 | 01/15/29 | 340972 |
| 380,000 EUR | SoftBank Group Corporation |  | 3.8750 | 07/06/32 | 421644 |
| 150,000 USD | Telecom Argentina S.A.<sup>(c)</sup> |  | 9.2500 | 05/28/33 | 152882 |
| 200,000 EUR | Telefonica Emisiones S.A. |  | 2.5920 | 05/25/31 | 226271 |
| 400,000 EUR | Telefonica Europe BV<sup>(d)</sup> | EUAMDB08 + 3.121% | 5.7520 | 04/15/73 | 492724 |
| 65,000 USD | Turk Telekomunikasyon A/S<sup>(c)</sup> |  | 6.9500 | 10/07/32 | 65764 |
| 220,000 USD | Turkcell Iletisim Hizmetleri A/S<sup>(c)</sup> |  | 7.6500 | 01/24/32 | 230553 |
| 261,829 USD | VF Ukraine PAT via VFU Funding plc<sup>(c)</sup> |  | 9.6250 | 02/11/27 | 253974 |
| 460,000 GBP | Vmed O2 UK Financing I PLC |  | 4.5000 | 07/15/31 | 549116 |
| 345,000 USD | Vodafone Group PLC |  | 5.8750 | 06/28/64 | 341991 |
|  |  |  |  |  | 3286187 |
|  | **TOBACCO & CANNABIS — 0.3%** |  |  |  |  |
| 300,000 USD | Imperial Brands Finance PLC<sup>(c)</sup> |  | 5.5000 | 02/01/30 | 310965 |
|  | **TRANSPORTATION & LOGISTICS — 2.3%** |  |  |  |  |
| 200,000 EUR | Abertis Infraestructuras S.A. |  | 2.3750 | 09/27/27 | 230493 |
| 241,000 USD | Adani Ports & Special Economic Zone Ltd.<sup>(c)</sup> |  | 3.1000 | 02/02/31 | 216363 |
| 150,000 EUR | Autostrade per l'Italia SpA |  | 5.1250 | 06/14/33 | 190133 |
| 6,000 USD | DP World PLC<sup>(c)</sup> |  | 4.7000 | 09/30/49 | 5271 |
| 52,000 USD | Georgian Railway JSC<sup>(c)</sup> |  | 4.0000 | 06/17/28 | 48920 |
| 416,000 USD | Grupo Aeromexico S.A.B. de C.V.<sup>(c),(e)</sup> |  | 8.6250 | 11/15/31 | 418324 |
| 360,000 EUR | Heathrow Funding Ltd. |  | 1.8750 | 07/12/32 | 379823 |
| 480,000 EUR | Mobico Group PLC |  | 4.8750 | 09/26/31 | 425986 |
| 230,000 EUR | Transurban Finance Company Pty Ltd. |  | 4.1430 | 04/17/35 | 275355 |
| 233,000 USD | Yinson Bergenia Production BV<sup>(c)</sup> |  | 8.4980 | 01/31/45 | 244841 |
|  |  |  |  |  | 2435509 |
|  | **TOTAL CORPORATE BONDS (Cost $59,524,459)** |  |  |  | 59816778 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |  |
|  | **LOCAL AUTHORITY — 0.3% (Continued)** |  |  |  |
| 150,000 CAD | Province of British Columbia Canada | 3.2000 | 06/18/44 | $91463 |
| 250,000 CAD | Province of Ontario Canada | 2.8000 | 06/02/48 | 138447 |
| 83,574 USD | Provincia de Buenos Aires/Government Bonds<sup>(g)</sup> | 5.2500 | 09/01/37 | 61532 |
|  |  |  |  | 291442 |
|  | **NON U.S. TREASURY — 13.4%** |  |  |  |
| 1,800,000 AUD | Australia Government Bond | 1.2500 | 05/21/32 | 995842 |
| 160,000 BRL | Brazil Notas do Tesouro Nacional Serie F | 0.0000 | 01/01/31 | 27153 |
| 800,000 BRL | Brazil Notas do Tesouro Nacional Serie F | 10.0000 | 01/01/33 | 130548 |
| 550,000 CAD | Canadian Government Bond | 2.2500 | 06/01/29 | 388141 |
| 400,000,000 COP | Colombian TES | 7.0000 | 03/26/31 | 86093 |
| 400,000 CZK | Czech Republic Government Bond | 0.2500 | 02/10/27 | 18198 |
| 1,830,000 CZK | Czech Republic Government Bond | 1.7500 | 06/23/32 | 74576 |
| 1,500,000 EUR | French Republic Government Bond OAT | 0.2500 | 11/25/26 | 1697087 |
| 2,020,000 EUR | French Republic Government Bond OAT<sup>(c)</sup> | 3.5000 | 11/25/33 | 2386213 |
| 11,900,000 HUF | Hungary Government Bond | 4.7500 | 11/24/32 | 31839 |
| 840,000,000 IDR | Indonesia Treasury Bond | 6.5000 | 02/15/31 | 52412 |
| 890,000,000 IDR | Indonesia Treasury Bond | 8.7500 | 05/15/31 | 61443 |
| 450,000,000 IDR | Indonesia Treasury Bond | 6.7500 | 07/15/35 | 28415 |
| 50,000 EUR | Ireland Government Bond | 0.9000 | 05/15/28 | 56050 |
| 130,000 EUR | Ireland Government Bond | 1.3000 | 05/15/33 | 136105 |
| 750,000 EUR | Italy Buoni Poliennali Del Tesoro | 2.8000 | 12/01/28 | 878774 |
| 640,000 EUR | Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | 2.4500 | 09/01/33 | 707396 |
| 1,430,000 EUR | Italy Buoni Poliennali Del Tesoro | 4.2000 | 03/01/34 | 1774820 |
| 180,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 08/01/39 | 237494 |
| 235,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 09/01/40 | 309816 |
| 700,000 EUR | Kingdom of Belgium Government Bond<sup>(c)</sup> | 5.0000 | 03/28/35 | 930262 |
| 850,000 MXN | Mexican Bonos | 7.5000 | 05/26/33 | 43220 |
| 1,880,000 MXN | Mexican Bonos | 7.7500 | 11/13/42 | 87357 |
| 176,000 PEN | Peru Government Bond<sup>(c)</sup> | 7.3000 | 08/12/33 | 58165 |
| 860,000 EUR | Spain Government Bond | 2.5000 | 05/31/27 | 998279 |
| 380,000 EUR | Spain Government Bond<sup>(c)</sup> | 3.2500 | 04/30/34 | 446656 |
| 170,000 EUR | Spain Government Bond | 4.2000 | 01/31/37 | 213038 |
| 250,000 EUR | Spain Government Bond | 2.7000 | 10/31/48 | 240221 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |  |
|  | **NON U.S. TREASURY — 13.4% (Continued)** |  |  |  |
| 820,000 GBP | United Kingdom Gilt | 4.2500 | 12/07/40 | $1007724 |
|  |  |  |  | 14103337 |
|  | **SOVEREIGN — 16.8%** |  |  |  |
| 130,000 USD | Angolan Government International Bond<sup>(c)</sup> | 8.0000 | 11/26/29 | 124572 |
| 303,000 USD | Angolan Government International Bond<sup>(c)</sup> | 8.7500 | 04/14/32 | 284676 |
| 250,000 USD | Angolan Government International Bond<sup>(c)</sup> | 9.1250 | 11/26/49 | 210092 |
| 73,600 USD | Argentine Republic Government International Bond | 1.0000 | 07/09/29 | 62818 |
| 1,149,600 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 0.1250 | 07/09/30 | 942671 |
| 154,000 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 3.5000 | 07/09/41 | 100408 |
| 184,227 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 4.1250 | 07/09/46 | 126933 |
| 46,000 USD | Benin Government International Bond<sup>(c)</sup> | 7.9600 | 02/13/38 | 47960 |
| 103,000 USD | Benin Government International Bond<sup>(c)</sup> | 8.3750 | 01/23/41 | 109790 |
| 26,000 USD | Bermuda Government International Bond<sup>(c)</sup> | 4.7500 | 02/15/29 | 26293 |
| 23,000 USD | Bermuda Government International Bond | 3.3750 | 08/20/50 | 16443 |
| 49,000 USD | Brazilian Government International Bond | 6.2500 | 03/18/31 | 51634 |
| 588,000 USD | Brazilian Government International Bond | 6.0000 | 10/20/33 | 602699 |
| 21,000 USD | Brazilian Government International Bond | 4.7500 | 01/14/50 | 15866 |
| 41,000 USD | Brazilian Government International Bond | 7.1250 | 05/13/54 | 41687 |
| 223,000 USD | Brazilian Government International Bond | 7.2500 | 01/12/56 | 225854 |
| 5,000 USD | Chile Government International Bond | 2.7500 | 01/31/27 | 4916 |
| 14,000 USD | Chile Government International Bond | 2.4500 | 01/31/31 | 12805 |
| 39,000 USD | Chile Government International Bond | 2.5500 | 01/27/32 | 34974 |
| 8,000 USD | Chile Government International Bond | 5.6500 | 01/13/37 | 8492 |
| 65,000 USD | Chile Government International Bond | 3.8600 | 06/21/47 | 52829 |
| 20,000 USD | Chile Government International Bond | 3.2500 | 09/21/71 | 12771 |
| 621,000 USD | Colombia Government International Bond | 7.3750 | 04/25/30 | 666178 |
| 154,000 USD | Colombia Government International Bond | 8.5000 | 04/25/35 | 173935 |
| 104,000 USD | Colombia Government International Bond | 8.0000 | 11/14/35 | 113620 |
| 157,000 USD | Colombia Government International Bond | 8.7500 | 11/14/53 | 180738 |
| 171,000 USD | Costa Rica Government International Bond<sup>(c)</sup> | 7.3000 | 11/13/54 | 191627 |
| 261,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 5.5000 | 02/22/29 | 265972 |
| 39,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 4.5000 | 01/30/30 | 38212 |
| 178,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 6.6000 | 06/01/36 | 188271 |
| 149,000 USD | Dominican Republic International Bond | 6.9500 | 03/15/37 | 159229 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |  |
|  | **SOVEREIGN — 16.8% (Continued)** |  |  |  |
| 28,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 6.9500 | 03/15/37 | $29922 |
| 29,000 USD | Dominican Republic International Bond | 6.9500 | 03/15/37 | 30991 |
| 41,000 USD | Dominican Republic International Bond | 6.5000 | 02/15/48 | 41494 |
| 8,000 USD | Eagle Funding Luxco Sarl<sup>(c)</sup> | 5.5000 | 08/17/30 | 8137 |
| 795,168 USD | Ecuador Government International Bond<sup>(g)</sup> | 6.9000 | 07/31/30 | 727380 |
| 52,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.6000 | 03/01/29 | 54635 |
| 436,000 USD | Egypt Government International Bond<sup>(c)</sup> | 5.8750 | 02/16/31 | 419979 |
| 179,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.9030 | 02/21/48 | 155879 |
| 59,000 USD | Egypt Government International Bond<sup>(c)</sup> | 8.8750 | 05/29/50 | 55811 |
| 320,000 USD | Egypt Government International Bond<sup>(c)</sup> | 8.7500 | 09/30/51 | 298013 |
| 44,000 USD | El Salvador Government International Bond | 9.2500 | 04/17/30 | 48015 |
| 54,000 USD | El Salvador Government International Bond<sup>(c)</sup> | 8.2500 | 04/10/32 | 58133 |
| 102,000 USD | El Salvador Government International Bond | 7.6500 | 06/15/35 | 106284 |
| 9,000 USD | El Salvador Government International Bond | 7.6500 | 06/15/35 | 9378 |
| 58,000 USD | El Salvador Government International Bond | 7.6250 | 02/01/41 | 57546 |
| 277,000 USD | El Salvador Government International Bond | 7.1250 | 01/20/50 | 250146 |
| 57,000 USD | Ethiopia International Bond<sup>(c)</sup> | 6.6250 | 12/11/24 | 60135 |
| 22,000 USD | Export-Import Bank of India | 2.2500 | 01/13/31 | 19742 |
| 200,000 USD | Gabon Government International Bond | 9.5000 | 02/18/29 | 180738 |
| 241,000 USD | Gabon Government International Bond<sup>(c)</sup> | 6.6250 | 02/06/31 | 189015 |
| 8,624 USD | Ghana Government International Bond<sup>(h)</sup> | 0.0000 | 07/03/26 | 8387 |
| 4,800 USD | Ghana Government International Bond<sup>(c),(h)</sup> | 0.0000 | 07/03/26 | 4668 |
| 38,000 USD | Ghana Government International Bond<sup>(c),(g)</sup> | 5.0000 | 07/03/29 | 37093 |
| 11,170 USD | Ghana Government International Bond<sup>(c),(h)</sup> | 0.0000 | 01/03/30 | 9698 |
| 294,572 USD | Ghana Government International Bond<sup>(g)</sup> | 5.0000 | 07/03/35 | 254495 |
| 150,600 USD | Ghana Government International Bond<sup>(c),(g)</sup> | 5.0000 | 07/03/35 | 130110 |
| 100,000 USD | Guatemala Government Bond<sup>(c)</sup> | 5.2500 | 08/10/29 | 101200 |
| 75,000 USD | Guatemala Government Bond<sup>(c)</sup> | 6.8750 | 08/15/55 | 81031 |
| 43,000 USD | Hazine Mustesarligi Varlik Kiralama A/S<sup>(c)</sup> | 8.5090 | 01/14/29 | 47265 |
| 106,000 USD | Honduras Government International Bond<sup>(c)</sup> | 8.6250 | 11/27/34 | 113553 |
| 14,700,000 HUF | Hungary Government Bond | 9.5000 | 10/21/26 | 45018 |
| 44,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.1250 | 05/22/28 | 45888 |
| 45,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.2500 | 09/22/32 | 48551 |
| 29,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.0000 | 09/26/35 | 30508 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |  |
|  | **SOVEREIGN — 16.8% (Continued)** |  |  |  |
| 31,000 USD | Hungary Government International Bond<sup>(c)</sup> | 5.5000 | 03/26/36 | $31337 |
| 16,000 USD | Indonesia Government International Bond | 4.5500 | 01/11/28 | 16159 |
| 101,000 USD | Indonesia Government International Bond | 4.8500 | 01/11/33 | 102643 |
| 16,000 USD | Indonesia Government International Bond | 5.6000 | 01/15/35 | 17061 |
| 19,000 USD | Indonesia Government International Bond | 4.2000 | 10/15/50 | 15990 |
| 21,000 USD | Indonesia Government International Bond | 3.2000 | 09/23/61 | 13958 |
| 22,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 7.6250 | 01/30/33 | 23265 |
| 61,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 8.2500 | 01/30/37 | 64916 |
| 219,000 EUR | Ivory Coast Government International Bond | 6.6250 | 03/22/48 | 227573 |
| 84,000 USD | Jordan Government International Bond<sup>(c)</sup> | 5.8500 | 07/07/30 | 85063 |
| 20,000 USD | Kazakhstan Government International Bond<sup>(c)</sup> | 6.5000 | 07/21/45 | 22496 |
| 12,000 USD | KSA Sukuk Ltd.<sup>(c)</sup> | 4.8750 | 09/09/35 | 12167 |
| 206,000 USD | Kyrgyz Republic International Bond<sup>(c)</sup> | 7.7500 | 06/03/30 | 208141 |
| 330,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 6.1000 | 10/04/22 | 75817 |
| 240,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 8.2500 | 04/12/23 | 55275 |
| 156,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 6.1500 | 06/19/23 | 35822 |
| 11,000 USD | Magyar Export-Import Bank Zrt<sup>(c)</sup> | 6.1250 | 12/04/27 | 11391 |
| 510,000 MYR | Malaysia Government Bond | 2.6320 | 04/15/31 | 117290 |
| 16,000 USD | Malaysia Wakala Sukuk Bhd | 3.0750 | 04/28/51 | 11795 |
| 22,000 USD | Mexico Government International Bond | 5.3750 | 03/22/33 | 22051 |
| 32,000 USD | Mexico Government International Bond | 4.8750 | 05/19/33 | 31200 |
| 8,000 USD | Mexico Government International Bond | 3.5000 | 02/12/34 | 6958 |
| 44,000 USD | Mexico Government International Bond | 6.3500 | 02/09/35 | 46622 |
| 98,000 USD | Mexico Government International Bond | 4.7500 | 03/08/44 | 82799 |
| 1,000 USD | Mexico Government International Bond | 6.3380 | 05/04/53 | 996 |
| 6,000 USD | Mexico Government International Bond | 6.4000 | 05/07/54 | 6021 |
| 34,000 USD | Mexico Government International Bond | 3.7710 | 05/24/61 | 22119 |
| 200,000 USD | Mozambique International Bond<sup>(c),(g)</sup> | 5.0000 | 09/15/31 | 173720 |
| 106,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 6.1250 | 09/28/28 | 104440 |
| 112,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 7.1430 | 02/23/30 | 111877 |
| 119,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 9.6250 | 06/09/31 | 130120 |
| 101,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 7.8750 | 02/16/32 | 101367 |
| 173,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 10.3750 | 12/09/34 | 195038 |
| 200,000 USD | Nigeria Government International Bond | 7.6250 | 11/28/47 | 178238 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |  |
|  | **SOVEREIGN — 16.8% (Continued)** |  |  |  |
| 86,000 USD | Oman Government International Bond<sup>(c),(e)</sup> | 6.5000 | 03/08/47 | $94701 |
| 239,000 USD | Pakistan Government International Bond<sup>(c)</sup> | 7.3750 | 04/08/31 | 236412 |
| 13,000 USD | Panama Government International Bond | 3.8750 | 03/17/28 | 12780 |
| 64,000 USD | Panama Government International Bond | 2.2520 | 09/29/32 | 52697 |
| 40,000 USD | Panama Government International Bond | 3.8700 | 07/23/60 | 27170 |
| 96,000 USD | Peruvian Government International Bond | 2.7830 | 01/23/31 | 88977 |
| 29,000 USD | Peruvian Government International Bond | 3.0000 | 01/15/34 | 25294 |
| 28,000 USD | Philippine Government International Bond | 2.4570 | 05/05/30 | 26082 |
| 2,000 USD | Philippine Government International Bond | 1.6480 | 06/10/31 | 1747 |
| 2,000 USD | Philippine Government International Bond | 6.3750 | 01/15/32 | 2224 |
| 82,000 USD | Philippine Government International Bond | 5.0000 | 07/17/33 | 84484 |
| 4,000 USD | Philippine Government International Bond | 2.9500 | 05/05/45 | 2869 |
| 8,000 USD | Philippine Government International Bond | 4.2000 | 03/29/47 | 6881 |
| 2,000 USD | Philippine Government International Bond | 5.9500 | 10/13/47 | 2156 |
| 62,143 USD | Republic of Angola Via Avenir Issuer II Ireland | 6.9270 | 02/19/27 | 60123 |
| 100,000 EUR | Republic of Cameroon International Bond<sup>(c)</sup> | 5.9500 | 07/07/32 | 94216 |
| 204,000 EUR | Republic of Cameroon International Bond | 5.9500 | 07/07/32 | 192202 |
| 50,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 9.7500 | 02/16/31 | 53900 |
| 92,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 7.8750 | 10/09/33 | 90178 |
| 219,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 9.5000 | 03/05/36 | 224976 |
| 180,000 PLN | Republic of Poland Government Bond | 2.7500 | 04/25/28 | 47227 |
| 190,000 PLN | Republic of Poland Government Bond | 1.7500 | 04/25/32 | 42548 |
| 2,000 USD | Republic of Poland Government International Bond | 5.7500 | 11/16/32 | 2157 |
| 117,000 USD | Republic of Poland Government International Bond | 5.1250 | 09/18/34 | 120402 |
| 7,000 USD | Republic of Poland Government International Bond | 5.3750 | 02/12/35 | 7330 |
| 12,000 USD | Republic of Poland Government International Bond | 5.5000 | 04/04/53 | 11858 |
| 1,770,000 ZAR | Republic of South Africa Government Bond | 8.7500 | 02/28/48 | 91129 |
| 71,000 USD | Republic of South Africa Government International | 5.8750 | 06/22/30 | 73523 |
| 218,000 USD | Republic of South Africa Government International<sup>(c)</sup> | 7.1000 | 11/19/36 | 234529 |
| 110,000 USD | Republic of South Africa Government International | 5.6500 | 09/27/47 | 93232 |
| 284,000 USD | Republic of South Africa Government International | 5.7500 | 09/30/49 | 240627 |
| 88,000 USD | Republic of South Africa Government International | 7.3000 | 04/20/52 | 88726 |
| 63,000 USD | Republic of South Africa Government International<sup>(c)</sup> | 7.9500 | 11/19/54 | 67362 |
| 1,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.6250 | 02/17/28 | 1043 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |
|  | **SOVEREIGN — 16.8% (Continued)** |  |  |  |
| 12,000 USD | Romanian Government International Bond<sup>(c)</sup> | 5.8750 | 01/30/29 | $12367 |
| 20,000 USD | Romanian Government International Bond | 7.1250 | 01/17/33 | 21598 |
| 5,000 USD | Romanian Government International Bond<sup>(c)</sup> | 7.1250 | 01/17/33 | 5400 |
| 10,000 EUR | Romanian Government International Bond<sup>(c)</sup> | 5.3750 | 06/07/33 | 11654 |
| 58,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.3750 | 01/30/34 | 59696 |
| 19,000 EUR | Romanian Government International Bond | 6.2500 | 09/10/34 | 23002 |
| 28,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.6250 | 05/16/36 | 28820 |
| 51,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.5000 | 04/17/30 | 51663 |
| 22,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.3750 | 01/13/31 | 23160 |
| 140,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.8750 | 07/18/33 | 142962 |
| 2,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.6250 | 10/04/47 | 1781 |
| 5,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.7500 | 01/16/54 | 5117 |
| 303,000 EUR | Senegal Government International Bond | 4.7500 | 03/13/28 | 297113 |
| 120,000 USD | Senegal Government International Bond<sup>(c)</sup> | 6.2500 | 05/23/33 | 86352 |
| 46,654 USD | Sri Lanka Government International Bond<sup>(c)</sup> | 4.0000 | 04/15/28 | 44904 |
| 8,926 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.1000 | 01/15/30 | 8435 |
| 92,045 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.3500 | 03/15/33 | 80444 |
| 310,151 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.6000 | 06/15/35 | 240355 |
| 131,305 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.6000 | 02/15/38 | 121621 |
| 53,000 USD | Suriname Government International Bond<sup>(c)</sup> | 8.5000 | 11/06/35 | 54908 |
| 75,000 USD | Turkey Government International Bond | 9.8750 | 01/15/28 | 82664 |
| 38,000 USD | Turkey Government International Bond | 9.3750 | 03/14/29 | 42621 |
| 41,000 USD | Turkey Government International Bond | 9.1250 | 07/13/30 | 46687 |
| 75,000 USD | Turkey Government International Bond | 5.9500 | 01/15/31 | 75066 |
| 207,000 USD | Turkey Government International Bond | 5.7500 | 05/11/47 | 168388 |
| 115,000 USD | Turkiye Government International Bond | 7.1250 | 02/12/32 | 119840 |
| 101,000 USD | Turkiye Government International Bond | 7.1250 | 07/17/32 | 105210 |
| 279,000 USD | Turkiye Government International Bond | 7.6250 | 05/15/34 | 298587 |
| 104,000 USD | Turkiye Government International Bond | 6.5000 | 01/03/35 | 103012 |
| 95,000 USD | Turkiye Government International Bond | 6.9500 | 09/16/35 | 96305 |
| 492,000 USD | Turkiye Government International Bond | 6.6250 | 02/17/45 | 451598 |
| 13,076 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.5000 | 02/01/29 | 9006 |
| 3,571 USD | Ukraine Government International Bond<sup>(g)</sup> | 0.0000 | 02/01/30 | 1902 |
| 13,970 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 0.0000 | 02/01/30 | 7439 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** | **NON U.S. GOVERNMENT & AGENCIES — 32.9% (Continued)** |  |  |
|  | **SOVEREIGN — 16.8% (Continued)** |  |  |  |
| 13,345 USD | Ukraine Government International Bond<sup>(g)</sup> | 0.0000 | 02/01/34 | $5625 |
| 466,088 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 4.5000 | 02/01/34 | 263805 |
| 100,278 USD | Ukraine Government International Bond<sup>(g)</sup> | 0.0000 | 02/01/35 | 51493 |
| 135,152 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.5000 | 02/01/35 | 75685 |
| 36,764 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 0.0000 | 02/01/36 | 18842 |
| 31,269 USD | Ukraine Government International Bond<sup>(g)</sup> | 4.5000 | 02/01/36 | 17307 |
| 44,150 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 4.5000 | 02/01/36 | 24437 |
| 71,000 USD | Uruguay Government International Bond | 4.3750 | 01/23/31 | 71895 |
| 5,000 USD | Uruguay Government International Bond | 5.4420 | 02/14/37 | 5249 |
| 3,000 USD | Uruguay Government International Bond | 5.1000 | 06/18/50 | 2906 |
| 117,000 USD | Venezuela Government International Bond<sup>(f)</sup> | 6.0000 | 12/09/20 | 26805 |
| 35,353 USD | Zambia Government International Bond<sup>(c),(g)</sup> | 5.7500 | 06/30/33 | 34027 |
| 72,000 USD | Zambia Government International Bond<sup>(c)</sup> | 0.5000 | 12/31/53 | 50476 |
|  |  |  |  | 17295519 |
|  | **SUPRANATIONAL — 0.3%** |  |  |  |
| 200,000 EUR | European Investment Bank | 1.1250 | 09/15/36 | 191058 |
| 9,000,000 INR | Inter-American Development Bank | 7.3500 | 10/06/30 | 104305 |
| 2,500,000 INR | International Bank for Reconstruction & Development | 6.7100 | 01/21/35 | 28206 |
|  |  |  |  | 323569 |
|  | **TREASURY — 2.1%** |  |  |  |
| 900,000 EUR | Italy Buoni Poliennali Del Tesoro | 3.8500 | 02/01/35 | 1085199 |
| 1,000,000 EUR | Spain Government Bond<sup>(c)</sup> | 3.4500 | 10/31/34 | 1189979 |
|  |  |  |  | 2275178 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $34,044,442)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $34,044,442)** |  | 34289045 |
| **Shares** |  |  |  |  |
|  | **RIGHT — 0.0%<sup>(a)</sup>** |  |  |  |
|  | **BANKING - 0.0% <sup>(a)</sup>** |  |  |  |
| 97 | Altice France Holding SA CVR |  |  | 1523 |
|  | **TOTAL RIGHT (Cost $1,194)** |  |  | 1523 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 7.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 3.1%** |  |
| 3226714 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $3,226,714)<sup>(i)(k)</sup> | $3226714 |
|  | **MONEY MARKET FUNDS - 4.5%** |  |
| 4751758 | Fidelity Government Portfolio, Institutional, 4.02% (Cost $4,751,758)<sup>(i)</sup> | 4751758 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,978,472)** | 7978472 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $101,947,450)** | $102488766 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.8%** | 1887044 |
|  | **NET ASSETS - 100.0%** | $104375810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(j)</sup>** | **Value and<br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 23 | Eurex 10 Year Euro BUND Future | 12/09/2025 | $3430513 | $23398 |
| 31 | Eurex 30 Year Euro BUXL Future | 12/09/2025 | 4149533 | 5823 |
| 21 | French Government Bond Futures | 12/09/2025 | 2967112 | 41225 |
| 26 | Long Gilt Future | 12/30/2025 | 3197614 | 112829 |
| 21 | TSE Japanese 10 Year Bond Futures | 12/16/2025 | 18538029 | (86180) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $97095 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(j)</sup>** | **Value and <br> Unrealized <br> Depreciation** |
| 94 | CBOT 10 Year US Treasury Note | 12/22/2025 | $10591156 | $(73439) |
| 92 | CBOT 5 Year US Treasury Note | 01/02/2026 | 10047406 | (13656) |
| 4 | CBOT US Treasury Bond Futures | 12/22/2025 | 469250 | (14438) |
| 17 | Euro-BTP Italian Bond Futures | 12/09/2025 | 2379608 | (38038) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $(139571) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description** | **Counterparty** | **Fixed Deal <br> (Pay)Rate** | **Implied <br> Credit <br> Spread<sup>(m)</sup>** | **Maturity<br> Date** | **Notional <br> Value<sup>(j)</sup>** | **Amortized <br> Upfront <br> Payments <br> Paid/ <br> (Received)** | **Fair Value** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| CDX.EM SERIES 44 Quarterly<sup>(1)</sup> | Citibank | 1.00% | 136 | 12/30/2030 | $5920000 | $126688 | $89150 | $(37538) |
| ITRAXX EUROPE CROSSOVER SERIES 44 Quarterly<sup>(1)</sup> | Citibank | 5.00% | 246 | 12/20/2030 | 1595000 | (189301) | (201372) | (12071) |
| **TOTAL** |  |  |  |  |  | $**(62613)** | $**(112222)** | $**(49609)** |

---

(1) Buy Protection

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Brazilian Real | 11/04/2025 | JP Morgan Chase | 270000 | $50188 | $77 |
| Columbian Peso | 11/04/2025 | Citibank | 320000000 | 82933 | 2356 |
| Euro | 11/04/2025 | JP Morgan Chase | 83206 | 95915 | (66) |
| Euro | 11/06/2025 | Barclay | 73542 | 84785 | (1215) |
| Chilean Peso | 11/10/2025 | JP Morgan Chase | 11000000 | 11675 | 270 |
| Polish Zloty | 11/20/2025 | JP Morgan Chase | 100000 | 27073 | (342) |
| Thailand Baht | 11/20/2025 | Citibank | 2800000 | 86516 | 431 |
| Chinese Yuan Offshore | 11/20/2025 | JP Morgan Chase | 760000 | 106810 | 288 |
| Turkish Lira | 11/24/2025 | Citibank | 600000 | 14043 | 26 |
| Turkish Lira | 11/24/2025 | JP Morgan Chase | 730000 | 17086 | 184 |
| Indian Rupee | 11/26/2025 | JP Morgan Chase | 2300000 | 25880 | (190) |
| Chilean Peso | 12/04/2025 | JP Morgan Chase | 11000000 | 11677 | 16 |
| Euro | 01/09/2026 | Citibank | 151000 | 174733 | (1698) |
| Euro | 01/09/2026 | JP Morgan Chase | 195000 | 225649 | (2383) |
|  |  |  |  | $1014963 | $(2246) |
| **To Sell:** |  |  |  |  |  |
| Euro | 11/03/2025 | JP Morgan Chase | 4052 | $4671 | $14 |
| Hungarian Forints | 11/03/2025 | Citibank | 1396500 | 4150 | 6 |
| Brazilian Real | 11/04/2025 | JP Morgan Chase | 270000 | 50188 | (1071) |
| Columbian Peso | 11/04/2025 | Citibank | 320000000 | 82934 | (6571) |
| Euro | 11/06/2025 | JP Morgan Chase | 9784515 | 11280253 | 213746 |
| Chilean Peso | 11/10/2025 | JP Morgan Chase | 11000000 | 11675 | (16) |
| Peruvian Sole | 11/17/2025 | JP Morgan Chase | 170000 | 50229 | (1284) |
| Chinese Yuan Offshore | 11/20/2025 | JP Morgan Chase | 140000 | 19675 | (1) |
| Czech Koruna | 11/20/2025 | JP Morgan Chase | 200000 | 9476 | 126 |
| Hungarian Forints | 11/20/2025 | Citibank | 9700000 | 28798 | 116 |
| Indian Rupee | 11/26/2025 | JP Morgan Chase | 3500000 | 39383 | (59) |
| Columbian Peso | 11/28/2025 | Citibank | 210000000 | 54233 | (149) |
| Indonesia Rupiah | 12/08/2025 | JP Morgan Chase | 170000000 | 10219 | (5) |
| Brazilian Real | 01/05/2026 | JP Morgan Chase | 270000 | 49458 | (29) |
| Australian Dollar | 01/09/2026 | JP Morgan Chase | 1538800 | 1007608 | 6908 |
| British Pound | 01/09/2026 | Barclay | 1291000 | 1695999 | 39492 |
| British Pound | 01/09/2026 | Citibank | 72000 | 94587 | 2114 |
| Canadian Dollar | 01/09/2026 | Citibank | 878500 | 628564 | 3795 |
| Euro | 01/09/2026 | Barclay | 319000 | 369138 | 3948 |
| Euro | 01/09/2026 | Citibank | 23892100 | 27647229 | 386202 |
| Euro | 01/09/2026 | JP Morgan Chase | 83000 | 96045 | 56 |
| Japanese Yen | 01/09/2026 | JP Morgan Chase | 59843900 | 391000 | 8107 |
|  |  |  |  | $43625512 | $655445 |
| **Total** |  |  |  |  | $653199 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Foreign Currency** | **Settlement <br> Date** | **Counterparty** | **Local<br> Currency <br> Amount<br> to Buy** | **Local<br> Currency <br> Amount<br> to Sell** | **U.S. Dollar<br> Market <br> Value<br> to Buy** | **U.S. Dollar <br> Market <br> Value <br> to Sell** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| Euro | Swiss Franc | 11/14/2025 | JP Morgan Chase | 810000 | 756261 | 934244 | (940964) | $(6720) |
| Japanese Yen | Swiss Franc | 11/14/2025 | JP Morgan Chase | 70220276 | 380000 | 456122 | (472808) | (16686) |
| British Pound | Euro | 11/21/2025 | Citibank | 174167 | 200000 | 228806 | (230769) | (1963) |
| Japanese Yen | Euro | 11/28/2025 | JP Morgan Chase | 131370659 | 740000 | 854542 | (854181) | 361 |
| British Pound | Euro | 1/9/2026 | Citibank | 8700 | 9935 | 11429 | (11496) | (67) |
| Euro | British Pound | 1/9/2026 | Barclay | 9837 | 8700 | 11383 | (11429) | (46) |
| Euro | British Pound | 1/9/2026 | JP Morgan Chase | 1341271 | 1170600 | 1552078 | (1537829) | 14249 |
|  |  |  |  | **203934910** | **3265496** | $**4048604** | $**(4059476)** | $**(10872)** |
| **Total** |  |  |  |  |  |  |  | $(10872) |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| CMTUSD6Y | USD Constant Maturity 6 Year |
| EUAMDB05 | Euribor ICE SWAP Rate 5 Year |
| EUAMDB08 | Euribor ICE SWAP Rate 8 Year |
| EUR003M | Euribor 3 Month |
| EUSA5 | Euro 5 Year Interest Rate Swap |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Offshore |
| COP | Columbian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |

---

See accompanying notes which are an integral part of these financial statements.

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND<br> SCHEDULE OF INVESTMENTS (Continued)<br> October 31, 2025** 

---

| | |
|:---|:---|
| HUF | Hungarian Forints |
| IDR | Indonesia Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Sole |
| PLN | Polish Zloty |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | US Dollars |
| ZAR | South African Rand |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $42,380,431 or 40.6% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(e)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $2,640,112 at October 31, 2025.

<sup>(f)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(g)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2025.

<sup>(h)</sup> Zero coupon bond.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>(j)</sup> The amounts shown are the underlying reference notional amounts upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(k)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $3,226,714 at October 31, 2025.

<sup>(l)</sup> If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.

<sup>(m)</sup> Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of October 31, 2025, will serve as an indicator of payment/performance risk and represent the likelihood of risk of default for the credit derivative.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **AEROSPACE & DEFENSE - 5.0%** |  |
| 10856 | Boeing Company (The)<sup>(a)</sup> | $2182273 |
| 9386 | L3Harris Technologies, Inc. | 2713493 |
| 27310 | RTX Corporation | 4874834 |
|  |  | 9770600 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 3474 | Blackrock, Inc. | 3761682 |
|  | **AUTOMOTIVE - 1.1%** |  |
| 32446 | General Motors Company | 2241694 |
|  | **BANKING - 8.6%** |  |
| 82992 | Bank of America Corporation | 4435922 |
| 24747 | JPMorgan Chase & Company | 7699286 |
| 17147 | Truist Financial Corporation | 765271 |
| 46569 | Wells Fargo & Company<sup>(b)</sup> | 4050106 |
|  |  | 16950585 |
|  | **BEVERAGES - 0.9%** |  |
| 11994 | PepsiCo, Inc. | 1752203 |
|  | **BIOTECH & PHARMA - 4.8%** |  |
| 9576 | AbbVie, Inc. | 2087951 |
| 5525 | Amgen, Inc. | 1648826 |
| 24805 | Gilead Sciences, Inc. | 2971390 |
| 31423 | Merck & Company, Inc. | 2701750 |
|  |  | 9409917 |
|  | **CHEMICALS - 1.7%** |  |
| 6532 | Air Products and Chemicals, Inc. | 1584598 |
| 22371 | DuPont de Nemours, Inc. | 1826592 |
|  |  | 3411190 |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 4335 | Martin Marietta Materials, Inc. | 2657788 |
| 8778 | Owens Corning<sup>(b)</sup> | 1117527 |
|  |  | 3775315 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **CONSUMER SERVICES - 0.6%** |  |
| 14839 | Service Corp International | $1239205 |
|  | **E-COMMERCE DISCRETIONARY - 3.0%** |  |
| 23553 | Amazon.com, Inc.<sup>(a)</sup> | 5752114 |
|  | **ELECTRIC UTILITIES - 2.9%** |  |
| 20589 | Duke Energy Corporation | 2559213 |
| 39220 | NextEra Energy, Inc. | 3192508 |
|  |  | 5751721 |
|  | **ELECTRICAL EQUIPMENT - 4.7%** |  |
| 2397 | GE Vernova, LLC | 1402581 |
| 26724 | Johnson Controls International PLC | 3056957 |
| 21114 | Otis Worldwide Corporation | 1958535 |
| 7457 | Rockwell Automation, Inc. | 2746861 |
|  |  | 9164934 |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 5720 | Quanta Services, Inc. | 2569024 |
|  | **ENTERTAINMENT CONTENT - 3.3%** |  |
| 39699 | Fox Corporation, Class A | 2566540 |
| 34404 | Walt Disney Company (The) | 3874579 |
|  |  | 6441119 |
|  | **FOOD - 1.1%** |  |
| 38648 | Mondelez International, Inc., Class A | 2220714 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.8%** |  |
| 8039 | Cencora, Inc. | 2715655 |
| 8016 | UnitedHealth Group, Inc. | 2737945 |
|  |  | 5453600 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 17976 | Procter & Gamble Company (The) | 2703052 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **INDUSTRIAL REIT - 0.7%** |  |
| 11508 | Prologis, Inc. | $1428028 |
|  | **INFRASTRUCTURE REIT - 1.0%** |  |
| 10296 | American Tower Corporation, A | 1842778 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.6%** |  |
| 16998 | Bank of New York Mellon Corporation (The) | 1834594 |
| 3746 | Goldman Sachs Group, Inc. (The) | 2956980 |
| 16016 | Intercontinental Exchange, Inc. | 2342981 |
|  |  | 7134555 |
|  | **INSURANCE - 5.5%** |  |
| 7797 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3723380 |
| 23877 | Hartford Insurance Group, Inc. (The) | 2965046 |
| 11515 | Prudential Financial, Inc. | 1197560 |
| 10633 | Travelers Companies, Inc. (The)<sup>(b)</sup> | 2856236 |
|  |  | 10742222 |
|  | **INTERNET MEDIA & SERVICES - 4.6%** |  |
| 23392 | Alphabet, Inc., Class A | 6577597 |
| 3743 | Meta Platforms, Inc., Class A | 2426774 |
|  |  | 9004371 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 10200 | Darden Restaurants, Inc. | 1837530 |
|  | **MACHINERY - 2.1%** |  |
| 5227 | Parker-Hannifin Corporation | 4039582 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.6%** |  |
| 32298 | Abbott Laboratories | 3992679 |
| 55222 | Avantor, Inc.<sup>(a)</sup> | 652724 |
| 9761 | Becton Dickinson and Company | 1744388 |
| 4466 | Stryker Corporation | 1590968 |
| 5154 | Thermo Fisher Scientific, Inc. | 2924328 |
|  |  | 10905087 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **METALS & MINING - 0.8%** |  |
| 39858 | Freeport-McMoRan, Inc. | $1662079 |
|  | **OIL & GAS PRODUCERS - 4.6%** |  |
| 25020 | ConocoPhillips | 2223277 |
| 15970 | EOG Resources, Inc. | 1690265 |
| 12686 | Expand Energy Corporation | 1310591 |
| 32905 | Exxon Mobil Corporation | 3763015 |
|  |  | 8987148 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.9%** |  |
| 51493 | SLB Ltd.. | 1856838 |
|  | **RESIDENTIAL REIT - 0.7%** |  |
| 22700 | Equity LifeStyle Properties, Inc.<sup>(b)</sup> | 1385835 |
|  | **RETAIL - DISCRETIONARY - 2.9%** |  |
| 13082 | Lowe's Companies, Inc. | 3115216 |
| 17433 | TJX Companies, Inc. (The) | 2443061 |
|  |  | 5558277 |
|  | **SELF-STORAGE REIT - 0.9%** |  |
| 6315 | Public Storage<sup>(b)</sup> | 1759106 |
|  | **SEMICONDUCTORS - 3.9%** |  |
| 8252 | Broadcom, Inc. | 3050187 |
| 17046 | Micron Technology, Inc. | 3814384 |
| 13114 | ON Semiconductor Corporation<sup>(a)</sup> | 656749 |
|  |  | 7521320 |
|  | **SOFTWARE - 1.7%** |  |
| 4803 | Microsoft Corporation | 2487041 |
| 3390 | Oracle Corporation | 890248 |
|  |  | 3377289 |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 6834 | American Express Company | 2465229 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 3.0%** |  |
| 48830 | Cisco Systems, Inc. | $3569961 |
| 5710 | Motorola Solutions, Inc. | 2322314 |
|  |  | 5892275 |
|  | **TECHNOLOGY SERVICES - 1.9%** |  |
| 24371 | PayPal Holdings, Inc. | 1688179 |
| 4139 | S&P Global, Inc. | 2016562 |
|  |  | 3704741 |
|  | **TELECOMMUNICATIONS - 0.9%** |  |
| 45183 | Verizon Communications, Inc. | 1795572 |
|  | **TRANSPORTATION & LOGISTICS - 3.0%** |  |
| 76730 | CSX Corporation | 2763815 |
| 42543 | Delta Air Lines, Inc. | 2441117 |
| 15505 | Knight-Swift Transportation Holdings, Inc. | 699586 |
|  |  | 5904518 |
|  | **TOTAL COMMON STOCKS (Cost $118,252,689)** | 191173049 |
|  | **SHORT-TERM INVESTMENTS — 7.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.9%** |  |
| 9574743 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $9,574,743)<sup>(c),(d)</sup> | 9574743 |
|  | **MONEY MARKET FUNDS - 2.5%** |  |
| 4858435 | Invesco Treasury Portfolio, Institutional Class, 3.98% (Cost $4,858,435)<sup>(c)</sup> | 4858435 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,433,178)** | 14433178 |
|  | **TOTAL INVESTMENTS - 105.0% (Cost $132,685,867)** | $205606227 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0)%** | (9714031) |
|  | **NET ASSETS - 100.0%** | $195892196 |

---

See accompanying notes which are an integral part of these financial statements.

**DUNHAM LARGE CAP VALUE FUND<br> SCHEDULE OF INVESTMENTS (Continued)<br> October 31, 2025**

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

 <sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $9,429,582 at October 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $9,574,743 at October 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5%** |  |
|  | **AEROSPACE & DEFENSE - 1.2%** |  |
| 25847 | AerSale Corporation<sup>(a)</sup> | $191785 |
| 14475 | Ituran Location and Control Ltd. | 557432 |
| 4599 | Leonardo DRS, Inc. | 168139 |
| 5892 | TAT Technologies Ltd.<sup>(a),(b)</sup> | 247464 |
|  |  | 1164820 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.7%** |  |
| 79858 | Brilliant Earth Group, Inc. | 192458 |
| 3993 | Gildan Activewear, Inc.<sup>(b)</sup> | 232751 |
| 47193 | Under Armour, Inc., Class A<sup>(a)</sup> | 217560 |
|  |  | 642769 |
|  | **AUTOMOTIVE - 1.3%** |  |
| 8657 | Gentherm, Inc.<sup>(a)</sup> | 318578 |
| 202167 | Holley, Inc.<sup>(a)</sup> | 580219 |
| 20378 | Motorcar Parts of America, Inc.<sup>(a)</sup> | 347649 |
|  |  | 1246446 |
|  | **BANKING - 11.6%** |  |
| 25974 | Capital Bancorp, Inc. | 721947 |
| 14200 | Capital City Bank Group, Inc. | 552380 |
| 17237 | Central Pacific Financial Corporation | 491427 |
| 18615 | Dime Community Bancshares, Inc. | 488644 |
| 16548 | Enterprise Financial Services Corporation | 866618 |
| 3622 | Esquire Financial Holdings, Inc. | 339744 |
| 27494 | First BanCorporation<sup>(b)</sup> | 535858 |
| 32053 | Horizon Bancorp, Inc. | 500027 |
| 13271 | Independent Bank Corporation | 401050 |
| 17129 | National Bank Holdings Corporation, Class A | 610820 |
| 9229 | Northeast Bank | 796278 |
| 40943 | Northpointe Bancshares, Inc. | 648947 |
| 23012 | OceanFirst Financial Corporation | 418358 |
| 10556 | OFG Bancorp | 408095 |
| 13296 | Peapack-Gladstone Financial Corporation | 336389 |
| 3595 | Popular, Inc. | 400735 |
| 15473 | Prosperity Bancshares, Inc. | 1018432 |
| 13890 | Webster Financial Corporation  | 792286 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **BANKING - 11.6% (Continued)** |  |
| 20068 | WesBanco, Inc. | $604047 |
|  |  | 10932082 |
|  | **BIOTECH & PHARMA - 1.6%** |  |
| 37183 | Cytek Biosciences Inc<sup>(a)</sup> | 145014 |
| 4407 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 287292 |
| 29782 | Innoviva, Inc.<sup>(a)</sup> | 542032 |
| 7445 | PTC Therapeutics, Inc.<sup>(a)</sup> | 508568 |
|  |  | 1482906 |
|  | **CHEMICALS - 2.3%** |  |
| 8591 | Ashland, Inc. | 420100 |
| 11474 | Huntsman Corporation | 95005 |
| 7194 | Ingevity Corporation<sup>(a)</sup> | 386462 |
| 23878 | Koppers Holdings, Inc. | 673836 |
| 49917 | Kronos Worldwide, Inc. | 245592 |
| 45783 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 318192 |
|  |  | 2139187 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.0%** |  |
| 15044 | ABM Industries, Inc. | 646892 |
| 48504 | ADT, Inc. | 428775 |
| 20600 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 405614 |
| 6430 | ASGN, Inc.<sup>(a)</sup> | 287807 |
| 56821 | BrightView Holdings, Inc.<sup>(a)</sup> | 700035 |
| 15439 | First Advantage Corporation<sup>(a)</sup> | 194995 |
| 83690 | TrueBlue, Inc.<sup>(a)</sup> | 396691 |
| 12545 | V2X, Inc.<sup>(a)</sup> | 716194 |
|  |  | 3777003 |
|  | **CONSUMER SERVICES - 0.7%** |  |
| 24607 | Legacy Education, Inc.<sup>(a)</sup> | 222201 |
| 17824 | Matthews International Corporation, Class A | 417438 |
|  |  | 639639 |
|  | **CONTAINERS & PACKAGING - 0.2%** |  |
| 5127 | Sonoco Products Company | 208002 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.5%** |  |
| 8948 | Black Hills Corporation | $567572 |
| 2553 | IDACORP, Inc.<sup>(b)</sup> | 329388 |
| 6231 | Northwestern Energy Group, Inc. | 371804 |
| 11660 | Portland General Electric Company | 532629 |
| 11886 | Unitil Corporation | 579442 |
|  |  | 2380835 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 4440 | Allient, Inc. | 242779 |
| 1240 | Generac Holdings, Inc.<sup>(a)</sup> | 208345 |
| 6225 | Mesa Laboratories, Inc. | 447515 |
| 78852 | Stoneridge, Inc.<sup>(a)</sup> | 536982 |
|  |  | 1435621 |
|  | **ENGINEERING & CONSTRUCTION - 2.7%** |  |
| 4672 | Arcosa, Inc. | 476544 |
| 11335 | Bowman Consulting Group Ltd.<sup>(a)</sup> | 490692 |
| 2455 | MYR Group, Inc.<sup>(a)</sup> | 534454 |
| 43026 | Orion Group Holdings, Inc.<sup>(a)</sup> | 463390 |
| 8989 | Tutor Perini Corporation<sup>(a)</sup> | 605499 |
|  |  | 2570579 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 92542 | Reservoir Media, Inc.<sup>(a)</sup> | 703319 |
|  | **FOOD - 0.5%** |  |
| 6661 | BellRing Brands, Inc.<sup>(a)</sup> | 200696 |
| 24200 | Nomad Foods Ltd. | 273460 |
|  |  | 474156 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.5%** |  |
| 2566 | Louisiana-Pacific Corporation | 223524 |
| 2298 | UFP Industries, Inc. | 211715 |
|  |  | 435239 |
|  | **GAS & WATER UTILITIES - 1.8%** |  |
| 34038 | BKV Corporation<sup>(a)</sup> | 802956 |
| 14486 | RGC Resources, Inc. | 300005 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 1.8% (Continued)** |  |
| 6825 | Spire, Inc.<sup>(b)</sup> | $589680 |
|  |  | 1692641 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.5%** |  |
| 9053 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 194640 |
| 45215 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 409196 |
| 25589 | Joint Corporation (The)<sup>(a)</sup> | 201897 |
| 3476 | Option Care Health, Inc.<sup>(a)</sup> | 90480 |
| 104643 | Quipt Home Medical Corporation<sup>(a)</sup> | 256375 |
| 38396 | Viemed Healthcare, Inc.<sup>(a)</sup> | 248038 |
|  |  | 1400626 |
|  | **HOME CONSTRUCTION - 0.3%** |  |
| 4409 | Century Communities, Inc. | 261895 |
|  | **HOUSEHOLD PRODUCTS - 0.1%** |  |
| 100283 | Olaplex Holdings, Inc.<sup>(a)</sup> | 104294 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2%** |  |
| 4593 | Gibraltar Industries, Inc.<sup>(a)</sup> | 286557 |
| 55024 | Hillman Solutions Corporation<sup>(a)</sup> | 507321 |
| 3805 | Timken Company (The)<sup>(b)</sup> | 298731 |
|  |  | 1092609 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.9%** |  |
| 108252 | Custom Truck One Source, Inc.<sup>(a)</sup> | 637604 |
| 13892 | Titan Machinery, Inc.<sup>(a)</sup> | 227829 |
|  |  | 865433 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.3%** |  |
| 91028 | BGC Group, Inc., Class A | 831996 |
| 22403 | Perella Weinberg Partners<sup>(b)</sup> | 418488 |
|  |  | 1250484 |
|  | **INSURANCE - 3.3%** |  |
| 26573 | American Integrity Insurance Group, Inc.<sup>(a)</sup> | 633235 |
| 17704 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 424188 |
| 17385 | CNO Financial Group, Inc. | 695748 |
| 2049 | Hanover Insurance Group, Inc. (The) | 350133 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **INSURANCE - 3.3% (Continued)** |  |
| 7056 | Kemper Corporation | $317449 |
| 1699 | Primerica, Inc. | 441519 |
| 15569 | Tiptree, Inc. | 275727 |
|  |  | 3137999 |
|  | **INTERNET MEDIA & SERVICES - 1.5%** |  |
| 49671 | Blade Air Mobility, Inc., Class A<sup>(a)</sup> | 249845 |
| 6024 | Cargurus, Inc.<sup>(a)</sup> | 211563 |
| 33579 | Cars.com, Inc.<sup>(a)</sup> | 360638 |
| 9662 | IAC, Inc.<sup>(a)</sup> | 311310 |
| 96659 | TrueCar, Inc.<sup>(a)</sup> | 212650 |
| 6447 | Vivid Seats, Inc.<sup>(a),(b)</sup> | 80007 |
|  |  | 1426013 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 5963 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 87596 |
| 87734 | Denny's Corporation<sup>(a)</sup> | 343040 |
| 2925 | Wyndham Hotels & Resorts, Inc.<sup>(b)</sup> | 214783 |
|  |  | 645419 |
|  | **LEISURE PRODUCTS - 0.6%** |  |
| 107325 | Clarus Corporation | 358465 |
| 10090 | Fox Factory Holding Corporation<sup>(a)</sup> | 223090 |
|  |  | 581555 |
|  | **MACHINERY - 2.9%** |  |
| 9039 | CECO Environmental Corporation<sup>(a)</sup> | 441917 |
| 26116 | Enovis Corporation<sup>(a),(b)</sup> | 815863 |
| 7071 | Helios Technologies, Inc. | 391451 |
| 25122 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 255491 |
| 74113 | Ranpak Holdings Corporation<sup>(a)</sup> | 392799 |
| 3152 | Regal Rexnord Corporation<sup>(b)</sup> | 444085 |
|  |  | 2741606 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0%** |  |
| 39834 | CareDx, Inc.<sup>(a)</sup> | 597510 |
| 29317 | Carlsmed, Inc.<sup>(a)</sup> | 377896 |
| 5926 | Haemonetics Corporation<sup>(a)</sup> | 296359 |
| 34660 | Orthofix Medical, Inc.<sup>(a)</sup> | 535150 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0% (Continued)** |  |
| 8797 | Teleflex, Inc. | $1094964 |
|  |  | 2901879 |
|  | **METALS & MINING - 3.7%** |  |
| 9411 | Alcoa Corporation | 346231 |
| 55939 | Capstone Copper Corporation<sup>(a)</sup> | 499345 |
| 19347 | Century Aluminum Company<sup>(a),(b)</sup> | 573058 |
| 33832 | Constellium S.E.<sup>(a)</sup> | 532177 |
| 108850 | Ferroglobe PLC<sup>(b)</sup> | 527923 |
| 9584 | Hallador Energy Company<sup>(a)</sup> | 207302 |
| 98419 | Taseko Mines Ltd.<sup>(a)</sup> | 445838 |
| 7070 | Warrior Met Coal, Inc. | 479629 |
|  |  | 3611503 |
|  | **MULTI ASSET CLASS REIT - 0.6%** |  |
| 30989 | Broadstone Net Lease, Inc. | 555323 |
|  | **OIL & GAS PRODUCERS - 1.5%** |  |
| 10275 | Antero Resources Corporation<sup>(a)</sup> | 317600 |
| 4183 | Excelerate Energy, Inc., Class A | 108382 |
| 39801 | Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 456915 |
| 12785 | SM Energy Company<sup>(b)</sup> | 267079 |
| 8306 | Viper Energy, Inc., Class A | 311973 |
|  |  | 1461949 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 6.0%** |  |
| 17597 | Atlas Energy Solutions, Inc.<sup>(b)</sup> | 217851 |
| 23234 | Expro Group Holdings N.V.<sup>(a)</sup> | 315518 |
| 7690 | Kodiak Gas Services, Inc.<sup>(b)</sup> | 283607 |
| 22565 | Liberty Energy, Inc., Class A<sup>(b)</sup> | 408652 |
| 48763 | Matrix Service Company<sup>(a)</sup> | 732420 |
| 76914 | National Energy Services Reunited Corporation<sup>(a),(b)</sup> | 970655 |
| 14305 | Natural Gas Services Group, Inc. | 398251 |
| 59013 | NPK International, Inc.<sup>(a)</sup> | 725860 |
| 17491 | Select Water Solutions, Inc., Class A | 202196 |
| 2652 | Solaris Oilfield Infrastructure, Inc.<sup>(b)</sup> | 141166 |
| 112794 | TETRA Technologies, Inc.<sup>(a)</sup> | 796326 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 6.0% (Continued)** |  |
| 16288 | Thermon Group Holdings, Inc.<sup>(a)</sup> | $467954 |
|  |  | 5660456 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.6%** |  |
| 24924 | Legacy Housing Corporation<sup>(a)</sup> | 559668 |
|  | **REAL ESTATE SERVICES - 0.4%** |  |
| 20541 | Newmark Group, Inc., Class A | 366246 |
|  | **RESIDENTIAL REIT - 1.0%** |  |
| 8512 | Centerspace | 504336 |
| 35175 | UMH Properties, Inc.<sup>(b)</sup> | 511445 |
|  |  | 1015781 |
|  | **RETAIL - DISCRETIONARY - 2.6%** |  |
| 6491 | Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 310854 |
| 5793 | Advance Auto Parts, Inc.<sup>(b)</sup> | 273024 |
| 13210 | Bath & Body Works, Inc. | 323381 |
| 37557 | Driven Brands Holdings, Inc.<sup>(a)</sup> | 538943 |
| 2287 | Freshpet, Inc.<sup>(a),(b)</sup> | 112543 |
| 13023 | Monro, Inc. | 190787 |
| 30381 | National Vision Holdings, Inc.<sup>(a),(b)</sup> | 782311 |
|  |  | 2531843 |
|  | **RETAIL REIT - 3.2%** |  |
| 28189 | Alpine Income Property Trust, Inc. | 413815 |
| 33753 | Brixmor Property Group, Inc. | 882977 |
| 28227 | CTO Realty Growth, Inc. | 470826 |
| 27269 | Getty Realty Corporation | 747989 |
| 27016 | NETSTREIT Corporation<sup>(b)</sup> | 503038 |
|  |  | 3018645 |
|  | **SEMICONDUCTORS - 3.3%** |  |
| 21413 | Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 600848 |
| 1711 | Coherent Corp.<sup>(a)</sup> | 225784 |
| 5495 | Diodes, Inc.<sup>(a)</sup> | 293213 |
| 3357 | Onto Innovation, Inc.<sup>(a)</sup> | 453061 |
| 4322 | Semtech Corporation<sup>(a),(b)</sup> | 293291 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **SEMICONDUCTORS - 3.3% (Continued)** |  |
| 9465 | Silicon Motion Technology Corporation - ADR | $928611 |
| 4147 | Tower Semiconductor Ltd.<sup>(a)</sup> | 353200 |
|  |  | 3148008 |
|  | **SOFTWARE - 4.3%** |  |
| 2368 | Calix, Inc.<sup>(a)</sup> | 162019 |
| 14169 | Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 415435 |
| 269570 | Kaltura, Inc.<sup>(a),(b)</sup> | 417834 |
| 19308 | Phreesia, Inc.<sup>(a)</sup> | 437133 |
| 34247 | Teradata Corporation<sup>(a)</sup> | 714050 |
| 50886 | Upland Software, Inc.<sup>(a)</sup> | 105843 |
| 186990 | Vimeo, Inc.<sup>(a)</sup> | 1458521 |
| 75063 | VTEX<sup>(a),(b)</sup> | 337033 |
|  |  | 4047868 |
|  | **SPECIALTY FINANCE - 1.9%** |  |
| 6483 | EZCORP, Inc., Class A<sup>(a)</sup> | 118315 |
| 3046 | Federal Agricultural Mortgage Corporation, CLASS C | 483217 |
| 847 | FirstCash Holdings, Inc. | 134250 |
| 27834 | SLM Corporation | 747343 |
| 4930 | Stewart Information Services Corporation | 336571 |
|  |  | 1819696 |
|  | **STEEL - 2.9%** |  |
| 71045 | Algoma Steel Group, Inc. | 296258 |
| 8041 | Commercial Metals Company | 477314 |
| 38408 | Metallus, Inc.<sup>(a)</sup> | 675596 |
| 11132 | Northwest Pipe Company<sup>(a)</sup> | 669701 |
| 60247 | thyssenkrupp A.G. | 630319 |
|  |  | 2749188 |
|  | **TECHNOLOGY HARDWARE - 2.0%** |  |
| 10503 | Crane NXT Company | 664315 |
| 82159 | NCR Voyix Corporation<sup>(a)</sup> | 937434 |
| 18943 | RADCOM Ltd.<sup>(a)</sup> | 260466 |
|  |  | 1862215 |
|  | **TECHNOLOGY SERVICES - 1.1%** |  |
| 9507 | MAXIMUS, Inc. | 790222 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.1% (Continued)** |  |
| 38918 | Priority Technology Holdings, Inc.<sup>(a)</sup> | $270869 |
|  |  | 1061091 |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 166451 | 8x8, Inc.<sup>(a)</sup> | 306270 |
| 30362 | Ooma, Inc.<sup>(a)</sup> | 340965 |
|  |  | 647235 |
|  | **TRANSPORTATION & LOGISTICS - 8.0%** |  |
| 4335 | Allegiant Travel Company<sup>(a)</sup> | 269550 |
| 58462 | Ardmore Shipping Corporation | 736038 |
| 36472 | Covenant Logistics Group, Inc., Class A | 735640 |
| 32607 | DHT Holdings, Inc. | 433021 |
| 25885 | Frontier Group Holdings, Inc.<sup>(a),(b)</sup> | 99916 |
| 11848 | GXO Logistics, Inc.<sup>(a),(b)</sup> | 665976 |
| 9260 | Hub Group, Inc., Class A | 341046 |
| 15728 | Knight-Swift Transportation Holdings, Inc. | 709647 |
| 80279 | Proficient Auto Logistics, Inc.<sup>(a),(b)</sup> | 600487 |
| 106949 | Radiant Logistics, Inc.<sup>(a)</sup> | 647041 |
| 10460 | Scorpio Tankers, Inc. | 645382 |
| 25651 | Star Bulk Carriers Corporation | 482752 |
| 60773 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 746293 |
| 9052 | Teekay Tankers Ltd., Class A | 552172 |
|  |  | 7664961 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.4%** |  |
| 28036 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 381570 |
|  | **WHOLESALE - DISCRETIONARY - 0.2%** |  |
| 23876 | Hudson Technologies, Inc.<sup>(a)</sup> | 216675 |
|  | **TOTAL COMMON STOCKS (Cost $80,110,267)** | 90714977 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 15.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 11.0%** |  |
| 10397495 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $10,397,495)<sup>(c),(d)</sup> | $10397495 |
|  | **MONEY MARKET FUNDS - 4.6%** |  |
| 4390441 | Fidelity Government Portfolio, Institutional, 4.02% (Cost $4,390,441)<sup>(c)</sup> | 4390441 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,787,936)** | 14787936 |
|  | **TOTAL INVESTMENTS - 111.1% (Cost $94,898,203)** | $105502913 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.1)%** | (10551212) |
|  | **NET ASSETS - 100.0%** | $94951701 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $10,126,051 at October 31, 2025. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $10,397,495 at October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3%** |  |
|  | **ADVERTISING & MARKETING - 0.8%** |  |
| 34928 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $1756180 |
|  | **AEROSPACE & DEFENSE - 1.2%** |  |
| 12701 | Howmet Aerospace, Inc. | 2615771 |
|  | **ASSET MANAGEMENT - 2.7%** |  |
| 39547 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 5804709 |
|  | **BIOTECH & PHARMA - 1.1%** |  |
| 2835 | Eli Lilly & Company | 2446208 |
|  | **E-COMMERCE DISCRETIONARY - 10.7%** |  |
| 67565 | Amazon.com, Inc.<sup>(a)</sup> | 16500724 |
| 2681 | MercadoLibre, Inc.<sup>(a)</sup> | 6239384 |
|  |  | 22740108 |
|  | **ELECTRICAL EQUIPMENT - 1.3%** |  |
| 19884 | Amphenol Corporation, Class A | 2770637 |
|  | **HOUSEHOLD PRODUCTS - 0.9%** |  |
| 16305 | elf Beauty, Inc.<sup>(a)</sup> | 1991493 |
|  | **INTERNET MEDIA & SERVICES - 14.1%** |  |
| 16404 | Alphabet, Inc., Class C | 4622975 |
| 19303 | Meta Platforms, Inc., Class A | 12515099 |
| 7065 | Netflix, Inc.<sup>(a)</sup> | 7904746 |
| 52501 | Uber Technologies, Inc.<sup>(a)</sup> | 5066347 |
|  |  | 30109167 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 2600 | Axon Enterprise, Inc.<sup>(a)</sup> | 1903798 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.9%** |  |
| 35843 | DexCom, Inc.<sup>(a)</sup> | 2086779 |
| 9747 | Insulet Corporation<sup>(a)</sup> | 3050908 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.9% (Continued)** |  |
| 13832 | Intuitive Surgical, Inc.<sup>(a)</sup> | $7390162 |
|  |  | 12527849 |
|  | **SEMICONDUCTORS - 13.4%** |  |
| 25961 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 6649131 |
| 34077 | Marvell Technology, Inc. | 3194378 |
| 92202 | NVIDIA Corporation | 18669983 |
|  |  | 28513492 |
|  | **SOFTWARE - 32.9%** |  |
| 13977 | Cadence Design Systems, Inc.<sup>(a)</sup> | 4733870 |
| 12645 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 6866361 |
| 5190 | Intuit, Inc. | 3464585 |
| 27981 | Microsoft Corporation | 14488841 |
| 16770 | Oracle Corporation | 4403970 |
| 21731 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 4356414 |
| 24385 | Palo Alto Networks, Inc.<sup>(a),(b)</sup> | 5370552 |
| 14294 | ServiceNow, Inc.<sup>(a)</sup> | 13140188 |
| 45445 | Shopify, Inc., Class A<sup>(a)</sup> | 7901068 |
| 18995 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 5531344 |
|  |  | 70257193 |
|  | **TECHNOLOGY HARDWARE - 2.6%** |  |
| 35354 | Arista Networks, Inc.<sup>(a)</sup> | 5574972 |
|  | **TECHNOLOGY SERVICES - 9.8%** |  |
| 10048 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 3454302 |
| 20970 | Mastercard, Inc., Class A | 11575231 |
| 17066 | Visa, Inc., Class A | 5815069 |
|  |  | 20844602 |
|  | **TOTAL COMMON STOCKS (Cost $88,564,170)** | 209856179 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.2%** |  |
| 2583900 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $2,583,900)<sup>(c),(d)</sup> | $2583900 |
|  | **MONEY MARKET FUND - 1.3%** |  |
| 2682701 | STIT - Treasury Obligations Portfolio, 3.86% (Cost $2,682,701)<sup>(d)</sup> | 2682701 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,266,601)** | 5266601 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $93,830,771)** | $215122780 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | (1772398) |
|  | **NET ASSETS - 100.0%** | $213350382 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $2,554,784 at October 31, 2025. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $2,583,900 at October 31, 2025. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2%** |  |
|  | **AEROSPACE & DEFENSE - 3.5%** |  |
| 18326 | Hexcel Corporation<sup>(b)</sup> | $1308476 |
| 11558 | Mercury Systems, Inc.<sup>(a)</sup> | 894705 |
| 1768 | Teledyne Technologies, Inc.<sup>(a)</sup> | 931418 |
|  |  | 3134599 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.6%** |  |
| 39054 | Canada Goose Holdings, Inc.<sup>(a),(b)</sup> | 544022 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 5748 | Modine Manufacturing Company<sup>(a),(b)</sup> | 880651 |
|  | **BANKING - 3.5%** |  |
| 68004 | Fulton Financial Corporation | 1181229 |
| 23278 | Glacier Bancorp, Inc. | 950906 |
| 32742 | Seacoast Banking Corporation of Florida | 992083 |
|  |  | 3124218 |
|  | **BIOTECH & PHARMA - 7.2%** |  |
| 57757 | Anavex Life Sciences Corporation<sup>(a),(b)</sup> | 460323 |
| 6794 | Arcellx, Inc.<sup>(a),(b)</sup> | 613159 |
| 59610 | Capricor Therapeutics, Inc.<sup>(a),(b)</sup> | 388061 |
| 93102 | Certara, Inc.<sup>(a)</sup> | 1082776 |
| 35948 | Denali Therapeutics, Inc.<sup>(a),(b)</sup> | 585233 |
| 6674 | GRAIL, Inc.<sup>(a)</sup> | 613541 |
| 6958 | Guardant Health, Inc.<sup>(a),(b)</sup> | 647233 |
| 43238 | Olema Pharmaceuticals, Inc. | 387845 |
| 47131 | Roivant Sciences Ltd.<sup>(a),(b)</sup> | 942149 |
| 21095 | Structure Therapeutics, Inc. - ADR<sup>(a),(b)</sup> | 702885 |
|  |  | 6423205 |
|  | **CHEMICALS - 1.2%** |  |
| 225169 | Codexis, Inc.<sup>(a)</sup> | 533651 |
| 5469 | Sensient Technologies Corporation | 515672 |
|  |  | 1049323 |
|  | **CONSTRUCTION MATERIALS - 1.0%** |  |
| 6328 | Advanced Drainage Systems, Inc. | 886236 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **CONSUMER SERVICES - 0.9%** |  |
| 27686 | Universal Technical Institute, Inc.<sup>(a)</sup> | $822828 |
|  | **ELECTRICAL EQUIPMENT - 9.1%** |  |
| 4624 | Advanced Energy Industries, Inc. | 937424 |
| 8241 | Belden, Inc. | 1004166 |
| 5279 | Bloom Energy Corporation, Class A<sup>(a),(b)</sup> | 697673 |
| 6052 | BWX Technologies, Inc. | 1292767 |
| 90199 | Mirion Technologies, Inc.<sup>(a),(b)</sup> | 2649144 |
| 16769 | nLight, Inc.<sup>(a)</sup> | 553545 |
| 2920 | Powell Industries, Inc.<sup>(a),(b)</sup> | 1119498 |
|  |  | 8254217 |
|  | **ENGINEERING & CONSTRUCTION - 3.7%** |  |
| 2000 | Comfort Systems USA, Inc. | 1931160 |
| 3255 | Installed Building Products, Inc.<sup>(b)</sup> | 807989 |
| 1510 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 570629 |
|  |  | 3309778 |
|  | **ENTERTAINMENT CONTENT - 1.1%** |  |
| 31470 | IMAX Corporation<sup>(a),(b)</sup> | 1022460 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.1%** |  |
| 7123 | Addus HomeCare Corporation<sup>(a)</sup> | 832607 |
| 67422 | Ardent Health Partners, Inc.<sup>(a),(b)</sup> | 981665 |
| 13859 | RadNet, Inc.<sup>(a),(b)</sup> | 1053146 |
| 55080 | SI-BONE, Inc.<sup>(a)</sup> | 816836 |
| 40269 | Surgery Partners, Inc.<sup>(a)</sup> | 883099 |
|  |  | 4567353 |
|  | **HOME CONSTRUCTION - 3.0%** |  |
| 1024 | Cavco Industries, Inc.<sup>(a)</sup> | 542515 |
| 19226 | Century Communities, Inc. | 1142024 |
| 15069 | Champion Homes, Inc.<sup>(a)</sup> | 1028158 |
|  |  | 2712697 |
|  | **HOUSEHOLD PRODUCTS - 1.6%** |  |
| 7099 | elf Beauty, Inc.<sup>(a)</sup> | 867072 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 1.6% (Continued)** |  |
| 7075 | Interparfums, Inc. | $630736 |
|  |  | 1497808 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.0%** |  |
| 18037 | Xometry, Inc., Class A<sup>(a)</sup> | 878222 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.1%** |  |
| 8890 | AZZ, Inc. | 887667 |
| 2361 | Valmont Industries, Inc. | 976108 |
|  |  | 1863775 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.7%** |  |
| 2100 | Applied Industrial Technologies, Inc. | 539889 |
| 7114 | Herc Holdings, Inc. | 1010544 |
|  |  | 1550433 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.6%** |  |
| 2044 | Evercore, Inc., Class A | 602081 |
| 5548 | Houlihan Lokey, Inc. | 993536 |
| 16280 | Moelis & Company, Class A | 1031012 |
| 54652 | Perella Weinberg Partners<sup>(b)</sup> | 1020899 |
| 4633 | Tradeweb Markets, Inc., Class A | 488272 |
|  |  | 4135800 |
|  | **LEISURE FACILITIES & SERVICES - 2.7%** |  |
| 74545 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 899013 |
| 48333 | OneSpaWorld Holdings Ltd.<sup>(b)</sup> | 1124708 |
| 2184 | Texas Roadhouse, Inc. | 357259 |
|  |  | 2380980 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 1142 | Axon Enterprise, Inc.<sup>(a)</sup> | 836207 |
|  | **MACHINERY - 3.6%** |  |
| 18617 | CECO Environmental Corporation<sup>(a)</sup> | 910185 |
| 2066 | ESCO Technologies, Inc. | 453425 |
| 15342 | Flowserve Corporation | 1047092 |
| 5045 | MSA Safety, Inc. | 792216 |
|  |  | 3202918 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.1%** |  |
| 82929 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | $1439648 |
| 11068 | Alphatec Holdings, Inc.<sup>(a)</sup> | 210181 |
| 71143 | AngioDynamics, Inc.<sup>(a)</sup> | 855850 |
| 22711 | Establishment Labs Holdings, Inc.<sup>(a),(b)</sup> | 1088992 |
| 6492 | Repligen Corporation<sup>(a),(b)</sup> | 967698 |
|  |  | 4562369 |
|  | **METALS & MINING - 0.7%** |  |
| 1816 | Centrus Energy Corporation, Class A<sup>(a),(b)</sup> | 667307 |
|  | **OIL & GAS PRODUCERS - 0.4%** |  |
| 1683 | Cheniere Energy, Inc. | 356796 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.0%** |  |
| 25415 | Kodiak Gas Services, Inc.<sup>(b)</sup> | 937305 |
|  | **RENEWABLE ENERGY - 1.7%** |  |
| 22296 | Ameresco, Inc., Class A<sup>(a)</sup> | 881138 |
| 27437 | Fluence Energy, Inc.<sup>(a),(b)</sup> | 576177 |
|  |  | 1457315 |
|  | **RETAIL - CONSUMER STAPLES - 1.0%** |  |
| 7101 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a),(b)</sup> | 857872 |
|  | **RETAIL - DISCRETIONARY - 1.6%** |  |
| 4442 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 842426 |
| 23811 | National Vision Holdings, Inc.<sup>(a),(b)</sup> | 613133 |
|  |  | 1455559 |
|  | **SEMICONDUCTORS - 7.3%** |  |
| 27307 | Aehr Test Systems<sup>(a),(b)</sup> | 709709 |
| 28741 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 859931 |
| 3669 | FormFactor, Inc.<sup>(a)</sup> | 201612 |
| 11532 | Lattice Semiconductor Corporation<sup>(a)</sup> | 841375 |
| 530 | Monolithic Power Systems, Inc. | 532650 |
| 9127 | Onto Innovation, Inc.<sup>(a)</sup> | 1231779 |
| 4303 | SiTime Corporation<sup>(a)</sup> | 1246320 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.3% (Continued)** |  |
| 23307 | SkyWater Technology, Inc.<sup>(a),(b)</sup> | $407523 |
| 6374 | Tower Semiconductor Ltd.<sup>(a)</sup> | 542874 |
|  |  | 6573773 |
|  | **SOFTWARE - 14.9%** |  |
| 68653 | Alignment Healthcare, Inc.<sup>(a)</sup> | 1157490 |
| 11760 | BILL Holdings, Inc.<sup>(a)</sup> | 584002 |
| 13339 | Box, Inc., Class A<sup>(a)</sup> | 428049 |
| 65072 | Clearwater Analytics Holdings, Inc., Class A<sup>(a),(b)</sup> | 1197976 |
| 5834 | CommVault Systems, Inc.<sup>(a)</sup> | 812209 |
| 33209 | Confluent, Inc., Class A<sup>(a)</sup> | 776094 |
| 15257 | Dynatrace, Inc.<sup>(a)</sup> | 771546 |
| 21523 | Gitlab, Inc., Class A<sup>(a),(b)</sup> | 1049246 |
| 13260 | JFrog Ltd.<sup>(a)</sup> | 629585 |
| 3041 | MongoDB, Inc.<sup>(a)</sup> | 1094213 |
| 12513 | Oddity Tech Ltd.<sup>(a),(b)</sup> | 566213 |
| 14378 | Omnicell, Inc.<sup>(a)</sup> | 482669 |
| 43731 | Privia Health Group, Inc.<sup>(a)</sup> | 1062663 |
| 15969 | Procore Technologies, Inc.<sup>(a)</sup> | 1178832 |
| 10360 | Q2 Holdings, Inc.<sup>(a)</sup> | 639834 |
| 32021 | UiPath, Inc., Class A<sup>(a)</sup> | 507853 |
| 19840 | Vertex, Inc., Class A<sup>(a),(b)</sup> | 454336 |
|  |  | 13392810 |
|  | **STEEL - 0.7%** |  |
| 5950 | ATI, Inc.<sup>(a)</sup> | 588872 |
|  | **TECHNOLOGY HARDWARE - 1.2%** |  |
| 2418 | Fabrinet<sup>(a),(b)</sup> | 1065298 |
|  | **TECHNOLOGY SERVICES - 0.5%** |  |
| 10745 | Figure Technology Solutions, Inc.<sup>(a)</sup> | 425502 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 3100 | Saia, Inc.<sup>(a)</sup> | $906750 |
|  | **TOTAL COMMON STOCKS (Cost $64,867,518)** | 86325258 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 30.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 26.9%** |  |
| 24107064 | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $24,107,064)<sup>(c),(d)</sup> | 24107064 |
|  | **MONEY MARKET FUND - 4.0%** |  |
| 3558808 | Fidelity Investments Money Market Government Portfolio, Class I, 4.02% (Cost $3,558,808)<sup>(d)</sup> | 3558808 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $27,665,872)** | 27665872 |
|  | **TOTAL INVESTMENTS - 127.1% (Cost $92,533,390)** | $113991130 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (27.1)%** | (24329352) |
|  | **NET ASSETS - 100.0%** | $89661778 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $23,715,124 at October 31, 2025. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $24,107,064 at October 31, 2025. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 1.0%** |  |
|  | **MIXED ALLOCATION - 1.0%** |  |
| 128764 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> | $1280713 |
|  | **TOTAL CLOSED END FUNDS (Cost $803,103)** | 1280713 |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **AEROSPACE & DEFENSE - 2.6%** |  |
| 287356 | Bharat Electronics Ltd. | 1378158 |
| 1924 | Hanwha Aerospace Company Ltd. | 1316126 |
| 2291 | LIG Nex1 Company Ltd. | 832280 |
|  |  | 3526564 |
|  | **ASSET MANAGEMENT - 4.4%** |  |
| 118262 | 360 ONE WAM Ltd. | 1439495 |
| 13800 | Futu Holdings Ltd. - ADR<sup>(b)</sup> | 2746752 |
| 9676 | SK Square Company Ltd.<sup>(a)</sup> | 1751563 |
|  |  | 5937810 |
|  | **BANKING - 9.1%** |  |
| 152062 | Abu Dhabi Islamic Bank PJSC | 873732 |
| 155750 | Bank of the Philippine Islands | 279660 |
| 31589 | Bank Polska Kasa Opieki S.A. | 1617282 |
| 253214 | BDO Unibank, Inc. | 575879 |
| 228931 | FirstRand Ltd. | 1086571 |
| 68400 | Grupo Financiero Banorte SAB de CV | 642097 |
| 62978 | HDFC Bank Ltd. - ADR | 2281063 |
| 94184 | HDFC Bank Ltd. | 1047387 |
| 8213 | OTP Bank Nyrt | 783911 |
| 1909900 | Public Bank Bhd | 1921170 |
| 62907 | Woori Financial Group, Inc. | 1116802 |
|  |  | 12225554 |
|  | **BANKS - 1.0%** |  |
| 16483 | KB Financial Group, Inc. | 1341903 |
|  | **BEVERAGES - 0.4%** |  |
| 19800 | Heineken Malaysia Bhd | 100631 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **BEVERAGES - 0.4% (Continued)** |  |
| 90548 | Varun Beverages Ltd. | $478569 |
|  |  | 579200 |
|  | **E-COMMERCE DISCRETIONARY - 4.6%** |  |
| 286541 | Alibaba Group Holding Ltd. | 6097133 |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.7%** |  |
| 274000 | Hon Hai Precision Industry Company Ltd. | 2275485 |
|  | **ENGINEERING & CONSTRUCTION - 4.7%** |  |
| 1016900 | Gamuda Bhd | 1220317 |
| 244667 | Indus Towers Ltd.<sup>(a)</sup> | 1002788 |
| 37915 | Larsen & Toubro Ltd. | 1720651 |
| 13889 | Samsung C&T Corporation | 2191966 |
|  |  | 6135722 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 2100 | Sea Ltd. - ADR<sup>(a)</sup> | 328125 |
|  | **FOOD - 0.4%** |  |
| 38100 | JBS N.V., Class A<sup>(a)</sup> | 503301 |
|  | **GAS & WATER UTILITIES - 1.1%** |  |
| 3900 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 95706 |
| 56800 | Cia de Saneamento Basico do Estado de Sao Paulo | 1396086 |
|  |  | 1491792 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.5%** |  |
| 213155 | Max Healthcare Institute Ltd. | 2756511 |
| 416000 | Wuxi Biologics Cayman, Inc.<sup>(a)</sup> | 1940231 |
|  |  | 4696742 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 468349 | Talaat Moustafa Group | 570156 |
|  | **HOUSEHOLD PRODUCTS - 0.6%** |  |
| 65700 | Mao Geping Cosmetics Company Ltd. | 758822 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.7%** |  |
| 14673 | Metlen Energy & Metals plc<sup>(a)</sup> | $744221 |
| 213000 | Neway Valve Suzhou Company Ltd. | 1570997 |
|  |  | 2315218 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.1%** |  |
| 26000 | Hong Kong Exchanges & Clearing Ltd. | 1417052 |
|  | **INSURANCE - 2.7%** |  |
| 168000 | AIA Group Ltd. | 1634736 |
| 806000 | PICC Property & Casualty Company Ltd., H Shares | 1904163 |
|  |  | 3538899 |
|  | **INTERNET MEDIA & SERVICES - 11.0%** |  |
| 216310 | Grab Holdings Ltd.<sup>(a),(b)</sup> | 1300023 |
| 13028 | Naspers Ltd. | 915109 |
| 102200 | Tencent Holdings Ltd. | 8301338 |
| 102400 | Tencent Music Entertainment Group - ADR | 2285568 |
| 25050 | Trip.com Group Ltd. | 1762775 |
|  |  | 14564813 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 161220 | Jollibee Foods Corporation | 594894 |
| 377479 | Lemon Tree Hotels Ltd. <sup>(a)</sup> | 702383 |
| 59942 | OPAP S.A. | 1240298 |
|  |  | 2537575 |
|  | **METALS & MINING - 4.3%** |  |
| 11800 | Aura Minerals, Inc. | 381494 |
| 1955000 | CGN Mining Company Ltd. | 983952 |
| 204800 | Chifeng Jilong Gold Mining Company Ltd. | 753542 |
| 27865 | Gold Fields Ltd. | 1074453 |
| 113100 | Grupo Mexico S.A.B. de C.V., Class B | 975880 |
| 58900 | Vale S.A. - ADR<sup>(b)</sup> | 712101 |
| 202000 | Zijin Mining Group Company Ltd., H Shares | 835663 |
|  |  | 5717085 |
|  | **OIL & GAS PRODUCERS - 0.6%** |  |
| 376189 | Gazprom PJSC<sup>(a),(c),(d)</sup> |  |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 0.6% (Continued)** |  |
| 15300 | Vista Energy S.A.B. de C.V. - ADR<sup>(a),(b)</sup> | $741285 |
|  |  | 741285 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.7%** |  |
| 606279 | ADNOC Drilling Company PJSC | 921030 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.0%** |  |
| 1104800 | Ayala Land, Inc. | 374150 |
| 170000 | Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 962842 |
|  |  | 1336992 |
|  | **RENEWABLE ENERGY - 1.7%** |  |
| 41700 | Contemporary Amperex Technology Company Ltd. | 2278670 |
|  | **RETAIL - CONSUMER STAPLES - 0.0%<sup>(e)</sup>** |  |
| 8512 | Magnit PJSC<sup>(a),(c),(d)</sup> |  |
|  | **RETAIL - DISCRETIONARY - 2.0%** |  |
| 237 | LPP S.A. | 1150348 |
| 261100 | Vivara Participacoes S.A. | 1515698 |
|  |  | 2666046 |
|  | **SEMICONDUCTORS - 16.1%** |  |
| 11106 | SK Hynix, Inc. | 4309506 |
| 356608 | Taiwan Semiconductor Manufacturing Company Ltd. | 17219124 |
|  |  | 21528630 |
|  | **SPECIALTY FINANCE - 0.7%** |  |
| 41463 | Cholamandalam Investment and Finance Company Ltd. | 792488 |
| 7700 | Qifu Technology, Inc. - ADR | 185955 |
|  |  | 978443 |
|  | **TECHNOLOGY HARDWARE - 13.6%** |  |
| 114099 | Accton Technology Corporation | 3961930 |
| 86000 | Asia Vital Components Co., Ltd. | 3931129 |
| 31000 | Delta Electronics, Inc. | 995558 |
| 81029 | Samsung Electronics Company Ltd. | 6082947 |
| 10000 | Wiwynn Corporation | 1408044 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 13.6% (Continued)** |  |
| 323600 | Xiaomi Corporation, Class B<sup>(a)</sup> | $1795275 |
|  |  | 18174883 |
|  | **TECHNOLOGY SERVICES - 0.6%** |  |
| 3229 | Elm Company | 816867 |
|  | **TELECOMMUNICATIONS - 2.7%** |  |
| 115449 | Bharti Airtel Ltd. | 2673791 |
| 89100 | Vnet Group, Inc. - ADR<sup>(a),(b)</sup> | 926640 |
|  |  | 3600431 |
|  | **TRANSPORTATION EQUIPMENT - 0.8%** |  |
| 13321 | Eicher Motors Ltd. | 1050697 |
|  | **TOTAL COMMON STOCKS (Cost $84,979,821)** | 130652925 |
|  | **PREFERRED STOCKS — 1.6%** |  |
|  | **TECHNOLOGY HARDWARE — 1.6%** |  |
| 35311 | Samsung Electronics Company Ltd. | 2078203 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,580,983)** | 2078203 |
|  | **SHORT-TERM INVESTMENTS — 4.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.2%** |  |
| 5537396 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $5,537,396)<sup>(f),(g)</sup> | 5537396 |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 854792 | First American Government Obligations Fund, Class X, 4.06% (Cost $854,792)<sup>(g)</sup> | 854792 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,392,188)** | 6392188 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 105.3% (Cost $93,756,095)** | $140404029 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.3)%** | (7051140) |
|  | **NET ASSETS - 100.0%** | $133352889 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $5,551,472 at October 31, 2025. |
| <sup>(c)</sup> | Illiquid security. |
| <sup>(d)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
| <sup>(e)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(f)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $5,537,396 at October 31, 2025. |
| <sup>(g)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **AEROSPACE & DEFENSE - 2.5%** |  |
| 5586 | Airbus S.E. | $1377451 |
| 190 | Dassault Aviation S.A. | 61231 |
| 1800 | Embraer S.A. | 29136 |
| 166 | Hanwha Aerospace Company Ltd. | 113553 |
| 2185 | Leonardo SpA | 128564 |
| 3161 | MTU Aero Engines A.G. | 1381542 |
| 39911 | Rolls-Royce Holdings plc | 614166 |
| 1968 | Safran S.A. | 699320 |
|  |  | 4404963 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.2%** |  |
| 817 | Adidas A.G. | 154492 |
| 2600 | Asics Corporation | 66208 |
| 2000 | Birkenstock Holding plc<sup>(a)</sup> | 79820 |
|  |  | 300520 |
|  | **ASSET MANAGEMENT - 2.6%** |  |
| 86 | Futu Holdings Ltd. - ADR<sup>(b)</sup> | 17117 |
| 11500 | Industrivarden A.B., C Shares | 477010 |
| 25896 | Investor A.B., B Shares | 852631 |
| 1207 | Julius Baer Group Ltd. | 81493 |
| 458 | SK Square Company Ltd.<sup>(a)</sup> | 82908 |
| 36338 | UBS Group A.G. | 1392205 |
| 92176 | XP, Inc., Class A<sup>(b)</sup> | 1679446 |
|  |  | 4582810 |
|  | **AUTOMOTIVE - 2.9%** |  |
| 286 | Aumovio S.E.<sup>(a)</sup> | 12297 |
| 572 | Continental A.G. | 43711 |
| 84000 | Honda Motor Company Ltd. | 849025 |
| 4244 | Hyundai Mobis Company Ltd. | 935953 |
| 1761 | Kia Corporation | 147308 |
| 2826 | Magna International, Inc.<sup>(b)</sup> | 133507 |
| 45510 | Magna International, Inc. | 2148528 |
| 4752 | Mercedes-Benz Group A.G. | 308355 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **AUTOMOTIVE - 2.9% (Continued)** |  |
| 205 | Rheinmetall A.G. | $403016 |
|  |  | 4981700 |
|  | **BANKING - 16.9%** |  |
| 2920 | ABN AMRO Bank N.V. | 87252 |
| 24803 | Abu Dhabi Commercial Bank PJSC | 97306 |
| 89854 | Abu Dhabi Islamic Bank PJSC | 516292 |
| 143000 | Agricultural Bank of China Ltd., H Shares | 109090 |
| 17316 | AIB Group plc | 159602 |
| 7988 | Al Rajhi Bank | 225774 |
| 27239 | Alpha Bank S.A. | 106791 |
| 7148 | Banca Monte dei Paschi di Siena SpA | 62696 |
| 30481 | Banco Bilbao Vizcaya Argentaria S.A. | 614120 |
| 5277 | Banco BPM SpA | 76889 |
| 24156 | Banco de Sabadell S.A. | 90565 |
| 72800 | Banco do Brasil S.A. | 297165 |
| 85730 | Banco Santander S.A. | 873672 |
| 6714 | Bank Hapoalim BM | 136180 |
| 8455 | Bank Leumi Le-Israel BM | 171605 |
| 4202000 | Bank of China Ltd., H Shares | 2379317 |
| 229387 | Bank of Ireland Group PLC | 3756032 |
| 491 | Bank Polska Kasa Opieki S.A. | 25138 |
| 3358 | Bankinter S.A. | 50623 |
| 95786 | Barclays plc - ADR | 2058442 |
| 79615 | Barclays PLC | 427013 |
| 31712 | BNK Financial Group, Inc. | 306160 |
| 42074 | BNP Paribas S.A. | 3259217 |
| 325500 | BOC Hong Kong Holdings Ltd. | 1599389 |
| 20483 | CaixaBank S.A. | 216517 |
| 475 | Capitec Bank Holdings Ltd. | 105101 |
| 45000 | China CITIC Bank Corp Ltd., H Shares | 42934 |
| 443000 | China Construction Bank Corporation, H Shares | 438581 |
| 116000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | 95389 |
| 339 | Credicorp Ltd. | 88479 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **BANKING - 16.9% (Continued)** |  |
| 3867 | Danske Bank A/S | $172818 |
| 74926 | Emirates NBD Bank PJSC | 573200 |
| 1178 | Erste Group Bank A.G. | 122037 |
| 7170 | Eurobank Ergasias Services and Holdings S.A., Class A | 26973 |
| 6555 | FinecoBank Banca Fineco SpA | 149991 |
| 20336 | First Abu Dhabi Bank PJSC | 96531 |
| 27735 | FirstRand Ltd. | 131638 |
| 75796 | Grupo Cibest S.A. | 1227744 |
| 6455 | Grupo Financiero Banorte S.A.B. de C.V. - ADR | 303256 |
| 12700 | Grupo Financiero Banorte SAB de CV | 119220 |
| 1 | Haci Omer Sabanci Holding A/S | 1 |
| 10225 | Hana Financial Group, Inc. | 610897 |
| 20800 | Hang Seng Bank Ltd. | 405488 |
| 4600 | Huaxia Bank Company Ltd. | 4401 |
| 1348000 | Industrial & Commercial Bank of China Ltd., H Shares | 1044412 |
| 35197 | ING Groep N.V. | 878925 |
| 110337 | Intesa Sanpaolo SpA | 711214 |
| 6727 | Israel Discount Bank Ltd., Class A | 67229 |
| 32900 | Itau Unibanco Holding S.A. | 214714 |
| 8000 | Japan Post Bank Company Ltd. | 89642 |
| 5000 | Kasikornbank PCL | 28771 |
| 115200 | Krung Thai Bank PCL | 96832 |
| 321737 | Lloyds Banking Group plc - ADR<sup>(b)</sup> | 1515381 |
| 354766 | Lloyds Banking Group PLC | 415948 |
| 700 | Mizrahi Tefahot Bank Ltd. | 45513 |
| 4952 | National Bank of Greece S.A. | 72793 |
| 16287 | Nordea Bank Abp | 278486 |
| 1218 | OTP Bank Nyrt | 116255 |
| 4500 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 92257 |
| 17423 | Qatar National Bank QPSC | 88625 |
| 923 | Santander Bank Polska S.A. | 121546 |
| 775890 | Sberbank of Russia PJSC<sup>(a),(c),(d)</sup> |  |
| 24500 | SCB X PCL | 99054 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **BANKING - 16.9% (Continued)** |  |
| 2831 | Shinhan Financial Group Company Ltd. | $145011 |
| 3214 | Societe Generale S.A. | 203850 |
| 1 | Turkiye Is Bankasi A/S | 0 |
| 6731 | UniCredit SpA | 498446 |
| 1284860000 | VTB Bank PJSC<sup>(a),(c),(d)</sup> |  |
| 2347 | Woori Financial Group, Inc. | 41667 |
|  |  | 29284097 |
|  | **BANKS - 0.6%** |  |
| 12641 | KB Financial Group, Inc. | 1029120 |
|  | **BEVERAGES - 0.3%** |  |
| 17500 | Kirin Holdings Company Ltd. | 246103 |
| 13600 | Yakult Honsha Company Ltd. | 203607 |
|  |  | 449710 |
|  | **BIOTECH & PHARMA - 2.3%** |  |
| 10400 | Astellas Pharma, Inc. | 108865 |
| 1693 | AstraZeneca PLC | 279617 |
| 2163 | CSL Ltd. | 252093 |
| 18700 | Daiichi Sankyo Company Ltd. | 446717 |
| 2734 | Genmab A/S - ADR<sup>(a),(b)</sup> | 78220 |
| 291 | Genmab A/S<sup>(a)</sup> | 82996 |
| 22988 | Grifols S.A. | 213684 |
| 1003 | GSK plc - ADR<sup>(b)</sup> | 47001 |
| 4500 | Innovent Biologics, Inc.<sup>(a)</sup> | 50478 |
| 100000 | Livzon Pharmaceutical Group, Inc. | 402281 |
| 5300 | Otsuka Holdings Company Ltd. | 288453 |
| 3600 | Roche Holding A.G. - ADR | 145439 |
| 3700 | Shionogi & Company Ltd. | 62060 |
| 48000 | Sino Biopharmaceutical Ltd. | 43724 |
| 50700 | Takeda Pharmaceutical Company Ltd. | 1368294 |
| 307 | UCB S.A. | 78741 |
|  |  | 3948663 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **CHEMICALS - 0.4%** |  |
| 6600 | Asahi Kasei Corporation | $50571 |
| 3282 | Nutrien Ltd.<sup>(b)</sup> | 178705 |
| 10128 | PhosAgro PJSC<sup>(a),(c),(d)</sup> |  |
| 76700 | Satellite Chemical Company Ltd. | 193064 |
| 11400 | Shin-Etsu Chemical Company Ltd. | 342679 |
|  |  | 765019 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.2%** |  |
| 7000 | Recruit Holdings Company Ltd. | 347123 |
|  | **CONSTRUCTION MATERIALS - 0.4%** |  |
| 1600 | AGC, Inc. | 49990 |
| 207900 | Huaxin Cement Company Ltd., Class A | 630354 |
|  |  | 680344 |
|  | **CONTAINERS & PACKAGING - 0.3%** |  |
| 7938 | Brambles Ltd. | 129002 |
| 6363 | CCL Industries, Inc., Class B | 354954 |
|  |  | 483956 |
|  | **DIVERSIFIED INDUSTRIALS - 0.0%<sup>(e)</sup>** |  |
| 1408 | Alfa Laval A.B. | 66916 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 25100 | Meituan<sup>(a)</sup> | 330380 |
| 2571 | Vipshop Holdings Ltd. - ADR | 44967 |
|  |  | 375347 |
|  | **ELECTRIC UTILITIES - 1.0%** |  |
| 1264 | Brookfield Renewable Corporation | 54722 |
| 3600 | Chubu Electric Power Company, Inc. | 50062 |
| 1449 | Emera, Inc. | 68888 |
| 5000 | Kansai Electric Power Company, Inc. (The) | 78002 |
| 11855 | Korea Electric Power Corporation - ADR | 178655 |
| 276800 | Tokyo Electric Power Company Holdings, Inc.<sup>(a)</sup> | 1383324 |
|  |  | 1813653 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 4.6%** |  |
| 62916 | ABB Ltd. | $4663286 |
| 1400 | Daikin Industries Ltd. | 162655 |
| 6800 | Delta Electronics Thailand PCL | 45556 |
| 52700 | Guangzhou Shiyuan Electronic Technology Company | 309046 |
| 1760 | Kone OYJ, Class B | 117600 |
| 44812 | Luxshare Precision Industry Company Ltd. | 396787 |
| 48697 | NARI Technology Company Ltd. | 165834 |
| 1433 | Prysmian SpA | 149421 |
| 2676 | Riyadh Cables Group Company | 101109 |
| 3377 | Siemens Energy A.G.<sup>(a)</sup> | 420757 |
| 479900 | TBEA Company Ltd. | 1320356 |
|  |  | 7852407 |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** |  |
| 211000 | Hon Hai Precision Industry Company Ltd. | 1752289 |
|  | **ENGINEERING & CONSTRUCTION - 0.2%** |  |
| 867 | ACS Actividades de Construccion y Servicios S.A. | 71195 |
| 2476 | Cellnex Telecom S.A. | 77088 |
| 1 | Enka Insaat ve Sanayi A/S | 1 |
| 1925 | Ferrovial S.E. | 118136 |
| 7700 | Keppel Corp Ltd. | 60214 |
|  |  | 326634 |
|  | **ENTERTAINMENT CONTENT - 3.0%** |  |
| 2600 | 37 Interactive Entertainment Network Technology Group Company Ltd. | 7587 |
| 5800 | Bandai Namco Holdings, Inc. | 180513 |
| 7600 | Capcom Company Ltd. | 198464 |
| 402 | CD Projekt S.A. | 27618 |
| 394500 | Giant Network Group Company Ltd. | 1944933 |
| 5500 | Konami Group Corporation | 915961 |
| 13500 | NetEase, Inc. | 378814 |
| 30400 | Nexon Company Ltd. | 620005 |
| 1935 | Sea Ltd. - ADR<sup>(a)</sup> | 302344 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 3.0% (Continued)** |  |
| 9200 | Toho Company Ltd. | $539286 |
|  |  | 5115525 |
|  | **FOOD - 1.0%** |  |
| 57500 | Dekon Food And Agriculture Group | 522412 |
| 1350500 | WH Group Ltd. | 1299047 |
|  |  | 1821459 |
|  | **GAS & WATER UTILITIES - 0.1%** |  |
| 1800 | Osaka Gas Company Ltd. | 56638 |
| 1700 | Tokyo Gas Company Ltd. | 59661 |
|  |  | 116299 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 7802 | Asymchem Laboratories Tianjin Company Ltd. | 107506 |
| 10200 | WuXi AppTec Co., Ltd. | 142523 |
| 112772 | WuXi AppTec Company Ltd., Class A | 1574244 |
| 16500 | Wuxi Biologics Cayman, Inc.<sup>(a)</sup> | 76956 |
|  |  | 1901229 |
|  | **HOME & OFFICE PRODUCTS - 0.1%** |  |
| 1 | Arcelik A/S<sup>(a)</sup> | 3 |
| 24200 | Haier Smart Home Company Ltd., H Shares | 78694 |
| 48000 | Hisense Home Appliances Group Company Ltd., H Shares | 141581 |
|  |  | 220278 |
|  | **HOUSEHOLD PRODUCTS - 0.2%** |  |
| 8000 | Kao Corporation | 338564 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.8%** |  |
| 704700 | China International Marine Containers Group | 644116 |
| 657700 | China International Marine Container Group Cl A | 729795 |
|  |  | 1373911 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.3%** |  |
| 99497 | Han's Laser Technology Industry Group Company Ltd. | 575791 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.2%** |  |
| 30000 | B3 S.A. - Brasil Bolsa Balcao | 70709 |
| 27800 | China Galaxy Securities Company Ltd. | 68675 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.2% (Continued)** |  |
| 3100 | China International Capital Corp Ltd. | $16054 |
| 1134 | Computershare Ltd. | 27093 |
| 5500 | Daiwa Securities Group, Inc. | 42329 |
| 1003 | Deutsche Boerse A.G. | 254019 |
| 22800 | Hong Kong Exchanges & Clearing Ltd. | 1242646 |
| 5200 | Japan Exchange Group, Inc. | 57987 |
| 4005 | London Stock Exchange Group plc - ADR<sup>(b)</sup> | 126117 |
| 16300 | Nomura Holdings, Inc. | 116321 |
| 1200 | Singapore Exchange Ltd. | 15570 |
|  |  | 2037520 |
|  | **INSURANCE - 6.6%** |  |
| 6653 | Aegon Ltd. | 50705 |
| 181400 | AIA Group Ltd. | 1765125 |
| 1953 | Allianz S.E. | 784857 |
| 341 | ASR Nederland N.V. | 22760 |
| 23994 | Aviva plc | 210885 |
| 39000 | China Life Insurance Company Ltd., H Shares | 122984 |
| 13600 | China Pacific Insurance Group Company Ltd., H Shares | 55134 |
| 1142000 | China Reinsurance Group Corporation | 231921 |
| 12290 | Generali | 473151 |
| 7097 | Hyundai Marine & Fire Insurance Company Ltd.<sup>(a)</sup> | 135425 |
| 14300 | Japan Post Holdings Company Ltd. | 134009 |
| 11900 | MS&AD Insurance Group Holdings, Inc. | 245317 |
| 35287 | NN Group N.V. | 2415044 |
| 2312000 | People's Insurance Company Group of China Ltd., H Shares | 2076394 |
| 654 | Powszechny Zaklad Ubezpieczen S.A. | 10456 |
| 3712 | Samsung Fire & Marine Insurance Company Ltd. | 1145753 |
| 31900 | Sompo Holdings, Inc. | 972187 |
| 1300 | T&D Holdings, Inc. | 27919 |
| 816 | Zurich Insurance Group A.G. | 567575 |
|  |  | 11447601 |
|  | **INTERNET MEDIA & SERVICES - 1.4%** |  |
| 1953 | carsales.com Ltd. | 45606 |
| 970 | Kakao Corporation | 44087 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 1.4% (Continued)** |  |
| 748 | NAVER Corporation | $139806 |
| 353 | Scout24 A.G. | 40826 |
| 761 | Spotify Technology S.A.<sup>(a)</sup> | 498699 |
| 18600 | Tencent Holdings Ltd. | 1510811 |
| 33000 | Z Holdings Corporation | 96973 |
|  |  | 2376808 |
|  | **LEISURE FACILITIES & SERVICES - 0.8%** |  |
| 2945 | Aristocrat Leisure Ltd. | 121862 |
| 995 | Evolution A.B. | 66291 |
| 10000 | Galaxy Entertainment Group Ltd. | 49822 |
| 63200 | H World Group Ltd. | 245063 |
| 5400 | Oriental Land Company Ltd. | 109286 |
| 101000 | Shanghai Jinjiang International Hotels Company | 319389 |
| 260900 | Wanda Film Holding Company Ltd.<sup>(a)</sup> | 405211 |
| 1303 | Yum China Holdings, Inc. | 56368 |
|  |  | 1373292 |
|  | **MACHINERY - 0.5%** |  |
| 7700 | FANUC Corporation | 256965 |
| 7500 | Jiangsu Hengli Hydraulic Company Ltd. | 101240 |
| 1000 | Keyence Corporation | 371142 |
| 200 | SMC Corporation | 68466 |
| 7000 | Techtronic Industries Company Ltd. | 81647 |
|  |  | 879460 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.2%** |  |
| 651 | Alcon, Inc. | 48102 |
| 11700 | Hoya Corporation | 1900492 |
| 4944 | Sonova Holding A.G. | 1348744 |
| 27400 | Terumo Corporation | 442270 |
|  |  | 3739608 |
|  | **METALS & MINING - 4.8%** |  |
| 2632 | Agnico Eagle Mines Ltd. | 423252 |
| 10711 | Alamos Gold, Inc., Class A | 329792 |
| 832 | Anglogold Ashanti plc | 56576 |
| 8905 | Barrick Mining Corporation | 292315 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **METALS & MINING - 4.8% (Continued)** |  |
| 1304 | BHP Group Ltd. - ADR<sup>(b)</sup> | $74393 |
| 9404 | Evolution Mining Ltd. | 66555 |
| 2664 | First Quantum Minerals Ltd.<sup>(a)</sup> | 55310 |
| 15913 | Fortescue Ltd. | 221328 |
| 13368 | Franco-Nevada Corporation<sup>(b)</sup> | 2494869 |
| 11875 | Gold Fields Ltd. | 457891 |
| 6150 | Kinross Gold Corporation | 143034 |
| 378500 | MMC Norilsk Nickel PJSC<sup>(a),(c),(d)</sup> |  |
| 65700 | Nanshan Aluminium International Holdings Ltd. | 368801 |
| 6021 | Northern Star Resources Ltd. | 97097 |
| 1912 | Pan American Silver Corporation | 67322 |
| 12031 | Sibanye Stillwater Ltd. - ADR<sup>(a)</sup> | 127047 |
| 283100 | Western Mining Company Ltd. | 954348 |
| 11469 | Wheaton Precious Metals Corporation | 1106988 |
| 79453 | Zhejiang Huayou Cobalt Company Ltd., Class A | 723956 |
| 92300 | Zhongjin Gold Corp Ltd. | 286532 |
|  |  | 8347406 |
|  | **OIL & GAS PRODUCERS - 1.8%** |  |
| 80970 | BP PLC | 474375 |
| 1214000 | China Petroleum & Chemical Corporation, H Shares | 645721 |
| 15200 | ENEOS Holdings, Inc. | 95894 |
| 4213 | Equinor ASA | 100905 |
| 87530 | Gazprom PJSC - ADR<sup>(a),(c),(d)</sup> |  |
| 247390 | Gazprom PJSC<sup>(a),(c),(d)</sup> |  |
| 5300 | Inpex Corporation | 97798 |
| 24250 | LUKOIL PJSC<sup>(a),(c),(d)</sup> |  |
| 1184100 | PetroChina Company Ltd., H Shares | 1224006 |
| 54000 | PTT PCL | 51266 |
| 4541 | Repsol S.A. | 83331 |
| 117940 | Rosneft Oil Company PJSC<sup>(a),(c),(d)</sup> |  |
| 6867 | Suncor Energy, Inc. | 273375 |
| 6830 | Tatneft PJSC<sup>(a),(c),(d)</sup> |  |
|  |  | 3046671 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 0.1%** |  |
| 7110 | Informa plc | $90531 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.4%** |  |
| 33223 | Emaar Properties PJSC | 128556 |
| 7500 | Sun Hung Kai Properties Ltd. | 91264 |
| 204000 | Wharf Real Estate Investment Company Ltd. | 580619 |
|  |  | 800439 |
|  | **REAL ESTATE SERVICES - 0.2%** |  |
| 1646 | FirstService Corporation | 262389 |
|  | **RENEWABLE ENERGY - 0.6%** |  |
| 100100 | Hengdian Group DMEGC Magnetics Company Ltd. | 297699 |
| 5304 | Vestas Wind Systems A/S | 108471 |
| 371000 | Xinjiang Goldwind Science & Technology Company Ltd. | 629708 |
|  |  | 1035878 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 13500 | CK Hutchison Holdings Ltd. | 89523 |
| 1643 | Dollarama, Inc. | 213565 |
| 31509 | Jeronimo Martins SGPS S.A. | 811577 |
| 500 | Kobe Bussan Company Ltd. | 11602 |
| 897 | Metro, Inc. | 59791 |
| 9000 | Pan Pacific International Holdings Corporation | 53539 |
| 6459 | Woolworths Group Ltd. | 120014 |
|  |  | 1359611 |
|  | **RETAIL - DISCRETIONARY - 1.2%** |  |
| 2900 | Fast Retailing Company Ltd. | 1064669 |
| 5896 | Industria de Diseno Textil S.A. | 325604 |
| 300 | Jardine Matheson Holdings Ltd. | 17625 |
| 58400 | Lao Feng Xiang Company Ltd., B Shares | 213627 |
| 439 | Pandora A/S | 58738 |
| 1300 | Ryohin Keikaku Company Ltd. | 26733 |
| 900 | Sanrio Company Ltd. | 41651 |
| 6267 | Wesfarmers Ltd. | 344005 |
|  |  | 2092652 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **RETAIL REIT - 0.0%<sup>(e)</sup>** |  |
| 7000 | Link REIT | $36453 |
|  | **SEMICONDUCTORS - 10.9%** |  |
| 4510 | Advantest Corporation - ADR<sup>(b)</sup> | 676500 |
| 3700 | Advantest Corporation | 554070 |
| 230 | ASM International N.V. | 149246 |
| 1770 | ASML Holding N.V. | 1871581 |
| 5557 | Infineon Technologies A.G. | 220590 |
| 40800 | Kioxia Holdings Corporation<sup>(a)</sup> | 2845607 |
| 12500 | Lasertec Corporation | 2537954 |
| 7000 | MediaTek, Inc. | 296413 |
| 53700 | Shenzhen MTC Company Ltd. | 46405 |
| 2672 | SK Hynix, Inc. | 1036827 |
| 1538 | STMicroelectronics N.V. | 37914 |
| 168000 | Taiwan Semiconductor Manufacturing Company Ltd. | 8112024 |
| 2300 | Tokyo Electron Ltd. | 507092 |
|  |  | 18892223 |
|  | **SOFTWARE - 2.3%** |  |
| 111 | Constellation Software, Inc. | 292118 |
| 272 | CyberArk Software Ltd.<sup>(a)</sup> | 141652 |
| 3652 | Dassault Systemes S.E. | 103936 |
| 1002 | Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 88386 |
| 175 | Nice Ltd.<sup>(a)</sup> | 23872 |
| 6500 | Obic Company Ltd. | 201641 |
| 1600 | Open Text Corporation | 61360 |
| 304 | Pro Medicus Ltd. | 52203 |
| 4852 | Sage Group plc (The) | 73338 |
| 2800 | Sage Group plc (The) - ADR | 170212 |
| 4707 | SAP S.E. | 1224254 |
| 7621 | Shopify, Inc., Class A<sup>(a)</sup> | 1325037 |
| 1100 | TIS, Inc. | 37897 |
| 894 | WiseTech Global Ltd. | 40325 |
| 301 | Wix.com Ltd.<sup>(a)</sup> | 43808 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **SOFTWARE - 2.3% (Continued)** |  |
| 814 | Xero Ltd.<sup>(a)</sup> | $77016 |
|  |  | 3957055 |
|  | **SPECIALTY FINANCE - 0.5%** |  |
| 7300 | ORIX Corporation | 178576 |
| 20481 | Samsung Card Company Ltd. | 709589 |
|  |  | 888165 |
|  | **STEEL - 0.0%<sup>(e)</sup>** |  |
| 516 | POSCO Holdings, Inc. - ADR<sup>(b)</sup> | 28184 |
|  | **TECHNOLOGY HARDWARE - 6.5%** |  |
| 70790 | Anker Innovations Technology Company Ltd. | 1163570 |
| 3000 | Asustek Computer, Inc. | 67671 |
| 50000 | Avary Holding Shenzhen Company Ltd. | 368351 |
| 10100 | Brother Industries Ltd. | 171913 |
| 18800 | Canon, Inc. | 539906 |
| 600 | Celestica, Inc.<sup>(a)</sup> | 206688 |
| 9000 | Delta Electronics, Inc. | 289033 |
| 1400 | Fujikura Ltd. | 190647 |
| 154808 | Hisense Visual Technology Company Ltd. | 539061 |
| 1133307 | IRICO Display Devices Company Ltd.<sup>(a)</sup> | 933289 |
| 5600 | Kyocera Corporation | 74310 |
| 121659 | LG Display Company Ltd. - ADR<sup>(a)</sup> | 609512 |
| 538 | LG Electronics, Inc. | 32907 |
| 449 | LG Innotek Company Ltd. | 75537 |
| 423 | Logitech International S.A. | 50859 |
| 4400 | Nidec Corporation | 53535 |
| 6200 | Nintendo Company Ltd. | 528808 |
| 23761 | Nokia OYJ | 162093 |
| 29900 | Panasonic Holdings Corporation | 347422 |
| 242 | Samsung Electronics Company Ltd. | 451330 |
| 43965 | Samsung Electronics Company Ltd. – Reg S | 3300508 |
| 14277 | Telefonaktiebolaget LM Ericsson, Class B | 144845 |
| 16400 | Universal Scientific Industrial Shanghai Company | 55475 |
| 1000 | Wiwynn Corporation | 140804 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 6.5% (Continued)** |  |
| 4000 | Xiamen Faratronic Company Ltd. | $67646 |
| 111600 | Zhejiang Crystal-Optech Company Ltd. | 391517 |
| 55000 | Zhen Ding Technology Holding Ltd. | 289985 |
|  |  | 11247222 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 120 | Adyen N.V.<sup>(a)</sup> | 205634 |
| 3221 | CGI, Inc. | 280258 |
| 4480 | Experian plc | 208965 |
| 18100 | Nomura Research Institute Ltd. | 698910 |
| 5922 | RELX plc | 260847 |
| 1157 | Wolters Kluwer N.V. | 141842 |
|  |  | 1796456 |
|  | **TELECOMMUNICATIONS - 4.1%** |  |
| 5300 | Advanced Info Service PCL | 49422 |
| 31975 | BT Group PLC | 78035 |
| 96561 | Deutsche Telekom A.G. | 2991224 |
| 35200 | KDDI Corporation | 561112 |
| 745700 | Maxis Bhd | 676126 |
| 585800 | NTT, Inc. | 602949 |
| 5229 | Ooredoo QPSC | 19462 |
| 21033 | Rogers Communications Inc, Class B | 823145 |
| 47500 | Singapore Telecommunications Ltd. | 155036 |
| 2929 | Tele2 A.B., B Shares | 46527 |
| 149500 | Telefonica Brasil S.A. | 896478 |
| 1086 | Telenor ASA | 16150 |
| 17151 | Telstra Group Ltd. | 54800 |
| 3053 | TELUS Corporation<sup>(b)</sup> | 44757 |
| 245517 | Vodafone Group plc | 297208 |
|  |  | 7312431 |
|  | **TOBACCO & CANNABIS - 0.0%<sup>(e)</sup>** |  |
| 338 | KT&G Corporation | 31723 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.5%** |  |
| 21600 | ANA Holdings, Inc. | $404839 |
| 15349 | Canadian National Railway Company | 1472124 |
| 4100 | Central Japan Railway Company | 100377 |
| 135000 | China Airlines Ltd. | 87388 |
| 10700 | East Japan Railway Company | 261353 |
| 3924 | Poste Italiane SpA | 94614 |
| 3800 | Singapore Technologies Engineering Ltd. | 24756 |
| 15743 | Transurban Group | 148970 |
| 1 | Turk Hava Yollari AO | 7 |
|  |  | 2594428 |
|  | **TRANSPORTATION EQUIPMENT - 3.6%** |  |
| 212014 | China CSSC Holdings Ltd. | 1070343 |
| 2605 | HD Hyundai Heavy Industries Company Ltd. | 1094047 |
| 2520 | Kongsberg Gruppen ASA | 64242 |
| 7161 | Korea Shipbuilding & Offshore Engineering Company | 2373697 |
| 17634 | Wartsila OYJ Abp | 576977 |
| 397200 | Weichai Power Company Ltd., Class A | 835085 |
| 63000 | Weichai Power Company Ltd., H Shares | 130175 |
|  |  | 6144566 |
|  | **WHOLESALE - DISCRETIONARY - 0.5%** |  |
| 21400 | Pop Mart International Group Ltd. | 608715 |
| 10000 | Toyota Tsusho Corporation | 305668 |
|  |  | 914383 |
|  | **TOTAL COMMON STOCKS (Cost $132,535,964)** | 167641482 |
|  | **EXCHANGE-TRADED FUNDS — 0.5%** |  |
|  | **EQUITY - 0.5%** |  |
| 7889 | iShares Core MSCI EAFE ETF | 694942 |
| 2352 | iShares MSCI Eurozone ETF<sup>(b)</sup> | 146224 |
|  |  | 841166 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.5% (Continued)** |  |  |  |
|  | **EQUITY - 0.5% (Continued)** |  |  |  |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $835,059)** |  |  | $841166 |
|  | **PREFERRED STOCKS — 2.2%** |  |  |  |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |
| 987 | Volkswagen A.G. |  |  | 102791 |
|  | **BANKING — 0.5%** |  |  |  |
| 27900 | Banco Bradesco S.A. |  |  | 94334 |
| 44474 | Grupo Cibest S.A. |  |  | 648927 |
| 25600 | Itau Unibanco Holding S.A. |  |  | 188105 |
|  |  |  |  | 931366 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.5%** |  |  |  |
| 110420 | Mirae Asset Securities Company Ltd. |  |  | 836953 |
|  | **INSURANCE — 0.4%** |  |  |  |
| 3206 | Samsung Fire & Marine Insurance Company Ltd. |  |  | 758128 |
|  | **TECHNOLOGY HARDWARE — 0.7%** |  |  |  |
| 19632 | Samsung Electronics Company Ltd. |  |  | 1155427 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,421,598)** |  |  | 3784665 |
|  |  | **Expiration<br> Date** | **Exercise<br> Price** |  |
|  | **WARRANT — 0.0%<sup>(e)</sup>** |  |  |  |
|  | **SOFTWARE - 0.0% <sup>(e)</sup>** |  |  |  |
| 108 | Constellation Software Inc (Canada) | 04/02/2040 | $0.00 |  |
|  | **TOTAL WARRANT (Cost $–)** |  |  |  |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 3.4%** |  |
| 5826020 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $5,826,020)<sup>(f),(g)</sup> | $5826020 |
|  | **MONEY MARKET FUNDS - 0.1%** |  |
| 216414 | Fidelity Government Portfolio, Institutional, 4.02% (Cost $216,414)<sup>(g)</sup> | 216414 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,042,434)** | 6042434 |
|  | **TOTAL INVESTMENTS - 102.9% (Cost $141,835,055)** | $178309747 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.9)%** | (4969666) |
|  | **NET ASSETS - 100.0%** | $173340081 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| TAS | - Turkish Accounting Standards |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $5,656,469 at October 31, 2025. |
| <sup>(c)</sup> | Illiquid security. |
| <sup>(d)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
| <sup>(e)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(f)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $5,826,020 at October 31, 2025. |
| <sup>(g)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 15.8%** |  |  |  |
|  | **COMMODITY - 11.9%** |  |  |  |
| 408900 | iShares GSCI Commodity Dynamic Roll Strategy ETF<sup>(a)</sup> |  |  | $11021899 |
|  | **EQUITY - 3.9%** |  |  |  |
| 34100 | Franklin FTSE Japan ETF<sup>(a)</sup> |  |  | 1215665 |
| 100 | Franklin FTSE United Kingdom ETF |  |  | 3278 |
| 6000 | Invesco Nasdaq 100 ETF |  |  | 1553760 |
| 400 | SPDR EURO STOXX 50 ETF<sup>(a)</sup> |  |  | 24992 |
| 1230 | SPDR S&P 500 ETF<sup>(a)</sup> |  |  | 838934 |
|  |  |  |  | 3636629 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,652,983)** |  |  | 14658528 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 9.2%** |  |  |  |
|  | **BANKING — 1.6%** |  |  |  |
| 1500000 | Oesterreichische Kontrollbank A.G. | 0.5000 | &nbsp;&nbsp;02/02/26 | 1487086 |
|  | **BIOTECH & PHARMA — 1.9%** |  |  |  |
| 1750000 | Bristol-Myers Squibb Company | 6.8000 | &nbsp;&nbsp;11/15/26 | 1800282 |
|  | **GOVERNMENT GUARANTEED — 2.1%** |  |  |  |
| 2000000 | Nederlandse Financierings-Maatschappij voor | 0.8750 | &nbsp;&nbsp;06/15/26 | 1965131 |
|  | **LOCAL AUTHORITY — 1.4%** |  |  |  |
| 1300000 | Province of Manitoba Canada | 2.1250 | &nbsp;&nbsp;06/22/26 | 1284643 |
|  | **SUPRANATIONAL — 0.3%** |  |  |  |
| 247000 | International Bank for Reconstruction & Development | 4.7500 | &nbsp;&nbsp;04/10/26 | 247842 |
|  | **TECHNOLOGY HARDWARE — 1.1%** |  |  |  |
| 1000000 | Cisco Systems, Inc. | 2.5000 | &nbsp;&nbsp;09/20/26 | 988500 |
|  | **TECHNOLOGY SERVICES — 0.8%** |  |  |  |
| 750000 | IBM International Capital Pte Ltd. | 4.7000 | &nbsp;&nbsp;02/05/26 | 750973 |
|  | **TOTAL CORPORATE BONDS (Cost $8,524,879)** |  |  | 8524457 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 9.2% (Continued)** |  |  |  |
|  | **NON U.S. GOVERNMENT & AGENCIES — 12.3%** |  |  |  |
|  | **LOCAL AUTHORITY — 5.3%** |  |  |  |
| 3000000 | Province of British Columbia Canada | 2.2500 | &nbsp;&nbsp;06/02/26 | $2970596 |
| 2000000 | Province of Ontario Canada | 2.5000 | &nbsp;&nbsp;04/27/26 | 1985697 |
|  |  |  |  | 4956293 |
|  | **SUPRANATIONAL — 7.0%** |  |  |  |
| 2000000 | Asian Development Bank | 1.0000 | &nbsp;&nbsp;04/14/26 | 1973916 |
| 1500000 | Asian Development Bank | 2.6250 | &nbsp;&nbsp;01/12/27 | 1480425 |
| 3000000 | Central American Bank for Economic Integration | 5.0000 | &nbsp;&nbsp;02/09/26 | 3004202 |
|  |  |  |  | 6458543 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $11,410,882)** |  |  | 11414836 |
|  | **U.S. GOVERNMENT & AGENCIES — 45.8%** |  |  |  |
|  | **U.S. TREASURY NOTES — 45.8%** |  |  |  |
| 4000000 | United States Treasury Note | 2.2500 | &nbsp;&nbsp;11/15/25 | 3997702 |
| 4000000 | United States Treasury Note | 2.8750 | &nbsp;&nbsp;11/30/25 | 3996377 |
| 1500000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;12/15/25 | 1500035 |
| 4000000 | United States Treasury Note | 0.3750 | &nbsp;&nbsp;12/31/25 | 3977442 |
| 3500000 | United States Treasury Note | 3.8750 | &nbsp;&nbsp;01/15/26 | 3499627 |
| 2500000 | United States Treasury Note | 0.3750 | &nbsp;&nbsp;01/31/26 | 2478957 |
| 3500000 | United States Treasury Note | 0.5000 | &nbsp;&nbsp;02/28/26 | 3462050 |
| 4000000 | United States Treasury Note | 2.2500 | &nbsp;&nbsp;03/31/26 | 3975425 |
| 3000000 | United States Treasury Note | 0.7500 | &nbsp;&nbsp;04/30/26 | 2955494 |
| 3500000 | United States Treasury Note | 1.6250 | &nbsp;&nbsp;05/15/26 | 3460232 |
| 3500000 | United States Treasury Note | 0.7500 | &nbsp;&nbsp;08/31/26 | 3415493 |
| 2000000 | United States Treasury Note | 0.8750 | &nbsp;&nbsp;09/30/26 | 1949345 |
| 2000000 | United States Treasury Note | 1.1250 | &nbsp;&nbsp;10/31/26 | 1949369 |
| 2000000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;12/31/26 | 1944688 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **U.S. GOVERNMENT & AGENCIES — 45.8% (Continued)** |  |  | |
| | **U.S. TREASURY NOTES — 45.8% (Continued)** |  |  | |
|  |  |  |  | $42562236 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $42,506,508)** |  |  | 42562236 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 18.9%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 8.1%** |  |  |  |
| 7532886 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.10% (Cost $7,532,886)<sup>(b),(d)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, , 4.10% (Cost $7,532,886)<sup>(b),(d)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, , 4.10% (Cost $7,532,886)<sup>(b),(d)</sup> | 7532886 |
|  | **MONEY MARKET FUNDS - 10.8%** |  |  |  |
| 10058747 | MSILF Government Portfolio, Institutional Class, 4.04% (Cost $10,058,747)<sup>(b)</sup> | MSILF Government Portfolio, Institutional Class, 4.04% (Cost $10,058,747)<sup>(b)</sup> | MSILF Government Portfolio, Institutional Class, 4.04% (Cost $10,058,747)<sup>(b)</sup> | 10058747 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,591,633)** |  |  | 17591633 |
|  | **TOTAL INVESTMENTS - 102.0% (Cost $92,686,885)** |  |  | $94751690 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.0)%** |  |  | (1882114) |
|  | **NET ASSETS - 100.0%** |  |  | $92869576 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized <br> Appreciation** |
| 129 | CBOT 10 Year US Treasury Note | 12/22/2025 | $14534671 | $54995 |
| 27 | Eurex 10 Year Euro BUND Future | 12/09/2025 | 4027124 | 46203 |
| 28 | Euro BONO Futures on long-term Spanish government | 12/09/2025 | 4017153 | 78588 |
| 56 | Euro-BTP Italian Bond Futures | 12/09/2025 | 7838709 | 191131 |
| 55 | French Government Bond Futures | 12/09/2025 | 7771009 | 156162 |
| 63 | Long Gilt Future | 12/30/2025 | 7748066 | 268275 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $795354 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized <br> Depreciation** |
| 8 | CME E-Mini NASDAQ 100 Index Future | 12/22/2025 | $4160640 | $(212590) |
| 9 | CME E-Mini Standard & Poor's 500 Index Future | 12/22/2025 | 3093300 | (83350) |
| 36 | Eurex EURO STOXX 50 Future | 12/22/2025 | 2352553 | (41185) |
| 19 | FTSE 100 Index Future | 12/22/2025 | 2432563 | (79326) |
| 28 | TSE TOPIX (Tokyo Price Index) Future | 12/12/2025 | 6057610 | (329475) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $(745926) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $7,381,930 at October 31, 2025. |
| <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |
| <sup>(c)</sup> | The amounts shown are the underlying reference notional amounts upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
| <sup>(d)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $7,532,886 at October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
| | **COMMON STOCKS — 0.0%<sup>(a)</sup>** | **COMMON STOCKS — 0.0%<sup>(a)</sup>** |  |  | |
| | **TELECOMMUNICATIONS - 0.0%<sup>(a)</sup>** | **TELECOMMUNICATIONS - 0.0%<sup>(a)</sup>** |  |  | |
| 10000 | NII Holdings, Inc. 144A<sup>(b),(c),(l)</sup> |  |  |  | $5700 |
|  | **TOTAL COMMON STOCKS (Cost $57,730)** |  |  |  | 5700 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 39.7%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 2.1%** |  |  |  |  |
| 2450000 | CI Financial Corporation<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;05/30/29 | 2604639 |
| 3695000 | Drawbridge Special Opportunities Fund, L.P. <sup>(c)</sup> |  | 5.9500 | &nbsp;&nbsp;09/17/30 | 3580557 |
|  |  |  |  |  | 6185196 |
|  | **AUTOMOTIVE — 1.6%** |  |  |  |  |
| 2429000 | Ford Motor Credit Company, LLC |  | 6.9500 | &nbsp;&nbsp;06/10/26 | 2459463 |
| 2195000 | General Motors Company |  | 5.3500 | &nbsp;&nbsp;04/15/28 | 2247823 |
|  |  |  |  |  | 4707286 |
|  | **BANKING — 6.6%** |  |  |  |  |
| 3590000 | Barclays plc <sup>(d),(f)</sup> | USISSO05 + 3.686% | 7.6250 | &nbsp;&nbsp;09/15/73 | 3799656 |
| 2005000 | JPMorgan Chase & Company <sup>(e)</sup> | US0003M + 0.550% | 5.1100 | &nbsp;&nbsp;02/01/27 | 1987754 |
| 3550000 | NatWest Group plc <sup>(d)</sup> | H15T1Y + 2.850% | 7.4720 | &nbsp;&nbsp;11/10/26 | 3552013 |
| 4615000 | Societe Generale S.A.<sup>(c)</sup> |  | 5.2500 | &nbsp;&nbsp;02/19/27 | 4661956 |
| 5145000 | Wells Fargo & Company<sup>(e)</sup> | US0003M + 0.500% | 4.6660 | &nbsp;&nbsp;01/15/27 | 5107062 |
| 795000 | Wells Fargo & Company |  | 5.9500 | &nbsp;&nbsp;12/01/86 | 830821 |
|  |  |  |  |  | 19939262 |
|  | **BIOTECH & PHARMA — 0.6%** |  |  |  |  |
| 1750000 | Biocon Biologics Global plc<sup>(c),(e), (f)</sup> |  | 6.6700 | &nbsp;&nbsp;10/09/29 | 1730580 |
|  | **CHEMICALS — 1.3%** |  |  |  |  |
| 3615000 | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;01/31/30 | 1457170 |
| 85000 | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;10/15/34 | 35011 |
| 2520000 | FMC Corporation<sup>(d)</sup> | H15T5Y + 4.366% | 8.4500 | &nbsp;&nbsp;11/01/55 | 2447394 |
|  |  |  |  |  | 3939575 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 725000 | RR Donnelley & Sons Company<sup>(c)</sup> |  | 9.5000 | &nbsp;&nbsp;08/01/29 | 743973 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 39.7% (Continued)** | **CORPORATE BONDS — 39.7% (Continued)** |  |  | |
|  | **CONSUMER SERVICES — 0.8%** |  |  |  |  |
| 2300000 | Grand Canyon University<sup>(f)</sup> |  | 5.1250 | &nbsp;&nbsp;10/01/28 | $2283775 |
|  | **E-COMMERCE DISCRETIONARY — 1.4%** |  |  |  |  |
| 1900000 | Rakuten Group, Inc.<sup>(c)</sup> |  | 11.2500 | &nbsp;&nbsp;02/15/27 | 2054778 |
| 2010000 | Rakuten Group, Inc.<sup>(c)</sup> |  | 9.7500 | &nbsp;&nbsp;04/15/29 | 2255511 |
|  |  |  |  |  | 4310289 |
|  | **ELECTRIC UTILITIES — 2.7%** |  |  |  |  |
| 2895000 | Dominion Energy, Inc. <sup>(d)</sup> | H15T5Y + 2.207% | 6.6250 | &nbsp;&nbsp;05/15/55 | 3020794 |
| 5075000 | Vistra Operations Company, LLC<sup>(c)</sup> |  | 4.3000 | &nbsp;&nbsp;10/15/28 | 5058721 |
|  |  |  |  |  | 8079515 |
|  | **ENGINEERING & CONSTRUCTION — 0.8%** |  |  |  |  |
| 2345000 | IHS Holding Ltd.<sup>(c)</sup> |  | 5.6250 | &nbsp;&nbsp;11/29/26 | 2332355 |
|  | **ENTERTAINMENT CONTENT — 2.1%** |  |  |  |  |
| 2700000 | Discovery Communications, LLC |  | 3.9500 | &nbsp;&nbsp;03/20/28 | 2647392 |
| 2064000 | Paramount Global |  | 7.8750 | &nbsp;&nbsp;07/30/30 | 2285395 |
| 1560000 | Paramount Global |  | 6.8750 | &nbsp;&nbsp;04/30/36 | 1639542 |
|  |  |  |  |  | 6572329 |
|  | **FOOD — 0.4%** |  |  |  |  |
| 1205000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | &nbsp;&nbsp;12/01/52 | 1252971 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.9%** |  |  |  |  |
| 2950000 | Centene Corporation |  | 3.0000 | &nbsp;&nbsp;10/15/30 | 2635031 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |  |  |
| 4185000 | Credit Suisse Group A.G.<sup>(c)</sup> | USSW5 + 4.598% | 7.5000 | &nbsp;&nbsp;06/11/70 | 1234575 |
| 2485000 | Goldman Sachs Capital I |  | 6.3450 | &nbsp;&nbsp;02/15/34 | 2664247 |
|  |  |  |  |  | 3898822 |
|  | **INSURANCE — 2.3%** |  |  |  |  |
| 385000 | Farmers Exchange Capital<sup>(c)</sup> |  | 7.0500 | &nbsp;&nbsp;07/15/28 | 404803 |
| 1130000 | Farmers Insurance Exchange<sup>(c) ,(d)</sup> | H15T10Y + 3.864% | 7.0000 | &nbsp;&nbsp;10/15/64 | 1177192 |
| 3835000 | Constellation Insurance, Inc.<sup>(c)</sup> |  | 6.8000 | &nbsp;&nbsp;01/24/30 | 3880878 |
| 1000000 | Pacific Life Insurance Company<sup>(c)</sup> |  | 9.2500 | &nbsp;&nbsp;06/15/39 | 1372374 |
|  |  |  |  |  | 6835247 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 39.7% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 1.3%** |  |  |  |  |
| 3740000 | Meta Platforms, Inc. |  | 4.8750 | &nbsp;&nbsp;11/15/35 | $3748883 |
|  | **LEISURE FACILITIES & SERVICES — 1.7%** |  |  |  |  |
| 1265000 | Flutter Treasury DAC<sup>(c)</sup> |  | 6.3750 | &nbsp;&nbsp;04/29/29 | 1311484 |
| 3100000 | Resorts World Las Vegas, LLC / RWLV Capital, Inc.<sup>(c)</sup> |  | 4.6250 | &nbsp;&nbsp;04/06/31 | 2652025 |
| 1000000 | Voyager Parent, LLC<sup>(c)</sup> |  | 9.2500 | &nbsp;&nbsp;07/01/32 | 1049106 |
|  |  |  |  |  | 5012615 |
|  | **METALS & MINING — 1.7%** |  |  |  |  |
| 1445000 | First Quantum Minerals Ltd.<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;03/01/33 | 1537500 |
| 1340000 | First Quantum Minerals Ltd.<sup>(c)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/34 | 1392525 |
| 2026298 | Samarco Mineracao S.A.<sup>(c), (f)</sup> |  | 9.0000 | &nbsp;&nbsp;06/30/31 | 2027539 |
|  |  |  |  |  | 4957564 |
|  | **OIL & GAS PRODUCERS — 2.2%** |  |  |  |  |
| 3000000 | Hess Corporation |  | 6.0000 | &nbsp;&nbsp;01/15/40 | 3263367 |
| 3075000 | Venture Global LNG, Inc.<sup>(c),(f)</sup> |  | 9.8750 | &nbsp;&nbsp;02/01/32 | 3286396 |
|  |  |  |  |  | 6549763 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.1%** |  |  |  |  |
| 555000 | Prologis Targeted US Logistics Fund, L.P.<sup>(c)</sup> |  | 4.2500 | &nbsp;&nbsp;01/15/31 | 550928 |
| 2700000 | Scentre Group Trust 2<sup>(c),(d)</sup> | H15T5Y + 4.685% | 5.1250 | &nbsp;&nbsp;09/24/80 | 2731217 |
|  |  |  |  |  | 3282145 |
|  | **SEMICONDUCTORS — 0.8%** |  |  |  |  |
| 2375000 | Foundry JV Holdco, LLC<sup>(c)</sup> |  | 6.1000 | &nbsp;&nbsp;01/24/36 | 2510946 |
|  | **SOFTWARE — 0.8%** |  |  |  |  |
| 1585000 | Oracle Corporation |  | 4.4500 | &nbsp;&nbsp;09/26/30 | 1571775 |
| 845000 | Oracle Corporation<sup>(f)</sup> |  | 5.9500 | &nbsp;&nbsp;09/26/55 | 802172 |
|  |  |  |  |  | 2373947 |
|  | **SPECIALTY FINANCE — 2.5%** |  |  |  |  |
| 2930000 | AerCap Ireland Capital DAC / AerCap Global<sup>(d)</sup> | H15T5Y + 2.441% | 6.5000 | &nbsp;&nbsp;01/31/56 | 3029634 |
| 2010000 | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL<sup>(d)</sup> | H15T5Y + 2.720% | 6.9500 | &nbsp;&nbsp;03/10/55 | 2114413 |
| 2320000 | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 4.9500 | &nbsp;&nbsp;01/15/28 | 2344013 |
|  |  |  |  |  | 7488060 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 39.7% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 2.1%** |  |  |  |  |
| 828000 | Frontier Communications Corporation<sup>(c)</sup> |  | 6.7500 | &nbsp;&nbsp;05/01/29 | $836922 |
| 4857000 | Frontier Communications Holdings, LLC<sup>(c),(f)</sup> |  | 6.0000 | &nbsp;&nbsp;01/15/30 | 4929670 |
| 465000 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(c)</sup> |  | 5.1520 | &nbsp;&nbsp;03/20/28 | 467702 |
|  |  |  |  |  | 6234294 |
|  | **TRANSPORTATION & LOGISTICS — 0.4%** |  |  |  |  |
| 1070014 | United Airlines 2020-1 Class B Pass Through Trust Series 2020-1B Class B |  | 4.8750 | &nbsp;&nbsp;01/15/26 | 1070239 |
|  | **TOTAL CORPORATE BONDS (Cost $119,656,010)** |  |  |  | 118674662 |
| **Principal<br> Amount ($)** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 0.8%** |  |  |  |  |
|  | **HIGHER EDUCATION — 0.8%** |  |  |  |  |
| 2405000 | Maricopa County Industrial Development Authority<sup>(c)</sup> |  | 7.3750 | &nbsp;&nbsp;10/01/29 | 2525499 |
|  | **TOTAL MUNICIPAL BONDS (Cost $2,405,000)** |  |  |  | 2525499 |
| **Principal<br> Amount ($)** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 58.9%** |  |  |  |  |
|  | **U.S. TREASURY BILLS & NOTES — 58.9%** |  |  |  |  |
| 36800000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;12/18/25 | 36622532 |
| 39360000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;01/08/26 | 39087586 |
| 39500000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;02/12/26 | 39086219 |
| 39730000 | United States Treasury Bill<sup>(g)</sup> |  |  | &nbsp;&nbsp;04/09/26 | 39087180 |
| 3830000 | United States Treasury Note |  | 3.6250 | &nbsp;&nbsp;09/30/30 | 3814441 |
| 2085000 | United States Treasury Note |  | 3.6250 | &nbsp;&nbsp;10/31/30 | 2076448 |
| 5520000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;08/15/35 | 5585981 |
| 4995000 | United States Treasury Note |  | 4.8750 | &nbsp;&nbsp;08/15/45 | 5141728 |
| 5650000 | United States Treasury Note <sup>(o), (p)</sup> |  | 4.7500 | &nbsp;&nbsp;05/15/55 | 5721949 |
|  |  |  |  |  | 176224064 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $175,934,956)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $175,934,956)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $175,934,956)** |  | 176224064 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 8.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 5.3%** |  |
| 15994246 | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $15,994,246)<sup>(h)</sup> | $15994246 |
|  | **MONEY MARKET FUND - 2.8%** |  |
| 8301227 | First American Government Obligations Fund, Class X, 4.06% (Cost $8,301,227)<sup>(i)</sup> | 8301227 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $24,295,473)** | 24295473 |
|  | **TOTAL INVESTMENTS - 107.5% (Cost $322,349,169)** | $321725398 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.5)%** | (22583462) |
|  | **NET ASSETS - 100.0%** | $299141936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(j)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 32 | CBOT 10 Year US Treasury Note | 12/22/2025 | $3605500 | $(23500) |
| 128 | CBOT 5 Year US Treasury Note | 01/02/2026 | 13979000 | 42859 |
| 69 | CBOT US Treasury Bond Futures | 12/22/2025 | 8094563 | (218859) |
| 128 | Ultra 10-Year US Treasury Note Futures | 12/22/2025 | 14782000 | (165608) |
| 52 | Ultra U.S. Treasury Bond Futures | 12/22/2025 | 6306625 | (156437) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(521545) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description and Payment Frequency** | **Counterparty** | **Fixed Deal<br> (Pay)Rate** | **Implied <br> Credit <br> Spread <sup>(m)</sup>** | **Maturity <br> Date** | **Notional <br> Value** | **Fair Value<sup>(n)</sup>** | **Amortized <br> Upfront <br> Payments <br> Paid/ <br> (Received)** | **Unrealized <br> Appreciation/<br> (Depreciation)** |
| CDX.NA.HY SERIES 44 Quarterly <sup>(1)</sup> | HSBC Securities | 5.00% | 306.07 | &nbsp;&nbsp;&nbsp;6/30/2030 | $17000000 | (1378318) | (766135) | $(612183) |
| CDX.NA.IG SERIES 44 Quarterly <sup>(1)</sup> | HSBC Securities | 1.00% | 48.25 | &nbsp;&nbsp;&nbsp;6/30/2030 | 41000000 | (948663) | (646498) | $(302165) |
| DARDEN RESTAURANTS INC Quarterly <sup>(1)</sup> | Barclays | 1.00% | 21.00 | &nbsp;&nbsp;&nbsp;6/20/2027 | 7000000 | (96690) | (7608) | $(89082) |
| ORACLE CORPORATION<sup>(k)</sup> Quarterly <sup>(2)</sup> | Barclays | 1.00% | 85.00 | &nbsp;&nbsp;&nbsp;12/20/2030 | (10000000) | 80020 | 194766 | $(114746) |
| LENNAR CORPORATION<sup>(k)</sup> Quarterly <sup>(2)</sup> | Barclays | 5.00% | 73.00 | &nbsp;&nbsp;&nbsp;12/20/2029 | (5000000) | 845393 | 818119 | $27274 |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC<sup>(k)</sup> Quarterly <sup>(2)</sup> | Barclays | 1.00% | 55.00 | &nbsp;&nbsp;&nbsp;6/20/2030 | (7000000) | 143898 | 121483 | $22415 |
| SEMPRA ENERGY Quarterly <sup>(1)</sup> | Barclays | 1.00% | 30.00 | &nbsp;&nbsp;&nbsp;6/20/2030 | 7000000 | (217632) | (190154) | $(27478) |
| THE CAMPBELLS COMPANY Quarterly <sup>(1)</sup> | Barclays | 1.00% | 51.00 | &nbsp;&nbsp;&nbsp;12/20/2030 | 10000000 | (239730) | (232736) | $(6994) |
| TOLL BROTHERS INC. Quarterly <sup>(1)</sup> | Barclays | 1.00% | 67.00 | &nbsp;&nbsp;&nbsp;12/20/2029 | 5000000 | (69746) | (49930) | $(19816) |
| VERIZON COMMUNICATIONS INC<sup>(k)</sup> Quarterly <sup>(2)</sup> | Barclays | 1.00% | 30.00 | &nbsp;&nbsp;&nbsp;6/20/2027 | (7000000) | 85979 | 1369 | $84610 |
| **TOTAL** |  |  |  |  |  | **(1795489)** | **(757324)** | **(1038165)** |

---

(1) Buy Protection

(2) Sell Protection

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Description** | **Frequency** | **Counterparty** | **Notional<br> Value** | **Variable Rate<br> Premium<br> Received** | **Maturity<br> Date** | **Unrealized<br> Appreciation** |
| Markit IBoxx US Dollar Liquid High Yield Index | At Maturity | Goldman Sachs | $14000000 | US0001M | 12/20/2025 | $68823 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |
| USISSO05 | 5Y SOFR Swap Rate |
| USSW5 | USD SWAP SEMI 30/360 5YR |
| <sup>(a)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is 64,744,245 or 21.6% of net assets. |
| <sup>(d)</sup> | Variable rate security; the rate shown represents the rate on October 31, 2025. |
| <sup>(e)</sup> | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| <sup>(f)</sup> | All or a portion of these securities are on loan. The total loaned securities had a value of $15,656,162 at October 31, 2025. |
| <sup>(g)</sup> | Zero coupon bond. |
| <sup>(h)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $15,994,246 at October 31, 2025. |
| <sup>(i)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |
| <sup>(j)</sup> | The amounts shown are the underlying reference notional amounts upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
| <sup>(k)</sup> | If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value obligation or underlying securities comprising of the referenced obligation or underlying securities comprising of the referenced index. |
| <sup>(l)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities is $5,700. |
| <sup>(m)</sup> | Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of October 31, 2025, will serve as an indicator of payment/performance risk and represent the likelihood of risk of default for the credit derivative. |
| <sup>(n)</sup> | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(0)</sup> | All or portion of security held as collateral for Futures at October 31, 2025. Collateral for futures had a market value of $1,243,875 at October 31, 2025. |
| <sup>(p)</sup> | All or portion of security held as collateral for Swaps at October 31, 2025. Collateral for swaps had a market value of $1,718,864 at October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 1.2%** |  |
|  | **EQUITY - 1.2%** |  |
| 2468782 | Altaba, Inc. <sup>(h)</sup> | $3209417 |
|  | **TOTAL CLOSED END FUNDS (Cost $732,600)** | 3209417 |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.6%** |  |
|  | **ADVERTISING & MARKETING - 2.8%** |  |
| 279382 | Interpublic Group of Companies, Inc. (The) | 7168942 |
|  | **AUTOMOTIVE - 3.4%** |  |
| 80080 | Toyota Industries Corporation | 8742925 |
|  | **BANKING - 7.4%** |  |
| 67808 | Cadence Bank | 2559074 |
| 148965 | Comerica, Inc. | 11395823 |
| 263861 | Hang Seng Bank Ltd. | 5147726 |
| 1411 | Synovus Financial Corporation | 62987 |
|  |  | 19165610 |
|  | **BEVERAGES - 3.9%** |  |
| 280057 | JDE Peet's N.V. | 10195044 |
|  | **BIOTECH & PHARMA - 1.0%** |  |
| 47455 | Akero Therapeutics, Inc.<sup>(a)</sup> | 2572061 |
|  | **CABLE & SATELLITE - 2.8%** |  |
| 136069 | Liberty Broadband Corporation - Series C<sup>(a)</sup> | 7323234 |
|  | **ELECTRIC UTILITIES - 9.9%** |  |
| 172887 | Northwestern Energy Group, Inc. | 10316167 |
| 267112 | TXNM Energy, Inc. | 15171962 |
|  |  | 25488129 |
|  | **ENTERTAINMENT CONTENT - 7.8%** |  |
| 57857 | Electronic Arts, Inc. | 11574870 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.6% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 7.8% (Continued)** |  |
| 142543 | Fox Corporation, Class B | $8325937 |
|  |  | 19900807 |
|  | **FOOD - 1.5%** |  |
| 46554 | Kellanova | 3866775 |
|  | **GAS & WATER UTILITIES - 0.0%<sup>(b)</sup>** |  |
| 465 | Essential Utilities, Inc. | 18149 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 4.4%** |  |
| 57379 | Chart Industries, Inc.<sup>(a),(c)</sup> | 11453995 |
|  | **MACHINERY - 0.6%** |  |
| 52166 | Hillenbrand, Inc.<sup>(c)</sup> | 1648446 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 69709 | Hologic, Inc.<sup>(a)</sup> | 5152192 |
|  | **METALS & MINING - 0.0%<sup>(b)</sup>** |  |
| 0 | Royal Gold, Inc. | 66 |
|  | **OIL & GAS PRODUCERS - 8.1%** |  |
| 247000 | MEG Energy Corporation | 5226880 |
| 547842 | Parkland Corporation | 15608545 |
|  |  | 20835425 |
|  | **PUBLISHING & BROADCASTING - 2.7%** |  |
| 167755 | News Corporation, Class A | 4445508 |
| 129945 | TEGNA, Inc. | 2556018 |
|  |  | 7001526 |
|  | **SEMICONDUCTORS - 0.9%** |  |
| 25834 | Qorvo, Inc.<sup>(a)</sup> | 2452164 |
|  | **SOFTWARE - 9.5%** |  |
| 19749 | CyberArk Software Ltd.<sup>(a),(c)</sup> | 10284884 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.6% (Continued)** |  |
|  | **SOFTWARE - 9.5% (Continued)** |  |
| 131872 | Dayforce, Inc.<sup>(a)</sup> | $9064881 |
| 206225 | Informatica, Inc., Class A<sup>(a)</sup> | 5128816 |
|  |  | 24478581 |
|  | **SPECIALTY FINANCE - 3.5%** |  |
| 141960 | Air Lease Corporation | 9065565 |
|  | **TELECOMMUNICATIONS - 4.0%** |  |
| 274588 | Frontier Communications Parent, Inc.<sup>(a),(c)</sup> | 10368441 |
| 205893 | NII Holdings, Inc. 144A<sup>(a),(d)(h)</sup> | 72063 |
|  |  | 10440504 |
|  | **TRANSPORTATION & LOGISTICS - 3.4%** |  |
| 1025 | American Airlines Group, Inc.<sup>(a)</sup> | 13458 |
| 101283 | American Airlines Group, Inc. Escrow Security<sup>(a)(h)</sup> |  |
| 30950 | Norfolk Southern Corporation | 8770612 |
|  |  | 8784070 |
|  | **TOTAL COMMON STOCKS (Cost $205,616,234)** | 205754210 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **RIGHT — 0.3%** |  |  |  |
|  | **ASSET MANAGEMENT - 0.0% <sup>(b)</sup>** |  |  |  |
| 117447 | Pershing Square Sparc Holdings Ltd <sup>(h)</sup> | 9/29/2034 | $— | 35234 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.3%** |  |  |  |
| 532221 | Resolute Forest Products, Inc. – CVR <sup>(h)</sup> |  | $6.25 | 798332 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0% <sup>(b) (h)</sup>** |  |  |  |
| 34956 | ABIOMED, Inc. - CVR | 12/31/2034 | $35.00 | 55929 |
|  | **TOTAL RIGHT (Cost $850,904)** |  |  | 889495 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 9.0%** |  |
| 23310902 | Mount Vernon Liquid Assets Portfolio, 4.10% (Cost $23,310,902)<sup>(e),(f)</sup> | $23310902 |
|  | **MONEY MARKET FUND - 10.5%** |  |
| 27072707 | Fidelity Investments Money Market Funds, Class I, 4.02% (Cost $27,072,707)<sup>(f)</sup> | 27072707 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $50,383,609)** | 50383609 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(g)</sup>** |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Exercise <br> Price** | **Notional <br> Value** | **Notional <br> Value** | **Fair Value** |
| | **EQUITY OPTIONS PURCHASED - 0.2%** | **EQUITY OPTIONS PURCHASED - 0.2%** | **EQUITY OPTIONS PURCHASED - 0.2%** | | | | | |
|  | **PUT OPTIONS PURCHASED - 0.2%** | **PUT OPTIONS PURCHASED - 0.2%** | **PUT OPTIONS PURCHASED - 0.2%** |  |  |  |  |  |
| 46 | Rocket Companies, Inc. | Morgan Stanley | 01/16/2026 | $| 9 | $| 76636 | $253 |
| 310 | Sunoco, L.P. | Morgan Stanley | 12/19/2025 |  | 53 |  | 1618820 | 38750 |
| 948 | Sunoco, L.P. | Morgan Stanley | 12/19/2025 |  | 55 |  | 4950456 | 307152 |
| 107 | Sunoco, L.P. | Morgan Stanley | 12/19/2025 |  | 58 |  | 558754 | 62060 |
| 249 | Sunoco, L.P. | Morgan Stanley | 03/20/2026 |  | 50 |  | 1300278 | 66608 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $800,873) |  |  |  | 474823 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $800,873) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $800,873) |  |  | 474823 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $258,384,220)** | **TOTAL INVESTMENTS - 100.8% (Cost $258,384,220)** | **TOTAL INVESTMENTS - 100.8% (Cost $258,384,220)** | **TOTAL INVESTMENTS - 100.8% (Cost $258,384,220)** | **TOTAL INVESTMENTS - 100.8% (Cost $258,384,220)** |  |  | $260711554 |
|  | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | **TOTAL SECURITIES SOLD SHORT - (28.4)% (Proceeds Received - $75,178,907)** | (73575013) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 27.6%** | 71513007 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  |  |  | $258649548 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| LTD | - Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(c)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $22,895,383 at October 31, 2025. |
| <sup>(d)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $72,063 or 0.0% of net assets. |
| <sup>(e)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $23,310,902 at October 31, 2025. |
| <sup>(f)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |
| <sup>(g)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(h)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 1.61% of net assets. The total value of these securities is $4,170,975. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (28.4)%** |  |
|  | **ADVERTISING & MARKETING - (2.8)%** |  |
| (96108) | Omnicom Group, Inc. | $(7210022) |
|  | **BANKING - (5.5)%** |  |
| (278016) | Fifth Third Bancorp | (11571027) |
| (167825) | Huntington Bancshares, Inc. | (2591218) |
| (739) | Pinnacle Financial Partners, Inc. | (62970) |
|  |  | (14225215) |
|  | **CABLE & SATELLITE - (2.9)%** |  |
| (32119) | Charter Communications, Inc., Class A | (7510707) |
|  | **ELECTRIC UTILITIES - (4.2)%** |  |
| (169258) | Black Hills Corporation | (10736035) |
|  | **ENTERTAINMENT CONTENT - (3.2)%** |  |
| (128465) | Fox Corporation, Class A | (8305262) |
|  | **GAS & WATER UTILITIES - 0.0% <sup>(a)</sup>** |  |
| (142) | American Water Works Company, Inc. | (18237) |
|  | **OIL & GAS PRODUCERS - (1.0)%** |  |
| (155000) | Cenovus Energy, Inc. | (2619158) |
|  | **PUBLISHING & BROADCASTING - (1.8)%** |  |
| (151985) | News Corporation, Class B | (4630983) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (28.4)% (Continued)** |  |
|  | **SEMICONDUCTORS - (0.7)%** |  |
| (24801) | Skyworks Solutions, Inc. | $(1927534) |
|  | **SOFTWARE - (3.7)%** |  |
| (43459) | Palo Alto Networks, Inc. | (9571410) |
|  | **TRANSPORTATION & LOGISTICS - (2.6)%** |  |
| (30950) | Union Pacific Corporation | (6820450) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $75,178,907)** | $(73575013) |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Hong Kong Dollar | 11/03/2025 | Morgan Stanley FX | 21965138 | $2826669 | $(906) |
| Japanese Yen | 11/04/2025 | Morgan Stanley FX | 10033768 | 65109 | (80) |
| Euro | 11/12/2025 | Morgan Stanley FX | 8092302 | 9332513 | (194283) |
|  |  |  |  | $**12224291** | $**(195269)** |
| **To Sell:** |  |  |  |  |  |
| Euro | 11/12/2025 | Morgan Stanley FX | 17012117 | $19619362 | $347360 |
| Canadian Dollar | 11/14/2025 | Morgan Stanley FX | 15895951 | 11339401 | 187476 |
| Hong Kong Dollar | 11/14/2025 | Morgan Stanley FX | 40898455 | 5264231 | (1413) |
| Japanese Yen | 11/17/2025 | Morgan Stanley FX | 1318119901 | 8564572 | 350663 |
|  |  |  |  | $**44787566** | $**884086** |
| **Total** |  |  |  |  | $**688817** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.0%** |  |
|  | **DATA CENTER REIT - 8.8%** |  |
| 14983 | Digital Realty Trust, Inc. | $2553252 |
| 2789 | Equinix, Inc. | 2359522 |
|  |  | 4912774 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 41385 | Chartwell Retirement Residences | 609909 |
|  | **HEALTH CARE REIT - 16.1%** |  |
| 55536 | American Healthcare REIT, Inc. | 2516891 |
| 8897 | National Health Investors, Inc. | 662915 |
| 32111 | Welltower, Inc.<sup>(a),(b)</sup> | 5813374 |
|  |  | 8993180 |
|  | **HOTEL REIT - 1.2%** |  |
| 73136 | Sunstone Hotel Investors, Inc. | 647254 |
|  | **INDUSTRIAL REIT - 12.1%** |  |
| 36340 | First Industrial Realty Trust, Inc. | 2008875 |
| 30087 | Prologis, Inc.<sup>(a),(b)</sup> | 3733496 |
| 505807 | Tritax Big Box REIT plc | 997355 |
|  |  | 6739726 |
|  | **MULTI ASSET CLASS REIT - 4.7%** |  |
| 390462 | LondonMetric Property plc | 975604 |
| 60541 | LXP Industrial Trust | 574534 |
| 71227 | Merlin Properties Socimi S.A. | 1109253 |
|  |  | 2659391 |
|  | **OFFICE REIT - 9.2%** |  |
| 238189 | Hudson Pacific Properties, Inc. | 581181 |
| 500 | Japan Excellent, Inc. | 477266 |
| 1400 | Nippon Building Fund, Inc. | 1291830 |
| 32955 | SL Green Realty Corporation<sup>(a) ,(b)</sup> | 1692239 |
| 75905 | Veris Residential, Inc. | 1089996 |
|  |  | 5132512 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.0% (Continued)** |  |
|  | **REAL ESTATE INVESTMENT TRUSTS - 8.9%** |  |
| 54774 | Curbline Properties Corporation<sup>(a),(b)</sup> | $1263089 |
| 22089 | Iron Mountain, Inc. | 2274063 |
| 28605 | Smartstop Self Storage REIT, Inc.<sup>(a),(b)</sup> | 982582 |
| 100000 | Stockland | 412904 |
|  |  | 4932638 |
|  | **RESIDENTIAL REIT - 9.0%** |  |
| 82055 | Independence Realty Trust, Inc. | 1307136 |
| 2000 | Mitsui Fudosan Accommodations Fund, Inc. | 1684544 |
| 61143 | UDR, Inc. | 2059908 |
|  |  | 5051588 |
|  | **RETAIL REIT - 22.0%** |  |
| 22854 | Agree Realty Corporation<sup>(a),(b)</sup> | 1668571 |
| 643600 | CapitaLand Integrated Commercial Trust | 1171845 |
| 33151 | Essential Properties Realty Trust, Inc. | 990552 |
| 95172 | Kimco Realty Corporation<sup>(a),(b)</sup> | 1966254 |
| 75100 | Link REIT | 391220 |
| 83007 | NETSTREIT Corporation<sup>(a),(b)</sup> | 1545590 |
| 305000 | Scentre Group | 812296 |
| 12865 | Simon Property Group, Inc. | 2261152 |
| 13416 | Unibail-Rodamco-Westfield<sup>(c)</sup> | 1386294 |
|  |  | 12193774 |
|  | **SELF-STORAGE REIT - 3.5%** |  |
| 53882 | National Storage Affiliates Trust | 1567427 |
| 275000 | National Storage REIT | 413886 |
|  |  | 1981313 |
|  | **SELF-STORAGE REITS - 2.4%** |  |
| 35662 | CubeSmart | 1343388 |
|  | **SPECIALTY REIT - 0.3%** |  |
| 3195 | EPR Properties<sup>(a),(b)</sup> | 156619 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.0% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 40000 | NEXTDC Ltd. | $412512 |
|  | **TOTAL COMMON STOCKS (Cost $51,709,817)** | 55766578 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 20.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 20.8%** |  |
| 11604623 | Mount Vernon Liquid Assets Portfolio, LLC, 4.10% (Cost $11,604,623)<sup>(c),(d)</sup> | 11604623 |
|  | **MONEY MARKET FUND - 0.1%** |  |
| 77431 | Fidelity Investments Money Market Government Portfolio, Class I, 4.02% (Cost $77,431)<sup>(d)</sup> | 77431 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,682,054)** | 11682054 |
|  | **TOTAL INVESTMENTS - 120.9% (Cost $63,391,871)** | $67448632 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (20.9)%** | (11663717) |
|  | **NET ASSETS - 100.0%** | $55784915 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $11,253,305 at October 31, 2025. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $11,604,623 at October 31, 2025. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2025. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM U.S. ENHANCED MARKET FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 51.9%** |  |  |  |
|  | **U.S. TREASURY BILLS — 40.3%** |  |  |  |
| 25000000 | United States Treasury Bill<sup>(a)</sup> | 0.9600 | &nbsp;&nbsp;11/04/25 | $24997363 |
| 27000000 | United States Treasury Bill<sup>(a),(b)</sup> | 3.6000 | &nbsp;&nbsp;12/02/25 | 26914957 |
|  |  |  |  | 51912320 |
|  | **U.S. TREASURY NOTES — 11.6%** |  |  |  |
| 16000000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;09/30/28 | 14966250 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $66,939,896)** |  |  | 66878570 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.3%** |  |  |  |
|  | **MONEY MARKET FUNDS - 7.3%** |  |  |  |
| 9362977 | Fidelity Government Portfolio, Institutional, 4.02% (Cost $9,362,977)<sup>(c)</sup> |  |  | 9362977 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Exercise <br> Price** | **Notional <br> Value** | |
| | **FLEX OPTIONS PURCHASED - 40.9%** | **FLEX OPTIONS PURCHASED - 40.9%** |  | | | | |
|  | **CALL OPTIONS PURCHASED - 40.9%** | **CALL OPTIONS PURCHASED - 40.9%** | **CALL OPTIONS PURCHASED - 40.9%** |  |  |  |  |
| 100 | S&P 500 INDEX | Societe Generale | 06/11/2029 | $| 5450 | $91500000 | 22830603 |
| 150 | S&P 500 INDEX | Societe Generale | 01/31/2030 |  | 6100 | 54500000 | 29892622 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $35,243,421) |  | 52723225 |
|  | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) | **TOTAL FLEX OPTIONS PURCHASED** (Cost - $35,243,421) |  | 52723225 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $111,546,294)** | **TOTAL INVESTMENTS - 100.1% (Cost $111,546,294)** | **TOTAL INVESTMENTS - 100.1% (Cost $111,546,294)** | **TOTAL INVESTMENTS - 100.1% (Cost $111,546,294)** | **TOTAL INVESTMENTS - 100.1% (Cost $111,546,294)** |  | $128964772 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** |  | (139272) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  |  |  | $128825500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 115 | CBOT 10 Year US Treasury Note Future | 12/22/2025 | $12957266 | $89844 |
| 235 | CBOT 2 Year US Treasury Note Future | 01/01/2026 | 24468457 | (1836) |
| 460 | CBOT 5 Year US Treasury Note Future | 01/02/2026 | 50237031 | 79063 |
| 30 | CBOT US Treasury Bond Future | 12/22/2025 | 3519375 | 97500 |
| 32 | CME E-Mini Standard & Poor's 500 Index Future | 12/22/2025 | 10998400 | 312367 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $576938 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM U.S. ENHANCED MARKET FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

 <sup>(a)</sup> Zero coupon bond.

<sup>(b)</sup> A portion is held as collateral for futures.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(e)</sup> The amounts shown are the underlying reference notional amounts upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham**<br>**Corporate /**<br>**Government**<br>**Bond Fund** |<br>**Dunham**<br>**Floating Rate**<br>**Bond Fund** |<br>**Dunham**<br>**High-Yield**<br>**Bond Fund** | **Dunham**<br>**International**<br>**Opportunity**<br>**Bond Fund** |<br>**Dunham**<br>**Large Cap**<br>**Value Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $315147966 | $219386813 | $259018556 | $101947450 | $132685867 |
| Investments in securities, at value | $316199075 | $216890732 | $261819848 | $102488766 | $205606227 |
| Foreign currency, at value (cost $0, $0, $0, $1,856,095, and $0 respectively) |  |  |  | 1831941 |  |
| Deposits with brokers for futures (cost $0, $0,$0, $786,304, $0) (a) |  |  |  | 781544 |  |
| Deposits with brokers for swaps, at value (cost $0, $0, $0,$523,498, $0) (a) |  |  |  | 519459 |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 682888 |  |
| Unrealized appreciation on futures |  |  |  | 183275 |  |
| Receivable for securities sold | 210841 | 2363185 | 499670 | 715996 |  |
| Premiums paid on swap contracts |  |  |  | 126688 |  |
| Interest and dividends receivable | 2734893 | 1492727 | 4323336 | 1548521 | 176738 |
| Receivable for Fund shares sold | 317 | 6009 | 3616 | 46 | 25788 |
| Prepaid expenses and other assets | 15346 | 20304 | 15173 | 27311 | 15274 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | **319160472** | **220772957** | **266661643** | **108906435** | **205824027** |
| **Liabilities:** |  |  |  |  |  |
| Payable for securities purchased | 1861877 | 7479562 | 2522543 | 371780 |  |
| Payable for Fund shares redeemed | 168857 | 302574 | 233441 | 58641 | 83935 |
| Payable to broker (a) |  |  |  | 170000 |  |
| Distributions payable | 7249 | 10897 | 13503 | 7720 |  |
| Payable upon return of securities loaned (Market value of securities on loan $7,457,928, $4,619,618, $31,195,952, $2,640,112, $9,429,582 respectively) | 7697773 | 4730650 | 32388190 | 3226714 | 9574743 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 40561 |  |
| Unrealized depreciation on futures |  |  |  | 225751 |  |
| Unrealized depreciation on swap contracts |  |  |  | 49609 |  |
| Premiums received on swap contracts |  |  |  | 189301 |  |
| Payable to adviser | 129854 | 123274 | 116311 | 51992 | 106970 |
| Payable to sub-adviser | 63733 | 28195 | 51128 | 57418 | 81478 |
| Payable for distribution fees | 8970 | 6544 | 18298 | 735 | 15019 |
| Payable to related parties | 66767 | 45380 | 49479 | 41904 | 30630 |
| Accrued expenses and other liabilities | 36877 | 37215 | 32130 | 38499 | 39056 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **10041957** | **12764291** | **35425023** | **4530625** | **9931831** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commitments and contingent liabilities (Note 2.u)** |  |  |  |  |  |
| **Net Assets** | $**309118515** | $**208008666** | $**231236620** | $**104375810** | $**195892196** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $316425030 | $237050860 | $241017504 | $110016408 | $115612845 |
| Accumulated earnings (loss) | (7306515) | (29042194) | (9780884) | (5640598) | 80279351 |
| **Net Assets** | $**309118515** | $**208008666** | $**231236620** | $**104375810** | $**195892196** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $290325907 | $194101843 | $216756788 | $98592374 | $173331700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 22866385 | 22692397 | 24853147 | 12295823 | 7934949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.70 | $8.55 | $8.72 | $8.02 | $21.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $14722725 | $9115624 | $11237154 | $4979224 | $18316023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 1161444 | 1067000 | 1270958 | 628583 | 844920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $12.68 | $8.54 | $8.84 | $7.92 | $21.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9550 | 0.9550 | 0.9550 | 0.9550 | 0.9425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $13.28 | $8.94 | $9.26 | $8.29 | $23.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $4069883 | $4791199 | $3242678 | $804212 | $4244473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 323771 | 560595 | 374405 | 104960 | 212077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.57 | $8.55 | $8.66 | $7.66 | $20.01 |

---

\* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase.

(a) See Section 2.l in the notes for the
 breakout by counterparty, cost represents US dollar and Foreign currency cost.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Dunham**<br>**Small Cap**<br>**Value Fund** | **Dunham**<br>**Focused**<br>**Large Cap**<br>**Growth Fund** |<br>**Dunham**<br>**Small Cap**<br>**Growth Fund** | **Dunham**<br>**Emerging**<br>**Markets**<br>**Stock Fund** |<br>**Dunham**<br>**International**<br>**Stock Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $94898203 | $93830771 | $92533390 | $93756095 | $141835055 |
| Investments in securities, at value | $105502913 | $215122780 | $113991130 | $140404029 | $178309747 |
| Foreign currency, at value (cost $23,701, $0, $0, $0 and $486,298 respectively) | 23736 |  |  | 4 | 487577 |
| Receivable for securities sold | 126236 |  | 1032659 | 1122687 | 220513 |
| Unrealized appreciation on spot contracts |  |  |  |  | 65 |
| Interest and dividends receivable | 51626 | 24568 | 26517 | 50060 | 918004 |
| Receivable for Fund shares sold | 17228 | 1081486 | 5675 | 7489 | 58449 |
| Prepaid expenses and other assets | 16073 | 16617 | 38580 | 8519 | 22011 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | **105737812** | **216245451** | **115094561** | **141592788** | **180016366** |
| **Liabilities:** |  |  |  |  |  |
| Payable for securities purchased | 226934 |  | 1175468 | 1781366 | 399573 |
| Payable for Fund shares redeemed | 29658 | 58055 | 19013 | 70454 | 71659 |
| Payable upon return of securities loaned (Market value of securities on loan $10,126,051, $2,554,784, $23,715,124, $5,551,472, and $5,656,469 respectively) | 10397495 | 2583900 | 24107064 | 5537396 | 5826020 |
| Accrued foreign capital gains tax on appreciated securities |  |  |  | 631589 |  |
| Payable to adviser | 52497 | 114187 | 49363 | 72002 | 93423 |
| Payable to sub-adviser | 16573 | 35663 | 12367 | 33388 | 136197 |
| Payable for distribution fees | 6196 | 30477 | 14864 | 9304 | 14042 |
| Payable to related parties | 22723 | 32296 | 20398 | 27096 | 58430 |
| Accrued expenses and other liabilities | 34035 | 40491 | 34246 | 77304 | 76941 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **10786111** | **2895069** | **25432783** | **8239899** | **6676285** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commitments and contingent liabilities (Note 2.u)** |  |  |  |  |  |
| **Net Assets** | $**94951701** | $**213350382** | $**89661778** | $**133352889** | $**173340081** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $84120627 | $65705306 | $67988156 | $106356543 | $119416944 |
| Accumulated earnings (loss) | 10831074 | 147645076 | 21673622 | 26996346 | 53923137 |
| **Net Assets** | $**94951701** | $**213350382** | $**89661778** | $**133352889** | $**173340081** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $86042774 | $184076456 | $78358003 | $118508108 | $156151671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 5461453 | 4000214 | 3522409 | 6615162 | 6730949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $15.75 | $46.02 | $22.25 | $17.91 | $23.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $6899348 | $20847103 | $9159095 | $12570141 | $12737483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 450314 | 474615 | 450970 | 722124 | 555139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $15.32 | $43.92 | $20.31 | $17.41 | $22.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $16.25 | $46.60 | $21.55 | $18.47 | $24.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $2009579 | $8426823 | $2144680 | $2274640 | $4450927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 167988 | 220744 | 163958 | 143362 | 213056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.96 | $38.17 | $13.08 | $15.87 | $20.89 |

---

\* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Dunham**<br>**Dynamic Macro**<br>**Fund** |<br>**Dunham**<br>**Long/Short**<br>**Credit Fund** | **Dunham**<br>**Monthly**<br>**Distribution**<br>**Fund** |<br>**Dunham**<br>**Real Estate**<br>**Stock Fund** | **Dunham**<br>**U.S. Enhanced**<br>**Market**<br>**Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $92686885 | $322349169 | $258384220 | $63391871 | $111546294 |
| Investments in securities, at value | $94751690 | $321725398 | $260711554 | $67448632 | $128964772 |
| Cash |  |  | 7 |  |  |
| Foreign currency, at value (cost $3,559,262, $0, $17,598, $0 and $0 respectively) | 3515850 |  | 18746 |  |  |
| Deposits with brokers for securities sold short (a) |  |  | 97075201 |  |  |
| Deposits with brokers for futures (cost $1,967,304, $575,951,$0, $0, $0) (a) | 1819351 | 575951 |  |  |  |
| Deposit with brokers for swaps (a) |  | 2434033 |  |  |  |
| Unrealized appreciation on futures | 795354 | 42859 |  |  | 578774 |
| Unrealized appreciation on swap contracts |  | 203122 |  |  |  |
| Premiums paid on swap contracts |  | 1135737 |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  | 885499 |  |  |
| Interest and dividends receivable | 405815 | 1749639 | 247845 | 30363 | 48173 |
| Receivable for Fund shares sold | 19305 | 58623 | 206 | 12512 | 10946 |
| Due from sub-adviser |  |  |  |  |  |
| Prepaid expenses and other assets | 18789 | 16331 | 354368 | 15201 | 16651 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | **101326154** | **327941693** | **359293426** | **67506708** | **129619316** |
| **Liabilities:** |  |  |  |  |  |
| Securities sold short (proceeds received $0, $0, $75,178,907, $0, and $0 respectively) |  |  | 73575013 |  |  |
| Payable due to broker for futures (a) |  |  |  |  | 559369 |
| Due to broker (for swap collateral) |  | 630000 |  |  |  |
| Payable for securities purchased |  | 7022123 | 2891778 |  |  |
| Payable for Fund shares redeemed | 44755 | 1210999 | 320373 | 20831 | 57224 |
| Payable upon return of securities loaned (Market value of securities on loan $7,381,930, $15,656,162, $22,895,383, $11,253,305 and $0 respectively) | 7532886 | 15994246 | 23310902 | 11604623 |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  | 196682 |  |  |
| Distributions payable |  | 19220 | 41858 |  |  |
| Premiums received on swap contracts |  | 1893061 |  |  |  |
| Unrealized depreciation on swap contracts |  | 1172464 |  |  |  |
| Unrealized depreciation on futures | 745926 | 564404 |  |  | 1836 |
| Payable to adviser | 51038 | 162581 | 140785 | 31140 | 69259 |
| Payable to sub-adviser | 23879 | 29773 | 45434 | 20007 | 53276 |
| Payable for distribution fees | 5026 | 14725 | 29340 | 1402 | 3330 |
| Payable to related parties | 25151 | 46151 | 46683 | 17034 | 26186 |
| Accrued expenses and other liabilities | 27917 | 40010 | 45030 | 26756 | 23336 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **8456578** | **28799757** | **100643878** | **11721793** | **793816** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commitments and contingent liabilities (Note 2.u)** |  |  |  |  |  |
| **Net Assets** | $**92869576** | $**299141936** | $**258649548** | $**55784915** | $**128825500** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $81963285 | $315464245 | $254847011 | $69506284 | $104652810 |
| Accumulated earnings (loss) | 10906291 | (16322309) | 3802537 | (13721369) | 24172690 |
| **Net Assets** | $**92869576** | $**299141936** | $**258649548** | $**55784915** | $**128825500** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $82386345 | $282160494 | $231110237 | $49450848 | $116687167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 6562624 | 32109801 | 7985060 | 3724226 | 6901183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.55 | $8.79 | $28.94 | $13.28 | $16.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $9048149 | $14428199 | $16820937 | $4847748 | $10869601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 732106 | 1646390 | 622863 | 363192 | 644492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $12.36 | $8.76 | $27.01 | $13.35 | $16.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $13.11 | $9.29 | $28.66 | $14.16 | $17.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1435082 | $2553243 | $10718374 | $1486319 | $1268732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 126524 | 307056 | 616720 | 123979 | 76049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.34 | $8.32 | $17.38 | $11.99 | $16.68 |

---

\* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase.

(a) See Section 2.l in the notes for the
 breakout by counterparty, cost represents US dollar and Foreign currency cost.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS** |
| For the Year Ended October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham**<br>**Corporate /**<br>**Government**<br>**Bond Fund** |<br>**Dunham**<br>**Floating Rate**<br>**Bond Fund** |<br>**Dunham**<br>**High-Yield**<br>**Bond Fund** | **Dunham**<br>**International**<br>**Opportunity**<br>**Bond Fund** |<br>**Dunham**<br>**Large Cap**<br>**Value Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $12959252 | $15096131 | $15009231 | $5050223 | $148931 |
| Dividend income | 6012 |  | 647995 |  | 3234023 |
| Securities lending income - net | 11672 | 26565 | 125183 | 9591 | 9145 |
| Less: Foreign withholding taxes | (1988) |  |  | (2432) | (3126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **12974948** | **15122696** | **15782409** | **5057382** | **3388973** |
| **Operating Expenses:** |  |  |  |  |  |
| Investment advisory fees | 1211865 | 1053538 | 1218178 | 490201 | 1127294 |
| Sub-advisory fees | 727119 | 491651 | 649695 | 367650 | 520290 |
| Sub-advisory performance fees | (10876) | (31025) | (29521) | 130816 | 66472 |
| Distribution fees- Class A Shares | 34613 | 23162 | 30233 | 11822 | 42653 |
| Distribution fees- Class C Shares | 24082 | 37404 | 23830 | 5610 | 36354 |
| Administration fees | 247890 | 137848 | 146795 | 152583 | 69175 |
| Registration fees | 53582 | 58356 | 54119 | 43703 | 52593 |
| Transfer agent fees | 44878 | 39208 | 40601 | 29330 | 36159 |
| Printing and postage expense | 35998 | 31397 | 37714 | 21550 | 29653 |
| Professional fees | 27510 | 24747 | 25679 | 20798 | 24423 |
| Fund accounting fees | 29721 | 21567 | 25740 | 10503 | 21882 |
| Custodian fees | 29927 | 28458 | 13403 | 49764 | 11235 |
| Chief Compliance Officer fees | 18125 | 12959 | 15385 | 5955 | 12898 |
| Trustees' fees | 8514 | 6411 | 7550 | 2923 | 5694 |
| Third party administrative servicing fees | 5961 | 7049 | 6702 | 5719 | 11154 |
| Insurance expense | 2076 | 1670 | 1939 | 694 | 1870 |
| Interest expense | 5104 | 871 | 2085 | 3235 | 5426 |
| Miscellaneous expenses | 15850 | 13049 | 14000 | 6616 | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **2511939** | **1958320** | **2284127** | **1359472** | **2101342** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees paid indirectly (See Note 4) |  |  |  |  | (1130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **2511939** | **1958320** | **2284127** | **1359472** | **2100212** |
| **Net Investment Income** | **10463009** | **13164376** | **13498282** | **3697910** | **1288761** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures, Swap Contracts and Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1294824) | (3203980) | (2205891) | 630272 | 8614432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (980828) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | (228344) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  |  |  | (605115) |  |
| **Net realized gain (loss)** | (1294824) | (3203980) | (2205891) | (1184015) | 8614432 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 4811095 | 910453 | 2566535 | 2533864 | 12602376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 53973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | (46173) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  |  |  | 256915 |  |
| **Net change in unrealized appreciation (depreciation)** | 4811095 | 910453 | 2566535 | 2798579 | 12602376 |
| **Net Realized and Unrealized Gain (Loss)** | **3516271** | **(2293527)** | **360644** | **1614564** | **21216808** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**13979280** | $**10870849** | $**13858926** | $**5312474** | $**22505569** |

---

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Continued)** |
| For the Year Ended October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Dunham**<br>**Small Cap**<br>**Value Fund** | **Dunham**<br>**Focused**<br>**Large Cap**<br>**Growth Fund** |<br>**Dunham**<br>**Small Cap**<br>**Growth Fund** | **Dunham**<br>**Emerging**<br>**Markets**<br>**Stock Fund** |<br>**Dunham**<br>**International**<br>**Stock Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $156897 | $113050 | $99657 | $101437 | $18160 |
| Dividend income | 1533701 | 486304 | 353891 | 3011139 | 5852643 |
| Securities lending income - net | 47907 | 7917 | 115982 | 16519 | 54456 |
| Less: Foreign withholding taxes | (6424) | (3683) | (1047) | (362925) | (639174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **1732081** | **603588** | **568483** | **2766170** | **5286085** |
| **Operating Expenses:** |  |  |  |  |  |
| Investment advisory fees | 650073 | 1248270 | 511825 | 807724 | 1011453 |
| Sub-advisory fees | 450051 | 672145 | 393712 | 559193 | 1011453 |
| Sub-advisory performance fees | (206489) | (276128) | (155230) | (408727) | 437877 |
| Distribution fees- Class A Shares | 20429 | 49388 | 21658 | 31982 | 33306 |
| Distribution fees- Class C Shares | 19145 | 83587 | 19348 | 20548 | 40764 |
| Registration fees | 50707 | 54157 | 45109 | 58722 | 55041 |
| Administration fees | 54249 | 70463 | 43426 | 79307 | 161507 |
| Transfer agent fees | 31348 | 39707 | 29863 | 31737 | 37662 |
| Custodian fees | 30259 | 14015 | 15224 | 186547 | 163116 |
| Printing and postage expense | 21410 | 33871 | 19536 | 27459 | 44695 |
| Professional fees | 22235 | 25560 | 20619 | 39583 | 23881 |
| Fund accounting fees | 13244 | 24063 | 10056 | 15261 | 19599 |
| Third party administrative servicing fees | 6532 | 18122 | 12758 | 4363 | 20007 |
| Chief Compliance Officer fees | 7896 | 14632 | 5945 | 9699 | 11880 |
| Trustees' fees | 3689 | 6373 | 2793 | 4113 | 5362 |
| Insurance expense | 1218 | 2352 | 818 | 7068 | 1863 |
| Interest expense | 2166 | 7917 | 2452 | 50777 | 23548 |
| Miscellaneous expenses | 19037 | 26797 | 14284 | 8809 | 12392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1197199** | **2115291** | **1014196** | **1534165** | **3115406** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees paid indirectly (See Note 4) |  | (6562) | (19463) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1197199** | **2108729** | **994733** | **1534165** | **3115406** |
| **Net Investment Income (Loss)** | **534882** | **(1505141)** | **(426250)** | **1232005** | **2170679** |
| **Realized and Unrealized Gain (Loss) on Investments, Foreign Capital Gains Tax, Foreign Currency Transactions and Forward Foreign Currency Exchange Contracts** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 846982 | 35534993 | 8280335 | 8011030 | 20766178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax |  |  |  | (436012) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (6319) |  |  | (224794) | (16129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  |  |  |  |  |
| **Net realized gain (loss)** | 840663 | 35534993 | 8280335 | 7350224 | 20750049 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 7706665 | 5957279 | 6563331 | 23993545 | 30275417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |  | 2134 | 50073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in foreign capital gains tax on appreciated securities |  |  |  | 256223 |  |
| **Net change in unrealized appreciation (depreciation)** | 7706665 | 5957279 | 6563331 | 24251902 | 30325490 |
| **Net Realized and Unrealized Gain (Loss)** | **8547328** | **41492272** | **14843666** | **31602126** | **51075539** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**9082210** | $**39987131** | $**14417416** | $**32834131** | $**53246218** |

---

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Continued)** |
| For the Year Ended October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham**<br>**Dynamic Macro**<br>**Fund** | **Dunham**<br>**Long/Short**<br>**Credit Fund** | **Dunham**<br>**Monthly**<br>**Distribution Fund** | **Dunham**<br>**Real Estate**<br>**Stock Fund** | **Dunham**<br>**U.S. Enhanced**<br>**Market Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $2366913 | $13023107 | $4342725 | $20168 | $3105818 |
| Dividend income | 407096 | 199352 | 3464372 | 1285555 |  |
| Securities lending income - net | 27860 | 15939 | 14103 | 26861 |  |
| Less: Foreign withholding taxes |  |  | (424861) | (226) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **2801869** | **13238398** | **7396339** | **1332358** | **3105818** |
| **Operating Expenses:** |  |  |  |  |  |
| Investment advisory fees | 544888 | 1616185 | 1577225 | 315240 | 743699 |
| Sub-advisory fees | 502973 | 1491863 | 1455900 | 218243 | 572076 |
| Sub-advisory performance fees | (243731) | (1238619) | (401791) | (76310) | (74741) |
| Distribution fees- Class A Shares | 21902 | 35769 | 46634 | 10839 | 25908 |
| Distribution fees- Class C Shares | 16104 | 23121 | 109622 | 16218 | 8700 |
| Interest expense | 152156 | 752 | 528 | 5162 | 2934 |
| Registration fees | 52264 | 57182 | 59983 | 52022 | 38968 |
| Administration fees | 57654 | 108411 | 95560 | 35703 | 61809 |
| Printing and postage expense | 17787 | 42901 | 65155 | 14587 | 24581 |
| Transfer agent fees | 34171 | 48126 | 43872 | 26006 | 29262 |
| Custodian fees | 19755 | 14001 | 44899 | 4445 | 5738 |
| Professional fees | 21396 | 28050 | 28083 | 19784 | 22693 |
| Fund accounting fees | 10777 | 31079 | 30851 | 6247 | 14346 |
| Chief Compliance Officer fees | 6335 | 18832 | 16648 | 3539 | 8524 |
| Third party administrative servicing fees | 5869 | 10856 | 13075 | 8785 | 6914 |
| Trustees' fees | 2739 | 9035 | 8559 | 1576 | 4032 |
| Insurance expense | 748 | 2464 | 2806 | 500 | 1169 |
| Dividend expense on short sales |  |  | 1818419 |  |  |
| Miscellaneous expenses | 6573 | 15473 | 15411 | 6087 | 6086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1230360** | **2315481** | **5031439** | **668673** | **1502698** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees paid indirectly (See Note 4) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1230360** | **2315481** | **5031439** | **668673** | **1502698** |
| **Net Investment Income** | **1571509** | **10922917** | **2364900** | **663685** | **1603120** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures, Purchased Options, Securities Sold Short, Written Options, Swap Contracts, Foreign Currency Transactions and Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 9705797 | (1651979) | 15723830 | 257333 | (1283) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | (460793) | 1845113 |  |  | 671519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  | (521896) |  | 9924947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  |  | (671048) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | (1602124) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  | (1293843) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (36449) |  | (79627) |  |  |
| **Net realized gain (loss)** | 9208555 | (1100709) | 12849135 | 257333 | 10595183 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (5465928) | 3138785 | 3750277 | (4596039) | 252565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | (230014) | (1858846) |  |  | 2646084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  | (326050) |  | 9538894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  |  | (518843) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | 109542 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  | (901619) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (243253) |  | 293634 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (44399) |  | (44244) |  |  |
| **Net change in unrealized appreciation (depreciation)** | (5983594) | 378320 | 3264316 | (4596039) | 12437543 |
| **Net Realized and Unrealized Gain (Loss)** | **3224961** | **(722389)** | **16113451** | **(4338706)** | **23032726** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**4796470** | $**10200528** | $**18478351** | $**(3675021)** | $**24635846** |

---

See accompanying notes which are an integral part to these financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** |
|  | **Corporate/Government** | **Corporate/Government** | **Floating Rate** | **Floating Rate** | **High-Yield** | **High-Yield** | **International Opportunity** | **International Opportunity** | **Large Cap** | **Large Cap** |
| | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Value Fund** | **Value Fund** |
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | $10463009 | $6980228 | $13164376 | $11221583 | $13498282 | $10346567 | $3697910 | $3219415 | $1288761 | $1398793 |
| Net realized gain (loss) from investments, futures, swap contracts and forward foreign currency exchange contracts | (1294824) | (2583140) | (3203980) | (2349978) | (2205891) | (84014) | (1184015) | (258358) | 8614432 | 8616613 |
| Net change in unrealized appreciation (depreciation) on investments, futures, swap contracts and forward foreign currency exchange contracts | 4811095 | 11090999 | 910453 | 3467261 | 2566535 | 9162325 | 2798579 | 5502592 | 12602376 | 32926303 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **13979280** | **15488087** | **10870849** | **12338866** | **13858926** | **19424878** | **5312474** | **8463649** | **22505569** | **42941709** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Distributions From Paid In Capital: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N |  |  |  |  |  |  | (1755775) | (213047) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  | (109982) | (23094) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  | (18089) | (3547) |  |  |
| Distributions from Earnings |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (9807698) | (6355289) | (12161926) | (9771232) | (11861815) | (9175444) | (1857566) | (2780147) | (7032506) | (6210651) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (560829) | (596179) | (668602) | (842249) | (712195) | (899531) | (103823) | (280714) | (818143) | (934186) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (116197) | (88871) | (332293) | (445750) | (177572) | (202277) | (13448) | (38322) | (159797) | (164686) |
| **Total Distributions to Shareholders** | **(10484724)** | **(7040339)** | **(13162821)** | **(11059231)** | **(12751582)** | **(10277252)** | **(3858683)** | **(3338871)** | **(8010446)** | **(7309523)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 146573823 | 97754163 | 93134263 | 51070492 | 89550732 | 105900216 | 46029776 | 34775376 | 64075087 | 37252853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 3038654 | 2635755 | 2205720 | 831563 | 885456 | 3582577 | 1030542 | 585481 | 3031958 | 1794959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 2082259 | 356997 | 663531 | 163547 | 292392 | 297424 | 138409 | 93270 | 856576 | 325250 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 9760123 | 6339325 | 12102329 | 9742222 | 11768441 | 9138332 | 3535315 | 2926617 | 6996009 | 6187152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 552753 | 588024 | 653848 | 822956 | 690753 | 867112 | 210206 | 299749 | 659510 | 796812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 112273 | 77577 | 294974 | 378487 | 149936 | 165942 | 30448 | 40378 | 155509 | 161382 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (57419369) | (34257106) | (37738420) | (31139784) | (69578390) | (37323031) | (22822557) | (18263130) | (46570292) | (54082258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (3119874) | (5857941) | (2332312) | (4757093) | (4403344) | (6137000) | (1653199) | (3220985) | (3091235) | (8062953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (523207) | (671875) | (1027665) | (1385189) | (501390) | (1024048) | (189693) | (308410) | (578222) | (854066) |
| **Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **101057435** | **66964919** | **67956268** | **25727201** | **28854586** | **75467524** | **26309247** | **16928346** | **25534900** | **(16480869)** |
| **Total Increase (Decrease) in Net Assets** | **104551991** | **75412667** | **65664296** | **27006836** | **29961930** | **84615150** | **27763038** | **22053124** | **40030023** | **19151317** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 204566524 | 129153857 | 142344370 | 115337534 | 201274690 | 116659540 | 76612772 | 54559648 | 155862173 | 136710856 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of Year/Period** | $**309118515** | $**204566524** | $**208008666** | $**142344370** | $**231236620** | $**201274690** | $**104375810** | $**76612772** | $**195892196** | $**155862173** |

---

See accompanying notes which are an integral part to these financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** |
|  | **Small Cap** | **Small Cap** | **Focused Large Cap** | **Focused Large Cap** | **Small Cap** | **Small Cap** | **Emerging Markets** | **Emerging Markets** | **International** | **International** |
| | **Value Fund** | **Value Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Stock Fund** | **Stock Fund** | **Stock Fund** | **Stock Fund** |
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $534882 | $524280 | $(1505141) | $(1683471) | $(426250) | $(587388) | $1232005 | $1321427 | $2170679 | $3351163 |
| Net realized gain (loss) from investments, foreign capital gain tax, foreign currency transactions and forward foreign currency transactions | 840663 | 12430474 | 35534993 | 25308121 | 8280335 | 10142813 | 7350224 | (2451508) | 20750049 | 16299965 |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and foreign capital gains on appreciated securities | 7706665 | 4795835 | 5957279 | 41393095 | 6563331 | 10147209 | 24251902 | 21293580 | 30325490 | 10305397 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **9082210** | **17750589** | **39987131** | **65017745** | **14417416** | **19702634** | **32834131** | **20163499** | **53246218** | **29956525** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Distributions from Earnings |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (10817266) | (1827538) | (17537384) | (3222651) |  |  | (141564) | (737069) | (15235788) | (4196994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1087545) | (232684) | (2341230) | (573626) |  |  |  | (89559) | (1660794) | (604920) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (273499) | (57329) | (1355301) | (210529) |  |  |  | (2243) | (485508) | (132243) |
| **Total Distributions to Shareholders** | **(12178310)** | **(2117551)** | **(21233915)** | **(4006806)** | **—** | **—** | **(141564)** | **(828871)** | **(17382090)** | **(4934157)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 34950059 | 40484487 | 72373549 | 41597438 | 37165449 | 27985682 | 46326359 | 26970579 | 63539496 | 40160885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 713409 | 3468387 | 3747527 | 5709109 | 1957274 | 2051504 | 908174 | 2476344 | 1727298 | 1683033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 497906 | 252956 | 1359257 | 1450632 | 369846 | 184691 | 128164 | 367163 | 150473 | 515696 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 10767497 | 1824198 | 17113402 | 3155959 |  |  | 141213 | 736714 | 14967376 | 4147422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1079713 | 229668 | 2157403 | 490323 |  |  |  | 89197 | 1625531 | 598279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 270230 | 56967 | 1199866 | 187206 |  |  |  | 2137 | 462378 | 128011 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (45466202) | (18969978) | (74536498) | (64898547) | (35939625) | (27120905) | (56785239) | (28543984) | (79942741) | (41859522) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (3405729) | (3296434) | (7923914) | (14790909) | (3098678) | (3889389) | (4724285) | (5609144) | (7270495) | (6406598) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (537069) | (479569) | (3020850) | (1709128) | (444054) | (386827) | (388669) | (370837) | (1109259) | (864012) |
| **Net Increase/(Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **(1130186)** | **23570682** | **12469742** | **(28807917)** | **10212** | **(1175244)** | **(14394283)** | **(3881831)** | **(5849943)** | **(1896806)** |
| **Total Increase (Decrease) in Net Assets** | **(4226286)** | **39203720** | **31222958** | **32203022** | **14427628** | **18527390** | **18298284** | **15452797** | **30014185** | **23125562** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 99177987 | 59974267 | 182127424 | 149924402 | 75234150 | 56706760 | 115054605 | 99601808 | 143325896 | 120200334 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of Year/Period** | $**94951701** | $**99177987** | $**213350382** | $**182127424** | $**89661778** | $**75234150** | $**133352889** | $**115054605** | $**173340081** | $**143325896** |

---

See accompanying notes which are an integral part to these financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** | **Dunham** |
|  | **Dynamic Macro** | **Dynamic Macro** | **Long/Short** | **Long/Short** | **Monthly Distribution** | **Monthly Distribution** | **Real Estate** | **Real Estate** | **U.S. Enhanced** | **U.S. Enhanced** |
| | **Fund** | **Fund** | **Credit Fund** | **Credit Fund** | **Fund** | **Fund** | **Stock Fund** | **Stock Fund** | **Market Fund** | **Market Fund** |
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | $1571509 | $1185218 | $10922917 | $9545112 | $2364900 | $3807934 | $663685 | $805799 | $1603120 | $1640399 |
| Net realized gain (loss) from investments, futures, purchased options, securities sold short, written options, swap contracts and forward foreign currency exchange contracts | 9208555 | 2419289 | (1100709) | (4539461) | 12849135 | 525253 | 257333 | 9745807 | 10595183 | 23831882 |
| Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, securities sold short, written options, swap contracts, foreign currency transactions, and forward foreign currency exchange contracts | (5983594) | 5747996 | 378320 | 4572767 | 3264316 | 9002336 | (4596039) | 8740638 | 12437543 | 6571973 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **4796470** | **9352503** | **10200528** | **9578418** | **18478351** | **13335523** | **(3675021)** | **19292244** | **24635846** | **32044254** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Distributions From Paid In Capital: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N |  |  | (1355289) |  | (3901318) | (9447070) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (65848) |  | (450239) | (1225940) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (10834) |  | (390866) | (1117458) |  |  |  |  |
| Distributions from Earnings |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (3059781) | (1517530) | (8878809) | (8651557) | (11977363) | (3387445) | (344154) | (1123321) | (26456015) | (907828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (382802) | (264596) | (522558) | (798234) | (1016524) | (566818) | (26164) | (153363) | (2941074) | (112804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (68938) | (30252) | (79112) | (112161) | (922541) | (486675) | (1627) | (36620) | (213838) | (2081) |
| **Total Distributions to Shareholders** | **(3511521)** | **(1812378)** | **(10912450)** | **(9561952)** | **(18658851)** | **(16231406)** | **(371945)** | **(1313304)** | **(29610927)** | **(1022713)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 37702950 | 36707585 | 120075566 | 101527169 | 94968217 | 95227428 | 26152292 | 9783684 | 47148151 | 32125225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1961826 | 4262529 | 1980230 | 3237988 | 1315264 | 3861799 | 1707085 | 429219 | 1939239 | 1548479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 585470 | 727877 | 615055 | 337031 | 819787 | 823551 | 156951 | 115803 | 528389 | 448851 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 3053647 | 1517097 | 10057243 | 8401302 | 15661141 | 12651254 | 339492 | 1107239 | 26181797 | 907118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 381198 | 263924 | 574945 | 778745 | 1351318 | 1618645 | 25971 | 152733 | 2816687 | 111997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 67269 | 29907 | 84975 | 104704 | 1110757 | 1346426 | 1533 | 35629 | 202403 | 2081 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (27319237) | (12770416) | (59873587) | (60693375) | (77717068) | (49772081) | (13850678) | (39137720) | (41391389) | (40394083) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (2743467) | (3013441) | (3589601) | (10821180) | (6042033) | (8261600) | (1000894) | (6930891) | (2770304) | (5621729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (782181) | (292525) | (362372) | (1085702) | (2248538) | (2762175) | (425196) | (636931) | (206447) | (138261) |
| **Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **12907475** | **27432537** | **69562454** | **41786682** | **29218845** | **54733247** | **13106556** | **(35081235)** | **34448526** | **(11010322)** |
| **Total Increase (Decrease) in Net Assets** | **14192424** | **34972662** | **68850532** | **41803148** | **29038345** | **51837364** | **9059590** | **(17102295)** | **29473445** | **20011219** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 78677152 | 43704490 | 230291404 | 188488256 | 229611203 | 177773839 | 46725325 | 63827620 | 99352055 | 79340836 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of Year/Period** | $**92869576** | $**78677152** | $**299141936** | $**230291404** | $**258649548** | $**229611203** | $**55784915** | $**46725325** | $**128825500** | $**99352055** |

---

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Corporate/Government Bond Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $12.57 | $11.76 | $12.01 | $14.41 | $14.44 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.54 | 0.53 | 0.45 | 0.22 | 0.19 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 | 0.80 | (0.29) | (2.38) | (0.01) |  |  |  |  |  |
| Total income (loss) from investment operations | 0.67 | 1.33 | 0.16 | (2.16) | 0.18 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.54) | (0.52) | (0.41) | (0.24) | (0.21) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.54) | (0.52) | (0.41) | (0.24) | (0.21) |  |  |  |  |  |
| Net asset value, end of year | $12.70 | $12.57 | $11.76 | $12.01 | $14.41 |  |  |  |  |  |
| Total return + # | 5.46% | 11.45% | 1.23% | (15.12)% | 1.23% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $290326 | $188099 | $111045 | $48744 | $78345 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.01% | 1.14% | 1.17% | 1.34% | 1.25% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets | 4.34% | 4.24% | 3.60% | 1.67% | 1.30% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35% | 53% | 29% | 35% | 59% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $12.55 | $11.75 | $12.00 | $14.39 | $14.42 | $12.45 | $11.66 | $11.91 | $14.28 | $14.31 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.51 | 0.50 | 0.41 | 0.19 | 0.15 | 0.45 | 0.43 | 0.34 | 0.13 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 | 0.79 | (0.28) | (2.37) | (0.01) | 0.12 | 0.79 | (0.27) | (2.36) | (0.01) |
| Total income (loss) from investment operations | 0.64 | 1.29 | 0.13 | (2.18) | 0.14 | 0.57 | 1.22 | 0.07 | (2.23) | 0.07 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.51) | (0.49) | (0.38) | (0.21) | (0.17) | (0.45) | (0.43) | (0.32) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.49) | (0.38) | (0.21) | (0.17) | (0.45) | (0.43) | (0.32) | (0.14) | (0.10) |
| Net asset value, end of year | $12.68 | $12.55 | $11.75 | $12.00 | $14.39 | $12.57 | $12.45 | $11.66 | $11.91 | $14.28 |
| Total return + # | 5.20% | 11.09% | 1.00% | (15.29)% | 0.98% | 4.64% | 10.54% | 0.50% | (15.68)% | 0.49% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year(in 000s) | $14723 | $14108 | $15680 | $6376 | $9593 | $4070 | $2360 | $2428 | $2418 | $2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.26% | 1.39% | 1.42% | 1.59% | 1.50% | 1.76% | 1.89% | 1.92% | 2.09% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets | 4.09% | 3.97% | 3.35% | 1.42% | 1.05% | 3.60% | 3.48% | 2.74% | 0.96% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35% | 53% | 29% | 35% | 59% | 35% | 53% | 29% | 35% | 59% |

---

\* The net investment income per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Floating Rate Bond Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $8.65 | $8.55 | $8.44 | $9.18 | $8.90 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.65 | 0.80 | 0.76 | 0.41 | 0.27 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.11) | 0.09 | 0.15 | (0.72) | 0.32 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.54 | 0.89 | 0.91 | (0.31) | 0.59 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.64) | (0.79) | (0.80) | (0.43) | (0.31) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.79) | (0.80) | (0.43) | (0.31) |  |  |  |  |  |
| Net asset value, end of year | $8.55 | $8.65 | $8.55 | $8.44 | $9.18 |  |  |  |  |  |
| Total return + # | 6.47% | 10.76% | 11.18% | (3.46)% | 6.63% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $194102 | $128746 | $98042 | $152134 | $173112 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): | 1.08% | 1.02% | 1.17% | 1.04% | 0.90% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 7.52% | 9.20% | 8.83% | 4.67% | 2.97% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 45% | 80% | 21% | 56% | 135% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.64 | $8.54 | $8.43 | $9.17 | $8.89 | $8.64 | $8.54 | $8.43 | $9.18 | $8.89 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.63 | 0.78 | 0.74 | 0.39 | 0.25 | 0.59 | 0.74 | 0.70 | 0.35 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.11) | 0.09 | 0.15 | (0.72) | 0.32 | (0.10) | 0.08 | 0.14 | (0.74) | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.52 | 0.87 | 0.89 | (0.33) | 0.57 | 0.49 | 0.82 | 0.84 | (0.39) | 0.53 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.62) | (0.77) | (0.78) | (0.41) | (0.29) | (0.58) | (0.72) | (0.73) | (0.36) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.62) | (0.77) | (0.78) | (0.41) | (0.29) | (0.58) | (0.72) | (0.73) | (0.36) | (0.24) |
| Net asset value, end of year | $8.54 | $8.64 | $8.54 | $8.43 | $9.17 | $8.55 | $8.64 | $8.54 | $8.43 | $9.18 |
| Total return + # | 6.22% | 10.50% | 10.90% | (3.70)% | 6.39% | 5.81% | 9.95% | 10.35% | (4.30)% | 5.98% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $9116 | $8684 | $11611 | $20569 | $22225 | $4791 | $4915 | $5684 | $6495 | $6732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): | 1.33% | 1.29% | 1.41% | 1.29% | 1.15% | 1.83% | 1.79% | 1.93% | 1.80% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 7.31% | 9.02% | 8.56% | 4.44% | 2.73% | 6.82% | 8.50% | 8.14% | 3.95% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 45% | 80% | 21% | 56% | 135% | 45% | 80% | 21% | 56% | 135% |

---

\* The net investment income per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Ratios
 of expenses to average net assets (excluding interest expense): 1.08% 1.02% 1.08%

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.33% 1.29% 1.32% 1.83% 1.79% 1.84%

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham High-Yield Bond Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $8.66 | $8.04 | $8.00 | $9.34 | $8.88 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.58 | 0.55 | 0.55 | 0.43 | 0.38 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | 0.61 | 0.03 | (1.36) | 0.46 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.61 | 1.16 | 0.58 | (0.93) | 0.84 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.55) | (0.54) | (0.54) | (0.41) | (0.38) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.55) | (0.54) | (0.54) | (0.41) | (0.38) |  |  |  |  |  |
| Net asset value, end of year | $8.72 | $8.66 | $8.04 | $8.00 | $9.34 |  |  |  |  |  |
| Total return + # | 7.25% | 14.64% | 7.44% | (10.09)% | 9.54% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $216757 | $184016 | $98539 | $81243 | $101951 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) : | 1.10% | 1.17% | 1.23% | 1.19% | 1.17% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 6.66% | 6.38% | 6.71% | 4.96% | 4.07% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 69% | 57% | 28% | 36% | 69% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.77 | $8.14 | $8.09 | $9.44 | $8.97 | $8.60 | $7.99 | $7.96 | $9.29 | $8.83 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.56 | 0.54 | 0.53 | 0.41 | 0.36 | 0.51 | 0.49 | 0.48 | 0.36 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.04 | 0.60 | 0.04 | (1.37) | 0.47 | 0.03 | 0.59 | 0.03 | (1.34) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.60 | 1.14 | 0.57 | (0.96) | 0.83 | 0.54 | 1.08 | 0.51 | (0.98) | 0.77 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.53) | (0.51) | (0.52) | (0.39) | (0.36) | (0.48) | (0.47) | (0.48) | (0.35) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.51) | (0.52) | (0.39) | (0.36) | (0.48) | (0.47) | (0.48) | (0.35) | (0.31) |
| Net asset value, end of year | $8.84 | $8.77 | $8.14 | $8.09 | $9.44 | $8.66 | $8.60 | $7.99 | $7.96 | $9.29 |
| Total return + # | 7.00% | 14.29% | 7.22% | (10.32)% | 9.29% | 6.50% | 13.75% | 6.55% | (10.71)% | 8.79% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $11237 | $13976 | $14543 | $12650 | $13592 | $3243 | $3282 | $3577 | $3830 | $4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): | 1.35% | 1.43% | 1.48% | 1.44% | 1.42% | 1.85% | 1.93% | 1.98% | 1.94% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 6.37% | 6.18% | 6.46% | 4.72% | 3.82% | 5.89% | 5.72% | 5.94% | 4.21% | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 69% | 57% | 28% | 36% | 69% | 69% | 57% | 28% | 36% | 69% |

---

\* The net investment income per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham International Opportunity Bond Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $7.88 | $7.22 | $6.96 | $9.18 | $9.05 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income \* | 0.36 | 0.38 | 0.37 | 0.31 | 0.21 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.16 | 0.67 | 0.43 | (2.15) | 0.15 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.52 | 1.05 | 0.80 | (1.84) | 0.36 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.20) | (0.36) | (0.38) | (0.38) | (0.23) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.00) (a) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from capital | (0.18) | (0.03) | (0.16) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.38) | (0.39) | (0.54) | (0.38) | (0.23) |  |  |  |  |  |
| Net asset value, end of year | $8.02 | $7.88 | $7.22 | $6.96 | $9.18 |  |  |  |  |  |
| Total return + # | 6.75% | 14.75% | 11.67% | (20.52)% | 3.93% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $98592 | $70486 | $46613 | $29209 | $62423 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1) | 1.65% | 1.74% | 1.68% | 1.33% | 1.78% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 4.57% | 4.88% | 4.97% | 3.83% | 2.21% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 78% | 77% | 50% | 58% | 40% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $7.79 | $7.14 | $6.89 | $9.08 | $8.96 | $7.55 | $6.93 | $6.70 | $8.84 | $8.73 |
| Income from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.34 | 0.35 | 0.34 | 0.29 | 0.18 | 0.29 | 0.30 | 0.30 | 0.25 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.15 | 0.67 | 0.44 | (2.12) | 0.14 | 0.14 | 0.65 | 0.42 | (2.07) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.49 | 1.02 | 0.78 | (1.83) | 0.32 | 0.43 | 0.95 | 0.72 | (1.82) | 0.27 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.18) | (0.34) | (0.37) | (0.36) | (0.20) | (0.14) | (0.30) | (0.33) | (0.32) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.00) (a) |  |  |  |  | (0.00) (a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from capital | (0.18) | (0.03) | (0.16) |  |  | (0.18) | (0.03) | (0.16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.37) | (0.53) | (0.36) | (0.20) | (0.32) | (0.33) | (0.49) | (0.32) | (0.16) |
| Net asset value, end of year | $7.92 | $7.79 | $7.14 | $6.89 | $9.08 | $7.66 | $7.55 | $6.93 | $6.70 | $8.84 |
| Total return + # | 6.42% | 14.47% | 11.38% | (20.62)% | 3.60% | 5.83% | 13.91% | 10.85% | (21.01)% | 3.07% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $4979 | $5313 | $7037 | $4787 | $9179 | $804 | $814 | $909 | $854 | $1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2) | 1.90% | 1.99% | 1.93% | 1.58% | 2.03% | 2.40% | 2.49% | 2.43% | 2.08% | 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 4.33% | 4.59% | 4.71% | 3.61% | 1.96% | 3.83% | 4.10% | 4.19% | 3.13% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 78% | 77% | 50% | 58% | 40% | 78% | 77% | 50% | 58% | 40% |

---

\* The net investment income per share data was determined using the average shares outstanding throughout the year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Ratios
 of expenses to average net assets (excluding interest expense): 1.64% 1.74% 1.67% 1.32%

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.89% 1.99% 1.92% 1.57% 2.39% 2.49% 2.42% 2.07%

(a) Represents less than $0.01
 per share.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Large Cap Value Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $20.40 | $16.23 | $16.90 | $19.59 | $13.58 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income \* | 0.16 | 0.18 | 0.20 | 0.14 | 0.13 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.28 | 4.93 | (0.38) | (1.57) | 6.03 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.44 | 5.11 | (0.18) | (1.43) | 6.16 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.16) | (0.23) | (0.16) | (0.11) | (0.15) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.84) | (0.71) | (0.33) | (1.15) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.00) | (0.94) | (0.49) | (1.26) | (0.15) |  |  |  |  |  |
| Net asset value, end of year | $21.84 | $20.40 | $16.23 | $16.90 | $19.59 |  |  |  |  |  |
| Total return + # | 12.59% | 32.47% | (1.14)% | (7.96)% | 45.69% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $173332 | $135788 | $115719 | $141436 | $129641 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1) | 1.17% | 1.19% | 1.04% | 1.26% | 1.10% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1) | 1.17% | 1.19% | 1.04% | 1.26% | 1.10% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1) | 0.79% | 0.95% | 1.19% | 0.79% | 0.72% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1) | 0.79% | 0.95% | 1.19% | 0.79% | 0.72% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 33% | 23% | 29% | 23% | 33% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $20.25 | $16.11 | $16.78 | $19.46 | $13.50 | $18.81 | $15.06 | $15.74 | $18.40 | $12.80 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.11 | 0.13 | 0.16 | 0.09 | 0.08 | (0.04) | (0.01) | 0.03 | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.27 | 4.90 | (0.39) | (1.55) | 6.00 | 2.10 | 4.57 | (0.35) | (1.47) | 5.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.38 | 5.03 | (0.23) | (1.46) | 6.08 | 2.06 | 4.56 | (0.32) | (1.51) | 5.65 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.11) | (0.18) | (0.11) | (0.07) | (0.12) | (0.02) | (0.10) | (0.03) | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.84) | (0.71) | (0.33) | (1.15) |  | (0.84) | (0.71) | (0.33) | (1.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.95) | (0.89) | (0.44) | (1.22) | (0.12) | (0.86) | (0.81) | (0.36) | (1.15) | (0.05) |
| Net asset value, end of year | $21.68 | $20.25 | $16.11 | $16.78 | $19.46 | $20.01 | $18.81 | $15.06 | $15.74 | $18.40 |
| Total return + # | 12.34% | 32.16% | (1.41)% | (8.18)% | 45.28% | 11.47% | 31.14% | (2.09)% | (8.90)% | 44.20% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $18316 | $16518 | $17853 | $22784 | $27023 | $4244 | $3556 | $3139 | $3958 | $4683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1) | 1.42% | 1.44% | 1.29% | 1.51% | 1.35% | 2.17% | 2.19% | 2.04% | 2.26% | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1) | 1.42% | 1.44% | 1.29% | 1.51% | 1.35% | 2.17% | 2.19% | 2.04% | 2.26% | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1) | 0.54% | 0.72% | 0.94% | 0.52% | 0.47% | (0.22)% | (0.05)% | 0.19% | (0.23)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1) | 0.54% | 0.72% | 0.94% | 0.52% | 0.47% | (0.22)% | (0.05)% | 0.19% | (0.23)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 33% | 23% | 29% | 23% | 33% | 33% | 23% | 29% | 23% | 33% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Differences represent an amount less
 than 0.005%.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Small Cap Value Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $16.54 | $13.38 | $15.38 | $18.65 | $11.91 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income \* | 0.09 | 0.11 | 0.09 | 0.07 | 0.11 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.13 | 3.51 | (0.92) | (1.27) | 6.78 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.22 | 3.62 | (0.83) | (1.20) | 6.89 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.11) | (0.09) | (0.01) | (0.09) | (0.14) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.90) | (0.37) | (1.16) | (1.98) | (0.01) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.01) | (0.46) | (1.17) | (2.07) | (0.15) |  |  |  |  |  |
| Net asset value, end of year | $15.75 | $16.54 | $13.38 | $15.38 | $18.65 |  |  |  |  |  |
| Total return + # | 8.12% | 27.20% | (5.61)% | (7.65)% | 58.16% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $86043 | $88294 | $51360 | $59955 | $72651 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense)(a): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1) | 1.16% | 1.31% | 1.69% | 1.67% | 1.05% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1) | 1.16% | 1.30% | 1.63% | 1.61% | 1.05% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 0.57% | 0.65% | 0.53% | 0.34% | 0.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 0.57% | 0.66% | 0.60% | 0.41% | 0.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 106% | 159% | 95% | 83% | 87% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $16.14 | $13.07 | $15.07 | $18.31 | $11.70 | $13.05 | $10.67 | $12.60 | $15.70 | $10.05 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.05 | 0.07 | 0.05 | 0.03 | 0.08 | (0.05) | (0.04) | (0.04) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.10 | 3.42 | (0.89) | (1.24) | 6.65 | 0.86 | 2.79 | (0.73) | (1.04) | 5.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.15 | 3.49 | (0.84) | (1.21) | 6.73 | 0.81 | 2.75 | (0.77) | (1.12) | 5.68 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.07) | (0.05) |  | (0.05) | (0.11) |  |  | 0.00 |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.90) | (0.37) | (1.16) | (1.98) | (0.01) | (1.90) | (0.37) | (1.16) | (1.98) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.97) | (0.42) | (1.16) | (2.03) | (0.12) | (1.90) | (0.37) | (1.16) | (1.98) | (0.03) |
| Net asset value, end of year | $15.32 | $16.14 | $13.07 | $15.07 | $18.31 | $11.96 | $13.05 | $10.67 | $12.60 | $15.70 |
| Total return + # | 7.84% | 26.87% | (5.81)% | (7.86)% | 57.71% | 7.02% | 25.93% | (6.53)% | (8.62)% | 56.55% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $6899 | $8983 | $6924 | $8331 | $12795 | $2010 | $1900 | $1690 | $2314 | $2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense)(a): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (2) | 1.41% | 1.58% | 1.94% | 1.92% | 1.30% | 2.16% | 2.34% | 2.69% | 2.67% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (2) | 1.41% | 1.56% | 1.88% | 1.86% | 1.30% | 2.16% | 2.32% | 2.63% | 2.61% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 0.34% | 0.41% | 0.29% | 0.12% | 0.46% | (0.44)% | (0.34)% | (0.45)% | (0.67)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 0.34% | 0.43% | 0.35% | 0.17% | 0.46% | (0.44)% | (0.32)% | (0.38)% | (0.61)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 106% | 159% | 95% | 83% | 87% | 106% | 159% | 95% | 83% | 87% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (1) | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): |  |  |  |
|  | Before fees paid indirectly | 1.16% | 1.31% | 1.68% |  |  |  |
|  | After fees paid indirectly | 1.16% | 1.30% | 1.62% |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): |  |  |
|  | Before fees paid indirectly | 1.41% | 1.58% | 1.93% | 2.16% | 2.34% | 2.68% |
|  | After fees paid indirectly | 1.41% | 1.56% | 1.87% | 2.16% | 2.32% | 2.62% |

---

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Focused Large Cap Growth Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $43.65 | $31.01 | $24.57 | $43.94 | $33.67 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss\* | (0.30) | (0.33) | (0.21) | (0.20) | (0.36) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.17 | 13.81 | 6.65 | (15.89) | 11.47 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 7.87 | 13.48 | 6.44 | (16.09) | 11.11 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.50) | (0.84) |  | (3.28) | (0.84) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5.50) | (0.84) |  | (3.28) | (0.84) |  |  |  |  |  |
| Net asset value, end of year | $46.02 | $43.65 | $31.01 | $24.57 | $43.94 |  |  |  |  |  |
| Total return + # | 19.33% | 44.02% | 26.21% | (39.47)% | 33.44% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $184076 | $151473 | $121318 | $143425 | $156938 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly (1) | 1.03% | 1.20% | 1.23% | 1.01% | 1.12% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | 1.03% | 1.20% | 1.23% | 1.01% | 1.12% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly (1) | (0.71)% | (0.82)% | (0.74)% | (0.67)% | (0.92)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | (0.71)% | (0.82)% | (0.74)% | (0.67)% | (0.92)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 11% | 17% | 9% | 27% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $41.99 | $29.93 | $23.77 | $42.73 | $32.84 | $37.41 | $26.94 | $21.56 | $39.33 | $30.51 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss\* | (0.39) | (0.42) | (0.28) | (0.28) | (0.45) | (0.61) | (0.63) | (0.45) | (0.46) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.82 | 13.32 | 6.44 | (15.40) | 11.18 | 6.87 | 11.94 | 5.83 | (14.03) | 10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 7.43 | 12.90 | 6.16 | (15.68) | 10.73 | 6.26 | 11.31 | 5.38 | (14.49) | 9.66 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.50) | (0.84) |  | (3.28) | (0.84) | (5.50) | (0.84) |  | (3.28) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5.50) | (0.84) |  | (3.28) | (0.84) | (5.50) | (0.84) |  | (3.28) | (0.84) |
| Net asset value, end of year | $43.92 | $41.99 | $29.93 | $23.77 | $42.73 | $38.17 | $37.41 | $26.94 | $21.56 | $39.33 |
| Total return + # | 19.01% | 43.65% | 25.91% | (39.62)% | 33.13% | 18.11% | 42.57% | 24.95% | (40.07)% | 32.13% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $20847 | $21365 | $21901 | $24711 | $37270 | $8427 | $9290 | $6706 | $7483 | $13911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly (1) | 1.28% | 1.46% | 1.48% | 1.26% | 1.37% | 2.03% | 2.20% | 2.25% | 2.01% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | 1.28% | 1.46% | 1.48% | 1.26% | 1.37% | 2.03% | 2.20% | 2.25% | 2.01% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly (1) | (0.97)% | (1.08)% | (0.99)% | (0.93)% | (1.17)% | (1.72)% | (1.82)% | (1.76)% | (1.69)% | (1.92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | (0.97)% | (1.08)% | (0.99)% | (0.93)% | (1.17)% | (1.72)% | (1.82)% | (1.76)% | (1.69)% | (1.92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 11% | 17% | 9% | 27% | 44% | 11% | 17% | 9% | 27% |

---

\* The net investment loss per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Differences represent an amount less
 than 0.005%.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Small Cap Growth Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $19.24 | $14.50 | $14.73 | $27.93 | $21.62 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss\* | (0.10) | (0.13) | (0.15) | (0.12) | (0.38) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (a) | 3.11 | 4.87 | (0.08) | (9.04) | 10.50 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.01 | 4.74 | (0.23) | (9.16) | 10.12 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income |  |  |  | (0.19) | (0.28) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (3.85) | (3.53) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  |  | (4.04) | (3.81) |  |  |  |  |  |
| Net asset value, end of year | $22.25 | $19.24 | $14.50 | $14.73 | $27.93 |  |  |  |  |  |
| Total return + # | 15.64% | 32.69% | (1.56)% | (37.42)% | 49.28% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $78358 | $64420 | $46905 | $65064 | $63287 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.23% | 1.33% | 1.56% | 1.17% | 1.83% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.21% | 1.32% | 1.55% | 1.14% | 1.83% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | (0.51)% | (0.71)% | (0.99)% | (0.72)% | (1.47)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | (0.49)% | (0.70)% | (0.98)% | (0.70)% | (1.47)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 153% | 100% | 95% | 92% | 111% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $17.61 | $13.30 | $13.55 | $26.04 | $20.36 | $11.42 | $8.70 | $8.93 | $18.62 | $15.39 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss\* | (0.14) | (0.16) | (0.17) | (0.17) | (0.42) | (0.18) | (0.18) | (0.19) | (0.19) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (a) | 2.84 | 4.47 | (0.08) | (8.34) | 9.86 | 1.84 | 2.90 | (0.04) | (5.64) | 7.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.70 | 4.31 | (0.25) | (8.51) | 9.44 | 1.66 | 2.72 | (0.23) | (5.83) | 6.89 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income |  |  |  | (0.13) | (0.23) |  |  |  | (0.01) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (3.85) | (3.53) |  |  |  | (3.85) | (3.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  |  | (3.98) | (3.76) |  |  |  | (3.86) | (3.66) |
| Net asset value, end of year | $20.31 | $17.61 | $13.30 | $13.55 | $26.04 | $13.08 | $11.42 | $8.70 | $8.93 | $18.62 |
| Total return + # | 15.33% | 32.41% | (1.85)% | (37.55)% | 48.93% | 14.54% | 31.26% | (2.58)% | (37.99)% | 47.87% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $9159 | $8879 | $8172 | $11795 | $20357 | $2145 | $1935 | $1629 | $2210 | $3730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.49% | 1.60% | 1.80% | 1.42% | 2.08% | 2.24% | 2.35% | 2.57% | 2.17% | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.46% | 1.59% | 1.78% | 1.39% | 2.08% | 2.22% | 2.33% | 2.55% | 2.14% | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | (0.77)% | (0.98)% | (1.23)% | (0.97)% | (1.72)% | (1.52)% | (1.73)% | (2.00)% | (1.72)% | (2.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | (0.74)% | (0.97)% | (1.21)% | (0.95)% | (1.72)% | (1.50)% | (1.72)% | (1.99)% | (1.70)% | (2.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 153% | 100% | 95% | 92% | 111% | 153% | 100% | 95% | 92% | 111% |

---

\* The net investment loss per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(a) The amount of net realized and unrealized
 gain (loss) on investment per share for the year ended October 31, 2023, does not accord with the amounts in the Statements of Operations
 due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Emerging Markets Stock Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $14.12 | $11.84 | $10.93 | $18.76 | $15.70 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.16 | 0.17 | 0.16 | 0.17 | 0.04 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.65 | 2.22 | 0.78 | (6.41) | 3.05 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.81 | 2.39 | 0.94 | (6.24) | 3.09 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.02) | (0.11) | (0.03) | (0.25) | (0.03) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (1.34) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (0.11) | (0.03) | (1.59) | (0.03) |  |  |  |  |  |
| Net asset value, end of year | $17.91 | $14.12 | $11.84 | $10.93 | $18.76 |  |  |  |  |  |
| Total return + # | 27.02% | 20.24% | 8.58% | (36.02)% | 19.67% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $118508 | $99643 | $83931 | $85825 | $112290 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1) | 1.19% | 1.24% | 1.15% | 1.03% | 1.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets | 1.04% | 1.24% | 1.23% | 1.23% | 0.19% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 107% | 70% | 58% | 64% | 77% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $13.73 | $11.52 | $10.63 | $18.29 | $15.32 | $12.61 | $10.61 | $9.87 | $17.07 | $14.41 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.11 | 0.13 | 0.12 | 0.13 | (0.02) | 0.00 | 0.03 | 0.03 | 0.02 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.57 | 2.15 | 0.77 | (6.24) | 2.99 | 3.26 | 1.98 | 0.71 | (5.81) | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.68 | 2.28 | 0.89 | (6.11) | 2.97 | 3.26 | 2.01 | 0.74 | (5.79) | 2.66 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.07) |  | (0.21) |  |  | (0.01) |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (1.34) |  |  |  |  | (1.34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.07) |  | (1.55) |  |  | (0.01) |  | (1.41) |  |
| Net asset value, end of year | $17.41 | $13.73 | $11.52 | $10.63 | $18.29 | $15.87 | $12.61 | $10.61 | $9.87 | $17.07 |
| Total return + # | 26.80% | 19.88% | 8.37% | (36.18)% | 19.39% | 25.85 | 18.99% | 7.50% | (36.66)% | 18.46% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $12570 | $13369 | $13958 | $15367 | $21174 | $2275 | $2042 | $1712 | $1999 | $3349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2) | 1.44% | 1.49% | 1.40% | 1.28% | 1.92% | 2.19 | 2.24% | 2.15% | 2.03% | 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 0.75% | 0.99% | 0.97% | 0.96% | (0.08)% | (0.02) | 0.24% | 0.23% | 0.15% | (0.87)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 107% | 70% | 58% | 64% | 77% | 107 | 70% | 58% | 64% | 77% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Ratios
 of expenses to average net assets (excluding interest expense): 1.15% 1.23% 1.13%

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.40% 1.47% 1.38% 2.15% 2.23% 2.13%

(3) Represents less than $0.01
 per share.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham International Stock Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $19.00 | $15.86 | $14.07 | $21.10 | $15.26 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income \* | 0.28 | 0.45 | 0.51 | 0.66 | 0.30 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.12 | 3.35 | 1.89 | (4.87) | 5.70 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 6.40 | 3.80 | 2.40 | (4.21) | 6.00 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.55) | (0.50) | (0.61) | (0.40) | (0.15) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.65) | (0.16) |  | (2.42) | (0.01) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.20) | (0.66) | (0.61) | (2.82) | (0.16) |  |  |  |  |  |
| Net asset value, end of year | $23.20 | $19.00 | $15.86 | $14.07 | $21.10 |  |  |  |  |  |
| Total return + # | 38.38% | 24.45% | 17.35% | (23.01)% | 39.45% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $156152 | $125167 | $101254 | $111570 | $150922 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1) | 1.95% | 1.91% | 2.00% | 1.53% | 1.92% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 1.45% | 2.42% | 3.15% | 4.03% | 1.47% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 120% | 134% | 62% | 91% | 131% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $18.81 | $15.70 | $13.93 | $20.92 | $15.13 | $17.34 | $14.56 | $12.98 | $19.66 | $14.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.22 | 0.38 | 0.45 | 0.60 | 0.23 | 0.07 | 0.24 | 0.32 | 0.44 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.06 | 3.34 | 1.89 | (4.82) | 5.68 | 5.54 | 3.08 | 1.75 | (4.50) | 5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 6.28 | 3.72 | 2.34 | (4.22) | 5.91 | 5.61 | 3.32 | 2.07 | (4.06) | 5.42 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.50) | (0.45) | (0.57) | (0.35) | (0.11) | (0.41) | (0.38) | (0.49) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.65) | (0.16) |  | (2.42) | (0.01) | (1.65) | (0.16) |  | (2.42) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.15) | (0.61) | (0.57) | (2.77) | (0.12) | (2.06) | (0.54) | (0.49) | (2.62) | (0.01) |
| Net asset value, end of year | $22.94 | $18.81 | $15.70 | $13.93 | $20.92 | $20.89 | $17.34 | $14.56 | $12.98 | $19.66 |
| Total return + # | 38.00% | 24.19% | 17.00% | (23.23)% | 39.15% | 37.06% | 23.20% | 16.16% | (23.78)% | 38.04% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $12737 | $14018 | $15317 | $18638 | $26672 | $4451 | $4141 | $3629 | $3936 | $5830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2) | 2.20% | 2.16% | 2.25% | 1.78% | 2.17% | 2.96% | 2.91% | 3.00% | 2.53% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets | 1.15% | 2.07% | 2.84% | 3.70% | 1.17% | 0.40% | 1.42% | 2.17% | 2.89% | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 120% | 134% | 62% | 91% | 131% | 120% | 134% | 62% | 91% | 131% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Ratios
 of expenses to average net assets (excluding interest expense): 1.94% 1.90% 1.99%

(2) Ratios
 of expenses to average net assets (excluding interest expense): 2.19% 2.15% 2.24% 2.95% 2.90% 2.99%

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Dynamic Macro Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $12.38 | $10.80 | $9.73 | $11.22 | $10.00 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.24 | 0.23 | 0.22 | 0.03 | (0.14) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.47 | 1.73 | 0.85 | (1.52) | 1.44 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.71 | 1.96 | 1.07 | (1.49) | 1.30 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.21) | (0.18) |  |  | (0.08) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.33) | (0.20) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.54) | (0.38) |  |  | (0.08) |  |  |  |  |  |
| Net asset value, end of year | $12.55 | $12.38 | $10.80 | $9.73 | $11.22 |  |  |  |  |  |
| Total return + # | 5.93% | 18.53% | 11.00% | (13.28)% | 13.05% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $82386 | $67752 | $35892 | $22330 | $21043 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): | 1.42% | 1.94% | 1.97% | 1.88% | 2.06% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets : | 1.92% | 1.90% | 2.11% | 0.26% | (1.26)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 145% | 47% | 118% | 76% | 12% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $12.20 | $10.65 | $9.61 | $11.11 | $9.90 | $11.28 | $9.90 | $9.00 | $10.49 | $9.37 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.20 | 0.20 | 0.19 | 0.00 (a) | (0.16) | 0.11 | 0.10 | 0.14 | (0.07) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.47 | 1.71 | 0.85 | (1.50) | 1.41 | 0.42 | 1.59 | 0.76 | (1.42) | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.67 | 1.91 | 1.04 | (1.50) | 1.25 | 0.53 | 1.69 | 0.90 | (1.49) | 1.12 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.18) | (0.16) |  |  | (0.04) | (0.14) | (0.11) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.33) | (0.20) |  |  |  | (0.33) | (0.20) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.36) |  |  | (0.04) | (0.47) | (0.31) |  |  |  |
| Net asset value, end of year | $12.36 | $12.20 | $10.65 | $9.61 | $11.11 | $11.34 | $11.28 | $9.90 | $9.00 | $10.49 |
| Total return + # | 5.68% | 18.29% | 10.82% | (13.50)% | 12.62% | 4.85% | 17.36% | 10.00% | (14.20)% | 11.95% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $9048 | $9369 | $6866 | $4166 | $4030 | $1435 | $1556 | $946 | $912 | $1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): | 1.67% | 2.21% | 2.22% | 2.13% | 2.31% | 2.42% | 2.93% | 2.97% | 2.88% | 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets : | 1.75% | 1.66% | 1.85% | 0.04% | (1.48)% | 0.95% | 0.88% | 1.44% | (0.68)% | (2.29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 145% | 47% | 118% | 76% | 12% | 145% | 47% | 118% | 76% | 12% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(a) Represents less than $0.01
 per share.

(1) Ratios
 of expenses to average net assets (excluding interest expense): 1.24% 1.77%

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.49% 2.04% 2.24% 2.76%

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Long/Short Credit Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $8.82 | $8.82 | $9.08 | $9.70 | $9.55 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.39 | 0.42 | 0.37 | 0.19 | 0.06 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.04) | 0.00 (a) | (0.17) | (0.43) | 0.32 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.35 | 0.42 | 0.20 | (0.24) | 0.38 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.34) | (0.42) | (0.37) | (0.20) | (0.07) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  | (0.09) | (0.18) | (0.16) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from paid in capital | (0.04) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.38) | (0.42) | (0.46) | (0.38) | (0.23) |  |  |  |  |  |
| Net asset value, end of year | $8.79 | $8.82 | $8.82 | $9.08 | $9.70 |  |  |  |  |  |
| Total return + # | 4.11% | 4.86% | 2.27% | (2.57)% | 4.00% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $282160 | $212542 | $163285 | $206875 | $195874 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): | 0.91% | 0.88% | 0.87% | 0.97% | 1.82% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 4.41% | 4.79% | 4.16% | 2.02% | 0.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 234% | 274% | 222% | 216% | 343% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.79 | $8.79 | $9.06 | $9.68 | $9.53 | $8.38 | $8.42 | $8.72 | $9.34 | $9.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.37 | 0.40 | 0.35 | 0.16 | 0.04 | 0.29 | 0.32 | 0.27 | 0.09 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.04) | 0.00 (a) | (0.18) | (0.43) | 0.32 | (0.03) | 0.00 (a) | (0.18) | (0.41) | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.33 | 0.40 | 0.17 | (0.27) | 0.36 | 0.26 | 0.32 | 0.09 | (0.32) | 0.27 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.32) | (0.40) | (0.35) | (0.17) | (0.05) | (0.28) | (0.36) | (0.30) | (0.12) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  | (0.09) | (0.18) | (0.16) |  |  | (0.09) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from paid in capital | (0.04) |  |  |  |  | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.40) | (0.44) | (0.35) | (0.21) | (0.32) | (0.36) | (0.39) | (0.30) | (0.17) |
| Net asset value, end of year | $8.76 | $8.79 | $8.79 | $9.06 | $9.68 | $8.32 | $8.38 | $8.42 | $8.72 | $9.34 |
| Total return + # | 3.86% | 4.61% | 1.91% | (2.82)% | 3.77% | 3.19% | 3.82% | 1.11% | (3.45)% | 2.89% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $14428 | $15514 | $22312 | $27906 | $29040 | $2553 | $2236 | $2891 | $3858 | $4518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): | 1.16% | 1.11% | 1.11% | 1.22% | 2.07% | 1.91% | 1.88% | 1.87% | 1.98% | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 4.17% | 4.55% | 3.91% | 1.75% | 0.41% | 3.41% | 3.79% | 3.16% | 1.01% | (0.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 234% | 274% | 222% | 216% | 343% | 234% | 274% | 222% | 216% | 343% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(a) Represents less than $0.01 per share.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Monthly Distribution Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $28.81 | $29.20 | $31.15 | $32.18 | $32.75 |  |  |  |  |  |
| Income from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.31 | 0.64 | 0.22 | (0.45) | (0.28) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.98 | 1.42 | 0.26 | 0.80 | 0.79 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income from investment operations | 2.29 | 2.06 | 0.48 | 0.35 | 0.51 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (1.55) | (0.74) | (0.41) |  | (0.71) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.25) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from capital | (0.61) | (1.71) | (2.02) | (1.13) | (0.37) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.16) | (2.45) | (2.43) | (1.38) | (1.08) |  |  |  |  |  |
| Net asset value, end of year | $28.94 | $28.81 | $29.20 | $31.15 | $32.18 |  |  |  |  |  |
| Total return + # | 8.21% | 7.31% | 1.59% | 1.11% | 1.54% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $231110 | $197786 | $141405 | $175703 | $219703 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waivers | 2.01% | 2.36% | 2.02% | 2.52% | 1.90% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After waivers | 2.01% | 2.36% | 2.02% | 2.52% | 1.90% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | 0.75% | 0.90% | 0.38% | 0.39% | 0.81% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 1.05% | 2.18% | 0.72% | (1.41)% | (0.84)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 1.05% | 2.18% | 0.72% | (1.41)% | (0.84)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 377% | 209% | 192% | 221% | 339% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $27.08 | $27.66 | $29.70 | $30.83 | $31.49 | $18.29 | $19.59 | $21.89 | $23.26 | $24.19 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* ! | 0.19 | 0.51 | 0.13 | (0.46) | (0.44) | 0.00 | 0.22 | (0.05) | (0.52) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.90 | 1.36 | 0.26 | 0.71 | 0.86 | 1.25 | 0.93 | 0.18 | 0.53 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.09 | 1.87 | 0.39 | 0.25 | 0.42 | 1.25 | 1.15 | 0.13 | 0.01 | 0.15 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (1.55) | (0.74) | (0.41) |  | (0.71) | (1.55) | (0.74) | (0.41) |  | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.25) |  |  |  |  | (0.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from capital | (0.61) | (1.71) | (2.02) | (1.13) | (0.37) | (0.61) | (1.71) | (2.02) | (1.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.16) | (2.45) | (2.43) | (1.38) | (1.08) | (2.16) | (2.45) | (2.43) | (1.38) | (1.08) |
| Net asset value, end of year | $27.01 | $27.08 | $27.66 | $29.70 | $30.83 | $17.38 | $18.29 | $19.59 | $21.89 | $23.26 |
| Total return + # | 7.98% | 7.02% | 1.32% | 0.83% | 1.25% | 7.18% | 6.19% | 0.57% | 0.05% | 0.54% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $16821 | $20234 | $23339 | $28997 | $33155 | $10718 | $11592 | $13030 | $16177 | $19311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waivers | 2.28% | 2.63% | 2.27% | 2.77% | 2.16% | 3.02% | 3.39% | 3.02% | 3.52% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;After waivers | 2.28% | 2.63% | 2.27% | 2.77% | 2.16% | 3.02% | 3.39% | 3.02% | 3.52% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | 0.75% | 0.94% | 0.38% | 0.39% | 0.81% | 0.75% | 0.96% | 0.38% | 0.39% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 0.72% | 1.85% | 0.47% | (1.53)% | (1.39)% | 0.00% | 1.14% | (0.29)% | (2.32)% | (2.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 0.72% | 1.85% | 0.47% | (1.53)% | (1.39)% | 0.00% | 1.14% | (0.29)% | (2.32)% | (2.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 377% | 209% | 192% | 221% | 339% | 377% | 209% | 192% | 221% | 339% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

---

| | |
|:---|:---|
| ! | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |

---

(1) Ratios of expenses to
 average net assets (excluding dividends/borrowings on short sales):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 1.26% | 1.46% | 1.64% | 2.13% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 1.26% | 1.46% | 1.64% | 2.13% | 1.09% |

---

(2) Ratios of expenses to
 average net assets (excluding dividends/borrowings on short sales):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 1.53% | 1.69% | 1.89% | 2.38% | 1.35% | 2.27% | 2.43% | 2.64% | 3.13% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 1.53% | 1.69% | 1.89% | 2.38% | 1.35% | 2.27% | 2.43% | 2.64% | 3.13% | 2.12% |

---

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Real Estate Stock Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |  |  |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |  |  |  |  |  |
| Net asset value, beginning of year | $14.63 | $11.01 | $12.47 | $21.36 | $17.34 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.19 | 0.20 | 0.20 | 0.14 | (0.02) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.42) | 3.72 | (1.58) | (7.74) | 5.52 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.23) | 3.92 | (1.38) | (7.60) | 5.50 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.12) | (0.30) | (0.08) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (1.29) | (1.48) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.30) | (0.08) | (1.29) | (1.48) |  |  |  |  |  |
| Net asset value, end of year | $13.28 | $14.63 | $11.01 | $12.47 | $21.36 |  |  |  |  |  |
| Total return + # | (8.44)% | 35.88% | (11.09)% | (37.75)% | 32.81% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $49451 | $40260 | $53324 | $64414 | $91553 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): | 1.32% | 1.55% | 1.07% | 1.01% | 1.37% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 1.43% | 1.54% | 1.64% | 0.85% | (0.08)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 165% | 78% | 73% | 58% | 59% |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $14.70 | $11.06 | $12.52 | $21.48 | $17.47 | $13.24 | $10.01 | $11.37 | $19.78 | $16.30 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.16 | 0.18 | 0.17 | 0.10 | (0.07) | 0.04 | 0.07 | 0.05 | (0.03) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.43) | 3.72 | (1.58) | (7.77) | 5.56 | (1.28) | 3.37 | (1.41) | (7.09) | 5.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.27) | 3.90 | (1.41) | (7.67) | 5.49 | (1.24) | 3.44 | (1.36) | (7.12) | 4.96 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.08) | (0.26) | (0.05) |  |  | (0.01) | (0.21) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (1.29) | (1.48) |  |  |  | (1.29) | (1.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.08) | (0.26) | (0.05) | (1.29) | (1.48) | (0.01) | (0.21) |  | (1.29) | (1.48) |
| Net asset value, end of year | $13.35 | $14.70 | $11.06 | $12.52 | $21.48 | $11.99 | $13.24 | $10.01 | $11.37 | $19.78 |
| Total return + # | (8.66)% | 35.49% | (11.31)% | (37.87)% | 32.48% | (9.36)% | 34.52% | (11.96)% | (38.38)% | 31.50% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $4848 | $4544 | $8654 | $9449 | $15112 | $1486 | $1921 | $1849 | $2544 | $4736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): | 1.58% | 1.78% | 1.32% | 1.27% | 1.62% | 2.34% | 2.57% | 2.07% | 2.02% | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 1.13% | 1.34% | 1.38% | 0.60% | (0.33)% | 0.35% | 0.54% | 0.63% | (0.19)% | (1.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 165% | 78% | 73% | 58% | 59% | 165% | 78% | 73% | 58% | 59% |

---

\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Ratios
 of expenses to average net assets (excluding interest expense): 1.32% 1.52%

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.57% 1.75% 2.33% 2.54%

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham U.S. Enhanced Market Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout the year/period.* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Period Ended**<br>**October 31, 2023 \*** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Period Ended**<br>**October 31, 2023 \*** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Period Ended**<br>**October 31, 2023 \*** |
| Net asset value, beginning of year/period | $19.17 | $13.88 | $14.00 | $19.12 | $13.86 | $14.00 | $18.99 | $13.81 | $14.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\*\* | 0.22 | 0.29 | 0.13 | 0.18 | 0.25 | 0.11 | 0.06 | 0.12 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.07 | 5.18 | (0.25 | 3.07 | 5.17 | (0.25 | 3.03 | 5.16 | (0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.29 | 5.47 | (0.12 | 3.25 | 5.42 | (0.14 | 3.09 | 5.28 | (0.19 |
| Less distributions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.28) | (0.18) |  | (0.23) | (0.16) |  | (0.13) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.27) |  |  | (5.27) |  |  | (5.27) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5.55) | (0.18) |  | (5.50) | (0.16) |  | (5.40) | (0.10) |  |
| Net asset value, end of year/period | $16.91 | $19.17 | $13.88 | $16.87 | $19.12 | $13.86 | $16.68 | $18.99 | $13.81 |
| Total return +# | 21.47% | 39.70% | (0.86) | 21.23% | 39.33% | (1.00) | 20.20% | 38.34% | (1.36) |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $116687 | $88811 | $68742 | $10870 | $9782 | $10295 | $1269 | $759 | $304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: (2) | 1.28% | 1.29% | 1.41 | 1.54% | 1.54% | 1.66 | 2.28% | 2.29% | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 1.43% | 1.69% | 1.82 | 1.16% | 1.46% | 1.54%^ | 0.41% | 0.66% | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 39% | 66% | 0 | 39% | 66% | 0 | 39% | 66% | 0 |

---

\* The Fund commenced operations on May 1, 2023

\*\* The net investment income per share data was determined using the average shares outstanding throughout each year/period.

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

(1) Not annualized for periods
 less than one year.

^ Annualized for periods less than one year.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes.

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.28% 1.28% 1.54% 1.53% 2.28% 2.28%

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2025 |

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**1.** **ORGANIZATION** 

Each Dunham Fund (each, a "Fund" and collectively the "Funds") is a series of shares of beneficial interest in the Dunham Funds (the "Trust"), a Delaware Business Trust organized on November 28, 2007 and registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. The Dunham Funds currently consist of fifteen funds: Dunham Corporate/Government Bond Fund; Dunham Floating Rate Bond Fund; Dunham High-Yield Bond Fund; Dunham International Opportunity Bond Fund; Dunham Large Cap Value Fund; Dunham Small Cap Value Fund; Dunham Focused Large Cap Growth Fund; Dunham Small Cap Growth Fund; Dunham Emerging Markets Stock Fund; Dunham International Stock Fund; Dunham Dynamic Macro Fund; Dunham Long/Short Credit Fund; Dunham Monthly Distribution Fund; Dunham Real Estate Stock Fund; and Dunham U.S. Enhanced Market Fund. With the exception of Dunham Focused Large Cap Growth Fund, Dunham Real Estate Stock Fund, and Dunham U.S. Enhanced Market Fund, the remaining Funds are diversified funds within the meaning of the 1940 Act.

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Primary Objective</u>** |
| Dunham Corporate/Government Bond Fund<br> ("Corporate/Government Bond") | Current income and capital appreciation |
| Dunham Floating Rate Bond Fund ("Floating Rate<br> Bond") | High level of current income |
| Dunham High-Yield Bond Fund ("High-Yield Bond") | High level of current income |
| Dunham International Opportunity Bond Fund<br> ("International Opportunity Bond") | High level of current income |
| Dunham Large Cap Value Fund ("Large Cap Value") | Maximize total return from capital appreciation and dividends |
| Dunham Small Cap Value Fund ("Small Cap Value") | Maximize total return from capital appreciation and income |
| Dunham Focused Large Cap Growth Fund ("Focused<br> Large Cap Growth") | Maximize capital appreciation |
| Dunham Small Cap Growth Fund ("Small Cap Growth") | Maximize capital appreciation |
| Dunham Emerging Markets Stock Fund ("Emerging<br> Markets Stock") | Maximize capital appreciation |
| Dunham International Stock Fund ("International Stock") | Maximize total return from capital appreciation and dividends |
| Dunham Dynamic Macro Fund ("Dynamic Macro") | Maximize total return from capital appreciation and dividends |
| Dunham Long/Short Credit Fund ("Long/Short Credit") | Maximize total return under varying market conditions through both current<br> income and capital appreciation |
| Dunham Monthly Distribution Fund ("Monthly<br> Distribution") | Positive returns in rising and falling market environments |
| Dunham Real Estate Stock Fund ("Real Estate Stock") | Maximize total return from capital appreciation and dividends |
| Dunham U.S. Enhanced Market Fund ("U.S. Enhanced<br> Market") | Maximize long-term capital appreciation |

---

Currently, each Fund offers Class A, Class C and Class N shares. Each class represents an interest in the same assets of the applicable Fund with the only differences being that Class A shares are subject to a front-end sales charge and an annual distribution fee, Class C shares are subject to an annual service and distribution fee and Class N shares have a higher minimum investment amount. Investors that purchase $1,000,000 or more of Class A shares will not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or more of Class A shares may be subject to a contingent deferred sales charge ("CDSC") on shares redeemed during the first 18 months after their purchase in the amount of the commissions paid on the shares redeemed. The Class C and Class N shares, with the exception of Floating Rate Bond, High-Yield Bond, International Opportunity Bond, Focused Large Cap Growth, Dynamic Macro, Monthly Distribution, and U.S. Enhanced Market commenced operations on December 10, 2004 and were formed as a result of tax-free conversions from common trusts. The conversions were accomplished through the exchange of the common trust securities, cash, and other assets for equivalent value of the Funds' shares. High-Yield Bond Class C and Class N shares commenced operations on July 1, 2005. The Class A shares for all Funds except Floating Rate Bond, International Opportunity Bond, Focused Large Cap Growth, Dynamic Macro, Monthly Distribution, and U.S. Enhanced Market commenced operations on January 3, 2007. Monthly Distribution's Predecessor Fund's Class A shares and Class C shares commenced operations on December 26, 2000. Monthly Distribution's Class N shares commenced operations on September 29, 2008. Dynamic Macro commenced operations on April 30, 2010. Focused Large Cap Growth commenced operations on December 8, 2011. Floating Rate Bond and International Opportunity Bond commenced operations on November 1, 2013. U.S. Enhanced Market commenced operations on May 1, 2023.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

**Segment Reporting Disclosure**

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources.

The Chief Financial Officer, acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements.

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Security Valuation** – In determining each Fund's Net Asset Value ("NAV") per share, equity securities for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price ("NOCP"). If no sale price is reported, the mean between the current bid and ask price is used. If market quotations are not readily available, then securities will be valued using the "fair value" procedures approved by the Board of Trustees (the"Board"). The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee") based on the Trust's Portfolio Securities Valuation Procedures (the "Procedures"). U.S. Government and Agency securities are valued at the mean between the most recent bid and ask prices. Short-term debt instruments with a remaining maturity of more than 60 days and long-term debt securities including Bank Loans are valued each day by an independent pricing service elected by Dunham & Associates Investment Counsel, Inc. ("Dunham & Associates" or the "Adviser") and approved by the Board using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and ask prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and ask prices may be used. Short-term debt securities with a remaining maturity of 60 days or less may be valued at amortized cost, provided such valuations represent fair value.

The Funds may invest in portfolios of open-end, closed-end investment companies and Exchange Traded Funds ("ETFs") (the "underlying funds"). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by a Fund will not change.

Options and FLEX Options are valued at the last reported sale price at the close of the exchange on which the security is primarily traded. If no sales are reported for the exchange-traded options, or the options are not exchange-traded, then they are valued at the mean of their most recent quoted bid and ask price.

Futures and future options are valued daily at the final settled price or, in the absence of a settled price, at the mean between the current bid and ask prices on the day of valuation**.** 

Swap transactions are valued through an independent pricing service. Total return swaps on securities listed on an exchange are generally valued at the last quoted sales price of the swap (if exchange listed) or of the underlying security (if such security is exchange listed) or in the absence of a sale, fair valued at the mean between the current bid and ask prices.

Trading in securities on Far East securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange ("NYSE") is open). In addition, Far East securities trading generally, or in a particular country or countries, may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days, which are not business days in New York, and on which a Fund's NAV is not calculated. Each Fund calculates the NAV per share, and therefore effects sales, redemptions and repurchases of its shares, as of the close of regular trading on the NYSE once on each day on which the NYSE is open. Such calculation may not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. If events that may materially affect the value of such securities occur between the time when their price is determined and the time when the Fund's NAV is calculated, such securities may be valued at fair value as determined in good faith in

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

accordance with procedures approved by the Board. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

Securities in which the Funds invest may be traded in markets that close before 4:00 p.m. Eastern Time ("ET"). Normally, developments that occur between the close of the foreign markets and 4:00 p.m. ET will not be reflected in a Fund's NAV. However, management may determine that such developments are so significant that they will materially affect the value of a Fund's securities, and the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. ET. Both Emerging Markets Stock and International Stock utilize fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange. Securities for which current market quotations are not readily available, or for which quotations are not deemed to be representative of market values, will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its Valuation Designee based on the Trust's Procedures. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2025 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate/Government Bond** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $3071194 | $— | $— | $3071194 |
| Asset Backed Securities \* |  | 77535623 |  | 77535623 |
| Corporate Bonds \* |  | 98217725 |  | 98217725 |
| Non U.S. Government & Agencies |  | 8588627 |  | 8588627 |
| Term Loans \* |  | 12561276 |  | 12561276 |
| U.S. Government & Agencies |  | 101060480 |  | 101060480 |
| Short-Term Investment | 7466377 |  |  | 7466377 |
| Total | $10537571 | $297963731 | $— | $308501302 |
| Collateral for Securities Loaned (a) |  |  |  | 7697773 |
| Total Assets |  |  |  | $316199075 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Bond** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities | $— | $11739127 | $— | $11739127 |
| Common Stock \* |  | 535635 |  | 535635 |
| Corporate Bonds \* |  | 21220345 |  | 21220345 |
| Term Loans \* |  | 166391698 | 0 | 166391698 |
| Right |  | 13500 |  | 13500 |
| Warrant |  | 37263 |  | 37263 |
| Short-Term Investment | 12222244 |  |  | 12222244 |
| Total | $12222244 | $199937568 | $0 | $212159812 |
| Collateral for Securities Loaned (a) |  |  |  | 4730650 |
| Total Assets |  |  |  | $216890462 |
| **High-Yield Bond** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds \* | $— | $216108309 | $68642 | $216176951 |
| Short-Term Investment | 13254707 |  |  | 13254707 |
| Total | $13254707 | $216108309 | $68642 | $229431658 |
| Collateral for Securities Loaned (a) |  |  |  | 32388190 |
| Total Assets |  |  |  | $261819848 |
| **International Opportunity Bond** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities \* | $— | $5116 | $— | $5116 |
| Convertible Bonds \* |  | 397832 |  | 397832 |
| Corporate Bonds \* |  | 59816778 |  | 59816778 |
| Non U.S. Government & Agencies \* |  | 34289045 |  | 34289045 |
| Right |  | 1523 |  | 1523 |
| Short-Term Investment | 4751758 |  |  | 4751758 |
| Total | $4751758 | $94510294 | $— | $99262052 |
| Collateral for Securities Loaned (a) |  |  |  | 3226714 |
| Total Assets |  |  |  | $102488766 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $183275 | $— | $— | $183275 |
| Forward Foreign Currency Exchange Contracts |  | 682888 |  | 682888 |
| Total Asset Derivatives | $183275 | $682888 | $— | $866163 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $225751 | $— | $— | $225751 |
| Forward Foreign Currency Exchange Contracts |  | 40561 |  | 40561 |
| Swap Contracts |  | 49609 |  | 49609 |
| Total Liability Derivatives | $225751 | $90170 | $— | $315921 |
| **Large Cap Value** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $191173049 | $— | $— | $191173049 |
| Short-Term Investments | 4858435 |  |  | 4858435 |
| Total | $196031484 | $— | $— | $196031484 |
| Collateral for Securities Loaned (a) |  |  |  | 9574743 |
| Total Assets |  |  |  | $205606227 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $90714977 | $— | $— | $90714977 |
| Short-Term Investments | 4390441 |  |  | 4390441 |
| Total | $95105418 | $— | $— | $95105418 |
| Collateral for Securities Loaned (a) |  |  |  | 10397495 |
| Total Assets |  |  |  | $105502913 |
| **Focused Large Cap Growth** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $209856179 | $— | $— | $209856179 |
| Short-Term Investment | 2682701 |  |  | 2682701 |
| Total | $212538880 | $— | $— | $212538880 |
| Collateral for Securities Loaned (a) |  |  |  | 2583900 |
| Total Assets |  |  |  | $215122780 |
| **Small Cap Growth** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $86325258 | $— | $— | $86325258 |
| Short-Term Investment | 3558808 |  |  | 3558808 |
| Total | $89884066 | $— | $— | $89884066 |
| Collateral for Securities Loaned (a) |  |  |  | 24107064 |
| Total Assets |  |  |  | $113991130 |

---

---

| |
|:---|
| <br> **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Closed End Fund** |  |  |  |  |
| Equity | $— | $1280713 | $— | $1280713 |
| Total Closed End Fund |  | 1280713 |  | 1280713 |
| **Common Stocks** |  |  |  |  |
| Aerospace & Defense | $— | $3526564 | $— | $3526564 |
| Asset Management | 2746752 | 3191058 |  | 5937810 |
| Banking | 2923160 | 9302394 |  | 12225554 |
| Banks |  | 1341903 |  | 1341903 |
| Beverages |  | 579200 |  | 579200 |
| E-Commerce Discretionary |  | 6097133 |  | 6097133 |
| Electronic Equipment, Instruments & Components |  | 2275485 |  | 2275485 |
| Engineering & Construction |  | 6135722 |  | 6135722 |
| Entertainment Content | 328125 |  |  | 328125 |
| Food | 503301 |  |  | 503301 |
| Gas & Water Utilities | 1491792 |  |  | 1491792 |
| Health Care Facilities & Services |  | 4696742 |  | 4696742 |
| Home Construction |  | 570156 |  | 570156 |
| Household Products |  | 758822 |  | 758822 |
| Industrial Intermediate Prod |  | 2315218 |  | 2315218 |
| Institutional Financial Services |  | 1417052 |  | 1417052 |
| Insurance |  | 3538899 |  | 3538899 |
| Internet Media & Services | 3585591 | 10979222 |  | 14564813 |
| Leisure Facilities & Services |  | 2537575 |  | 2537575 |
| Metals & Mining | 2069475 | 3647610 |  | 5717085 |
| Oil & Gas Producers | 741285 |  | 0 | 741285 |
| Oil & Gas Services & Equipment |  | 921030 |  | 921030 |
| Real Estate Owners & Developers | 962842 | 374150 |  | 1336992 |
| Renewable Energy |  | 2278670 |  | 2278670 |
| Retail - Consumer Staples |  |  | 0 |  |
| Retail - Discretionary | 1515698 | 1150348 |  | 2666046 |
| Semiconductors |  | 21528630 |  | 21528630 |
| Specialty Finance | 185955 | 792488 |  | 978443 |
| Technology Hardware |  | 18174883 |  | 18174883 |
| Technology Services |  | 816867 |  | 816867 |
| Telecommunications | 926640 | 2673791 |  | 3600431 |
| Transportation Equipment |  | 1050697 |  | 1050697 |
| Total Common Stocks | 17980616 | 112672309 |  | 130652925 |
| **Preferred Stocks** |  |  |  |  |
| Technology Hardware | $— | $2078203 | $— | $2078203 |
| Total Preferred Stock |  | 2078203 |  | 2078203 |
| **Short-Term Investments** | 854792 |  |  | 854792 |
| Total | $18835408 | $116031225 | $— | $134866633 |
| **Collateral for Securities Loaned (a)** |  |  |  | 5537396 |
| Total Assets |  |  |  | $140404029 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Stock** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| Aerospace & Defense | $29136 | $4375827 | $— | $4404963 |
| Apparel & Textile Products | 79820 | 220700 |  | 300520 |
| Asset Management | 2356432 | 2226378 |  | 4582810 |
| Automotive | 2282034 | 2699666 |  | 4981700 |
| Banking | 4596656 | 24687441 | 0 | 29284097 |
| Banks |  | 1029120 | 0 | 1029120 |
| Beverages |  | 449710 |  | 449710 |
| Biotech & Pharma | 270661 | 3678002 |  | 3948663 |
| Chemicals | 178705 | 586314 | 0 | 765019 |
| Commercial Support Services |  | 347123 |  | 347123 |
| Construction Materials |  | 680344 |  | 680344 |
| Containers & Packaging | 354954 | 129002 |  | 483956 |
| Diversified Industrials |  | 66916 |  | 66916 |
| E-Commerce Discretionary | 44967 | 330380 |  | 375347 |
| Electric Utilities | 302265 | 1511388 |  | 1813653 |
| Electrical Equipment |  | 7852407 |  | 7852407 |
| Electronic Equipment, Instruments & Components |  | 1752289 |  | 1752289 |
| Engineering & Construction |  | 326634 |  | 326634 |
| Entertainment Content | 302344 | 4813181 |  | 5115525 |
| Food |  | 1821459 |  | 1821459 |
| Gas & Water Utilities |  | 116299 |  | 116299 |
| Health Care Facilities & Services |  | 1901229 |  | 1901229 |
| Home & Office Products |  | 220278 |  | 220278 |
| Household Products |  | 338564 |  | 338564 |
| Industrial Intermediate Prod |  | 1373911 |  | 1373911 |
| Institutional Support Services |  | 575791 |  | 575791 |
| Institutional Financial Services | 196826 | 1840694 |  | 2037520 |
| Insurance |  | 11447601 |  | 11447601 |
| Internet Media & Services | 498699 | 1878109 |  | 2376808 |
| Leisure Facilities & Services | 56368 | 1316924 |  | 1373292 |
| Machinery |  | 879460 |  | 879460 |
| Medical Equipment & Devices | 48102 | 3691506 |  | 3739608 |
| Metals & Mining | 5170899 | 3176507 | 0 | 8347406 |
| Oil & Gas Producers | 273375 | 2773296 | 0 | 3046671 |
| Publishing & Broadcasting |  | 90531 |  | 90531 |
| Real Estate Owners & Developers |  | 800439 |  | 800439 |
| Real Estate Services | 262389 |  |  | 262389 |
| Renewable Energy |  | 1035878 |  | 1035878 |
| Retail - Consumer Staples | 273356 | 1086255 |  | 1359611 |
| Retail - Discretionary | 231252 | 1861400 |  | 2092652 |
| Retail REIT |  | 36453 |  | 36453 |
| Semiconductors | 676500 | 18215723 |  | 18892223 |
| Software | 2122573 | 1834482 |  | 3957055 |
| Specialty Finance |  | 888165 |  | 888165 |
| Steel | 28184 |  |  | 28184 |
| Technology Hardware | 1267530 | 9979692 |  | 11247222 |
| Technology Services | 280258 | 1516198 |  | 1796456 |
| Telecommunications | 1764380 | 5548051 |  | 7312431 |
| Tobacco & Cannabis |  | 31723 |  | 31723 |
| Transportation & Logistics | 1472124 | 1122304 |  | 2594428 |
| Transportation Equipment |  | 6144566 |  | 6144566 |
| Wholesale Discretionary |  | 914383 |  | 914383 |
| Total Common Stocks | 25420789 | 142220693 |  | 167641482 |
| **Exchange Traded Funds** | 841166 |  |  | 841166 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Preferred Stocks** |  |  |  |  |
| Automotive |  | 102791 |  | 102791 |
| Banking | 282440 | 648926 |  | 931366 |
| Institutional Financial Services |  | 836953 |  | 836953 |
| Insurance |  | 758128 |  | 758128 |
| Technology Hardware |  | 1155427 |  | 1155427 |
| Total Preferred Stocks | 282440 | 3502225 |  | 3784665 |
| **Warrant** |  |  |  |  |
| Software |  |  | 0 |  |
| **Short-Term Investments** | 216414 |  |  | 216414 |
| Total | $26760809 | $145722918 | $— | $172483727 |
| **Collateral for Securities Loaned (a)** |  |  |  | 5826020 |
| Total Assets |  |  |  | $178309747 |
| **Dynamic Macro** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $14658528 | $— | $— | $14658528 |
| Corporate Bonds \* |  | 8524457 |  | 8524457 |
| Non U.S. Government & Agencies |  | 11414836 |  | 11414836 |
| U.S. Government & Agencies |  | 42562236 |  | 42562236 |
| Short-Term Investments | 10058747 |  |  | 10058747 |
| Total | $24717275 | $62501529 | $— | $87218804 |
| Collateral for Securities Loaned (a) |  |  |  | 7532886 |
| Total Assets |  |  |  | $94751690 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $795354 | $— | $— | $795354 |
| Total Asset Derivatives | $795354 | $— | $— | $795354 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $745926 | $— | $— | $745926 |
| Total Liability Derivatives | $745926 | $— | $— | $745926 |
| **Long/Short Credit** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $— | $— | $5700 | $5700 |
| Corporate Bonds \* |  | 118674662 |  | 118674662 |
| Municipal Bonds \* |  | 2525499 |  | 2525499 |
| U.S. Government & Agencies |  | 176224064 |  | 176224064 |
| Short-Term Investment | 8301227 |  |  | 8301227 |
| Total | $8301227 | $297424225 | $5700 | $305731152 |
| Collateral for Securities Loaned (a) |  |  |  | 15994246 |
| Total Assets |  |  |  | $321725398 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $42859 | $— | $— | $42859 |
| Credit Default Swap Contracts |  | 134299 |  | 134299 |
| Total Return Swap Contracts |  | 68823 |  | 68823 |
| Total Asset Derivatives | $42859 | $203122 | $— | $245981 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $564404 | $— | $— | $564404 |
| Credit Default Swap Contracts | $— | $1172464 | $— | $1172464 |
| Total Liability Derivatives | $564404 | $1172464 | $— | $1736868 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Monthly Distribution** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Closed-End Fund | $— | $— | $3209417 | $3209417 |
| Common Stocks \* | 205682147 |  | 72063 | 205754210 |
| Rights |  |  | 889495 | 889495 |
| Purchased Options | 474823 |  |  | 474823 |
| Short-Term Investment | 27072707 |  |  | 27072707 |
| Total | $233229677 | $— | $4170975 | $237400652 |
| Collateral for Securities Loaned (a) |  |  |  | 23310902 |
| Total Assets |  |  |  | $260711554 |
| Liabilities |  |  |  |  |
| Securities Sold Short\* | $73575013 | $— | $— | $73575013 |
| Total Liabilities | $73575013 | $— | $— | $73575013 |
| Assets - Derivatives |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $885499 | $— | $885499 |
| Total Asset Derivatives | $— | $885499 | $— | $885499 |
| Liabilities - Derivatives |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $196682 | $— | $196682 |
| Total Liability Derivatives | $— | $196682 | $— | $196682 |
| **Real Estate Stock** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $1022422 | $— | $— | $1022422 |
| REITs \* | 54744156 |  |  | 54744156 |
| Short-Term Investment | 77431 |  |  | 77431 |
| Total | $55844009 | $— | $— | $55844009 |
| Collateral for Securities Loaned (a) |  |  |  | 11604623 |
| Total Assets |  |  |  | $67448632 |
| **U.S. Enhanced Market** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| U.S. Government & Agencies | $— | $66878570 | $— | $66878570 |
| Purchased Options |  | 52723225 |  | 52723225 |
| Short-Term Investments | 9362977 |  |  | 9362977 |
| Total Assets | $9362977 | $119601795 | $— | $128964772 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | 578774 |  |  | 578774 |
| Total Asset Derivatives | $578774 | $— | $— | $578774 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $1836 | $— | $— | $1836 |
| Total Liability Derivatives | $1836 | $— | $— | $1836 |

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\* See each Fund's Schedule of Investments for breakdown by industry.

(a) In accordance with Subtopic 820-10,
 certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in
 the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy
 to the amounts presented in the Statements of Assets and Liabilities.

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

The following is a reconciliation for the Funds for which Level 3 inputs were used in determining value:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning**<br>**Balance**<br>**October 31,**<br>**2024** |<br>**Total realized**<br>**gain/(loss)** | **Change in**<br>**unrealized**<br>**appreciation/**<br>**(depreciation)** |<br><br>**Amortization** |<br>**Net**<br>**Purchases** |<br><br>**Net Sales** |<br>**Net transfers**<br>**into Level 3** |<br>**Net transfers**<br>**(out) of Level**<br>**3** |<br>**Ending balance**<br>**October 31,**<br>**2025** |
| Floating Rate Bond |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loans | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| High-Yield Bond |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 186400 | (44999) | (64151) |  |  | (77250) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bond | 726312 | 30543 | 3522 | 13868 |  | (705603) |  |  | 68642 |
| Emerging Markets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |  |  |
| International Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |  |  |
| Long/Short Credit |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 5700 |  |  |  |  |  |  |  | 5700 |
| Monthly Distribution |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed End Fund | 3456295 |  | (246878) |  |  |  |  |  | 3209417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 72063 |  |  |  |  |  |  |  | 72063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | 1160849 |  | (271354) |  |  |  |  |  | 889495 |

---

Quantitative disclosures of unobservable inputs and assumptions used are below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Impact to valuation |
|  |  |  |  | Input | from an increase |
|  | Fair Value | Valuation Techniques | Unobservable Input | Range | in input |
| Floating Rate Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loans | $— | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| Total Fair Value Securities | $— |  |  |  |  |
| High-Yield Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bond | 68642 | Discounted Cash Flow | Discount Rate | 9.5% | Decrease |
| Total Fair Value Securities | $68642 |  |  |  |  |
| Emerging Markets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $— | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| Total Fair Value Securities | $— |  |  |  |  |
| International Stock |  |  |  |  |  |
| Common Stock | $— | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| Total Fair Value Securities | $— |  |  |  |  |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $5700 | Broker Quote | Indicative Value | $0.57 | Increase |
| Total Fair Value Securities | $5700 |  |  |  |  |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed End Fund | $3209417 | Broker Quote | Indicative Value | $1.30 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock | 72063 | Broker Quote | Indicative Value | $0.35 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock |  | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| &nbsp;&nbsp;&nbsp;Common Stock |  | Market Approach | Residual Value | 100% | NA |
| &nbsp;&nbsp;&nbsp;Rights | 889495 | Broker Quote | Indicative Value | $0.30-$1.60\* | Increase |
| Total Fair Value Securities | $4170975 |  |  |  |  |

---

\* The weighted average price of Rights at October 31, 2025 was $1.46.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Foreign Currency Translations** – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments, are translated into U.S. dollars using the prevailing exchange rates at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received and are included

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

with the net realized and unrealized gain or loss on investment securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Forward Foreign Currency Exchange Contracts** – As foreign securities are purchased, a Fund generally enters into forward foreign currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may also enter into forward foreign currency exchange contracts as an investment strategy consistent with that Fund's investment objective. Realized gains and losses from contract transactions are included in net realized gains (losses) from forward foreign currency exchange contracts in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Options –** Dynamic Macro and Monthly Distribution are subject to stock market risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk. These Funds may purchase call and put options. In addition, Enhanced Market may purchase options (including FLEX Options).

*Call Options*. When a Fund writes an option, there is no taxable event and an amount equal to the premium received is recorded by that Fund as a liability. The liability is thereafter valued to reflect the current value of the option. If the option is not exercised and expires, or if a Fund effects a closing purchase transaction, the Fund realizes a gain (or loss in the case of a closing purchase transaction where the cost to close the transaction exceeds the original premium received), and the liability related to the option is extinguished. Any such gain or loss generally is a short-term capital gain or loss for federal income tax purposes. If a call option that a Fund has written on any equity security is exercised, that Fund will realize a capital gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a put option that a Fund has written on an equity security is exercised, the amount of the premium originally received reduces the cost of the security that a Fund purchases upon exercise of the option. When a Fund writes a put option, that Fund must deposit cash or liquid securities into a segregated account equal to the put option's exercise value (number of shares times strike price). 

 

*Put Options*. If such a decline occurs, the put options will permit that Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by that Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to that Fund. In addition, if the price of the security in connection with which an option was purchased moves in a direction favorable to that Fund, the benefits realized by that Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. *FLEX Options*. Enhanced Market gains equity exposure through investments in S&P 500 Index options (including FLEX Options) and futures, but does not invest directly in equity securities as part of its investment strategy.

FLEX Options are customized index option contracts traded on an exchange. The Fund may experience substantial downside from specific FLEX Option positions, and certain FLEX Option positions may expire worthless. In addition, the Fund's FLEX Option holdings are subject to the following risks:

● Valuation Risk. The value of the FLEX Options will be affected by, among others, changes in the value of the relevant index, changes in the actual and implied volatility of the index, and the remaining time until the options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the index (although they generally move in the same direction).

● Liquidity Risk. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options.

● Counterparty Risk. The FLEX Options are issued and guaranteed for settlement by the Options Clearing Corporation (the "OCC"). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional standardized exchange-traded options.

● Correlation Risk. The value of the FLEX Options positions is not anticipated to increase or decrease at the same rate as the index, and it is possible they may move in different directions, and as a result, the Fund's NAV may not increase or decrease at the same rate as the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. Cash –** The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds may maintain cash balances, which, at times, may exceed federally insured limits. The Funds may also hold cash balances with brokers which accounts are not federally insured. The Funds maintain these balances with a high quality financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f. Swap Agreements** – International Opportunity Bond, Long/Short Credit and Monthly Distribution may enter into interest rate, index, total return, credit default and currency exchange rate swap agreements in attempts to obtain a particular desired return at a lower cost to the Fund than if the Fund has invested directly in an instrument that yielded that desired return. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Funds segregate liquid securities having a value at least equal to the amount of its current obligation under any swap transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g. Swaps Risk**. The Fund may use swaps to enhance returns and manage risk. The Fund's use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund's potential for loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h. Futures Contracts** – International Opportunity Bond, Dynamic Macro, Long/Short Credit, and U.S. Enhanced Market are subject to equity risk, interest rate risk and forward currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, and foreign exchange rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Funds were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Funds would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Funds segregate cash having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Short Sales** – The Funds may sell a security that it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is obligated to pay over any dividends and accrued interest on borrowed securities. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. The Fund's borrowing agreements with broker-dealers are not subject to master netting or similar agreements or collateral agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j. Impact of Derivatives on the Statements of Assets and Liabilities and Statements of Operations** – The following is a summary of the location of derivative investments of each Fund in the Statement of Assets and Liabilities as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** |
| **Derivatives Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Equity/Currency/Commodity | Investments in securities | Option contracts written |
| Interest Rate/Credit Risk Contracts | Unrealized appreciation on futures | Unrealized depreciation on futures |
|  | Unrealized appreciation on swap contracts | Unrealized depreciation on swap contracts |
| | Unrealized appreciation on forward foreign currency exchange contracts | Unrealized depreciation on forward foreign currency exchange contracts |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

The following table sets forth the fair value of each Fund's derivative contracts by primary risk exposure as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** |
|  | Equity | Currency | Interest Rate | Credit Risk | Total at |
|  | Contracts | Contracts | Contracts | Contracts | October 31, 2025 |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $682888 | $— | $— | $682888 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 183275 |  | 183275 |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $795354 | $— | $795354 |
| &nbsp;&nbsp;&nbsp;Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 42859 |  | 42859 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | 134299 | 134299 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  |  | 68823 |  | 68823 |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $885499 | $— | $— | $885499 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 474823 |  |  |  | 474823 |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $52723225 | $— | $— | $— | $52723225 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 312367 |  | 266407 |  | 578774 |
| **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** |
|  | Equity | Currency | Interest Rate | Credit Risk | Total at |
|  | Contracts | Contracts | Contracts | Contracts | October 31, 2025 |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $40561 | $— | $— | $40561 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 225751 |  | 225751 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contract |  |  |  | 49609 | 49609 |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $745926 | $— | $— | $— | $745926 |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $564404 | $— | $564404 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | 1172464 | 1172464 |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $196682 | $— | $— | $196682 |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $1836 | $— | $1836 |

---

The following is a summary of the location of derivative investments of each Fund in the Statements of Operations for the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Equity/Currency/Commodity/ | Net realized gain (loss) from: Futures, |
| Interest Rate/Credit Risk Contracts | Purchased options, Written options, Swap contracts, Forward foreign currency exchange contracts |
|  | Net change in unrealized appreciation (depreciation) on: Futures, Purchased options, Written options, Swap contracts, and Forward foreign currency exchange contracts |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

The following is a summary of each Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** |
|  | Equity |  | Interest Rate | Credit Risk | Total at |
| Derivative Investment type | Contracts | Currency Contracts | Contracts | Contracts | October 31, 2025 |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $(980828) | $— | $(980828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | (605115) |  |  | (605115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | (228344) | (228344) |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $(36449) | $— | $— | $(36449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 366592 |  | (827386) |  | (460794) |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $1845113 | $— | $1845113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | (193305) | (193305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  |  | (1100538) |  | (1100538) |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $(79627) | $— | $— | $(79627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (521896) |  |  |  | (521896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (1602124) |  |  |  | (1602124) |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $2282671 | $— | $(1611152) | $— | $671519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9924947 |  |  |  | 9924947 |
| **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** |
|  | Equity |  | Interest Rate | Credit Risk | Total at |
| Derivative Investment type | Contracts | Currency Contracts | Contracts | Contracts | October 31, 2025 |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $53973 | $— | $53973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | (46173) | (46173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | 256915 |  |  | 256915 |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $(243253) | $— | $— | $(243253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (1004397) |  | 774383 |  | (230014) |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $(1858846) | $(1858846) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | (851987) | (851987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  |  | (49632) |  | (49632) |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $293634 | $— | $— | $293634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (326050) |  |  |  | (326050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 109542 |  |  |  | 109542 |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $290744 | $— | $2355340 | $— | $2646084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9538894 |  |  |  | 9538894 |

---

The average notional value of the derivative instruments for the year ended October 31, 2025 based on quarter end positions is disclosed below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | Long | Short | Purchased | Written | Total Return | Credit Default | Credit Default | Forward Foreign |
|  | Futures | Futures | Options | Options | Swaps - Long | Swaps - Long | Swaps - Short | Currency Contracts |
| International Opportunity Bond | $27621539 | $21311904 | $— | $— | $— | $7340687 | $625000 | 41108850 |
| Dynamic Macro | 37116902 | 14394555 |  |  |  |  |  | 8947233 |
| Long/Short Credit |  | 37262551 |  |  | 13999999 | 77250000 | 19250000 |  |
| Monthly Distribution |  |  | 5167191 | 15358023 |  |  |  | 36837105 |
| U.S. Enhanced Market | 111717004 |  | 144431250 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k. Offsetting of Financial Assets & Liabilities and Derivative Assets & Liabilities** – International Opportunity Bond, Dynamic Macro, Long/Short Credit, Monthly Distribution and U.S. Enhanced Market policies are to recognize a gross asset or liability equal to the unrealized amounts on forward foreign currency exchange contracts, swaps and written options. The futures held by the Funds are not subject to offsetting. The following table shows additional information regarding the offsetting of assets and liabilities at October 31, 2025.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Opportunity Bond** | **International Opportunity Bond** | **International Opportunity Bond** | **International Opportunity Bond** | **International Opportunity Bond** | **International Opportunity Bond** | **International Opportunity Bond** | **International Opportunity Bond** |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & | Statements of Assets & |  |
| Assets: |  |  |  |  | Liabilities | Liabilities |  |
|  |  |  | Amounts |  |  |  |  |
|  |  | Gross | Offset in the | Net Amounts of |  |  |  |
|  |  | Amounts of | Statements of | Assets Presented in |  | Cash |  |
|  |  | Recognized | Assets & | the Statements of | Financial | Collateral |  |
| Description | Counterparty | Assets | Liabilities | Assets & Liabilities | Instruments | Received (1) | Net Amount |
| Forward Foreign |  |  |  |  |  |  |  |
| Currency Exchange Contracts | Barclays | $43440 | $— | $43440 | $(1261) | $42179 | $— |
|  | Citibank | 395046 |  | 395046 | (10448) |  | 384598 |
|  | JP Morgan Chase | 244402 |  | 244402 | (28852) | (170000) | 45550 |
| Total |  | $682888 | $— | $682888 | $(40561) | $(170000) | $472327 |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & | Statements of Assets & |  |
| Liabilities: |  |  |  |  | Liabilities | Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  | Gross | Offset in the | Net Amounts of |  |  |  |
|  |  | Amounts of | Statements of | Liabilities Presented |  | Cash |  |
|  |  | Recognized | Assets & | in the Statements of | Financial | Collateral |  |
| Description | Counterparty | Liabilities | Liabilities | Assets & Liabilities | Instruments | Pledged (1) | Net Amount |
| Forward Foreign |  |  |  |  |  |  |  |
| Currency Exchange |  |  |  |  |  |  |  |
| Contracts | Barclays | $(1261) | $— | $(1261) | $1261 | $— | $— |
|  | Citibank | (10448) |  | (10448) | 10448 |  |  |
|  | JP Morgan Chase | (28852) |  | (28852) | 28852 |  |  |
| Credit Default Swap | Citibank | (49609) |  | (49609) |  | 49609 |  |
| Total |  | $(90170) | $— | $(90170) | $40561 | $49609 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount is limited to the derivative
 liability balance and accordingly, does not include excess collateral pledged.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long/Short Credit** | **Long/Short Credit** | **Long/Short Credit** | **Long/Short Credit** | **Long/Short Credit** | **Long/Short Credit** | **Long/Short Credit** | **Long/Short Credit** |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
| Assets: |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross Amounts | Net Amounts of |  |  |  |
|  |  | Gross Amounts of | Offset in the | Assets Presented in |  |  |  |
|  |  | Recognized | Statements of | the Statements of | Financial | Cash Collateral |  |
| Description | Counterparty | Assets | Assets & Liabilities | Assets & Liabilities | Instruments | Received (1) | Net Amount |
| Credit Default Swaps | Barclays | $134299 | $— | $134299 | $(134299) | $— | $— |
| Total Return Swap | Goldman Sachs | 68823 |  | 68823 |  |  | 68823 |
| Total |  | $203122 | $— | $203122 | $(134299) | $— | $68823 |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
| Liabilities: |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross Amounts | Net Amounts of |  |  |  |
|  |  | Gross Amounts of | Offset in the | Liabilities Presented |  |  |  |
|  |  | Recognized | Statements of | in the Statements of | Financial | Cash Collateral |  |
| Description | Counterparty | Liabilities | Assets & Liabilities | Assets & Liabilities | Instruments | Pledged (1) | Net Amount |
| Credit Default Swaps | Barclays | $(258116) | $— | $(258116) | $134299 | $**—** | $(123817) |
| Credit Default Swaps | HSBC | (914348) |  | (914348) | 914348 | **—** |  |
| Total |  | $(1172464) | $— | $(1172464) | $1048647 | $**—** | (123817) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount is limited to the derivative
 liability balance and accordingly, does not include excess collateral pledged.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Monthly Distribution Fund** | **Monthly Distribution Fund** | **Monthly Distribution Fund** | **Monthly Distribution Fund** | **Monthly Distribution Fund** | **Monthly Distribution Fund** | **Monthly Distribution Fund** | **Monthly Distribution Fund** |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
| Assets: |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts of Assets |  |  |  |
|  |  | Gross Amounts | Statements of | Presented in the |  | Cash |  |
|  |  | of Recognized | Assets & | Statements of Assets | Financial | Collateral |  |
| Description | Counterparty | Assets | Liabilities | & Liabilities | Instruments | Received (1) | Net Amount |
| Forward Foreign |  |  |  |  |  |  |  |
| Currency Exchange |  |  |  |  |  |  |  |
| Contracts | Morgan Stanley FX | $885499 | $— | $885499 | $(811027) <sup>(2)</sup> | $— | $74472 |
| Total |  | $885499 | $— | $885499 | $(811027) | $— | $74472 |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |
| Liabilities: |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities | Statements of Assets & Liabilities |
|  |  |  | Gross Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts of |  |  |  |
|  |  | Gross Amounts | Statements of | Liabilities Presented in |  | Cash |  |
|  |  | of Recognized | Assets & | the Statements of | Financial | Collateral |  |
| Description | Counterparty | Liabilities | Liabilities | Assets & Liabilities | Instruments | Pledged (1) | Net Amount |
| Forward Foreign |  |  |  |  |  |  |  |
| Currency Exchange |  |  |  |  |  |  |  |
| Contracts | Morgan Stanley FX | $(196682) | $— | $(196682) | $196682 | $— | $— |
| Total |  | $(196682) | $— | $(196682) | $196682 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount is limited to the derivative
 liability balance and accordingly, does not include excess collateral pledged.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with Forward Foreign
 Currency Exchange Contracts, the Fund may receive collateral in the form of cash or securities from counterparties. As of October 31,
 2025, the Fund held securities pledged by counterparties with a fair value of $614,345. Such securities are held by the Fund's custodian
 and are not included in the Schedule of Investments.

**l. Deposits with Broker for Futures, Options, Swaps, Securities Sold Short and Forward Foreign Exchange Contracts** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative Type** | **Broker** | **Deposit with Broker** |
| International Opportunity Bond | Swaps | Citibank | $519459 |
|  | Futures | Barclays | 781544 |
|  | Forward Foreign Exchange Contracts | JPMorgan | (170000) |
| Dynamic Macro | Futures | Morgan Stanley | 1819351 |
| Long/Short Credit | Swaps | HSBC | 2434033 |
|  | Swaps | Barclays | (630000) |
|  | Futures | HSBC | 575951 |
| Monthly Distribution | Securities Sold Short | JP Morgan | 97075201 |
| U.S. Enhanced Market | Futures | Societe Generale | (559369) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m. Exchanged Traded Funds** – The Funds may invest in ETFs. ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. A Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n. Investment Transactions, Investment Income and Expenses** – Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income less foreign tax withholding (if any), and expense is recorded on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities, which are recorded as soon after the ex-date that the respective Fund, using reasonable diligence, becomes aware of such dividends and foreign tax withholding (If any). Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments. Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

relative sizes of the Funds. Each Fund's income, expenses (other than the class specific distribution fees) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class. The Funds recharacterize distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o. Foreign Capital Gains Taxes** — Foreign Capital Gains taxes are generally based on either income or gains earned or repatriated cash. Foreign Capital Gains tax is provided in accordance with the Funds' understanding of applicable country's tax using a tax service in that country. Each Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned. The Trust is monitoring and recording accrued foreign capital gains tax on appreciated securities of $436,012 as of October 31, 2025, on Emerging Markets as shown on the Statement of Assets and Liabilities. For the year ended October 31, 2025, Emerging Markets recorded net change in unrealized appreciation on Accrued Foreign Capital Gains Tax and Realized Capital Gains tax on Appreciated Securities of $256,223 and $436,012 as shown on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**p. Foreign Tax Reclaims —**The Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Funds will record a receivable for such tax refunds based on several factors including an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**q. Income Taxes** – It is each Fund's policy to continue to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and gains, if any, to its shareholders and therefore, no provision for federal income tax has been made. Each Fund is treated as a separate taxpayer for federal income tax purposes. The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in the open tax years of 2022 to 2024 and expected to be taken in tax year 2025 and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the above open tax years. The Funds identify their major tax jurisdiction as U.S. Federal. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**r. Distributions to Shareholders** – It is each Fund's policy to distribute its respective net investment income and net capital gains, if any, annually except for Corporate/Government Bond, Floating Rate Bond, High-Yield Bond, International Opportunity Bond, Long/Short Credit, and Monthly Distribution which will distribute their respective net investment income, if any, monthly. Distributions of net investment income and net capital gains are determined in accordance with income tax regulations which may differ from GAAP. Differences in dividends from net investment income per share between the classes are due to service and distribution related expenses. Dividends and distributions to shareholders are recorded on ex-date. Monthly Distribution's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions (including any return of capital) is not fixed but is expected to be at or near the level of the prime interest rate ("Prime Rate"). Additionally, Monthly Distribution's distribution policy is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of Monthly Distribution's current net asset value per share. Shareholders receiving periodic payments from Monthly Distribution may be under the impression that they are receiving net income. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from Monthly Distribution is net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**s. Real Estate Investment Trusts** – Real Estate Stock invests primarily in REITs. Distributions from REITs may be characterized as dividends, capital gains, and/or return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**t. Indemnification** – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**u. Commitments and Contingencies -** The Floating Rate Bond Fund purchases Commercial loans (whether through participations or as a lender of record) that may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Statement of Operations. As of October 31, 2025, the Fund had the following unfunded loan commitments as noted in the Schedule of Investments with a total principal amount, fair value and net unrealized gain (loss) of $212,408, $212,592, and $184, respectively, as this would involve future claims that

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

---

| | |
|:---|:---|
| Borrower | Principal |
| Clydesdale Acquisition Holdings, Inc. | $4648 |
| Groundworks, LLC Floating Rate | 79468 |
| Kaman Corporation Floating Rate | 57269 |
| Trio Bidco, Inc. Floating Rate | 71023 |
| Total | $212408 |

---

**3.** **PRINCIPAL INVESTMENT RISKS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Concentration of Risk** – Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of larger capitalization companies or the market averages in general and therefore may involve greater risk than investing in larger capitalization companies.

The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region. Investments in lower grade debt securities are subject to special risks, including greater price volatility and a greater risk of loss of principal and interest.

Certain Funds may invest in collateralized mortgage obligations which are secured by groups of individual mortgages, but are similar to a conventional bond where the investor looks only to the issuer for payment of principal and interest. Although the obligations are recourse obligations to the issuer, the issuer typically has no significant assets, other than assets pledged as collateral for the obligations, and the market value of the collateral, which is sensitive to interest rate movements, may affect the market value of the obligations. A public market for a particular collateralized mortgage obligation may or may not develop and thus, there can be no guarantee of liquidity of an investment in such obligations.

The risk in writing a call option is that a Fund may forgo the opportunity of profit if the market value of the underlying security increases and the option is exercised, although any potential loss is reduced by the amount of option premium received. The risk in writing a put option is that a Fund may be called on to pay the exercise price of the option for a security that has decreased (potentially to zero) in market price, although any potential loss is reduced by the amount of option premium received. Generally, option transactions also involve risks concerning liquidity of the options market. An illiquid market for an option may limit a Fund's ability to write options or enter closing transactions. As the options written by the Funds are traded on a national exchange, counterparty and credit risk are limited to the failure of the exchange on which the options are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Natural Disaster/Epidemic Risk** – Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. For example, the novel coronavirus (COVID -19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Emerging Markets Risk** – Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Foreign Investing Risk** – Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability, and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Management Fees** – Dunham & Associates serves as each Fund's investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, Dunham & Associates, subject to the supervision of the Board and in conformity with the stated policies of the Funds, manages the operations of the Funds. The Adviser, subject to the review and approval of the Board, selects Sub-Advisers for each Fund and supervises and monitors the performance of each Sub-Adviser. As compensation for its services, each Fund pays the Adviser a fixed fee, accrued daily and paid monthly, based on each Fund's respective average daily net assets. The Adviser has entered into a Sub-Advisory Agreement with each Sub-Adviser and the Trust, on behalf of each Fund. Under the Sub-Advisory Agreements, each Fund pays the Sub-Adviser a "Fulcrum Fee." A Fulcrum Fee is a performance fee whereby the Sub-Adviser is rewarded when out-performing, or is penalized when under performing, a Fund's benchmark index. As a result of the Fulcrum Fee arrangement, the total annual management fee for a Fund will have a range as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Management Fee** | <br>**Adviser's Portion** | **Sub-Adviser's**<br>**Portion** |
| Corporate/Government Bond | 0.65% – 0.95% | 0.50% | 0.15% – 0.45% |
| Floating Rate Bond | 0.78% – 0.98% | 0.60% | 0.18% – 0.38% |
| High-Yield Bond | 0.82% – 1.02% | 0.60% | 0.22% – 0.42% |
| International Opportunity Bond | 0.80% – 1.30% | 0.60% | 0.20% – 0.70% |
| Large Cap Value | 0.75% – 1.15% | 0.65% | 0.10% – 0.50% |
| Small Cap Value | 0.85% – 1.35% | 0.65% | 0.20% – 0.70% |
| Focused Large Cap Growth | 0.85% – 1.15% | 0.65% | 0.20% – 0.50% |
| Small Cap Growth | 0.65% – 1.65% | 0.65% | 0.00% – 1.00% |
| Emerging Markets Stock | 0.70% – 1.50% | 0.65% | 0.05% – 0.85% |
| International Stock | 0.95% – 1.65% | 0.65% | 0.30% – 1.00% |
| Dynamic Macro | 0.90% – 1.60% | 0.65% | 0.25% – 0.95% |
| Long/Short Credit | 0.70% – 1.80% | 0.65% | 0.05% – 1.15% |
| Monthly Distribution | 0.87% – 1.63% | 0.65% | 0.22% – 0.98% |
| Real Estate Stock \* | 0.70% – 1.50% | 0.65% | 0.05% – 0.85% |
| U.S. Enhanced Market | 0.95% – 1.35% | 0.65% | 0.30% – 0.70% |

---

\* Prior to October 1, 2025, the Sub- Adviser's portion for Real Estate Stock was 0.15%-0.75% and the Management fee range was 0.80%-1.40%

Each Fund's Sub-Advisory Fulcrum Fee is calculated daily using an annual base Sub-Advisory fee of a specified amount of the average daily net assets of the Fund (the "Base Fee"), adjusted by the Fund's Class N share performance relative to the Fund's benchmark (the "Performance Fee"). Depending on a Fund's net performance versus its benchmark, the Sub-Adviser will receive a fee adjustment in accordance with a formula that equates a percentage of out- or under-performance to a percentage of fee increases or decreases, respectively. In addition, some Fulcrum Fees employ a "null zone" around the base fee, whereby small differences in performance versus the benchmark will not trigger a fee increase or decrease. During the first 12 months of the Fulcrum Fee arrangement, the Performance Fee is calculated daily from inception date of the agreement to the calculation date and is applied to the average daily net assets of the Funds during the calculation period. After the initial 12 months, the Performance Fee is calculated on a daily basis based on comparative performance over a rolling 12-month period.

Depending on the particular Sub-Advisory Agreement, the Performance Fee can adjust the Base Fee up or down by as much as 100% of the Base Fee, such that the Sub-Advisory fee can vary anywhere from 0.00% (the "Minimum Fee") to twice the Base Fee (the "Maximum Fee"). However, because each such Sub-Advisory Agreement requires that the Sub-Adviser only be paid out the monthly Minimum Fee during the first year, the Sub-Adviser, in most cases, will receive less compensation until the end of the first year. At the end of the first year of the agreement, the Sub-Adviser will be paid a lump sum that reflects the accrued Fulcrum Fee over the year, less any Minimum Fees paid out during the first year. Therefore, in the first year, the Fulcrum Fee methodology has three elements: 1) daily calculation of the Performance Fee and daily accrual of the Fulcrum Fee; 2) monthly payment of the Minimum Fee only (if any); and 3) a lump sum payment at the end of the initial 12-month period of the accrued Fulcrum Fee less the Minimum Fee.

By virtue of using average daily net assets over a "rolling" 12-month period for purposes of calculating the Performance Fee while using average daily net assets for the most recent month for purposes of calculating the Base Fee, the actual total Fulcrum Fee paid by the Fund to the Sub-Adviser may be higher or lower than the maximum or minimum annual rates described above if the average daily net assets do not remain constant during the rolling 12-month period. If the Fund is significantly underperforming versus the Index and the Fund's net assets have declined significantly, the monthly total Fulcrum Fee can be a negative number (although the performance fee r ate can never be negative, the Performance Fee can be negative). In such instances, if the negative Fulcrum Fee is not earned back or offset the following month, the Sub-Adviser must reimburse the Fund the amount of the negative Fulcrum Fee within an agreed upon time. Likewise, in the case where the Fund has significantly underperformed versus the Index but net assets have increased significantly, the monthly total Fulcrum Fee can be positive although the performance fee rate may be 0.00%. In such instances, the Fund will pay the Sub-Adviser the monthly Fulcrum Fee.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

The table below lists the current Sub-Advisers along with their Fulcrum Fee arrangements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Benchmark** | **Base Fee** | **Null<br> Zone** | **Minimum<br> Fee** | **Maximum<br> Fee** |
| Corporate/Government Bond | Virtus Fixed Income Advisers, LLC | Bloomberg US Aggregate Bond Index | 0.30% | +/- 0.15% | 0.15% | 0.45% |
| Floating Rate Bond | PineBridge Investments LLC | Morningstar/LSTA U.S. Leveraged Loan 100 Index | 0.28% | +/- 0.00% | 0.18% | 0.38% |
| High-Yield Bond | PineBridge Investments LLC | Bloomberg U.S. Corporate High Yield Bond Ba/B 2% Issuer Capped Index | 0.32% | +/- 0.00% | 0.22% | 0.42% |
| International Opportunity Bond | Virtus Fixed Income Advisers, LLC | Bloomberg Global ex US Aggregate Bond Index (Hedged) | 0.45% | +/- 0.00% | 0.20% | 0.70% |
| Large Cap Value | Great Lakes Advisors, LLC. | Russell 1000 Value Total Return Index | 0.30% | +/- 0.00% | 0.10% | 0.50% |
| Small Cap Value | Boston Partners Global Investors, Inc. | Russell 2000 Value Total Return Index | 0.45% | +/- 0.00% | 0.20% | 0.70% |
| Focused Large Cap Growth | The Ithaka Group, LLC | Russell 1000 Growth Total Return Index | 0.35% | +/-0.00% | 0.20% | 0.50% |
| Small Cap Growth | Pier Capital, LLC | Russell 2000 Growth Total Return Index | 0.50% | +/-0.20% | 0.00% | 1.00% |
| Emerging Markets Stock | NS Partners Ltd. | MSCI Emerging Markets Index (Net) | 0.45% | +/-0.00% | 0.05% | 0.85% |
| International Stock | Arrowstreet Capital L.P. | MSCI All Country World Index ex USA (Net) | 0.65% | +/-0.20% | 0.30% | 1.00% |
| Dynamic Macro | Vontobel Asset Management, Inc. | Dow Jones Moderately Aggressive Portfolio Index | 0.60% | +/- 0.00% | 0.25% | 0.95% |
| Long/Short Credit | Metlife Investment Advisors, LLC | BofA Merrill Lynch US 3-month Treasury Bill300 bps (3.00%) Index PLUS | 0.60% | +/- 0.00% | 0.05% | 1.15% |
| Monthly Distribution | Grantham, Mayo, Van Otterloo & Co., LLC | Credit Suisse Merger Arbitrage Liquid Index | 0.60% | +/- 0.00% | 0.22% | 0.98% |
| Real Estate Stock \* | PGIM, Inc. | Dow Jones Global Select REIT Total Return Index (Net) | 0.45% | +/- 0.00% | 0.05% | 0.85% |
| U.S. Enhanced Market | PGIM Quantitative Solutions LLC | S&P 500 Total Return Index | 0.50% | +/- 0.00% | 0.30% | 0.70% |

---

\* Effective October 1, 2025 PGIM, Inc. replaced American Assets Capital Advisers, LLC. as sub-adviser. Prior to October 1, 2025, American Capital Advisors had a base fee of 0.45%, a minimum fees of 0.15% and a maximum fee of 0.75%. Additionally, effective October 1, 2025, the benchmark index of the Fund changed from the Dow Jones U.S. Real Estate Total Return Index to the Dow Jones Global Select REIT Total Return Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Administration, Fund Accounting and Transfer Agency Fees** – Ultimus Fund Services, LLC ("UFS" or the "Administrator") serves as the administrator, fund accountant and transfer agent for the Funds. For providing administration services, UFS receives from each Fund a monthly fee based on the combined average daily net assets at the following annual rates; 0.07% on the first $250 million of average net assets; 0.05% on average net assets between $250 million and $500 million; 0.03% on average net assets between $500 million and $1 billion; and 0.01% on average net assets over $1 billion. Such fees are subject to an annual minimum of $400,000 in total for the entire Trust. For providing fund accounting services, UFS receives from the Trust a minimum annual fee of $262,500. For providing transfer agent services, UFS receives from the Trust a minimum annual fee of $214,000 plus a per account charge for 75,000 or more accounts.

Blu Giant, LLC, ("Blu Giant"), an affiliate of UFS, provides EDGAR conversion and filing services as well as some print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds. An individual from UFS serves as an officer for the Trust and receives no additional compensation from the Trust for serving in that role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Distributor** – The Distributor of the Funds is Dunham & Associates (the "Distributor"). The Funds have adopted an Amended and Restated Rule 12b-1 Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act for Class A and Class C shares. The Plan for Class A shares authorizes the Funds to pay distribution fees to the Distributor or other entities on a monthly basis at an annualized rate of up to 0.25% of the average daily net assets attributable to Class A shares. The Plan for Class C shares authorizes the Funds to pay distribution fees at the annualized rate of 0.75% for the equity Funds and 0.50% for the fixed income Funds and shareholder servicing fees at the annualized rate of 0.25% to the Distributor or other entities on a monthly basis based on the average daily net assets attributable to Class C shares. Class N shares do not pay distribution fees or shareholder servicing fees.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Distributor Sales Charges** | **12b-1 and Shareholder Service** | **12b-1 and Shareholder Service** |
| <br>**Fund** | **Class A** | **Class A** | **Class C** |
| Corporate/Government Bond | $5464 | $34613 | $24082 |
| Floating Rate Bond | 1036 | 23162 | 37404 |
| High-Yield Bond | 366 | 30233 | 23830 |
| International Opportunity Bond | 1132 | 11822 | 5610 |
| Large Cap Value | 37752 | 42653 | 36354 |
| Small Cap Value | 4558 | 20429 | 19145 |
| Focused Large Cap Growth | 34326 | 49388 | 83587 |
| Small Cap Growth | 15652 | 21658 | 19348 |
| Emerging Markets Stock | 360 | 31982 | 20548 |
| International Stock | 9474 | 33306 | 40764 |
| Dynamic Macro | 15199 | 21902 | 16104 |
| Long/Short Credit | 1843 | 35769 | 23121 |
| Monthly Distribution | 7989 | 46634 | 109622 |
| Real Estate Stock | 142 | 10839 | 16218 |
| U.S. Enhanced Market | 5950 | 25908 | 8700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Trustees' Fees** – The Board has approved the following Trustee compensation schedule: Each Trustee who is not an interested person of the Trust will receive $6,250 for each Board meeting attended in-person; $2,500 for all electronically-attended Board meetings; $1,000 for in-person committee meetings and $500 for telephonic committee meetings, unless the committee meeting is on the same day as a Board meeting, in which case the Trustee will not be compensated for the committee meeting. The Funds also reimburse each such Trustee for travel and other expenses incurred in attending meetings of the Board.

With the exception of the Trust's Chief Compliance Officer as discussed below, officers of the Trust and Trustees who are interested persons of the Trust do not receive any compensation from the Trust or any other Funds managed by the Adviser. The Trust has agreed to pay the Adviser a fee in the amount of $154,500 per annum, effective January 1, 2025, including an annual discretionary bonus as may be awarded as compensation for providing an officer or employee of the Adviser to serve as Chief Compliance Officer for the Funds (each Fund bearing its pro rata share of the fee), plus the cost of reasonable expenses related to the performance of the Chief Compliance Officer's duties, including travel expenses, and may compensate the Adviser for the time of other officers or employees of the Adviser who serve in other compliance capacities for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. Commission Recapture –** During the year ended October 31, 2025 certain Funds had portfolio trades executed with a broker pursuant to a commission recapture agreement under which the broker returned a portion of the Fund's brokerage commissions on the Fund's behalf. Such amounts, under such commission recapture agreement, are included in Fees paid indirectly in the Funds' Statements of Operations and will be paid directly by the broker for the expenses of the Fund. For the year ended October 31, 2025, the amounts received by the Administrator on behalf of certain participating Funds under this arrangement were: Large Cap Value - $1,130, Focused Large Cap Growth - $6,562 and Small Cap Growth - $19,463.

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Purchases (excluding**<br>**U.S. Government**<br>**Securities)** | **Sale Proceeds**<br>**(excluding U.S.**<br>**Government Securities)** | **Purchases of U.S.**<br>**Government**<br>**Securities** | **Proceeds of U.S.**<br>**Government**<br>**Securities** |
| Corporate/Government Bond | $143292330 | $70480569 | $58911772 | $10718515 |
| Floating Rate Bond | 166542148 | 75557490 | 996264 |  |
| High-Yield Bond | 124110900 | 101410953 |  |  |
| International Opportunity Bond | 81189226 | 58125109 |  |  |
| Large Cap Value | 73049977 | 56380322 |  |  |
| Small Cap Value | 101304843 | 114207218 |  |  |
| Focused Large Cap Growth | 84174420 | 96914599 |  |  |
| Small Cap Growth | 117446721 | 119777997 |  |  |
| Emerging Markets Stock | 130609394 | 145256250 |  |  |
| International Stock | 184787485 | 205799298 |  |  |
| Dynamic Macro | 48367082 | 50314508 | 59054781 | 54000000 |
| Long/Short Credit | 146043004 | 83110967 | 533614377 | 202651 , ,600 |
| Monthly Distribution | 670290974 | 657610589 |  |  |
| Real Estate Stock | 94674678 | 81034037 |  |  |
| U.S. Enhanced Market | 21943292 | 30847160 |  |  |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax<br>Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
| Corporate/Government Bond | $315136385 | $5107508 | $(4044818) | $1062690 |
| Floating Rate Bond | 220179264 | 1890748 | (4531477) | (2640729) |
| High-Yield Bond | 259164414 | 5462794 | (2807360) | 2655434 |
| International Opportunity Bond | 102508607 | 3561426 | (2992103) | 569323 |
| Large Cap Value | 134650441 | 74876588 | (3920802) | 70955786 |
| Small Cap Value | 99650426 | 14867891 | (9015404) | 5852487 |
| Focused Large Cap Growth | 94938869 | 122612570 | (2428659) | 120183911 |
| Small Cap Growth | 94904184 | 23071619 | (3984673) | 19086946 |
| Emerging Markets Stock | 98072781 | 50176868 | (8477209) | 41699659 |
| International Stock | 142706361 | 47774619 | (12171284) | 35603335 |
| Dynamic Macro | 92808252 | 2814239 | (459917) | 2354322 |
| Long/Short Credit | 321637561 | 2814052 | (3552225) | (738173) |
| Monthly Distribution | 183972153 | 32560059 | (28706855) | 3853204 |
| Real Estate Stock | 63432628 | 5311872 | (1295868) | 4016004 |
| U.S. Enhanced Market | 129603035 | 14367 | (75692) | (61325) |

---

**7.** **SHARES OF BENEFICIAL INTEREST** 

Following is a summary of shareholder transactions for each Fund for the year ended October 31, 2025 and for the year ended October 31, 2024:

For the year ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | | | | Net Increase | | | | Net Increase |
|  | | Distributions | | (Decrease) in | | Distributions | | (Decrease) in |
| Fund | Issued | Reinvested | Redeemed | Shares | Issued | Reinvested | Redeemed | Shares |
| Corporate/Government Bond | 11710473 | 777357 | (4585940) | 7901890 | 242332 | 44112 | (249154) | 37290 |
| Floating Rate Bond | 10834389 | 1406830 | (4432783) | 7808436 | 256378 | 76090 | (270524) | 61944 |
| High-Yield Bond | 10364450 | 1357926 | (8117973) | 3604403 | 100566 | 78724 | (501483) | (322193) |
| International Opportunity Bond | 5840757 | 448069 | (2933497) | 3355329 | 131806 | 26988 | (212081) | (53287) |
| Large Cap Value | 3298593 | 360805 | (2380163) | 1279235 | 149111 | 34189 | (154030) | 29270 |
| Small Cap Value | 2549227 | 724596 | (3149879) | 123944 | 49525 | 74566 | (230375) | (106284) |
| Focused Large Cap Growth | 1904257 | 410590 | (1784604) | 530243 | 101165 | 54111 | (189420) | (34144) |
| Small Cap Growth | 2016900 |  | (1843045) | 173855 | 113713 |  | (167046) | (53333) |
| Emerging Markets Stock | 3289847 | 10152 | (3742662) | (442663) | 65234 |  | (316591) | (251357) |
| International Stock | 3403966 | 909871 | (4172101) | 141736 | 91945 | 99726 | (381880) | (190209) |
| Dynamic Macro | 3073967 | 255108 | (2238752) | 1090323 | 159892 | 32277 | (228094) | (35925) |
| Long/Short Credit | 13643758 | 1143599 | (6782391) | 8004966 | 225101 | 65544 | (408307) | (117662) |
| Monthly Distribution | 3279739 | 541729 | (2702548) | 1118920 | 48484 | 49927 | (222667) | (124256) |
| Real Estate Stock | 1993272 | 24389 | (1046247) | 971414 | 125247 | 1852 | (73083) | 54016 |
| U.S. Enhanced Market | 3311522 | 1779863 | (2823714) | 2267671 | 121557 | 191611 | (180142) | 133026 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | | | | Net Increase |
|  | | Distributions | | (Decrease) in |
| Fund | Issued | Reinvested | Redeemed | Shares |
| Corporate/Government Bond | 167265 | 9034 | (42079) | 134220 |
| Floating Rate Bond | 77037 | 34312 | (119391) | (8042) |
| High-Yield Bond | 33791 | 17430 | (58291) | (7070) |
| International Opportunity Bond | 18267 | 4038 | (25233) | (2928) |
| Large Cap Value | 45633 | 8678 | (31258) | 23053 |
| Small Cap Value | 44477 | 23746 | (45874) | 22349 |
| Focused Large Cap Growth | 38437 | 34410 | (100426) | (27579) |
| Small Cap Growth | 31984 |  | (37389) | (5405) |
| Emerging Markets Stock | 10124 |  | (28691) | (18567) |
| International Stock | 8782 | 30949 | (65447) | (25716) |
| Dynamic Macro | 52035 | 6166 | (69680) | (11479) |
| Long/Short Credit | 73556 | 10187 | (43360) | 40383 |
| Monthly Distribution | 45802 | 62343 | (125055) | (16910) |
| Real Estate Stock | 12827 | 121 | (34118) | (21170) |
| U.S. Enhanced Market | 35676 | 13825 | (13444) | 36057 |

---

For the year ended October 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | | | | Net Increase | | | | Net Increase |
|  | | Distributions | | (Decrease) in | | Distributions | | (Decrease) in |
| Fund | Issued | Reinvested | Redeemed | Shares | Issued | Reinvested | Redeemed | Shares |
| Corporate/Government Bond | 7763525 | 506167 | (2744175) | 5525517 | 211025 | 47082 | (468869) | (210762) |
| Floating Rate Bond | 5871088 | 1123883 | (3582594) | 3412377 | 95751 | 95009 | (545706) | (354946) |
| High-Yield Bond | 12293561 | 1063911 | (4360912) | 8996560 | 412088 | 99875 | (705305) | (193342) |
| International Opportunity Bond | 4453526 | 376129 | (2341376) | 2488279 | 76550 | 39053 | (418810) | (303207) |
| Large Cap Value | 1991606 | 354159 | (2820022) | (474257) | 97426 | 45846 | (435698) | (292426) |
| Small Cap Value | 2563810 | 114729 | (1179168) | 1499371 | 225659 | 14770 | (213671) | 26758 |
| Focused Large Cap Growth | 1049454 | 86348 | (1578022) | (442220) | 147242 | 13922 | (384163) | (222999) |
| Small Cap Growth | 1568162 |  | (1454723) | 113439 | 125144 |  | (235183) | (110039) |
| Emerging Markets Stock | 1985923 | 56845 | (2073983) | (31215) | 184403 | 7063 | (429859) | (238393) |
| International Stock | 2191458 | 244110 | (2232244) | 203324 | 93461 | 35485 | (359032) | (230086) |
| Dynamic Macro | 3073952 | 134375 | (1060078) | 2148249 | 358723 | 23670 | (259091) | 123302 |
| Long/Short Credit | 11505580 | 953961 | (6878124) | 5581417 | 368132 | 88712 | (1230646) | (773802) |
| Monthly Distribution | 3287473 | 436180 | (1700463) | 2023190 | 141909 | 59065 | (297648) | (96674) |
| Real Estate Stock | 736424 | 82753 | (2907854) | (2088677) | 32816 | 11339 | (517384) | (473229) |
| U.S. Enhanced Market | 1889659 | 57340 | (2265729) | (318730) | 91405 | 7079 | (329549) | (231065) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | | | | Net Increase |
|  | | Distributions | | (Decrease) in |
| Fund | Issued | Reinvested | Redeemed | Shares |
| Corporate/Government Bond | 28881 | 6259 | (53898) | (18758) |
| Floating Rate Bond | 18757 | 43676 | (159352) | (96919) |
| High-Yield Bond | 34876 | 19480 | (120332) | (65976) |
| International Opportunity Bond | 12562 | 5424 | (41200) | (23214) |
| Large Cap Value | 18552 | 9931 | (47887) | (19404) |
| Small Cap Value | 20324 | 4503 | (37618) | (12791) |
| Focused Large Cap Growth | 41674 | 5930 | (48242) | (638) |
| Small Cap Growth | 17316 |  | (35313) | (17997) |
| Emerging Markets Stock | 30258 | 183 | (29936) | 505 |
| International Stock | 31603 | 8185 | (50209) | (10421) |
| Dynamic Macro | 65885 | 2884 | (26393) | 42376 |
| Long/Short Credit | 40072 | 12480 | (129125) | (76573) |
| Monthly Distribution | 43496 | 71148 | (146259) | (31615) |
| Real Estate Stock | 9419 | 2918 | (51886) | (39549) |
| U.S. Enhanced Market | 25583 | 132 | (7714) | 18001 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of dividends paid during the periods ended October 31, 2025, and October 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**10/31/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Corporate/Government Bond \* | $10479724 | $— | $— | $10479724 |
| Floating Rate Bond \* | 13159578 |  |  | 13159578 |
| High-Yield Bond \* | 12747354 |  |  | 12747354 |
| International Opportunity Bond\* | 1974943 |  | 1883846 | 3858789 |
| Large Cap Value | 2249028 | 5761418 |  | 8010446 |
| Small Cap Value | 8637848 | 3540462 |  | 12178310 |
| Focused Large Cap Growth |  | 21233910 |  | 21233910 |
| Small Cap Growth |  |  |  |  |
| Emerging Markets Stock | 141564 |  |  | 141564 |
| International Stock | 5558761 | 11823328 |  | 17382089 |
| Dynamic Macro | 3294765 | 216756 |  | 3511521 |
| Long/Short Credit \* | 9478479 |  | 1431971 | 10910450 |
| Monthly Distribution \* | 13921872 |  | 4742423 | 18664295 |
| Real Estate Stock | 371945 |  |  | 371945 |
| U.S. Enhanced Market | 12642804 | 16968123 |  | 29610927 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **10/31/2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Corporate/Government Bond \* | $7041458 | $— | $— | $7041458 |
| Floating Rate Bond \* | 11062135 |  |  | 11062135 |
| High-Yield Bond \* | 10273842 |  |  | 10273842 |
| International Opportunity Bond\* | 3094524 |  | 239688 | 3334212 |
| Large Cap Value | 3672385 | 3637138 |  | 7309523 |
| Small Cap Value\* | 390035 | 1727516 |  | 2117551 |
| Focused Large Cap Growth\* |  | 4006806 |  | 4006806 |
| Small Cap Growth |  |  |  |  |
| Emerging Markets Stock | 828871 |  |  | 828871 |
| International Stock | 3684674 | 1249483 |  | 4934157 |
| Dynamic Macro | 1812378 |  |  | 1812378 |
| Long/Short Credit \* | 9573461 |  |  | 9573461 |
| Monthly Distribution \* | 4446643 |  | 11790468 | 16237111 |
| Real Estate Stock | 1313304 |  |  | 1313304 |
| U.S. Enhanced Market | 1022713 |  |  | 1022713 |

---

\* Differences in distributions between the Statement of Changes paid from book and tax on the income funds relate to the adjustments for dividends payable for tax purposes.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

As of each of the Fund's tax year-ended October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** |<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Corporate/Government Bond | $80443 | $— | $— | $(8442399) | $(7249) | $1062690 | $(7306515) |
| Floating Rate Bond | 205912 |  |  | (26596480) | (10897) | (2640729) | (29042194) |
| High-Yield Bond | 541508 |  |  | (12964323) | (13503) | 2655434 | (9780884) |
| International Opportunity Bond |  |  |  | (6174219) | (7720) | 541341 | (5640598) |
| Large Cap Value | 3133797 | 6189768 |  |  |  | 70955786 | 80279351 |
| Small Cap Value | 4793119 | 185403 |  |  |  | 5852552 | 10831074 |
| Focused Large Cap Growth | 974772 | 27760125 | (1273725) |  |  | 120183911 | 147645083 |
| Small Cap Growth |  | 2971809 | (385133) |  |  | 19086946 | 21673622 |
| Emerging Markets Stock | 3091721 |  |  | (17794597) |  | 41699222 | 26996346 |
| International Stock | 11394781 | 6897506 |  |  |  | 35630850 | 53923137 |
| Dynamic Macro | 317445 | 8425889 |  |  |  | 2162957 | 10906291 |
| Long/Short Credit |  |  |  | (15565061) | (19220) | (738028) | (16322309) |
| Monthly Distribution |  |  |  |  | (51815) | 3854352 | 3802537 |
| Real Estate Stock | 482724 |  |  | (19865031) | 1644934 | 4016004 | (13721369) |
| U.S. Enhanced Market | 10565514 | 13668501 |  |  |  | (61325) | 24172690 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income and accumulated net realized gain from security transactions are primarily attributable to the tax deferral of losses on wash sales, the mark-to-market treatment of open forward foreign currency, swap and 1256 futures and options contracts, and adjustments for partnerships, perpetual bonds, debt modification, passive foreign investment companies, C Corporation return of capital distributions and dividend payable. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) for the Funds. In addition, the amount listed under other book/tax differences are primarily attributable to tax adjustments for accrued dividends payable.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows: Dunham Focused Large Cap Growth Fund and Dunham Small Cap Growth Fund incurred and elected to defer such late year losses of $1,273,725 and $385,133.

At October 31, 2025, the following Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | Capital Loss Carry |
| Fund | Short-Term | Long-Term | Total | Forward Utilized |
| Corporate/Government Bond | $1952787 | $6489612 | $8442399 | $— |
| Floating Rate Bond | 4320493 | 22275987 | 26596480 |  |
| High-Yield Bond | 3330581 | 9633742 | 12964323 |  |
| International Opportunity Bond | 838441 | 5335778 | 6174219 | 289235 |
| Large Cap Value |  |  |  |  |
| Small Cap Value |  |  |  |  |
| Focused Large Cap Growth |  |  |  |  |
| Small Cap Growth |  |  |  | 6039158 |
| Emerging Markets Stock | 16972631 | 821966 | 17794597 | 7823564 |
| International Stock |  |  |  |  |
| Dynamic Macro |  |  |  |  |
| Long/Short Credit | 12154755 | 3410306 | 15565061 |  |
| Monthly Distribution |  |  |  | 339091 |
| Real Estate Stock | 14538794 | 5326236 | 19865031 |  |
| U.S. Enhanced Market |  |  |  |  |

---

---

| |
|:---|
| **<br> NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

During the fiscal year ended October 31, 2025, certain Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax treatment of non-deductible expenses, net operating losses, distributions in excess, the use of tax equalization credits and adjustments for prior year tax returns resulted in reclassification for the tax year ended October 31, 2025, as follows:

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| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Loss)** |
| Corporate/Government Bond | $— | $— |
| Floating Rate Bond |  |  |
| High-Yield Bond |  |  |
| International Opportunity Bond |  |  |
| Large Cap Value | 1011422 | (1011422) |
| Small Cap Value | 151698 | (151698) |
| Focused Large Cap Growth | 5734983 | (5734983) |
| Small Cap Growth | (516900) | 516900 |
| Emerging Markets Stock |  |  |
| International Stock | 4695134 | (4695134) |
| Dynamic Macro | 1433909 | (1433909) |
| Long/Short Credit |  |  |
| Monthly Distribution | (82773) | 82773 |
| Real Estate Stock |  |  |
| U.S. Enhanced Market |  |  |

---

Net assets were unaffected by the above reclassifications.

**9.** **FOREIGN TAX CREDIT (Unaudited)** 

The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended October 31, 2025 and October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**10/31/2025** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| Emerging Markets Stock | $0.10 | $0.28 |
| International Stock | $0.07 | $0.39 |
| **For fiscal year ended** |  |  |
| **10/31/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Emerging Markets Stock | $0.15 | $0.03 |
| International Stock | $0.09 | $0.51 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

**10.** **LINE OF CREDIT** 

Currently, the Funds have a $80,000,000 uncommitted line of credit provided by U.S. Bank National Association (the "Bank") under an agreement (the "Uncommitted Line"), effective September 17, 2025 with a maturity date of September 16, 2026. Prior to that date, the Funds had a 50,000,000 uncommitted line of credit provided by the Bank. Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis at rate of Prime less 1%. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to a Fund. Accordingly, it is possible that a Fund may wish to borrow money for a temporary or emergency purpose but may not be able to do so. Based only on the days borrowed, the average amount of borrowings outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Borrowing | Largest Outstanding | | |
| Fund | Outstanding | Balance | Loan Outstanding | Average Borrowing Rate |
| Corporate/Government Bond | $3665857 | $8274000 | $— | 6.50% |
| Floating Rate Bond | 601800 | 932000 |  | 6.50% |
| High-Yield Bond | 3678500 | 4685000 |  | 6.50% |
| International Opportunity Bond | 1882333 | 4539000 |  | 6.50% |
| Large Cap Value | 4008000 | 9678000 |  | 6.50% |
| Small Cap Value | 1855000 | 10438000 |  | 6.27% |
| Focused Large Cap Growth | 3772636 | 11649000 |  | 6.50% |
| Small Cap Growth | 1577750 | 6954000 |  | 6.50% |
| Emerging Markets Stock | 2920022 | 10132000 |  | 6.50% |
| International Stock | 1250061 | 14865000 |  | 6.52% |
| Dynamic Macro |  |  |  | 0.00% |
| Long/Short Credit | 409000 | 601000 |  | 6.50% |
| Monthly Distribution |  |  |  | 0.00% |
| Real Estate Stock | 257990 | 2236000 |  | 6.55% |
| U.S. Enhanced Market |  |  |  | 0.00% |

---

The interest expense for all the Funds listed is included in interest expense on the Statement of Operations.

**11.** **SECURITIES LENDING** 

The Funds have entered into a Securities Lending Agreement ("Agreement") with the Bank. Each participating Fund can lend their securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held on loan, provided that there is no material default, will be paid to the respective Fund. A portion of the income generated by the investment in the Funds collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

Securities lending income is disclosed in the Funds' Statements of Operations and is net of fees retained by the counterparty. The Funds have the right under the Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Funds could experience delays or losses on recovery. Additionally, the Funds are subject to the risk of loss from investments that it makes with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of October 31, 2025, the below table shows the securities loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were overcollateralized. This cash is invested in the Mount Vernon Liquid Assets Portfolio, which has an overnight and continuous maturity. The investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | Market Value of Loaned | Market Value of |
| Fund | Securities | Collateral |
| Corporate/Government Bond | $7457928 | $7697773 |
| Floating Rate Bond | 4619618 | 4730650 |
| High-Yield Bond | 31195952 | 32388190 |
| International Opportunity Bond | 2640112 | 3226714 |
| Large Cap Value | 9429582 | 9574743 |
| Small Cap Value | 10126051 | 10397495 |
| Focused Large Cap Growth | 2554784 | 2583900 |
| Small Cap Growth | 23715124 | 24107064 |
| Emerging Markets Stock | 5551472 | 5537396 |
| International Stock | 5656469 | 5826020 |
| Dynamic Macro | 7381930 | 7532886 |
| Long/Short Credit | 15656162 | 15994246 |
| Monthly Distribution | 22895383 | 23310902 |
| Real Estate Stock | 11253305 | 11604623 |
| U.S. Enhanced Market |  |  |

---

The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day, additional collateral is obtained/received from the borrower to replenish/reestablish 102% or 105%.

**12.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

---

| | |
|:---|:---|
|  | Dunham Trust |
| Fund | Company |
| Corporate/Government Bond | 91.9% |
| Floating Rate Bond | 93.1% |
| High-Yield Bond | 93.8% |
| International Opportunity Bond | 93.7% |
| Large Cap Value | 89.0% |
| Small Cap Value | 90.7% |
| Focused Large Cap Growth | 75.4% |
| Small Cap Growth | 78.5% |
| Emerging Markets Stock | 92.6% |
| International Stock | 69.4% |
| Dynamic Macro | 91.1% |
| Long/Short Credit | 88.2% |
| Monthly Distribution | 89.0% |
| Real Estate Stock | 85.7% |
| U.S. Enhanced Market | 90.9% |

---

**13.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(COHEN & CO LOGO)](du002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

Dunham Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Dunham Funds comprising the funds listed below (the "Funds"), as of October 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of<br> Changes in Net Assets | Financial<br> Highlights |
| Dunham Corporate/Government Bond Fund, Dunham Floating Rate Bond Fund, Dunham High-Yield Bond Fund, Dunham International Opportunity Bond Fund, Dunham Large Cap Value Fund, Dunham Small Cap Value Fund, Dunham Focused Large Cap Growth Fund, Dunham Small Cap Growth Fund, Dunham Emerging Markets Stock Fund, Dunham International Stock Fund, Dunham Dynamic Macro Fund, Dunham Long/Short Credit Fund, Dunham Monthly Distribution Fund, and Dunham Real Estate Stock Fund | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and 2023 |
| Dunham U.S. Enhanced Market Fund | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024, and for the period from May 1, 2023 (commencement of operations) through October 31, 2023 |

---

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

The Funds' financial highlights for the years ended October 31, 2022, and prior, were audited by other auditors whose report dated December 30, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](du003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

December 30, 2025

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)** |
| October 31, 2025 |

---

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Refer to Additional Information included herein

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| October 31, 2025 |

---

---

| |
|:---|
| **Dunham Floating RateBond Fund** |
| **15(c) Board Considerations** |
| June 12, 2025 |

---

**I.** **Background** 

On June 12, 2025, the Board of Trustees (the "Board") of Dunham Funds (the "Trust"), a Delaware business trust, met to consider, among other things, a new sub-advisory agreement (the "New Sub-Advisory Agreement") with PineBridge InvestmentsLLC ("PineBridge") on behalf of the Dunham Floating Rate Bond Fund (the "Fund"). The New Sub-Advisory Agreement would take effect upon the change of control of PineBridge following a change to its ownership expected to be effective on or about October 1, 2025.

In considering the New Sub-Advisory Agreement, the Independent Trustees had requested and reviewed materials that Dunham & Associates Investment Counsel, Inc. (the "Adviser") and PineBridge provided prior to and during the meeting. They also reviewed a memorandum from Fund counsel that set forth their fiduciary duties pertaining to the New Sub-Advisory Agreement and the factors they should consider in evaluating the New Sub -Advisory Agreement.

Among other information, the Adviser and PineBridge provided information to assist the Independent Trustees in assessing the nature, extent and quality of services provided, information comparing the investment performance, advisory fees and operating expense ratio of the Fund to other funds, information about estimated profitability and/or financial condition and compliance and regulatory matters. The Board determined that, given the totality of the information provided with respect to the New Sub-Advisory Agreement, the Board had received sufficient information to approve the New Sub-Advisory Agreement. The Independent Trustees and Fund counsel also met to consider the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the respective New Sub-Advisory Agreement be approved. In considering the approval of each New Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**II.** **Sub-Advisory Agreement** 

***Nature, Extent and Quality of Services*.** In considering the approval of the New Sub-Advisory Agreement between the Fund and PineBridge, the Board considered the nature, extent and quality of services PineBridge would provide under the New Sub-Advisory Agreement. The Board reviewed the background of the investment professionals that would service the Fund, and the sub-adviser's reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters.

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| October 31, 2025 |

---

The Board noted in particular that the entire current investment team, including all team members providing advisory services to the Fund, will remain in place and continue to provide the same investment advisory services to the Fund. The investment discipline, process, tools and models also will remain unchanged. The Board concluded that the services PineBridge would provide should be satisfactory.

***Performance.*** The Board reviewed the Fund's total return compared to the total returns of the Peer Group and the funds included in the Morningstar category. The Board also noted in particular that since the portfolio management team began managing the Fund, the Fund has outperformed its Peer Group and the Morningstar category average. The Board concluded that the services PineBridge would provide should be satisfactory.

***Sub-Advisory Fees and Economies of Scale.*** The Board considered the Fund's sub-advisory fee schedule and noted the fees charged to comparable portfolios, if any, that the sub-adviser managed. The Board considered that the fee schedule was negotiated between the Adviser and PineBridge, an unaffiliated third party.

The Board reviewed the operation of the performance fee and the impact on fees and expenses based on various performance results. They discussed the unique nature of the performance fee, which results in higher fees when the Sub-Adviser delivers results, and how performance fees should be integrated into their analysis.

The Board confirmed its belief that performance fees help ensure that any significant fee adjustments are attributable to the Sub-Adviser's skill, rather than to random performance fluctuations, and the performance fee aligns the Sub-Adviser's interest with those of Fund shareholders.

The Board also noted in particular that the Fund's sub-advisory fee schedule will remain the same. The Fund will pay a "fulcrum fee" consisting of: a "base fee" of 28 basis points (0.28%) annually; and a "performance fee" at a rate that will vary by up to +/- 10 bps (0.10%). The Board concluded that the Sub-Adviser's fees were in a reasonable range.

The Board reviewed the relevance of economies of scale in the context of the Sub-Adviser that receives a performance-based fee. The Board agreed that the Adviser had successfully negotiated a favorable base fee with the Sub-Adviser, and that reductions based on asset growth, when coupled with the possibility of fee reductions based on performance, could hinder the Adviser's ability to attract top sub-advisory talent. The Board agreed that pursuing breakpoints with the Sub-Adviser would not be in the best interests of Fund shareholders at this time.

***Profitability and Fallout Benefits.*** The Board considered any information provided regarding PineBridge's estimated profitability from providing sub-advisory services to the Fund. The Board noted that the sub-advisory fee schedule was negotiated between the Adviser and PineBridge, an unaffiliated third party. The Board reviewed materials provided as to any additional benefits PineBridge receives.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the New Sub-Advisory Agreement for the Fund are fair and reasonable, and that the approval of the New Sub-Advisory Agreement is in the best interests of the Fund.

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| October 31, 2025 |
| **Dunham High-Yield Bond Fund** |
| **15(c) Board Considerations** |
| June 12, 2025 |

---

**I.** **Background** 

On June 12, 2025, the Board of Trustees (the "Board") of Dunham Funds (the "Trust"), a Delaware business trust, met to consider, among other things, a new sub-advisory agreement (the "New Sub-Advisory Agreement") with PineBridge InvestmentsLLC ("PineBridge") on behalf of the Dunham High-Yield Bond Fund (the "Fund"). The New Sub-Advisory Agreement would take effect upon the change of control of PineBridge following a change to its ownership expected to be effective on or about October 1, 2025.

In considering the New Sub-Advisory Agreement, the Independent Trustees had requested and reviewed materials that Dunham & Associates Investment Counsel, Inc. (the "Adviser") and PineBridge provided prior to and during the meeting. They also reviewed a memorandum from Fund counsel that set forth their fiduciary duties pertaining to the New Sub-Advisory Agreement and the factors they should consider in evaluating theNew Sub-Advisory Agreement.

Among other information, the Adviser and PineBridge provided information to assist the Independent Trustees in assessing the nature, extent and quality of services provided, information comparing the investment performance, advisory fees and operating expense ratio of the Fund to other funds, information about estimated profitability and/or financial condition and compliance and regulatory matters. The Board determined that, given the totality of the information provided with respect to the New Sub-Advisory Agreement, the Board had received sufficient information to approve the New Sub-Advisory Agreement. The Independent Trustees and Fund counsel also met to consider the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the respective New Sub-Advisory Agreement be approved. In considering the approval of each New Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**II.** **Sub-Advisory Agreement** 

***Nature, Extent and Quality of Services*.** In considering the approval of the New Sub-Advisory Agreement between the Fund and PineBridge, the Board considered the nature, extent and quality of services PineBridge would provide under the New Sub-Advisory Agreement. The Board reviewed the background of the investment professionals that would service the Fund, and the sub-adviser's reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters.

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| October 31, 2025 |

---

The Board noted in particular that the entire current investment team, including all team members providing advisory services to the Fund, will remain in place and continue to provide the same investment advisory services to the Fund. The investment discipline, process, tools and models also will remain unchanged. The Board concluded that the services PineBridge would provide should be satisfactory.

***Performance.*** The Board reviewed the Fund's total return compared to the total returns of the Peer Group and the funds included in the Morningstar category. The Board also noted in particular that since the portfolio management team began managing the Fund, the Fund has outperformed its Peer Group and the Morningstar category average. The Board concluded that the services PineBridge would provide should be satisfactory.

***Sub-Advisory Fees and Economies of Scale.*** The Board considered the Fund's sub-advisory fee schedule and noted the fees charged to comparable portfolios, if any, that the sub-adviser managed. The Board considered that the fee schedule was negotiated between the Adviser and PineBridge, an unaffiliated third party.

The Board reviewed the operation of the performance fee and the impact on fees and expenses based on various performance results. They discussed the unique nature of the performance fee, which results in higher fees when the Sub-Adviser delivers results, and how performance fees should be integrated into their analysis.

The Board confirmed its belief that performance fees help ensure that any significant fee adjustments are attributable to the Sub-Adviser's skill, rather than to random performance fluctuations, and the performance fee aligns the Sub-Adviser's interest with those of Fund shareholders.

The Board also noted in particular that the Fund's sub-advisory fee schedule will remain the same. The Fund will pay a "fulcrum fee" consisting of: a "base fee" of 32 basis points (0.32%) annually; and a "performance fee" at a rate that will vary by up to +/- 10 bps (0.10%). The Board concluded that the Sub-Adviser's fees were in a reasonable range.

The Board reviewed the relevance of economies of scale in the context of the Sub-Adviser that receives a performance-based fee. The Board agreed that the Adviser had successfully negotiated a favorable base fee with the Sub-Adviser, and that reductions based on asset growth, when coupled with the possibility of fee reductions based on performance, could hinder the Adviser's ability to attract top sub-advisory talent. The Board agreed that pursuing breakpoints with the Sub-Adviser would not be in the best interests of Fund shareholders at this time.

***Profitability and Fallout Benefits.*** The Board considered any information provided regarding PineBridge's estimated profitability from providing sub-advisory services to the Fund. The Board noted that the sub-advisory fee schedule was negotiated between the Adviser and PineBridge, an unaffiliated third party. The Board reviewed materials provided as to any additional benefits PineBridge receives.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the New Sub-Advisory Agreement for the Fund are fair and reasonable, and that the approval of the New Sub-Advisory Agreement is in the best interests of the Fund.

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| October 31, 2025 |

---

**Dunham Real Estate Stock Fund**

**15(c) Board Considerations**

**September 18, 2025**

I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Background

On September 18, 2025, the Board of Trustees (the "Board") of Dunham Funds (the "Trust"), a Delaware business trust, met to consider, among other things, a new sub-advisory agreement (the "Sub-Advisory Agreement") with PGIM, Inc. ("PGIM") on behalf of the Dunham Real Estate Stock Fund (the "Fund"). The Sub-Advisory Agreement would take effect on or about October 1, 2025.

In considering the Sub-Advisory Agreement, the Independent Trustees had requested and reviewed materials that Dunham & Associates Investment Counsel, Inc. (the "Adviser") and PGIM provided prior to and during the meeting. The Independent Trustees also had reviewed a memorandum from Fund counsel that addressed their fiduciary duties pertaining to the new Sub-Advisory Agreement and the factors they should consider in evaluating the Sub-Advisory Agreement.

Among other information, the Adviser and PGIM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services provided, information comparing the investment performance, sub-advisory fees and operating expense ratio of the Fund to other funds, information about estimated profitability and/or financial condition and compliance and regulatory matters. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved. In considering the approval of the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory Agreement

***Nature, Extent and Quality of Services*.** In considering the approval of the Sub-Advisory Agreement between the Fund and PGIM, the Board considered the nature, extent and quality of services PGIM would provide under the Sub-Advisory Agreement. The Board reviewed the background of the investment professionals that would service the Fund, and PGIM' reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters. The Board noted that PGIM is a business of PGIM, Inc. the global asset management business of Prudential Financial, Inc.

The Board concluded that the services that PGIM would provide should be satisfactory.

***Performance.*** The Board considered the performance of other investment strategies managed by PGIM. The Board concluded that the services that PGIM would provide should be satisfactory.

---

| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| October 31, 2025 |

---

***Sub-Advisory Fees and Economies of Scale.*** The Board considered the Fund's sub-advisory fee schedule and noted the fees charged to comparable portfolios, if any, that PGIM managed. The Board considered that the fee schedule was negotiated between the Adviser and PGIM, an unaffiliated third party.

The Board reviewed the operation of the performance fee and the impact on fees and expenses based on various performance results. They discussed the unique nature of the performance fee, which results in higher fees when PGIM delivers results, and how performance fees should be integrated into their analysis.

The Board confirmed its belief that performance fees help ensure that any significant fee adjustments are attributable to PGIM' skill, rather than to random performance fluctuations, and the performance fee aligns PGIM' interest with those of Fund shareholders.

The Board also noted the Fund will pay a "fulcrum fee" consisting of: a "base fee" of 45 basis points ("bps") (0.45%) annually; and a "performance fee" at a rate that will vary by up to +/- 40 bps (0.40%). The performance fee will be added to or subtracted from the base fee to arrive at the total fulcrum fee. The comparative index will be the Dow Jones Global Select REIT Total Return Net Index over the applicable measurement period. The Board concluded that PGIM' fees were in a reasonable range.

The Board reviewed the relevance of economies of scale in the context of a sub-adviser that receives a performance-based fee. The Board agreed that the Adviser had successfully negotiated a favorable base fee with PGIM, and that reductions based on asset growth, when coupled with the possibility of fee reductions based on performance, could hinder the Adviser's ability to attract top sub-advisory talent. The Board agreed that pursuing breakpoints with PGIM would not be in the best interests of Fund shareholders at this time.

***Profitability and Fallout Benefits.*** The Board considered any information provided regarding PGIM' estimated profitability from providing sub-advisory services to the Fund. The Board noted that the sub-advisory fee schedule was negotiated between the Adviser and PGIM, an unaffiliated third party. The Board reviewed materials provided regarding any additional benefits that PGIM would receive.

***Conclusion.*** Based on all the information considered and the conclusions reached, the Board determined that the terms of the Sub-Advisory Agreement for the Fund are fair and reasonable, and that the approval of the Sub-Advisory Agreement is in the best interests of the Fund.

**How to Obtain Proxy Voting Information**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling (888)-3DUNHAM (338-6426), by accessing the Funds' website at www.dunham.com or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http:// www.sec.gov</u>.

**How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter Portfolio Holdings**

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC (800)-SEC-0330. The information on Form N-PORT is available without charge, upon request, by calling (888)-3DUNHAM (338-6426).

![(GRAPHIC)](du004_v1.jpg)

P.O. Box 910309

San Diego, California 92191

(800) 442-4358

**Distributed by Dunham & Associates Investment Counsel, Inc. Member FINRA/SIPC**

This report and financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund's portfolio.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Investment Adviser:

Dunham & Associates Investment Counsel, Inc.

P.O. Box 910309 San Diego, CA 92191 (800)442-4358

DUNHAM GL20251217-5067044-15995581

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable - See Item 7

**Item 9. Proxy Disclosures for Open-End Management Investment Companies** 

Not Applicable - See Item 7

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

[Code of Ethics filed herewith Exhibit 99.CODE](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto. \[Exhibit 99. CERT\]](dunham_cert-302.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR
 270.30a-2(b)): [Attached hereto \[Exhibit 99.906CERT\]](dunham_cert-906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Dunham Funds</u>

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| |
|:---|
| By (Signature and Title) |
| /s/ Ryan Dykmans |
| Ryan Dykmans, Principal Investment Officer/President |

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Date <u>1/9/26</u> <br>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| |
|:---|
| By (Signature and Title) |
| /s/ Ryan Dykmans |
| Ryan Dykmans, Principal Investment Officer/President |

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Date <u>1/9/26</u> <br>

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| |
|:---|
| By (Signature and Title) |
| /s/ Jennifer Gardyne |
| Jennifer Gardyne, Principal Financial Officer/Treasurer |

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Date <u>1/9/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Ryan Dykmans, certify that:

1. I have reviewed this report on Form N-CSR of Monthly Distribution Fund; Corporate/Government Bond Fund; High-Yield Bond Fund; Dynamic Macro Fund; Long/Short Credit Fund; Large Cap Value Fund; Focused Large Cap Growth Fund; Real Estate Stock Fund; International Stock Fund; Small Cap Value Fund; Small Cap Growth Fund; Emerging Markets Stock Fund; Floating Rate Bond Fund; International Opportunity Bond Fund and Dunham U.S. Enhanced Markets Fund.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 1/9/26 | /s/ Ryan Dykmans |
|  |  | Ryan Dykmans, Principal Investment Officer/President |

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I, Jennifer Gardyne, certify that:

1. I have reviewed this report on Form N-CSR of Monthly Distribution Fund; Corporate/Government Bond Fund; High-Yield Bond Fund; Dynamic Macro Fund; Long/Short Credit Fund; Large Cap Value Fund; Focused Large Cap Growth Fund; Real Estate Stock Fund; International Stock Fund; Small Cap Value Fund; Small Cap Growth Fund; Emerging Markets Stock Fund; Floating Rate Bond Fund; International Opportunity Bond Fund and Dunham U.S. Enhanced Markets Fund.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 1/9/26 | /s/ Jennifer Gardyne |
|  |  | Jennifer Gardyne, Principal Financial Officer/Treasurer |

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## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Ryan Dykmans, President, and Jennifer Gardyne, Treasurer of Monthly Distribution Fund; Corporate/Government Bond Fund; High-Yield Bond Fund; Dynamic Macro Fund; Long/Short Credit Fund; Large Cap Value Fund; Focused Large Cap Growth Fund; Real Estate Stock Fund; International Stock Fund; Small Cap Value Fund; Small Cap Growth Fund; Emerging Markets Stock Fund; Floating Rate Bond Fund; International Opportunity Bond Fund and Dunham U.S. Enhanced Markets Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Principal Investment Officer/President | Principal Financial Officer/Treasurer |
| Dunham Funds | Dunham Funds. |
| /s/ Ryan Dykmans | /s/ Jennifer Gardyne |
| Ryan Dykmans | Jennifer Gardyne |

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Date: <u>1/9/2026</u> Date: <u>1/9/2026</u> <br>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Dunham Funds and will be retained by Dunham Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**DUNHAM FUNDS**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Dunham Funds (the "Trust") has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser has adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and its operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Trust and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Trust or its operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Dated: January 15, 2008

<br>