# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001580642-23-000133
**Filing Date:** 2023-1
**Character Count:** 732639
**Document Hash:** 1cfa5524f0a473a8c8ca12bd9ff7d6ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000133.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001580642-23-000133

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 23518017

**BUSINESS ADDRESS:**
- **STREET 1:** 10251 VISTA SORRENTO PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 10251 VISTA SORRENTO PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

## 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           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

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

 <u>Dunham Funds</u> 

(Exact name of registrant as specified in charter)

 <u>6256 Greenwich Dr. Ste 550, San Diego, CA 92122</u> 

(Address of principal executive offices) (Zip code)

Timothy Burdick

 <u>Ultimus Fund Solutions LLC., 4221 N 203<sup>rd</sup> St., Suite 100, Elkhorn, NE 68022</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2649</u> 

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

Date of reporting period: <u>10/31/22</u> 

**Item 1. Reports to Stockholders.**![(COVER PAGE)](df001_v1.jpg)

Dear Fellow Shareholders:

One of the persistent themes throughout this fiscal year has been "uncertainty". This was and still is applicable to the outlook for containing substantially-elevated inflation, the War in Ukraine, and the severity of a U.S. recession (and a global recession). These significant unknowns have translated into volatile declines in both equity and bond markets around the globe. Although there have been some parallels identified between the current economic environment and the Global Financial Crisis, one of the notable contrasts relates to how bond markets have suffered. In the Global Financial Crisis, adequate refuge could be found in investment-grade bonds. However, in the current environment global bonds<sup>1</sup> on average were punished even more than global stocks<sup>2</sup>. The same was true when solely considering the past 12 months for the United States – U.S. investment-grade bonds<sup>3</sup> fell more than U.S. stocks<sup>4</sup>, in general. Without bonds as a potential safe haven, on the surface it appeared that many investors were relegated to a nearly 20 percent decline irrespective of their allocation to bonds versus equities. However, as we have exposure to numerous asset classes below the broad categorizations of "equities" and "bonds", this environment provided opportunities for some asset classes and strategies to shine – or to at least provide significant downside protection where broad bonds failed to do so.

As the Federal Open Market Committee pursued aggressive monetary policy in its attempt to cool rampantly rising inflation, securities with the highest sensitivities to changes in interest rates experienced substantial principal declines. However, some asset classes within the bond market, such as bank loans<sup>5</sup>, have coupons that adjust along with the rising rates. This resulted in those securities on average experiencing a much more muted decline during this fiscal year. Similarly, fixed income-oriented strategies that do not primarily rely on collecting meaningful yields, such as long/short credit strategies, also found opportunities to prevail on a relative basis. A commonality with the Global Financial Crisis was the high correlations between most equity asset classes. This does not mean that all equity styles or capitalizations performed the same, but they broadly traveled in the same direction during the fiscal year, despite having disparate fundamental drivers. As we look toward an eventual recovery in the equity and bond markets, we believe it is important to maintain diversification across asset classes and to remain disciplined and methodical, especially when many other investors are not.

I continue to personally invest alongside you, and I remain confident that we at Dunham have the tools and the discipline to succeed as our economy recovers. You can continue to rely on us to apply a rational and unemotional approach. We thank you for your continued trust and the confidence you have placed in us. We take that trust very seriously. We look forward to servicing the investment needs for you and your family for generations to come.

Sincerely,

![(-s-Jeffrey A. Dunham)](df002_v1.jpg)

Jeffrey A. Dunham

President

Dunham & Associates

October 31, 2022

1 As measured by the Bloomberg Global Aggregate Bond Index

2 As measured by the MSCI All Country World Index NR

3 As measured by the Bloomberg U.S. Aggregate Bond Index

4 As measured by the S&P 500 Index

5 As measured by the Morningstar LSTA US Leveraged Loan Index

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| |
|:---|
| **Dunham Corporate/Government Bond Fund (Unaudited)** |
| **Message from the Sub-Adviser (Virtus Fixed Income Advisers, LLC)** |

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**Asset Class Recap** 

Investment-grade bonds have historically exhibited negative correlation to equities during times of heightened volatility. However, in the most recent fiscal quarter and fiscal year, investment-grade bonds have sold off in tandem with equity markets as the asset classes' duration adversely impacted performance. During the year, the Federal Open Market Committee became increasingly hawkish as persistent inflation, coupled with data illustrating a strong consumer and resilient job market, helped provide justification for a series of hikes in the Fed Funds rate. The Federal Reserve hiked 50 basis points in May, 75 basis points in June, and another 75 basis points in July. This represented the largest 3 -month percentage change in the Fed Funds rate since the early 1980s. Although some economic data showed signs of a slowing economy, inflation remained persistent prompting the Federal Reserve to raise rates another 75 basis points in September and retain their hawkish stance on their outlook. Meanwhile, the U.S. Treasury yield curve inverted as the 2-year U.S. Treasury yield rose 398 basis points to 4.48 percent, and the 10-year U.S. Treasury yield increased 243 basis points to 4.05 percent. A yield curve inversion has historically preceded a recession, exacerbating concerns of an upcoming economic slowdown. During the fiscal year, intermediate- term BBB-rated corporate bond spreads increased 279 basis points, intermediate-term single-B rated bonds experienced 162 basis points of widening, and intermediate-term CCC-rated corporate bonds jumped 179 basis points. Intermediate-term BBB-rated corporate bond yields reached 6.31% in October, the highest point since coming out of the Great Financial Crisis in 2009. For the fiscal year, investment-grade bonds as measured by the Bloomberg U.S. Aggregate Bond Index, declined 15.7 percent, underperforming equity markets, as measured by the S&P 500 index, which declined 14.6 percent.

**Allocation Review** 

Nearly two-thirds of broad U.S. investment-grade bonds in the benchmark index are represented by Treasury and government agency bonds. Therefore, most of the performance of the benchmark index is dictated by how those U.S. government-related bonds perform, and far less is dependent on the performance of corporate bonds and non-agency mortgage-backed securities. During the fiscal year, U.S. Treasury bonds, as measured by the BofA U.S. Treasury & Agency Index, fell 14.4 percent. As the Fund had approximately 17 percent allocated to Treasury and government agency bonds, this is far less than what is represented by the benchmark index, and this significant underweight generally contributed to relative performance during the year. The Fund's largest exposure was to investment-grade corporate bonds, comprising more than 27 percent of the Fund. Investment-grade corporate bonds, as measured by the BofA U.S. Corporate Index, declined 19.3 percent during the fiscal year. The Fund's off-benchmark exposure to bank loans was one of the strongest positive contributions to Fund performance. The Fund had an approximate 8.0 percent allocation and increased approximately 1.2 percent over the fiscal year. Throughout the fiscal year, the Sub-Adviser decreased the allocations to government bonds, high-yield bonds, and bank loans and increased the allocation to municipal bonds and securitized products. The Fund did not have any exposure to derivatives during the fiscal quarter that meaningfully affected performance.

**Holdings Insights** 

The bank loan exposure within the Fund provided one of the strongest contributors to relative and absolute performance over the fiscal year. This includes the Caesars Resort Collection, LLC Floating Rate, Due 10/02/2024 (BL252667) (holding weight\*: 0.25 percent), an American hotel and casino entertainment company. This loan performed well over the fiscal year as a result of the market's expectations for a refinancing, solid operating performance, and declining digital losses. The gaming consumer remained resilient over the fiscal year with encouraging trends in Las Vegas while regional markets have leveled back down to more consistent pre-covid levels. Another bank loan that contributed to Fund performance over the fiscal year was the INEOS US Finance, LLC Floating Rate, Due 03/31/2024 (BL2552414) (holding weight\*: 0.40 percent), a chemical manufacturer. As a result of this company's credit strength and strong fundamentals, it was able to refinance its short-maturity loans amid a difficult commodity chemical environment. Despite the allocation to investment-grade corporates detracting from Fund performance, the General Electric Company Floating Rate, Due 06/15/2169 (369604BQ5) (holding weight\*: 0.30 percent), an American multinational conglomerate, was one of the strongest contributors to Fund performance over the fiscal year. This credit pays a floating rate, so the coupon has risen from 3.5 percent to begin the year to 6.6 percent by the end of the fiscal year. This credit benefited from the rise in interest rates and received a tailwind as the company made progress toward the spinoff of its Healthcare unit. Over the fiscal year, this credit increased by 4.7 percent.

Investment-grade corporate bonds that detracted from Fund performance include the Bank of America Corporation 2.687%, Until 04/22/2031, Due 04/22/2032 (06051GJT7) (holding weight\*: 0.96 percent) and the JPMorgan Chase & Company 1.953%, Due 02/4/2032 (46647PBX3) (holding weight\*: 0.96 percent). These bonds underperformed due to their relatively longer duration plus robust issuance from the major banks during the most recent fiscal quarter and year. This heavy issuance came while demand drivers were weak, exacerbating the spread widening for banks. These credits declined by 21.4 percent and 21.8 percent, respectively. The exposure to municipal bonds also detracted from Fund performance as the asset class fell in-line with the taxable fixed income market as the appetite for long-duration securities ceased. A municipal bond within the Fund that detracted from Fund performance was the State of Texas 3.211%, Due 04/01/2044 (882724QP5) (holding weight\*: 0.78 percent). Over the fiscal quarter, the price of this credit declined from $105.25 to $74.82.

**Sub-Adviser Outlook** 

The Sub-Adviser is cautiously optimistic for the remainder of the year; however, Federal Reserve hawkishness and Russia remain a key area of focus for investors. The Sub-Adviser believes that markets now face a mild version of stagflation as they absorb the impact of the end of 13 years of monetary and fiscal policy stimulus. Policy rate hikes, central bank balance sheet run-offs, and fiscal contraction all hitting at the same time have darkened the outlook for global growth and inflation. While nowhere as bad as the late 1970s and 80s, the Sub-Adviser expects weaker growth that falls short of a deep recession combined with lower (but still elevated) inflation will stop financial markets from a robust rally. At the same time, equity, Treasury, and credit markets have corrected meaningfully. As a result, the Sub-Adviser sees long-term value in certain areas of the bond market. The Sub- Adviser will look to use selloffs to add small amounts of select bonds in sectors where it has de-risked and now have lower relative exposure.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df003_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | <br>**One Year** | **Annualized**<br>**Five Years** | **Annualized**<br>**Ten Years** |
| Class N | (15.12)% | (0.66)% | 0.66% |
| Class A with load of 4.50% | (19.11)% | (1.80)% | (0.04)% |
| Class A without load | (15.29)% | (0.89)% | 0.42% |
| Class C | (15.68)% | (1.39)% | (0.08)% |
| Bloomberg US Aggregate Bond Index | (15.68)% | (0.54)% | 0.74% |
| Morningstar Intermediate Core Plus Bond Category | (15.92)% | (0.41)% | 1.00% |

---

(a) Total
Returns are calculated based on traded NAVs.

The Bloomberg US Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.

The Morningstar Intermediate Core Plus Bond Category is generally representative of intermediate-term bond mutual funds that primarily invest in corporate and other investment-grade U.S. fixed-income securities and typically have durations of 3.5 to 6.0 years. Funds in this category also invest in high-yield and foreign bonds.

------

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 1.25% for Class N, 2.00% for Class C and 1.50% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

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| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.4%** |  |  |  |  |
|  | **AUTO LOAN — 6.6%** |  |  |  |  |
| 280000 | American Credit Acceptance Receivables Trust Series 2021-2 C<sup>(a)</sup> |  | 0.9700 | 07/13/27 | $272425 |
| 220000 | American Credit Acceptance Receivables Trust Series 2022-1 D<sup>(a)</sup> |  | 2.4600 | 03/13/28 | 195236 |
| 112638 | Americredit Automobile Receivables Trust Series 2018-1 D |  | 3.8200 | 03/18/24 | 112531 |
| 230000 | AmeriCredit Automobile Receivables Trust Series 2020-3 C |  | 1.0600 | 08/18/26 | 215255 |
| 155000 | Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A<sup>(a)</sup> |  | 2.3600 | 03/20/26 | 143905 |
| 140000 | Carmax Auto Owner Trust Series 2019-1 C |  | 3.7400 | 01/15/25 | 139568 |
| 175000 | Carvana Auto Receivables Trust Series 2019-3A D<sup>(a)</sup> |  | 3.0400 | 04/15/25 | 173341 |
| 225000 | Carvana Auto Receivables Trust Series 2021-P3 B |  | 1.4200 | 08/10/27 | 195183 |
| 107556 | Carvana Auto Receivables Trust Series 2021-N1 C |  | 1.3000 | 01/10/28 | 101363 |
| 178222 | Carvana Auto Receivables Trust Series 2021-N2 C |  | 1.0700 | 03/10/28 | 168520 |
| 225000 | CPS Auto Receivables Trust Series 2019-D E<sup>(a)</sup> |  | 3.8600 | 10/15/25 | 218054 |
| 89579 | Credito Real USA Auto Receivables Trust Series 2021-1A A<sup>(a)</sup> |  | 1.3500 | 02/16/27 | 87146 |
| 7291 | First Investors Auto Owner Trust Series 2019-1A C<sup>(a)</sup> |  | 3.2600 | 03/17/25 | 7285 |
| 180000 | Flagship Credit Auto Trust Series 2020-4 C<sup>(a)</sup> |  | 1.2800 | 02/16/27 | 171466 |
| 180000 | Foursight Capital Automobile Receivables Trust Series 2022-1 B<sup>(a)</sup> |  | 2.1500 | 05/17/27 | 166239 |
| 86581 | LAD Auto Receivables Trust Series 2022-1A A<sup>(a)</sup> |  | 5.2100 | 06/15/27 | 85035 |
| 140000 | OneMain Direct Auto Receivables Trust Series 2021-1A B<sup>(a)</sup> |  | 1.2600 | 07/14/28 | 120731 |
| 275000 | Santander Drive Auto Receivables Trust Series 2021-3 C |  | 0.9500 | 09/15/27 | 263066 |
| 195000 | Santander Drive Auto Receivables Trust Series 2022-5 C |  | 4.7400 | 10/15/28 | 187442 |
| 263748 | United Auto Credit Securitization Trust Series 2021-1 C<sup>(a)</sup> |  | 0.8400 | 06/10/26 | 260686 |
| 17814 | Veros Automobile Receivables Trust Series 2020-1 B<sup>(a)</sup> |  | 2.1900 | 06/16/25 | 17777 |
| 170000 | Westlake Automobile Receivables Trust Series 2020-3A C<sup>(a)</sup> |  | 1.2400 | 11/17/25 | 164796 |
| 345000 | Westlake Automobile Receivables Trust Series 2022-1A B<sup>(a)</sup> |  | 2.7500 | 03/15/27 | 331565 |
|  |  |  |  |  | 3798615 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%** |  |  |  |  |
| 134532 | AJAX Mortgage Loan Trust Series 2021-A A1<sup>(a),(b)</sup> |  | 1.0650 | 09/25/65 | 115509 |
| 120825 | Angel Oak Mortgage Trust Series 2020-R1 A2<sup>(a),(b)</sup> |  | 1.2470 | 12/26/24 | 106577 |
| 71724 | Angel Oak Mortgage Trust Series 2021-8 A1<sup>(a),(b)</sup> |  | 1.8200 | 11/25/66 | 57578 |
| 103837 | Arroyo Mortgage Trust Series 2019-1 A1<sup>(a),(b)</sup> |  | 3.8050 | 01/25/49 | 96911 |
| 44000 | Arroyo Mortgage Trust Series 2019-2 A1<sup>(a),(b)</sup> |  | 3.3470 | 04/25/49 | 40971 |
| 88229 | Bunker Hill Loan Depositary Trust Series 2019-2 A1<sup>(a),(c)</sup> |  | 2.8790 | 07/25/49 | 81445 |
| 38334 | Chase Mortgage Finance Corporation Series 2016-SH2 M2<sup>(a),(b)</sup> |  | 3.7500 | 02/25/44 | 33303 |
| 51322 | Chase Mortgage Finance Corporation Series 2016-SH1 M2<sup>(a),(b)</sup> |  | 3.7500 | 04/25/45 | 42903 |
| 132234 | CIM Trust Series 2021-NR4 A1<sup>(a),(c)</sup> |  | 2.8160 | 10/25/61 | 121585 |

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See accompanying notes which are an integral part of these financial statements.

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| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 137502 COLT A1Trust Series 2020-RPL1 A1<sup>(a),(b)</sup> |  | 1.3900 | 01/25/65 | $118056 |
| 74776 COLT Funding, LLC Series 2021-3R A1<sup>(a),(b)</sup> |  | 1.0510 | 12/25/64 | 60270 |
| 69045 CSMC Series 2021-NQM1 A1<sup>(a),(b)</sup> |  | 0.8090 | 05/25/65 | 63050 |
| 154271 CSMC Trust Series 2020-RPL4 A1<sup>(a),(b)</sup> |  | 2.0000 | 01/25/60 | 136031 |
| 25315 CSMC Trust Series 2020-NQM1 A1<sup>(a),(c)</sup> |  | 1.2080 | 05/25/65 | 22763 |
| 21640 Ellington Financial Mortgage Trust Series 2019-2 A3<sup>(a),(b)</sup> |  | 3.0460 | 11/25/59 | 20417 |
| 23406 Flagstar Mortgage Trust Series 2017-1 1A3<sup>(a),(b)</sup> |  | 3.5000 | 03/25/47 | 20684 |
| 11549 Galton Funding Mortgage Trust Series 2018-1 A23<sup>(a),(b)</sup> |  | 3.5000 | 11/25/57 | 10379 |
| 34804 JP Morgan Mortgage Series 2017-5 A1<sup>(a),(b)</sup> |  | 3.1780 | 12/15/47 | 33364 |
| 220000 LHOME Mortgage Trust Series 2021-RTL1 A1<sup>(a),(b)</sup> |  | 2.0900 | 09/25/26 | 211203 |
| 100000 METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1<sup>(a),(b)</sup> |  | 3.4240 | 04/25/55 | 88826 |
| 40612 METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A<sup>(a),(b)</sup> |  | 3.7500 | 04/25/58 | 39576 |
| 199632 Mill City Mortgage Loan Trust Series 2019-1 M2<sup>(a),(b)</sup> |  | 3.5000 | 10/25/69 | 166461 |
| 170000 New Residential Mortgage Loan Trust Series 2022-RTL1 A1F<sup>(a)</sup> |  | 4.3360 | 12/25/26 | 161426 |
| 169939 New Residential Mortgage Loan Trust Series 2014-3A AFX3<sup>(a),(b)</sup> |  | 3.7500 | 11/25/54 | 156522 |
| 163994 New Residential Mortgage Loan Trust Series 2016-3A B1<sup>(a),(b)</sup> |  | 4.0000 | 09/25/56 | 149239 |
| 42476 New Residential Mortgage Loan Trust Series 2016-4A A1<sup>(a),(b)</sup> |  | 3.7500 | 11/25/56 | 38865 |
| 333017 New Residential Mortgage Loan Trust Series 2017-2A A3<sup>(a),(b)</sup> |  | 4.0000 | 03/25/57 | 312509 |
| 89318 New Residential Mortgage Loan Trust Series 2018-1A A1A<sup>(a),(b)</sup> |  | 4.0000 | 12/25/57 | 84064 |
| 54517 New Residential Mortgage Loan Trust Series 2021-NQ2R A1<sup>(a),(b)</sup> |  | 0.9410 | 09/25/58 | 50953 |
| 215000 New Residential Mortgage Loan Trust Series 2019-RPL2 M2<sup>(a),(b)</sup> |  | 3.7500 | 02/25/59 | 177605 |
| 419890 New Residential Mortgage Loan Trust Series 2020-1A A1B<sup>(a),(b)</sup> |  | 3.5000 | 10/25/59 | 385722 |
| 15370 OBX Trust Series 2019-INV1 A3<sup>(a),(b)</sup> |  | 4.5000 | 11/25/48 | 14626 |
| 97239 Onslow Bay Mortgage Loan Trust Series 2021-NQM4 A1<sup>(a)</sup> |  | 1.9570 | 08/25/61 | 75877 |
| 135000 Palisades Mortgage Loan Trust Series 2021-RTL1 A1<sup>(a),(c)</sup> |  | 2.8570 | 06/25/26 | 127311 |
| 191360 PRET, LLC Series 2021-RN3 A1<sup>(a),(c)</sup> |  | 1.8430 | 09/25/51 | 173107 |
| 32368 Provident Funding Mortgage Loan Trust Series 2019-1 A2<sup>(a),(b)</sup> |  | 3.0000 | 12/25/49 | 26797 |
| 182175 PRPM, LLC Series 2021-2 A1<sup>(a),(b)</sup> |  | 2.1150 | 03/25/26 | 168702 |
| 62255 RCKT Mortgage Trust Series 2020-1 A1<sup>(a),(b)</sup> |  | 3.0000 | 02/25/50 | 50948 |
| 104277 RCO VI Mortgage, LLC Series 2022-1 A1<sup>(a),(c)</sup> |  | 3.0000 | 01/25/27 | 97780 |
| 79207 Residential Mortgage Loan Trust Series 2020-1 A1<sup>(a),(b)</sup> |  | 2.3760 | 02/25/24 | 74955 |
| 13543 Residential Mortgage Loan Trust Series 2019-2 A1<sup>(a),(b)</sup> |  | 2.9130 | 05/25/59 | 13283 |
| 225000 ROC Securities Trust Series 2021-RTL1 A1<sup>(a),(b)</sup> |  | 2.4870 | 08/25/26 | 212526 |
| 165627 SG Residential Mortgage Trust Series 2021-1 A3<sup>(a),(b)</sup> |  | 1.5600 | 07/25/61 | 131256 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.4% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7% (Continued)** |  |  |  |  |
| 78459 | Starwood Mortgage Residential Trust Series 2020-1 A1<sup>(a),(b)</sup> |  | 2.2750 | 02/25/50 | $77807 |
| 25646 | Starwood Mortgage Residential Trust Series 2020-3 A1<sup>(a),(b)</sup> |  | 1.4860 | 04/25/65 | 24625 |
| 365000 | Towd Point Mortgage Trust Series 2021-1 A2<sup>(a),(b)</sup> |  | 2.7500 | 11/25/61 | 279981 |
| 50441 | Verus Securitization Trust Series 2019-INV2 A1<sup>(a),(b)</sup> |  | 2.9130 | 07/25/59 | 49343 |
| 100000 | Verus Securitization Trust Series 2019-4 M1<sup>(a),(b)</sup> |  | 3.2070 | 11/25/59 | 86757 |
| 26047 | Verus Securitization Trust Series 2020-1 A1<sup>(a),(c)</sup> |  | 2.4170 | 01/25/60 | 24614 |
| 49161 | Verus Securitization Trust Series 2021-2 A1<sup>(a),(b)</sup> |  | 1.0310 | 02/25/66 | 39614 |
| 30202 | Wells Fargo Mortgage Backed Securities Series 2020-4 A1<sup>(a),(b)</sup> |  | 3.0000 | 07/25/50 | 24669 |
|  |  |  |  |  | 4979345 |
|  | **CREDIT CARD — 0.7%** |  |  |  |  |
| 410000 | Genesis Sales Finance Master Trust Series 2020-AA A<sup>(a)</sup> |  | 1.6500 | 09/22/25 | 399983 |
|  | **NON AGENCY CMBS — 2.5%** |  |  |  |  |
| 144979 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1<sup>(a),(b)</sup> |  | 2.0680 | 05/25/50 | 137689 |
| 90000 | BPR Trust Series 2021-KEN A<sup>(a),(d)</sup> | US0001M + 1.250% | 4.6620 | 02/15/29 | 87447 |
| 160000 | BX Trust Series 2019-OC11 B<sup>(a)</sup> |  | 3.6050 | 12/09/41 | 127407 |
| 130000 | BX Trust Series 2019-OC11 D<sup>(a),(b)</sup> |  | 4.0750 | 12/09/41 | 101899 |
| 233239 | CHC Commercial Mortgage Trust Series 2019-CHC A<sup>(a),(d)</sup> | US0001M + 1.120% | 4.5320 | 06/15/34 | 228850 |
| 100475 | Citigroup Commercial Mortgage Trust Series 2015-GC27 A4 |  | 2.8780 | 02/10/48 | 95266 |
| 305000 | GCT Commercial Mortgage Trust Series 2021-GCT A<sup>(a),(d)</sup> | US0001M + 0.800% | 4.2120 | 02/15/23 | 287191 |
| 185000 | Hilton USA Trust Series 2016-SFP B<sup>(a)</sup> |  | 3.3230 | 11/05/35 | 170175 |
| 157297 | Onslow Bay Mortgage Loan Trust Series 2021-NQM2 A1<sup>(a),(b)</sup> |  | 1.1010 | 05/25/61 | 121861 |
| 62000 | WFRBS Commercial Mortgage Trust Series 2014-C24 AS |  | 3.9310 | 11/15/47 | 58809 |
|  |  |  |  |  | 1416594 |
|  | **OTHER ABS — 9.6%** |  |  |  |  |
| 230000 | American Homes 4 Rent Trust Series 2014-SFR2 C<sup>(a)</sup> |  | 4.7050 | 10/17/36 | 222829 |
| 220000 | American Homes 4 Rent Trust Series 2015-SFR2 C<sup>(a)</sup> |  | 4.6910 | 10/17/45 | 210646 |
| 175000 | AMSR Trust Series 2020-SFR1 B<sup>(a)</sup> |  | 2.1200 | 04/17/37 | 158355 |
| 250000 | AMSR Trust Series 2020-SFR2 C<sup>(a)</sup> |  | 2.5330 | 07/17/37 | 227459 |
| 100000 | AMSR Trust Series 2020-SFR2 D<sup>(a)</sup> |  | 3.2820 | 07/17/37 | 91752 |
| 83664 | Aqua Finance Trust Series 2019-A A<sup>(a)</sup> |  | 3.1400 | 07/16/40 | 78513 |
| 275000 | Aqua Finance Trust Series 2019-A C<sup>(a)</sup> |  | 4.0100 | 07/16/40 | 251507 |
| 270000 | Aqua Finance Trust Series 2020-AA B<sup>(a)</sup> |  | 2.7900 | 07/17/46 | 235087 |
| 100000 | CCG Receivables Trust Series 2019-2 B<sup>(a)</sup> |  | 2.5500 | 03/15/27 | 98715 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.4% (Continued)** |  |  |  |  |
|  | **OTHER ABS — 9.6% (Continued)** |  |  |  |  |
| 220000 | CCG Receivables Trust Series 2021-1 C<sup>(a)</sup> |  | 0.8400 | 06/14/27 | $203668 |
| 105152 | CF Hippolyta, LLC Series 2020-1 A1<sup>(a)</sup> |  | 1.6900 | 07/15/60 | 92540 |
| 64269 | Corevest American Finance Trust Series 2020-1 A1<sup>(a)</sup> |  | 1.8320 | 03/15/50 | 59692 |
| 100000 | Corevest American Finance Trust Series 2019-3 C<sup>(a)</sup> |  | 3.2650 | 10/15/52 | 81326 |
| 198556 | Corevest American Finance Trust Series 2020-4 A<sup>(a)</sup> |  | 1.1740 | 12/15/52 | 173612 |
| 240000 | Dext A.B.S, LLC Series 2020-1 B<sup>(a)</sup> |  | 1.9200 | 11/15/27 | 228816 |
| 285000 | FirstKey Homes Trust Series 2021-SFR1 D<sup>(a)</sup> |  | 2.1890 | 08/17/28 | 234620 |
| 375000 | FirstKey Homes Trust Series 2020-SFR2 B<sup>(a)</sup> |  | 1.5670 | 10/19/37 | 325447 |
| 26554 | Foundation Finance Trust Series 2019-1A A<sup>(a)</sup> |  | 3.8600 | 11/15/34 | 25953 |
| 97752 | HIN Timeshare Trust Series 2020-A C<sup>(a)</sup> |  | 3.4200 | 10/09/39 | 89239 |
| 129025 | Jersey Mike's Funding Series 2019-1A A2<sup>(a)</sup> |  | 4.4330 | 02/15/50 | 115350 |
| 69670 | MVW, LLC Series 2020-1A A<sup>(a)</sup> |  | 1.7400 | 10/20/37 | 60868 |
| 33268 | Octane Receivables Trust Series 2020-1A A<sup>(a)</sup> |  | 1.7100 | 02/20/25 | 32846 |
| 152572 | Oportun Funding, LLC Series 2022-1 A<sup>(a)</sup> |  | 3.2500 | 06/15/29 | 148920 |
| 46319 | Orange Lake Timeshare Trust Series 2019-A B<sup>(a)</sup> |  | 3.3600 | 04/09/38 | 43422 |
| 265000 | Progress Residential Series 2021-SFR3 D<sup>(a)</sup> |  | 2.2880 | 05/17/26 | 223079 |
| 201000 | Progress Residential Series 2021-SFR1 C<sup>(a)</sup> |  | 1.5550 | 04/17/38 | 168526 |
| 550000 | Progress Residential Trust Series 2020-SFR2 E<sup>(a)</sup> |  | 5.1150 | 06/17/37 | 517120 |
| 275000 | Purchasing Power Funding, LLC Series 2021-A A<sup>(a)</sup> |  | 1.5700 | 10/15/25 | 263925 |
| 265000 | Regional Management Issuance Trust Series 2021-1 A<sup>(a)</sup> |  | 1.6800 | 03/17/31 | 240358 |
| 60614 | Sierra Timeshare Receivables Funding, LLC Series 2020-2A B<sup>(a)</sup> |  | 2.3200 | 07/20/37 | 55652 |
| 85275 | Taco Bell Funding, LLC Series 2016-1A A23<sup>(a)</sup> |  | 4.9700 | 05/25/46 | 81118 |
| 200000 | Tricon American Homes Trust Series 2020-SFR2 D<sup>(a)</sup> |  | 2.2810 | 11/17/27 | 161962 |
| 165000 | Tricon American Homes Trust Series 2019-SFR1 C<sup>(a)</sup> |  | 3.1490 | 03/17/38 | 147907 |
| 160000 | Tricon Residential Trust Series 2021-SFR1 B<sup>(a)</sup> |  | 2.2440 | 07/17/38 | 138257 |
|  |  |  |  |  | 5489086 |
|  | **RESIDENTIAL MORTGAGE — 4.2%** |  |  |  |  |
| 89087 | Ajax Mortgage Loan Trust Series 2019-D A1<sup>(a),(c)</sup> |  | 2.9560 | 09/25/65 | 82572 |
| 155874 | Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1<sup>(a),(c)</sup> |  | 2.2390 | 09/27/60 | 147665 |
| 135000 | Towd Point Mortgage Trust Series 2016-4 B1<sup>(a),(b)</sup> |  | 3.8300 | 07/25/56 | 122286 |
| 115000 | Towd Point Mortgage Trust Series 2017-1 M1<sup>(a),(b)</sup> |  | 3.7500 | 10/25/56 | 106183 |
| 460000 | Towd Point Mortgage Trust Series 2017-4 A2<sup>(a),(b)</sup> |  | 3.0000 | 06/25/57 | 408011 |
| 160000 | Towd Point Mortgage Trust Series 2017-6 A2<sup>(a),(b)</sup> |  | 3.0000 | 10/25/57 | 144506 |
| 140000 | Towd Point Mortgage Trust Series 2018-6 A1B<sup>(a),(b)</sup> |  | 3.7500 | 03/25/58 | 129257 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.4% (Continued)** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 4.2% (Continued)** |  |  |  |  |
| 300000 | Towd Point Mortgage Trust Series 2018-6 A2<sup>(a),(b)</sup> |  | 3.7500 | 03/25/58 | $264303 |
| 100886 | Towd Point Mortgage Trust Series 2018-4 A1<sup>(a),(b)</sup> |  | 3.0000 | 06/25/58 | 91314 |
| 255000 | Towd Point Mortgage Trust Series 2019-2 A2<sup>(a),(b)</sup> |  | 3.7500 | 12/25/58 | 211865 |
| 235000 | Towd Point Mortgage Trust Series 2019-4 A2<sup>(a),(b)</sup> |  | 3.2500 | 10/25/59 | 191818 |
| 100000 | Towd Point Mortgage Trust Series 2020-1 M1<sup>(a),(b)</sup> |  | 3.5000 | 01/25/60 | 76151 |
| 97249 | VCAT Asset Securitization, LLC Series 2021-NPL3 A1<sup>(a),(c)</sup> |  | 1.7430 | 05/25/51 | 86500 |
| 58201 | VCAT, LLC Series 2021-NPL2 A1<sup>(a),(c)</sup> |  | 2.1150 | 03/27/51 | 53097 |
| 69896 | VOLT C, LLC Series 2021-NPL9 A1<sup>(a),(c)</sup> |  | 1.9920 | 05/25/51 | 63071 |
| 79054 | VOLT CVI, LLC Series 2021-NP12 A1<sup>(a),(c)</sup> |  | 2.7340 | 12/26/51 | 72713 |
| 175639 | VOLT XCII, LLC Series 2021-NPL1 A1<sup>(a),(c)</sup> |  | 1.8920 | 02/27/51 | 159224 |
|  |  |  |  |  | 2410536 |
|  | **STUDENT LOANS — 0.1%** |  |  |  |  |
| 72354 | Commonbond Student Loan Trust Series 2020-1 A<sup>(a)</sup> |  | 1.6900 | 10/25/51 | 62916 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $20,679,892)** |  |  |  | 18557075 |
|  | **CORPORATE BONDS — 34.3%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.7%** |  |  |  |  |
| 108000 | Boeing Company (The) |  | 5.9300 | 05/01/60 | 91198 |
| 236000 | Huntington Ingalls Industries, Inc. |  | 2.0430 | 08/16/28 | 189660 |
| 80000 | Spirit AeroSystems, Inc.<sup>(a)</sup> |  | 5.5000 | 01/15/25 | 77310 |
| 85000 | TransDigm, Inc. |  | 5.5000 | 11/15/27 | 77211 |
|  |  |  |  |  | 435379 |
|  | **ASSET MANAGEMENT — 1.4%** |  |  |  |  |
| 92000 | Blackstone Private Credit Fund |  | 2.6250 | 12/15/26 | 75570 |
| 125000 | Blue Owl Finance, LLC<sup>(a)</sup> |  | 3.1250 | 06/10/31 | 90759 |
| 245000 | Charles Schwab Corporation (The)<sup>(d)</sup> | H15T10Y + 3.079% | 4.0000 | 03/01/69 | 182280 |
| 155000 | Citadel, L.P.<sup>(a)</sup> |  | 4.8750 | 01/15/27 | 143456 |
| 250000 | Drawbridge Special Opportunities Fund, L.P. /<sup>(a)</sup> |  | 3.8750 | 02/15/26 | 226878 |
| 128000 | OWL Rock Core Income Corporation |  | 4.7000 | 02/08/27 | 112644 |
|  |  |  |  |  | 831587 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 0.5%** |  |  |  |  |
| 106000 | Ford Motor Company |  | 3.2500 | 02/12/32 | $79562 |
| 70000 | Ford Motor Company<sup>(g)</sup> |  | 4.7500 | 01/15/43 | 48961 |
| 140000 | Tenneco, Inc.<sup>(a)</sup> |  | 5.1250 | 04/15/29 | 139049 |
|  |  |  |  |  | 267572 |
|  | **BANKING — 4.8%** |  |  |  |  |
| 200000 | Banco Mercantil del Norte S.A.<sup>(a),(d)</sup> | H15T10Y + 5.034% | 6.6250 | 01/24/70 | 150300 |
| 715000 | Bank of America Corporation<sup>(d)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 552967 |
| 230000 | Bank of America Corporation<sup>(d)</sup> | H15T5Y + 1.200% | 2.4820 | 09/21/36 | 164501 |
| 200000 | Barclays plc<sup>(d)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 199621 |
| 200000 | BBVA Bancomer S.A.<sup>(a),(d)</sup> | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 162246 |
| 113000 | Citigroup, Inc.<sup>(d)</sup> | SOFRRATE + 1.280% | 4.0020 | 02/24/28 | 108061 |
| 175000 | JPMorgan Chase & Company<sup>(d)</sup> | SOFRRATE + 1.180% | 3.8800 | 02/24/28 | 169576 |
| 425000 | JPMorgan Chase & Company<sup>(d)</sup> | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 311481 |
| 140000 | JPMorgan Chase & Company<sup>(d)</sup> | SOFRRATE + 2.580% | 5.7170 | 09/14/33 | 130662 |
| 47000 | JPMorgan Chase & Company Series HH<sup>(d)</sup> | SOFRRATE + 3.125% | 4.6000 | 08/01/68 | 42060 |
| 205000 | Santander Holdings USA, Inc. |  | 4.4000 | 07/13/27 | 185369 |
| 200000 | Texas Capital Bancshares, Inc.<sup>(d)</sup> | H15T5Y + 3.150% | 4.0000 | 05/06/31 | 173309 |
| 185000 | Truist Financial Corporation<sup>(d)</sup> | H15T10Y + 4.349% | 5.1000 | 03/01/69 | 162836 |
| 330000 | Wells Fargo & Company<sup>(d) (g)</sup> | H15T5Y + 3.453% | 3.9000 | 03/15/69 | 280376 |
|  |  |  |  |  | 2793365 |
|  | **BEVERAGES — 0.4%** |  |  |  |  |
| 200000 | Bacardi Ltd.<sup>(a)</sup> |  | 4.7000 | 05/15/28 | 185943 |
| 75000 | Central American Bottling Corp / CBC Bottling<sup>(a)</sup> |  | 5.2500 | 04/27/29 | 65865 |
|  |  |  |  |  | 251808 |
|  | **BIOTECH & PHARMA — 0.7%** |  |  |  |  |
| 40000 | Bausch Health Companies, Inc.<sup>(a)</sup> |  | 5.7500 | 08/15/27 | 25335 |
| 160000 | Mylan N.V. |  | 3.9500 | 06/15/26 | 145817 |
| 45000 | Par Pharmaceutical, Inc.<sup>(a)</sup> |  | 7.5000 | 04/01/27 | 34506 |
| 120000 | Teva Pharmaceutical Finance Netherlands III BV<sup>(g)</sup> |  | 3.1500 | 10/01/26 | 101609 |
| 681 | Viatris, Inc.<sup>(a)</sup> |  | 2.3000 | 06/22/27 | 560 |
| 150000 | Viatris, Inc. |  | 2.3000 | 06/22/27 | 123416 |
|  |  |  |  |  | 431243 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.1%** |  |  |  |  |
| 14000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 6.3750 | 09/01/29 | $12936 |
| 40000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 4.7500 | 03/01/30 | 33687 |
| 45000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a) (g)</sup> |  | 4.5000 | 08/15/30 | 36904 |
|  |  |  |  |  | 83527 |
|  | **CHEMICALS — 1.1%** |  |  |  |  |
| 185000 | Albemarle Corporation |  | 5.0500 | 06/01/32 | 168885 |
| 80000 | Avient Corporation<sup>(a)</sup> |  | 7.1250 | 08/01/30 | 76608 |
| 235000 | Bayport Polymers, LLC<sup>(a)</sup> |  | 5.1400 | 04/14/32 | 203551 |
| 245000 | Nutrition & Biosciences, Inc.<sup>(a)</sup> |  | 2.3000 | 11/01/30 | 184254 |
|  |  |  |  |  | 633298 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 50000 | Aramark Services, Inc.<sup>(a)</sup> |  | 6.3750 | 05/01/25 | 49595 |
|  | **CONSUMER SERVICES — 0.1%** |  |  |  |  |
| 60000 | Carriage Services, Inc.<sup>(a)</sup> |  | 4.2500 | 05/15/29 | 46262 |
|  | **DIVERSIFIED INDUSTRIALS — 0.3%** |  |  |  |  |
| 181000 | General Electric Company Series D<sup>(d)</sup> | US0003M + 3.330% | 6.6230 | 06/15/69 | 175118 |
|  | **ELECTRIC UTILITIES — 0.8%** |  |  |  |  |
| 238000 | Puget Energy, Inc. |  | 2.3790 | 06/15/28 | 196806 |
| 244000 | Southern Company (The)<sup>(d)</sup> | H15T5Y + 2.915% | 3.7500 | 09/15/51 | 193233 |
| 80000 | Vistra Corporation<sup>(a),(d)</sup> | H15T5Y + 6.930% | 8.0000 | 04/15/70 | 76194 |
|  |  |  |  |  | 466233 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |  |
| 140000 | Global Infrastructure Solutions, Inc.<sup>(a)</sup> |  | 7.5000 | 04/15/32 | 103816 |
| 238000 | Sempra Infrastructure Partners, L.P.<sup>(a)</sup> |  | 3.2500 | 01/15/32 | 186390 |
|  |  |  |  |  | 290206 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.1%** |  |  |  |  |
| 90000 | Suzano Austria GmbH |  | 2.5000 | 09/15/28 | 71784 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 220000 | Brooklyn Union Gas Company (The)<sup>(a)</sup> |  | 4.8660 | 08/05/32 | $197418 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 125000 | HCA, Inc.<sup>(g)</sup> |  | 5.2500 | 06/15/49 | 101135 |
| 205000 | Universal Health Services, Inc.<sup>(a)</sup> |  | 2.6500 | 01/15/32 | 146021 |
|  |  |  |  |  | 247156 |
|  | **HOME CONSTRUCTION — 0.8%** |  |  |  |  |
| 100000 | M/I Homes, Inc. |  | 4.9500 | 02/01/28 | 85949 |
| 105000 | Masco Corporation |  | 2.0000 | 02/15/31 | 77555 |
| 105000 | Masco Corporation |  | 3.1250 | 02/15/51 | 60504 |
| 235000 | PulteGroup, Inc. |  | 6.3750 | 05/15/33 | 218520 |
|  |  |  |  |  | 442528 |
|  | **HOUSEHOLD PRODUCTS — 0.3%** |  |  |  |  |
| 170000 | Church & Dwight Company, Inc. |  | 5.0000 | 06/15/52 | 148449 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 200000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.5000 | 08/11/32 | 180893 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.9%** |  |  |  |  |
| 125000 | Bank of New York Mellon Corporation (The)<sup>(d)</sup> | SOFRINDX + 2.074% | 5.8340 | 10/25/33 | 125165 |
| 160000 | Bank of New York Mellon Corporation (The)<sup>(d)</sup> | H15T5Y + 4.358% | 4.7000 | 09/20/68 | 153600 |
| 370000 | Brookfield Finance, Inc. |  | 2.7240 | 04/15/31 | 286678 |
| 175000 | Goldman Sachs Group, Inc. (The)<sup>(d)</sup> | SOFRRATE + 1.090% | 1.9920 | 01/27/32 | 127770 |
| 290000 | Jefferies Group, LLC / Jefferies Group Capital |  | 2.6250 | 10/15/31 | 206373 |
| 285000 | Morgan Stanley<sup>(g)</sup> |  | 3.1250 | 07/27/26 | 260242 |
| 175000 | Morgan Stanley<sup>(g)</sup> |  | 6.3750 | 07/24/42 | 177215 |
| 175000 | Northern Trust Corporation |  | 6.1250 | 11/02/32 | 175199 |
| 160000 | State Street Corporation<sup>(d) (g)</sup> | SOFRRATE + 1.726% | 4.1640 | 08/04/33 | 141829 |
|  |  |  |  |  | 1654071 |
|  | **INSURANCE — 2.5%** |  |  |  |  |
| 150000 | Allstate Corporation (The)<sup>(d)</sup> | US0003M + 2.938% | 5.7500 | 08/15/53 | 137858 |
| 185000 | Ascot Group Ltd.<sup>(a)</sup> |  | 4.2500 | 12/15/30 | 153561 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **INSURANCE — 2.5% (Continued)** |  |  |  |  |
| 170000 | Brighthouse Financial, Inc. |  | 5.6250 | 05/15/30 | $158219 |
| 156000 | Corebridge Financial, Inc.<sup>(a),(d)</sup> | H15T5Y + 3.846% | 6.8750 | 12/15/52 | 139965 |
| 175000 | Liberty Mutual Group, Inc.<sup>(a),(d)</sup> | H15T5Y + 3.315% | 4.1250 | 12/15/51 | 132765 |
| 275000 | Lincoln National Corporation<sup>(d)</sup> | US0003M + 2.040% | 6.2830 | 04/20/67 | 208159 |
| 160000 | MetLife, Inc.<sup>(d)</sup> | H15T5Y + 3.576% | 3.8500 | 03/15/69 | 140998 |
| 76000 | MetLife, Inc.<sup>(d)</sup> | US0003M + 2.959% | 5.8750 | 09/15/66 | 68220 |
| 230000 | Prudential Financial, Inc.<sup>(d)</sup> | US0003M + 3.920% | 5.6250 | 06/15/43 | 227753 |
| 59000 | Prudential Financial, Inc.<sup>(d)</sup> | H15T5Y + 3.162% | 5.1250 | 03/01/52 | 50438 |
| 33000 | Prudential Financial, Inc.<sup>(d) (g)</sup> | H15T5Y + 3.234% | 6.0000 | 09/01/52 | 30123 |
|  |  |  |  |  | 1448059 |
|  | **LEISURE PRODUCTS — 0.2%** |  |  |  |  |
| 166000 | Brunswick Corporation |  | 2.4000 | 08/18/31 | 115618 |
|  | **MACHINERY — 0.3%** |  |  |  |  |
| 155000 | Pentair Finance Sarl |  | 5.9000 | 07/15/32 | 145974 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.8%** |  |  |  |  |
| 124000 | Bio-Rad Laboratories, Inc. |  | 3.3000 | 03/15/27 | 111931 |
| 39000 | Bio-Rad Laboratories, Inc. |  | 3.7000 | 03/15/32 | 32463 |
| 175000 | DENTSPLY SIRONA, Inc. |  | 3.2500 | 06/01/30 | 136647 |
| 243000 | Illumina, Inc. |  | 2.5500 | 03/23/31 | 185551 |
|  |  |  |  |  | 466592 |
|  | **METALS & MINING — 1.5%** |  |  |  |  |
| 135000 | Alliance Resource Operating Partners, L.P. /<sup>(a)(g)</sup> |  | 7.5000 | 05/01/25 | 132625 |
| 70000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 6.7500 | 03/15/26 | 69609 |
| 140000 | FMG Resources August 2006 Pty Ltd.<sup>(a)</sup> |  | 5.8750 | 04/15/30 | 124559 |
| 205000 | Freeport-McMoRan, Inc. <sup>(g)</sup> |  | 5.4500 | 03/15/43 | 169040 |
| 185000 | Glencore Funding, LLC<sup>(a)</sup> |  | 2.8500 | 04/27/31 | 143296 |
| 205000 | Teck Resources Ltd. |  | 6.1250 | 10/01/35 | 192252 |
|  |  |  |  |  | 831381 |
|  | **OIL & GAS PRODUCERS — 3.8%** |  |  |  |  |
| 70000 | Chesapeake Escrow Issuer, LLC B<sup>(a)</sup> |  | 5.5000 | 02/01/26 | 67956 |
| 125000 | DT Midstream, Inc.<sup>(a)</sup> |  | 4.1250 | 06/15/29 | 108373 |
| 170000 | Enbridge, Inc.<sup>(d)</sup> | H15T5Y + 4.418% | 7.6250 | 01/15/83 | 162790 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.8% (Continued)** |  |  |  |  |
| 175000 | Energy Transfer, L.P.<sup>(d)</sup> | H15T5Y + 5.694% | 6.5000 | 11/15/69 | $150938 |
| 125000 | EQM Midstream Partners, L.P.<sup>(a)</sup> |  | 7.5000 | 06/01/30 | 121731 |
| 245000 | Flex Intermediate Holdco, LLC<sup>(a)</sup> |  | 3.3630 | 06/30/31 | 189070 |
| 165000 | HF Sinclair Corporation<sup>(a)</sup> |  | 5.8750 | 04/01/26 | 160575 |
| 45000 | Kinder Morgan, Inc. |  | 7.7500 | 01/15/32 | 48937 |
| 200000 | Lundin Energy Finance BV<sup>(a)</sup> |  | 2.0000 | 07/15/26 | 172438 |
| 105000 | Occidental Petroleum Corporation<sup>(g)</sup> |  | 6.1250 | 01/01/31 | 105657 |
| 70000 | Parsley Energy, LLC / Parsley Finance Corporation<sup>(a)</sup> |  | 4.1250 | 02/15/28 | 63735 |
| 200000 | Pertamina Persero PT<sup>(a)</sup> |  | 6.4500 | 05/30/44 | 180988 |
| 185000 | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 120845 |
| 250000 | Reliance Industries Ltd.<sup>(a)</sup> |  | 2.8750 | 01/12/32 | 188180 |
| 65000 | Sabine Pass Liquefaction, LLC |  | 4.2000 | 03/15/28 | 59304 |
| 225000 | Transcanada Trust<sup>(d)</sup> | H15T5Y + 3.986% | 5.6000 | 03/07/82 | 192766 |
| 95000 | Venture Global Calcasieu Pass, LLC<sup>(a)</sup> |  | 3.8750 | 08/15/29 | 82194 |
|  |  |  |  |  | 2176477 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 21712 | Transocean Guardian Ltd.<sup>(a)</sup> |  | 5.8750 | 01/15/24 | 21133 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |  |  |  |
| 220000 | EPR Properties |  | 4.7500 | 12/15/26 | 189578 |
| 155000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.7500 | 06/01/28 | 144021 |
| 23000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 3.2500 | 01/15/32 | 17196 |
| 25000 | MPT Operating Partnership, L.P. / MPT Finance<sup>(g)</sup> |  | 4.6250 | 08/01/29 | 19603 |
| 125000 | MPT Operating Partnership, L.P. / MPT Finance<sup>(g)</sup> |  | 3.5000 | 03/15/31 | 86292 |
| 170000 | Office Properties Income Trust |  | 4.5000 | 02/01/25 | 141388 |
| 240000 | Phillips Edison Grocery Center Operating |  | 2.6250 | 11/15/31 | 171786 |
| 105000 | Retail Opportunity Investments Partnership, L.P. |  | 4.0000 | 12/15/24 | 100128 |
| 225000 | Retail Properties of America, Inc. |  | 4.7500 | 09/15/30 | 192277 |
| 75000 | Service Properties Trust |  | 4.9500 | 02/15/27 | 60827 |
|  |  |  |  |  | 1123096 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4%** |  |  |  |  |
| 275000 | Ontario Teachers' Cadillac Fairview Properties<sup>(a)</sup> |  | 2.5000 | 10/15/31 | 207824 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.5%** |  |  |  |  |
| 175000 | BlueLinx Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 11/15/29 | $142891 |
| 159000 | Dick's Sporting Goods, Inc. |  | 3.1500 | 01/15/32 | 120643 |
|  |  |  |  |  | 263534 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 171000 | Broadcom, Inc. |  | 4.1500 | 11/15/30 | 147160 |
| 222000 | Entegris Escrow Corporation<sup>(a)</sup> |  | 4.7500 | 04/15/29 | 196547 |
|  |  |  |  |  | 343707 |
|  | **SOFTWARE — 0.2%** |  |  |  |  |
| 90000 | Consensus Cloud Solutions, Inc.<sup>(a)</sup> |  | 6.5000 | 10/15/28 | 79570 |
| 45000 | Oracle Corporation |  | 3.8500 | 04/01/60 | 27142 |
|  |  |  |  |  | 106712 |
|  | **SPECIALTY FINANCE — 1.2%** |  |  |  |  |
| 214000 | Ally Financial, Inc. Series B<sup>(d)</sup> | H15T5Y + 3.868% | 4.7000 | 08/15/69 | 155820 |
| 145000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 3.5000 | 11/01/27 | 117840 |
| 125000 | Avolon Holdings Funding Ltd.<sup>(a)</sup> |  | 4.3750 | 05/01/26 | 109952 |
| 182000 | Capital One Financial Corporation<sup>(d)</sup> | SOFRRATE + 1.337% | 2.3590 | 07/29/32 | 125373 |
| 120000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 4.2500 | 02/01/27 | 101117 |
| 65000 | OneMain Finance Corporation |  | 6.8750 | 03/15/25 | 63252 |
|  |  |  |  |  | 673354 |
|  | **TECHNOLOGY HARDWARE — 1.4%** |  |  |  |  |
| 289000 | CDW, LLC / CDW Finance Corporation |  | 3.5690 | 12/01/31 | 227979 |
| 154000 | Dell International, LLC / EMC Corporation |  | 8.1000 | 07/15/36 | 163233 |
| 200000 | HP, Inc. |  | 5.5000 | 01/15/33 | 177957 |
| 50000 | Motorola Solutions, Inc. |  | 4.6000 | 05/23/29 | 45988 |
| 210000 | TD SYNNEX Corporation |  | 2.3750 | 08/09/28 | 167169 |
|  |  |  |  |  | 782326 |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |  |
| 137000 | Kyndryl Holdings, Inc. |  | 2.7000 | 10/15/28 | 99232 |
| 245000 | Leidos, Inc. |  | 2.3000 | 02/15/31 | 181270 |
| 75000 | Science Applications International Corporation<sup>(a)</sup> |  | 4.8750 | 04/01/28 | 68403 |
|  |  |  |  |  | 348905 |
|  | **TELECOMMUNICATIONS — 0.9%** |  |  |  |  |
| 160000 | Level 3 Financing, Inc.<sup>(a)</sup> |  | 4.2500 | 07/01/28 | 132437 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 34.3% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 0.9% (Continued)** |  |  |  |  |
| 125000 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(a)</sup> |  | 4.7380 | 03/20/25 | $123121 |
| 265000 | T-Mobile USA, Inc. |  | 3.8750 | 04/15/30 | 234117 |
|  |  |  |  |  | 489675 |
|  | **TOBACCO & CANNABIS — 0.4%** |  |  |  |  |
| 215000 | BAT Capital Corporation |  | 7.7500 | 10/19/32 | 219915 |
|  | **TRANSPORTATION & LOGISTICS — 0.4%** |  |  |  |  |
| 219238 | Alaska Airlines 2020-1 Class A Pass Through Trust<sup>(a)</sup> |  | 4.8000 | 08/15/27 | 205323 |
|  | **TOTAL CORPORATE BONDS (Cost $23,433,241)** |  |  |  | 19667097 |
|  | **MUNICIPAL BONDS — 6.2%** |  |  |  |  |
|  | **CITY — 0.7%** |  |  |  |  |
| 340000 | City of Bristol VA |  | 4.2100 | 01/01/42 | 277849 |
| 145000 | City of San Antonio TX |  | 1.9630 | 02/01/33 | 107491 |
|  |  |  |  |  | 385340 |
|  | **GOVERNMENT LEASE — 0.2%** |  |  |  |  |
| 145000 | Texas Public Finance Authority |  | 2.1400 | 02/01/35 | 102651 |
|  | **HOSPITALS — 0.2%** |  |  |  |  |
| 135000 | Idaho Health Facilities Authority |  | 5.0200 | 03/01/48 | 117364 |
|  | **LOCAL AUTHORITY — 1.4%** |  |  |  |  |
| 320000 | San Diego County Regional Airport Authority |  | 5.5940 | 07/01/43 | 304985 |
| 600000 | State of Texas |  | 3.2110 | 04/01/44 | 448940 |
| 35000 | Texas Transportation Commission State Highway Fund |  | 4.0000 | 10/01/33 | 30395 |
|  |  |  |  |  | 784320 |
|  | **MISCELLANEOUS TAX — 1.4%** |  |  |  |  |
| 765000 | Metropolitan Transportation Authority |  | 5.0000 | 11/15/45 | 778804 |
|  | **SALES TAX** — **0.0%<sup>(e)</sup>** |  |  |  |  |
| 20000 | Sales Tax Securitization Corporation |  | 3.4110 | 01/01/43 | 14345 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **MUNICIPAL BONDS — 6.2% (Continued)** |  |  |  |  |
|  | **WATER AND SEWER — 2.3%** |  |  |  |  |
| 705000 | Broward County FL Water & Sewer Utility Revenue |  | 4.0000 | 10/01/47 | $626495 |
| 625000 | New York State Environmental Facilities |  | 5.0000 | 06/15/51 | 650902 |
| 160000 | Santa Clara Valley Water District |  | 2.9670 | 06/01/50 | 101099 |
|  |  |  |  |  | 1378496 |
|  | **TOTAL MUNICIPAL BONDS (Cost $4,284,017)** |  |  |  | 3561320 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.0%** |  |  |  |  |
|  | **SOVEREIGN — 1.0%** |  |  |  |  |
| 300000 | Dominican Republic International Bond<sup>(a) (g)</sup> |  | 4.8750 | 09/23/32 | 232290 |
| 200000 | Emirate of Dubai Government International Bonds |  | 5.2500 | 01/30/43 | 168312 |
| 200000 | Mexico Government International Bond |  | 2.6590 | 05/24/31 | 155799 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $677,101)** |  |  |  | 556401 |
|  |  | **Spread** |  |  |  |
|  | **TERM LOANS — 4.9%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.1%** |  |  |  |  |
| 70876 | TransDigm, Inc.<sup>(d)</sup> | US0001M + 2.250% | 5.9240 | 05/30/25 | 69373 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 71356 | Cooper-Standard Automotive, Inc.<sup>(d)</sup> | US0002M + 2.000% | 5.1150 | 11/02/23 | 65211 |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 64838 | Perrigo Investments, LLC<sup>(d)</sup> | TSFR1M + 2.500% | 5.6340 | 04/07/29 | 64108 |
|  | **CABLE & SATELLITE — 0.1%** |  |  |  |  |
| 79130 | Directv Financing, LLC<sup>(d)</sup> | US0001M + 5.000% | 8.1150 | 07/22/27 | 75609 |
|  | **CHEMICALS — 0.4%** |  |  |  |  |
| 230487 | INEOS US Finance, LLC<sup>(d)</sup> | US0002M + 2.000% | 5.1150 | 03/31/24 | 229006 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 4.9% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 70837 | Berry Global, Inc.<sup>(d)</sup> | US0001M + 1.750% | 5.0500 | 07/01/26 | $69926 |
|  | **ELECTRICAL EQUIPMENT — 0.1%** |  |  |  |  |
| 70242 | Brookfield WEC Holdings, Inc.<sup>(d)</sup> | US0001M + 2.750% | 5.8650 | 08/01/25 | 69163 |
|  | **FOOD — 0.1%** |  |  |  |  |
| 87272 | Hostess Brands, LLC<sup>(d)</sup> | US0001M + 2.250% | 5.3650 | 08/03/25 | 86093 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.2%** |  |  |  |  |
| 54436 | Agiliti Health, Inc.<sup>(d)</sup> | US0001M + 2.750% | 5.9380 | 10/18/25 | 53619 |
| 71596 | Legacy LifePoint Health, LLC<sup>(d)</sup> | US0001M + 3.750% | 6.8710 | 11/16/25 | 63542 |
|  |  |  |  |  | 117161 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 68613 | Resideo Funding, Inc.<sup>(d)</sup> | US0001M + 2.250% | 5.5700 | 02/09/28 | 67713 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.1%** |  |  |  |  |
| 39000 | Citadel Securities, L.P.<sup>(d)</sup> | TSFR1M + 3.000% | 6.1490 | 02/02/28 | 38870 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 143645 | Caesars Resort Collection, LLC<sup>(d)</sup> | US0001M + 2.750% | 5.8650 | 10/02/24 | 142287 |
| 70000 | Hilton Worldwide Finance, LLC<sup>(d)</sup> | US0001M + 1.750% | 5.3360 | 06/21/26 | 68871 |
| 39900 | Scientific Games Corporation<sup>(d)</sup> | SOFRRATE + 3.000% | 6.4020 | 04/07/29 | 39460 |
| 68581 | Station Casinos, LLC<sup>(d)</sup> | US0001M + 2.250% | 5.3700 | 01/31/27 | 67299 |
| 68968 | UFC Holdings, LLC<sup>(d)</sup> | US0006M + 2.750% | 7.1100 | 04/29/26 | 67572 |
|  |  |  |  |  | 385489 |
|  | **MACHINERY — 0.2%** |  |  |  |  |
| 71268 | Alliance Laundry Systems, LLC<sup>(d)</sup> | US0003M + 3.500% | 7.4090 | 09/30/27 | 68951 |
| 71551 | Standard Industries, Inc.<sup>(d)</sup> | US0006M + 2.500% | 6.6750 | 08/06/28 | 70219 |
|  |  |  |  |  | 139170 |
|  | **OIL & GAS PRODUCERS — 0.3%** |  |  |  |  |
| 57181 | CITGO Petroleum Corporation<sup>(d)</sup> | US0001M + 6.250% | 9.3650 | 03/27/24 | 57353 |
| 69283 | Freeport LNG Investments LLLP<sup>(d)</sup> | US0003M + 3.500% | 7.7430 | 11/17/28 | 64996 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 4.9% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 0.3% (Continued)** |  |  |  |  |
| 69200 | Oryx Midstream Services Permian Basin, LLC<sup>(d)</sup> | US0001M + 3.250% | 6.2110 | 09/30/28 | $68320 |
|  |  |  |  |  | 190669 |
|  | **PUBLISHING & BROADCASTING — 0.1%** |  |  |  |  |
| 41179 | Nexstar Broadcasting, Inc.<sup>(d)</sup> | US0001M + 2.500% | 5.6150 | 06/20/26 | 40852 |
|  | **SOFTWARE — 0.5%** |  |  |  |  |
| 111830 | Applied Systems, Inc.<sup>(d)</sup> | US0001M + 2.000% | 5.2500 | 09/19/24 | 110602 |
| 69313 | CCC Intelligent Solutions, Inc.<sup>(d)</sup> | US0003M + 2.500% | 5.3650 | 09/17/28 | 68043 |
| 68098 | Sophia, L.P.<sup>(d)</sup> | US0003M + 3.250% | 7.1740 | 10/07/27 | 65658 |
| 66908 | UKG, Inc.<sup>(d)</sup> | US0001M + 3.250% | 6.9980 | 05/03/26 | 64715 |
|  |  |  |  |  | 309018 |
|  | **TECHNOLOGY HARDWARE — 0.1%** |  |  |  |  |
| 69412 | NCR Corporation<sup>(d)</sup> | US0001M + 2.500% | 5.3100 | 08/08/26 | 66809 |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |  |
| 58685 | Blackhawk Network Holdings, Inc.<sup>(d)</sup> | US0001M + 3.000% | 7.0770 | 05/22/25 | 56558 |
| 64932 | Dun & Bradstreet Corporation (The)<sup>(d)</sup> | US0001M + 3.250% | 6.8460 | 02/08/26 | 64040 |
| 69226 | NAB Holdings, LLC<sup>(d)</sup> | SOFRRATE + 3.000% | 6.7030 | 11/18/28 | 66630 |
| 57040 | Peraton Corporation<sup>(d)</sup> | US0001M + 3.750% | 6.8650 | 02/24/28 | 55044 |
| 69164 | Tenable, Inc.<sup>(d)</sup> | US0006M + 2.750% | 5.5560 | 06/17/28 | 67146 |
|  |  |  |  |  | 309418 |
|  | **TELECOMMUNICATIONS — 0.2%** |  |  |  |  |
| 23965 | CenturyLink, Inc.<sup>(d)</sup> | US0001M + 2.250% | 5.3650 | 03/15/27 | 22370 |
| 96533 | SBA Senior Finance II, LLC<sup>(d)</sup> | US0001M + 1.750% | 4.8700 | 04/11/25 | 95871 |
|  |  |  |  |  | 118241 |
|  | **TRANSPORTATION & LOGISTICS — 0.7%** |  |  |  |  |
| 24644 | Air Canada<sup>(d)</sup> | US0006M + 3.500% | 6.4210 | 07/27/28 | 24108 |
| 101387 | Brown Group Holding, LLC<sup>(d)</sup> | US0003M + 2.500% | 5.6150 | 04/22/28 | 98768 |
| 66500 | Mileage Plus Holdings, LLC<sup>(d)</sup> | US0003M + 5.250% | 8.7770 | 06/25/27 | 68024 |
| 73506 | PODS, LLC<sup>(d)</sup> | US0001M + 3.000% | 6.1150 | 03/19/28 | 70934 |
| 70000 | SkyMiles IP Ltd.<sup>(d)</sup> | US0003M + 3.750% | 7.9930 | 09/16/27 | 70744 |
|  |  |  |  |  | 332578 |
|  | **TOTAL TERM LOANS (Cost $2,898,912)** |  |  |  | 2844477 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 18.1%** |  |  |  |
|  | **AGENCY FIXED RATE — 0.8%** |  |  |  |
| 8409 | Fannie Mae Pool 735061 | 6.0000 | 11/01/34 | $8631 |
| 10793 | Fannie Mae Pool 866009 | 6.0000 | 03/01/36 | 11183 |
| 76025 | Fannie Mae Pool 938574 | 5.5000 | 09/01/36 | 77757 |
| 26884 | Fannie Mae Pool 310041 | 6.5000 | 05/01/37 | 28653 |
| 12166 | Fannie Mae Pool 962752 | 5.0000 | 04/01/38 | 12178 |
| 15200 | Fannie Mae Pool 909175 | 5.5000 | 04/01/38 | 15586 |
| 56806 | Fannie Mae Pool 909220 | 6.0000 | 08/01/38 | 58198 |
| 49085 | Fannie Mae Pool AS7026 | 4.0000 | 04/01/46 | 46039 |
| 86197 | Fannie Mae Pool BJ9260 | 4.0000 | 04/01/48 | 79785 |
| 84807 | Freddie Mac Gold Pool G01980 | 5.0000 | 12/01/35 | 85000 |
| 11525 | Freddie Mac Gold Pool G05888 | 5.5000 | 10/01/39 | 11832 |
|  |  |  |  | 434842 |
|  | **U.S. TREASURY BONDS — 5.3%** |  |  |  |
| 1040000 | United States Treasury Bond | 2.8750 | 05/15/49 | 806914 |
| 1440000 | United States Treasury Bond | 2.0000 | 02/15/50 | 912206 |
| 2500000 | United States Treasury Bond | 1.3750 | 08/15/50 | 1326270 |
|  |  |  |  | 3045390 |
|  | **U.S. TREASURY NOTES — 12.0%** |  |  |  |
| 625000 | United States Treasury Note | 2.5000 | 04/30/24 | 605688 |
| 2505000 | United States Treasury Note | 2.6250 | 02/15/29 | 2281311 |
| 485000 | United States Treasury Note | 0.8750 | 11/15/30 | 381180 |
| 715000 | United States Treasury Note | 1.6250 | 05/15/31 | 590350 |
| 540000 | United States Treasury Note | 2.8750 | 05/15/32 | 488869 |
| 2045000 | United States Treasury Note | 1.8750 | 02/15/51 | 1246092 |
| 1135000 | United States Treasury Note | 1.8750 | 11/15/51 | 688005 |
| 175000 | United States Treasury Note | 2.2500 | 02/15/52 | 116785 |
| 655000 | United States Treasury Note | 2.8750 | 05/15/52 | 505885 |
|  |  |  |  | 6904165 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $14,577,068)** |  |  | 10384397 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.5%** |  |
|  | **MONEY MARKET FUNDS - 3.5%** |  |
| 1988883 | Fidelity Government Portfolio, Class I, 2.86% (Cost $1,988,883)<sup>(f)</sup> | $1988883 |
|  | **COLLATERAL FOR SECURITIES LOANED – 3.0%** |  |
| 1727778 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $1,727,778) (f),(h) | 1727778 |
|  | **TOTAL INVESTMENTS – 103.4% (Cost $70,266,892)** | $59287428 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS- (3.4%)** | (1749810) |
|  | **NET ASSETS - 100.0%** | $57537618 |

---

LLC - Limited Liability Company

LP - Limited Partnership

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S/A - Société Anonyme

H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

H15T10Y US Treasury Yield Curve Rate T Note Constant Maturity 10 Year

SOFRINDX Secured Overnight Financing Rate Compounded

SOFRRATE Secured Overnight Financing Rate

TSFR1M Secured Overnight Financing Rate 1 month

US0001M ICE LIBOR USD 1 Month

US0002M ICE LIBOR USD 2 Month

US0003M ICE LIBOR USD 3 Month

US0006M ICE LIBOR USD 6 Month

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM CORPORATE/GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

<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, 2022 the total market value of 144A securities is 23,826,876 or 41.1% of net assets.

<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> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2022.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<sup>(e)</sup> Percentage rounds to less than 0.1%.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(g)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $1,687,743 at October 31, 2022.

<sup>(h)</sup> The Trust's securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Corporate Bonds | 33.2% | Term Loans | 4.8% |
| Asset Backed Securities | 31.3% | Short-Term Investments | 3.4% |
| U.S. Government & Agencies | 17.5% | Collateral for Securities Loaned | 2.9% |
| Municipal Bonds | 6.0% | Non U.S. Government & Agencies | 0.9% |
|  |  | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings. Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Floating Rate Bond Fund (Unaudited)** |
| **Message from the Sub-Adviser (PineBridge Investments, LLC)** |

---

**Asset Class Recap** 

The most recent market environment has seen nearly all risk assets experience significant declines. This included investment-grade corporate bonds, as measured by the Bloomberg US Credit Index, which declined 8.7 percent in the fourth fiscal quarter and plummeted 18.9 percent since the start of the fiscal year. High-yield bonds, as measured by the ICE BofA U.S. Cash Pay High-Yield Index, decreased 3.6 percent during the final fiscal quarter and 11.3 percent during the 12-month period ended October 31, 2022. This dispersion in returns was primarily due to the lower interest rate sensitivity generally exhibited by high-yield bonds versus their investment-grade counterparts. As the 5-year and 10-year U.S. Treasury Bond yields increased 3.0 percent and 2.5 percent, respectively during the fiscal year, the bonds with higher interest rate sensitivity broadly experienced significant declines. However, bonds with low interest rate sensitivity, such as floating rate securities, generally sustained smaller losses. For example, the Morningstar LSTA US Leveraged Loan 100 Index, which is comprised of bank loans with coupons tied to a market reference rate such as LIBOR or SOFR, only declined 2.3 percent over the fiscal year and was only down 0.1 percent during the fourth fiscal quarter. Securitized asset pools, known as collateralized loan obligations (CLO), comprised of these floating rate securities, as measured by the Palmer Square CLO Debt Index, declined 1.2 percent over the fourth fiscal quarter and fell 6.9 percent during the fiscal year. During the fiscal year, 3-month LIBOR increased 4.3 percent, which exceeded the yield increases on intermediate-term and long-term U.S. Treasuries. As the Federal Reserve has indicated that its pace of interest rate increases will remain aggressive until inflation has been tempered, interest rate sensitive bonds may remain under pressure, while floating rate securities may see the focus shift toward concerns regarding credit quality and increases in default rates. In mid-October, Fitch Ratings projected that the U.S. high yield default rate may finish 2023 between 2.5 percent and 3.5 percent, reflecting growing macroeconomic headwinds and its expectation of a U.S. recession. However, the forecast remains below both the 3.8 percent 21-year historic average and the 5.2 percent default rate reached in 2020.

**Allocation Review** 

The Fund continued to primarily hold floating rate securities, which was predominately comprised of bank loans and CLOs. In aggregate, the Fund held 91 percent in these two categories, with close to 10 percent allocated to CLOs and 81 percent allocated to bank loans. The Fund's allocation to CLOs generally detracted from overall performance, as the demand for CLOs declined, particularly demand for the higher rated tranches. The Fund also had approximately 7 percent allocated to fixed coupon high-yield corporate bonds, which provided mixed results, but as a whole fell more than the average bank loan in the Fund during the fiscal year. The Fund also had a higher allocation to single- B and CCC rated securities versus the Morningstar LSTA US Leveraged Loan 100 Index. The Fund's lower exposure to BBB-rated bank loans was the largest underweight versus the benchmark index, as the Fund had less than one percent in BBB-rated loans and the benchmark index had nearly 8 percent. The Fund's largest credit quality overweight was in the single-B space, as the Fund had close to 77 percent exposure versus 59 percent in the benchmark index. The largest sector overweights were to the consumer services and diversified financial services sectors, while the largest underweights were to the software & services and telecommunication services sectors. The Fund did not have any exposure to derivatives during the twelve-month period that meaningfully affected performance.

**Holdings Insights** 

While the second half of the fiscal year began with a negative reversal for some of the stronger performers from the first half of the fiscal year, the final three months of the fiscal year saw some of those holdings rebound. For example, within the bank loan holdings, the Fund continued to hold Playa Resorts Holding BV Floating Rate due 4/27/2024 (BL2699181) (holding weight\*: 0.64 percent). Playa Resorts is an owner, operator, and developer of all - inclusive resorts in Mexico and the Caribbean. The bank loan's price had declined 2.3 percent in the third fiscal quarter, but rebounded 1.3 percent in the fourth fiscal quarter. This strong finish to the fiscal year brought the price decline for the Playa Resorts bank loan to a negative 0.1 percent for the 12-month period ended October 31, 2022, which made it a positive total return when including the floating coupon of 3-month LIBOR plus 275 basis points. One of the strongest contributors during the final fiscal quarter was Hornblower Sub, LLC due 4/27/2025 (BL3489657) (holding weight\*: 1.06 percent), a charter yacht, dining cruise, and ferry service company. The Hornblower bank loan was one of the largest detractors from the Fund for the fiscal year, with its price declining 22.0 percent, but surged 6.0 percent in the final fiscal quarter. When considering its floating coupon of 1-month LIBOR plus 475 basis points, the impact for the fiscal year was marginally offset.

Performance that persisted throughout most of the fiscal year was the adverse effect of the CLO exposure. For example, the Fund continued to hold Benefit Street Partners CLO III Ltd. due 7/20/2029 (08180GAG4) (holding weight\*: 0.99 percent), an investment manager that invests across the credit spectrum and in both liquid and illiquid credit, and Carlyle Global Market Strategies CLO 2015- 4 Ltd. due 7/20/2032 (14311PAS8) (holding weight\*: 0.91 percent), a global equity and fixed income manager. During the most recent fiscal quarter, the Benefit Street Partners CLO and Carlyle Global Markets Strategies CLO saw their prices decline 3.4 percent and 4.3 percent, respectively. These additional declines contributed toward the fiscal year's 9.0 percent decline for the Benefit Street Partners CLO and the 14.9 percent decline for the Carlyle Global Markets Strategies CLO. However, each of these CLOs had coupons close to 10.9 percent at the end of October 2022, which offset a significant amount of the price declines.

**Sub-Adviser Outlook** 

The U.S. economy grew 2.6 percent on an annualized basis in the third calendar quarter, however the outlook remains in flux while markets wait to discern the aggregate impact from higher interest rates on economic activity. The Fed raised its benchmark interest rate another 75 basis points at the latest Federal Open Market Committee meeting and the commentary from Fed Chair Jerome Powell shifted from dovish, in terms of considering a slower pace for future rate hikes, to hawkish, in terms of higher rates for longer and the likelihood of a higher terminal rate than previously expected. Economic data failed to provide additional clarity as a resilient labor market and steadfast consumer spending belied any evidence of softening economic activity even while the housing sector continued to deteriorate and large-cap tech companies posted notable earnings misses and softened guidance. The Sub-Adviser believes that current conditions will likely persist and frustrate forecasts until additional clarity emerges around where rates will peak.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df004_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | <br>**One Year** | <br>**Annualized**<br>**Five Years** | **Annualized**<br>**Since Inception**<br>**(11/1/13)** |
| Class N | (3.57)% | 1.31% | 1.90% |
| Class A with load of 4.50% | (8.12)% | 0.13% | 1.12% |
| Class A without load | (3.81)% | 1.07% | 1.64% |
| Class C | (4.18)% | 0.59% | 1.15% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | (2.32)% | 2.73% | 2.91% |
| Morningstar Bank Loan Category | (3.79)% | 1.68% | 2.28% |

---

(a) Total
Returns are calculated based on traded NAVs.

The Credit Suisse Leveraged Loan Total Return Index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated "5B" or lower, meaning that the highest rated issues included in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries. Investors cannot invest directly in an index or benchmark.

The Morningstar LSTA U.S. Leveraged Loan 100 Index is designed to reflect the performance of the largest facilities in the leveraged loan market. Investors cannot invest directly in an index or benchmark.

The Morningstar Bank Loan Category is generally representative of mutual funds that primarily invest in floating- rate bank loans instead of bonds. These bank loans generally offer interest payments that typically float above a common short-term benchmark such as the London interbank offered rate (LIBOR), or the Secured Overnight Financing Rate (SOFR).

------

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including cost of underlying funds, are 1.06% for Class N, 1.81% for Class C and 1.31% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 0.2%** |  |  |  |  |
|  | **METALS & MINING - 0.2%** |  |  |  |  |
| 23114 | Covia Holdings, LLC<sup>(a)</sup> |  |  |  | $319262 |
|  | **TOTAL COMMON STOCKS (Cost $183,467)** |  |  |  | 319262 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 9.6%** |  |  |  |  |
|  | **CLO — 9.6%** |  |  |  |  |
| 1500000 | Apidos CLO XX Series 2015-20A DR<sup>(b),(c)</sup> | US0003M + 5.700% | 9.7790 | 07/16/31 | 1182032 |
| 1540000 | Atrium IX Series 9A ER<sup>(b),(c)</sup> | US0003M + 6.450% | 9.4930 | 05/28/30 | 1259038 |
| 2900000 | Benefit Street Partners CLO II Ltd. Series 2013-IIA DR<sup>(b),(c)</sup> | US0003M + 6.550% | 10.6290 | 07/15/29 | 2454513 |
| 2000000 | Benefit Street Partners CLO III Ltd. Series 2013-IIIA DR<sup>(b),(c)</sup> | US0003M + 6.600% | 10.8430 | 07/20/29 | 1757318 |
| 2000000 | Benefit Street Partners CLO XII Ltd. Series 2017-12A D<sup>(b),(c)</sup> | US0003M + 6.410% | 10.4890 | 10/15/30 | 1736702 |
| 2000000 | Carlyle Global Market Strategies CLO 2015-4 Ltd. Series 2015-4A DR(b),(c) | US0003M + 6.700% | 10.9430 | 07/20/32 | 1617752 |
| 250000 | CIFC Funding 2013-II Ltd. Series 2013-2A B2LR<sup>(b),(c)</sup> | US0003M + 6.520% | 10.7140 | 10/18/30 | 196252 |
| 275000 | CIFC Funding 2017-I Ltd. Series 2017-1A E<sup>(b),(c)</sup> | US0003M + 6.350% | 10.6280 | 04/23/29 | 244776 |
| 1250000 | Goldentree Loan Management US CLO 2 Ltd. Series 2017-2A E<sup>(b),(c)</sup> | US0003M + 4.700% | 8.9430 | 11/28/30 | 1024576 |
| 3005000 | THL Credit Wind River 2014-2 CLO Ltd. Series 2014-2A ER<sup>(b),(c)</sup> | US0003M + 5.750% | 9.8290 | 01/15/31 | 2281423 |
| 1750000 | THL Credit Wind River 2019-3 CLO Ltd. Series 2019-3A E2R<sup>(b),(c)</sup> | US0003M + 6.750% | 10.8290 | 04/15/31 | 1364777 |
| 700000 | TICP CLO I-2 Ltd. Series 2018-IA D<sup>(b),(c)</sup> | US0003M + 5.770% | 10.0970 | 04/26/28 | 636912 |
| 1850000 | Voya CLO 2015-1 Ltd. Series 2015-1A DR<sup>(b),(c)</sup> | US0003M + 5.650% | 9.8440 | 01/18/29 | 1516948 |
|  |  |  |  |  | 17273019 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $20,311,555)** |  |  |  | 17273019 |
|  | **CORPORATE BONDS — 7.1%** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 500000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.7500 | 01/15/30 | 387668 |
|  | **CHEMICALS — 0.2%** |  |  |  |  |
| 500000 | Consolidated Energy Finance S.A.<sup>(b)</sup> |  | 5.6250 | 10/15/28 | 420670 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 450000 | Deluxe Corporation<sup>(b),(d)</sup> |  | 8.0000 | 06/01/29 | 378833 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 7.1% (Continued)** |  |  |  |  |
|  | **CONSUMER SERVICES — 0.2%** |  |  |  |  |
| 437000 | PROG Holdings, Inc.<sup>(b)</sup> |  | 6.0000 | 11/15/29 | $356135 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 471000 | Calpine Corporation<sup>(b)</sup> |  | 5.0000 | 02/01/31 | 398882 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 424000 | Paramount Global<sup>(e)</sup> | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 359516 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 524000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b)</sup> |  | 4.8750 | 06/01/29 | 390444 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.2%** |  |  |  |  |
| 459000 | CHS/Community Health Systems, Inc.<sup>(b)</sup> |  | 5.6250 | 03/15/27 | 365075 |
|  | **LEISURE FACILITIES & SERVICES — 1.1%** |  |  |  |  |
| 440000 | Carnival Corporation<sup>(b),(d)</sup> |  | 10.5000 | 06/01/30 | 342100 |
| 439000 | CEC Entertainment Company, LLC<sup>(b)</sup> |  | 6.7500 | 05/01/26 | 411740 |
| 593000 | Melco Resorts Finance Ltd.<sup>(b),(d)</sup> |  | 5.3750 | 12/04/29 | 332377 |
| 502000 | NCL Corporation Ltd.<sup>(b),(d)</sup> |  | 7.7500 | 02/15/29 | 400415 |
| 523000 | Royal Caribbean Cruises Ltd.<sup>(b),(d)</sup> |  | 5.5000 | 04/01/28 | 404227 |
|  |  |  |  |  | 1890859 |
|  | **METALS & MINING — 0.1%** |  |  |  |  |
| 127000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 8.5000 | 05/01/30 | 125271 |
|  | **OIL & GAS PRODUCERS — 1.3%** |  |  |  |  |
| 422000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.0000 | 01/15/27 | 409453 |
| 446000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 5.7500 | 02/01/29 | 409105 |
| 416000 | Howard Midstream Energy Partners, LLC<sup>(b)</sup> |  | 6.7500 | 01/15/27 | 378043 |
| 424000 | Independence Energy Finance, LLC<sup>(b)</sup> |  | 7.2500 | 05/01/26 | 394259 |
| 494000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | 08/01/29 | 399448 |
| 450000 | Strathcona Resources Ltd.<sup>(b)</sup> |  | 6.8750 | 08/01/26 | 379742 |
|  |  |  |  |  | 2370050 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 7.1% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |  |  |  |
| 514000 | Service Properties Trust |  | 4.3750 | 02/15/30 | $366950 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.2%** |  |  |  |  |
| 458000 | Kennedy-Wilson, Inc. |  | 4.7500 | 03/01/29 | 372877 |
|  | **RETAIL - DISCRETIONARY — 0.2%** |  |  |  |  |
| 474000 | Ken Garff Automotive, LLC<sup>(b)</sup> |  | 4.8750 | 09/15/28 | 394229 |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |  |
| 450000 | AerCap Global Aviation Trust<sup>(b),(e)</sup> | US0003M + 4.300% | 6.5000 | 06/15/45 | 411637 |
| 505000 | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> |  | 4.6250 | 06/15/29 | 398493 |
| 216000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.2500 | 04/15/28 | 188386 |
| 236000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.8750 | 04/15/30 | 205023 |
| 500000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | 11/01/29 | 330133 |
|  |  |  |  |  | 1533672 |
|  | **TECHNOLOGY SERVICES — 0.2%** |  |  |  |  |
| 475000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 5.7500 | 05/15/28 | 378319 |
|  | **TELECOMMUNICATIONS — 0.8%** |  |  |  |  |
| 500000 | Altice France S.A.<sup>(b),(d)</sup> |  | 5.5000 | 10/15/29 | 382213 |
| 423000 | Hughes Satellite Systems Corporation |  | 6.6250 | 08/01/26 | 399587 |
| 464000 | Sable International Finance Ltd.<sup>(b),(d)</sup> |  | 5.7500 | 09/07/27 | 411938 |
| 550000 | Telesat Canada / Telesat, LLC<sup>(b)</sup> |  | 4.8750 | 06/01/27 | 242649 |
|  |  |  |  |  | 1436387 |
|  | **TRANSPORTATION & LOGISTICS — 0.2%** |  |  |  |  |
| 372000 | American Airlines, Inc.<sup>(b),(d)</sup> |  | 11.7500 | 07/15/25 | 407342 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.3%** |  |  |  |  |
| 571000 | C&S Group Enterprises, LLC<sup>(b)</sup> |  | 5.0000 | 12/15/28 | 422932 |
|  | **TOTAL CORPORATE BONDS (Cost $15,200,859)** |  |  |  | 12756111 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.3%** |  |  |  |  |
| 537861 | Terrier Media Buyer, Inc.<sup>(c)</sup> | US0001M + 3.500% | 6.6150 | 12/17/26 | $503825 |
|  | **AEROSPACE & DEFENSE — 1.3%** |  |  |  |  |
| 1195000 | Cobham Ultra US Co-Borrower, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 12/24/28 | 1156658 |
| 772456 | Dynasty Acquisition Company, Inc.<sup>(c)</sup> | US0001M + 3.500% | 6.6150 | 04/08/26 | 726885 |
| 416369 | Standard Aero Ltd.<sup>(c)</sup> | US0001M + 3.500% | 6.6150 | 04/08/26 | 391806 |
|  |  |  |  |  | 2275349 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.4%** |  |  |  |  |
| 1357563 | Birkenstock US BidCo, Inc.<sup>(c)</sup> | US0001M + 3.250% | 5.0980 | 04/28/28 | 1293418 |
| 1127273 | Samsonite IP Holdings Sarl<sup>(c)</sup> | US0001M + 3.000% | 6.1150 | 04/25/25 | 1107242 |
|  |  |  |  |  | 2400660 |
|  | **ASSET MANAGEMENT — 2.5%** |  |  |  |  |
| 1186949 | Advisor Group Holdings, Inc.<sup>(c)</sup> | US0001M + 4.500% | 7.6150 | 07/31/26 | 1143382 |
| 1189995 | Hightower Holding, LLC<sup>(c)</sup> | US0001M + 4.000% | 8.2780 | 04/21/28 | 1109670 |
| 1187786 | Nexus Buyer, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 11/08/26 | 1144135 |
| 1200000 | NFP Corporation<sup>(c)</sup> | US0001M + 3.250% | 3.3420 | 02/04/27 | 1140504 |
|  |  |  |  |  | 4537691 |
|  | **AUTOMOTIVE — 0.6%** |  |  |  |  |
| 1197000 | Dexko Global, Inc.<sup>(c)</sup> | US0001M + 3.750% | 7.4240 | 09/24/28 | 1091407 |
|  | **BEVERAGES — 0.7%** |  |  |  |  |
| 1349494 | Pegasus Bidco BV<sup>(c)</sup> | TSFR1M + 4.250% | 6.9620 | 05/05/29 | 1305636 |
|  | **BIOTECH & PHARMA — 0.4%** |  |  |  |  |
| 773186 | Curium Bidco Sarl<sup>(c)</sup> | US0001M + 4.250% | 7.9240 | 09/10/27 | 734527 |
|  | **CABLE & SATELLITE — 1.3%** |  |  |  |  |
| 1194839 | CSC Holdings, LLC<sup>(c)</sup> | US0003M + 2.250% | 5.6620 | 07/17/25 | 1160117 |
| 1150000 | UPC Financing Partnership<sup>(c)</sup> | US0001M + 3.000% | 6.3370 | 01/31/29 | 1126856 |
|  |  |  |  |  | 2286973 |
|  | **CHEMICALS — 2.5%** |  |  |  |  |
| 1190003 | Diamond BC BV<sup>(c)</sup> | US0001M + 2.750% | 5.5560 | 09/15/28 | 1115925 |
| 1405505 | Groupe Solmax, Inc.<sup>(c)</sup> | US0001M + 4.750% | 8.3920 | 07/23/28 | 1231574 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 2.5% (Continued)** |  |  |  |  |
| 1280464 | Iris Holding, Inc.<sup>(c)</sup> | TSFR1M + 4.770% | 7.8850 | 06/15/28 | $1176427 |
| 1188817 | NIC Acquisition Corporation<sup>(c)</sup> | US0001M + 3.750% | 7.4240 | 01/14/28 | 946744 |
|  |  |  |  |  | 4470670 |
|  | **COMMERCIAL SUPPORT SERVICES — 5.0%** |  |  |  |  |
| 1178100 | Allied Universal Holdco, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 05/05/28 | 1072336 |
| 779891 | Amentum Government Services Holdings, LLC<sup>(c)</sup> | SOFRRATE + 4.000% | 7.5580 | 02/07/29 | 757142 |
| 1188000 | APX Group, Inc.<sup>(c)</sup> | US0001M + 2.500% | 6.7300 | 07/01/28 | 1096209 |
| 787692 | Cast & Crew Payroll, LLC<sup>(c)</sup> | US0001M + 3.500% | 6.6150 | 02/07/26 | 776097 |
| 1188000 | CHG Healthcare Services, Inc.<sup>(c)</sup> | US0003M + 3.250% | 6.3650 | 09/30/28 | 1155330 |
| 1187786 | Creative Artists Agency, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 11/26/26 | 1178510 |
| 904462 | Garda World Security Corporation<sup>(c)</sup> | US0001M + 4.250% | 7.2400 | 10/30/26 | 864042 |
| 773990 | Prime Security Services Borrower, LLC<sup>(c)</sup> | US0001M + 2.750% | 6.5050 | 09/23/26 | 764315 |
| 1187970 | Sotheby's<sup>(c)</sup> | US0001M + 4.500% | 8.5790 | 01/15/27 | 1166289 |
|  |  |  |  |  | 8830270 |
|  | **CONSTRUCTION MATERIALS — 2.0%** |  |  |  |  |
| 1135061 | Foley Products Company, LLC<sup>(c)</sup> | SOFRRATE + 4.750% | 8.4530 | 02/10/29 | 1083984 |
| 1388025 | Quikrete Holdings, Inc.<sup>(c)</sup> | US0001M + 3.000% | 6.1150 | 06/11/28 | 1355441 |
| 1187047 | US Silica Company<sup>(c)</sup> | US0003M + 4.000% | 7.1250 | 05/01/25 | 1155424 |
|  |  |  |  |  | 3594849 |
|  | **CONSUMER SERVICES — 0.6%** |  |  |  |  |
| 1183479 | Mckissock Investment Holdings, LLC<sup>(c)</sup> | SOFRRATE + 5.000% | 8.8720 | 03/04/29 | 1142057 |
|  | **CONTAINERS & PACKAGING — 3.7%** |  |  |  |  |
| 1153066 | Charter Next Generation, Inc.<sup>(c)</sup> | US0001M + 3.750% | 6.5560 | 12/01/27 | 1120048 |
| 1187257 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.250% | 7.4090 | 03/30/29 | 1145519 |
| 1278475 | LABL, Inc.<sup>(c)</sup> | US0001M + 5.000% | 8.1150 | 10/22/28 | 1183299 |
| 1036018 | Mauser Packaging Solutions Holding Company<sup>(c)</sup> | US0003M + 3.250% | 6.3780 | 03/23/24 | 988102 |
| 1193500 | Patriot Container Corporation<sup>(c)</sup> | US0003M + 3.750% | 6.8650 | 03/16/25 | 1029393 |
| 0 | Reynolds Group Holdings, Inc.<sup>(c)</sup> | US0001M + 3.250% | 5.7740 | 02/16/26 |  |
| 582992 | Trident TPI Holdings, Inc.<sup>(c)</sup> | US0003M + 3.250% | 6.9240 | 10/05/24 | 574979 |
| 517179 | Trident TPI Holdings, Inc.<sup>(c)</sup> | US0001M + 4.000% | 7.6740 | 07/29/28 | 491873 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 3.7% (Continued)** |  |  |  |  |
| 46111 | Trident TPI Holdings, Inc.<sup>(c)</sup> | US0001M + 4.000% | 7.6740 | 07/29/28 | $43855 |
|  |  |  |  |  | 6577068 |
|  | **E-COMMERCE DISCRETIONARY — 0.8%** |  |  |  |  |
| 1046095 | CNT Holdings I Corporation<sup>(c)</sup> | US0001M + 3.500% | 7.2390 | 10/16/27 | 1020989 |
| 524000 | CNT Holdings I Corporation<sup>(c)</sup> | US0001M + 3.805% | 6.7500 | 11/06/28 | 500420 |
|  |  |  |  |  | 1521409 |
|  | **ELECTRIC UTILITIES** — **–%<sup>(f)</sup>** |  |  |  |  |
| 635000 | Texas Competitive Electric Holdings Company, LLC <sup>(g)</sup> |  | 0.0000 | 11/22/49 |  |
|  | **ELECTRICAL EQUIPMENT — 1.2%** |  |  |  |  |
| 993091 | Brookfield WEC Holdings, Inc.<sup>(c)</sup> | US0001M + 2.750% | 5.8650 | 08/01/25 | 977832 |
| 476590 | Brookfield WEC Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.750% | 6.7840 | 08/01/25 | 474319 |
| 556141 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 3.750% | 7.4240 | 12/14/28 | 516691 |
| 115642 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 3.775% | 7.5800 | 12/14/28 | 107439 |
| 179825 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 6.750% | 10.4240 | 12/15/29 | 160044 |
|  |  |  |  |  | 2236325 |
|  | **ENGINEERING & CONSTRUCTION — 1.8%** |  |  |  |  |
| 1188000 | Osmose Utilities Services, Inc.<sup>(c)</sup> | US0001M + 3.250% | 6.8820 | 06/17/28 | 1103913 |
| 1188000 | USIC Holdings, Inc.<sup>(c)</sup> | US0001M + 3.500% | 6.6150 | 05/14/28 | 1131939 |
| 1061873 | VM Consolidated, Inc.<sup>(c)</sup> | US0001M + 3.250% | 6.1270 | 03/26/28 | 1055900 |
|  |  |  |  |  | 3291752 |
|  | **ENTERTAINMENT CONTENT — 1.5%** |  |  |  |  |
| 1190746 | NEP Group, Inc.<sup>(c)</sup> | US0003M + 3.250% | 6.3650 | 10/20/25 | 1066712 |
| 1723169 | Univision Communications, Inc.<sup>(c)</sup> | TSFR1M + 4.675% | 7.7900 | 06/10/29 | 1693013 |
|  |  |  |  |  | 2759725 |
|  | **HEALTH CARE FACILITIES & SERVICES — 5.8%** |  |  |  |  |
| 1188000 | Bella Holding Company, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 04/01/28 | 1108404 |
| 1180644 | Corgi BidCo, Inc.<sup>(c)</sup> | TSFR1M + 5.000% | 8.7840 | 09/20/29 | 1112757 |
| 1192432 | Legacy LifePoint Health, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8710 | 11/16/25 | 1058284 |
| 1197386 | Milano Acquisition Corporation<sup>(c)</sup> | US0001M + 4.000% | 7.6740 | 08/17/27 | 1141258 |
| 1190746 | Outcomes Group Holdings, Inc.<sup>(c)</sup> | US0003M + 3.250% | 7.1740 | 10/24/25 | 1149069 |
| 1205165 | Packaging Coordinators Midco, Inc.<sup>(c)</sup> | US0001M + 3.750% | 7.4240 | 09/25/27 | 1167696 |
| 1328699 | Phoenix Newco, Inc.<sup>(c)</sup> | US0001M + 3.250% | 5.7740 | 08/11/28 | 1282700 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 5.8% (Continued)** |  |  |  |  |
| 1190977 | Radnet Management, Inc.<sup>(c)</sup> | US0001M + 3.000% | 6.1150 | 04/23/28 | $1158970 |
| 1371145 | Team Health Holdings, Inc.<sup>(c)</sup> | SOFRRATE + 5.250% | 8.2840 | 02/17/27 | 1148334 |
|  |  |  |  |  | 10327472 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.7%** |  |  |  |  |
| 649864 | AZZ, Inc.<sup>(c)</sup> | SOFRRATE + 4.250% | 7.4840 | 05/06/29 | 645802 |
| 644037 | Crosby US Acquisition Corporation<sup>(c)</sup> | TSFR1M + 5.000% | 8.7610 | 06/27/26 | 566753 |
|  |  |  |  |  | 1212555 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.2%** |  |  |  |  |
| 1183925 | Aretec Group, Inc.<sup>(c)</sup> | US0003M + 4.250% | 7.3840 | 10/01/25 | 1152355 |
| 1012893 | Deerfield Dakota Holding, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.7840 | 03/06/27 | 960096 |
|  |  |  |  |  | 2112451 |
|  | **INSURANCE — 3.7%** |  |  |  |  |
| 581146 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | US0001M + 3.500% | 6.9800 | 11/06/27 | 562049 |
| 604000 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | US0001M + 3.500% | 6.9800 | 11/12/27 | 584153 |
| 759017 | Asurion, LLC<sup>(c)</sup> | US0001M + 3.250% | 6.3650 | 12/18/26 | 676356 |
| 665529 | Asurion, LLC<sup>(c)</sup> | US0001M + 3.250% | 6.3650 | 07/28/27 | 588577 |
| 355000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 8.3650 | 01/29/28 | 251830 |
| 365000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 8.3650 | 01/14/29 | 256108 |
| 1187909 | Howden Group Holdings Ltd.<sup>(c)</sup> | US0001M + 3.260% | 6.3750 | 11/12/27 | 1162501 |
| 1187909 | HUB International Ltd.<sup>(c)</sup> | US0001M + 3.250% | 7.5280 | 04/25/25 | 1168945 |
| 62020 | HUB International Ltd.<sup>(c)</sup> | TSFR1M + 4.000% | 7.7610 | 11/10/29 | 59539 |
| 1045127 | Sedgwick Claims Management Services, Inc.<sup>(c)</sup> | US0003M + 3.250% | 6.3650 | 11/05/25 | 1010413 |
| 189150 | Sedgwick Claims Management Services, Inc.<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 09/03/26 | 184776 |
|  |  |  |  |  | 6505247 |
|  | **LEISURE FACILITIES & SERVICES — 7.1%** |  |  |  |  |
| 1747990 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | US0003M + 3.750% | 6.8650 | 02/01/26 | 1584665 |
| 1302874 | AMC Entertainment Holdings, Inc.<sup>(c)</sup> | US0003M + 3.000% | 6.3140 | 04/22/26 | 929601 |
| 523024 | Carnival Corporation<sup>(c)</sup> | US0001M + 3.000% | 5.8770 | 06/30/25 | 492297 |
| 641571 | Carnival Corporation<sup>(c)</sup> | US0001M + 3.250% | 6.1270 | 10/08/28 | 590046 |
| 1344164 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 5.073% | 8.1880 | 06/23/29 | 1317980 |
| 1200000 | Fogo De Chao, Inc.<sup>(c)</sup> | US0003M + 4.250% | 7.3650 | 04/05/25 | 1120716 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 7.1% (Continued)** |  |  |  |  |
| 2554718 | Hornblower Sub, LLC<sup>(c)</sup> | US0001M + 4.500% | 8.6700 | 04/27/25 | $1894744 |
| 347 | Motion Finco, LLC<sup>(c)</sup> | US0001M + 3.250% | 6.9240 | 11/04/26 | 329 |
| 1168652 | Playa Resorts Holding BV<sup>(c)</sup> | US0003M + 2.750% | 5.8700 | 04/27/24 | 1141259 |
| 444529 | Scientific Games Corporation<sup>(c)</sup> | TSFR1M + 3.000% | 6.4020 | 04/07/29 | 439621 |
| 408707 | Scientific Games Holdings, L.P.<sup>(c)</sup> | SOFRRATE + 3.500% | 7.0970 | 02/04/29 | 385821 |
| 1441474 | William Morris Endeavor Entertainment, LLC<sup>(c)</sup> | US0003M + 2.750% | 5.8700 | 05/29/25 | 1409495 |
| 1455997 | Wok Holdings, Inc.<sup>(c)</sup> | US0003M + 6.250% | 9.5700 | 03/01/26 | 1278846 |
|  |  |  |  |  | 12585420 |
|  | **LEISURE PRODUCTS — 0.8%** |  |  |  |  |
| 1582510 | Varsity Brands Holding Company, Inc.<sup>(c)</sup> | US0003M + 3.500% | 6.6150 | 12/15/24 | 1474155 |
|  | **MACHINERY — 1.1%** |  |  |  |  |
| 828176 | Alliance Laundry Systems, LLC<sup>(c)</sup> | US0001M + 3.500% | 7.4090 | 09/30/27 | 801260 |
| 724 | Filtration Group Corporation<sup>(c)</sup> | US0003M + 3.000% | 6.1150 | 03/29/25 | 710 |
| 1187532 | STS Operating, Inc.<sup>(c)</sup> | US0003M + 4.250% | 7.3650 | 12/07/24 | 1128525 |
|  |  |  |  |  | 1930495 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.8%** |  |  |  |  |
| 1574045 | Mozart Borrower, L.P.<sup>(c)</sup> | US0001M + 3.250% | 6.3650 | 09/30/28 | 1450089 |
|  | **OIL & GAS PRODUCERS — 3.1%** |  |  |  |  |
| 1555166 | CQP Holdco, L.P.<sup>(c)</sup> | US0001M + 3.750% | 7.4240 | 06/04/28 | 1537872 |
| 787619 | EG America, LLC<sup>(c)</sup> | US0003M + 4.000% | 7.6740 | 02/05/25 | 716438 |
| 1175719 | M6 ETX Holdings II Midco, LLC<sup>(c)</sup> | TSFR1M + 4.852% | 7.9670 | 08/11/29 | 1170087 |
| 1191057 | Medallion Midland Acquisition, L.P.<sup>(c)</sup> | US0001M + 3.750% | 7.4240 | 10/14/28 | 1177288 |
| 977206 | TransMontaigne Operating Company, L.P.<sup>(c)</sup> | US0001M + 3.500% | 7.0720 | 11/05/28 | 946463 |
|  |  |  |  |  | 5548148 |
|  | **PUBLISHING & BROADCASTING — 0.6%** |  |  |  |  |
| 1206975 | Sinclair Television Group, Inc.<sup>(c)</sup> | TSFR1M + 3.750% | 6.8840 | 04/13/29 | 1133802 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.7%** |  |  |  |  |
| 1191000 | Claros Mortgage Trust, Inc.<sup>(c)</sup> | US0001M + 4.500% | 7.8680 | 08/09/26 | 1174624 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 3.3%** |  |  |  |  |
| 870808 | Hertz Corporation (The)<sup>(c)</sup> | US0001M + 3.250% | 6.3700 | 06/14/28 | $841553 |
| 1218205 | JP Intermediate B, LLC<sup>(c)</sup> | US0003M + 5.500% | 8.3060 | 11/20/25 | 924313 |
| 1282348 | LBM Acquisition, LLC<sup>(c)</sup> | US0001M + 3.750% | 7.1210 | 12/18/27 | 1104505 |
| 937179 | Mavis Tire Express Services TopCo, L.P.<sup>(c)</sup> | US0001M + 4.000% | 7.7500 | 04/30/28 | 885756 |
| 536825 | Petco Health & Wellness Company, Inc.<sup>(c)</sup> | US0001M + 3.250% | 6.9240 | 02/25/28 | 516147 |
| 513500 | PetSmart, Inc.<sup>(c)</sup> | US0003M + 3.750% | 7.5000 | 01/29/28 | 495422 |
| 1194062 | Specialty Building Products Holdings, LLC<sup>(c)</sup> | US0001M + 3.750% | 6.8220 | 10/05/28 | 1043318 |
|  |  |  |  |  | 5811014 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 1128940 | Altar Bidco, Inc.<sup>(c)</sup> | SOFRRATE + 3.350% | 5.5000 | 11/17/28 | 1058500 |
| 57359 | Altar Bidco, Inc.<sup>(c)</sup> | SOFRRATE + 5.600% | 7.3550 | 11/17/29 | 49544 |
|  |  |  |  |  | 1108044 |
|  | **SOFTWARE — 11.2%** |  |  |  |  |
| 706560 | Applied Systems, Inc.<sup>(c)</sup> | US0003M + 2.000% | 5.2500 | 09/19/24 | 698798 |
| 190250 | Applied Systems, Inc.<sup>(c)</sup> | US0001M + 5.500% | 9.1740 | 09/19/25 | 187661 |
| 2181633 | athenahealth, Inc.<sup>(c)</sup> | SOFRRATE + 3.500% |  | 01/27/29 | 1998921 |
| 599325 | Barracuda Networks, Inc.<sup>(c)</sup> | US0003M + 3.750% | 7.5340 | 02/12/25 | 575019 |
| 585839 | Barracuda Networks, Inc.<sup>(c)</sup> | TSFR1M + 4.419% | 7.5340 | 05/17/29 | 562081 |
| 1158119 | Central Parent, Inc.<sup>(c)</sup> | TSFR1M + 4.500% | 8.1120 | 06/09/29 | 1136404 |
| 1814651 | Condor Merger Sub, Inc.<sup>(c)</sup> | SOFRRATE + 4.000% | 6.8700 | 02/03/29 | 1666458 |
| 593909 | Dcert Buyer, Inc.<sup>(c)</sup> | US0003M + 4.000% | 6.9030 | 08/08/26 | 573368 |
| 600000 | Dcert Buyer, Inc.<sup>(c)</sup> | US0001M + 7.000% | 9.9030 | 02/16/29 | 562200 |
| 1189760 | Epicor Software Corporation<sup>(c)</sup> | US0001M + 3.250% | 6.3650 | 07/31/27 | 1135328 |
| 1785301 | Greeneden US Holdings II, LLC<sup>(c)</sup> | US0001M + 4.000% | 7.1150 | 10/08/27 | 1744578 |
| 1200000 | Helios Software Holdings, Inc.<sup>(c)</sup> | US0001M + 3.750% | 7.4530 | 03/11/28 | 1159002 |
| 1095111 | MedAssets Software Intermediate Holdings, Inc.<sup>(c)</sup> | US0001M + 4.000% | 7.1150 | 11/19/28 | 1043093 |
| 121719 | MedAssets Software Intermediate Holdings, Inc.<sup>(c)</sup> | US0001M + 6.750% | 9.8650 | 11/19/29 | 105226 |
| 1187755 | Project Boost Purchaser, LLC<sup>(c)</sup> | US0003M + 3.500% | 6.6150 | 05/30/26 | 1146332 |
| 1181075 | Proofpoint, Inc.<sup>(c)</sup> | US0001M + 3.250% | 6.3200 | 06/10/28 | 1126781 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 11.2% (Continued)** |  |  |  |  |
| 1089621 | RealPage, Inc.<sup>(c)</sup> | US0001M + 3.000% | 6.1150 | 02/18/28 | $1026700 |
| 781147 | Sophia, L.P.<sup>(c)</sup> | US0003M + 3.250% | 7.1740 | 09/23/27 | 753155 |
| 267673 | Sophia, L.P.<sup>(c)</sup> | SOFRRATE + 4.250% | 7.0340 | 10/07/27 | 259811 |
| 269322 | UKG, Inc.<sup>(c)</sup> | US0003M + 3.250% | 6.9980 | 05/03/26 | 260493 |
| 99791 | UKG, Inc.<sup>(c)</sup> | US0001M + 5.250% | 7.5350 | 05/03/27 | 92473 |
| 1190816 | Ultimate Software Group, Inc. (The)<sup>(c)</sup> | US0003M + 3.750% | 6.8650 | 04/08/26 | 1160772 |
| 1328329 | Waystar Technologies, Inc.<sup>(c)</sup> | US0001M + 4.000% | 7.1150 | 10/23/26 | 1295539 |
|  |  |  |  |  | 20270193 |
|  | **SPECIALTY FINANCE — 0.3%** |  |  |  |  |
| 624196 | Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | US0001M + 3.500% | 7.0760 | 03/11/28 | 599228 |
|  | **TECHNOLOGY HARDWARE — 1.2%** |  |  |  |  |
| 1187661 | VeriFone Systems, Inc.<sup>(c)</sup> | US0003M + 4.000% | 6.9970 | 08/20/25 | 1062659 |
| 1217013 | Viasat, Inc.<sup>(c)</sup> | SOFRRATE + 4.500% | 7.7630 | 02/24/29 | 1163014 |
|  |  |  |  |  | 2225673 |
|  | **TECHNOLOGY SERVICES — 4.9%** |  |  |  |  |
| 177750 | ION Trading Finance Ltd.<sup>(c)</sup> | US0001M + 4.750% | 8.4240 | 03/26/28 | 165604 |
| 1143000 | MoneyGram International, Inc.<sup>(c)</sup> | US0001M + 4.500% | 7.6150 | 07/21/26 | 1123352 |
| 1218715 | MPH Acquisition Holdings, LLC<sup>(c)</sup> | US0001M + 4.250% | 7.3200 | 08/17/28 | 1134928 |
| 1188392 | Peraton Corporation<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 02/24/28 | 1146798 |
| 1172040 | Sitel Worldwide Corporation<sup>(c)</sup> | US0001M + 3.750% | 6.8700 | 07/29/28 | 1156657 |
| 670741 | Tempo Acquisition, LLC<sup>(c)</sup> | US0001M + 3.000% | 6.0340 | 10/01/26 | 663027 |
| 1290670 | Travelport Finance Luxembourg Sarl<sup>(c)</sup> | US0001M + 1.500% | 5.1740 | 02/28/25 | 1280506 |
| 1309759 | Travelport Finance Luxembourg Sarl<sup>(c)</sup> | US0003M + 5.000% | 8.6740 | 05/29/26 | 895961 |
| 1165051 | Verscend Holding Corporation<sup>(c)</sup> | US0001M + 4.000% | 7.1150 | 08/27/25 | 1152672 |
|  |  |  |  |  | 8719505 |
|  | **TELECOMMUNICATIONS — 2.9%** |  |  |  |  |
| 615875 | Altice France S.A.<sup>(c)</sup> | US0003M + 2.750% | 5.5560 | 06/22/25 | 561121 |
| 758793 | Altice France S.A.<sup>(c)</sup> | US0003M + 3.688% | 7.7670 | 01/09/26 | 686392 |
| 226188 | Altice France S.A.<sup>(c)</sup> | US0003M + 4.000% | 6.9050 | 01/31/26 | 207999 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 80.9% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 2.9% (Continued)** |  |  |  |  |
| 1594425 | CCI Buyer, Inc.<sup>(c)</sup> | US0001M + 4.000% | 7.5530 | 12/12/27 | $1532976 |
| 1587792 | Connect Finco S.A.RL<sup>(c)</sup> | US0001M + 3.500% | 6.6200 | 12/12/26 | 1538967 |
| 1235 | Intelsat Jackson Holdings S.A. |  | 8.6250 | 01/02/24 |  |
| 1201429 | Telesat, LLC<sup>(c)</sup> | US0001M + 2.750% | 5.8700 | 12/06/26 | 634835 |
|  |  |  |  |  | 5162290 |
|  | **TRANSPORTATION & LOGISTICS — 2.7%** |  |  |  |  |
| 680000 | AAdvantage Loyalty IP Ltd.<sup>(c)</sup> | US0003M + 4.750% | 7.4600 | 03/10/28 | 674536 |
| 975086 | Air Canada<sup>(c)</sup> | US0001M + 3.500% | 6.4210 | 07/27/28 | 953858 |
| 1187615 | Kenan Advantage Group, Inc. (The)<sup>(c)</sup> | US0001M + 3.750% | 6.8650 | 03/24/26 | 1138775 |
| 400250 | Mileage Plus Holdings, LLC<sup>(c)</sup> | US0003M + 5.250% | 8.7770 | 06/25/27 | 409422 |
| 694425 | United Airlines, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.1080 | 04/14/28 | 679717 |
| 1211344 | WestJet Airlines Ltd.<sup>(c)</sup> | US0003M – 1.533% | 5.9930 | 10/08/26 | 1063923 |
|  |  |  |  |  | 4920231 |
|  | **WHOLESALE - DISCRETIONARY — 0.6%** |  |  |  |  |
| 1190769 | Fastlane Parent Company, Inc.<sup>(c)</sup> | US0001M + 4.500% | 7.6150 | 02/04/26 | 1155642 |
|  | **TOTAL TERM LOANS (Cost $152,410,278)** |  |  |  | 144986471 |
| **Shares** |  | **Expiration Date** | **Exercise Price** |  | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(f)</sup>** |  |  |  |  |
|  | **NON-LISTED RIGHT - 0.0% <sup>(f)</sup>** |  |  |  |  |
| 10588 | TRA Rights | 11/22/2024 |  |  | 12706 |
|  | **TOTAL RIGHT (Cost $17,470)** |  |  |  | 12706 |
| **Shares** |  | **Expiration Date** | **Exercise Price** |  | **Fair Value** |
|  | **WARRANT — 0.1%** |  |  |  |  |
|  | **PUBLISHING & BROADCASTING - 0.1%** |  |  |  |  |
| 14905 | iHeartMedia, Inc. | 05/02/2039 | $0.00 |  | 106198 |
|  | **TOTAL WARRANT (Cost $287,609)** |  |  |  | 106198 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
|  | **MONEY MARKET FUND -1.6%** |  |
| 2926305 | Fidelity Government Portfolio Institutional Class I, 2.86%<sup>(h)</sup> | $2926305 |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.6%** |  |
| 2857500 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(h)</sup> | $2857500 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,783,805)** | 5783805 |
|  | **TOTAL INVESTMENTS – 101.1% (Cost $194,195,043)** | $181237572 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%** | (2039319) |
|  | **NET ASSETS - 100.0%** | $179198253 |

---

---

| | |
|:---|:---|
| 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 | CME Term SOFR 1M |
| 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, 2022 the total market value of 144A securities is 28,120,747 or 15.7% 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 $2,798,661 at October 31, 2022.

<sup>(e)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<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> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(i)</sup> 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FLOATING RATE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Term Loans | 80.0% | Collateral for Securities Loaned | 1.6% |
| Asset Backed Securities | 9.5% | Common Stock | 0.2% |
| Corporate Bonds | 7.0% | Warrant | 0.1% |
| Short-Term Investment | 1.6% | Right | 0.0% |
|  |  | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham High-Yield Bond Fund (Unaudited)** |
| **Message from the Sub-Adviser (PineBridge Investments, LLC)** |

---

**Asset Class Recap** 

High-yield bonds struggled over the fiscal year period ended October 31, 2022, as persistent inflation and the Federal Reserve's (Fed's) response in the form of monetary tightening, lead to a sell-off in the higher-risk asset class. At the beginning of the fiscal year, the Federal Funds rate stood at 0.0-0.25 percent, a level that had been maintained for approximately two years following the onset of the global COVID pandemic. Given the restrictive lockdowns during COVID and resulting supply chain bottlenecks, inflation, as measured by the Consumer Price Index, reached year-over-year levels not seen since the early 1980's. To potentially curb inflation, the Fed instrumented a series of aggressive interest rate increases beginning in March of 2022, implementing an interest rate increase at every Federal Open Market Committee (FOMC) meeting between March and fiscal year-end. By the end of the fiscal year, the policy rate reached levels not seen since the Great Financial Crisis, closing at 3.0-3.25 percent. The 3 percent increase in the policy rate over the fiscal year led to a steep sell-off in higher duration assets. Investment-grade bonds and government bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, fell 15.7 percent over the fiscal year, while high-yield bonds, as measured by the ICE BofA Cash Pay High Yield Index, fared marginally better, only falling 11.4 percent. Lever aged loans, as measured by the Credit Suisse Leveraged Loan Index, one of the few asset classes that has historically maintained a duration of less than a year, fell 2.0 percent over the fiscal year, outperforming the broader fixed income markets.

**Allocation Review** 

The sector that contributed the most to performance over the fiscal year was the energy sector, as superior credit selection, coupled with an overweight allocation, provided strong relative returns. The geopolitical conflict between Russia and Ukraine, coupled with ongoing supply chain bottlenecks due to lingering COVID cases, limited the supply of oil, further driving up the price per barrel. Other sectors that contributed to relative Fund performance were the consumer staples and communications sectors. Strong security selection with a marginal contribution from sector allocation boosted performance in these sectors. The sector that detracted the most from Fund performance over the fiscal year was the consumer cyclical sector. Poor security selection hurt performance, however, a slight sector underweight mitigated the relative loss. In addition, the capital goods and financial services sectors detracted from Fund performance as security selection dragged down returns.

**Holdings Insights** 

The largest contributor to Fund performance over the fiscal year was PBF Holding Company, LLC / PBF Finance Corporation 6%, due 02/15/2028 (69318FAJ7) (holding weight\* 0.46 percent). PBF is a special purpose entity and holding company for its underlying subsidiaries that operate in the petroleum refining industry. Over the fiscal year, the price of oil and gas rose significantly, translating to an increase in sales for PBF's subsidiary businesses. Over the fiscal year, the PBF bond gained 36.0 percent. Another contributor over the fiscal year was Genesis Energy, L.P. / Genesis Energy Finance Corporation 5.625%, due 06/15/2024 (37185LAF9) (holding weight\*: 0.74 percent). Like PBF, Genesis Energy benefitted from the rise in oil and natural gas prices, leading to a boost in sales. Given the geopolitical uncertainty in Europe, coupled with persistent supply chain bottlenecks as a result of COVID, the demand and price for gas is likely to stay elevated, a tailwind for Genesis Energy. Over the fiscal year, the Genesis Energy bond rose 3.9 percent. Within the consumer cyclical sector, SeaWorld Parks & Entertainment, Inc. 8.75%, due 05/01/2025 (81282UAC6) (holding weight\*: 0.48 percent), a leading theme park and entertainment company providing zoological experiences, contributed to relative Fund performance over the fiscal year. SeaWorld received a credit rating upgrade as a result of increased consumer demand coming out of the pandemic, pricing initiatives, and effective expense management. In addition, SeaWorld's most recent earnings report that beat expectations, while providing an optimistic outlook. Over the fiscal year, the SeaWorld bond added 4.1 percent.

The largest detractor to Fund performance over the fiscal year was Ford Motor Company 4.75%, due 1/15/2043 (345370CQ1) (holding weight\*: 0.29 percent). Ford Motor Company is a developer and distributor of automobiles, automobile parts, and accessories across North America, South America, Europe, and China. Given the increase in interest rates, these longer-dated bonds sold off over the fiscal period, as their higher duration weighed on returns. Additionally, rising costs have affected the automobile manufacturer's bottom line, with negative earnings over the most recent fiscal quarter. The Ford Motor Company bond lost 32.3 percent over the fiscal period. Another detractor over the fiscal year was Carvana Company 5.5% due 4/15/2027 (146869AF9) (holding weight\*: 0.23 percent). Carvana is an operator of an e-commerce platform for buying and selling used cars. Carvana had been outperforming the broader market at the onset of the pandemic as consumers flocked to the platform to buy and sell cars at discount prices. With inflation now at 40-year highs, consumer spending has pulled back considerably, leading to a decline in sales, as reported in Carvana's most recent earnings. Over the fiscal year, Carvana dropped 48.3 percent. Within the communications sector, Telesat Canada / Telesat, LLC 4.88% due 6/1/2027 (87952VAP1) (holding weight\*: 0.35 percent), one of the largest global satellite operators, detracted from relative Fund performance. Telesat reported some significant contract terminations and a reduction in contract renewals of certain services over the fiscal year. Over the fiscal year, the Telesat bond declined 45.7 percent.

**Sub-Adviser Outlook** 

While the current market environment poses many threats to the high-yield asset class, the Sub-Adviser believes there is still opportunity. Inflation remains well-above historical averages, however, has not curtailed spending as much as anticipated, as corporations have been able to pass the rising input costs onto the consumer. In addition, volatility has led to some significant dislocations in the market, with some sectors of the market appearing attractive. As always, the Sub-Adviser will remain disciplined in their investment approach, seeking out those sectors and issuers in the market that provide what it believes to be the most attractive risk-adjusted returns.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned, as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df005_v1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** |
|  |  | &nbsp;&nbsp;**Annualized** | &nbsp;&nbsp;**Annualized** |
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;Class N | &nbsp;&nbsp;(10.88)% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Class A with load of 4.50% | &nbsp;&nbsp;(14.95)% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;Class A without load | &nbsp;&nbsp;(10.98)% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;(11.50)% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;Bloomberg U.S. Corporate High-Yield Bond Ba/B 2% Issuer Capped Index | &nbsp;&nbsp;(11.33)% | &nbsp;&nbsp;2.25% | &nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;Morningstar High-Yield Bond Category | &nbsp;&nbsp;(11.11)% | &nbsp;&nbsp;1.19% | &nbsp;&nbsp;3.06% |

---

(a) Total
Returns are calculated based on traded NAVs.

Bloomberg U.S. Corporate High-Yield Bond Ba/B 2% Issuer Capped Index is an issuer-constrained version of the flagship US Corporate High Yield Index, which measures the USD -denominated, high yield, fixed-rate corporate bond market. Investors cannot invest directly in an index or benchmark.

The Morningstar High-Yield Bond Category is generally representative of mutual funds that primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

 

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including the cost of underlying funds, are 1.17% for Class N, 1.92% for Class C and 1.42% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCK — 2.4%** | **COMMON STOCK — 2.4%** | **COMMON STOCK — 2.4%** |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.4%** | **OIL & GAS SERVICES & EQUIPMENT - 2.4%** | **OIL & GAS SERVICES & EQUIPMENT - 2.4%** |  |  |
| 50 | Hi-Crush<sup>(a),(h)</sup> | Hi-Crush<sup>(a),(h)</sup> | Hi-Crush<sup>(a),(h)</sup> |  | $2317450 |
|  | **TOTAL COMMON STOCK (Cost $1,196,933)** | **TOTAL COMMON STOCK (Cost $1,196,933)** | **TOTAL COMMON STOCK (Cost $1,196,933)** |  | 2317450 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 92.4%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.7%** |  |  |  |  |
| 545000 | Moog, Inc.<sup>(b)</sup> |  | 4.2500 | 12/15/27 | 485919 |
| 493000 | Rolls-Royce plc<sup>(b)</sup> |  | 5.7500 | 10/15/27 | 446826 |
| 748000 | Spirit AeroSystems, Inc.<sup>(b)</sup> |  | 7.5000 | 04/15/25 | 728473 |
|  |  |  |  |  | 1661218 |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |  |
| 415000 | AG Issuer, LLC<sup>(b)</sup> |  | 6.2500 | 03/01/28 | 386975 |
| 333000 | NFP Corporation<sup>(b)</sup> |  | 4.8750 | 08/15/28 | 288159 |
|  |  |  |  |  | 675134 |
|  | **AUTOMOTIVE — 0.8%** |  |  |  |  |
| 185000 | Ford Motor Company |  | 3.2500 | 02/12/32 | 138858 |
| 404000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 282576 |
| 211000 | Ford Motor Credit Co LLC |  | 4.0000 | 11/13/30 | 171216 |
| 205000 | Ford Motor Credit Company, LLC |  | 4.9500 | 05/28/27 | 187989 |
|  |  |  |  |  | 780639 |
|  | **BIOTECH & PHARMA — 1.2%** |  |  |  |  |
| 587000 | Grifols Escrow Issuer S.A.<sup>(b),(c)</sup> |  | 4.7500 | 10/15/28 | 459372 |
| 200000 | Organon Finance 1, LLC<sup>(b)</sup> |  | 4.1250 | 04/30/28 | 176547 |
| 589000 | Organon Finance 1, LLC<sup>(b),(c)</sup> |  | 5.1250 | 04/30/31 | 501209 |
|  |  |  |  |  | 1137128 |
|  | **CABLE & SATELLITE — 5.8%** |  |  |  |  |
| 1290000 | Altice Financing S.A.<sup>(b),(c)</sup> |  | 5.0000 | 01/15/28 | 1024815 |
| 555000 | Block Communications, Inc.<sup>(b)</sup> |  | 4.8750 | 03/01/28 | 483424 |
| 378000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b),(c)</sup> |  | 5.0000 | 02/01/28 | 343693 |
| 825000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 5.3750 | 06/01/29 | 737039 |
| 800000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 6.3750 | 09/01/29 | 739204 |
| 590000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.3750 | 02/01/28 | 542655 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 5.8% (Continued)** |  |  |  |  |
| 535000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.7500 | 01/15/30 | $414804 |
| 680000 | CSC Holdings, LLC<sup>(b)</sup> |  | 4.6250 | 12/01/30 | 490734 |
| 610000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.0000 | 07/15/28 | 525316 |
| 435000 | UPC Broadband Finco BV<sup>(b)</sup> |  | 4.8750 | 07/15/31 | 361776 |
|  |  |  |  |  | 5663460 |
|  | **CHEMICALS — 1.5%** |  |  |  |  |
| 604000 | Consolidated Energy Finance S.A.<sup>(b)</sup> |  | 5.6250 | 10/15/28 | 508170 |
| 572000 | Methanex Corporation<sup>(c)</sup> |  | 5.1250 | 10/15/27 | 520542 |
| 531000 | Minerals Technologies, Inc.<sup>(b)</sup> |  | 5.0000 | 07/01/28 | 462074 |
|  |  |  |  |  | 1490786 |
|  | **COMMERCIAL SUPPORT SERVICES — 4.8%** |  |  |  |  |
| 400000 | Allied Universal Holdco, LLC / Allied Universal<sup>(b)</sup> |  | 4.6250 | 06/01/28 | 335788 |
| 585000 | Brink's Company (The)<sup>(b)</sup> |  | 4.6250 | 10/15/27 | 542087 |
| 344000 | Covanta Holding Corporation |  | 5.0000 | 09/01/30 | 287240 |
| 456000 | Covert Mergeco, Inc.<sup>(b)</sup> |  | 4.8750 | 12/01/29 | 389358 |
| 630000 | Deluxe Corporation<sup>(b)</sup> |  | 8.0000 | 06/01/29 | 530366 |
| 228000 | Garda World Security Corporation<sup>(b)</sup> |  | 4.6250 | 02/15/27 | 202657 |
| 222000 | Garda World Security Corporation<sup>(b)</sup> |  | 6.0000 | 06/01/29 | 173340 |
| 578000 | Harsco Corporation<sup>(b),(c)</sup> |  | 5.7500 | 07/31/27 | 410996 |
| 380000 | Korn Ferry<sup>(b)</sup> |  | 4.6250 | 12/15/27 | 346210 |
| 515000 | Prime Security Services Borrower, LLC / Prime<sup>(b)</sup> |  | 5.7500 | 04/15/26 | 502093 |
| 505000 | Sotheby's<sup>(b)</sup> |  | 7.3750 | 10/15/27 | 493244 |
| 580000 | TriNet Group, Inc.<sup>(b)</sup> |  | 3.5000 | 03/01/29 | 481513 |
|  |  |  |  |  | 4694892 |
|  | **CONSTRUCTION MATERIALS — 0.7%** |  |  |  |  |
| 328000 | Standard Industries, Inc.<sup>(b)</sup> |  | 4.7500 | 01/15/28 | 288220 |
| 505000 | Standard Industries, Inc.<sup>(b)</sup> |  | 3.3750 | 01/15/31 | 379048 |
|  |  |  |  |  | 667268 |
|  | **CONSUMER SERVICES — 0.9%** |  |  |  |  |
| 600000 | PROG Holdings, Inc.<sup>(b)</sup> |  | 6.0000 | 11/15/29 | 488973 |
| 561000 | Rent-A-Center, Inc.<sup>(b),(c)</sup> |  | 6.3750 | 02/15/29 | 437861 |
|  |  |  |  |  | 926834 |
|  | **CONTAINERS & PACKAGING — 2.7%** |  |  |  |  |
| 414000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(b)</sup> |  | 3.2500 | 09/01/28 | 340511 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 2.7% (Continued)** |  |  |  |  |
| 139000 | Ball Corporation |  | 5.2500 | 07/01/25 | $137507 |
| 199000 | Ball Corporation |  | 2.8750 | 08/15/30 | 154882 |
| 580000 | Clydesdale Acquisition Holdings, Inc.<sup>(b),(c)</sup> |  | 6.6250 | 04/15/29 | 550149 |
| 479000 | Crown Americas, LLC<sup>(b)</sup> |  | 5.2500 | 04/01/30 | 438902 |
| 507000 | LABL, Inc.<sup>(b)</sup> |  | 5.8750 | 11/01/28 | 441502 |
| 90000 | Sealed Air Corporation<sup>(b)</sup> |  | 5.0000 | 04/15/29 | 82222 |
| 465000 | Silgan Holdings, Inc. |  | 4.1250 | 02/01/28 | 426689 |
|  |  |  |  |  | 2572364 |
|  | **ELECTRIC UTILITIES — 1.7%** |  |  |  |  |
| 453000 | Calpine Corporation<sup>(b)</sup> |  | 5.0000 | 02/01/31 | 383638 |
| 332000 | Calpine Corporation<sup>(b)</sup> |  | 3.7500 | 03/01/31 | 272815 |
| 165000 | Clearway Energy Operating, LLC<sup>(b)</sup> |  | 3.7500 | 01/15/32 | 130961 |
| 510000 | NRG Energy Inc<sup>(b),(c)</sup> |  | 3.6250 | 02/15/31 | 408581 |
| 510000 | Vistra Operations Company, LLC<sup>(b)</sup> |  | 5.0000 | 07/31/27 | 471365 |
|  |  |  |  |  | 1667360 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |  |
| 557000 | VM Consolidated, Inc.<sup>(b)</sup> |  | 5.5000 | 04/15/29 | 486035 |
|  | **ENTERTAINMENT CONTENT — 1.6%** |  |  |  |  |
| 445000 | Banijay Entertainment S.A.SU<sup>(b)</sup> |  | 5.3750 | 03/01/25 | 413009 |
| 354000 | Paramount Global<sup>(d)</sup> | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 300162 |
| 735000 | Univision Communications, Inc.<sup>(b),(c)</sup> |  | 6.6250 | 06/01/27 | 727312 |
| 131000 | Univision Communications, Inc.<sup>(b)</sup> |  | 7.3750 | 06/30/30 | 126900 |
|  |  |  |  |  | 1567383 |
|  | **FOOD — 2.0%** |  |  |  |  |
| 208000 | Herbalife Nutrition Ltd. / HLF Financing, Inc.<sup>(b)</sup> |  | 7.8750 | 09/01/25 | 194668 |
| 675000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b)</sup> |  | 4.8750 | 06/01/29 | 502958 |
| 209000 | Land O'Lakes Capital Trust I<sup>(b)</sup> |  | 7.4500 | 03/15/28 | 208228 |
| 345000 | Pilgrim's Pride Corporation<sup>(b)</sup> |  | 5.8750 | 09/30/27 | 337686 |
| 570000 | Post Holdings, Inc.<sup>(b)</sup> |  | 4.5000 | 09/15/31 | 472613 |
| 381000 | Simmons Foods, Inc./Simmons Prepared Foods,<sup>(b)</sup> |  | 4.6250 | 03/01/29 | 318819 |
|  |  |  |  |  | 2034972 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.3%** |  |  |  |  |
| 456000 | Glatfelter Corporation<sup>(b)</sup> |  | 4.7500 | 11/15/29 | $294469 |
|  | **GAS & WATER UTILITIES — 0.6%** |  |  |  |  |
| 615000 | Ferrellgas Escrow, LLC / FG Operating Finance<sup>(b)</sup> |  | 5.3750 | 04/01/26 | 561089 |
| 30000 | Ferrellgas Escrow, LLC / FG Operating Finance<sup>(b)</sup> |  | 5.8750 | 04/01/29 | 25213 |
|  |  |  |  |  | 586302 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.0%** |  |  |  |  |
| 750000 | CHS/Community Health Systems, Inc.<sup>(b)</sup> |  | 5.6250 | 03/15/27 | 596528 |
| 815000 | DaVita, Inc.<sup>(b)</sup> |  | 4.6250 | 06/01/30 | 636735 |
| 597000 | HCA, Inc. |  | 3.5000 | 09/01/30 | 496486 |
| 530000 | Legacy LifePoint Health, LLC<sup>(b)</sup> |  | 4.3750 | 02/15/27 | 421286 |
| 695000 | Select Medical Corporation<sup>(b),(c)</sup> |  | 6.2500 | 08/15/26 | 660323 |
| 215000 | Tenet Healthcare Corporation |  | 4.6250 | 07/15/24 | 208740 |
|  |  |  |  |  | 3020098 |
|  | **HOME CONSTRUCTION — 0.9%** |  |  |  |  |
| 361000 | Mattamy Group Corporation<sup>(b),(c)</sup> |  | 5.2500 | 12/15/27 | 309009 |
| 210000 | Mattamy Group Corporation<sup>(b)</sup> |  | 4.6250 | 03/01/30 | 165557 |
| 475000 | PGT Innovations, Inc.<sup>(b)(c)</sup> |  | 4.3750 | 10/01/29 | 396624 |
|  |  |  |  |  | 871190 |
|  | **HOUSEHOLD PRODUCTS — 1.4%** |  |  |  |  |
| 456000 | Coty, Inc.<sup>(b)</sup> |  | 5.0000 | 04/15/26 | 430402 |
| 600000 | Edgewell Personal Care Company<sup>(b)</sup> |  | 4.1250 | 04/01/29 | 516867 |
| 461000 | Energizer Holdings, Inc.<sup>(b),(c)</sup> |  | 4.3750 | 03/31/29 | 372258 |
|  |  |  |  |  | 1319527 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.8%** |  |  |  |  |
| 550000 | Aretec Escrow Issuer, Inc.<sup>(b)</sup> |  | 7.5000 | 04/01/29 | 451830 |
| 414000 | LPL Holdings, Inc.<sup>(b)</sup> |  | 4.0000 | 03/15/29 | 362385 |
|  |  |  |  |  | 814215 |
|  | **INSURANCE — 0.4%** |  |  |  |  |
| 345000 | NMI Holdings, Inc.<sup>(b)</sup> |  | 7.3750 | 06/01/25 | 345136 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 375000 | GrubHub Holdings, Inc.<sup>(b)</sup> |  | 5.5000 | 07/01/27 | 252010 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 7.3% (Continued)** |  |  |  |  |
| 400000 | AMC Entertainment Holdings, Inc.<sup>(b),(e)</sup> |  | 10.0000 | 06/15/26 | $212750 |
| 306000 | Brinker International, Inc.<sup>(b)</sup> |  | 5.0000 | 10/01/24 | 297251 |
| 530000 | Caesars Entertainment, Inc.<sup>(b)</sup> |  | 6.2500 | 07/01/25 | 515243 |
| 104000 | Carnival Corporation<sup>(b),(c)</sup> |  | 7.6250 | 03/01/26 | 78377 |
| 835000 | Carnival Corporation<sup>(b)</sup> |  | 5.7500 | 03/01/27 | 581841 |
| 127000 | Carnival Corporation<sup>(b)</sup> |  | 6.0000 | 05/01/29 | 84446 |
| 195000 | Carnival Corporation<sup>(b)</sup> |  | 10.5000 | 06/01/30 | 151613 |
| 715000 | CEC Entertainment Company, LLC<sup>(b)</sup> |  | 6.7500 | 05/01/26 | 670603 |
| 295000 | Dave & Buster's, Inc. B<sup>(b)</sup> |  | 7.6250 | 11/01/25 | 294618 |
| 211000 | Hilton Grand Vacations Borrower Escrow, LLC <sup>(b)</sup> |  | 5.0000 | 06/01/29 | 181003 |
| 555000 | Hilton Grand Vacations Borrower Escrow, LLC <sup>(b)</sup> |  | 4.8750 | 07/01/31 | 454306 |
| 629000 | Melco Resorts Finance Ltd.<sup>(b),(c)</sup> |  | 5.3750 | 12/04/29 | 352555 |
| 710000 | NCL Corporation Ltd.<sup>(b),(c)</sup> |  | 3.6250 | 12/15/24 | 617819 |
| 187000 | NCL Corporation Ltd.<sup>(b)</sup> |  | 5.8750 | 03/15/26 | 153496 |
| 243000 | NCL Corporation Ltd.<sup>(b),(c)</sup> |  | 7.7500 | 02/15/29 | 193827 |
| 603000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | 07/01/26 | 477832 |
| 126000 | Royal Caribbean Cruises Ltd.<sup>(b),(c)</sup> |  | 5.5000 | 04/01/28 | 97385 |
| 445000 | SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> |  | 8.7500 | 05/01/25 | 456408 |
| 430000 | SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> |  | 5.2500 | 08/15/29 | 370455 |
| 517000 | Wyndham Destinations, Inc. |  | 5.7500 | 04/01/27 | 480180 |
| 665000 | Wynn Macau Ltd.<sup>(b),(c)</sup> |  | 5.1250 | 12/15/29 | 403915 |
|  |  |  |  |  | 7125923 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.9%** |  |  |  |  |
| 510000 | Embecta Corporation<sup>(b)</sup> |  | 5.0000 | 02/15/30 | 437902 |
| 482000 | Mozart Debt Merger Sub, Inc.<sup>(b)</sup> |  | 3.8750 | 04/01/29 | 396035 |
|  |  |  |  |  | 833937 |
|  | **METALS & MINING — 2.0%** |  |  |  |  |
| 637000 | FMG Resources August 2006 Pty Ltd.<sup>(b)</sup> |  | 4.5000 | 09/15/27 | 571816 |
| 555000 | Hudbay Minerals, Inc.<sup>(b)</sup> |  | 6.1250 | 04/01/29 | 460828 |
| 305000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 8.1250 | 05/01/27 | 304135 |
| 180000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 8.5000 | 05/01/30 | 177549 |
| 480000 | Warrior Met Coal, Inc.<sup>(b)</sup> |  | 7.8750 | 12/01/28 | 473919 |
|  |  |  |  |  | 1988247 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 16.0%** |  |  |  |  |
| 576000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(b)</sup> |  | 5.7500 | 01/15/28 | $543951 |
| 680000 | Antero Resources Corporation<sup>(b),(c)</sup> |  | 5.3750 | 03/01/30 | 630128 |
| 442000 | Apache Corporation |  | 4.3750 | 10/15/28 | 395571 |
| 377000 | Apache Corporation |  | 4.7500 | 04/15/43 | 283233 |
| 554000 | Buckeye Partners, L.P.<sup>(b)</sup> |  | 4.5000 | 03/01/28 | 481412 |
| 494000 | California Resources Corporation<sup>(b)</sup> |  | 7.1250 | 02/01/26 | 485535 |
| 480000 | Civitas Resources, Inc.<sup>(b)</sup> |  | 5.0000 | 10/15/26 | 442586 |
| 132000 | DCP Midstream Operating, L.P.<sup>(b)</sup> |  | 6.7500 | 09/15/37 | 127741 |
| 235000 | DCP Midstream Operating, L.P. |  | 5.6000 | 04/01/44 | 206443 |
| 302000 | DT Midstream, Inc.<sup>(b)</sup> |  | 4.3750 | 06/15/31 | 256336 |
| 498000 | Earthstone Energy Holdings, LLC<sup>(b)</sup> |  | 8.0000 | 04/15/27 | 472037 |
| 605000 | eG Global Finance plc<sup>(b)</sup> |  | 6.7500 | 02/07/25 | 545873 |
| 286000 | EnLink Midstream, LLC<sup>(b)</sup> |  | 6.5000 | 09/01/30 | 281353 |
| 70000 | EQM Midstream Partners, L.P.<sup>(b)</sup> |  | 7.5000 | 06/01/27 | 69207 |
| 233000 | EQM Midstream Partners, L.P. |  | 5.5000 | 07/15/28 | 208647 |
| 264000 | EQM Midstream Partners, L.P.<sup>(b)</sup> |  | 7.5000 | 06/01/30 | 257096 |
| 724000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 5.6250 | 06/15/24 | 708586 |
| 36000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 6.2500 | 05/15/26 | 33441 |
| 307000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.0000 | 01/15/27 | 297873 |
| 677000 | Harvest Midstream I, L.P.<sup>(b)</sup> |  | 7.5000 | 09/01/28 | 653332 |
| 434000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 5.7500 | 02/01/29 | 398097 |
| 279000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 6.0000 | 02/01/31 | 254219 |
| 814000 | Holly Energy Partners, L.P. / Holly Energy Finance<sup>(b)</sup> |  | 5.0000 | 02/01/28 | 737059 |
| 550000 | Howard Midstream Energy Partners, LLC<sup>(b)</sup> |  | 6.7500 | 01/15/27 | 499816 |
| 509000 | Independence Energy Finance, LLC<sup>(b)</sup> |  | 7.2500 | 05/01/26 | 473296 |
| 695000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | 08/01/29 | 561976 |
| 35000 | Murphy Oil Corporation |  | 6.3750 | 07/15/28 | 34152 |
| 405000 | Murphy Oil USA, Inc.<sup>(c)</sup> |  | 4.7500 | 09/15/29 | 365158 |
| 650000 | NGL Energy Operating, LLC / NGL Energy Finance<sup>(b)</sup> |  | 7.5000 | 02/01/26 | 588418 |
| 425000 | NGL Energy Partners, L.P. / NGL Energy Finance<sup>(c)</sup> |  | 6.1250 | 03/01/25 | 332157 |
| 152000 | NuStar Logistics, L.P. |  | 5.7500 | 10/01/25 | 146975 |
| 379000 | NuStar Logistics, L.P. |  | 6.3750 | 10/01/30 | 352099 |
| 452000 | Oasis Petroleum, Inc.<sup>(b)(c)</sup> |  | 6.3750 | 06/01/26 | 442221 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 16.0% (Continued)** |  |  |  |  |
| 251000 | Occidental Petroleum Corporation<sup>(c)</sup> |  | 6.1250 | 01/01/31 | $252571 |
| 503000 | Occidental Petroleum Corporation |  | 6.3750 | 09/01/28 | 511650 |
| 486000 | PBF Holding Company, LLC / PBF Finance Corporation |  | 6.0000 | 02/15/28 | 442530 |
| 197000 | Rockcliff Energy II, LLC<sup>(b)</sup> |  | 5.5000 | 10/15/29 | 175944 |
| 415000 | Southwestern Energy Company<sup>(c)</sup> |  | 5.3750 | 02/01/29 | 387616 |
| 344000 | Southwestern Energy Company |  | 5.3750 | 03/15/30 | 318664 |
| 600000 | Strathcona Resources Ltd.<sup>(b)</sup> |  | 6.8750 | 08/01/26 | 506323 |
| 526000 | Venture Global Calcasieu Pass, LLC<sup>(b)</sup> |  | 3.8750 | 08/15/29 | 455093 |
| 60000 | Western Midstream Operating, L.P. |  | 4.5000 | 03/01/28 | 55132 |
|  |  |  |  |  | 15671547 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.2%** |  |  |  |  |
| 491000 | Archrock Partners, L.P. / Archrock Partners<sup>(b)</sup> |  | 6.8750 | 04/01/27 | 468306 |
| 480000 | Nabors Industries Ltd.<sup>(b)</sup> |  | 7.2500 | 01/15/26 | 464369 |
| 434000 | Nabors Industries, Inc.<sup>(b)</sup> |  | 7.3750 | 05/15/27 | 427483 |
| 510000 | USA Compression Partners, L.P. / USA Compression<sup>(c)</sup> |  | 6.8750 | 04/01/26 | 490801 |
| 337000 | Weatherford International Ltd.<sup>(b)</sup> |  | 6.5000 | 09/15/28 | 322378 |
|  |  |  |  |  | 2173337 |
|  | **PUBLISHING & BROADCASTING — 0.7%** |  |  |  |  |
| 735000 | Belo Corporation |  | 7.7500 | 06/01/27 | 721968 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |  |  |  |
| 595000 | CTR Partnership, L.P. / CareTrust Capital<sup>(b)</sup> |  | 3.8750 | 06/30/28 | 502616 |
| 650000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(b)</sup> |  | 3.3750 | 06/15/26 | 532597 |
| 302000 | Service Properties Trust |  | 5.2500 | 02/15/26 | 260000 |
| 300000 | Service Properties Trust |  | 4.7500 | 10/01/26 | 244800 |
| 46000 | Service Properties Trust |  | 5.5000 | 12/15/27 | 39631 |
| 57000 | Service Properties Trust |  | 3.9500 | 01/15/28 | 42024 |
| 165000 | Service Properties Trust |  | 4.9500 | 10/01/29 | 120020 |
| 374000 | Service Properties Trust |  | 4.3750 | 02/15/30 | 267002 |
|  |  |  |  |  | 2008690 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.5%** |  |  |  |  |
| 438000 | Kennedy-Wilson, Inc. |  | 4.7500 | 03/01/29 | 356594 |
| 119000 | Kennedy-Wilson, Inc. |  | 4.7500 | 02/01/30 | 93710 |
|  |  |  |  |  | 450304 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **REAL ESTATE SERVICES — 0.6% (Continued)** |  |  |  |  |
| 602000 | Cushman & Wakefield US Borrower, LLC<sup>(b)</sup> |  | 6.7500 | 05/15/28 | $574811 |
|  | **RENEWABLE ENERGY — 0.5%** |  |  |  |  |
| 554000 | EnerSys<sup>(b)</sup> |  | 4.3750 | 12/15/27 | 487296 |
|  | **RETAIL - CONSUMER STAPLES — 1.0%** |  |  |  |  |
| 440000 | Albertsons Companies Inc / Safeway Inc / New<sup>(b)</sup> |  | 4.6250 | 01/15/27 | 408476 |
| 600000 | Albertsons Companies Inc / Safeway Inc / New<sup>(b)</sup> |  | 5.8750 | 02/15/28 | 561732 |
|  |  |  |  |  | 970208 |
|  | **RETAIL - DISCRETIONARY — 2.1%** |  |  |  |  |
| 462000 | Carvana Company<sup>(b)</sup> |  | 5.5000 | 04/15/27 | 220798 |
| 133000 | Carvana Company<sup>(b)</sup> |  | 5.8750 | 10/01/28 | 61491 |
| 230000 | Carvana Company<sup>(b)</sup> |  | 4.8750 | 09/01/29 | 101105 |
| 195000 | Hertz Corporation (The)<sup>(b)</sup> |  | 5.0000 | 12/01/29 | 155001 |
| 575000 | Ken Garff Automotive, LLC<sup>(b)</sup> |  | 4.8750 | 09/15/28 | 478231 |
| 248000 | LBM Acquisition, LLC<sup>(b)</sup> |  | 6.2500 | 01/15/29 | 174074 |
| 600000 | Metis Merger Sub, LLC<sup>(b)</sup> |  | 6.5000 | 05/15/29 | 484733 |
| 569000 | Park River Holdings, Inc.<sup>(b)</sup> |  | 6.7500 | 08/01/29 | 375466 |
|  |  |  |  |  | 2050899 |
|  | **SEMICONDUCTORS — 0.8%** |  |  |  |  |
| 520000 | Entegris Escrow Corporation<sup>(b)</sup> |  | 5.9500 | 06/15/30 | 476303 |
| 354000 | ON Semiconductor Corporation<sup>(b)</sup> |  | 3.8750 | 09/01/28 | 311865 |
|  |  |  |  |  | 788168 |
|  | **SOFTWARE — 2.0%** |  |  |  |  |
| 335000 | Central Parent, Inc. / Central Merger Sub, Inc.<sup>(b),(c)</sup> |  | 7.2500 | 06/15/29 | 320260 |
| 800000 | Condor Merger Sub, Inc.<sup>(b),(c)</sup> |  | 7.3750 | 02/15/30 | 662985 |
| 200000 | Helios Software Holdings, Inc. / ION Corporate<sup>(b)</sup> |  | 4.6250 | 05/01/28 | 154683 |
| 164000 | NortonLifeLock, Inc.<sup>(b)</sup> |  | 6.7500 | 09/30/27 | 162526 |
| 321000 | NortonLifeLock, Inc.<sup>(b),(c)</sup> |  | 7.1250 | 09/30/30 | 316217 |
| 595000 | Rackspace Technology Global, Inc.<sup>(b)</sup> |  | 3.5000 | 02/15/28 | 394002 |
|  |  |  |  |  | 2010673 |
|  | **SPECIALTY FINANCE — 7.6%** |  |  |  |  |
| 570000 | AerCap Global Aviation Trust<sup>(b),(c),(d)</sup> | US0003M + 4.300% | 6.5000 | 06/15/45 | 521408 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 7.6% (Continued)** |  |  |  |  |
| 555000 | Alliance Data Systems Corporation<sup>(b)</sup> |  | 4.7500 | 12/15/24 | $485859 |
| 625000 | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> |  | 4.6250 | 06/15/29 | 493184 |
| 660000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.2500 | 04/15/28 | 575625 |
| 831000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | 11/01/29 | 548680 |
| 439000 | Curo Group Holdings Corporation<sup>(b)</sup> |  | 7.5000 | 08/01/28 | 260307 |
| 215000 | Enova International, Inc.<sup>(b)</sup> |  | 8.5000 | 09/01/24 | 202040 |
| 430000 | Enova International, Inc.<sup>(b)</sup> |  | 8.5000 | 09/15/25 | 386528 |
| 512000 | FirstCash, Inc.<sup>(b)</sup> |  | 4.6250 | 09/01/28 | 444849 |
| 202000 | FirstCash, Inc.<sup>(b)</sup> |  | 5.6250 | 01/01/30 | 178631 |
| 418000 | Genworth Mortgage Holdings, Inc.<sup>(b)</sup> |  | 6.5000 | 08/15/25 | 412737 |
| 324000 | goeasy Ltd.<sup>(b)</sup> |  | 4.3750 | 05/01/26 | 278353 |
| 682000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(b)</sup> |  | 4.2500 | 02/01/27 | 574683 |
| 483000 | LFS Topco, LLC<sup>(b)</sup> |  | 5.8750 | 10/15/26 | 378682 |
| 475000 | Pattern Energy Operations, L.P. / Pattern Energy<sup>(b)</sup> |  | 4.5000 | 08/15/28 | 427438 |
| 342000 | Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.<sup>(b)</sup> |  | 3.6250 | 03/01/29 | 264233 |
| 567000 | Scientific Games Holdings, L.P./Scientific Games<sup>(b)</sup> |  | 6.6250 | 03/01/30 | 488762 |
| 345000 | Starwood Property Trust, Inc. |  | 4.7500 | 03/15/25 | 324536 |
| 125000 | Starwood Property Trust, Inc.<sup>(b)</sup> |  | 3.6250 | 07/15/26 | 108945 |
| 80000 | Starwood Property Trust, Inc.<sup>(b)</sup> |  | 4.3750 | 01/15/27 | 70776 |
|  |  |  |  |  | 7426256 |
|  | **STEEL — 1.0%** |  |  |  |  |
| 433000 | Allegheny Technologies, Inc. |  | 4.8750 | 10/01/29 | 364633 |
| 287000 | Cleveland-Cliffs, Inc. |  | 6.2500 | 10/01/40 | 221392 |
| 477000 | Commercial Metals Company |  | 3.8750 | 02/15/31 | 387037 |
|  |  |  |  |  | 973062 |
|  | **TECHNOLOGY HARDWARE — 1.6%** |  |  |  |  |
| 585000 | Imola Merger Corporation<sup>(b)</sup> |  | 4.7500 | 05/15/29 | 505408 |
| 295000 | NCR Corporation<sup>(b),(c)</sup> |  | 5.1250 | 04/15/29 | 248246 |
| 405000 | Seagate HDD Cayman |  | 4.0910 | 06/01/29 | 324946 |
| 605000 | TTM Technologies, Inc.<sup>(b),(c)</sup> |  | 4.0000 | 03/01/29 | 506124 |
|  |  |  |  |  | 1584724 |
|  | **TECHNOLOGY SERVICES — 2.1%** |  |  |  |  |
| 610000 | Ahead DB Holdings, LLC<sup>(b)</sup> |  | 6.6250 | 05/01/28 | 496519 |
| 880000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 5.7500 | 05/15/28 | 700884 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 92.4% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 2.1% (Continued)** |  |  |  |  |
| 566000 | MPH Acquisition Holdings, LLC<sup>(b),(c)</sup> |  | 5.7500 | 11/01/28 | $438823 |
| 520000 | Paysafe Finance plc / Paysafe Holdings US<sup>(b),(c)</sup> |  | 4.0000 | 06/15/29 | 372557 |
|  |  |  |  |  | 2008783 |
|  | **TELECOMMUNICATIONS — 3.6%** |  |  |  |  |
| 1035000 | Altice France S.A.<sup>(b),(c)</sup> |  | 5.5000 | 10/15/29 | 791180 |
| 625000 | Cogent Communications Group, Inc.<sup>(b)</sup> |  | 7.0000 | 06/15/27 | 594768 |
| 680000 | Connect Finco S.A.RL / Connect US Finco, LLC<sup>(b)</sup> |  | 6.7500 | 10/01/26 | 640322 |
| 535000 | Hughes Satellite Systems Corporation |  | 6.6250 | 08/01/26 | 505388 |
| 690000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 7.0000 | 10/15/28 | 626254 |
| 760000 | Telesat Canada / Telesat, LLC<sup>(b)</sup> |  | 4.8750 | 06/01/27 | 335297 |
|  |  |  |  |  | 3493209 |
|  | **TRANSPORTATION & LOGISTICS — 2.4%** |  |  |  |  |
| 1081000 | American Airlines, Inc.<sup>(b),(c)</sup> |  | 11.7500 | 07/15/25 | 1183702 |
| 500000 | Cargo Aircraft Management, Inc.<sup>(b)</sup> |  | 4.7500 | 02/01/28 | 447163 |
| 271000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.3750 | 04/15/26 | 247825 |
| 510000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.6250 | 04/15/29 | 438353 |
|  |  |  |  |  | 2317043 |
|  | **WHOLESALE - CONSUMER STAPLES — 1.2%** |  |  |  |  |
| 963000 | C&S Group Enterprises, LLC<sup>(b)</sup> |  | 5.0000 | 12/15/28 | 713280 |
| 450000 | Performance Food Group, Inc.<sup>(b),(c)</sup> |  | 5.5000 | 10/15/27 | 426535 |
|  |  |  |  |  | 1139815 |
|  | **TOTAL CORPORATE BONDS (Cost $103,655,548)** |  |  |  | 90327320 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 3984330 First American Government Obligations Fund, Class Z, 2.87%<sup>(f)</sup> | $3984330 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM HIGH-YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED - 13.3%** |  |
| 12986938 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(f),(g)</sup> | $12986938 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $16,971,268)** | 16971268 |
|  | **TOTAL INVESTMENTS - 112.2% (Cost $121,823,749)** | $109616038 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.2)%** | (11892169) |
|  | **NET ASSETS - 100.0%** | $97723869 |

---

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> 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, 2022 the total market value of 144A securities is 76,437,273 or 78.2% of net assets.

 

<sup>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $12,732,323 at October 31, 2022.

 

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<sup>(e)</sup> Payment-in-kind

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

 

<sup>(g)</sup> 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

<sup>(h)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.4% of net assets. The total value of these securities is $2,317,450.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** |
| Ba3 | 16.4% | Ba1 | 5.0% |
| B1 | 16.1% | Caa1 | 4.7% |
| B2 | 15.9% | Other/Not Rated | 7.5% |
| Collateral for Securities Loaned | 11.9% | Caa2 | 2.4% |
| B3 | 9.6% | Baa3 | 0.9% |
| Ba2 | 9.4% | Caa3 | 0.2% |
|  |  | Total | **100.0%** |

---

---

| | |
|:---|:---|
| \* | Based on total value of investments as of October 31, 2022. Does not include derivative holdings. Bond Ratings provided by Moody's Ratings. |
| Percentage may differ from Schedule of Investments which is based on Fund net assets. | Percentage may differ from Schedule of Investments which is based on Fund net assets. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham International Opportunity Bond Fund (Unaudited)** |
| **Message from the Sub-Adviser (Virtus Fixed Income Advisers, LLC)** |

---

**Asset Class Recap** 

Fixed income markets across the globe declined to begin the fiscal year amid elevated inflation, the emergence of the omicron variant, and hawkish developed markets central banks, prompting interest rates to rise. The theme of rising interest rates to combat stubbornly high inflation and the uncertain impact of the conflict between Ukraine and Russia on the global economy persisted through the most recent fiscal quarter and fiscal year. Although rising interest rates in the U.S. have been top-of-mind for fixed -income investors, it is not the only marketplace that saw the adverse effects on bond prices. Overseas, central banks not only had to contend with high inflation and geopolitical tensions but also faced the surging strength of the U.S. Dollar. This forced the hand of many foreign central banks, including the European Central Bank ("ECB"), which increased rates at the fastest pace in the ECB's history, underscoring the bank's determination to control prices. ECB President Christine Lagarde acknowledged the risk that the Eurozone may be pushing into recession but expects to keep hiking interest rates since inflation remains far too high. For the fiscal year ending October 31, 2022, foreign bonds, as measured by the Bloomberg Global Bond Aggregate ex U.S. Index, declined 11.3 percent, outperforming U.S. investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, which fell 15.7 percent. The historically more volatile foreign high -yield bonds, as measured by the Bloomberg Pan- European High-Yield Total Return Index Unhedged, and emerging market debt, as measured by the Bloomberg Emerging Markets USD Aggregate Total Return Index Unhedged, also declined as they gave back 11.1percent and 21.3 percent, respectively. During the fiscal year, the strength of the U.S. Dollar was evident as it increased 15.0 percent against a broad basket of currencies, as measured by the Bloomberg Dollar Spot Index, exacerbating foreign currency losses.

**Allocation Review** 

To begin the fiscal year, the Fund held an approximate 55 percent allocation to emerging market debt and 45 percent to developed markets. The Sub-Adviser reduced the allocation to emerging market debt to approximately 51 percent during the fiscal year, with the remaining 49 percent dedicated to developed markets. Although the Sub-Adviser largely retained the emerging markets and developed markets allocations over the fiscal year, the exposures within each allocation shifted. In emerging markets, the Sub-Adviser reduced the allocation to local currency bonds and emerging market corporate but increased the exposure to emerging market government debt. Within developed markets, the Sub-Adviser added to the investment-grade corporate, government bond, and Pan-European high-yield exposure. The allocation to emerging markets debt and high-yield bonds represented the most significant allocation differences between the Fund and the benchmark index. These off-benchmark allocations represented the most significant detraction from Fund performance over the fiscal year. The Sub-Adviser also maintained an overall duration lower than the benchmark index, close to 6.9 years instead of the benchmark index duration of 8.1 years. As rates increased overall during the fiscal year, the lower duration aided the Fund's relative performance. Still, the positive impact was not enough to offset the declines in emerging markets debt and high-yield bonds.

**Holdings Insights** 

The exposure to emerging markets corporate debt was the most significant detraction from positive Fund performance over the fiscal year. The declines could largely be attributed to the Chinese housing sector. After being one of the decade's hottest bond markets, the Chinese real estate market experienced unprecedented declines. New home prices have fallen for nearly a year, even as the government has supported the industry. Numerous developers have defaulted on their debt or pushed out maturities. Two credits that were adversely affected by the weakness in this market were China SCE Group Holdings Ltd. 7.375%, Due 04/09/2024 (G21190AB2) (holding weight\*: 0.25 percent) a residential property developer, and Wanda Properties International Company Ltd. 7.25%, Due 01/29/2024 (G9429CAA8) (holding weight\*: 0.87 percent) a multinational conglomerate based in China. Over the fiscal year, China SCE declined 80.5 percent, while Wanda Properties lost 48.8 percent. Not all emerging market corporate debt detracted from performance over the fiscal year. For example, the YPF S.A. 8.5%, Due 07/28/2025 (984245AL4) (holding weight\*: 1.20 percent), an Argentinian state-owned energy company, added 1.5 percent over the fiscal year.

Unlike emerging market corporate bonds, emerging market local currency bonds aided performance. This includes the Indonesia Treasury Bond 8.25%, Due 06/15/2032 (B6W43X5) (holding weight\*: 0.14 percent) and the Brazilian Government International Bond 8.5%, Due 01/05/2024 (105756BT6) (holding weight\*: 0.07 percent). Over the fiscal year, these credits contributed to relative Fund performance as they added 10.3 percent and gave back just 1.4 percent, respectively. The relatively more defensive exposure to investment-grade corporate bonds has historically contributed during periods of higher volatility; however, the exposure's relatively higher duration caused the exposure to detract from Fund performance. Investment- grade bonds within the fund include the Deutsche Bank AG 2.129%, Due 11/24/2026 (251526CE7) (holding weight\*: 0.61 percent) and the Standard Chartered plc 3.265% Due 02/18/2036 (853254BU3) (holding weight\*: 0.31 percent). Throughout the fiscal year, the Deutsche Bank credit declined 5.9 percent, while the Standard Chartered credit gave back 13.3 percent.

Derivates within the Fund were implemented to express the views of the Sub -Adviser further and provided mixed results over the fiscal year. For example, the short positions in the CBOT 5 Year U.S. Treasury Note 12/30/2022 (FVZ2 COM) (holding notional weight\*: -4.97 percent) and the CBOT 10 Year U.S. Treasury Note 10 Year US Treasury Note 12/20/2022 (TYZ2 COM) (holding notional weight\*: -12.58 percent) contributed to Fund performance as the positions declined 4.1 percent and 5.8 percent, respectively since being added to the Fund. Conversely, the long position in the Long Gilt Future 12/28/2022 (G Z2 COM) (holding notional weight\*: 6.83 percent) detracted from Fund performance. Since being added to the Fund in August, this position declined 9.2 percent.

**Sub-Adviser Outlook** 

The Sub-Adviser is optimistic that the worst may be behind us, and central banks could slow the pace of rate rises in early 2023. Although the Sub-Adviser anticipates a recession, it believes it to be shallow and short-lived. Within the Fund, the Sub-Adviser believes international investment-grade corporate bonds may offer an attractive risk and return profile over the next 12 months as it views the asset class as reasonably priced with attractive fundamentals and valuations. The Sub-Adviser also has conviction in high-yield bonds due to their strong fundamental positions and could add to the exposure visibility if potential economic weakness becomes more clear. Despite attractive valuations, the Sub-Adviser Is less enamored with emerging markets debt as it believes the asset class face fundamental challenges and many idiosyncratic issues. The Sub-Adviser will continually monitor these issues for potential opportunities and risks on the horizon.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** |
|  |  |  | &nbsp;&nbsp;**Annualized** |
|  |  | &nbsp;&nbsp;**Annualized** | &nbsp;&nbsp;**Since Inception** |
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**(11/1/13)** |
| Class N | &nbsp;&nbsp;(20.52)% | &nbsp;&nbsp;(3.73)% | &nbsp;&nbsp;(2.65)% |
| Class A with load of 4.50% | &nbsp;&nbsp;(24.21)% | &nbsp;&nbsp;(4.85)% | &nbsp;&nbsp;(3.38)% |
| Class A without load | &nbsp;&nbsp;(20.62)% | &nbsp;&nbsp;(3.96)% | &nbsp;&nbsp;(2.88)% |
| Class C | &nbsp;&nbsp;(21.01)% | &nbsp;&nbsp;(4.43)% | &nbsp;&nbsp;(3.38)% |
| Bloomberg Global Aggregate Bond ex - US Index Hedged | &nbsp;&nbsp;(9.02)% | &nbsp;&nbsp;3.41% | &nbsp;&nbsp;2.19% |
| Morningstar Global Bond Category | &nbsp;&nbsp;(18.51)% | &nbsp;&nbsp;(2.11)% | &nbsp;&nbsp;(0.60)% |

---

(a) Total
Returns are calculated based on traded NAVs.

The Bloomberg Global ex US Aggregate Bond Index Hedged is designed to be a broad-based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States. Investors cannot invest directly in an index or benchmark.

The Morningstar Global Bond Category is generally representative of funds that invest at least 40% of bonds in foreign markets.

 

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 1.78% for Class N, 2.53% for Class C and 2.03% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 0.2%** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.2%** |  |  |  |  |
| 47,488 EUR | Bankinter FTA Series 10 A2<sup>(a)</sup> | EUR003M + 0.160% | 1.2260 | 06/21/43 | $46390 |
| 18,539 EUR | Fondo de Titulizacion de Activos Santander Series 2 A<sup>(a)</sup> | EUR003M + 0.150% | 1.5530 | 01/18/49 | 17833 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $70,204)** |  |  |  | 64223 |
|  | **CORPORATE BONDS — 65.6%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |  |
| 300,000 EUR | JAB Holdings BV |  | 1.0000 | 12/20/27 | 247611 |
|  | **AUTOMOTIVE — 4.4%** |  |  |  |  |
| 300,000 EUR | Daimler A.G. |  | 0.7500 | 02/08/30 | 246333 |
| 100,000 EUR | Dana Financing Luxembourg Sarl |  | 3.0000 | 07/15/29 | 79047 |
| 250,000 EUR | Faurecia S.E. |  | 2.3750 | 06/15/27 | 203348 |
| 120,000 EUR | Grupo Antolin-Irausa S.A. |  | 3.5000 | 04/30/28 | 80211 |
| 200,000 USD | Hyundai Capital America<sup>(b)</sup> |  | 3.0000 | 02/10/27 | 173916 |
| 210,000 EUR | Jaguar Land Rover Automotive plc |  | 5.8750 | 11/15/24 | 197436 |
| 325,000 USD | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 1.8500 | 09/16/26 | 255156 |
| 58,000 USD | Uzauto Motors AJ<sup>(b)</sup> |  | 4.8500 | 05/04/26 | 42920 |
| 200,000 EUR | Volkswagen International Finance N.V. |  | 1.8750 | 03/30/27 | 180241 |
| 100,000 EUR | ZF Finance GmbH |  | 3.7500 | 09/21/28 | 81557 |
|  |  |  |  |  | 1540165 |
|  | **BANKING — 6.2%** |  |  |  |  |
| 250,000 EUR | AIB Group plc |  | 2.2500 | 07/03/25 | 232839 |
| 300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. |  | 3.5000 | 02/10/27 | 285120 |
| 358,000 USD | Banco Mercantil del Norte S.A.<sup>(b),(a)</sup> | H15T5Y + 4.967% | 6.7500 | 09/27/68 | 329664 |
| 350,000 USD | Barclays plc<sup>(i)</sup> |  | 4.8360 | 05/09/28 | 296833 |
| 225,000 EUR | Cooperatieve Rabobank UA |  | 1.3750 | 02/03/27 | 205504 |
| 250,000 USD | Danske Bank A/S<sup>(b),(a)</sup> | H15T1Y + 1.350% | 1.6210 | 09/11/26 | 212544 |
| 250,000 USD | Deutsche Bank AG/New York NY<sup>(a)</sup> | SOFRRATE + 1.870% | 2.1290 | 11/24/26 | 210267 |
| 100,000 USD | HSBC Holdings PLC<sup>(a)</sup> | SOFRRATE + 1.290% | 1.5890 | 05/24/27 | 82243 |
| 250,000 EUR | Natwest Group plc<sup>(a)</sup> | EUR003M + 1.080% | 1.7500 | 03/02/26 | 230899 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.6% (Continued)** |  |  |  |  |
|  | **BANKING — 6.2% (Continued)** |  |  |  |  |
| 150,000 USD | Standard Chartered plc<sup>(b),(a)</sup> | H15T5Y + 2.300% | 3.2650 | 02/18/36 | $104639 |
|  |  |  |  |  | 2190552 |
|  | **BIOTECH & PHARMA — 2.2%** |  |  |  |  |
| 300,000 EUR | Bayer A.G. |  | 1.3750 | 07/06/32 | 224194 |
| 250,000 GBP | GlaxoSmithKline Capital plc |  | 1.2500 | 10/12/28 | 231917 |
| 100,000 EUR | Grifols S.A. |  | 2.2500 | 11/15/27 | 81878 |
| 300,000 EUR | Mylan N.V. |  | 3.1250 | 11/22/28 | 259621 |
|  |  |  |  |  | 797610 |
|  | **CABLE & SATELLITE — 1.2%** |  |  |  |  |
| 100,000 EUR | United Group BV |  | 3.1250 | 02/15/26 | 77369 |
| 200,000 EUR | UPCB Finance VII Ltd. |  | 3.6250 | 06/15/29 | 167971 |
| 100,000 EUR | Ziggo Bond Company BV<sup>(b)</sup> |  | 3.3750 | 02/28/30 | 73178 |
| 100,000 EUR | Ziggo BV |  | 2.8750 | 01/15/30 | 77653 |
|  |  |  |  |  | 396171 |
|  | **CHEMICALS — 2.0%** |  |  |  |  |
| 469,000 USD | Braskem Idesa S.A.PI<sup>(b)</sup> |  | 6.9900 | 02/20/32 | 314837 |
| 100,000 EUR | INEOS Quattro Finance 1 plc |  | 3.7500 | 07/15/26 | 78049 |
| 190,000 EUR | INEOS Quattro Finance 1 plc<sup>(b)</sup> |  | 3.7500 | 07/15/26 | 148294 |
| 200,000 EUR | Nobian Finance BV<sup>(b)</sup> |  | 3.6250 | 07/15/26 | 151638 |
|  |  |  |  |  | 692818 |
|  | **CONSTRUCTION MATERIALS — 0.6%** |  |  |  |  |
| 264,000 USD | Cemex S.A.B. de C.V.<sup>(b),(a)</sup> | H15T5Y + 4.534% | 5.1250 | 09/08/69 | 218460 |
|  | **CONTAINERS & PACKAGING — 1.4%** |  |  |  |  |
| 200,000 EUR | Ardagh Metal Packaging Finance USA, LLC / Ardagh |  | 3.0000 | 09/01/29 | 141879 |
| 200,000 GBP | Ardagh Packaging Finance plc / Ardagh Holdings |  | 4.7500 | 07/15/27 | 150469 |
| 200,000 EUR | Trivium Packaging Finance BV |  | 3.7500 | 08/15/26 | 178210 |
|  |  |  |  |  | 470558 |
|  | **ELEC & GAS MARKETING & TRADING — 0.6%** |  |  |  |  |
| 250,000 EUR | Orsted A/S |  | 1.5000 | 11/26/29 | 215695 |
|  | **ELECTRIC UTILITIES — 7.0%** |  |  |  |  |
| 23,000 USD | Comision Federal de Electricidad<sup>(b)</sup> |  | 4.6880 | 05/15/29 | 19492 |
| 250,000 USD | Electricite de France S.A.<sup>(b)</sup> |  | 4.5000 | 09/21/28 | 226082 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.6% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 7.0% (Continued)** |  |  |  |  |
| 250,000 USD | Enel Finance International N.V.<sup>(b)</sup> |  | 5.5000 | 06/15/52 | $180548 |
| 610,000 USD | Eskom Holdings SOC Ltd.<sup>(b)</sup> |  | 6.7500 | 08/06/23 | 598706 |
| 95,000 USD | Eskom Holdings SOC Ltd.<sup>(b)</sup> |  | 7.1250 | 02/11/25 | 89139 |
| 158,000 USD | Eskom Holdings SOC Ltd.<sup>(b)</sup> |  | 8.4500 | 08/10/28 | 139120 |
| 301,780 USD | Greenko Dutch BV<sup>(b)</sup> |  | 3.8500 | 03/29/26 | 236898 |
| 200,000 EUR | Iberdrola Finanzas S.A. |  | 1.0000 | 03/07/25 | 188975 |
| 180,000 USD | Inkia Energy Ltd.<sup>(b)</sup> |  | 5.8750 | 11/09/27 | 160630 |
| 250,000 EUR | innogy Finance BV |  | 1.0000 | 04/13/25 | 234062 |
| 7,000 USD | Minejesa Capital BV<sup>(b)</sup> |  | 5.6250 | 08/10/37 | 4497 |
| 300,000 EUR | Naturgy Finance BV |  | 1.5000 | 01/29/28 | 261391 |
| 8,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 3.3750 | 02/05/30 | 6333 |
| 33,000 USD | Star Energy Geothermal Darajat II / Star Energy<sup>(b)</sup> |  | 4.8500 | 10/14/38 | 24614 |
|  |  |  |  |  | 2370487 |
|  | **ELECTRICAL EQUIPMENT — 1.4%** |  |  |  |  |
| 300,000 GBP | Siemens Financieringsmaatschappij N.V. |  | 1.0000 | 02/20/25 | 317481 |
| 200,000 EUR | Vertical Midco GmbH |  | 4.3750 | 07/15/27 | 168006 |
|  |  |  |  |  | 485487 |
|  | **ENGINEERING & CONSTRUCTION — 1.4%** |  |  |  |  |
| 563,000 USD | IHS Holding Ltd.<sup>(b)</sup> |  | 6.2500 | 11/29/28 | 410314 |
| 98,000 USD | IHS Netherlands Holdco BV<sup>(b)</sup> |  | 8.0000 | 09/18/27 | 76606 |
|  |  |  |  |  | 486920 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 185,000 EUR | Banijay Group S.A.S |  | 6.5000 | 03/01/26 | 170273 |
|  | **FOOD — 1.2%** |  |  |  |  |
| 66,000 USD | Adecoagro S.A.<sup>(b)(i)</sup> |  | 6.0000 | 09/21/27 | 59826 |
| 445,000 USD | Minerva Luxembourg S.A.<sup>(b)</sup> |  | 4.3750 | 03/18/31 | 338730 |
|  |  |  |  |  | 398556 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.2%** |  |  |  |  |
| 100,000 EUR | WEPA Hygieneprodukte GmbH |  | 2.8750 | 12/15/27 | 73220 |
|  | **HOUSEHOLD PRODUCTS — 0.4%** |  |  |  |  |
| 100,000 EUR | Energizer Gamma Acquisition BV<sup>(b)</sup> |  | 3.5000 | 06/30/29 | 72757 |
| 110,000 EUR | Energizer Gamma Acquisition BV |  | 3.5000 | 06/30/29 | 80033 |
|  |  |  |  |  | 152790 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.6% (Continued)** |  |  |  |  |
|  | **INDUSTRIAL INTERMEDIATE PROD — 1.4%** |  |  |  |  |
| 551,000 USD | HTA Group Ltd./Mauritius<sup>(b)</sup> |  | 7.0000 | 12/18/25 | $486257 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.7%** |  |  |  |  |
| 210,000 EUR | Loxam S.A.S |  | 3.7500 | 07/15/26 | 181516 |
| 87,920 EUR | Techem Verwaltungsgesellschaft 674 mbH |  | 6.0000 | 07/30/26 | 81537 |
|  |  |  |  |  | 263053 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.8%** |  |  |  |  |
| 250,000 USD | Credit Suisse Group A.G.<sup>(b),(a)</sup> | SOFRRATE + 0.980% | 1.3050 | 02/02/27 | 198664 |
| 75,000 USD | Nomura Holdings, Inc. |  | 2.7100 | 01/22/29 | 60306 |
|  |  |  |  |  | 258970 |
|  | **INSURANCE — 1.1%** |  |  |  |  |
| 200,000 EUR | Allianz S.E.<sup>(a)</sup> | EUR003M + 3.350% | 3.0990 | 07/06/47 | 181053 |
| 250,000 EUR | NN Group N.V. |  | 1.6250 | 06/01/27 | 224488 |
|  |  |  |  |  | 405541 |
|  | **INTERNET MEDIA & SERVICES — 0.0%<sup>(c)</sup>** |  |  |  |  |
| 10,000 USD | Prosus N.V.<sup>(b)</sup> |  | 3.0610 | 07/13/31 | 6720 |
|  | **LEISURE FACILITIES & SERVICES — 1.9%** |  |  |  |  |
| 215,000 EUR | Carnival Corporation |  | 7.6250 | 03/01/26 | 155589 |
| 100,000 EUR | Gamma Bidco SpA<sup>(b)</sup> |  | 5.1250 | 07/15/25 | 92250 |
| 100,000 EUR | Gamma Bidco SpA |  | 6.2500 | 07/15/25 | 94031 |
| 140,000 GBP | Stonegate Pub Company Financing 2019 plc<sup>(b)</sup> |  | 8.2500 | 07/31/25 | 145758 |
| 200,000 USD | Studio City Company Ltd. |  | 7.0000 | 02/15/27 | 159136 |
| 73,000 USD | Studio City Finance Ltd.<sup>(b)</sup> |  | 6.0000 | 07/15/25 | 35107 |
|  |  |  |  |  | 681871 |
|  | **MACHINERY — 0.5%** |  |  |  |  |
| 180,000 EUR | Renk A.G./Frankfurt am Main |  | 5.7500 | 07/15/25 | 160704 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.6%** |  |  |  |  |
| 300,000 EUR | Medtronic Global Holdings SCA |  | 0.7500 | 10/15/32 | 224322 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.6% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 1.4%** |  |  |  |  |
| 10,000 USD | Corp Nacional del Cobre de Chile |  | 3.0000 | 09/30/29 | $8343 |
| 71,000 USD | First Quantum Minerals Ltd.<sup>(b)</sup> |  | 6.8750 | 03/01/26 | 66805 |
| 7,000 USD | Freeport Indonesia PT<sup>(b)</sup> |  | 6.2000 | 04/14/52 | 5293 |
| 300,000 EUR | Glencore Capital Finance DAC |  | 1.1250 | 03/10/28 | 241688 |
| 20,000 USD | Indika Energy Capital IV Pte Ltd.<sup>(b)</sup> |  | 8.2500 | 10/22/25 | 18896 |
| 88,000 USD | Indika Energy Capital IV Pte Ltd. |  | 8.2500 | 10/22/25 | 83141 |
| 26,000 USD | Indonesia Asahan Aluminium Persero PT<sup>(b)</sup> |  | 5.8000 | 05/15/50 | 18822 |
| 63,000 USD | Vedanta Resources Finance II plc<sup>(b)</sup> |  | 8.9500 | 03/11/25 | 39859 |
|  |  |  |  |  | 482847 |
|  | **OIL & GAS PRODUCERS — 10.1%** |  |  |  |  |
| 68,000 USD | AI Candelaria Spain S.A.<sup>(b)</sup> |  | 5.7500 | 06/15/33 | 44345 |
| 54,000 USD | AI Candelaria Spain SLU<sup>(b)</sup> |  | 7.5000 | 12/15/28 | 45580 |
| 175,000 USD | Cenovus Energy, Inc. <sup>(i)</sup> |  | 6.7500 | 11/15/39 | 172034 |
| 350,000 USD | Ecopetrol S.A. |  | 5.8750 | 05/28/45 | 213770 |
| 200,000 EUR | eG Global Finance plc |  | 6.2500 | 10/30/25 | 171667 |
| 97,000 USD | Geopark Ltd.<sup>(b)</sup> |  | 5.5000 | 01/17/27 | 78862 |
| 176,000 USD | Gran Tierra Energy International Holdings Ltd.<sup>(b)</sup> |  | 6.2500 | 02/15/25 | 150045 |
| 42,000 USD | Gran Tierra Energy, Inc.<sup>(b)</sup> |  | 7.7500 | 05/23/27 | 32574 |
| 54,000 USD | KazMunayGas National Company JSC<sup>(b)</sup> |  | 5.7500 | 04/19/47 | 37403 |
| 300,000 USD | Kosmos Energy Ltd. |  | 7.7500 | 05/01/27 | 242718 |
| 330,000 USD | MC Brazil Downstream Trading S.A.RL |  | 7.2500 | 06/30/31 | 252694 |
| 19,000 USD | Petroleos del Peru S.A. |  | 4.7500 | 06/19/32 | 14045 |
| 170,000 USD | Petroleos del Peru S.A. |  | 5.6250 | 06/19/47 | 107647 |
| 67,000 USD | Petroleos Mexicanos |  | 6.5000 | 01/23/29 | 54301 |
| 53,000 USD | Petroleos Mexicanos |  | 6.8400 | 01/23/30 | 42392 |
| 329,000 USD | Petroleos Mexicanos |  | 6.7000 | 02/16/32 | 249353 |
| 82,000 USD | Petroleos Mexicanos |  | 6.6250 | 06/15/35 | 57083 |
| 13,000 USD | Petroleos Mexicanos |  | 6.6250 | 06/15/38 | 8528 |
| 205,000 USD | Petroleos Mexicanos |  | 7.6900 | 01/23/50 | 133909 |
| 462,000 USD | SierraCol Energy Andina, LLC<sup>(b)</sup> |  | 6.0000 | 06/15/28 | 306015 |
| 673,000 USD | Tullow Oil plc<sup>(b)</sup> |  | 7.0000 | 03/01/25 | 438951 |
| 305,000 USD | Tullow Oil plc<sup>(b)</sup> |  | 10.2500 | 05/15/26 | 260735 |
| 569,000 USD | YPF S.A.<sup>(b)</sup> |  | 8.5000 | 07/28/25 | 410949 |
|  |  |  |  |  | 3525600 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.6% (Continued)** |  |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.9%** |  |  |  |  |
| 362,700 USD | Poinsettia Finance Ltd. |  | 6.6250 | 06/17/31 | $312308 |
|  | **PUBLISHING & BROADCASTING — 0.7%** |  |  |  |  |
| 250,000 EUR | Informa plc |  | 2.1250 | 10/06/25 | 231738 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 3.7%** |  |  |  |  |
| 636,000 USD | China SCE Group Holdings Ltd. |  | 7.3750 | 04/09/24 | 85860 |
| 700,000 USD | China SCE Group Holdings Ltd. |  | 7.0000 | 05/02/25 | 52500 |
| 330,000 USD | MAF Global Securities Ltd.<sup>(a)</sup> | H15T5Y + 3.539% | 6.3750 | 09/20/70 | 304195 |
| 300,000 USD | Theta Capital Pte Ltd. |  | 8.1250 | 01/22/25 | 205800 |
| 250,000 USD | Theta Capital Pte Ltd. |  | 6.7500 | 10/31/26 | 139625 |
| 700,000 USD | Wanda Properties International Company Ltd. |  | 7.2500 | 01/29/24 | 297500 |
| 200,000 USD | Wanda Properties Overseas Ltd. |  | 6.9500 | 12/05/22 | 188000 |
|  |  |  |  |  | 1273480 |
|  | **REIT — 0.7%** |  |  |  |  |
| 400,000 USD | LMIRT Capital Pte Ltd. |  | 7.2500 | 06/19/24 | 250000 |
|  | **RENEWABLE ENERGY — 1.1%** |  |  |  |  |
| 439,000 USD | Aydem Yenilenebilir Enerji A/S<sup>(b)</sup> |  | 7.7500 | 02/02/27 | 329382 |
| 80,000 USD | Investment Energy Resources Ltd.<sup>(b)</sup> |  | 6.2500 | 04/26/29 | 67514 |
|  |  |  |  |  | 396896 |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |  |
| 100,000 GBP | Bellis Acquisition Company plc<sup>(b)</sup> |  | 3.2500 | 02/16/26 | 93740 |
| 100,000 GBP | Bellis Finco plc<sup>(b)</sup> |  | 4.0000 | 02/16/27 | 80647 |
|  |  |  |  |  | 174387 |
|  | **SEMICONDUCTORS — 0.4%** |  |  |  |  |
| 150,000 USD | TSMC Arizona Corporation |  | 4.5000 | 04/22/52 | 123254 |
|  | **SPECIALTY FINANCE — 0.2%** |  |  |  |  |
| 184,000 USD | Studio City Finance Ltd.<sup>(b)</sup> |  | 6.5000 | 01/15/28 | 77369 |
|  | **STEEL — 1.0%** |  |  |  |  |
| 870,000 USD | Metinvest BV<sup>(b)</sup> |  | 7.7500 | 10/17/29 | 359746 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 65.6% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 3.4%** |  |  |  |  |
| 100,000 EUR | Altice France Holding S.A.<sup>(b)</sup> |  | 8.0000 | 05/15/27 | $72367 |
| 100,000 EUR | Altice France S.A.<sup>(b)</sup> |  | 2.1250 | 02/15/25 | 87388 |
| 219,000 USD | Digicel International Finance Ltd./Digicel<sup>(b)</sup> |  | 8.7500 | 05/25/24 | 187386 |
| 40,500 USD | Millicom International Cellular S.A.<sup>(b)</sup> |  | 5.1250 | 01/15/28 | 34596 |
| 270,000 USD | Network i2i Ltd.<sup>(a)</sup> | H15T5Y + 4.274% | 5.6500 | 04/15/71 | 238235 |
| 300,000 EUR | Orange S.A. |  | 2.0000 | 01/15/29 | 275617 |
| 210,000 EUR | SoftBank Group Corporation |  | 2.8750 | 01/06/27 | 168455 |
| 250,000 USD | VF Ukraine PAT via VFU Funding plc<sup>(b)</sup> |  | 6.2000 | 02/11/25 | 132500 |
|  |  |  |  |  | 1196544 |
|  | **TRANSPORTATION & LOGISTICS — 3.1%** |  |  |  |  |
| 200,000 EUR | Abertis Infraestructuras S.A. |  | 2.3750 | 09/27/27 | 180569 |
| 6,000 USD | DP World plc<sup>(b)</sup> |  | 4.7000 | 09/30/49 | 4298 |
| 662,000 USD | Gol Finance S.A.<sup>(b)</sup> |  | 7.0000 | 01/31/25 | 286113 |
| 300,000 USD | Gol Finance S.A.<sup>(b)</sup> |  | 8.0000 | 06/30/26 | 179072 |
| 100,000 GBP | Heathrow Funding Ltd. |  | 7.1250 | 02/14/24 | 114412 |
| 200,000 EUR | International Consolidated Airlines Group S.A. |  | 3.7500 | 03/25/29 | 147698 |
| 218,000 USD | Simpar Europe S.A.<sup>(b)</sup> |  | 5.2000 | 01/26/31 | 158004 |
|  |  |  |  |  | 1070166 |
|  | **TOTAL CORPORATE BONDS (Cost $31,382,102)** |  |  |  | 22869146 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8%** |  |  |  |  |
|  | **GOVERNMENT GUARANTEED — 0.1%** |  |  |  |  |
| 33,600 USD | Brazil Minas SPE via State of Minas Gerais<sup>(b)</sup> |  | 5.3330 | 02/15/28 | 32354 |
|  | **GOVERNMENT OWNED, NO GUARANTEE — 0.3%** |  |  |  |  |
| 165,000 USD | Gabon Government International Bond<sup>(b)</sup> |  | 7.0000 | 11/24/31 | 116003 |
|  | **LOCAL AUTHORITY — 0.7%** |  |  |  |  |
| 150,000 CAD | Province of British Columbia Canada |  | 3.2000 | 06/18/44 | 91991 |
| 250,000 CAD | Province of Ontario Canada |  | 2.8000 | 06/02/48 | 139270 |
|  |  |  |  |  | 231261 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |  |
|  | **NON U.S. TREASURY — 10.7%** |  |  |  |  |
| 860,000 AUD | Australia Government Bond |  | 1.2500 | 05/21/32 | $440867 |
| 20,000,000 CLP | Bonos de la Tesoreria de la Republica en pesos |  | 4.5000 | 03/01/26 | 19823 |
| 550,000 CAD | Canadian Government Bond |  | 2.2500 | 06/01/29 | 379817 |
| 279,300,000 COP | Colombian TES |  | 6.0000 | 04/28/28 | 40410 |
| 1,426,000,000 IDR | Indonesia Treasury Bond |  | 7.0000 | 09/15/30 | 88483 |
| 710,000,000 IDR | Indonesia Treasury Bond |  | 8.2500 | 06/15/32 | 47732 |
| 76,000 EUR | Ireland Government Bond |  | 5.4000 | 03/13/25 | 80815 |
| 50,000 EUR | Ireland Government Bond |  | 0.9000 | 05/15/28 | 45829 |
| 130,000 EUR | Ireland Government Bond |  | 1.3000 | 05/15/33 | 112405 |
| 240,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 4.5000 | 03/01/24 | 242821 |
| 750,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 2.8000 | 12/01/28 | 706755 |
| 640,000 EUR | Italy Buoni Poliennali Del Tesoro<sup>(b)</sup> |  | 2.4500 | 09/01/33 | 530513 |
| 180,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 5.0000 | 08/01/39 | 189329 |
| 235,000 EUR | Italy Buoni Poliennali Del Tesoro |  | 5.0000 | 09/01/40 | 247447 |
| 2,420,000 MXN | Mexican Bonos |  | 7.7500 | 11/13/42 | 98599 |
| 430,000 RON | Romania Government Bond |  | 5.0000 | 02/12/29 | 69691 |
| 100,000 RON | Romania Government Bond |  | 3.6500 | 09/24/31 | 13718 |
| 170,000 EUR | Spain Government Bond |  | 4.2000 | 01/31/37 | 182837 |
| 250,000 EUR | Spain Government Bond |  | 2.7000 | 10/31/48 | 209334 |
|  |  |  |  |  | 3747225 |
|  | **SOVEREIGN — 14.5%** |  |  |  |  |
| 64,000 USD | Angolan Government International Bond<sup>(b)</sup> |  | 8.2500 | 05/09/28 | 54128 |
| 337,000 USD | Angolan Government International Bond<sup>(b)</sup> |  | 8.7500 | 04/14/32 | 272933 |
| 38,000 USD | Angolan Government International Bond<sup>(b)</sup> |  | 9.1250 | 11/26/49 | 28800 |
| 133,000 USD | Argentine Republic Government International Bond<sup>(e)</sup> |  | 0.5000 | 07/09/30 | 28345 |
| 878,000 USD | Argentine Republic Government International Bond<sup>(e)</sup> |  | 1.5000 | 07/09/35 | 175337 |
| 76,000 USD | Argentine Republic Government International Bond<sup>(e)</sup> |  | 3.5000 | 07/09/41 | 18280 |
| 200,000 EUR | Banque Centrale de Tunisie International Bond |  | 5.6250 | 02/17/24 | 146643 |
| 200,000 EUR | Benin Government International Bond<sup>(b)</sup> |  | 4.8750 | 01/19/32 | 135973 |
| 140,000 BRL | Brazilian Government International Bond |  | 8.5000 | 01/05/24 | 25567 |
| 550,000 BRL | Brazilian Government International Bond |  | 10.2500 | 01/10/28 | 99221 |
| 45,000 USD | Brazilian Government International Bond |  | 4.6250 | 01/13/28 | 42319 |
| 82,000 USD | Brazilian Government International Bond |  | 4.5000 | 05/30/29 | 73811 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 14.5% (Continued)** |  |  |  |  |
| 25,000 USD | Chile Government International Bond |  | 2.4500 | 01/31/31 | $20051 |
| 4,000 USD | Chile Government International Bond |  | 3.1000 | 05/07/41 | 2647 |
| 3,000 USD | Chile Government International Bond |  | 4.3400 | 03/07/42 | 2321 |
| 100,000 EUR | Colombia Government International Bond |  | 3.8750 | 03/22/26 | 89499 |
| 127,000 USD | Colombia Government International Bond<sup>(i)</sup> |  | 3.0000 | 01/30/30 | 89888 |
| 12,000 USD | Colombia Government International Bond |  | 7.3750 | 09/18/37 | 10153 |
| 18,000 USD | Colombia Government International Bond |  | 6.1250 | 01/18/41 | 12884 |
| 66,000 USD | Colombia Government International Bond |  | 5.6250 | 02/26/44 | 43092 |
| 11,000 USD | Colombia Government International Bond |  | 5.0000 | 06/15/45 | 6734 |
| 37,000 USD | Colombia Government International Bond |  | 4.1250 | 05/15/51 | 19737 |
| 224,000 USD | Dominican Republic International Bond<sup>(b)(i)</sup> |  | 4.8750 | 09/23/32 | 173444 |
| 45,000 USD | Dominican Republic International Bond<sup>(b)</sup> |  | 6.0000 | 02/22/33 | 37865 |
| 19,000 USD | Dominican Republic International Bond |  | 5.3000 | 01/21/41 | 13163 |
| 82,000 USD | Dominican Republic International Bond<sup>(b)</sup> |  | 7.4500 | 04/30/44 | 69082 |
| 95,000 USD | Dominican Republic International Bond |  | 6.4000 | 06/05/49 | 68805 |
| 35,000 USD | Dominican Republic International Bond |  | 5.8750 | 01/30/60 | 23193 |
| 45,000 USD | Dominican Republic International Bond<sup>(b)</sup> |  | 5.8750 | 01/30/60 | 29819 |
| 52,074 USD | Ecuador Government International Bond<sup>(b),(e)</sup> |  |  | 07/31/30 | 16447 |
| 260,000 USD | Ecuador Government International Bond<sup>(b),(d)</sup> |  | 5.5000 | 07/31/30 | 139349 |
| 25,000 USD | Ecuador Government International Bond<sup>(d)</sup> |  | 5.5000 | 07/31/30 | 13399 |
| 34,060 USD | Ecuador Government International Bond<sup>(b),(d)</sup> |  | 2.5000 | 07/31/35 | 12619 |
| 198,000 USD | Ecuador Government International Bond<sup>(d)</sup> |  | 2.5000 | 07/31/35 | 73358 |
| 23,000 USD | Ecuador Government International Bond<sup>(d)</sup> |  | 0.5000 | 07/31/40 | 7680 |
| 34,000 USD | Ecuador Government International Bond<sup>(b),(d)</sup> |  | 1.5000 | 07/31/40 | 11353 |
| 94,000 USD | Egypt Government International Bond<sup>(b)</sup> |  | 5.2500 | 10/06/25 | 78518 |
| 100,000 EUR | Egypt Government International Bond |  | 4.7500 | 04/16/26 | 75121 |
| 51,000 USD | Egypt Government International Bond<sup>(b)</sup> |  | 7.6000 | 03/01/29 | 36763 |
| 200,000 EUR | Egypt Government International Bond<sup>(b)</sup> |  | 6.3750 | 04/11/31 | 119952 |
| 101,000 USD | Egypt Government International Bond<sup>(b)</sup> |  | 7.0530 | 01/15/32 | 64370 |
| 80,000 USD | Egypt Government International Bond<sup>(b)</sup> |  | 8.5000 | 01/31/47 | 47448 |
| 60,000 USD | Egypt Government International Bond<sup>(b)</sup> |  | 7.9030 | 02/21/48 | 34018 |
| 151,000 USD | Egypt Government International Bond<sup>(b)</sup> |  | 8.8750 | 05/29/50 | 90201 |
| 13,000 USD | El Salvador Government International Bond |  | 8.6250 | 02/28/29 | 5331 |
| 72,000 USD | El Salvador Government International Bond |  | 8.2500 | 04/10/32 | 29694 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 14.5% (Continued)** |  |  |  |  |
| 97,000 USD | El Salvador Government International Bond |  | 7.6250 | 02/01/41 | $35286 |
| 71,000 USD | Ethiopia International Bond<sup>(b)</sup> |  | 6.6250 | 12/11/24 | 36970 |
| 87,000 USD | Finance Department Government of Sharjah<sup>(b)</sup> |  | 4.0000 | 07/28/50 | 50534 |
| 37,000 USD | Gabon Government International Bond<sup>(b)</sup> |  | 6.3750 | 12/12/24 | 34161 |
| 17,000 USD | Ghana Government International Bond<sup>(b)</sup> |  | 6.3750 | 02/11/27 | 5242 |
| 103,000 USD | Ghana Government International Bond<sup>(b)</sup> |  | 7.7500 | 04/07/29 | 30328 |
| 55,000 USD | Ghana Government International Bond<sup>(b)</sup> |  | 10.7500 | 10/14/30 | 36161 |
| 32,000 USD | Ghana Government International Bond<sup>(b)</sup> |  | 7.8750 | 02/11/35 | 9182 |
| 63,000 USD | Ghana Government International Bond<sup>(b)</sup> |  | 8.6270 | 06/16/49 | 17700 |
| 18,000 USD | Indonesia Government International Bond |  | 4.7500 | 07/18/47 | 15035 |
| 6,000 USD | Indonesia Government International Bond |  | 4.2000 | 10/15/50 | 4544 |
| 123,000 EUR | Ivory Coast Government International Bond<sup>(b)</sup> |  | 5.8750 | 10/17/31 | 92627 |
| 2,000 USD | Kazakhstan Government International Bond<sup>(b)</sup> |  | 4.8750 | 10/14/44 | 1537 |
| 21,000 USD | Kazakhstan Government International Bond<sup>(b)</sup> |  | 6.5000 | 07/21/45 | 18686 |
| 283,000 USD | Kenya Government International Bond<sup>(b)</sup> |  | 8.0000 | 05/22/32 | 199162 |
| 689,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.1000 | 10/04/22 | 43923 |
| 66,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.3750 | 03/09/23 | 4088 |
| 630,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 8.2500 | 04/12/23 | 40163 |
| 72,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.4000 | 05/26/23 | 4566 |
| 317,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.1500 | 06/19/23 | 19296 |
| 56,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.7500 | 11/29/27 | 3539 |
| 81,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.8500 | 05/25/29 | 5128 |
| 175,000 USD | Lebanon Government International Bond<sup>(f)</sup> |  | 6.6500 | 02/26/30 | 10960 |
| 17,000 USD | Mexico Government International Bond |  | 4.7500 | 04/27/32 | 15445 |
| 29,000 USD | Mexico Government International Bond |  | 4.8750 | 05/19/33 | 25674 |
| 20,000 USD | Mexico Government International Bond |  | 3.7710 | 05/24/61 | 11797 |
| 200,000 USD | Mozambique International Bond<sup>(b),(e)</sup> |  | 5.0000 | 09/15/31 | 136836 |
| 5,000 USD | Nigeria Government International Bond<sup>(b)</sup> |  | 8.3750 | 03/24/29 | 3632 |
| 190,000 USD | Nigeria Government International Bond<sup>(b)</sup> |  | 7.8750 | 02/16/32 | 123006 |
| 21,000 USD | Nigeria Government International Bond<sup>(b)</sup> |  | 7.3750 | 09/28/33 | 12747 |
| 34,000 USD | Nigeria Government International Bond<sup>(b)</sup> |  | 7.6250 | 11/28/47 | 19427 |
| 200,000 USD | Nigeria Government International Bond |  | 7.6250 | 11/28/47 | 114276 |
| 243,000 USD | Nigeria Government International Bond<sup>(b)</sup> |  | 8.2500 | 09/28/51 | 141640 |
| 305,000 USD | Pakistan Government International Bond<sup>(b)(i)</sup> |  | 6.0000 | 04/08/26 | 101413 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 14.5% (Continued)** |  |  |  |  |
| 81,000 USD | Panama Government International Bond |  | 2.2520 | 09/29/32 | $56976 |
| 6,000 USD | Panama Government International Bond |  | 4.5000 | 04/01/56 | 3989 |
| 77,000 USD | Papua New Guinea Government International Bond<sup>(b)</sup> |  | 8.3750 | 10/04/28 | 60033 |
| 28,000 USD | Philippine Government International Bond |  | 2.4570 | 05/05/30 | 23167 |
| 20,000 USD | Qatar Government International Bond<sup>(b)</sup> |  | 3.7500 | 04/16/30 | 18632 |
| 13,000 USD | Qatar Government International Bond<sup>(b)</sup> |  | 4.4000 | 04/16/50 | 10959 |
| 19,692 USD | Republic of Angola Via Avenir II BV<sup>(a)</sup> | US0006M + 7.500% | 10.4470 | 07/01/23 | 19791 |
| 186,429 USD | Republic of Angola Via Avenir Issuer II Ireland |  | 6.9270 | 02/19/27 | 167786 |
| 27,000 USD | Republic of Kenya Government International Bond<sup>(b)</sup> |  | 6.8750 | 06/24/24 | 23666 |
| 2,444,000 ZAR | Republic of South Africa Government Bond |  | 8.5000 | 01/31/37 | 102474 |
| 64,000 USD | Republic of South Africa Government International |  | 5.8750 | 04/20/32 | 54938 |
| 21,000 USD | Republic of South Africa Government International |  | 5.7500 | 09/30/49 | 14026 |
| 43,000 USD | Republic of South Africa Government International |  | 7.3000 | 04/20/52 | 33841 |
| 7,000 EUR | Romanian Government International Bond |  | 3.6240 | 05/26/30 | 5446 |
| 29,000 EUR | Romanian Government International Bond<sup>(b)</sup> |  | 2.1240 | 07/16/31 | 19353 |
| 4,000 EUR | Romanian Government International Bond |  | 4.1250 | 03/11/39 | 2628 |
| 10,000 EUR | Romanian Government International Bond<sup>(b)</sup> |  | 2.8750 | 04/13/42 | 5236 |
| 2,000 EUR | Romanian Government International Bond |  | 2.8750 | 04/13/42 | 1047 |
| 25,000 EUR | Romanian Government International Bond<sup>(b)</sup> |  | 4.6250 | 04/03/49 | 16213 |
| 12,000 USD | Saudi Government International Bond<sup>(b)</sup> |  | 5.5000 | 10/25/32 | 12173 |
| 35,000 USD | Saudi Government International Bond<sup>(b)</sup> |  | 2.2500 | 02/02/33 | 26938 |
| 2,000 USD | Saudi Government International Bond<sup>(b)</sup> |  | 4.6250 | 10/04/47 | 1614 |
| 127,000 EUR | Senegal Government International Bond |  | 4.7500 | 03/13/28 | 102907 |
| 111,000 EUR | Senegal Government International Bond<sup>(b)</sup> |  | 4.7500 | 03/13/28 | 89943 |
| 56,000 USD | Ukraine Government International Bond<sup>(b)</sup> |  | 7.7500 | 09/01/25 | 9296 |
| 48,000 USD | Ukraine Government International Bond<sup>(b)</sup> |  | 7.7500 | 09/01/26 | 8160 |
| 139,000 USD | Ukraine Government International Bond<sup>(b)</sup> |  | 7.3750 | 09/25/32 | 22414 |
| 14,000 USD | Zambia Government International Bond<sup>(b)</sup> |  | 5.3750 | 01/20/23 | 4810 |
| 87,000 USD | Zambia Government International Bond<sup>(b)</sup> |  | 8.9700 | 07/30/27 | 35032 |
|  |  |  |  |  | 5047554 |
|  | **SUPRANATIONAL — 0.5%** |  |  |  |  |
| 200,000 EUR | European Investment Bank |  | 1.1250 | 09/15/36 | 153410 |
| 110,000 BRL | International Finance Corporation |  | 4.6000 | 01/27/23 | 21214 |
|  |  |  |  |  | 174624 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $12,434,477)** |  |  |  | 9349021 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 5.8%** |  |
|  | **MONEY MARKET FUNDS - 3.1%** |  |
| 1066466 | Fidelity Government Portfolio, Class I, 2.86% (Cost $1,066,466)<sup>(g)</sup> | $1066466 |
|  | **COLLATERAL FOR SECURITIES LOANED — 2.7%** |  |
| 954050 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $954,050)<sup>(h)</sup> | 954050 |
|  | **TOTAL INVESTMENTS – 98.4% (Cost $45,907,299)** | $34302906 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** | 547186 |
|  | **NET ASSETS - 100.0%** | $34850092 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
|<br>**Number of<br> Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional<br> Amount<sup>(i)</sup>** | **Value and <br> Unrealized**<br>**Appreciation<br> (Depreciation)** |
| 4 | Eurex 10 Year Euro BUND Future | 12/08/2022 | $547086 | $1722 |
| 6 | Eurex 30 Year Euro BUXL Future | 12/08/2022 | 854890 | (92062) |
| 20 | Long Gilt Future | 12/28/2022 | 2342324 | (157998) |
| 7 | TSE Japanese 10 Year Bond Futures | 12/13/2022 | 7003766 | (117) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(248455) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
|<br>**Number of<br> Contracts** | <br>**Open Short Futures Contracts** | <br>**Expiration** |<br>**Notional<br> Amount<sup>(i)</sup>** | **Value and <br> Unrealized**<br>**Appreciation <br> (Depreciation)** |
| 39 | CBOT 10 Year US Treasury Note | 12/20/2022 | $4313166 | $122647 |
| 16 | CBOT 5 Year US Treasury Note | 12/30/2022 | 1705504 | 75262 |
| 4 | CBOT US Long Bond Future | 12/20/2022 | 482000 | (6750) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $191159 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Euro | 11/07/2022 | JP Morgan Chase | 385564 | $381052 | $1943 |
| Euro | 11/14/2022 | Citigroup Capital Markets | 300000 | 296636 | (855) |
| Canadian Dollar | 11/21/2022 | JP Morgan Chase | 370000 | 271634 | 3290 |
| Euro | 11/21/2022 | JP Morgan Chase | 540000 | 534208 | 8690 |
|  |  |  |  | $**1483530** | $**13068** |
| **To Sell:** |  |  |  |  |  |
| Euro | 11/07/2022 | JP Morgan Chase | 4815469 | $4759109 | $(41110) |
| Canadian Dollar | 11/21/2022 | JP Morgan Chase | 370000 | 271634 | 207 |
| Euro | 11/21/2022 | Citigroup Capital Markets | 70000 | 69249 | 575 |
| Australian Dollar | 01/27/2023 | Citigroup Capital Markets | 670100 | 429852 | (1697) |
| British Pound | 01/27/2023 | Barclays | 60000 | 69011 | 208 |
| British Pound | 01/27/2023 | JP Morgan Chase | 921100 | 1059427 | 1471 |
| Canadian Dollar | 01/27/2023 | Barclays | 812200 | 596938 | (1244) |
| Euro | 01/27/2023 | Barclays | 8026100 | 7987380 | 74491 |
| Euro | 01/27/2023 | JP Morgan Chase | 206000 | 205007 | 2441 |
| Japanese Yen | 01/27/2023 | JP Morgan Chase | 32563500 | 221592 | 704 |
|  |  |  |  | $**15669199** | $**36046** |
| **Total** |  |  |  |  | $**49114** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | |<br>**Settlement**<br>**Date** | <br>**Counterparty** | **Local Currency**<br>**Amount**<br>**Purchased Buy** | **Local Currency**<br>**Amount Purchased**<br>**Sell** |<br>**U.S. Dollar Market**<br>**Value Buy** |<br>**U.S. Dollar Market**<br>**Value Sell** |<br>**Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| British Pound | Euro | 11/21/2022 | JP Morgan Chase | 79023 | 90000 | 90666 | (89035) | $1631 |
| British Pound | Euro | 11/30/2022 | JP Morgan Chase | 320928 | 370000 | 368303 | (366264) | 2039 |
| Euro | British Pound | 1/27/2023 | JP Morgan Chase | 500436 | 436900 | 498022 | (502512) | (4490) |
|  |  |  |  | **900387** | **896900** | $**956991** | $**(957811)** | $**(820)** |
| **Total** |  |  |  |  |  |  |  | $**(820)** |

---

A/S - Anonim Sirketi

LLC - Limited Liability Company

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

S/A - Société Anonyme

USB US Bank

EUR003M Euribor 3 Month ACT/360

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 Secured Overnight Financing Rate

US0006M ICE LIBOR USD 6 Month

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CLP Chilean Peso

COP Columbian Peso

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

IDR Indonesia Rupiah

JPY Japanese Yen

MXN Mexican Peso

RON Romanian Leu

USD US Dollars

ZAR South African Rand

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<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, 2022 the total market value of 144A securities is 13,300,632 or 38.3% of net assets.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<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, 2022.

<sup>(e)</sup> Zero coupon bond.

<sup>(f)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(h)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities 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>(i)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $843,562 at October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Netherlands | 10.3% | Cayman Islands | 4.4% |
| Great Britain | 8.7% | Spain | 4.4% |
| United States | 6.4% | Germany | 4.1% |
| Italy | 6.1% | France | 3.3% |
| Luxembourg | 4.9% | Other Countries\*\* | 42.8% |
| Mexico | 4.6% | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

---

| | |
|:---|:---|
| \*\* | Includes Collateral for Securities Loaned as of October 31, 2022. |
| Percentage may differ from Schedule of Investments which are based on Fund net assets. | Percentage may differ from Schedule of Investments which are based on Fund net assets. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Large Cap Value Fund (Unaudited)** |
| **Message from the Sub-Adviser (Rothschild & Co. Asset Management US Inc.)** |

---

**Asset Class Recap** 

Large cap value stocks rose to begin the fiscal year as investors rotated away from growth stocks and towards value stocks in anticipation of the Federal Reserve hiking interest rates. Not only can many sectors within the large cap value asset class thrive in a rising rate environment, the present value of the stocks within the index declines at a substantially slower pace than their growth counterparts. Although large cap value stocks outperformed most other equity asset classes throughout the most recent fiscal quarter and fiscal year, large cap value stocks declined as investors digested a myriad of market headwinds. Russia's invasion of Ukraine and supply chain disruptions impacted equity markets, pushing inflation to record levels. In response to a multi-decade high reading of inflation, the Federal Reserve aggressively tightened monetary policy by raising rates 225 basis points during the first three quarters of the fiscal year and another 75 basis points in the most recent fiscal quarter. The Federal Reserve has continually reiterated its commitment to combat inflation regardless of its impact on economic growth. Investors have begun to see early signs of weakness in economic data and corporate earnings reports, with subsequent guidance beginning to show the effects of tighter monetary policy. Investors were hopeful that the Federal Reserve could successfully bring down inflation without pushing the economy into a deep recession. For the fiscal year ending October 31, 2022, large cap value stocks, as measured by the Russell 1000 Value Index, gave back 7.0 percent, outperforming large cap growth stocks, as measured by the Russell 1000 Growth Index, which declined 24.6 percent.

**Allocation Review** 

The Sub-Adviser's investment philosophy is centered on the belief that alpha generation is driven by bottom-up stock selection rather than taking large sector bets. With that being said, the largest sector contributor to relative Fund Performance during the fiscal year was the technology sector, as strong security selection meaningfully outweighed the slight detraction from the sector allocation. Within this sector, semiconductor equipment stocks shined amid continued demand for chips and the easing of future oversupply concerns. The energy sector was the most meaningful contributor to absolute Fund performance over the period, as security selection strongly aided positive Fund performance. The most significant detractor from relative Fund performance was the exposure to the financial services sector, and the utilities sector, as security selection acted as a headwind to positive Fund Performance.

**Holding Insights** 

The most significant contributor to absolute performance was the exposure to the energy sector, as rising commodity prices helped drive profitability for companies within the industry. Prices throughout the year have been caused by a few factors, including underinvestment in supply from energy companies, resulting in a supply imbalance. Russia's invasion of Ukraine and subsequent slowdown of European natural gas imports added to surging price pressures. In the most recent fiscal quarter, these impacts were amplified due to the sabotage of the largest pipeline from Russia to Europe. Lastly, the Organization of the Petroleum Exporting Countries (OPEC) has spent much of the fiscal year unwinding supply cuts; however, in October, OPEC announced its largest supply cut since the beginning of the pandemic, indicating its intent to keep prices elevated. One of the best performers within the sector was ConocoPhillips (COP) (holding weight\*: 2.05 percent), an American multinational corporation engaged in hydrocarbon exploration and production. COP rose 31.8 percent over the fiscal quarter and 76.3 percent over the fiscal year. The Sub-Adviser believes this position outperformed its peers because it is a pure-play exploration and production company. Given that the company does not hedge oil price exposure like other companies in the sector, COP's profitability could potentially rise with oil prices. Another position within the sector that positively contributed to Fund performance was Phillips 66 (PSX) (holding weight\*: 1.07 percent), an American multinational energy company headquartered in Westchase, Houston, Texas. Over the fiscal year, PSX increased 45.7 percent.

As interest rates marched higher throughout the fiscal year and the most recent fiscal quarter, companies within the technology sector sold off. Higher interest rates result in a higher cost for companies to borrow money to finance projects. It can also result in consumers having less disposable income because they are paying more for mortgages, cars, and credit cards. These headwinds have begun to impact technology companies as they have already implemented hiring slowdowns, hiring freezes, and in some cases, mass layoffs. One of the most meaningful detractors from Fund performance was the exposure to Alphabet, Inc. (GOOGL) (holding weight\*: 1.95 percent), an American multinational technology conglomerate. GOOGL declined 18.8 percent over the fiscal quarter and 36.2 percent over the fiscal year. Another detractor from Fund performance within the sector was Microsoft Corporation (MSFT) (holding weight\*: 1.01 percent), an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services. MSFT declined 29.4 percent over the fiscal year as the company's guidance moving forward highlighted slower consumer spending, sluggish advertising growth, and an uncertain outlook for cloud computing. Not all positions from the technology sector declined during the fiscal period. For example, L3Harris Technologies, Inc. (LHX) (holding weight\*: 1.46 percent), a company that provides equipment to government, defense and commercial sectors, rose 8.9 percent over the fiscal year thanks to the rising U.S. government budget to combat threats from China and Russia.

**Sub-Adviser Outlook** 

The Sub-Adviser is cautiously optimistic for the remainder of 2022 and 2023. The Sub-Adviser believes that monetary tightening has affected equity markets, leading to economic weakness and depressed sentiment among market participants. Given the pessimistic tone, the Sub-Adviser is confident that avoiding landmines is key to positive relative performance. Therefore, ignoring the noise and focusing on corporate fundamentals is critical in identifying companies that exhibit attractive valuations and are resilient enough to navigate the complex environment. The Sub-Adviser will continue to implement its disciplined investment process but understands that it may be susceptible to systematic tail risk as the market faces numerous risks. The Sub-Adviser recognizes that it cannot add value for clients without taking risk. Its focus is on identifying what the Sub-Adviser considers intelligent risks – the risks that are most likely to contribute to outperforming the benchmark and least likely to cause unnecessary volatility.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** |
|  |  | &nbsp;&nbsp;**Annualized** | &nbsp;&nbsp;**Annualized** |
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;Class N | &nbsp;&nbsp;(7.96)% | &nbsp;&nbsp;7.40% | &nbsp;&nbsp;9.38% |
| &nbsp;&nbsp;Class A with load of 5.75% | &nbsp;&nbsp;(13.47)% | &nbsp;&nbsp;5.88% | &nbsp;&nbsp;8.46% |
| &nbsp;&nbsp;Class A without load | &nbsp;&nbsp;(8.18)% | &nbsp;&nbsp;7.14% | &nbsp;&nbsp;9.11% |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;(8.90)% | &nbsp;&nbsp;6.33% | &nbsp;&nbsp;8.29% |
| &nbsp;&nbsp;Russell 1000 Value Index | &nbsp;&nbsp;(7.00)% | &nbsp;&nbsp;7.21% | &nbsp;&nbsp;10.30% |
| &nbsp;&nbsp;Morningstar Large Cap Value Category | &nbsp;&nbsp;(4.60)% | &nbsp;&nbsp;7.43% | &nbsp;&nbsp;9.85% |

---

(a) Total
 Returns are calculated based on traded NAVs.

The Russell 1000 Value Index is a subset of the Russell 1000 Index which measures the performance of the stocks of the 1000 largest companies in the Russell 3000 Index based on market capitalization. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index or benchmark.

The Morningstar Large Cap Value Category is generally representative of mutual funds that primarily invest in big (large capitalization) U.S. companies that are less expensive or growing more slowly than other large-cap stocks.

 

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 1.10% for Class N, 2.10% for Class C and 1.35% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **AEROSPACE & DEFENSE - 2.5%** |  |
| 9985 | L3Harris Technologies, Inc. <sup>(c)</sup> | $2461003 |
| 18944 | Raytheon Technologies Corporation | 1796270 |
|  |  | 4257273 |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 3355 | BlackRock, Inc. | 2167028 |
| 33073 | Charles Schwab Corporation (The) | 2634926 |
|  |  | 4801954 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 39729 | General Motors Company | 1559363 |
|  | **BANKING - 7.7%** |  |
| 120299 | Bank of America Corporation | 4335575 |
| 32826 | JPMorgan Chase & Company | 4132137 |
| 41542 | Truist Financial Corporation<sup>(c)</sup> | 1860666 |
| 57024 | Wells Fargo & Company | 2622534 |
|  |  | 12950912 |
|  | **BIOTECH & PHARMA - 6.7%** |  |
| 12151 | AbbVie, Inc. | 1778906 |
| 39128 | Bristol-Myers Squibb Company | 3031246 |
| 13065 | Horizon Therapeutics plc<sup>(a)</sup> | 814211 |
| 20131 | Johnson & Johnson | 3502190 |
| 21754 | Merck & Company, Inc. | 2201505 |
|  |  | 11328058 |
|  | **CHEMICALS - 3.4%** |  |
| 6623 | Air Products and Chemicals, Inc. <sup>(c)</sup> | 1658399 |
| 32596 | Corteva, Inc. <sup>(c)</sup> | 2129823 |
| 67164 | Huntsman Corporation | 1797309 |
|  |  | 5585531 |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 5967 | Martin Marietta Materials, Inc. | 2004793 |
| 16364 | Owens Corning | 1400922 |
|  |  | 3405715 |
|  | **CONSUMER SERVICES - 1.1%** |  |
| 31557 | Service Corp International<sup>(c)</sup> | 1912670 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 0.3%** |  |
| 15690 | Westrock Company | $534401 |
|  | **DIVERSIFIED INDUSTRIALS - 2.9%** |  |
| 28185 | Emerson Electric Company | 2440821 |
| 11947 | Honeywell International, Inc. | 2437427 |
|  |  | 4878248 |
|  | **ELECTRIC UTILITIES - 4.3%** |  |
| 54194 | NextEra Energy, Inc. | 4200035 |
| 47797 | Xcel Energy, Inc. | 3112063 |
|  |  | 7312098 |
|  | **ELECTRICAL EQUIPMENT - 1.1%** |  |
| 31680 | Johnson Controls International plc | 1832371 |
|  | **ENGINEERING & CONSTRUCTION - 1.5%** |  |
| 18101 | Quanta Services, Inc. <sup>(c)</sup> | 2571066 |
|  | **ENTERTAINMENT CONTENT - 2.3%** |  |
| 48609 | Fox Corporation, Class A | 1403342 |
| 21736 | Walt Disney Company (The)<sup>(a)</sup> | 2315754 |
|  |  | 3719096 |
|  | **FOOD - 2.6%** |  |
| 43036 | Mondelez International, Inc., Class A | 2645853 |
| 23732 | Tyson Foods, Inc., Class A | 1622082 |
|  |  | 4267935 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.2%** |  |
| 16467 | AmerisourceBergen Corporation | 2588942 |
| 32007 | CVS Health Corporation | 3031063 |
| 5643 | UnitedHealth Group, Inc. <sup>(c)</sup> | 3132711 |
|  |  | 8752716 |
|  | **HOUSEHOLD PRODUCTS - 1.5%** |  |
| 19000 | Procter & Gamble Company (The) | 2558730 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **INDUSTRIAL REIT - 0.9%** |  |
| 14096 | Prologis, Inc. | $1561132 |
|  | **INFRASTRUCTURE REIT - 1.1%** |  |
| 9038 | American Tower Corporation | 1872583 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.2%** |  |
| 50618 | Bank of New York Mellon Corporation (The) | 2131524 |
| 16268 | Intercontinental Exchange, Inc. | 1554733 |
|  |  | 3686257 |
|  | **INSURANCE - 6.4%** |  |
| 19356 | Allstate Corporation (The) | 2443696 |
| 6346 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1872641 |
| 33503 | Hartford Financial Services Group, Inc. (The) | 2425952 |
| 18505 | Prudential Financial, Inc. <sup>(c)</sup> | 1946541 |
| 11364 | Travelers Companies, Inc. (The) | 2096203 |
|  |  | 10785033 |
|  | **INTERNET MEDIA & SERVICES - 2.9%** |  |
| 34685 | Alphabet, Inc., Class A<sup>(a)</sup> | 3278079 |
| 17128 | Meta Platforms, Inc., Class A<sup>(a)</sup> | 1595644 |
|  |  | 4873723 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 14137 | Darden Restaurants, Inc. <sup>(c)</sup> | 2023570 |
|  | **MACHINERY - 2.3%** |  |
| 7679 | Caterpillar, Inc. | 1662196 |
| 7321 | Parker-Hannifin Corporation | 2127629 |
|  |  | 3789825 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.8%** |  |
| 27961 | Abbott Laboratories | 2766461 |
| 30025 | Baxter International, Inc. | 1631859 |
| 6592 | Stryker Corporation | 1511150 |
| 7343 | Thermo Fisher Scientific, Inc. | 3774082 |
|  |  | 9683552 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **OFFICE REIT - 0.5%** |  |
| 11975 | Boston Properties, Inc. <sup>(c)</sup> | $870583 |
|  | **OIL & GAS PRODUCERS - 7.9%** |  |
| 27313 | ConocoPhillips | 3443896 |
| 17323 | EOG Resources, Inc. | 2364936 |
| 51431 | Exxon Mobil Corporation | 5699069 |
| 17222 | Phillips 66 | 1796082 |
|  |  | 13303983 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.8%** |  |
| 59158 | Schlumberger N.V. | 3077991 |
|  | **RESIDENTIAL REIT - 1.1%** |  |
| 27799 | Equity LifeStyle Properties, Inc. <sup>(c)</sup> | 1778024 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 12366 | Target Corporation | 2031116 |
|  | **RETAIL - DISCRETIONARY - 1.2%** |  |
| 10648 | Lowe's Companies, Inc. | 2075828 |
|  | **SEMICONDUCTORS - 2.9%** |  |
| 3393 | Broadcom, Inc. | 1595117 |
| 23609 | Micron Technology, Inc. <sup>(c)</sup> | 1277247 |
| 32652 | ON Semiconductor Corporation<sup>(a) (c)</sup> | 2005813 |
|  |  | 4878177 |
|  | **SOFTWARE - 1.0%** |  |
| 7296 | Microsoft Corporation | 1693620 |
|  | **SPECIALTY FINANCE - 0.9%** |  |
| 9654 | American Express Company | 1433136 |
|  | **TECHNOLOGY HARDWARE - 2.5%** |  |
| 37531 | Cisco Systems, Inc. | 1705033 |
| 9829 | Motorola Solutions, Inc. | 2454400 |
|  |  | 4159433 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 24000 | PayPal Holdings, Inc.<sup>(a)</sup> | $2005920 |
|  | **TELECOMMUNICATIONS - 1.2%** |  |
| 55701 | Verizon Communications, Inc. | 2081546 |
|  | **TRANSPORTATION & LOGISTICS – 3.0%** |  |
| 71155 | CSX Corporation | 2067765 |
| 32521 | Knight-Swift Transportation Holdings, Inc. <sup>(c)</sup> | 1561984 |
| 36597 | Southwest Airlines Company<sup>(a)</sup> | 1330301 |
|  |  | 4960050 |
|  | **TOTAL COMMON STOCKS (Cost $128,604,827)** | 164853219 |
|  | **SHORT-TERM INVESTMENTS — 16.0%** |  |
|  | **MONEY MARKET FUNDS - 1.9%** |  |
| 3275081 | STIT - Treasury Portfolio, Institutional Class, 3.04% (Cost $3,275,081)<sup>(b)</sup> | 3275081 |
|  | **COLLATERAL FOR SECURITIES LOANED — 14.1%** |  |
| 23687837 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $23,687,837)<sup>(b),(d)</sup> | 23687837 |
|  | **TOTAL INVESTMENTS – 114.1% (Cost $155,567,745)** | $191816137 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (14.1%)** | (23638235) |
|  | **NET ASSETS - 100.0%** | $168177902 |

---

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $22,996,699 at October 31, 2022.

<sup>(d)</sup> The Trust's securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Collateral for Securities Loaned | 12.4% | Healthcare Facilities & Services | 4.6% |
| Oil & Gas Producers | 6.9% | Electric Utilities | 3.8% |
| Banking | 6.8% | Chemicals | 2.9% |
| Biotech & Pharma | 5.9% | Transportation & Logistics | 2.6% |
| Insurance | 5.6% | Others | 43.5% |
| Medical Equipment & Devices | 5.0% | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivatives.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Small Cap Value Fund (Unaudited)** |
| **Message from the Sub-Adviser (Ziegler Capital Management, LLC)** |

---

**Asset Class Recap** 

Small cap value stocks significantly outpaced their small cap growth counterparts over the fiscal year ended October 31, 2022, as heightened inflation and the rise in interest rates benefitted some small cap value sectors, such as financials and energy. Inflation, as measured by the Consumer Price Index (CPI), reached levels not seen in 40 years, as the CPI breached 9 percent in June on a year-over-year basis. To fight inflation, the Federal Reserve (Fed) raised the policy rate 300 basis points in seven months, marking one of the most aggressive monetary tightening regimes in decades. Banks, which make up nearly 20 percent of the Russell 2000 Value Index and represent the vast majority of companies within the financials sector, outperformed the broader market, as the rise in interest rates led to an increase in net interest margins. Additionally, the price of key commodities, such as natural gas and oil, surged as continued supply chain disruptions and geopolitical conflict between Russia and Ukraine led to an increase in demand. Small cap growth stocks, as measured by the Russell 2000 Growth Index, lagged broader equity markets as traditional growth sectors, such as technology and consumer discretionary, which have historically relied on lower financing costs for growth, were impacted significantly by the Fed's monetary tightening. Over the fiscal year, small cap value stocks, as measured by the Russell 2000 Value Index, fell 10.8 percent, while small cap growth stocks fell 26.0 percent.

**Allocation Review** 

The Sub-Adviser matches the Fund's sector allocation to the benchmark index; therefore, any changes to benchmark weights will be quickly reflected within the Fund. With that being said, the Fund is reliant on superior stock selection to generate excess returns. The Sub-Adviser seeks to generate alpha through proprietary sector-specific multi-factor models combined with qualitative analysis. When looking at the benchmark as of October 31, 2022, the largest sector by weighting was the financials sector, at 37.7 percent, or more than one-third of the Fund's benchmark index. The financials sector contributed to performance over the period, as strong stock selection, coupled with an overweight allocation, provided strong relative returns. Other sectors that contributed over the fiscal period were materials, health care, and consumer discretionary. The sector that detracted the most from Fund performance over the fiscal year was energy, as an underweight allocation and poor security selection hurt performance.

**Holdings Insights** 

The largest contributor to Fund performance over the fiscal year happened to be a security not held, AMC Entertainment Holdings, Inc. (AMC) (holding weight: not held). AMC is one of the largest operators of movie theatres in the U.S. and Europe. AMC, which had been one of the largest beneficiaries of the "meme" stock craze, has seen its share price fall more than 60 percent as investors transitioned out of high-risk assets and into safer, more defensive assets. Additionally, persistent COVID cases, coupled with the transition to digital streaming, led to a significant decline in sales. Over the fiscal year, AMC lost 64.7 percent. Another contributor over the fiscal year was Amphastar Pharmaceuticals, Inc. (AMPH) (holding weight\*: 1.01 percent). AMPH is a bio- pharmaceuticals company that develops and manufactures injectable, inhalation, and intranasal products. AMPH continued to report earnings that impressed investors, leading to multiple sell-side analysts upgrading their view on the stock. In addition, AMPH reported that its new drug application for Ephinephrine pre -filled syringes had been approved by the Food & Drug Administration. Over the fiscal year, AMPH rose 65.4 percent. Within the materials sector, Cabot Corporation (CBT) (holding weight\*: 1.36 percent), contributed meaningfully to performance. CBT operates as a specialty chemicals and performance materials company. CBT reported earnings that exceeded expectations as a recovery in demand from the COVID pandemic and a strategic acquisition boosted investor sentiment in the stock. Additionally, CBT reported that they would acquire a leading producer of furnace grade carbon black, in hopes of expanding their battery materials division. The acquisition would enable CBT to better meet demand for lithium-ion batteries, while also running operations in a sustainable way. Over the fiscal year, CBT gained 40.7 percent.

The largest detractor from Fund performance over the fiscal year was Chimera Investment Corporation (CIM) (holding weight\*: 0.87 percent). CIM is a real estate investment trust (REIT) that invests in a portfolio of mortgage assets, including mortgage loans, mortgage-backed securities, and other real estate related securities. CIM, like other REITs, have seen its values plummet recently as rising interest rates and persistent inflation have significantly impacted the demand for real estate. Over the fiscal year, CIM lost 50.9 percent. Within the consumer discretionary sector, Abercrombie & Fitch Company (ANF) (holding weight\*: 0.70 percent), a specialty retailer offering an assortment of apparel, personal care products, and other accessories, detracted from relative performance over the fiscal year. ANF recently reported sales that declined year-over-year, leading to a net loss in earnings, compared to a healthy profit a year ago. ANF also provided bleak guidance as rising inventories, temporary store closures, and a slowdown in consumer spending are expected to hurt potential growth. Over the fiscal year, ANF fell 55.5 percent. Another detractor from Fund performance over the fiscal year was Owens & Minor, Inc. (OMI) (holding weight\*: 0.80 percent). OMI is a global provider of healthcare solutions, providing supplies, supply chain services, and distribution services. OMI released preliminary guidance for its quarterly earnings that showed a lower earnings estimate than anticipated. The primary reason for the revised earnings number is due to a backlog in customer inventories, coupled with lower than expected medical procedure volume. Over the fiscal year, OMI dropped 52.6 percent.

**Sub-Adviser Outlook** 

The Sub-Adviser believes the outlook for value stocks remains attractive, despite headwinds, such as persistent inflation, potentially aggressive monetary tightening, and continued geopolitical turmoil. With a potential recession on the horizon, the Sub-Adviser prefers stocks with attractive valuation factors, as these stocks have outperformed the broader market over two of the larger recessions in recent memory (the Great Financial Crisis in 2008 and the technology bubble in 2001) while past performance is not indicative of future results. As always, the Sub-Adviser will select stocks that can be identified through a systematic, risk-controlled, repeatable approach, avoiding sector rotation and market timing.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

\*\* Holdings percentage(s) as of the date prior to the sale of the security.

**Growth of $100,000 Investment**![(LINE GRAPH)](df008_v1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** |
|  |  | &nbsp;&nbsp;**Annualized** | &nbsp;&nbsp;**Annualized** |
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;Class N | &nbsp;&nbsp;(7.65)% | &nbsp;&nbsp;4.77% | &nbsp;&nbsp;8.96% |
| &nbsp;&nbsp;Class A with load of 5.75% | &nbsp;&nbsp;(13.22)% | &nbsp;&nbsp;3.27% | &nbsp;&nbsp;8.04% |
| &nbsp;&nbsp;Class A without load | &nbsp;&nbsp;(7.91)% | &nbsp;&nbsp;4.50% | &nbsp;&nbsp;8.68% |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;(8.54)% | &nbsp;&nbsp;3.73% | &nbsp;&nbsp;7.87% |
| &nbsp;&nbsp;Russell 2000 Value Index | &nbsp;&nbsp;(10.73)% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;9.37% |
| &nbsp;&nbsp;Morningstar Small Cap Value Category | &nbsp;&nbsp;(7.48)% | &nbsp;&nbsp;5.49% | &nbsp;&nbsp;9.11% |

---

(a) Total
 Returns are calculated based on traded NAVs.

The Russell 2000 Value Index is an unmanaged index that measures the performance of small cap companies in the Russell 2000 Index with lower price-to-book ratios and lower forecasted growth rates. Investors cannot invest directly in an index or benchmark.

The Morningstar Small Cap Value Category is generally representative of mutual funds that primarily invest in small (small capitalization) U.S. companies that are less expensive or growing more slowly than other small-cap stocks.

 

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 1.05% for Class N, 2.05% for Class C and 1.30% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 26064 | Barnes Group, Inc. | $921884 |
|  | **AUTOMOTIVE - 1.6%** |  |
| 115152 | American Axle & Manufacturing Holdings, Inc.<sup>(a) (c)</sup> | 1115823 |
|  | **BANKING - 20.3%** |  |
| 16801 | Banner Corporation | 1255875 |
| 35510 | Berkshire Hills Bancorp, Inc. <sup>(c)</sup> | 1038668 |
| 29628 | Central Pacific Financial Corporation | 607967 |
| 27749 | Customers Bancorp, Inc.<sup>(a)</sup> | 934864 |
| 52034 | Eastern Bankshares, Inc. | 997492 |
| 27426 | First Bancorp | 1222377 |
| 17863 | First Financial Corporation | 866177 |
| 23013 | Hancock Whitney Corporation<sup>(c)</sup> | 1285735 |
| 23485 | Heartland Financial USA, Inc. <sup>(c)</sup> | 1158280 |
| 37795 | Heritage Financial Corporation | 1273313 |
| 29214 | Independent Bank Corporation | 675720 |
| 35648 | PacWest Bancorp | 886209 |
| 28842 | Pathward Financial, Inc. | 1212229 |
| 10909 | UMB Financial Corporation | 907847 |
|  |  | 14322753 |
|  | **BIOTECH & PHARMA - 7.0%** |  |
| 31860 | Adicet Bio, Inc.<sup>(a) (c)</sup> | 525371 |
| 23110 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 714099 |
| 15929 | AnaptysBio, Inc.<sup>(a) (c)</sup> | 459552 |
| 15726 | Anika Therapeutics, Inc.<sup>(a)</sup> | 446933 |
| 21548 | Chinook Therapeutics, Inc.<sup>(a)</sup> | 468669 |
| 12421 | Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | 390889 |
| 18363 | iTeos Therapeutics, Inc.<sup>(a)</sup> | 357711 |
| 17970 | Supernus Pharmaceuticals, Inc.<sup>(a) (c)</sup> | 615832 |
| 28584 | Syndax Pharmaceuticals, Inc.<sup>(a) (c)</sup> | 656289 |
| 26858 | Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 281203 |
|  |  | 4916548 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **CHEMICALS - 2.4%** |  |
| 13043 | Cabot Corporation<sup>(c)</sup> | $958399 |
| 14461 | Minerals Technologies, Inc. | 795500 |
|  |  | 1753899 |
|  | **CONTAINERS & PACKAGING - 1.0%** |  |
| 44227 | O-I Glass, Inc.<sup>(a) (c)</sup> | 721342 |
|  | **ELECTRIC UTILITIES - 2.4%** |  |
| 20966 | Avista Corporation | 860235 |
| 15288 | NorthWestern Corporation | 807665 |
|  |  | 1667900 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 9091 | Belden, Inc. | 633006 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.1%** |  |
| 13351 | Louisiana-Pacific Corporation<sup>(c)</sup> | 756334 |
|  | **GAS & WATER UTILITIES - 2.5%** |  |
| 12235 | Northwest Natural Holding Company<sup>(c)</sup> | 588381 |
| 10858 | SJW Group | 767444 |
| 6646 | Spire, Inc. <sup>(c)</sup> | 463957 |
|  |  | 1819782 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.4%** |  |
| 7398 | Addus HomeCare Corporation<sup>(a) (c)</sup> | 757703 |
| 6415 | National HealthCare Corporation | 390802 |
| 33088 | Owens & Minor, Inc. <sup>(c)</sup> | 562496 |
|  |  | 1711001 |
|  | **HOME CONSTRUCTION - 1.2%** |  |
| 10974 | Meritage Homes Corporation<sup>(a)</sup> | 835780 |
|  | **HOTEL REIT - 1.2%** |  |
| 52634 | Pebblebrook Hotel Trust<sup>(c)</sup> | 844249 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.4%** |  |
| 16267 | Mueller Industries, Inc. <sup>(c)</sup> | 1018965 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.2%** |  |
| 6881 | Piper Sandler Cos | $880562 |
|  | **INSURANCE - 2.9%** |  |
| 15478 | American Equity Investment Life Holding Company<sup>(c)</sup> | 666793 |
| 10111 | Axis Capital Holdings Ltd. | 552768 |
| 17050 | Mercury General Corporation | 494450 |
| 1620 | National Western Life Group, Inc., Class A | 320792 |
|  |  | 2034803 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 30649 | Bloomin' Brands, Inc. <sup>(c)</sup> | 735882 |
| 15925 | Travel + Leisure Company | 604832 |
|  |  | 1340714 |
|  | **LEISURE PRODUCTS - 1.0%** |  |
| 8573 | Thor Industries, Inc. <sup>(c)</sup> | 698442 |
|  | **MACHINERY - 4.2%** |  |
| 6794 | Alamo Group, Inc. | 1033232 |
| 6318 | Curtiss-Wright Corporation | 1060350 |
| 19428 | Hillenbrand, Inc. | 858329 |
|  |  | 2951911 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 29521 | Avanos Medical, Inc.<sup>(a)</sup> | 653890 |
|  | **METALS & MINING - 0.9%** |  |
| 4457 | Encore Wire Corporation<sup>(c)</sup> | 613239 |
|  | **MORTGAGE FINANCE - 1.8%** |  |
| 90902 | Chimera Investment Corporation<sup>(c)</sup> | 613589 |
| 57972 | Dynex Capital, Inc. <sup>(c)</sup> | 692185 |
|  |  | 1305774 |
|  | **MULTI ASSET CLASS REIT - 2.3%** |  |
| 68216 | Armada Hoffler Properties, Inc. | 797445 |
| 69097 | Global Net Lease, Inc. | 846438 |
|  |  | 1643883 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 3.4%** |  |
| 11371 | Callon Petroleum Company<sup>(a) (c)</sup> | $499869 |
| 30448 | PBF Energy, Inc., Class A<sup>(a) (c)</sup> | 1347325 |
| 16136 | SilverBow Resources, Inc.<sup>(a) (c)</sup> | 572344 |
|  |  | 2419538 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.1%** |  |
| 101159 | Archrock, Inc. | 759704 |
| 64718 | RPC, Inc. | 720311 |
|  |  | 1480015 |
|  | **PUBLISHING & BROADCASTING - 1.1%** |  |
| 44631 | Sinclair Broadcast Group, Inc., Class A<sup>(c)</sup> | 794878 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.9%** |  |
| 35892 | Broadstone Net Lease, Inc. <sup>(c)</sup> | 615189 |
|  | **RETAIL - CONSUMER STAPLES - 1.6%** |  |
| 11686 | Ingles Markets, Inc., Class A | 1102808 |
|  | **RETAIL - DISCRETIONARY - 3.5%** |  |
| 28161 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 495070 |
| 15244 | Academy Sports & Outdoors, Inc. <sup>(c)</sup> | 671193 |
| 32834 | Ethan Allen Interiors, Inc. | 840222 |
| 37660 | Sally Beauty Holdings, Inc.<sup>(a) (c)</sup> | 478659 |
|  |  | 2485144 |
|  | **RETAIL REIT - 4.3%** |  |
| 50460 | Essential Properties Realty Trust, Inc. | 1085900 |
| 73886 | SITE Centers Corporation<sup>(c)</sup> | 914709 |
| 24509 | Spirit Realty Capital, Inc. | 951684 |
|  |  | 2952293 |
|  | **SEMICONDUCTORS - 2.7%** |  |
| 32058 | Cohu, Inc.<sup>(a)</sup> | 1055350 |
| 11987 | Diodes, Inc.<sup>(a)</sup> | 859108 |
|  |  | 1914458 |
|  | **SPECIALTY FINANCE - 2.6%** |  |
| 15791 | Essent Group Ltd. | 625008 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **SPECIALTY FINANCE - 2.6% (Continued)** |  |
| 17614 | Mr Cooper Group, Inc.<sup>(a) (c)</sup> | $695577 |
| 12738 | Stewart Information Services Corporation<sup>(c)</sup> | 496272 |
|  |  | 1816857 |
|  | **SPECIALTY REITS - 0.4%** |  |
| 7942 | EPR Properties | 306561 |
|  | **TECHNOLOGY HARDWARE - 1.9%** |  |
| 49184 | Knowles Corporation<sup>(a)</sup> | 676280 |
| 18966 | NetScout Systems, Inc.<sup>(a)</sup> | 681259 |
|  |  | 1357539 |
|  | **TECHNOLOGY SERVICES - 3.0%** |  |
| 31234 | Green Dot Corporation, Class A<sup>(a)</sup> | 594383 |
| 37212 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 683212 |
| 7404 | Science Applications International Corporation | 802149 |
|  |  | 2079744 |
|  | **TELECOMMUNICATIONS - 0.9%** |  |
| 34123 | EchoStar Corporation, Class A<sup>(a) (c)</sup> | 643901 |
|  | **TIMBER REIT - 1.3%** |  |
| 20992 | PotlatchDeltic Corporation | 933934 |
|  | **TRANSPORTATION & LOGISTICS - 4.4%** |  |
| 10189 | ArcBest Corporation<sup>(c)</sup> | 809312 |
| 11209 | Matson, Inc. | 824758 |
| 10677 | Ryder System, Inc. | 859605 |
| 33645 | SkyWest, Inc.<sup>(a)</sup> | 594844 |
|  |  | 3088519 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |
| 16130 | Andersons, Inc. (The) | 568905 |
|  | **WHOLESALE - DISCRETIONARY - 0.8%** |  |
| 28621 | G-III Apparel Group Ltd.<sup>(a)</sup> | 558110 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **TOTAL COMMON STOCKS (Cost $66,115,268)** | $70280877 |
|  | **SHORT-TERM INVESTMENTS — 30.6%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 326666 | Invesco - Treasury Portfolio, Institutional Class, 3.08% (Cost $326,666)<sup>(b)</sup> | 326666 |
|  | **COLLATERAL FOR SECURITIES LOANED – 30.1%** |  |
| 21269346 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $21,269,346) <sup>(b),(d)</sup> | 21269346 |
|  | **TOTAL INVESTMENTS – 130.1% (Cost $87,711,280)** | $91876889 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (30.1%)** | (21276907) |
|  | **NET ASSETS - 100.0%** | $70599982 |

---

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

 

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

 

<sup>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $20,643,100 at October 31, 2022.

 

<sup>(d)</sup> The Trust's securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Collateral for Securities Loaned | 23.1% | Retail - Discretionary | 2.7% |
| Banking | 15.6% | Oil & Gas Producers | 2.6% |
| Biotech & Pharma | 5.4% | Technology Services | 2.3% |
| Transportation & Logistics | 3.4% | Insurance | 2.2% |
| Retail REIT | 3.2% | Others | 36.3% |
| Machinery | 3.2% | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Focused Large Cap Growth Fund (Unaudited)** |
| **Message from the Sub-Adviser (The Ithaka Group, LLC)** |

---

**Asset Class Recap** 

At the close of the most recent fiscal year, investors had still not received clarity on when the economy may officially be in a recession, nor a conclusion to the Russia/Ukraine war, and inflation continued to come in at historically high levels despite the Federal Open Market Committee's aggressive rate increases. The quarter over quarter reading for GDP that arrived in late October 2022 was the first positive percentage change since the reading reported in March 2022. The contraction in GDP combined with elevated inflation fueled the risk -off sentiment in the markets. This uncertainty surrounding an eventual economic recovery correlated with the compounding declines in the equity markets through the end of the fiscal year. In the final three months of the fiscal year, large cap growth stocks, as measured by the Russell 1000 Growth Index, declined 8.9 percent, which brought performance to a negative 24.6 percent for the 12-month period ended October 31, 2022. Value stocks fared better, as the Russell 3000 Value Index declined 2.4 percent during the fourth fiscal quarter. This latest decline for value stocks brought the performance for the 12-month period ended October 31, 2022 to negative 7.3 percent.

**Allocation Review** 

When considering large cap growth sectors that comprise more than 5 percent of the Russell 1000 Growth Index, not a single sector ended the fiscal year in positive territory. The largest sectors in the index, technology and consumer discretionary, declined 27.5 percent and 34.1 percent, respectively. When aggregating the weights of these two sectors together, they comprise nearly 67 percent of the index, with the technology sector alone making up 46.6 percent of the index. Therefore, much of the performance of large cap growth stocks was dictated by the overall direction of these largest sectors, primarily technology. Although the Fund consistently had a lower exposure to the technology sector than the index, the Sub-Adviser's security selection within the sector broadly detracted from overall performance. Similarly, the Fund had an overweight to the health care sector, but the security selection faltered in the sector. The Fund was overweight the consumer discretionary sector, which was the poorest performing sector in the index, detracting from relative performance over the fiscal year. The Fund did not have any exposure to the producer durables sector during the fiscal year, which also detracted from relative performance, as the sector declined only 7.9 percent. Another large sector in the Fund was the financial services sector, which represented the largest relative overweight, with the Fund having nearly double the index's exposure. The Sub-Adviser's security selection detracted within the sector, performing similarly to the other sectors within the Fund for the fiscal year.

**Holdings Insights** 

Given the predominately negative performance backdrop for large cap growth stocks, there were fewer positive performers than negative performers within the Fund during the fiscal year. The Fund held some relatively strong performers in the final fiscal quarter, such as Netflix Inc. (NFLX) (holding weight\*: 2.22 percent), the global movie and streaming subscription service, which increased 29.8 percent during the fourth fiscal quarter, and DexCom, Inc. (DXCM) (holding weight\*: 4.06 percent), a company that develops, manufactures, produces, and distributes continuous glucose monitoring systems for diabetes management, which increased 47.2 percent. However, despite the significant increases in the final three months of the fiscal year, both of these holdings were still negative for the 12-month period ended October 31, 2022, with NFLX down 57.7 percent and DXCM down 22.5 percent. Therefore, this more recent surge served to recover a meaningful portion of losses sustained earlier in the fiscal year. One of the Fund's holdings that increased enough in the final fiscal quarter to end the 12-month period in positive territory was Tractor Supply Company (TSCO) (holding weight\*: 3.27 percent), a retailer of farm and pet supplies. TSCO increased 15.3 percent during the final three months, which put its performance for the fiscal year at 2.9 percent.

Some Fund holdings continued to struggle in the final months of the fiscal year. This included Amazon.com Inc. (AMZN) (holding weight\*: 6.51 percent), the online marketplace and web-services behemoth. AMZN declined 24.1 percent during the fourth fiscal quarter, which also displaced it from retaining its position as the largest holding in the Fund. Instead, the largest holding in the Fund at the end of the fiscal year was Mastercard, Inc. (MA) (holding weight\*: 7.43 percent), a global payment-processor, primarily between banks, merchants, and card-carrying customers of those merchants. MA decreased 7.1 percent during the final fiscal quarter, which resulted in a 1.6 percent decline for the fiscal year. Although negative, this was the fourth-best performing holding over the fiscal year. The worst performing holding in the Fund during the final three-month period was Advanced Micro Devices, Inc. (AMD) (holding weight\*: 1.39 percent), a producer of microprocessors and chipsets. AMD plummeted 36.4 percent over the three-month period, which brought its return for the fiscal year down to a negative 50.1 percent.

**Sub-Adviser Outlook** 

The Sub-Adviser maintains a concentrated portfolio of holdings, which has resulted in higher volatility and a larger decline during the fiscal year. As the Sub-Adviser is still confident in the future prospects of many of the holdings that declined, the Fund continues to hold what the Sub-Adviser believes to be the strongest growth stocks, primarily focusing on free-cash-flow and fundamental factors that traditionally support long-term growth. Despite recent performance headwinds, the Fund continues to hold an array of stocks ranging from cloud-based technologies to brick-and-mortar retailers. The Sub-Adviser is optimistic that remaining concentrated in the Fund's number of holdings will prove to be more impactful to the Fund's out performance relative to its benchmark index over the long term than the impact of sector weightings.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned, as of 10/31/2022.

**Growth of $100,000 Investment**![(LINE GRAPH)](df009_v1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** | &nbsp;&nbsp;**Total Returns <sup>(a)</sup> as of October 31, 2022** |
|  |  | &nbsp;&nbsp;**Annualized** | &nbsp;&nbsp;**Annualized** |
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;Class N | &nbsp;&nbsp;(39.47)% | &nbsp;&nbsp;9.74% | &nbsp;&nbsp;11.67% |
| &nbsp;&nbsp;Class A with load of 5.75% | &nbsp;&nbsp;(43.10)% | &nbsp;&nbsp;8.18% | &nbsp;&nbsp;10.74% |
| &nbsp;&nbsp;Class A without load | &nbsp;&nbsp;(39.62)% | &nbsp;&nbsp;9.47% | &nbsp;&nbsp;11.39% |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;(40.07)% | &nbsp;&nbsp;8.65% | &nbsp;&nbsp;10.56% |
| &nbsp;&nbsp;Russell 1000 Growth Index | &nbsp;&nbsp;(24.60)% | &nbsp;&nbsp;12.59% | &nbsp;&nbsp;14.69% |
| &nbsp;&nbsp;Morningstar Large Cap Growth Category | &nbsp;&nbsp;(28.57)% | &nbsp;&nbsp;9.11% | &nbsp;&nbsp;11.94% |

---

(a) Total
 Returns are calculated based on traded NAVs.

The Russell 1000 Growth Index is a subset of the Russell 1000 Index which measures the performance of the stocks of the 1000 largest companies in the Russell 3000 Index based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. Investors cannot invest directly in an index or benchmark.

The Morningstar Large Cap Growth Category is generally representative of mutual funds that primarily invest in big (large capitalization) U.S. companies that are projected to grow faster than other large-cap stocks.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including the cost of underlying funds, are 1.12% for Class N, 2.12% for Class C and 1.37% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9%** |  |
|  | **ASSET MANAGEMENT - 1.5%** |  |
| 29180 | Blackstone, Inc.<sup>(a)</sup> | $2659465 |
|  | **E-COMMERCE DISCRETIONARY - 8.7%** |  |
| 111680 | Amazon.com, Inc.<sup>(b)</sup> | 11440499 |
| 4184 | MercadoLibre, Inc.<sup>(b)</sup> | 3772378 |
|  |  | 15212877 |
|  | **INTERNET MEDIA & SERVICES - 2.2%** |  |
| 13393 | Netflix, Inc.<sup>(b)</sup> | 3909149 |
|  | **LEISURE FACILITIES & SERVICES - 3.2%** |  |
| 3793 | Chipotle Mexican Grill, Inc.<sup>(a),(b)</sup> | 5683166 |
|  | **MEDICAL EQUIPMENT & DEVICES - 14.1%** |  |
| 12404 | Align Technology, Inc.<sup>(b)</sup> | 2410097 |
| 59058 | DexCom, Inc.<sup>(a),(b)</sup> | 7133026 |
| 54203 | Edwards Lifesciences Corporation<sup>(b)</sup> | 3925923 |
| 18284 | Insulet Corporation<sup>(a),(b)</sup> | 4732082 |
| 26270 | Intuitive Surgical, Inc.<sup>(b)</sup> | 6474767 |
|  |  | 24675895 |
|  | **RETAIL - DISCRETIONARY - 7.2%** |  |
| 12122 | Burlington Stores, Inc.<sup>(a),(b)</sup> | 1732961 |
| 15577 | Lululemon Athletica, Inc.<sup>(b)</sup> | 5125456 |
| 26131 | Tractor Supply Company<sup>(a)</sup> | 5742810 |
|  |  | 12601227 |
|  | **SEMICONDUCTORS - 13.3%** |  |
| 40758 | Advanced Micro Devices, Inc.<sup>(b)</sup> | 2447925 |
| 10404 | ASML Holding N.V. - ADR | 4915058 |
| 44337 | Marvell Technology, Inc. | 1759292 |
| 65015 | NVIDIA Corporation | 8775075 |
| 45653 | QUALCOMM, Inc. | 5371532 |
|  |  | 23268882 |
|  | **SOFTWARE - 24.5%** |  |
| 18030 | Adobe, Inc.<sup>(b)</sup> | 5742555 |
| 55638 | Microsoft Corporation | 12915248 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **SOFTWARE - 24.5% (Continued)** |  |
| 43467 | Salesforce, Inc.<sup>(b)</sup> | $7067300 |
| 27166 | ServiceNow, Inc.<sup>(b)</sup> | 11429823 |
| 36082 | Veeva Systems, Inc., Class A<sup>(a),(b)</sup> | 6059611 |
|  |  | 43214537 |
|  | **TECHNOLOGY HARDWARE - 6.0%** |  |
| 68373 | Apple, Inc. | 10484316 |
|  | **TECHNOLOGY SERVICES - 15.2%** |  |
| 41923 | Block, Inc., Class A<sup>(b)</sup> | 2518315 |
| 39818 | Mastercard, Inc., Class A | 13067471 |
| 33911 | PayPal Holdings, Inc.<sup>(b)</sup> | 2834281 |
| 40010 | Visa, Inc., Class A<sup>(a)</sup> | 8288472 |
|  |  | 26708539 |
|  | **TOTAL COMMON STOCKS (Cost $127,336,616)** | 168418053 |
|  | **SHORT-TERM INVESTMENTS — 27.1%** |  |
|  | **MONEY MARKET FUND – 4.2%** |  |
| 7361948 | STIT - Treasury Obligations Portfolio, 3.12%<sup>(c)</sup> | 7361948 |
|  | **COLLATERAL FOR SECURITIES LOANED - 22.9%** |  |
| 40261170 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c),(d)</sup> | 40261170 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $47,623,118)** | 47623118 |
|  | **TOTAL INVESTMENTS – 123.0% (Cost $174,959,734)** | $216041171 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (23.0)%** | (40422285) |
|  | **NET ASSETS - 100.0%** | $175618886 |

---

ADR - American Depositary Receipt

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $39,116,778 at October 31, 2022.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(d)</sup> 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM FOCUSED LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** |
| Technology | 48.0% | Short-Term Investment | 3.4% |
| Collateral for Securities Loaned | 18.7% | Communications | 1.8% |
| Consumer Discretionary | 15.5% | Financials | 1.2% |
| Health Care | 11.4% | Total | **100.0%** |

---

---

| | |
|:---|:---|
| \* | Based on total value of investments as of October 31, 2022. Does not include derivative holdings. |
| Percentage may differ from Schedule of Investments which is based on Fund net assets. | Percentage may differ from Schedule of Investments which is based on Fund net assets. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Small Cap Growth Fund (Unaudited)** |
| **Message from the Sub-Adviser (Pier Capital, LLC)** |

---

**Asset Class Recap**

Global equity markets experienced significant volatility over the fiscal year ended October 31, 2022, as headwinds such as persistent COVID cases, supply chain disruptions, and elevated inflation, impacted businesses and consumers. Inflation, as measured by the Consumer Price Index, peaked at 9.1 percent year-over-year in June, marking the largest annual increase in 40 years. The heightened inflation was in large part caused by an influx of fiscal stimulus at the onset of the COVID pandemic, supply chain disruptions as a result of global lockdowns, and a geopolitical conflict between Russia and Ukraine. To combat the elevated inflation, the Federal Reserve (Fed) decided to raise interest rates by 300 basis points, with the last three increases in the policy rate being 75 basis points each. The increase in interest rates, combined with stubborn inflation, led to a global sell-off in traditional asset classes, such as equity and fixed income. Historically higher-risk assets, such as small cap stocks, growth stocks, and high-yield bonds, underperformed the broader market. Small cap stocks, as measured by the Russell 2000 Index, fell 18.6 percent, trailing their large cap peers, as measured by the S&P 500 Index, by 4.0 percent. When comparing small cap value and small cap growth stocks, small cap value stocks, as measured by the Russell 2000 Value Index, significantly outperformed their small cap growth counterparts, as measured by the Russell 2000 Growth Index, ahead by 15.2 percent. Over the fiscal year, small cap growth stocks fell 26.0 percent.

**Allocation Review**

The sector allocation within the Fund is predominantly a result of the Sub-Adviser's bottom-up stock selection. With that being said, the sector that contributed the most to Fund performance over the fiscal year was consumer discretionary. The Sub-Adviser's strong stock selection, specifically within the restaurant industry, coupled with their relative overweight allocation, contributed meaningfully to returns. Another sector that contributed to performance was the financial services sector, with superior security selection driving outperformance. The sector that detracted the most from performance over the fiscal year was the technology sector as the Sub-Adviser's overweight allocation in tandem with poor security selection dragged on performance. In addition, the Sub-Adviser's underweight to the energy sector detracted from relative performance as the sector within the benchmark provided one of the few positive absolute returns over the fiscal period.

**Holdings Insights**

The largest contributor to Fund performance over the fiscal year came from a security not held, Asana, Inc. (ASAN) (holding weight\*: not held). ASAN operates a work management platform for enterprises. Over the fiscal year, ASAN consistently reported impressive sales, as the software-as-a-service company continued to gain market-share. While sales were stellar given the challenging market environment, investor sentiment soured after financial results highlighted the significant spend on advertising and negative free cash flow. Over the fiscal year, ASAN lost 84.8 percent. Another contributor over the fiscal year was Apellis Pharmaceuticals, Inc. (APLS) (holding weight\*: 0.65 percent). APLS is a biopharmaceutical company that focuses on the development of therapeutics for autoimmune and inflammatory diseases. APLS has made steady progress with its lead drug, Empaveli, a monotherapy treatment for adult patients suffering from paroxysmal nocturnal hemoglobinuria (PNH). In addition, APLS announced that their pegcetacoplan treatment showed a meaningful reduction in the spread of genetic atrophy (GA). Over the fiscal year, APLS gained 96.8 percent. Within the consumer discretionary sector, elf Beaty, Inc. (ELF) (holding weight\*: 1.31 percent), a cosmetics and skin care products provider, also contributed meaningfully to relative Fund performance, gaining 33.9 percent. In the most recent fiscal quarter, ELF reported earnings that handily exceeded expectations, up 69 percent over consensus. In addition, sales increased 26 percent driven by an increase in both domestic and international spending.

The largest detractor from Fund performance over the fiscal year was Eventbrite, Inc. (EB) (holding weight\*: 0.87 percent). EB operates as a self-service ticketing and experience technology platform that services event creators. EB struggled through the COVID pandemic as demand for in-person events came down due to restrictive COVID lockdowns. When lockdowns eased, EB saw an influx of demand, leading to a meaningful increase in sales. However, in the most recent fiscal quarter, EB posted a net loss, which led many investors to flee E B and move into safer assets. Over the fiscal year, EB dropped 67.5 percent. Another detractor over the fiscal year was Freshpet, Inc. (FRPT) (holding weight\*: 1.03 percent). FRPT manufactures and markets natural fresh meals and treats for pets. Over the fiscal year, FRPT consistently reported earnings that came in negative as high costs decreased margins. While the demand for pets and pet products increased during the COVID pandemic as more individuals prioritized life at home, the valuation and fundamentals began to appear stretched, leading to a steep sell-off in FRPT. Over the fiscal year, FRPT fell 62.2 percent. Within the technology sector, Elastic N.V. (ESTC) (holding weight\*: 0.92 percent), a public and private-cloud search company, detracted from Fund performance. ESTC has seen its sales increase significantly over the fiscal year, however, losses continue to increase, leading some investors to sell-out of the high-flying growth stock. While guidance suggests sales are likely to continue increasing, expenses may weigh on margins and outweigh any profitability in the foreseeable future. Over the fiscal year, ESTC lost 63.1 percent.

**Sub-Adviser Outlook**

The Sub-Adviser believes that many of the themes that affected markets last fiscal quarter, such as persistent COVID cases, supply chain disruptions, inflation, and tightening monetary policy, may continue to impact markets in the near future. Inflation and the Federal Reserve's response continue to be at the forefront of the Sub-Adviser's mind, with a potential recession on the horizon. Despite the negative headwinds, consumer spending has not come down meaningfully and the labor market appears stronger than it was prior to the COVID pandemic. The Sub-Adviser has navigated multiple market cycles before and will continue to remain true to its diligent investment process, seeking those companies and industries in what they believe to be high-growth markets.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned, as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df010_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;(37.42)% | &nbsp;&nbsp;8.62% | &nbsp;&nbsp;11.64% |
| Class A with load of 5.75% | &nbsp;&nbsp;(41.15)% | &nbsp;&nbsp;7.07% | &nbsp;&nbsp;10.70% |
| Class A without load | &nbsp;&nbsp;(37.55)% | &nbsp;&nbsp;8.35% | &nbsp;&nbsp;11.36% |
| Class C | &nbsp;&nbsp;(37.99)% | &nbsp;&nbsp;7.55% | &nbsp;&nbsp;10.53% |
| Russell 2000 Growth Index | &nbsp;&nbsp;(26.02)% | &nbsp;&nbsp;5.17% | &nbsp;&nbsp;10.15% |
| Morningstar Small Cap Growth Category | &nbsp;&nbsp;(27.84)% | &nbsp;&nbsp;7.02% | &nbsp;&nbsp;10.30% |

---

(a) Total
Returns are calculated based on traded NAVs.

The Russell 2000 Growth Index measures the performance of the Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index or benchmark.

The Morningstar Small Cap Growth Category is generally representative of mutual funds that primarily invest in small (small capitalization) U.S. companies that are projected to grow faster than other small-cap stocks.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including the cost of underlying funds, are 1.83% for Class N, 2.83% for Class C and 2.08% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com*

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.5%** |  |
| 21950 | Hexcel Corporation | $1222615 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.6%** |  |
| 5485 | Crocs, Inc.<sup>(a)</sup> | 388064 |
| 2438 | Deckers Outdoor Corporation<sup>(a)</sup> | 853129 |
|  |  | 1241193 |
|  | **BANKING - 5.1%** |  |
| 26819 | First Merchants Corporation | 1204173 |
| 21426 | Glacier Bancorp, Inc. | 1227282 |
| 26367 | Seacoast Banking Corp of Florida | 814740 |
| 5000 | Signature Bank<sup>(b)</sup> | 792650 |
|  |  | 4038845 |
|  | **BIOTECH & PHARMA - 8.3%** |  |
| 43940 | Alector, Inc.<sup>(a)</sup> | 404248 |
| 28741 | Allogene Therapeutics, Inc.<sup>(a),(b)</sup> | 296032 |
| 29510 | ALX Oncology Holdings, Inc.<sup>(a),(b)</sup> | 358251 |
| 42147 | Anavex Life Sciences Corporation<sup>(a),(b)</sup> | 512929 |
| 8454 | Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 511382 |
| 20019 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 957109 |
| 7842 | Immunocore Holdings plc - ADR<sup>(a)</sup> | 448092 |
| 16032 | Intra-Cellular Therapies, Inc.<sup>(a),(b)</sup> | 732181 |
| 26184 | IVERIC bio, Inc.<sup>(a)</sup> | 626321 |
| 17190 | Maravai LifeSciences Holdings, Inc.<sup>(a)</sup> | 285354 |
| 142486 | MaxCyte, Inc.<sup>(a)</sup> | 986004 |
| 9529 | Vaxcyte, Inc.<sup>(a)</sup> | 415560 |
|  |  | 6533463 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.0%** |  |
| 5005 | FTI Consulting, Inc.<sup>(a)</sup> | 778928 |
|  | **ELECTRICAL EQUIPMENT - 3.1%** |  |
| 23219 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 434427 |
| 20580 | BWX Technologies, Inc. | 1172648 |
| 17731 | Itron, Inc.<sup>(a)</sup> | 866869 |
|  |  | 2473944 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.2% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 5.0%** |  |
| 9863 | Exponent, Inc. | $939549 |
| 10415 | MasTec, Inc.<sup>(a),(b)</sup> | 802788 |
| 22601 | Montrose Environmental Group, Inc.<sup>(a)</sup> | 989472 |
| 27724 | WillScot Mobile Mini Holdings Corporation<sup>(a)</sup> | 1179102 |
|  |  | 3910911 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.1%** |  |
| 6634 | Amedisys, Inc.<sup>(a)</sup> | 647412 |
| 5111 | Catalent, Inc.<sup>(a)</sup> | 335946 |
| 8461 | HealthEquity, Inc.<sup>(a)</sup> | 659197 |
| 26713 | Option Care Health, Inc.<sup>(a)</sup> | 808335 |
| 13372 | Progyny, Inc.<sup>(a)</sup> | 594653 |
| 52658 | RadNet, Inc.<sup>(a)</sup> | 1006820 |
| 19550 | SI-BONE, Inc.<sup>(a)</sup> | 380052 |
| 14656 | Surgery Partners, Inc.<sup>(a),(b)</sup> | 398497 |
|  |  | 4830912 |
|  | **HOME CONSTRUCTION - 0.7%** |  |
| 9150 | Skyline Champion Corporation<sup>(a)</sup> | 532622 |
|  | **HOUSEHOLD PRODUCTS - 3.1%** |  |
| 23773 | elf Beauty, Inc.<sup>(a)</sup> | 1028420 |
| 17652 | Inter Parfums, Inc. | 1427694 |
|  |  | 2456114 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.1%** |  |
| 3849 | Chart Industries, Inc.<sup>(a),(b)</sup> | 857865 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.4%** |  |
| 7600 | Evercore, Inc., Class A | 798760 |
| 12087 | Houlihan Lokey, Inc. | 1079611 |
|  |  | 1878371 |
|  | **INTERNET MEDIA & SERVICES - 2.4%** |  |
| 103597 | Eventbrite, Inc., Class A<sup>(a),(b)</sup> | 680632 |
| 33766 | Pinterest, Inc., Class A<sup>(a)</sup> | 830644 |
| 5446 | TechTarget, Inc.<sup>(a)</sup> | 351539 |
|  |  | 1862815 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.2% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 6.7%** |  |
| 13470 | Dutch Bros, Inc.<sup>(a),(b)</sup> | $497178 |
| 43066 | OneSpaWorld Holdings Ltd.<sup>(a)</sup> | 390609 |
| 12393 | Papa John's International, Inc.<sup>(b)</sup> | 900104 |
| 6704 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 438978 |
| 17421 | Shake Shack, Inc., Class A<sup>(a),(b)</sup> | 968085 |
| 10198 | Texas Roadhouse, Inc. | 1009091 |
| 7377 | Wingstop, Inc.<sup>(b)</sup> | 1168442 |
|  |  | 5372487 |
|  | **LEISURE PRODUCTS - 1.2%** |  |
| 2842 | Axon Enterprise, Inc.<sup>(a)</sup> | 413340 |
| 5811 | Fox Factory Holding Corporation<sup>(a)</sup> | 510497 |
|  |  | 923837 |
|  | **MACHINERY - 2.9%** |  |
| 8037 | Lindsay Corporation | 1360665 |
| 6856 | MSA Safety, Inc. | 920349 |
|  |  | 2281014 |
|  | **MEDICAL EQUIPMENT & DEVICES - 8.7%** |  |
| 114158 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | 888150 |
| 70236 | Alphatec Holdings, Inc.<sup>(a),(b)</sup> | 719217 |
| 31629 | BioLife Solutions, Inc.<sup>(a)</sup> | 743914 |
| 148337 | Cerus Corporation<sup>(a),(b)</sup> | 542913 |
| 11140 | Inari Medical, Inc.<sup>(a)</sup> | 857000 |
| 3300 | Insulet Corporation<sup>(a)</sup> | 854073 |
| 9684 | Lantheus Holdings, Inc.<sup>(a)</sup> | 716519 |
| 4079 | Repligen Corporation<sup>(a)</sup> | 744377 |
| 17193 | Silk Road Medical, Inc.<sup>(a)</sup> | 757867 |
|  |  | 6824030 |
|  | **RENEWABLE ENERGY - 1.3%** |  |
| 26481 | Fluence Energy, Inc.<sup>(a),(b)</sup> | 395361 |
| 2903 | SolarEdge Technologies, Inc.<sup>(a)</sup> | 667777 |
|  |  | 1063138 |
|  | **RETAIL - CONSUMER STAPLES - 2.3%** |  |
| 6304 | Five Below, Inc.<sup>(a)</sup> | 922590 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.2% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 2.3% (Continued)** |  |
| 16254 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a),(b)</sup> | $910224 |
|  |  | 1832814 |
|  | **RETAIL - DISCRETIONARY - 1.0%** |  |
| 13688 | Freshpet, Inc.<sup>(a),(b)</sup> | 806908 |
|  | **SEMICONDUCTORS - 7.4%** |  |
| 18575 | Aehr Test Systems<sup>(a),(b)</sup> | 382088 |
| 40076 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 1018332 |
| 6572 | Axcelis Technologies, Inc.<sup>(a)</sup> | 381176 |
| 15116 | Azenta, Inc. | 671150 |
| 15154 | Lattice Semiconductor Corporation<sup>(a)</sup> | 735121 |
| 10982 | Onto Innovation, Inc.<sup>(a)</sup> | 734037 |
| 7447 | Power Integrations, Inc. | 496789 |
| 5909 | Silicon Laboratories, Inc.<sup>(a),(b)</sup> | 679062 |
| 9379 | Wolfspeed, Inc.<sup>(a)</sup> | 738596 |
|  |  | 5836351 |
|  | **SOFTWARE - 14.8%** |  |
| 12774 | Alteryx, Inc., Class A<sup>(a)</sup> | 622477 |
| 1523 | Appfolio, Inc., Class A<sup>(a)</sup> | 190939 |
| 12680 | Blackline, Inc.<sup>(a)</sup> | 710080 |
| 5397 | Calix, Inc.<sup>(a)</sup> | 397435 |
| 5855 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 943825 |
| 30850 | DoubleVerify Holdings, Inc.<sup>(a),(b)</sup> | 901745 |
| 27227 | Doximity, Inc.<sup>(a),(b)</sup> | 720699 |
| 4177 | Duolingo, Inc.<sup>(a)</sup> | 341846 |
| 14940 | Dynatrace, Inc.<sup>(a),(b)</sup> | 526486 |
| 11302 | Elastic N.V.<sup>(a)</sup> | 722763 |
| 48699 | Expensify, Inc.<sup>(a)</sup> | 637470 |
| 12861 | Five9, Inc.<sup>(a)</sup> | 775004 |
| 17643 | Jamf Holding Corporation<sup>(a),(b)</sup> | 417610 |
| 33080 | JFrog Ltd.<sup>(a)</sup> | 840232 |
| 25636 | KnowBe4, Inc.<sup>(a)</sup> | 630133 |
| 5356 | Omnicell, Inc.<sup>(a)</sup> | 414126 |
| 13858 | Sprout Social, Inc., Class A<sup>(a)</sup> | 836053 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.32% (Continued)** |  |
|  | **SOFTWARE - 14.8% (Continued)** |  |
| 22221 | ZoomInfo Technologies, Inc., Class A<sup>(a),(b)</sup> | $989501 |
|  |  | 11618424 |
|  | **TECHNOLOGY HARDWARE - 1.8%** |  |
| 12751 | Fabrinet<sup>(a)</sup> | 1458714 |
|  | **TECHNOLOGY SERVICES - 4.1%** |  |
| 19831 | MAXIMUS, Inc. | 1222978 |
| 21509 | Shift4 Payments, Inc.<sup>(a),(b)</sup> | 988769 |
| 12536 | WNS Holdings Ltd. - ADR<sup>(a)</sup> | 1079099 |
|  |  | 3290846 |
|  | **TRANSPORTATION & LOGISTICS - 0.7%** |  |
| 19538 | Air Transport Services Group, Inc.<sup>(a)</sup> | 570510 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.0%** |  |
| 22826 | Grocery Outlet Holding Corporation<sup>(a),(b)</sup> | 789095 |
|  | **TOTAL COMMON STOCKS (Cost $72,882,761)** | 75286766 |
|  | **SHORT-TERM INVESTMENTS — 22.1%** |  |
|  | **MONEY MARKET FUND - 4.1%** |  |
| 3295839 | Fidelity Government Portfolio Institutional Class, 2.86%<sup>(c)</sup> | 3295839 |
|  | **COLLATERAL FOR SECURITIES LOANED - 18.0%** |  |
| 14217406 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24%<sup>(c)(d)</sup> | 14217406 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,513,245)** | 17513245 |
|  | **TOTAL INVESTMENTS - 117.4% (Cost $90,396,006)** | $92800011 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (17.4)%** | (13731408) |
|  | **NET ASSETS - 100.0%** | $79068603 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| <br> **DUNHAM SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

<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 $13,791,494 at October 31, 2022.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(d)</sup> 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Technology | 23.9% | Financials | 6.4% |
| Health Care | 19.6% | Consumer Staples | 5.5% |
| Collateral For Securities Loaned | 15.3% | Short-Term Investment | 3.6% |
| Industrials | 13.0% | Communications | 2.0% |
| Consumer Discretionary | 9.6% | Energy | 1.1% |
|  |  | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Emerging Markets Stock Fund (Unaudited)** |
| **Message from the Sub-Adviser (NS Partners Ltd.)** |

---

**Asset Class Recap**

Emerging markets underperformed developed markets to begin the fiscal year, due to an increase in political risks, heightening geopolitical tensions, as well as a more aggressive tightening by the United States Federal Reserve. Throughout the fiscal year, these themes persisted as the conflict between Russia and Ukraine saw no signs of abating and central banks appeared determined to combat inflation by tightening monetary policy regardless of its impact on the global economy. Pronounced weakness throughout the fiscal year and most recent fiscal quarter came from China as the country continued to be plagued by economic and regulatory challenges. In the previous quarter Chinese equity markets rebounded slightly as lockdown measures in China began to be lifted, and authorities increased stimulus measures. President Xi Jinping reassured investors that regulation on key sectors would ease and they would prioritize economic growth. However in the most recent fiscal quarter, geopolitical tensions over Taiwan, weakness in the real estate market, and muted economic growth caused Chinese markets to sell off. Also adding to pessimism was Jinping's control over the country. As he secured a rare third term in office, he cemented his power by packing the party's highest ranks with those loyal to him. Investors may be concerned that this power will provide a means to continue the "Covid-Zero" policy and other policies that could continue to hamper growth in the country. Over the most recent fiscal quarter ended October 31, 2022, emerging markets stocks, as measured by the MSCI Emerging Markets Index, declined 31.0 percent. Emerging markets stocks underperformed international developed markets, as measured by the MSCI EAFE Index, as they decreased 23.0 percent over the fiscal quarter.

**Allocation Review**

Over the most recent fiscal year, stock selection strongly contributed to Fund performance. The Fund experienced positive contributions from stock selection within South Korea, Brazil, and India, overshadowing the adverse effect of stock selection in China, Philippines, and Taiwan. Conversely, The Fund's country allocation detracted from performance, with the most meaningful negative impact coming from the underweight to Brazil. Through the first three quarters of the fiscal year, the Sub-Adviser increased the exposure to China amid a slew of encouraging signs. The Sub- Adviser believed that regulatory risk and the Covid-zero policy were not going away, but these risks were easing. Additionally, they viewed the uptick in liquidity as a positive sign for future spending in the country. However, in the most recent fiscal quarter, the exposure was reduced due to the ramping up of the Biden administration's war on Chinese technology companies along with President Xi's takeover of economic policymaking, which the Sub-Adviser views as a potential headwind to long-term economic growth. Outside of China, the Sub-Adviser increased the exposure to India, Indonesia, and Brazil, while reducing the weighting to Taiwan and Thailand. From a sector perspective, the exposure to the technology and energy sectors contributed to Fund performance, while the exposure to the materials and utilities sectors aided positive Fund performance.

**Holdings Insights**

Many of the strongest performing positions within the Fund over the fiscal year came from the exposure to India. This includes Varun Beverages Ltd. (VML IN) (holding weight\*: 2.87 percent), an Indian company that produces, bottles, and distributes beverages, as it increased 68.1 percent over the fiscal year. Throughout the fiscal year, VML IN expanded capacity, continued to gain market share, and earnings reports revealed the company continued to increase profits. The Sub-Adviser also believes that investors are enthusiastic about the company's future growth prospects as they have introduced new products, such as sports drinks, to target underpenetrated market segments. Also within India, Max Healthcare Institute Ltd. (BMB2291) (holding weight\*: 2.62 percent) strongly contributed to Fund performance over the fiscal quarter. Max Healthcare Institute Ltd. is an operator of private sector hospitals in and around the Delhi metropolitan area. The Sub-Adviser attributes the impressive performance to continued strong demand, maintaining high occupancy rates, and improving their payer mix, as the portion of government employee insurance patients falls and the number of relatively higher-margin, individual patients rise. The Sub-Adviser believes that the metropolitan footprint is key to the group's high occupancy and market-leading margins. Over the fiscal quarter, this exposure increased 24.7 percent.

During the previous fiscal quarter, the Sub-Adviser added NIO, Inc. (NIO) (holding weight\*: 0.84 percent), a company that designs, manufactures, and sells electric vehicles. NIO declined 51.0 percent in the most recent quarter and fell 41.2 percent since being added to the Fund. Despite the meaningful decline, the Sub-Adviser is optimistic about this position moving forward due to multiple tailwinds for the company. The Sub-Adviser believes that NIO has successfully positioned itself as China's premium electric vehicle brand and impellent hard-to-replicate ancillary service that enhances the customer experience and also creates a barrier to exit. The Sub-Adviser also believes that profit margins will rise in the future as a result of their move to subscriptions for driver assistance and battery services, leading them to profitability by 2024 with positive free cash flow. Another position that detracted from Fund performance was Contemporary Amperex Technology Company Ltd. ("CATL") (BHQPSY7) (holding weight\*: 1.59 percent), a Chinese battery manufacturer and technology company. Over the fiscal year, CATL declined 48.8 percent amid concerns about slowing electric vehicle sales.

Elsewhere, exposures within Europe provided mixed results over the fiscal year. Mytilineos S.A. (5898664) (holding weight\*: 0.42 percent), a Greek company that provides energy infrastructure construction and utility services, positively contributed to Fund Performance. The company's management proactively invested in decarbonization projects over the last couple of years. Over the most recent fiscal quarter and full fiscal year, this company has benefited from higher oil prices, driving consumers to reliable alternative energy sources. Since being added to the Fund in January, this position increased 11.2 percent. Wizz Air Holdings plc (WIZZ LN) (holding weight\*: 0.25 percent), an Eastern European airline. WIZZ LN struggled during the fiscal year by falling 68.9 percent amid geopolitical tensions, high oil prices, and labor shortages.

**Sub-Adviser Outlook**

The Sub-Adviser believes monetary authorities have overdone monetary policy making a global recession likely irreversible. Therefore, security and country selection will be critical for the rest of 2022 and 2023. The Sub-Adviser will focus on high-quality stocks with stable return on invested capital. The Sub-Adviser views global real money momentum to be bottoming as inflation peaks and is optimistic of economic stabilization in the middle of 2023. The Sub-Adviser will remain defensive until they uncover evidence of yields peaking, inflation easing, a pickup in earnings revisions, and a softening of the U.S. dollar. The Sub-Adviser will likely look to add to emerging market cyclical sectors, which are trading at historically cheap levels relative to defensive sectors. The Sub-Adviser has identified positive diverging money trends in China, and it will add exposure if data improves further.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df011_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;(36.08)% | &nbsp;&nbsp;(4.78)% | &nbsp;&nbsp;(0.62)% |
| Class A with load of 5.75% | &nbsp;&nbsp;(39.95)% | &nbsp;&nbsp;(6.14)% | &nbsp;&nbsp;(1.44)% |
| Class A without load | &nbsp;&nbsp;(36.27)% | &nbsp;&nbsp;(5.02)% | &nbsp;&nbsp;(0.85)% |
| Class C | &nbsp;&nbsp;(36.72)% | &nbsp;&nbsp;(5.73)% | &nbsp;&nbsp;(1.61)% |
| MSCI Emerging Markets Index (net) | &nbsp;&nbsp;(31.03)% | &nbsp;&nbsp;(3.09)% | &nbsp;&nbsp;0.79% |
| Morningstar Diversified Emerging Markets Category | &nbsp;&nbsp;(30.58)% | &nbsp;&nbsp;(2.86)% | &nbsp;&nbsp;0.67% |

---

(a) Total
Returns are calculated based on traded NAVs.

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Investors cannot invest directly in an index or benchmark.

The Morningstar Diversified Emerging Markets Category is generally representative of mutual funds that primarily invest among 20 or more developing nations, with a general focus on the emerging markets of Asia and Latin America rather than on the emerging markets countries in the Middle East, Africa, or Europe.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 1.69% for Class N, 2.69% for Class C and 1.94% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 0.8%** |  |
|  | **MIXED ALLOCATION - 0.8%** |  |
| 136545 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> **(Cost $861,698)** | $860112 |
|  | **COMMON STOCKS — 94.8%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.3%** |  |
| 41200 | Shenzhou International Group Holdings Ltd.<sup>(e)</sup> | 286050 |
|  | **AUTOMOTIVE - 2.8%** |  |
| 5717 | LG Energy Solution Ltd.<sup>(a)</sup> | 2111354 |
| 89100 | NIO, Inc. - ADR<sup>(a)</sup> | 861597 |
|  |  | 2972951 |
|  | **BANKING - 16.0%** |  |
| 167748 | Banco Bradesco S.A. - ADR<sup>(d)</sup> | 635765 |
| 36700 | Banco Santander Chile - ADR<sup>(d)</sup> | 529581 |
| 3572700 | Bank Central Asia Tbk P.T. | 2015239 |
| 207400 | Bank for Foreign Trade of Vietnam JSC | 613560 |
| 6425200 | Bank Rakyat Indonesia Persero Tbk P.T. | 1912743 |
| 3207000 | CTBC Financial Holding Company Ltd. | 2023187 |
| 265895 | FirstRand Ltd. | 929713 |
| 16600 | HDFC Bank Ltd. - ADR<sup>(d)</sup> | 1034346 |
| 70900 | ICICI Bank Ltd. - ADR | 1562636 |
| 210148 | Itau Unibanco Holding S.A. - ADR<sup>(d)</sup> | 1223061 |
| 143800 | Kasikornbank PCL - ADR | 553491 |
| 1329854 | Postal Savings Bank of China Company Ltd. | 707242 |
| 2077000 | Public Bank Bhd | 1964924 |
| 152825 | Qatar National Bank QPSC | 837035 |
|  |  | 16542523 |
|  | **BEVERAGES - 3.7%** |  |
| 19800 | Heineken Malaysia Bhd | 96643 |
| 4300 | Kweichow Moutai Company Ltd. | 796662 |
| 232835 | Varun Beverages Ltd. | 2954763 |
|  |  | 3848068 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **CHEMICALS - 3.4%** |  |
| 7472300 | AKR Corporindo Tbk P.T. | $746423 |
| 3419 | LG Chem Ltd. | 1497520 |
| 13000 | Sociedad Quimica y Minera de Chile S.A. - ADR | 1217840 |
|  |  | 3461783 |
|  | **CONSUMER SERVICES - 0.9%** |  |
| 1635000 | China Education Group Holdings Ltd. | 957236 |
|  | **E-COMMERCE DISCRETIONARY - 5.0%** |  |
| 540241 | Alibaba Group Holding Ltd.<sup>(a)</sup> | 4200296 |
| 50046 | JD.com, Inc. | 911358 |
|  |  | 5111654 |
|  | **ELECTRIC UTILITIES - 0.0%<sup>(b)</sup>** |  |
| 77040 | ACEN Corporation | 8342 |
|  | **ELECTRICAL EQUIPMENT - 1.9%** |  |
| 582724 | NARI Technology Company Ltd. | 1956235 |
|  | **ENGINEERING & CONSTRUCTION - 1.6%** |  |
| 50826 | Larsen & Toubro Ltd. | 1244526 |
| 25748 | Mytilineos S.A. | 431616 |
|  |  | 1676142 |
|  | **ENTERTAINMENT CONTENT - 1.1%** |  |
| 105190 | NetEase, Inc. | 1167102 |
|  | **FOOD - 1.2%** |  |
| 5889900 | Monde Nissin Corporation | 1189080 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.6%** |  |
| 488926 | Max Healthcare Institute Ltd.<sup>(a)</sup> | 2695568 |
|  | **HOME & OFFICE PRODUCTS - 1.3%** |  |
| 531200 | Haier Smart Home Company Ltd., H Shares | 1329579 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 809 | LG Household & Health Care Ltd. | $288487 |
|  | **INSURANCE - 2.7%** |  |
| 229400 | AIA Group Ltd. | 1737647 |
| 115492 | Prudential plc | 1072823 |
|  |  | 2810470 |
|  | **INTERNET MEDIA & SERVICES - 3.6%** |  |
| 140500 | Tencent Holdings Ltd. | 3691866 |
|  | **LEISURE FACILITIES & SERVICES - 3.8%** |  |
| 182930 | Jollibee Foods Corporation | 730765 |
| 1217656 | Lemon Tree Hotels Ltd.<sup>(a)</sup> | 1241499 |
| 776900 | Minor International PCL - ADR<sup>(a)</sup> | 577304 |
| 108538 | OPAP S.A. | 1329525 |
|  |  | 3879093 |
|  | **MACHINERY - 0.9%** |  |
| 485326 | Sany Heavy Industry Company Ltd., Class A | 900185 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.5%** |  |
| 35200 | Shenzhen Mindray Bio-Medical Electronics Company | 1572817 |
|  | **OIL & GAS PRODUCERS - 2.3%** |  |
| 376189 | Gazprom PJSC <sup>(e)</sup> |  |
| 89100 | Petroleo Brasileiro S.A. - ADR<sup>(d)</sup> | 1142262 |
| 259210 | PTT Exploration & Production PCL | 1239775 |
|  |  | 2382037 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.0%** |  |
| 667729 | Indiabulls Real Estate Ltd.<sup>(a)</sup> | 628571 |
| 230490 | Vinhomes JSC | 417470 |
|  |  | 1046041 |
|  | **RENEWABLE ENERGY - 3.2%** |  |
| 31900 | Contemporary Amperex Technology Company Ltd. | 1636359 |
| 245850 | LONGi Green Energy Technology Company Ltd., Class A | 1622901 |
|  |  | 3259260 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 4.0%** |  |
| 155400 | Atacadao S.A. | $586109 |
| 8512 | Magnit PJSC<sup>(e)</sup> |  |
| 170000 | President Chain Store Corporation | 1411599 |
| 541837 | Wal-Mart de Mexico S.A.B. de C.V. | 2093034 |
|  |  | 4090742 |
|  | **RETAIL - DISCRETIONARY - 0.6%** |  |
| 1580700 | Home Product Center PCL | 607638 |
|  | **SEMICONDUCTORS - 8.0%** |  |
| 16000 | eMemory Technology, Inc. | 529820 |
| 49047 | MediaTek, Inc. | 892806 |
| 477806 | Taiwan Semiconductor Manufacturing Company Ltd. | 5736361 |
| 18200 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1120210 |
|  |  | 8279197 |
|  | **SPECIALTY FINANCE - 3.3%** |  |
| 115498 | Housing Development Finance Corp Ltd. | 3453658 |
|  | **TECHNOLOGY HARDWARE - 6.9%** |  |
| 93099 | Accton Technology Corporation | 699126 |
| 155547 | Samsung Electronics Company Ltd. | 6408143 |
|  |  | 7107269 |
|  | **TECHNOLOGY SERVICES - 2.5%** |  |
| 444328 | Shanghai Baosight Software Company Ltd. | 2586017 |
|  | **TELECOMMUNICATIONS - 4.3%** |  |
| 227728 | Bharti Airtel Ltd. | 2290484 |
| 7762700 | Telekomunikasi Indonesia Persero Tbk P.T. | 2175489 |
|  |  | 4465973 |
|  | **TRANSPORTATION & LOGISTICS - 3.2%** |  |
| 185172 | Container Corp Of India Ltd. | 1787338 |
| 185376 | Spring Airlines Company Ltd.<sup>(a)</sup> | 1235442 |
| 12888 | Wizz Air Holdings plc<sup>(a)</sup> | 252631 |
|  |  | 3275411 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.9%** |  |
| 407136 | Devyani International Ltd.<sup>(a)</sup> | $953650 |
|  | **TOTAL COMMON STOCKS (Cost $115,698,488)** | 97852124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Expiration <br> Date** | **Exercise<br> Price** | |
|  | **WARRANT — 0.0%<sup>(b)</sup>** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES - 0.0% <sup>(b)</sup>** |  |  |  |
| 26977 | Minor International PCL (Thailand) | 07/31/2023 | $21.60 | 5213 |
| 42772 | Minor International PCL (Thailand) | 05/08/2023 | 28.00 | 3404 |
| 38762 | Minor International PCL (Thailand) | 02/16/2024 | 31.00 | 3056 |
|  | **TOTAL WARRANT (Cost $5,303)** |  |  | 11673 |
|  | **SHORT-TERM INVESTMENTS — 8.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 4.5%** |  |  |  |
| 4592216 | First American Government Obligations Fund Class X, 2.91% (Cost $4,592,216)<sup>(c)</sup> |  |  | 4592216 |
|  | **COLLATERAL FOR SECURITIES LOANED – 4.0%** |  |  |  |
| 4064003 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $4,064,003) <sup>(c),(f)</sup> |  |  | 4064003 |
|  | **TOTAL INVESTMENTS – 104.1% (Cost $125,221,708)** |  |  | $107380128 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1%)** |  |  | (4189019) |
|  | **NET ASSETS - 100.0%** |  |  | $103191109 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| S/A | - Société Anonyme |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM EMERGING MARKETS STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(d)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $3,982,690 at October 31, 2022.

<sup>(e)</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 are $0.

<sup>(f)</sup> The Trust's securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 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 105% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 105%.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| India | 16.1% | Indonesia | 6.4% |
| United States | 14.8% | Thailand | 3.6% |
| Hong Kong | 13.3% | Great Britain | 2.0% |
| China | 12.1% | Mexico | 1.9% |
| Taiwan | 9.2% | Others | 12.4% |
| Korea | 8.2% | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham International Stock Fund (Unaudited)** |
| **Message from the Sub-Adviser (Arrowstreet Capital, L.P.)** |

---

**Asset Class Recap**

International equity markets, as measured by the MSCI All Country World ex USA Index (Net) (referred to as the "Index"), fell -24.7 percent during the year ending October 31, 2022 (the "fiscal year"). Across sectors, the only positive performing sector was energy. Conversely, consumer discretionary, information technology, and communication services underperformed. The best performing developed market countries as measured by the Index in local terms during the fiscal year were Norway, up 5.2 percent, and the United Kingdom, up 4.4 percent. The worst performing developed market countries also in local terms were Hong Kong, down 32.0 percent, and the Netherlands, down 28.5 percent. The best performing emerging market countries during the fiscal year as measured by the Index were Turkey, up 148.9 percent, and Chile, up 29.4 percent. The worst performing emerging market countries were China, down 46.3 percent, and Poland, down 35.8 percent.

**Allocation Review**

The Sub-Adviser's investment process is best characterized as a dynamic process that uses quantitative models to evaluate securities to exploit opportunities across companies, sectors, and countries while seeking to avoid long-term systematic biases toward any particular country, sector, style, or market capitalization. These stock selection models are designed to understand what information is likely to impact stock prices with a predictable and measurable lag that allows time to invest and profit. The models obtain the information to forecast individual stock returns by evaluating a stock's potential on the basis of (1) direct effects - characteristics of the company itself; and (2) indirect effects - characteristics of other companies that are related by virtue of a common *country and sector* affiliation (called *country/sector baskets*); a common *country* affiliation; and a common global *sector* affiliation, and/or other common linkages. Over any time period, the strategy's performance relative to the Index is driven by allocations to country/sector baskets, stock selection, and the effects of currency exposures differing from those of the Index.

Countries contributing the most to returns relative to the Index during the fiscal year were: China, mainly due to underweight positioning to both consumer discretionary and communication services sectors, along with overweight positioning coupled with positive selection within the Chinese energy sector; and Turkey, due to overweight positioning to both the financials and industrials sectors. Countries detracting the most relative to the Index included: Russia, primarily due to positioning to the energy and financials sectors and India, due to underweights to the financials and utilities sectors.

Sectors contributing the most to returns relative to the Index during the fiscal year included: Energy, primarily due to overweights and positive selection within the Brazilian and above-mentioned Chinese energy baskets and overweights to United Kingdom energy. The consumer discretionary sector was also a top sector contributor, primarily due to underweights to Chinese consumer discretionary (noted above). Sectors detracting the most relative to the Index included: financials, mainly due to the above-mentioned positioning within Russia; and information technology, largely due to overweights to Dutch information technology and negative selection within Australian and Japanese information technology.

**Holdings Insights**

Stocks contributing the most to returns relative to the Index during the fiscal quarter included: Turk Hava Yollari AO (THYAO) (holding weight\*: 1.79 percent), a Turkish industrials company; Guanghui Energy Company Ltd. (BP3R3N6) (holding weight\*: 0.99 percent), a Chinese energy company; and Petroleo Brasiliero S.A. (PETR4 BZ) (holding weight\*: 1.46 percent), a Brazilian energy company. THYAO, BP3R3N6, and PETR4 BZ increased 248.2 percent, 30.8 percent, and 85.4 percent, respectively during the fiscal year. Stocks detracting the relative to the Index included: Sberbank of Russia PJSC (SBER RX) (holding weight\*: 0.00 percent), a Russian financials company; Lukoil PJSC (LKOH RM) (holding weight\*: 0.00 percent), a Russian energy company; and Gazprom PJSC (OGZPY) (holding weight\*: 0.00 percent), a Russian energy company. As the trading of these stocks for non-Russian entities was halted, the Fund valued each of these holdings at zero through the end of the fiscal year.

**Sub-Adviser Outlook**

The Sub-Adviser generally constructs its portfolios by using proprietary econometric models and a proprietary optimization process that balances the trade-off between a stock's expected return, its contribution to portfolio level risk, portfolio specific restrictions, and its opportunity costs relative to trading costs. As this is performed quantitatively, the Sub-Adviser's outlook does not play a role in the disciplined investment process.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df012_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;(23.16)% | &nbsp;&nbsp;1.39% | &nbsp;&nbsp;5.10% |
| Class A with load of 5.75% | &nbsp;&nbsp;(27.76)% | &nbsp;&nbsp;(0.06)% | &nbsp;&nbsp;4.22% |
| Class A without load | &nbsp;&nbsp;(23.34)% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;4.84% |
| Class C | &nbsp;&nbsp;(23.88)% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;4.06% |
| MSCI All Country World ex US Index (net) | &nbsp;&nbsp;(24.73)% | &nbsp;&nbsp;(0.60)% | &nbsp;&nbsp;3.27% |
| Morningstar Foreign Large Cap Blend Category | &nbsp;&nbsp;(24.05)% | &nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;3.44% |

---

(a) Total
Returns are calculated based on traded NAVs.

The MSCI All Country World ex US Index (net) is a free float-adjusted market capitalization index designed to measure equity market performance in the global developed and emerging markets excluding holdings in the United States and is net of any withholding taxes. Investors cannot invest directly in an index or benchmark.

The Morningstar Foreign Large Cap Blend Category is generally representative of mutual funds that primarily invest in non-U.S. stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is generally applicable where neither growth nor value characteristics dominate.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 1.92% for Class N, 2.92% for Class C and 2.17% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%.The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distribution. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.8%** |  |
| 11041 | Cie Financiere Richemont S.A. | $1079076 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 11931 | Investor A.B. | 194698 |
|  | **AUTOMOTIVE - 6.6%** |  |
| 5000 | Aisin Seiki Company Ltd. | 128353 |
| 23857 | Bayerische Motoren Werke A.G. | 1872009 |
| 10835 | Continental A.G. | 561034 |
| 4244 | Hyundai Mobis Company Ltd. | 649697 |
| 5604 | Hyundai Motor Company | 295291 |
| 1761 | Kia Motors Corporation | 81679 |
| 17169 | Mercedes-Benz Group A.G. | 993464 |
| 77900 | Nissan Motor Company Ltd. | 248299 |
| 99253 | Stellantis N.V. | 1338592 |
| 26400 | Subaru Corporation | 412668 |
| 37700 | Sumitomo Electric Industries Ltd. | 393991 |
| 86464 | Tofas Turk Otomobil Fabrikasi A/S | 456210 |
| 11130 | Volkswagen A.G. | 1424219 |
|  |  | 8855506 |
|  | **BANKING - 11.5%** |  |
| 1559658 | Akbank T.A.S. | 1226053 |
| 54330 | Australia & New Zealand Banking Group Ltd. | 889989 |
| 2677 | Bancolombia S.A. - ADR | 67915 |
| 43009 | Bank Leumi Le-Israel BM | 410754 |
| 279200 | Bank of Beijing Company Ltd., Class A | 154569 |
| 37588 | Bank of China Ltd. - ADR | 302208 |
| 3575000 | Bank of China Ltd., H Shares | 1151419 |
| 1700900 | Bank of Communications Company Ltd. | 1037413 |
| 1150000 | Bank of Communications Company Ltd., H Shares | 561104 |
| 145900 | Bank of Jiangsu Company Ltd. | 138409 |
| 512200 | Bank of Shanghai Company Ltd., Class A | 391743 |
| 31712 | BNK Financial Group, Inc. | 142238 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **BANKING - 11.5% (Continued)** |  |
| 794 | BNP Paribas S.A. | $37222 |
| 272000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | 82443 |
| 694354 | Haci Omer Sabanci Holding A/S | 1250452 |
| 10225 | Hana Financial Group, Inc. | 295053 |
| 112345 | Industrial & Commercial Bank of China Ltd. - ADR | 975155 |
| 1449000 | Industrial & Commercial Bank of China Ltd., H Shares | 629102 |
| 114900 | Industrial Bank Company Ltd. | 236906 |
| 50182 | ING Groep N.V. – ADR <sup>(d)</sup> | 492787 |
| 12641 | KB Financial Group, Inc. | 424544 |
| 449900 | Mebuki Financial Group, Inc. | 874943 |
| 22772 | Nordea Bank Abp | 217529 |
| 121567 | Quinenco S.A. | 322439 |
| 775890 | Sberbank of Russia PJSC<sup>(a)(e)</sup> | 0 |
| 2831 | Shinhan Financial Group Company Ltd. | 71817 |
| 36156 | Skandinaviska Enskilda Banken A.B. | 381161 |
| 58951 | Svenska Handelsbanken A.B., A Shares | 547649 |
| 6000 | Swedbank A.B., A Shares | 89437 |
| 529219 | Turkiye Garanti Bankasi A/S | 668716 |
| 119320 | Turkiye Is Bankasi A/S | 59772 |
| 1284860000 | VTB Bank PJSC<sup>(a)(e)</sup> | 0 |
| 2410939 | Yapi ve Kredi Bankasi A/S | 1192874 |
|  |  | 15323815 |
|  | **BEVERAGES - 1.2%** |  |
| 16652 | Anheuser-Busch InBev S.A./NV – ADR <sup>(d)</sup> | 834265 |
| 2961 | Diageo plc - ADR<sup>(d)</sup> | 494398 |
| 3310 | Heineken N.V. | 276414 |
|  |  | 1605077 |
|  | **BIOTECH & PHARMA - 8.1%** |  |
| 12451 | Bayer A.G. | 654486 |
| 58236 | GSK plc - ADR<sup>(d)</sup> | 1931688 |
| 22561 | Novartis A.G. - ADR | 1830374 |
| 6834 | Novartis A.G. | 552807 |
| 8202 | Novo Nordisk A/S, Class B | 891846 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **BIOTECH & PHARMA - 8.1% (Continued)** |  |
| 2500 | Otsuka Holdings Company Ltd. | $80139 |
| 1857 | Recordati Industria Chimica e Farmaceutica SpA | 69749 |
| 14597 | Roche Holding A.G. | 4843258 |
|  |  | 10854347 |
|  | **CHEMICALS - 2.5%** |  |
| 16656 | Evonik Industries A.G. | 306738 |
| 8100 | Kaneka Corporation | 200865 |
| 21400 | Mitsubishi Chemical Group Corporation | 96675 |
| 3200 | Nitto Denko Corporation | 168600 |
| 10128 | PhosAgro PJSC <sup>(e)</sup> | 0 |
| 14171 | Sasol Ltd. | 238254 |
| 7878 | Saudi Arabian Fertilizer Company | 332856 |
| 6800 | Shin-Etsu Chemical Company Ltd. | 706748 |
| 72200 | Toray Industries, Inc. | 350712 |
| 6700 | Tosoh Corporation | 72895 |
| 1096 | Yara International ASA | 48915 |
| 37372 | Yara International ASA - ADR | 831153 |
|  |  | 3354411 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.5%** |  |
| 12994 | Randstad N.V. | 647412 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 1100 | AGC, Inc. | 34469 |
| 1997 | CRH plc – ADR | 72312 |
|  |  | 106781 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 18900 | Mitsubishi Heavy Industries Ltd. | 651015 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 1075 | CEZ A/S | 35160 |
| 15700 | Chubu Electric Power Company, Inc. | 127801 |
| 14404 | E.ON S.E. | 120582 |
| 19994 | Engie S.A. | 259710 |
| 38000 | Huadian Power International Corp Ltd. | 11412 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **ELECTRIC UTILITIES - 0.9% (Continued)** |  |
| 52622 | Origin Energy Ltd. | $187967 |
| 108100 | Tokyo Electric Power Company Holdings, Inc.<sup>(a)</sup> | 352154 |
|  |  | 1094786 |
|  | **ELECTRICAL EQUIPMENT - 0.6%** |  |
| 27498 | ABB Ltd. | 763627 |
| 7600 | Mitsubishi Electric Corporation | 66872 |
|  |  | 830499 |
|  | **ENGINEERING & CONSTRUCTION - 1.1%** |  |
| 1198200 | China State Construction Engineering Corp Ltd. | 778795 |
| 1666800 | Metallurgical Corp of China Ltd., Class A | 658647 |
|  |  | 1437442 |
|  | **FOOD - 0.3%** |  |
| 741000 | WH Group Ltd. | 374211 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.2%** |  |
| 26060 | Svenska Cellulosa A.B. SCA | 307503 |
|  | **GAS & WATER UTILITIES - 0.0%<sup>(b)</sup>** |  |
| 2700 | Tokyo Gas Company Ltd. | 48255 |
|  | **HOME & OFFICE PRODUCTS - 0.0%<sup>(b)</sup>** |  |
| 1 | Arcelik A/S | 4 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 16400 | Shiseido Company Ltd. | 566429 |
| 4040 | Unilever plc - ADR | 183860 |
|  |  | 750289 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 13200 | Sumitomo Corporation | 167827 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 3396 | Deutsche Boerse A.G. | 552087 |
| 254000 | Haitong Securities Company Ltd. | 124162 |
| 110420 | Mirae Asset Daewoo Company Ltd. | 279904 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5% (Continued)** |  |
| 329400 | Nomura Holdings, Inc. | $1065961 |
|  |  | 2022114 |
|  | **INSURANCE - 6.5%** |  |
| 231585 | China Life Insurance Company Ltd., H Shares | 252532 |
| 5700 | COFCO Capital Holdings Company Ltd. | 4606 |
| 6500 | Dai-ichi Life Holdings, Inc. | 103241 |
| 7097 | Hyundai Marine & Fire Insurance Company Ltd. | 165420 |
| 74000 | Japan Post Holdings Company Ltd. | 497636 |
| 50800 | MS&AD Insurance Group Holdings, Inc. | 1345291 |
| 4367 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 1152430 |
| 22464 | NN Group N.V. | 950890 |
| 1649400 | People's Insurance Company Group of China Ltd. | 1096860 |
| 2312000 | People's Insurance Company Group of China Ltd., H Shares | 638940 |
| 3712 | Samsung Fire & Marine Insurance Company Ltd. | 519610 |
| 3206 | Samsung Fire & Marine Insurance Company Ltd. – Pfd. | 359219 |
| 28200 | Sompo Holdings, Inc. | 1175762 |
| 5130 | Swiss Re A.G. | 381081 |
| 3500 | T&D Holdings, Inc. | 34617 |
|  |  | 8678135 |
|  | **MACHINERY - 1.5%** |  |
| 1374 | Accelleron Industries A.G.<sup>(a)</sup> | 23299 |
| 4000 | Keyence Corporation | 1508312 |
| 29300 | Yokogawa Electric Corporation | 489945 |
|  |  | 2021556 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| 2800 | Hoya Corporation | 260301 |
| 6700 | Shimadzu Corporation | 176503 |
| 13130 | Smith & Nephew plc | 155147 |
| 7300 | Sysmex Corporation | 392928 |
|  |  | 984879 |
|  | **METALS & MINING - 4.7%** |  |
| 16642 | Anglo American plc - ADR | 250961 |
| 33742 | Anglo American plc | 1010659 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **METALS & MINING - 4.7% (Continued)** |  |
| 213900 | China Shenhua Energy Company Ltd. | $820223 |
| 16500 | China Shenhua Energy Company Ltd., H Shares | 43343 |
| 133302 | Glencore plc | 764188 |
| 3785 | MMC Norilsk Nickel PJSC <sup>(e)</sup> | 0 |
| 16735 | Rio Tinto Ltd. | 949556 |
| 4296 | Rio Tinto plc | 224504 |
| 28104 | Rio Tinto plc - ADR<sup>(d)</sup> | 1499349 |
| 27683 | South32 Ltd. | 63502 |
| 43300 | Vale S.A. | 561863 |
|  |  | 6188148 |
|  | **OIL & GAS PRODUCERS - 19.3%** |  |
| 1615 | Aker BP ASA | 51302 |
| 94242 | BP plc - ADR | 3136374 |
| 115255 | BP plc | 637625 |
| 991900 | China Petroleum & Chemical Corporation | 553925 |
| 1294000 | China Petroleum & Chemical Corporation, H Shares | 512843 |
| 17700 | ENEOS Holdings, Inc. | 58388 |
| 13665 | Eni SpA | 179417 |
| 32540 | Eni SpA - ADR | 857104 |
| 6389 | Equinor ASA | 232771 |
| 2581 | Equinor ASA – ADR<sup>(d)</sup> | 93639 |
| 247390 | Gazprom PJSC<sup>(a)(e)</sup> | 0 |
| 87530 | Gazprom PJSC - ADR<sup>(a)(e)</sup> | 0 |
| 935496 | Guanghui Energy Company Ltd. | 1317690 |
| 58300 | Idemitsu Kosan Company Ltd. | 1275661 |
| 37200 | Inpex Corporation | 375450 |
| 486725 | KOC Holding A/S | 1451934 |
| 24250 | LUKOIL PJSC <sup>(e)</sup> | 0 |
| 94867 | MOL Hungarian Oil & Gas plc | 569628 |
| 22511 | Motor Oil Hellas Corinth Refineries S.A. | 386779 |
| 9000 | OMV A.G. | 414264 |
| 2085400 | PetroChina Company Ltd. | 1365666 |
| 1184100 | PetroChina Company Ltd., H Shares | 452948 |
| 126800 | Petroleo Brasileiro S.A. | 815807 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **OIL & GAS PRODUCERS - 19.3%(Continued)** |  |
| 334600 | Petroleo Brasileiro S.A. | $1930547 |
| 3417 | Petroleo Brasileiro S.A.-A - ADR<sup>(d)</sup> | 39330 |
| 35243 | Petroleo Brasileiro S.A. - ADR | 451815 |
| 85128 | Polskie Gornictwo Naftowe i Gazownictwo S.A.<sup>(a)</sup> | 91708 |
| 13600 | PTT Exploration & Production PCL | 65047 |
| 9462 | Repsol S.A. | 128686 |
| 117940 | Rosneft Oil Company PJSC <sup>(e)</sup> | 0 |
| 9867 | Shell plc – ADR <sup>(d)</sup> | 548901 |
| 156875 | Shell plc | 4345052 |
| 6830 | Tatneft PJSC <sup>(e)</sup> | 0 |
| 25281 | TotalEnergies S.E. - ADR | 1384640 |
| 35014 | TotalEnergies S.E. | 1909546 |
| 12055 | Woodside Energy Group Ltd. | 278649 |
|  |  | 25913136 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.5%** |  |
| 1256700 | CNOOC Energy Technology & Services Ltd. | 489912 |
| 2292000 | Sinopec Oilfield Service Corporation<sup>(a)</sup> | 137204 |
|  |  | 627116 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 9055 | Carrefour S.A. | 145700 |
| 66193 | Cencosud S.A. | 88868 |
| 40756 | CK Hutchison Holdings Ltd. - ADR | 201742 |
| 62866 | Woolworths Group Ltd. | 1327383 |
|  |  | 1763693 |
|  | **RETAIL - DISCRETIONARY - 0.6%** |  |
| 16800 | Jardine Matheson Holdings Ltd. | 773136 |
|  | **SEMICONDUCTORS - 3.1%** |  |
| 5524 | ASML Holding N.V. | 2590443 |
| 1400 | ASML Holding N.V. – ADR <sup>(d)</sup> | 661388 |
| 4157 | SK Hynix, Inc. | 240195 |
| 55000 | Taiwan Semiconductor Manufacturing Company Ltd. | 660310 |
|  |  | 4152336 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **SOFTWARE - 0.5%** |  |
| 6857 | SAP S.E. | $659804 |
|  | **SPECIALTY FINANCE - 1.0%** |  |
| 58900 | ORIX Corporation | 865135 |
| 20481 | Samsung Card Company Ltd. | 443157 |
|  |  | 1308292 |
|  | **STEEL - 0.9%** |  |
| 13970 | ArcelorMittal S.A. | 312185 |
| 3181 | Hyundai Steel Company | 62475 |
| 268000 | Maanshan Iron & Steel Company Ltd | 42995 |
| 61800 | Nippon Steel Corporation | 847834 |
|  |  | 1265489 |
|  | **TECHNOLOGY HARDWARE - 4.8%** |  |
| 10100 | Brother Industries Ltd. | 172069 |
| 12000 | Canon, Inc. | 254378 |
| 103000 | Chicony Electronics Company Ltd. | 255183 |
| 5400 | FUJIFILM Holdings Corporation | 247058 |
| 2200 | Kyocera Corporation | 106542 |
| 8000 | Nidec Corporation | 439886 |
| 20218 | Nokia OYJ | 89820 |
| 113676 | Nokia OYJ - ADR | 500174 |
| 8400 | Ricoh Company Ltd. | 61556 |
| 352 | Samsung Electronics Company Ltd. - ADR | 363792 |
| 78420 | Samsung Electronics Company Ltd. | 3257585 |
| 19632 | Samsung Electronics Company Ltd.-Pref. | 732281 |
|  |  | 6480324 |
|  | **TECHNOLOGY SERVICES - 1.7%** |  |
| 7000 | Fujitsu Ltd. | 805436 |
| 35100 | NTT Data Corporation | 508401 |
| 13825 | RELX plc – ADR <sup>(d)</sup> | 372722 |
| 5551 | Wolters Kluwer N.V. | 589661 |
| 335 | Wolters Kluwer N.V. - ADR | 35544 |
|  |  | 2311764 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.3%(Continued)** |  |
|  | **TELECOMMUNICATIONS - 4.1%** |  |
| 137923 | Deutsche Telekom A.G. | $2602567 |
| 15625 | Proximus S.A.DP | 163758 |
| 30164 | Tele2 A.B., B Shares | 247195 |
| 170755 | Telefonica S.A. | 588446 |
| 109583 | Telenor ASA | 995858 |
| 344559 | Telia Company A.B. <sup>(d)</sup> | 912890 |
|  |  | 5510714 |
|  | **TOBACCO & CANNABIS - 0.8%** |  |
| 17196 | British American Tobacco plc - ADR | 681306 |
| 39939 | Swedish Match A.B. | 410719 |
|  |  | 1092025 |
|  | **TRANSPORTATION & LOGISTICS - 3.4%** |  |
| 34 | AP Moller - Maersk A/S - Series B | 71034 |
| 211 | AP Moller - Maersk A/S - Series A | 422160 |
| 102500 | China Merchants Energy Shipping Company Ltd. | 98246 |
| 3536 | Deutsche Post A.G. | 124959 |
| 56800 | Evergreen Marine Corp Taiwan Ltd. | 241311 |
| 20000 | Mitsui OSK Lines Ltd. | 395917 |
| 12000 | Nippon Yusen KK | 217381 |
| 2374600 | TangShan Port Group Company Ltd. | 817240 |
| 437130 | Turk Hava Yollari AO<sup>(a)</sup> | 2379170 |
|  |  | 4767418 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2%** |  |
| 29500 | Marubeni Corporation | 258249 |
|  | **WHOLESALE - DISCRETIONARY - 0.5%** |  |
| 21700 | Toyota Tsusho Corporation | 728405 |
|  | **TOTAL COMMON STOCKS (Cost $142,760,382)** | 125189687 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.9%** |  |
|  | **EQUITY - 0.9%** |  |
| 13599 | Global X MSCI Argentina ETF | 422929 |
| 13814 | iShares MSCI EAFE ETF <sup>(d)</sup> | 819308 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,136,411)** | 1242237 |
|  | **SHORT-TERM INVESTMENTS — 10.9%** |  |
|  | **MONEY MARKET FUNDS - 4.7%** |  |
| 6275588 | Fidelity Government Portfolio, Class I, 2.86% (Cost $6,275,588)<sup>(c)</sup> | 6275588 |
|  | **COLLATERAL FOR SECURITIES LOANED – 6.2%** |  |
| 8359136 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $8,359,136) <sup>(c), (f)</sup> | 8359136 |
|  | **TOTAL INVESTMENTS – 105.2% (Cost $158,531,517)** | $141066648 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (5.2)%** | (6922751) |
|  | **NET ASSETS - 100.0%** | $134143897 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| TAS | - Turkish Accounting Standards |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM INTERNATIONAL STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022 (Continued)** |

---

 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(d)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $8,089,227 at October 31, 2022.

<sup>(e)</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 are $0.

<sup>(f)</sup> 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% (105% for non US Shares) 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 105% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 105%.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| United States | 25.8% | Switzerland | 5.4% |
| Japan | 13.9% | Korea | 5.1% |
| China | 7.1% | Turkey | 4.5% |
| Germany | 6.0% | Hong Kong | 3.6% |
| Collateral for Securities Loaned | 5.9% | Other Countries | 16.9% |
| Netherlands | 5.8% | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Dynamic Macro Fund (Unaudited)** |
| **Message from the Sub-Adviser (Newton Investment Management North America, LLC)** |

---

**Asset Class Recap**

Global markets fell significantly over the fiscal year ended October 31, 2022, as persistent COVID cases, supply chain bottlenecks, heightened inflation, and geopolitical conflict between Russia and Ukraine led to volatility in the markets. At the beginning of the fiscal year, U.S. equity markets reached all time highs, as it appeared COVID cases were subsiding, lockdown measures were easing, and COVID vaccinations disseminated globally. While investors cheered the idea of a global economic reopening, inflation, as measured by the Consumer Price Index (CPI), continued to increase on a year- over -year basis as an influx of fiscal stimulus and supply chain disruptions drove up the price of goods. The rise in costs and raw materials caught the attention of the Federal Reserve (Fed), which led to a drastic change in monetary policy. Over the fiscal year, the Fed decided to increase the policy rate 300 basis points, closing out the fiscal period at 3.0-3.25 percent, the highest level in nearly 14 years. The increase in interest rates led to a meaningful sell-off in high-risk assets, such as high-yield bonds, small cap stocks, and growth stocks. U.S. equities, as measured by the S&P 500 Index, fell 14.6 percent, while foreign equities, as measured by MSCI ACWI ex-U.S. Index, lost 24.7 percent. Fixed income markets did not fare much better, as their higher duration profile suffered in the rising interest rate environment. U.S. bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, lost 15.7 percent over the fiscal year, while foreign bonds, as measured by the Bloomberg Global Aggregate ex-U.S. Bond Index, dropped 24.6 percent. The global macro asset class, which has historically had a lower correlation to traditional stock and bond asset classes, significantly outperformed the broader market. Over the fiscal year, the global macro asset class, as measured by the IQ Hedge Global Macro Beta Index, edged 2.9 percent lower.

**Allocation Review**

The Sub-Adviser utilizes a combination of strategies to best achieve its investment objective; maximizing total return from capital appreciation and dividends, while also preserving capital in market downturns. The growth strategy, which is primarily utilized for the capital appreciation objective, is made up of global equities. Given the sell-off in global equities over the fiscal year, coupled with the Sub- Adviser's meaningful allocation to this strategy (approximately 45 percent), the growth strategy detracted the most from Fund performance. The growth strategy allocation fluctuated meaningfully throughout the year, reaching a high of roughly 70 percent in January, before settling more than 25 percent lower as of the end of the fiscal year. The defensive strategy, which is primarily utilized for the capital preservation objective, is made up of global bonds and cash equivalents. Global bonds fell meaningfully over the fiscal quarter, with foreign bonds underperforming their domestic bond counterparts. The Fund was primarily invested in domestic bonds, which helped offset foreign bond investments. Another strategy the Sub -Adviser utilizes to best achieve its investment objective is an allocation to real assets, primarily comprised of exchange-traded futures and exchange - traded funds (ETFs). Historically, real assets, such as commodities, real estate, and infrastructure have outperformed in periods of heightened inflation. Given the substantial rise in key commodity prices over the fiscal year, the real asset strategy contributed meaningfully to relative Fund performance. The real asset strategy allocation has come down from its high of approximately 16 percent in April as commodity prices have fallen recently. Lastly, the Fund has a minimal allocation to diversifying strategies, which utilizes option writing strategies designed to protect downside risk. The diversifying strategies contributed marginally to Fund performance.

**Holdings Insights**

As mentioned earlier, the growth strategy detracted the most from Fund performance, primarily attributed to the sell-off in global equities. The largest individual detractor from performance over the fiscal period was the iShares Currency Hedged MSCI Germany ETF (HEWG) (holding weight\*: 1.14 percent). Germany, like other western nations, enacted sanctions on Russian exports, which included oil and natural gas. Because Russia supplied roughly 40 percent of Germany's energy, demand for the natural resource rose, leading to a significant price increase. The price increase per barrel of oil impacted corporations bottom-lines significantly, leading to sell-off throughout Germany. Over the fiscal year, HEWG dropped 19.1 percent. In addition, the Fund's exposure to U.S. equities, through the SPDR S&P 500 ETF Trust (SPY) (holding weight\*: 11.06 percent), detracted from relative performance, as persistent inflation and rising interest rates hurt economic growth. Over the fiscal year, SPY lost 14.6 percent.

Within the defensive strategy, the allocation to U.S. government bonds detracted from Fund performance. Given the rise in interest rates, government bonds, as well as other investment-grade corporate bonds, sold off more than the other fixed income asset classes, such as high- yield corporate bonds and leveraged loans. The higher duration of this asset class was negatively impacted by the Fed's decision to raise interest rates. The Sub-Adviser held a long position in the 10- year U.S. Treasury Futures Option due June 2022 (TYM2C COM) (holding weight: not held) future contract, which meaningfully detracted from Fund performance, falling 41.8 percent from purchase to sale.

Within the real asset strategy, the Sub-Adviser's allocation to commodities contributed to Fund performance. The fifth largest holding in the Fund is the allocation to the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) (holding weight\*: 10.25 percent), which increased over the fiscal year primarily due to the rise in energy prices. While energy prices have come down in recent months, the Sub-Adviser believes having a meaningful exposure to commodities in a period of heightened inflation could provide balance to the portfolio. Over the fiscal year, COMT gained 19.4 percent.

**Sub-Adviser Outlook**

The Sub-Adviser believes that while there are numerous headwinds in today's market, there are still opportunities. Given the flexibility of the strategy, the Sub-Adviser has the ability to tactically shift from segments of the market that appear unattractive, and selectively allocate to other areas that could potentially provide more upside, making this strategy one of the few that could navigate various market environments. With rising prices, global geopolitical conflict, and potentially aggressive monetary policy, this Fund could provide attractive returns with lower systematic risk and lower correlation to traditional asset classes, such as equity and fixed income.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df013_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;(13.20)% | &nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;0.66% |
| Class A with load of 5.75% | &nbsp;&nbsp;(18.49)% | &nbsp;&nbsp;(1.70)% | &nbsp;&nbsp;(0.21)% |
| Class A without load | &nbsp;&nbsp;(13.50)% | &nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;0.39% |
| Class C | &nbsp;&nbsp;(14.12)% | &nbsp;&nbsp;(1.28)% | &nbsp;&nbsp;(0.37)% |
| IQ Hedge Global Macro Beta Index | &nbsp;&nbsp;(2.89)% | &nbsp;&nbsp;3.04% | &nbsp;&nbsp;1.50% |
| Morningstar Macro Trading Category | &nbsp;&nbsp;(2.65)% | &nbsp;&nbsp;2.42% | &nbsp;&nbsp;2.64% |

---

(a) Total
Returns are calculated based on traded NAVs.

The IQ Hedge Global Macro Beta Index seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using a global macro investment style. Investors cannot invest directly in an index or benchmark.

The Morningstar Macro Trading Category is generally representative of mutual funds that use systematic or discretionary methods to examine broad factors such as the global economy, government policies, interest rates, inflation, and market trends. These mutual funds are not restricted by asset class and may invest across such disparate assets as global equities, bonds, currencies, and commodities, and make extensive use of derivatives. These strategies can take significant directional long or short positions on any asset class over short periods and may have relatively high portfolio turnover.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including underlying funds, are 2.16% for Class N, 3.16% for Class C and 2.41% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 22.0%** |  |
|  | **COMMODITY - 10.1%** |  |
| 72884 | iShares GSCI Commodity Dynamic | $2755016 |
|  | **EQUITY - 11.9%** |  |
| 11990 | iShares Currency Hedged MSCI Germany ETF | 307064 |
| 7701 | SPDR S&P 500 ETF Trust | 2974203 |
|  |  | 3281267 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,113,549)** | 6036283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 63.4%** |  |  |  |
|  | **U.S. TREASURY BILLS — 63.4%** |  |  |  |
| 12793000 | United States Treasury Bill<sup>(a)</sup> | 3.3000 | 12/01/22 | 12756611 |
| 4636000 | United States Treasury Bill<sup>(a)</sup> | 3.4100 | 12/15/22 | 4616239 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,393,524)** |  |  | 17372850 |

---

---

| | |
|:---|:---|
| **Shares** | |
| 2856026 Morgan Stanley Institutional Liquidity Fund, Institutional, 2.88% (Cost $2,856,026)<sup>(b)</sup> | 2856026 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 2.3%** | **FUTURE OPTIONS PURCHASED - 2.3%** | **FUTURE OPTIONS PURCHASED - 2.3%** |  |  |  |
|  | **CALL OPTIONS PURCHASED - 2.3%** | **CALL OPTIONS PURCHASED - 2.3%** | **CALL OPTIONS PURCHASED - 2.3%** |  |  |  |
| 12 | S&P 500 Emini Future | GS | 01/20/2023 | $4150 | $2490000 | $44250 |
| 23 | S&P 500 Emini Future | GS | 12/16/2022 | 3890 | 4473500 | 151513 |
| 20 | S&P 500 Emini Future | GS | 12/16/2022 | 4150 | 4150000 | 36000 |
| 59 | US 10YR Treasury Note Future | GS | 11/25/2022 | 104 | 6136000 | 389953 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $976,182)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $976,182)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $976,182)** |  |  | 621716 |
|  | **TOTAL INVESTMENTS - 98.1%** (Cost $25,339,281) | **TOTAL INVESTMENTS - 98.1%** (Cost $25,339,281) | **TOTAL INVESTMENTS - 98.1%** (Cost $25,339,281) |  |  | $26886875 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%** |  |  | 521023 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $27407898 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
|<br>**Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional**<br>**Amount<sup>(d)</sup>** | **Value and<br> Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| 16 | CBOT US Long Bond Future | 12/20/2022 | $1927999 | $(31344) |
| 13 | CME E-mini Russell 2000 Index Futures | 12/16/2022 | 1204450 | 1747 |
| 10 | Eurex 10 Year Euro BUND Future | 12/08/2022 | 1367714 | 15858 |
| 21 | Euronext CAC 40 Index Future | 11/18/2022 | 1300519 | 31382 |
| 28 | FTSE 100 Index Future | 12/16/2022 | 2282120 | (67823) |
| 2 | FTSE/MIB Index Future | 12/16/2022 | 222713 | 8622 |
| 6 | HKG Hang Seng Index Future | 11/29/2022 | 559397 | (18925) |
| 1 | MEFF Madrid IBEX 35 Index Future | 11/18/2022 | 78542 | 3290 |
| 3 | Montreal Exchange S&P/TSX 60 Index Future | 12/15/2022 | 518664 | 30095 |
| 22 | SFE 10 Year Australian Bond Future | 12/15/2022 | 1667048 | 8330 |
| 1 | SFE S&P ASX Share Price Index 200 Future | 12/15/2022 | 109619 | 2156 |
| 1 | TSE TOPIX (Tokyo Price Index) Future | 12/08/2022 | 129531 | 1580 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(15032) |
|  |  |  |  | **Value and<br> Unrealized** |
| **Number of** |  |  | **Notional** | **Appreciation** |
| **Contracts** | **Open Short Futures Contracts** | **Expiration** | **Amount<sup>(d)</sup>** | **(Depreciation)** |
| 3 | CBOT 10 Year US Treasury Note | 12/20/2022 | $331782 | $77 |
| 9 | Eurex Swiss Market New Index Future | 12/16/2022 | 972397 | (33127) |
| 1 | Euronext Amsterdam Index Future | 11/18/2022 | 132166 | (3676) |
| 5 | Long Gilt Future | 12/28/2022 | 585581 | (12871) |
| 19 | Montreal Exchange 10 Year Canadian Bond Future | 12/19/2022 | 1715937 | 6552 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(43045) |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |
| GS | - Goldman Sachs |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM DYNAMIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

 

<sup>(a)</sup> Zero coupon bond.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(c)</sup> Each contract is equivalent to one futures contract.

<sup>(d)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities 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.

---

| |
|:---|
| **Dunham Long/Short Credit Fund (Unaudited)** |
| **Message from the Sub-Adviser (MetLife Investment Advisors, LLC)** |

---

**Asset Class Recap**

Perhaps some of the only positive news for credit investors during the fourth fiscal quarter was that it was not the worst fiscal quarter of the fiscal year ended October 31, 2022 – it was the second-worst. The Bloomberg US Credit Index generated a negative total return of 8.7 percent for the fourth fiscal quarter, which was slightly better than the negative 9.4 percent return experienced in the second fiscal quarter. This brought the performance for the fiscal year down to negative 18.9 percent, which was even more dismal than the negative 14.6 percent return experienced by the S&P 500 Index over the same time period. Credit spreads oscillated during the final three months of the fiscal year but ended at close to 150 basis points. Due to the adverse effects of rising interest rates during the fiscal year, short and intermediate-term corporates outperformed their longer-dated counterparts, as the Bloomberg US Corporate 3-5 years Index declined 10.6 percent while the Bloomberg US Corporate 7-10 years Index fell 19.3 percent. Despite concerns over the strength of the economy, the negative impact from higher interest rate sensitivity far outweighed the impact from investors divesting from securities bearing higher credit risk. For example, the ICE BofA AAA US Corporate Index was the worst performer of the credit rating tiers, falling 22.2 percent, while the ICE BofA Single-B US Cash Pay High-Yield Index was the best performing of the credit tiers, declining 10.5 percent over the same 12 -month time period. Investment grade bond issuance was meaningfully lower to close out the fiscal year, as September issuance was the second lowest on record, driven by non-financials, which was 50 percent of its past four-year average. High-yield issuance was also lower, reaching levels not seen since 2009. High-yield bond default rates continued to trend upwards along with downgrades reversing earlier year trends and exceeding upgrades. However, high-yield recovery rates are currently above historical averages.

**Allocation Review**

As bond valuations broadly continued to decline during the fiscal year, the Fund's core long positions generally detracted from performance. The exposure to core long positions slightly increased from 24 percent to 29 percent during the fiscal year, which corresponded with the net notional exposure of the Fund at first decreasing from approximately 20 percent to 11 percent and the n finally ending the fiscal year close to 16 percent. The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.4 years as of the fiscal year -end. This continued to help the Fund as the Fed's interest rate increases, along with concerns of additional larger raises, had a substantially muted impact on the Fund as a whole. This interest rate hedging strategy primarily utilizes Treasury bond futures of various maturities to maintain an overall duration exposure for the Fund. The Sub-Adviser also continued to manage credit risk exposure with credit default swaps on broad baskets of high-yield and investment grade debt, as well as with total return swaps on the IBOXX High-Yield Bond Index. At the end of the fiscal year, the aggregate gross notional value of these credit default swaps and total return swaps was close to 30 percent of the Fund. The Fund also had exposure to strategies that are generally less reliant on the market's trajectory, such as pairs trades, catalyst-driven investments, and opportunistic trading. During the fiscal year, these strategies in aggregate comprised close to 30 percent of the Fund, which was roughly divided equally across each individual strategy.

**Holdings Insights**

As positive returns were difficult to come by amidst the sea of declining bonds, some of the Funds holdings managed to yield some positive results in the final months of the fiscal year. This included the super-regional bank Wells Fargo & Company Floating Rate due 1/15/2027 (949746TG6) (holding weight\*: 0.39 percent). This floating rate holding rose 1.4 percent during the final three-month period of the fiscal year and was also one of the better performing holdings over the fiscal year, as it decreased 2.2 percent during the 12-month period ended October 31, 2022. Also within the financial services sector, the Fund's holding Gold man Sachs Group, Inc. Floating Rate, due 10/21/2024 (38141GYQ1) (holding weight\*: 0.84 percent) was another positive performer going into the final stretch of the fiscal year. However, while the Goldman Sachs floating rate holding increased 0.6 percent in the final three months, the Fund's holding in the related fixed coupon bond, Goldman Sachs Capital I 6.345%, Due 02/15/2034 (38143VAA7) (hold ing weight\*: 0.89 percent), declined 9.7 percent over the same time period. This large dispersion in returns helped to highlight how the substantially higher interest rate sensitivity of the fixed coupon bond detracted from performance as interest rates broadly increased, while the floating rate bond benefitted from the higher coupon.

Not all floating rate holdings contributed to relative performance during the fiscal year. For example, the casino services company Lucky Bucks, LLC Floating Rate due 7/20/2027 (BL3662022) (holding weight\*: 0.52 percent) continued to be one of the worst performers in the Fund. The Lucky Bucks holding saw a price decline of 27.4 percent during the final fiscal quarter alone, bringing its overall price decline since the start of the fiscal year to a negative 34.2 percent. Another significant detractor from the Fund was one of the largest bond holdings, JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. 6.5%, due 12/01/2052 (46590XAJ5) (holding weight\*: 2.65 percent). During the fourth fiscal quarter, the bond declined 11.6 percent. Some bonds rebounded after detracting from performance to start the second half of the fiscal year, which included the Fund's holding Transocean Sentry Ltd. 5.375% due 5/15/2023 (89385AAA3) (holding weight\*: 1.07 percent). The Transocean Sentry bond increased 5.6 percent during the final fiscal quarter of the fiscal year.

**Sub-Adviser Outlook**

As the Federal Reserve has made its goal to temper inflation clear, the magnitude and pace of its restrictive monetary policy remains a question for investors. This has greatly impaired the appetite for risk assets, particularly because a tightening monetary policy generally coincides with lower growth prospects and less demand for risk taking. The Sub -Adviser believes that in order to get the pendulum to shift to a more attractive environment for risk taking, the market may need to better grasp both the timing of achieving peak inflation and the duration of the adjustment period necessary to return to the Fed's targeted level of inflation. The Sub-Adviser believes that neither of those signposts seem imminent and it is important to be cautious during the temporary rallies that have been accompanied by murmurs of Fed easing. The Sub-Adviser views these to be misguided and instead believes that the "all clear" for credit remains distant. Therefore, the Sub-Adviser emphasizes that this is an environment where fundamental credit research may be critical to not only picking winners, but avoiding the losers in what is likely to be a period of elevated volatility.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df014_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;(2.57)% | &nbsp;&nbsp;3.84% | &nbsp;&nbsp;5.02% |
| Class A with load of 5.75% | &nbsp;&nbsp;(8.41)% | &nbsp;&nbsp;2.35% | &nbsp;&nbsp;4.14% |
| Class A without load | &nbsp;&nbsp;(2.82)% | &nbsp;&nbsp;3.58% | &nbsp;&nbsp;4.76% |
| Class C | &nbsp;&nbsp;(3.55)% | &nbsp;&nbsp;2.81% | &nbsp;&nbsp;3.97% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index +3% | &nbsp;&nbsp;3.79% | &nbsp;&nbsp;4.17% | &nbsp;&nbsp;3.70% |
| Morningstar Nontraditional Bond Category | &nbsp;&nbsp;(7.96)% | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;1.13% |

---

(a) Total
Returns are calculated based on traded NAVs.

The BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled in a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing d ate. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Plus an annualized return of 3%. Investors cannot invest directly in an index or benchmark.

The Morningstar Nontraditional Bond Category is generally representative of mutual funds that deploy absolute return strategies, strategies that are low-correlated to the overall bond market, and strategies that take long and short market and security-level positions.

*As disclosed in the Trust's latest registration statement as supplemented the Fund's total annual operating expenses, including the cost of underlying funds, are 1.83% for Class N, 2.83% for Class C and 2.08% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 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 |

---

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  | **Coupon Rate**<br>**(%)** |<br>**Fair Value** |
|  | **PREFERRED STOCKS — 0.9%** |  |  |
|  | **REAL ESTATE SERVICES — 0.8%** |  |  |
| 2000 | UIRC-GSA International, LLC 144A<sup>(c)(l)</sup> | 6.0000 | 1950000 |
|  | **SPECIALTY FINANCE — 0.1%** |  |  |
| 16561 | TPG RE Finance Trust, Inc. | 6.2500 | 275741 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,414,025)** |  | 2225741 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 46.4%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 2.8%** |  |  |  |  |
| 1255000 | Blackstone Secured Lending Fund |  | 3.6250 | 01/15/26 | 1131218 |
| 2265000 | FS KKR Capital Corporation |  | 1.6500 | 10/12/24 | 2052626 |
| 1040000 | Main Street Capital Corporation |  | 4.5000 | 12/01/22 | 1038060 |
| 2780000 | PennantPark Investment Corporation |  | 4.0000 | 11/01/26 | 2348157 |
|  |  |  |  |  | 6570061 |
|  | **AUTOMOTIVE — 1.5%** |  |  |  |  |
| 1885000 | Ford Motor Credit Company, LLC |  | 3.3700 | 11/17/23 | 1823875 |
| 2065000 | Hyundai Capital America<sup>(c)</sup> |  | 1.0000 | 09/17/24 | 1869669 |
|  |  |  |  |  | 3693544 |
|  | **BANKING — 9.3%** |  |  |  |  |
| 2510000 | Bank of America Corporation<sup>(d)</sup> | SOFRRATE +<br> 0.670% | 1.8430 | 02/04/25 | 2379238 |
| 3545000 | HSBC Holdings plc<sup>(e)</sup> | SOFRRATE +<br> 1.430% | 4.1800 | 03/10/26 | 3467325 |
| 2450000 | HSBC Holdings plc |  | 6.5000 | 09/15/37 | 2129181 |
| 2005000 | JPMorgan Chase & Company<sup>(e)</sup> | US0003M +<br> 0.550% | 3.3320 | 02/01/27 | 1848424 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 46.4% (Continued)** |  |  |  |  |
|  | **BANKING — 9.3% (Continued)** |  |  |  |  |
| 3505000 | KeyCorp Capital II<sup>(f)</sup> |  | 6.8750 | 03/17/29 | $3549377 |
| 4735000 | Synchrony Bank |  | 5.4000 | 08/22/25 | 4578471 |
| 2810000 | Synovus Financial Corporation |  | 5.2000 | 08/11/25 | 2737469 |
| 1000000 | Wells Fargo & Company<sup>(d),(e)</sup> | US0003M +<br> 0.500% | 4.5790 | 01/15/27 | 925220 |
| 795000 | Wells Fargo & Company |  | 5.9500 | 12/01/86 | 732350 |
|  |  |  |  |  | 22347055 |
|  | **CHEMICALS — 2.1%** |  |  |  |  |
| 4970000 | Celanese US Holdings, LLC |  | 5.9000 | 07/05/24 | 4883835 |
|  | **CONSUMER SERVICES — 1.8%** |  |  |  |  |
| 2300000 | Grand Canyon University |  | 4.1250 | 10/01/24 | 2156250 |
| 2300000 | Grand Canyon University |  | 5.1250 | 10/01/28 | 2061375 |
|  |  |  |  |  | 4217625 |
|  | **ELECTRIC UTILITIES — 4.2%** |  |  |  |  |
| 3310000 | American Electric Power Company, Inc. |  | 2.0310 | 03/15/24 | 3160341 |
| 2785000 | Pacific Gas and Electric Company |  | 1.7000 | 11/15/23 | 2670098 |
| 4397000 | Vistra Operations Company, LLC<sup>(c)</sup> |  | 4.8750 | 05/13/24 | 4284921 |
|  |  |  |  |  | 10115360 |
|  | **ENTERTAINMENT CONTENT — 1.5%** |  |  |  |  |
| 3545000 | Magallanes, Inc.<sup>(c),(e)</sup> | SOFRINDX +<br> 1.780% | 4.6660 | 03/15/24 | 3536155 |
|  | **FOOD — 2.7%** |  |  |  |  |
| 7250000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA<sup>(c)</sup> |  | 6.5000 | 12/01/52 | 6374273 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.2%** |  |  |  |  |
| 3515000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | SOFRRATE +<br> 3.340% | 6.3730 | 07/15/26 | 3271220 |
| 1825000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | SOFRRATE +<br> 3.920% | 6.5370 | 08/12/33 | 1589524 |
| 3825000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | USSW5 +<br> 4.598% | 7.5000 | 06/11/70 | 3479453 |
| 2250000 | Goldman Sachs Capital I |  | 6.3450 | 02/15/34 | 2147594 |
| 2050000 | Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | SOFRRATE +<br> 0.490% | 3.5230 | 10/21/24 | 2006491 |
|  |  |  |  |  | 12494282 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 46.4% (Continued)** |  |  |  |  |
|  | **INSURANCE — 2.2%** |  |  |  |  |
| 2155000 | Mutual of Omaha Insurance Company<sup>(c),(d)</sup> | ICE LIBOR USD 3<br> Month + 2.640% | 4.2970 | 07/15/54 | $2043605 |
| 2285000 | Ohio National Financial Services, Inc.<sup>(c),(f)</sup> |  | 5.5500 | 01/24/30 | 2061796 |
| 1000000 | Pacific Life Insurance Company<sup>(c)</sup> |  | 9.2500 | 06/15/39 | 1262191 |
|  |  |  |  |  | 5367592 |
|  | **LEISURE FACILITIES & SERVICES — 0.9%** |  |  |  |  |
| 2050000 | Mohegan Gaming & Entertainment<sup>(c)</sup> |  | 8.0000 | 02/01/26 | 1725359 |
| 350000 | Royal Caribbean Cruises Ltd.<sup>(c),(f)</sup> |  | 11.6250 | 08/15/27 | 340893 |
|  |  |  |  |  | 2066252 |
|  | **METALS & MINING — 0.4%** |  |  |  |  |
| 1110000 | Freeport-McMoRan, Inc. |  | 4.1250 | 03/01/28 | 997544 |
|  | **OIL & GAS PRODUCERS — 5.9%** |  |  |  |  |
| 2385000 | Diamondback Energy, Inc. |  | 6.2500 | 03/15/33 | 2394261 |
| 2135000 | Earthstone Energy Holdings, LLC<sup>(c),(f)</sup> |  | 8.0000 | 04/15/27 | 2023692 |
| 2525000 | Energean Israel Finance Ltd. |  | 5.8750 | 03/30/31 | 2146250 |
| 1000000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(c)</sup> |  | 6.0000 | 04/15/30 | 906893 |
| 2485000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(c)</sup> |  | 6.2500 | 04/15/32 | 2282473 |
| 845000 | Rockcliff Energy II, LLC<sup>(c)</sup> |  | 5.5000 | 10/15/29 | 754682 |
| 2230000 | Saudi Arabian Oil Company<sup>(c)</sup> |  | 1.2500 | 11/24/23 | 2144883 |
| 1725000 | Tullow Oil plc<sup>(c)</sup> |  | 10.2500 | 05/15/26 | 1474651 |
|  |  |  |  |  | 14127785 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.1%** |  |  |  |  |
| 2615709 | Transocean Sentry Ltd.<sup>(c),(f)</sup> |  | 5.3750 | 05/15/23 | 2574891 |
|  | **SPECIALTY FINANCE — 2.9%** |  |  |  |  |
| 5150000 | AerCap Ireland Capital DAC / AerCap Global |  | 1.1500 | 10/29/23 | 4880169 |
| 1195000 | Antares Holdings, L.P.<sup>(c)</sup> |  | 6.0000 | 08/15/23 | 1177574 |
| 1335000 | Finance of America Funding, LLC<sup>(c)</sup> |  | 7.8750 | 11/15/25 | 811013 |
|  |  |  |  |  | 6868756 |
|  | **TELECOMMUNICATIONS — 1.9%** |  |  |  |  |
| 2250000 | HC2 Holdings, Inc.<sup>(c)</sup> |  | 8.5000 | 02/01/26 | 1687500 |
| 930000 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(c)</sup> |  | 5.1520 | 03/20/28 | 905106 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 46.4% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 1.9% (Continued)** | **TELECOMMUNICATIONS — 1.9% (Continued)** | **TELECOMMUNICATIONS — 1.9% (Continued)** |  |  |
| 2130000 | T-Mobile USA, Inc. |  | 5.6500 | 01/15/53 | $1961881 |
|  |  |  |  |  | $4554487 |
|  | **TOTAL CORPORATE BONDS (Cost $120,905,600)** | **TOTAL CORPORATE BONDS (Cost $120,905,600)** | **TOTAL CORPORATE BONDS (Cost $120,905,600)** |  | 110789497 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 1.3%** |  |  |  |  |
|  | **FOOD — 0.8%** |  |  |  |  |
| 1975000 | Del Monte Foods, Inc.<sup>(e)</sup> | SOFRRATE +<br> 4.806% | 7.8260 | 02/15/29 | 1913281 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 1925000 | Lucky Bucks, LLC<sup>(e)</sup> | US0001M +<br> 6.622% | 10.4270 | 07/20/27 | 1248045 |
|  | **TOTAL TERM LOANS (Cost $3,845,996)** |  |  |  | 3161326 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  |  | **(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 40.7%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 40.7%** |  |  |  |  |
| 27650000 | United States Cash Management Bill<sup>(g)</sup> |  | 0.0000 | 11/29/22 | 27573225 |
| 27710000 | United States Treasury Bill<sup>(g)(n)</sup> |  | 0.0000 | 12/22/22 | 27568090 |
| 29195000 | United States Treasury Bill<sup>(g)</sup> |  | 0.0000 | 01/19/23 | 28942470 |
| 3445000 | United States Treasury Note |  | 2.7500 | 07/31/27 | 3219998 |
| 3080000 | United States Treasury Note |  | 2.3750 | 03/31/29 | 2759488 |
| 3965000 | United States Treasury Note |  | 2.7500 | 08/15/32 | 3544648 |
| 590000 | United States Treasury Note |  | 3.3750 | 08/15/42 | 507308 |
| 3820000 | United States Treasury Note<sup>(o)</sup> |  | 2.8750 | 05/15/52 | 2950353 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $98,050,724)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $98,050,724)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $98,050,724)** |  | 97065580 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 10.8%** |  |
|  | **MONEY MARKET FUNDS – 10.0%** |  |
| 23835824 | First American Government Obligations Fund Class X, 2.91%<sup>(h)</sup> | $23835824 |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.8%** |  |
| 1859875 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (Cost $1,859,875) <sup>(h),(j)</sup> | 1859875 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $25,695,699)** | 25695699 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $250,969,774)** | $238943543 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (305278) |
|  | **NET ASSETS - 100.0%** | $238638265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Short Futures Contracts** | <br>**Expiration** | **Notional**<br>**Amount<sup>(i)</sup>** | **Value and<br> Unrealized**<br>**Appreciation** |
| 69 | CBOT 10 Year US Treasury Note | 12/20/2022 | $7630986 | $472202 |
| 44 | CBOT 5 Year US Treasury Note | 12/30/2022 | 4690136 | 204864 |
| 30 | CBOT US Long Bond Future | 12/20/2022 | 3615000 | 469155 |
| 72 | CME Ultra Long Term US Treasury Bond Future | 12/20/2022 | 9191232 | 1494207 |
| 118 | Ultra 10-Year US Treasury Note Futures | 12/20/2022 | 13686112 | 1141825 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $3782253 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| <br>**Description and<br> Payment Frequency** | <br>**Payment<br> Frequency** | <br>**Counterparty** | <br>**Fixed Deal <br> (Pay) Rate** | <br>**Implied <br> Credit Spred** | <br>**Maturity Date** |<br>**Notional Value** |<br>**Fair Value<sup>(m)</sup>** | **Amortized**<br>**Upfront <br> Payments <br> Paid /** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| CDX.NA.HY SERIES 39 | To Buy Monthly | HSBC Securities | 5.00% | 177.40 | 12/20/2027 | $17000000 | 146727 | 671163 | $(621241) |
| CDX.NA.IG SERIES 39 | To Buy Monthly | HSBC Securities | 1.00% | 97.13 | 12/20/2027 | 41000000 | (170397) | (54374) | (162718) |
| DARDEN RESTAURANTS INC | To Buy Monthly | Barclays | 1.00% |  | 6/20/2027 | 7000000 | (79463) | (21597) | (65838) |
| DR HORTON INC | To Buy Monthly | Barclays | 1.00% |  | 12/20/2027 | 3500000 | 52384 | 69744 | (21347) |
| VERIZON COMMUNICATIONS INC<sup>(k)</sup> | To Buy Monthly | Barclays | 1.00% |  | 6/20/2027 | (7000000) | (78098) | 3887 | (74013) |
| KRAFT HEINZ FOOD | At Maturity | JPMorgan | 1.00% |  | 6/20/2023 | 2000000 | (32839) | (31954) | (885) |
| KRAFT HEINZ FOOD<sup>(k)</sup> | At Maturity | Goldman Sachs | 1.00% |  | 6/20/2023 | (2000000) | 34676 | 14987 | 19689 |
| NEWELL BRANDS | At Maturity | Goldman Sachs | 1.00% |  | 6/20/2023 | 2000000 | 34057 | 22030 | 12027 |
| NEWELL BRANDS<sup>(k)</sup> | At Maturity | JPMorgan | 1.00% |  | 6/20/2023 | (2000000) | (35894) | (32614) | (3280) |
| **TOTAL** |  |  |  |  |  |  | $**(128847)** | $**641272** | $**(917606)** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| <br>**Description** | **Frequency** | **Counterparty** |<br>**Notional Value** | **Variable**<br>**Terms** | <br>**Variable Rate** |<br>**Premium Paid** | <br>**Maturity Date** | **Unrealized**<br>**Depreciation** |
| Markit IBoxx US Dollar Liquid High Yield Index | At Barclays | Maturity | $14000000 | 1D SOFFRATE | 3.05% | $37667 | 12/20/2022 | $(50233) |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| SOFRINDX | SOFR Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |
| 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, 2022 the total market value of 144A securities is 50,538,117 or 21.2% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<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. Total loaned securities had a value of $1,822,771 at October 31, 2022.

<sup>(g)</sup> Zero coupon bond.

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(i)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities 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>(j)</sup> 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM LONG/SHORT CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

 

<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 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>(l)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.82% of net assets. The total value of these securities is $1,955,700.

<sup>(m)</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>(n)</sup> All or portion of security held as collateral for Futures at 10/31/2022.

<sup>(o)</sup> All or portion of security held as collateral for Swaps at 10/31/2022.

---

| | |
|:---|:---|
| **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** |
| Corporate Bonds | 46.4% |
| U.S. Government & Agencies | 40.6% |
| Short-Term Investment | 10.0% |
| Term Loans | 1.3% |
| Preferred Stocks | 0.9% |
| Collateral for Securities Loaned | 0.8% |
| Common Stocks | 0.0% |
| Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Monthly Distribution Fund (Unaudited)** |
| **Message from the Sub-Adviser (Grantham, Mayo, Van Otterloo & Co., LLC)** |

---

**Asset Class Recap**

Global markets dropped significantly over the fiscal year ended October 31, 2022, as traditional equity and fixed asset classes experienced significant volatility due to lingering COVID cases, persistent inflation, the geopolitical conflict between Russia and Ukraine, and monetary tightening. Inflation, as measured by the Consumer Price Index (CPI), rose 9.1 percent year-over-year in June, marking the largest annual increase in over 40 years. The historically high inflation led the Federal Reserve (Fed) to raise the Federal Funds rate by 300 basis points over the fiscal year, with the policy rate closing at 3.0-3.25 percent. While inflation has come down marginally from June levels, it still remains above 8 percent on a year-over-year basis, or nearly four times the Fed's 2 percent target level. The increase in the policy rate led to a dramatic sell -off in equity markets, with U.S. equities, as measured by the S&P 500 Index, down 14.6 percent over the fiscal year. Foreign equities, as measured by the MSCI ACWI ex-U.S. Index, did not fare any better, falling 24.7 percent over the fiscal year, as geopolitical turmoil in Europe, coupled with China's zero-covid policy, stunted economic growth and increased supply chain disruptions. Bonds, typically considered a safe-haven in a risk-off environment, fell substantially as the rise in interest rates led to a corresponding drastic sell-off in bond prices. U.S. bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, fell 15.7 percent, while foreign bonds, as measured by the Bloomberg Global Aggregate ex-U.S. Bond Index, lost 24.6 percent. While traditional asset classes struggled, alternative asset classes, such as merger-arbitrage, outperformed the broader market. The merger-arbitrage asset class, as measured by the Bloomberg Merger Arbitrage U.S. Index, gained 2.7 percent over the fiscal year, one of the few asset classes realizing a positive absolute return.

**Allocation Review**

The Sub-Adviser did not deviate from its strategy of investing in a relatively small amount of deals where it believes that the risk -reward profile is most attractive. The Sub-Adviser's approach to risk focuses on the adverse effect of a particular deal breaking and then uses that to adjust the allocation to the deal within the Fund. This strategy is intended to help balance having a more concentrated allocation to merger deals with the adverse effect on the Fund of a single deal terminating and potentially reverting to pre-announcement valuations. In regard to cash-only merger deals versus those that include acquirer stock, the Fund held approximately half of each. In greater sell-offs, the cash deals may represent a larger adverse effect for the Fund, as there is not a short position in the acquirer that can offset the effect of the target company's falling price. This is because the Sub-Adviser primarily hedges the exposures in a deal by shorting shares of the acquiring company if its shares are part of the deal terms. The use of derivatives in the Sub-Adviser's strategy is generally rare and generally employed in small amounts when there may be some aspect of a deal that shorting acquirer shares may not fully address. Therefore, the Fund did not have any derivatives exposure that had a meaningful impact on the Fund's performance during the fiscal year.

**Holdings Insights**

One deal that contributed meaningfully to performance over the fiscal year was the $25.0 billion cash acquisition of Shaw Communications, Inc. (SJR/B CN) (holding weight\*: 3.57 percent) by Rogers Communications, Inc. (RCI/B CN) (holding weight: not held). RCI/B CN, one of the largest telecommunications providers in Canada, announced that they would purchase SJR/B CN, a competing telecommunications provider, back in March of 2021. The proposed deal would make RCI/B CN the second largest telecommunications provider in the country. In the most recent fiscal quarter, a key minister in the regulatory approval process approved the deal, leading to a pop in SJR/B CN's share price. The Sub-Adviser continues to believe the probability of the deal going through is high, despite some other regulatory hurdles ahead. The Sub-Adviser traded in and out of SJR/B CN over the most recent fiscal quarter, picking up incremental gains that contributed positively to the Fund's relative performance**.**

One deal that detracted from Fund performance over the fiscal year was the $68.7 billion cash acquisition of Activision Blizzard, Inc. (ATVI) (holding weight\*: 6.11 percent) by Microsoft Corporation (MSFT) (holding weight\*: not held). Like other deals within the technology sector, MSFT's acquisition of ATVI was met with antitrust concerns and will likely have a lengthy regulatory process moving forward. The deal spread widened throughout the fiscal year following an announcement one prominent investor sold his stake in ATVI, potentially indicating a lack of confidence in the merger. The Sub-Adviser still believes the deal is likely to go through and the risk-reward potential remains attractive. Over the fiscal year, ATVI lost 6.3 percent.

A recent initiation over the fiscal period was Cowen, Inc. (COWN) (holding weight\*: 3.27 percent), an investment bank and brokerage in the process of being acquired by The Toronto-Dominion Bank (TD CA) (holding weight\*: not held). The $2.8 billion cash acquisition was announced on August 2, 2022 and is expected to be completed by March 31, 2023. TD CA announced that they would acquire COWN in hopes of expanding its U.S.-based equities and investment banking businesses, leveraging COWN's impressive footprint and capabilities. The Sub-Adviser initially bought into COWN on August 9, increasing its position gradually throughout the fiscal period. COWN appreciated 0.3 percent over that time-frame.

**Sub-Adviser Outlook**

While the announcement of new mergers has slowed recently, the Sub-Adviser believes there are still plenty of attractive deals to potentially capitalize on. As the economy continues to grapple with volatility, corporations could be looking to pursue potential divestitures and acquisitions. With valuations depressed and interest rates still at multi-year highs, the Sub-Adviser believes that the landscape for the asset class could reward investors over the long-term. As always, the Sub-Adviser will continue its rigorous, bottom-up research process when selecting, monitoring, and potentially eliminating certain deals from the Fund.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2022.

\*\* Holdings percentage(s) as of the date prior to the sale of the security.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df015_v1.jpg)

**Total Returns <sup>(a),(b)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;1.01% | &nbsp;&nbsp;2.27% |
| Class A with load of 5.75% | &nbsp;&nbsp;(4.93)% | &nbsp;&nbsp;(0.42)% | &nbsp;&nbsp;1.41% |
| Class A without load | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;2.01% |
| Class C | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.25% |
| IQ Hedge Market Neutral Total Return Index | &nbsp;&nbsp;(7.83)% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;1.53% |
| Morningstar Event Driven Category | &nbsp;&nbsp;(1.53)% | &nbsp;&nbsp;3.68% | &nbsp;&nbsp;3.80% |

---

(a) Total
Returns are calculated based on traded NAVs.

(b) The
Dunham Monthly Distribution Fund'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, the Fund's distribution policy is not designed to generate, and is not expected to result in, distributions
that equal a fixed percentage of the Fund's current net asset value per share. Shareholders receiving periodic payments from the
Fund may be under the impression that they are receiving net profits. All or a portion of a distribution may consist of a return of
capital, which would be a return of original shareholder investments in the Fund and not an income or capital gains distribution. Shareholders
should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund's distribution
policy, please turn to the "Distribution Policy and Goals" section in the Fund's Prospectus. For disclosure regarding
the extent to which the Fund's distribution policy resulted in distributions of capital (i.e., a return of capital), please refer
to Form 19a-1 Notice available at https://www.dunham.com/FA/FundInfo/MonthlyDistribution#distribution

IQ Hedge Market Neutral Total Return Index seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using a market neutral hedge fund investment style. Market Neutral hedge funds typically invest in both long and short positions in asset classes while minimizing exposure to systematic risk. Investors cannot invest directly in an index or benchmark.

The Morningstar Event Driven Category is generally representative of mutual funds that primarily employ strategies that seek to profit from corporate actions, such as mergers and acquisitions. Mutual funds in this category typically focus on equity securities but can invest across the capital structure. However, they typically have low to moderate equity market sensitivity since company-specific developments tend to drive security prices.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses before any fee waiver, including the cost of underlying funds, are 2.29% for Class N, 3.29% for Class C and 2.54% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.*

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 4.2%** |  |
|  | **EQUITY - 4.2%** |  |
| 2468782 | Altaba, Inc. <sup>(j)</sup> | $9257933 |
|  | **TOTAL CLOSED END FUNDS (Cost $7,991,531)** | 9257933 |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.0%** |  |
|  | **AEROSPACE & DEFENSE - 2.2%** |  |
| 37515 | HEICO Corporation, Class A | 4775660 |
|  | **ASSET MANAGEMENT - 0.0%<sup>(a)</sup>** |  |
| 469792 | Pershing Square Tontine Holdings Ltd.<sup>(b)</sup> | 46979 |
|  | **BANKING - 5.1%** |  |
| 103405 | First Horizon Corporation | 2534457 |
| 77525 | Flagstar Bancorp, Inc. | 3000218 |
| 284478 | Umpqua Holdings Corporation | 5655423 |
|  |  | 11190098 |
|  | **CABLE & SATELLITE - 11.4%** |  |
| 124540 | Liberty Broadband Corporation - Series C<sup>(b)</sup> | 10514912 |
| 398401 | Liberty Global plc, Class A<sup>(b)</sup> | 6717041 |
| 310745 | Shaw Communications, Inc., Class B | 7981507 |
|  |  | 25213460 |
|  | **CHEMICALS - 3.5%** |  |
| 33088 | Rogers Corporation<sup>(b)</sup> | 7786599 |
|  | **ELECTRIC UTILITIES - 4.6%** |  |
| 215774 | PNM Resources, Inc. | 10027017 |
|  | **ENTERTAINMENT CONTENT - 6.2%** |  |
| 187742 | Activision Blizzard, Inc. | 13667617 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 3.6%** |  |
| 378424 | Resolute Forest Products, Inc.<sup>(b)</sup> | 7875003 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.0% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 3.7%** |  |
| 236977 | South Jersey Industries, Inc.<sup>(c),(g)</sup> | $8215993 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.3%** |  |
| 189757 | Cowen, Inc., Class A | 7328416 |
|  | **METALS & MINING - 2.2%** |  |
| 1116449 | Yamana Gold, Inc. | 4890047 |
|  | **OIL & GAS PRODUCERS - 2.2%** |  |
| 66000 | Continental Resources, Inc. | 4882020 |
|  | **PUBLISHING & BROADCASTING - 5.5%** |  |
| 584579 | TEGNA, Inc. | 12206010 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 124253 | Sportsman's Warehouse Holdings, Inc.<sup>(b)</sup> | 1115792 |
|  | **RETAIL REIT - 2.5%** |  |
| 175335 | STORE Capital Corporation<sup>(c) ,(g)</sup> | 5575653 |
|  | **SEMICONDUCTORS - 5.4%** |  |
| 163249 | Silicon Motion Technology Corporation - ADR | 8732189 |
| 76331 | Tower Semiconductor Ltd.<sup>(b)</sup> | 3263914 |
|  |  | 11996103 |
|  | **SOFTWARE - 9.3%** |  |
| 130303 | 1Life Healthcare, Inc.<sup>(b),(c),(g)</sup> | 2228181 |
| 80555 | Black Knight, Inc.<sup>(b)</sup> | 4871161 |
| 76129 | Signify Health, Inc.<sup>(b)</sup> | 2225251 |
| 80389 | VMware, Inc., Class A | 9046174 |
| 29155 | Zendesk, Inc.<sup>(b)</sup> | 2235897 |
|  |  | 20606664 |
|  | **TELECOMMUNICATIONS - 4.3%** |  |
| 205893 | NII Holdings, Inc. 144A<sup>(b),(d), (j)</sup> | 72063 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.0% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 4.3% (Continued)** |  |
| 276521 | Switch, Inc., Class A<sup>(c),(g)</sup> | $9415540 |
|  |  | 9487603 |
|  | **TOBACCO & CANNABIS - 0.5%** |  |
| 102342 | Swedish Match A.B. | 1052842 |
|  | **TRANSPORTATION & LOGISTICS - 0.0%<sup>(a)</sup>** |  |
| 1025 | American Airlines Group, Inc.<sup>(b)</sup> | 14531 |
|  | **TOTAL COMMON STOCKS (Cost $177,110,067)** | 167954107 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(a)</sup>** |  |  |  |
|  | **NON-LISTED RIGHT - 0.0% <sup>(a)</sup>** |  |  |  |
| 51066 | Zogenix, Inc. CVR **<sup>(j)</sup>** | 12/31/2023 | $20 | 38300 |
|  | **TOTAL RIGHT (Cost $28,086)** |  |  | 38300 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 22.1%** |  |
|  | **MONEY MARKET FUND – 12.6%** |  |
| 27712594 | Fidelity Government Portfolio Institutional Class I, 2.86%<sup>(e)</sup> | 27712594 |
|  | **COLLATERAL FOR SECURITIES LOANED – 9.5%** |  |
| 21014292 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24%<sup>(e),(i)</sup> | 21014292 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $48,726,886)** | 48726886 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(f)</sup>** |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 0.0% <sup>(a)</sup>** | **EQUITY OPTIONS PURCHASED - 0.0% <sup>(a)</sup>** | **EQUITY OPTIONS PURCHASED - 0.0% <sup>(a)</sup>** |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 660 | Continental Resources, Inc./OK | Morgan Stanley | 12/16/2022 | $70 | $4882020 | $16500 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $22,856) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $22,856) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $22,856) |  |  | 16500 |
|  | **TOTAL INVESTMENTS – 102.3% (Cost $233,879,426)** | **TOTAL INVESTMENTS – 102.3% (Cost $233,879,426)** | **TOTAL INVESTMENTS – 102.3% (Cost $233,879,426)** |  |  | $225993726 |
|  | **SECURITIES SOLD SHORT - (19.5)% (Proceeds - $45,424,273)** | **SECURITIES SOLD SHORT - (19.5)% (Proceeds - $45,424,273)** | **SECURITIES SOLD SHORT - (19.5)% (Proceeds - $45,424,273)** |  |  | (43174936) |
|  | **CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $262,766)** | **CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $262,766)** | **CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $262,766)** |  |  | (277200) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 17.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 17.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 17.3%** |  |  | 38335271 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $220876861 |
| **Contracts<sup>(f)</sup>** |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.1)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (0.1)%** |  |  |  |  |  |
| 660 | Continental Resources, Inc. | Morgan Stanley | 12/16/2022 | $70 | $4882020 | $277200 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $262,766) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $262,766) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $262,766) |  |  |  |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $262,766) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $262,766) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $262,766) |  |  | $277200 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| USB | - US Bank |
| <sup>(a)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Restricted security. |
| <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, 2022 the total market value of 144A securities is 72,063 or 0.0% of net assets. |
| <sup>(e)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2022. |
| <sup>(f)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(g)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $20,452,521 at October 31, 2022. |
| <sup>(i)</sup> | 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |
| <sup>(j)</sup> | Level 3 securities fair value under procedures established by the Board of Trustees, represents 4.24% of net assets. The total value of these securities is $9,368,296. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (19.5)%** |  |
|  | **AEROSPACE & DEFENSE - (2.2)%** |  |
| (30342) | HEICO Corporation | $(4934824) |
|  | **BANKING - (3.9)%** |  |
| (169493) | Columbia Banking System, Inc. | (5672932) |
| (311273) | New York Community Bancorp, Inc. | (2897952) |
|  |  | (8570884) |
|  | **CABLE & SATELLITE - (8.0)%** |  |
| (30016) | Charter Communications, Inc., Class A | (11034482) |
| (375546) | Liberty Global plc - Series C | (6632142) |
|  |  | (17666624) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (0.5)%** |  |
| (11601) | Intercontinental Exchange, Inc. | (1108708) |
|  | **METALS & MINING - (2.4)%** |  |
| (669870) | Gold Fields Ltd. - ADR | (5278576) |
|  | **SEMICONDUCTORS - (2.5)%** |  |
| (10113) | Broadcom, Inc. | (4754324) |
| (27882) | MaxLinear, Inc. | (860996) |
|  |  | (5615320) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $45,424,273)** | $(43174936) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM MONTHLY DISTRIBUTION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Canadian Dollar | 11/01/2022 | JP Morgan | 2454393 | $1801693 | $385 |
| Canadian Dollar | 11/08/2022 | JP Morgan | 6542492 | 4802799 | (20496) |
| Swedish Krona | 11/08/2022 | JP Morgan | 74077994 | 6711028 | (266291) |
|  |  |  |  | $**13315520** | $**(286402)** |
| **To Sell:** |  |  |  |  |  |
| Canadian Dollar | 11/08/2022 | JP Morgan | 19127668 | $14041492 | $352079 |
| Swedish Krona | 11/08/2022 | JP Morgan | 74077993 | 6711027 | 525139 |
| Swedish Krona | 01/27/2023 | JP Morgan | 11871672 | 1082928 | 6280 |
|  |  |  |  | $**21835447** | $**883498** |
| **Total** |  |  |  |  | $**597096** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** | **Portfolio Composition <sup>\*</sup> - (Unaudited)** |
| Communications | 26.8% | Real Estate | 2.4% |
| Technology | 14.4% | Energy | 2.2% |
| Short-Term Investment | 12.3% | Industrials | 2.1% |
| Collateral for Securities Loaned | 9.3% | Consumer Discretionary | 0.5% |
| Materials | 9.1% | Consumer Staples | 0.5% |
| Financials | 8.2% | Right | 0.0% |
| Utilities | 8.1% | Put Option | 0.0% |
| Equity | 4.1% | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Dunham Real Estate Stock Fund (Unaudited)** |
| **Message from the Sub-Adviser (American Assets Capital Advisers, LLC)** |

---

**Asset Class Recap**

Real estate stocks began the fiscal year on a strong note as robust economic data offset concerns regarding high inflation and wariness on the transition to tighter monetary policy. However, real estate stocks sold off in January as the Omicron variant of the pandemic persisted, and the Federal Reserve indicated its readiness to raise interest rates and reduce the balance sheet. Declines were exacerbated as political tension in eastern Europe spiked, and the Federal Reserve raised the Fed Funds rate for the first time since 2018 in March. The sell-off continued in the previous fiscal quarter as headwinds of tightening monetary policy and inflationary pressures persisted. The Federal Reserve continued to shift in response to these inflationary pressures, and its tone grew increasingly hawkish. Over the fiscal year, the Federal Reserve raised interest rates 25 basis points in March, 50 basis points in May, and increased rates by 75 basis points in June for the first time since 1994, adversely impacting the sector. In the most recent quarter, inflation remained stubbornly high, prompting the Federal Reserve to raise interest rates 75 basis points in the July and September meetings. In response, the 10-year U.S. Treasury yield surged over 139 basis points in the most recent fiscal quarter and 250 basis points in the fiscal year, closing at 4.05 percent. Over the fiscal year, real estate stocks, as measured by the Dow Jones U.S. Real Estate Total Return Index, declined 21.0 percent, underperforming the broad U.S. stock market, as measured by the S&P 500 Index, which ended the quarter down 14.6 percent.

**Allocation Review**

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 Fund gravitates away from cyclical sectors, which detracted from Fund performance over the most recent fiscal quarter. Specifically, the Fund had no exposure to some of the best performing sectors, which include retail REITs, free standing REITs, and shopping center REITs. Conversely, the Fund received positive contributions from the exposure to infrastructure REITs and self-storage REITs. However, these positive contributions could not overcome the adverse effect of the exposure to off-benchmark holdings such as casino and gaming companies and Chinese data centers.

**Holdings Insights**

One of the most significant contributors to relative Fund performance over the most recent fiscal quarter was the exposure to casino properties. This includes Caesars Entertainment, Inc. (CZR) (holding weight\*: 4.11 percent), a domestic manager of casinos and resorts, and MGM Resorts International (MGM) (holding weight\*: 2.16 percent), an international manager of casinos and resorts, both contributed to relative Fund performance during the fiscal quarter as CZR fell just 4.3 percent and MGM rose 8.7 percent. However, this exposure was one of the largest detractors from Fund performance over the fiscal year. Casino properties tend to be highly sensitive to macroeconomic conditions as consumer spending on vacations and casinos is highly discretionary. In a recession, consumers tend to slow spending in this area significantly. These positions sold off during the fiscal year as concerns over a recession increased due to the highest inflation reading in 40 years, the Federal Reserve raising rates, and slowing corporate profits. This led to CZR falling 60.1 percent and MGM declining 24.7 percent for the fiscal year ending October 31, 2022. Moving forward, the Sub-Adviser is optimistic about this exposure as it believes the industry will receive a myriad of tailwinds, including the resurgence of business travel and the proliferation of online and sports gambling.

The largest detractor from Fund performance over the fiscal period was the exposure to Chinese data centers. Early in the fiscal year, these positions sol d off as the country's "COVID-zero" policy took a heavy toll on economic growth. According to estimates, 46 cities were in full or partial lockdown during the first half of the fiscal year, affecting more than 343 million people, accounting for approximately 35 percent of the country's economic output. In the most recent quarter, declines mounted as investors took issue with Xi Jinping's control over the country. As he secured a rare third term in office, he cemented his power by packing the party's highest ranks with those loyal to him. Investors may be concerned that this power will provide a means to continue the "Covid-Zero" policy and other policies that could continue to hamper growth in the country. Within the Fund, positions included GDS Holdings Ltd. (GDS) (Holding weight\*: 0.20 percent) and Chindata Group Holdings Ltd. (CD) (holding weight\*: 1.43 percent). These Chinese data centers declined 85.5 percent and 46.7 percent, respectively.

The Fund's exposure to self-storage REITS contributed to relative Fund performance over the fiscal quarter and year. For example, Extra Space Storage Inc . (EXR) (holding weight\*: 2.59 percent), the second largest owner and operator of self-storage properties in the U.S., contributed to relative Fund performance by falling just 5.6 percent over the fiscal quarter and 7.3 percent over the full fiscal year. The Sub-Adviser believes that this position proved more resilient than many of its peer's due to strong management and a diverse portfolio of properties, allowing the company's returns to not be meaningfully impacted by volatility in any single market. Additionally, EXR released encouraging second quarter earnings that revealed that revenue growth and funds from operation surpassed estimates. Another position from the self-storage REIT sector that contributed to Fund performance was Life Storage, Inc. (LSI) (holding weight\*: 4.03 percent), a REIT that engages in the acquiring and managing of self-storage facilities. LSI fell 14.5 percent over the fiscal year and 11.2 percent over the most recent fiscal quarter as the company announced an increase to the quarterly dividend as a result of strong operating results and financial position.

**Sub-Adviser Outlook**

The Sub-Adviser believes that real estate performs better over time when it is more difficult to supply, the demand is less cyclical, and tenants are reluctant to leave. Therefore, the Fund generally has higher weightings in real estate sectors that share these four characteristics: oligopoly or duopoly sector structure; high barriers to entry for new owners/developers; high barriers to exit for tenants; and secular demand drivers underlying the user side of the business. The Sub-Adviser is confident that it will continue to find combinations of these four characteristics (or some subset), which creates a competitive landscape where tenants have fewer options to move or play one building owner against another. The Sub-Adviser believes that over the long-term, the properties with these characteristics can command higher occupancy rates and better rents.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned, as of 10/31/2022.

**Growth of $100,000 Investment**

![(LINE GRAPH)](df016_v1.jpg)

**Total Returns <sup>(a)</sup> as of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Annualized**<br>&nbsp;&nbsp;**Ten Years** |
| Class N | &nbsp;&nbsp;(37.75)% | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;4.58% |
| Class A with load of 5.75% | &nbsp;&nbsp;(41.45)% | &nbsp;&nbsp;(1.00)% | &nbsp;&nbsp;3.71% |
| Class A without load | &nbsp;&nbsp;(37.87)% | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;4.33% |
| Class C | &nbsp;&nbsp;(38.38)% | &nbsp;&nbsp;(0.59)% | &nbsp;&nbsp;3.54% |
| Dow Jones U.S. Real Estate Total Return Index | &nbsp;&nbsp;(20.96)% | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;6.78% |
| Morningstar Real Estate Category | &nbsp;&nbsp;(20.97)% | &nbsp;&nbsp;3.60% | &nbsp;&nbsp;6.05% |

---

(a) Total
Returns are calculated based on traded NAVs.

The Dow Jones U.S. Real Estate Total Return Index is designed to track the performance of real estate investment trusts (REITs) and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies. Investors cannot invest directly in an index or benchmark.

The Morningstar Real Estate Category is generally representative of mutual funds that primarily invest in REITs of various types. REITs are companies that develop and manage real estate properties.

*As disclosed in the Trust's latest registration statement, the Fund's total annual operating expenses, including the cost of underlying funds, are 1.37% for Class N, 2.37% for Class C and 1.62% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75% The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com*

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 173971 | FTAI Infrastructure, LLC<sup>(a),(b)</sup> | $478420 |
|  | **DATA CENTER REIT - 7.2%** |  |
| 18378 | Digital Realty Trust, Inc.<sup>(b)</sup> | 1842395 |
| 6533 | Equinix, Inc. | 3700553 |
|  |  | 5542948 |
|  | **HEALTH CARE REIT - 1.0%** |  |
| 31966 | Healthpeak Properties, Inc. | 758553 |
|  | **INDUSTRIAL REIT - 17.1%** |  |
| 10807 | Innovative Industrial Properties, Inc. | 1168237 |
| 45912 | Prologis, Inc. | 5084754 |
| 94578 | Rexford Industrial Realty, Inc. | 5228271 |
| 27115 | Terreno Realty Corporation<sup>(b)</sup> | 1549351 |
|  |  | 13030613 |
|  | **INFRASTRUCTURE REIT - 12.4%** |  |
| 15334 | American Tower Corporation | 3177051 |
| 33357 | Crown Castle, Inc. | 4445154 |
| 6727 | SBA Communications Corp., A | 1815617 |
|  |  | 9437822 |
|  | **INTERNET MEDIA & SERVICES - 2.2%** |  |
| 15443 | Airbnb, Inc., CLASS A<sup>(a)</sup> | 1651011 |
|  | **LEISURE FACILITIES & SERVICES - 10.0%** |  |
| 71923 | Caesars Entertainment, Inc.<sup>(a)</sup> | 3145194 |
| 2177155 | Drive Shack, Inc.<sup>(a),(b)</sup> | 1380969 |
| 88260 | MGM Resorts International<sup>(b)</sup> | 3139408 |
|  |  | 7665571 |
|  | **OFFICE REIT - 6.5%** |  |
| 34414 | Alexandria Real Estate Equities, Inc. | 5000354 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.4%** |  |
| 709394 | WeWork, Inc.<sup>(a),(b)</sup> | 1823142 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **RESIDENTIAL REIT - 18.9%** |  |
| 90533 | American Homes 4 Rent, Class A<sup>(b)</sup> | $2891624 |
| 8524 | AvalonBay Communities, Inc. | 1492723 |
| 6723 | Camden Property Trust | 776843 |
| 18425 | Equity LifeStyle Properties, Inc.<sup>(b)</sup> | 1178463 |
| 111584 | Invitation Homes, Inc.<sup>(b)</sup> | 3536097 |
| 5583 | Mid-America Apartment Communities, Inc.<sup>(b)</sup> | 879043 |
| 21617 | Sun Communities, Inc.<sup>(b)</sup> | 2915052 |
| 18516 | UDR, Inc. | 736196 |
|  |  | 14406041 |
|  | **SELF-STORAGE REIT - 10.3%** |  |
| 11149 | Extra Space Storage, Inc.<sup>(b)</sup> | 1978279 |
| 27861 | Life Storage, Inc. | 3081705 |
| 65525 | National Storage Affiliates Trust<sup>(b)</sup> | 2795297 |
|  |  | 7855281 |
|  | **SPECIALTY FINANCE - 4.0%** |  |
| 173971 | Fortress Transportation and Infrastructure Investors, LLC | 3023616 |
|  | **SPECIALTY REITS - 2.2%** |  |
| 111441 | NewLake Capital Partners, Inc. | 1671615 |
|  | **TELECOMMUNICATIONS - 4.9%** |  |
| 205706 | Chindata Group Holdings Ltd. - ADR<sup>(a),(b)</sup> | 1092299 |
| 199531 | DigitalBridge Group, Inc. | 2553997 |
| 17576 | GDS Holdings Ltd. - ADR<sup>(a),(b)</sup> | 151681 |
|  |  | 3797977 |
|  | **TOTAL COMMON STOCKS (Cost $85,911,125)** | 76142964 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **DUNHAM REAL ESTATE STOCK FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 33.3%** |  |
|  | **MONEY MARKET FUND – 0.4%** |  |
| 343281 | Fidelity Government Portfolio Institutional Class I, 2.86%<sup>(c)</sup> | $343281 |
|  | **COLLATERAL FOR SECURITIES LOANED - 32.9%** |  |
| 25124488 | Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c),(d)</sup> | 25124488 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $25,467,769)** | 25467769 |
|  | **TOTAL INVESTMENTS – 133.0% (Cost $111,378,894)** | $101610733 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (33.0)%** | (25204063) |
|  | **NET ASSETS - 100.0%** | $76406670 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - 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 $23,881,602 at October 31, 2022. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of October 31, 2022. |
| <sup>(d)</sup> | 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** | **Portfolio Composition \* - (Unaudited)** |
| Real Estate | 58.7% | Communications | 5.4% |
| Collateral for Securities Loaned | 24.7% | Financials | 3.4% |
| Consumer Discretionary | 7.5% | Short-Term Investment | 0.3% |
|  |  | Total | **100.0%** |

---

\* Based on total value of investments as of October 31, 2022. Does not include derivative holdings.

Percentage may differ from Schedule of Investments which are based on Fund net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| October 31, 2022 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |<br>**Dunham**<br>**Small Cap**<br>**Value Fund** | **Dunham**<br>**Focused**<br>**Large Cap**<br>**Growth Fund** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments in securities, at cost | $70266892 | $194195043 | $121823749 | $45907299 | $155567745 | $87711280 | $174959734 |
| Investments in securities, at value | $59287428 | $181237572 | $109616038 | $34302906 | $191816137 | $91876889 | $216041171 |
| Foreign currency, at value (cost $0, $0, $0, $730,021, $0, $0 and $0 respectively) |  |  |  | 728184 |  |  |  |
| Deposits with brokers (a) |  |  |  | 428020 |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 97690 |  |  |  |
| Unrealized appreciation on futures |  |  |  | 199631 |  |  |  |
| Receivable for securities sold | 530985 | 5649290 | 125238 | 135355 |  |  |  |
| Interest and dividends receivable | 460215 | 1478064 | 1526647 | 663137 | 214993 | 35801 | 65907 |
| Receivable for Fund shares sold | 369 | 1148 | 660 | 287 | 2257 | 785 | 8980 |
| Prepaid expenses and other assets | 24336 | 35332 | 24731 | 32792 | 28696 | 96120 | 37720 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **60303333** | **188401406** | **111293314** | **36588002** | **192062083** | **92009595** | **216153778** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Payable for securities purchased | 374381 | 5177998 | 323322 | 167482 |  |  |  |
| Payable for Fund shares redeemed | 554694 | 825790 | 110575 | 34285 | 8707 | 5467 | 60351 |
| Payable to broker |  |  |  | 200000 |  |  |  |
| Distributions payable | 861 | 6941 | 3993 | 328 |  |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $1,687,743, $2,798,661, $12,732,323, $931,610, $22,996,699, $20,643,100, and $39,116,778 respectively) | 1727778 | 2857500 | 12986938 | 954050 | 23687837 | 21269346 | 40261170 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 49396 |  |  |  |
| Unrealized depreciation on futures |  |  |  | 256927 |  |  |  |
| Payable to adviser | 24921 | 109896 | 48671 | 18134 | 88981 | 38381 | 90349 |
| Payable to sub-adviser | 19037 | 119957 | 22241 | 2131 | 28785 | 50443 | 24754 |
| Payable for distribution fees | 7437 | 13733 | 21748 | 1393 | 19069 | 8380 | 42859 |
| Payable for administration fees | 23019 | 21000 | 17106 | 17549 | 10497 | 6937 | 11157 |
| Payable for fund accounting fees | 1484 | 4437 | 2285 | 1244 | 3607 | 1816 | 4134 |
| Payable for transfer agent fees | 4245 | 7598 | 5873 | 4411 | 7522 | 4710 | 7538 |
| Payable for custody fees | 5359 | **30500** | 1403 | 9502 | 1914 | 1015 | 1396 |
| Payable for third party administrative servicing fees | 1146 | 2867 | 1828 | 943 | 3895 | 1863 | 5619 |
| Accrued expenses and other liabilities | 21353 | 24936 | 23462 | 20135 | 23367 | 21255 | 25565 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **2765715** | **9203153** | **13569445** | **1737910** | **23884181** | **21409613** | **40534892** |
| **Net Assets** | $**57537618** | $**179198253** | $**97723869** | $**34850092** | $**168177902** | $**70599982** | $**175618886** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Paid in capital | $71195502 | $209748781 | $118129453 | $50986594 | $129339119 | $62789994 | $141173703 |
| Accumulated earnings (loss) | (13657884) | (30550528) | (20405584) | (16136502) | 38838783 | 7809988 | 34445183 |
| **Net Assets** | $**57537618** | $**179198253** | $**97723869** | $**34850092** | $**168177902** | $**70599982** | $**175618886** |
| **Net Asset Value Per Share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $48744047 | $152133600 | $81243368 | $29209370 | $141435902 | $59955169 | $143425181 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 4057827 | 18027667 | 10154363 | 4195250 | 8369218 | 3899496 | 5837026 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.01 | $8.44 | $8.00 | $6.96 | $16.90 | $15.38 | $24.57 |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $6375752 | $20569224 | $12650269 | $4786504 | $22783547 | $8331234 | $24711169 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 531415 | 2440477 | 1563094 | 694596 | 1358037 | 552931 | 1039408 |
| &nbsp;&nbsp;&nbsp;Net asset value and redemption price per share \* | $12.00 | $8.43 | $8.09 | $6.89 | $16.78 | $15.07 | $23.77 |
| &nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9550 | 0.9550 | 0.9550 | 0.9550 | 0.9425 | 0.9425 | 0.9425 |
| &nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $12.57 | $8.83 | $8.47 | $7.21 | $17.80 | $15.99 | $25.22 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2417819 | $6495429 | $3830232 | $854218 | $3958453 | $2313579 | $7482536 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 203072 | 770095 | 481397 | 127479 | 251422 | 183547 | 347087 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.91 | $8.43 | $7.96 | $6.70 | $15.74 | $12.60 | $21.56 |

---

\* 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.k. in the notes for the breakout by counterparty.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| October 31, 2022 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dunham**<br>**Small Cap**<br>**Growth Fund** | **Dunham**<br>**Emerging**<br>**Markets**<br>**Stock Fund** |<br>**Dunham**<br>**International**<br>**Stock Fund** |<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** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments in securities, at cost | $90396006 | $125221708 | $158531517 | $25339281 | $250969774 | $233879426 | $111378894 |
| Investments in securities, at value | $92800011 | $107380128 | $141066648 | $26886875 | $238943543 | $225993726 | $101610733 |
| Cash |  |  |  |  | 1280000 |  |  |
| Foreign currency, at value (cost $0, $55,943, $28,219, $831, $28,828, $44,359 and $0 respectively) |  | 53759 | 27806 | 688 | 25032 | 41172 |  |
| Deposits with brokers (a) |  |  |  | 53857 |  | 61614978 |  |
| Unrealized appreciation on futures |  |  |  | 109689 | 3782253 |  |  |
| Unrealized appreciation on swap contracts |  |  |  |  | 31716 |  |  |
| Premiums paid on swap contracts |  |  |  |  | 819478 |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |  |  |  | 883883 |  |
| Receivable for securities sold | 1324663 | 1679780 | 1157988 | 546960 | 2428025 | 1229905 | 641440 |
| Interest and dividends receivable | 12152 | 77882 | 900309 | 10219 | 1750234 | 145993 | 9154 |
| Receivable for Fund shares sold | 11450 | 8853 | 2141 | 1071 | 157540 | 2133 | 2315 |
| Due from sub-adviser | 3522 |  |  |  |  |  |  |
| Prepaid expenses and other assets | 43196 | 25287 | 25667 | 30607 | 31341 | 49537 | 24186 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | **94194994** | **109225689** | **143180559** | **27639966** | **249249162** | **289961327** | **102287828** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Option contracts written (premiums received $0, $0, $0, $0, $0, $262,766, $0) |  |  |  |  |  | 277200 |  |
| Securities sold short (proceeds $0, $0, $0, $0, $0, $45,424,273, $0) |  |  |  |  |  | 43174936 |  |
| Cash overdraft for broker |  |  |  |  | 1860727 |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $13,791,494, $3,982,690, $8,089,227, $0, $1,822,771, $20,452,521, and $23,881,602 respectively) | 14217406 | 4064003 | 8359136 |  | 1859875 | 21014292 | 25124488 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |  |  |  | 286787 |  |
| Accrued foreign capital gains tax on appreciated securities |  | 517603 |  |  |  |  |  |
| Payable for securities purchased | 802831 | 1309347 | 379915 |  | 4209375 | 3035911 | 646432 |
| Payable for Fund shares redeemed | 2801 | 3676 | 20790 | 2511 | 1267602 | 808846 | 20128 |
| Distributions payable |  |  |  |  | 24592 | 41368 |  |
| Premiums received on swap contracts |  |  |  |  | 140539 |  |  |
| Unrealized depreciation on swap contracts |  |  |  |  | 999555 |  |  |
| Unrealized depreciation on futures |  |  |  | 167766 |  |  |  |
| Payable to adviser | 42199 | 58309 | 73666 | 15130 | 132866 | 122799 | 39912 |
| Payable to sub-adviser |  | 432 | 107271 | 11644 | 6908 | 198010 | 2742 |
| Payable for distribution fees | 19681 | 12242 | 19045 | 4492 | 23196 | 54941 | 6731 |
| Payable for administration fees | 6548 | 10934 | 18190 | 3947 | 17002 | 17976 | 7037 |
| Payable for fund accounting fees | 1884 | 2787 | 4265 | 714 | 3538 | 3493 | 1978 |
| Payable for transfer agent fees | 5533 | 5598 | 7022 | 3031 | 9532 | 8970 | 4853 |
| Payable for custody fees | 2687 | 25653 | 21588 | 1343 | 2407 | 7505 | 738 |
| Payable for third party administrative servicing fees | 3761 | 1561 | 2903 | 1225 | 15323 | 6198 | 4593 |
| Accrued expenses and other liabilities | 21060 | 22435 | 22871 | 20265 | 37860 | 25234 | 21526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **15126391** | **6034580** | **9036662** | **232068** | **10610897** | **69084466** | **25881158** |
| **Net Assets** | $**79068603** | $**103191109** | $**134143897** | $**27407898** | $**238638265** | $**220876861** | $**76406670** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Paid in capital | $93033600 | $137542870 | $149904309 | $27528942 | $248611695 | $230566161 | $96103526 |
| Accumulated loss | (13964997) | (34351761) | (15760412) | (121044) | (9973430) | (9689300) | (19696856) |
| **Net Assets** | $**79068603** | $**103191109** | $**134143897** | $**27407898** | $**238638265** | $**220876861** | $**76406670** |
| **Net Asset Value Per Share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $65063663 | $85825199 | $111569624 | $22330431 | $206875191 | $175702795 | $64414397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 4415600 | 7854905 | 7927761 | 2296143 | 22780545 | 5640895 | 5164846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $14.73 | $10.93 | $14.07 | $9.73 | $9.08 | $31.15 | $12.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $11794895 | $15366536 | $18637827 | $4165743 | $27905521 | $28997491 | $9448657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 870288 | 1445902 | 1337691 | 433347 | 3080353 | 976202 | 754787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $13.55 | $10.63 | $13.93 | $9.61 | $9.06 | $29.70 | $12.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9425 | 0.9425 | 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) | $14.38 | $11.28 | $14.78 | $10.20 | $9.61 | $31.51 | $13.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $2210045 | $1999374 | $3936446 | $911724 | $3857553 | $16176575 | $2543616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 247584 | 202654 | 303156 | 101289 | 442563 | 738868 | 223653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $8.93 | $9.87 | $12.98 | $9.00 | $8.72 | $21.89 | $11.37 |

---

\* 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.k. in the notes for the breakout by counterparty.

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS** |
| For the Year Ended October 31, 2022 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |<br>**Dunham**<br>**Small Cap**<br>**Value Fund** | **Dunham**<br>**Focused**<br>**Large Cap**<br>**Growth Fund** |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest income | $2251937 | $11160632 | $6200861 | $2983894 | $31579 | $5238 | $49676 |
| Dividend income | 5150 | 41254 | 350034 |  | 3178220 | 1606903 | 527257 |
| Securities lending income - net | 5591 | 21816 | 44597 | 10720 | 15341 | 22866 | 23838 |
| Less: Foreign withholding taxes |  |  |  | (11665) |  |  | (6649) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **2262678** | **11223702** | **6595492** | **2982949** | **3225140** | **1635007** | **594122** |
| **Operating Expenses:** |  |  |  |  |  |  |  |
| Investment advisory fees | 377001 | 1177547 | 644188 | 347588 | 1026423 | 527520 | 1151023 |
| Sub-advisory fees | 226200 | 549522 | 343567 | 260691 | 473734 | 365207 | 619782 |
| Sub-advisory performance fees | 76815 | (105624) | 9533 | (141414) | 211757 | 263527 | (284405) |
| Fund accounting fees | 10046 | 25390 | 14297 | 7889 | 22522 | 12648 | 25861 |
| Distribution fees- Class C Shares | 20297 | 49048 | 31902 | 8469 | 43301 | 25775 | 98543 |
| Distribution fees- Class A Shares | 19694 | 54752 | 31888 | 18541 | 58663 | 26361 | 69178 |
| Administration fees | 142143 | 134683 | 105143 | 107163 | 68292 | 40466 | 74152 |
| Registration fees | 49697 | 46834 | 51406 | 42601 | 51937 | 50033 | 49001 |
| Transfer agent fees | 25727 | 43513 | 32197 | 25165 | 40418 | 28782 | 42112 |
| Custodian fees | 37119 | 60822 | 8274 | 55568 | 13269 | 7467 | 9562 |
| Professional fees | 18497 | 22880 | 19399 | 17181 | 22307 | 17966 | 23586 |
| Chief Compliance Officer fees | 3563 | 10327 | 5443 | 2955 | 8249 | 4283 | 9110 |
| Printing and postage expense | 17899 | 31179 | 17633 | 19073 | 16891 | 13611 | 19880 |
| Trustees' fees | 3590 | 9160 | 4806 | 2810 | 7261 | 4249 | 7645 |
| Insurance expense | 1483 | 2373 | 1541 | 1188 | 2496 | 1471 | 3625 |
| Interest expense | 3105 | 5408 | 281 | 3839 | 1488 | 1647 | 433 |
| Third party administrative servicing fees | 3284 | 10943 | 6008 | 2218 | 12796 | 7392 | 23318 |
| Miscellaneous expenses | 8737 | 22107 | 9998 | 9134 | 11190 | 7071 | 14332 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1044897** | **2150864** | **1337504** | **790659** | **2092994** | **1405476** | **1956738** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Commission Recapture |  |  |  |  | (3545) | (51398) | (6840) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1044897** | **2150864** | **1337504** | **790659** | **2089449** | **1354078** | **1949898** |
| **Net Investment Income (Loss)** | **1217781** | **9072838** | **5257988** | **2192290** | **1135691** | **280929** | **(1355776)** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1660818) | (4559655) | (2996730) | (7024947) | 2566661 | 5333249 | (5401687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (503216) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  |  |  | 3600349 |  |  |  |
| **Net realized gain (loss)** | (1660818) | (4559655) | (2996730) | (3927814) | 2566661 | 5333249 | (5401687) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (11631856) | (11957000) | (13996123) | (11525244) | (15094338) | (12058203) | (81746994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 20887 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  |  |  | (161548) |  |  |  |
| **Net change in unrealized depreciation** | (11631856) | (11957000) | (13996123) | (11665905) | (15094338) | (12058203) | (81746994) |
| **Net Realized and Unrealized Loss** | **(13292674)** | **(16516655)** | **(16992853)** | **(15593719)** | **(12527677)** | **(6724954)** | **(87148681)** |
| **Net Decrease in Net Assets Resulting From Operations** | $**(12074893)** | $**(7443817)** | $**(11734865)** | $**(13401429)** | $**(11391986)** | $**(6444025)** | $**(88504457)** |

---

See accompanying notes which are an integral part to these financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Continued)** |
| For the Year Ended October 31, 2022 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dunham**<br>**Small Cap**<br>**Growth Fund** | **Dunham**<br>**Emerging**<br>**Markets**<br>**Stock Fund** |<br>**Dunham**<br>**International**<br>**Stock Fund** |<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** |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest income | $23708 | $23456 | $50967 | $122785 | $6640267 | $19636 | $4826 |
| Dividend income | 261023 | 3081705 | 9806347 | 411833 | 468662 | 2865053 | 1609193 |
| Securities lending income - net | 62528 | 2489 | 43683 | 7985 | 32997 | 22902 | 119036 |
| Less: Foreign withholding taxes | (522) | (350226) | (915171) |  |  | (52230) | (13638) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **346737** | **2757424** | **8985826** | **542603** | **7141926** | **2855361** | **1719417** |
| **Operating Expenses:** |  |  |  |  |  |  |  |
| Investment advisory fees | 503150 | 795165 | 1052785 | 164213 | 1551490 | 1620428 | 600929 |
| Sub-advisory fees | 387038 | 551208 | 1052785 | 189477 | 1432144 | 1495780 | 416027 |
| Sub-advisory performance fees | (189405) | (497083) | (95755) | (13724) | (1080394) | 1810028 | (298747) |
| Fund accounting fees | 11172 | 16677 | 22651 | 2525 | 30020 | 28676 | 12478 |
| Distribution fees- Class C Shares | 26701 | 27229 | 49135 | 10115 | 42852 | 174644 | 36012 |
| Distribution fees- Class A Shares | 33970 | 46132 | 58482 | 9407 | 76704 | 79292 | 29915 |
| Administration fees | 40324 | 69059 | 112363 | 20529 | 103363 | 81279 | 42982 |
| Registration fees | 52294 | 52434 | 53220 | 47650 | 61582 | 58147 | 53753 |
| Transfer agent fees | 30443 | 33313 | 38871 | 19807 | 48316 | 49379 | 29096 |
| Custodian fees | 18038 | 158816 | 145575 | 7371 | 13837 | 43239 | 4818 |
| Professional fees | 17723 | 29762 | 22182 | 15783 | 25374 | 23467 | 18985 |
| Chief Compliance Officer fees | 3928 | 6337 | 7743 | 973 | 12565 | 12818 | 4691 |
| Printing and postage expense | 15182 | 15379 | 18893 | 11644 | 34382 | 53893 | 16430 |
| Trustees' fees | 4010 | 5951 | 6924 | 1567 | 11386 | 7811 | 4215 |
| Insurance expense | 1445 | 2129 | 2603 | 559 | 2702 | 3093 | 1813 |
| Interest expense | 726 | 1634 | 2190 | 962 | 590 | 1804 | 1987 |
| Third party administrative servicing fees | 16456 | 5058 | 10283 | 2475 | 48096 | 17072 | 16529 |
| Dividend expense on short sales |  |  |  |  |  | 907331 |  |
| Broker Fees |  |  |  |  |  | 70031 |  |
| Miscellaneous expenses | 7977 | 15414 | 16507 | 3285 | 23016 | 20440 | 10661 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **981172** | **1334614** | **2577437** | **494618** | **2438025** | **6558652** | **1002574** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Fees paid indirectly | (21105) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **960067** | **1334614** | **2577437** | **494618** | **2438025** | **6558652** | **1002574** |
| **Net Investment Income (Loss)** | **(613330)** | **1422810** | **6408389** | **47985** | **4703901** | **(3703291)** | **716843** |
| **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 | (14831085) | (15040779) | (2235228) | 1512016 | (8755403) | 4417638 | (10844324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gain Tax |  | (84860) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (1683825) | 7124065 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  |  | (1181803) |  | 7429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  |  |  |  |  | (2221333) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  | 239045 |  | 568172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 1913730 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign currency exchange contracts |  | (194395) | (155060) | 3746 | 5384 | 2046876 |  |
| **Net realized gain (loss)** | (14831085) | (15320034) | (2390288) | (1110821) | 287776 | 4818782 | (10844324) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (21530117) | (39302309) | (46303040) | (2240755) | (13857843) | (23517691) | (32449422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 103429 | 3390033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  |  | (217660) |  | (6356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  |  |  |  |  | 23658543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  | (3520) |  | (14434) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | (991611) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (3493) | (59269) | 2041 | (3725) | (2356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign currency exchange contracts |  |  |  |  |  | 669501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in foreign capital gains tax on appreciated securities |  | 110593 |  |  |  |  |  |
| **Net change in unrealized depreciation** | (21530117) | (39195209) | (46362309) | (2356465) | (11463146) | 787207 | (32449422) |
| **Net Realized and Unrealized Loss** | **(36361202)** | **(54515243)** | **(48752597)** | **(3467286)** | **(11175370)** | **5605989** | **(43293746)** |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations** | $**(36974532)** | $**(53092433)** | $**(42344208)** | $**(3419301)** | $**(6471469)** | $**1902698** | $**(42576903)** |

---

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, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | $1217781 | $1115758 | $9072838 | $5395499 | $5257988 | $4590219 | $2192290 | $1441432 | $1135691 | $867245 |
| Net realized gain (loss) from investments, futures, and forward foreign currency exchange contracts | (1660818) | 663320 | (4559655) | (704426) | (2996730) | 3485153 | (3927814) | 911495 | 2566661 | 10381354 |
| Net change in unrealized appreciation (depreciation) on investments, futures and forward foreign currency exchange contracts | (11631856) | (862438) | (11957000) | 6505769 | (13996123) | 1712224 | (11665905) | (522678) | (15094338) | 34943028 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **(12074893)** | **916640** | **(7443817)** | **11196842** | **(11734865)** | **9787596** | **(13401429)** | **1830249** | **(11391986)** | **46191627** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Total Distributions Paid |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (1135544) | (1111747) | (8046721) | (5232288) | (4285168) | (3923046) | (2274698) | (1404947) | (8440624) | (885281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (118468) | (113506) | (1005888) | (661563) | (574395) | (508571) | (328443) | (196625) | (1657189) | (159962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (29589) | (19976) | (268328) | (178039) | (171919) | (162670) | (46086) | (24098) | (296620) | (13236) |
| **Total Distributions to Shareholders** | **(1283601)** | **(1245229)** | **(9320937)** | **(6071890)** | **(5031482)** | **(4594287)** | **(2649227)** | **(1625670)** | **(10394433)** | **(1058479)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 11238241 | 37363091 | 32982082 | 49250845 | 14033946 | 30047934 | 8090496 | 29428075 | 50046025 | 35671210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1470664 | 4362738 | 5686586 | 6045587 | 2942020 | 4608305 | 1423245 | 4565559 | 8410001 | 8236476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 873684 | 730362 | 1290413 | 854266 | 351868 | 609761 | 146032 | 395013 | 613073 | 660022 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 1132986 | 1108792 | 8013242 | 5216097 | 4272521 | 3902928 | 2273622 | 1403554 | 8418440 | 882505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 116316 | 110697 | 983618 | 644688 | 549551 | 485370 | 323705 | 193529 | 1510268 | 147796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 24043 | 19637 | 255155 | 168317 | 155235 | 147452 | 45503 | 23805 | 295033 | 13125 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (30502217) | (20862705) | (47660452) | (21169647) | (24862675) | (19327337) | (29901796) | (9894782) | (29083278) | (16306551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3408740) | (3338641) | (6431427) | (4799310) | (2487049) | (4261225) | (4076825) | (2353597) | (10652729) | (5925541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (665138) | (954395) | (1225094) | (1307869) | (754635) | (915443) | (344420) | (292489) | (938835) | (1474929) |
| **Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **(19720161)** | **18539576** | **(6105877)** | **34902974** | **(5799218)** | **15297745** | **(22020438)** | **23468667** | **28617998** | **21904113** |
| **Total Increase (Decrease) in Net Assets** | **(33078655)** | **18210987** | **(22870631)** | **40027926** | **(22565565)** | **20491054** | **(38071094)** | **23673246** | **6831579** | **67037261** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 90616273 | 72405286 | 202068884 | 162040958 | 120289434 | 99798380 | 72921186 | 49247940 | 161346323 | 94309062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of Year** | $**57537618** | $**90616273** | $**179198253** | $**202068884** | $**97723869** | $**120289434** | $**34850092** | $**72921186** | $**168177902** | $**161346323** |

---

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, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $280929 | $454624 | $(1355776) | $(1930598) | $(613330) | $(1231538) | $1422810 | $135110 | $6408389 | $2287121 |
| Net realized gain (loss) from investments, and forward foreign currency exchange contracts | 5333249 | 15659426 | (5401687) | 19114247 | (14831085) | 18441711 | (15320034) | 11204195 | (2390288) | 23917595 |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and capital gains on appreciated securities | (12058203) | 14013471 | (81746994) | 35550794 | (21530117) | 10669060 | (39195209) | 5322207 | (46362309) | 21600892 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **(6444025)** | **30127521** | **(88504457)** | **52734443** | **(36974532)** | **27879233** | **(53092433)** | **16661512** | **(42344208)** | **47805608** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Total Distributions Paid |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (8082160) | (485740) | (12138317) | (2769774) | (10232676) | (6664517) | (9680432) | (125901) | (20424436) | (981773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1369856) | (77307) | (2937408) | (811011) | (3441219) | (2433036) | (1850179) |  | (3680446) | (161146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (363568) | (4934) | (1174480) | (289087) | (791503) | (608456) | (279057) |  | (794025) | (3018) |
| **Total Distributions to Shareholders** | **(9815584)** | **(567981)** | **(16250205)** | **(3869872)** | **(14465398)** | **(9706009)** | **(11809668)** | **(125901)** | **(24898907)** | **(1145937)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 22822893 | 20986577 | 79275818 | 43139698 | 43544756 | 20800330 | 37156820 | 40234684 | 33424663 | 45256461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1827469 | 3566512 | 11424283 | 9273680 | 6245266 | 10277892 | 5529970 | 7142063 | 4607895 | 5877586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 523011 | 536803 | 1366792 | 2176190 | 443328 | 709162 | 373439 | 614699 | 458875 | 664270 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 8067916 | 483618 | 11836217 | 2685861 | 10127549 | 6476423 | 9673626 | 125588 | 20345234 | 977525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1353929 | 76511 | 2791471 | 774617 | 3122559 | 2209269 | 1837164 |  | 3636079 | 158869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 361649 | 4890 | 1057574 | 260537 | 785687 | 602421 | 272597 |  | 781476 | 2970 |
| Redemption fee proceeds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  | (36) |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (30122239) | (15001394) | (23825971) | (34080183) | (13353325) | (20755973) | (19820390) | (12057092) | (37984597) | (28595820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5447387) | (4523056) | (9366435) | (13354769) | (7277905) | (8444911) | (3239190) | (3677490) | (6319472) | (8121107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (768124) | (912325) | (2305026) | (2056571) | (503571) | (834899) | (504079) | (841166) | (986369) | (1387921) |
| **Net Increase/(Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **(1380883)** | **5218136** | **72254723** | **8819024** | **43134344** | **11039714** | **31279957** | **31541286** | **17963784** | **14832833** |
| **Total Increase (Decrease) in Net Assets** | **(17640492)** | **34777676** | **(32499939)** | **57683595** | **(8305586)** | **29212938** | **(33622144)** | **48076897** | **(49279331)** | **61492504** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 88240474 | 53462798 | 208118825 | 150435230 | 87374189 | 58161251 | 136813253 | 88736356 | 183423228 | 121930724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of Year** | $**70599982** | $**88240474** | $**175618886** | $**208118825** | $**79068603** | $**87374189** | $**103191109** | $**136813253** | $**134143897** | $**183423228** |

---

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** |
|  | **Dynamic Macro** | **Dynamic Macro** | **Long/Short** | **Long/Short** | **Monthly Distribution** | **Monthly Distribution** | **Real Estate** | **Real Estate** |
| | **Fund** | **Fund** | **Credit Fund** | **Credit Fund** | **Fund** | **Fund** | **Stock Fund** | **Stock Fund** |
|  | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $47985 | $(341257) | $4703901 | $1139166 | $(3703291) | $(2474048) | $716843 | $(149488) |
| Net realized gain (loss) from investments, futures, purchased options, securities sold short, written options, swap contracts and forward foreign currency exchange contracts | (1110821) | 1703292 | 287776 | 4617731 | 4818782 | 10690910 | (10844324) | 7630466 |
| Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, securities sold short, written options, swap contracts, and foreign currency translations and forward foreign currency exchange contracts | (2356465) | 1907511 | (11463146) | 576984 | 787207 | (5547460) | (32449422) | 16332614 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **(3419301)** | **3269546** | **(6471469)** | **6333881** | **1902698** | **2669402** | **(42576903)** | **23813592** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |
| Distributions From Paid In Capital: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N |  |  |  |  | (6847683) | (2379879) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  |  | (1166961) | (387771) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  | (849813) | (312062) |  |  |
| Total Distributions Paid |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (135675) | (8052024) | (3356255) | (1638444) | (3665355) | (5499204) | (4866699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (12837) | (1100569) | (447166) | (257202) | (707769) | (850102) | (967474) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (147146) | (72450) | (196098) | (631174) | (307750) | (282450) |
| **Total Distributions to Shareholders** | **—** | **(148512)** | **(9299739)** | **(3875871)** | **(10956201)** | **(8084010)** | **(6657056)** | **(6116623)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | 9503028 | 4773495 | 87383682 | 105287518 | 38741266 | 86626522 | 26981312 | 29537589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1422232 | 1027623 | 15236101 | 15532775 | 4501409 | 8503404 | 3069951 | 4330490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 118628 | 122726 | 708042 | 1750991 | 1321111 | 1900124 | 374346 | 1508116 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N |  | 134970 | 7724291 | 3229140 | 8373239 | 5924043 | 5403784 | 4827354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 12761 | 1051996 | 419491 | 1302583 | 980344 | 842420 | 957510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 128693 | 67601 | 882463 | 784135 | 306360 | 280569 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (5459115) | (10012675) | (70667342) | (24965410) | (84307867) | (29160238) | (18789259) | (10723310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (777634) | (2602857) | (15392435) | (4343613) | (8760862) | (8774650) | (3107857) | (4086037) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (199197) | (400312) | (1195736) | (1194718) | (4292575) | (5777804) | (841246) | (769703) |
| **Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **4607942** | **(6944269)** | **24977292** | **95783775** | **(42239233)** | **61005880** | **14239811** | **25862578** |
| **Total Increase (Decrease) in Net Assets** | **1188641** | **(3823235)** | **9206084** | **98241785** | **(51292736)** | **55591272** | **(34994148)** | **43559547** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 26219257 | 30042492 | 229432181 | 131190396 | 272169597 | 216578325 | 111400818 | 67841271 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of Year** | $**27407898** | $**26219257** | $**238638265** | $**229432181** | $**220876861** | $**272169597** | $**76406670** | $**111400818** |

---

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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $14.41 | $14.44 | $14.02 | $13.06 | $13.82 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.22 | 0.19 | 0.28 | 0.36 | 0.34 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.38) | (0.01) | 0.44 | 0.96 | (0.74) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (2.16) | 0.18 | 0.72 | 1.32 | (0.40) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.24) | (0.21) | (0.30) | (0.36) | (0.36) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.21) | (0.30) | (0.36) | (0.36) |  |  |  |  |  |
| Net asset value, end of year | $12.01 | $14.41 | $14.44 | $14.02 | $13.06 |  |  |  |  |  |
| Total return + # | (15.12)% | 1.23% | 5.17% | 10.27% | (2.93)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $48744 | $78345 | $61209 | $42730 | $41151 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.34% | 1.25% | 1.24% | 1.20% | 1.20% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 1.67% | 1.30% | 1.99% | 2.68% | 2.53% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35% | 59% | 75% | 76% | 92% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $14.39 | $14.42 | $14.01 | $13.04 | $13.80 | $14.28 | $14.31 | $13.91 | $12.95 | $13.71 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income\* | 0.19 | 0.15 | 0.25 | 0.33 | 0.31 | 0.13 | 0.08 | 0.18 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.37) | (0.01) | 0.42 | 0.97 | (0.74) | (2.36) | (0.01) | 0.41 | 0.96 | (0.74) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (2.18) | 0.14 | 0.67 | 1.30 | (0.43) | (2.23) | 0.07 | 0.59 | 1.22 | (0.50) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.21) | (0.17) | (0.26) | (0.33) | (0.33) | (0.14) | (0.10) | (0.19) | (0.26) | (0.26) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.17) | (0.26) | (0.33) | (0.33) | (0.14) | (0.10) | (0.19) | (0.26) | (0.26) |
| Net asset value, end of year | $12.00 | $14.39 | $14.42 | $14.01 | $13.04 | $11.91 | $14.28 | $14.31 | $13.91 | $12.95 |
| Total return + # | (15.29)% | 0.98% | 4.84% | 10.09% | (3.17)% | (15.68)% | 0.49% | 4.29% | 9.53% | (3.67)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $6376 | $9593 | $8490 | $7510 | $5311 | $2418 | $2418 | $2886 | $2672 | $2760 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.59% | 1.50% | 1.49% | 1.45% | 1.45% | 2.09% | 2.00% | 1.99% | 1.95% | 1.95% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 1.42% | 1.05% | 1.75% | 2.41% | 2.31% | 0.96% | 0.56% | 1.31% | 1.92% | 1.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35% | 59% | 75% | 76% | 92% | 35% | 59% | 75% | 76% | 92% |

---

\* 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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $9.18 | $8.90 | $9.36 | $9.62 | $9.73 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.41 | 0.27 | 0.34 | 0.44 | 0.40 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.72) | 0.32 | (0.47) | (0.26) | (0.11) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.31) | 0.59 | (0.13) | 0.18 | 0.29 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.43) | (0.31) | (0.33) | (0.44) | (0.40) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.31) | (0.33) | (0.44) | (0.40) |  |  |  |  |  |
| Net asset value, end of year | $8.44 | $9.18 | $8.90 | $9.36 | $9.62 |  |  |  |  |  |
| Total return + # | (3.46)% | 6.63% | (1.30)% | 1.99% | 3.02% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $152134 | $173112 | $135536 | $157757 | $164936 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.04% | 0.90% | 1.00% | 1.01% | 0.97% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 4.67% | 2.97% | 3.81% | 4.60% | 4.08% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 56% | 135% | 76% | 44% | 79% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $9.17 | $8.89 | $9.35 | $9.61 | $9.72 | $9.18 | $8.89 | $9.35 | $9.62 | $9.73 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income\* | 0.39 | 0.25 | 0.32 | 0.41 | 0.37 | 0.35 | 0.21 | 0.27 | 0.37 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.72) | 0.32 | (0.47) | (0.25) | (0.11) | (0.74) | 0.32 | (0.46) | (0.27) | (0.11) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.33) | 0.57 | (0.15) | 0.16 | 0.26 | (0.39) | 0.53 | (0.19) | 0.10 | 0.22 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.41) | (0.29) | (0.31) | (0.42) | (0.37) | (0.36) | (0.24) | (0.27) | (0.37) | (0.33) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (0.29) | (0.31) | (0.42) | (0.37) | (0.36) | (0.24) | (0.27) | (0.37) | (0.33) |
| Net asset value, end of year | $8.43 | $9.17 | $8.89 | $9.35 | $9.61 | $8.43 | $9.18 | $8.89 | $9.35 | $9.62 |
| Total return + # | (3.70)% | 6.39% | (1.56)% | 1.74% | 2.77% | (4.30)% | 5.98% | (2.06)% | 1.13% | 2.26% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $20569 | $22225 | $19705 | $21997 | $20205 | $6495 | $6732 | $6800 | $8654 | $7236 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.29% | 1.15% | 1.25% | 1.26% | 1.22% | 1.80% | 1.65% | 1.75% | 1.76% | 1.72% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 4.44% | 2.73% | 3.56% | 4.36% | 3.84% | 3.95% | 2.24% | 3.07% | 3.86% | 3.43% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 56% | 135% | 76% | 44% | 79% | 56% | 135% | 76% | 44% | 79% |

---

\* 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 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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $9.34 | $8.88 | $8.97 | $8.72 | $9.22 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.43 | 0.38 | 0.41 | 0.45 | 0.44 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.36) | 0.46 | (0.09) | 0.26 | (0.51) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.93) | 0.84 | 0.32 | 0.71 | (0.07) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.41) | (0.38) | (0.41) | (0.46) | (0.43) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (0.38) | (0.41) | (0.46) | (0.43) |  |  |  |  |  |
| Net asset value, end of year | $8.00 | $9.34 | $8.88 | $8.97 | $8.72 |  |  |  |  |  |
| Total return + # | (10.09)% | 9.54% | 3.74% | 8.42% | (0.80)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $81243 | $101951 | $83009 | $90262 | $94596 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.19% | 1.17% | 1.14% | 1.12% | 1.12% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 4.96% | 4.07% | 4.69% | 5.12% | 4.84% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 36% | 69% | 75% | 70% | 101% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $9.44 | $8.97 | $9.06 | $8.81 | $9.29 | $9.29 | $8.83 | $8.92 | $8.68 | $9.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income\* | 0.41 | 0.36 | 0.39 | 0.44 | 0.42 | 0.36 | 0.31 | 0.34 | 0.39 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.37) | 0.47 | (0.09) | 0.25 | (0.49) | (1.34) | 0.46 | (0.09) | 0.25 | (0.50) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.96) | 0.83 | 0.30 | 0.69 | (0.07) | (0.98) | 0.77 | 0.25 | 0.64 | (0.13) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.39) | (0.36) | (0.39) | (0.44) | (0.41) | (0.35) | (0.31) | (0.34) | (0.40) | (0.36) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.36) | (0.39) | (0.44) | (0.41) | (0.35) | (0.31) | (0.34) | (0.40) | (0.36) |
| Net asset value, end of year | $8.09 | $9.44 | $8.97 | $9.06 | $8.81 | $7.96 | $9.29 | $8.83 | $8.92 | $8.68 |
| Total return + # | (10.32)% | 9.29% | 3.44% | 8.07% | (0.82)% | (10.71)% | 8.79% | 2.95% | 7.55% | (1.43)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $12650 | $13592 | $12127 | $12336 | $12393 | $3830 | $4746 | $4663 | $7497 | $7392 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.44% | 1.42% | 1.39% | 1.37% | 1.37% | 1.94% | 1.92% | 1.89% | 1.87% | 1.87% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 4.72% | 3.82% | 4.44% | 4.87% | 4.60% | 4.21% | 3.32% | 3.93% | 4.37% | 4.09% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 36% | 69% | 75% | 70% | 101% | 36% | 69% | 75% | 70% | 101% |

---

\* 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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $9.18 | $9.05 | $9.43 | $8.93 | $9.32 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.31 | 0.21 | 0.19 | (0.03) | (0.03) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.15) | 0.15 | (0.37) | 0.58 | (0.35) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.84) | 0.36 | (0.18) | 0.55 | (0.38) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.38) | (0.23) | (0.11) | (0.04) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.00) |  | (0.02) | (0.01) | (0.01) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital |  |  | (0.07) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.38) | (0.23) | (0.20) | (0.05) | (0.01) |  |  |  |  |  |
| Net asset value, end of year | $6.96 | $9.18 | $9.05 | $9.43 | $8.93 |  |  |  |  |  |
| Total return + # | (20.52)% | 3.93% | (1.81)% | 6.29% | (4.08)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $29209 | $62423 | $41346 | $32927 | $31838 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): | 1.33% | 1.78% | 1.36% | 1.36% | 1.35% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 3.83% | 2.21% | 2.08% | (0.30)% | (0.35)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 58% | 40% | 138% | 109% | 45% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $9.08 | $8.96 | $9.34 | $8.85 | $9.26 | $8.84 | $8.73 | $9.11 | $8.66 | $9.10 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.29 | 0.18 | 0.17 | (0.05) | (0.06) | 0.25 | 0.13 | 0.10 | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.12) | 0.14 | (0.37) | 0.57 | (0.34) | (2.07) | 0.14 | (0.33) | 0.55 | (0.33) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.83) | 0.32 | (0.20) | 0.52 | (0.40) | (1.82) | 0.27 | (0.23) | 0.46 | (0.43) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.36) | (0.20) | (0.09) | (0.02) |  | (0.32) | (0.16) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.00) |  | (0.02) | (0.01) | (0.01) | (0.00) |  | (0.02) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Tax return of capital |  |  | (0.07) |  |  |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.20) | (0.18) | (0.03) | (0.01) | (0.32) | (0.16) | (0.15) | (0.01) | (0.01) |
| Net asset value, end of year | $6.89 | $9.08 | $8.96 | $9.34 | $8.85 | $6.70 | $8.84 | $8.73 | $9.11 | $8.66 |
| Total return + # | (20.62)% | 3.60% | (2.03)% | 5.98% | (4.32)% | (21.01)% | 3.07% | (2.48)% | 5.36% | (4.72)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $4787 | $9179 | $6722 | $4357 | $3802 | $854 | $1320 | $1180 | $1442 | $1366 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): | 1.58% | 2.03% | 1.61% | 1.61% | 1.60% | 2.08% | 2.53% | 2.11% | 2.11% | 2.10% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 3.61% | 1.96% | 1.91% | (0.55)% | (0.59)% | 3.13% | 1.44% | 1.21% | (1.05)% | (1.10)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 58% | 40% | 138% | 109% | 45% | 58% | 40% | 138% | 109% | 45% |

---

**\*** The net investment income (loss) 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): 1.32 %

(2) Ratios
 of expenses to average net assets (excluding interest expense): 1.57 % 2.07 %

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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $19.59 | $13.58 | $14.96 | $14.18 | $14.16 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income \* | 0.14 | 0.13 | 0.17 | 0.18 | 0.14 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.57) | 6.03 | (1.03) | 1.29 | 0.15 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.43) | 6.16 | (0.86) | 1.47 | 0.29 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.11) | (0.15) | (0.18) | (0.15) | (0.13) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.15) |  | (0.34) | (0.54) | (0.14) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.26) | (0.15) | (0.52) | (0.69) | (0.27) |  |  |  |  |  |
| Net asset value, end of year | $16.90 | $19.59 | $13.58 | $14.96 | $14.18 |  |  |  |  |  |
| Total return + # | (7.96)% | 45.69% | (6.15)% | 11.37% | 1.98% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $141436 | $129641 | $73557 | $61791 | $55428 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.26% | 1.10% | 1.24% | 1.14% | 1.30% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.26% | 1.10% | 1.24% | 1.14% | 1.30% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 0.79% | 0.72% | 1.25% | 1.30% | 0.94% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 0.79% | 0.72% | 1.25% | 1.30% | 0.94% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23% | 33% | 43% | 44% | 45% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $19.46 | $13.50 | $14.87 | $14.11 | $14.10 | $18.40 | $12.80 | $14.17 | $13.45 | $13.47 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.09 | 0.08 | 0.14 | 0.15 | 0.10 | (0.04) | (0.04) | 0.03 | 0.04 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.55) | 6.00 | (1.03) | 1.27 | 0.15 | (1.47) | 5.69 | (0.98) | 1.23 | 0.15 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.46) | 6.08 | (0.89) | 1.42 | 0.25 | (1.51) | 5.65 | (0.95) | 1.27 | 0.14 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.07) | (0.12) | (0.14) | (0.12) | (0.10) | 0.00 | (0.05) | (0.08) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.15) |  | (0.34) | (0.54) | (0.14) | (1.15) |  | (0.34) | (0.54) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.22) | (0.12) | (0.48) | (0.66) | (0.24) | (1.15) | (0.05) | (0.42) | (0.55) | (0.16) |
| Net asset value, end of year | $16.78 | $19.46 | $13.50 | $14.87 | $14.11 | $15.74 | $18.40 | $12.80 | $14.17 | $13.45 |
| Total return + # | (8.18)% | 45.28% | (6.33)% | 11.00% | 1.71% | (8.90)% | 44.20% | (7.05)% | 10.24% | 1.00% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $22784 | $27023 | $16855 | $16363 | $12525 | $3958 | $4683 | $3897 | $5319 | $4167 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.51% | 1.35% | 1.49% | 1.39% | 1.55% | 2.26% | 2.10% | 2.24% | 2.14% | 2.30% |
| &nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.51% | 1.35% | 1.49% | 1.39% | 1.55% | 2.26% | 2.10% | 2.24% | 2.14% | 2.30% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 0.52% | 0.47% | 1.00% | 1.05% | 0.70% | (0.23)% | (0.27)% | 0.23% | 0.30% | (0.07)% |
| &nbsp;&nbsp;&nbsp;After fees paid indirectly | 0.52% | 0.47% | 1.00% | 1.05% | 0.70% | (0.23)% | (0.27)% | 0.23% | 0.30% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23% | 33% | 43% | 44% | 45% | 23% | 33% | 43% | 44% | 45% |

---

**\*** 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.

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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $18.65 | $11.91 | $14.67 | $15.72 | $17.47 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.07 | 0.11 | 0.10 | (0.00) (a) | 0.00 (a) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.27) | 6.78 | (2.86) | 0.65 | 0.10 (b) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.20) | 6.89 | (2.76) | 0.65 | 0.10 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.09) | (0.14) |  |  | (0.04) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.98) | (0.01) |  | (1.70) | (1.81) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.07) | (0.15) |  | (1.70) | (1.85) |  |  |  |  |  |
| Net asset value, end of year | $15.38 | $18.65 | $11.91 | $14.67 | $15.72 |  |  |  |  |  |
| Total return + # | (7.65)% | 58.16% | (18.81)% | 6.15% | 0.37% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $59955 | $72651 | $42444 | $43564 | $37248 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.67% | 1.05% | 1.26% | 1.72% | 1.54% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.61% | 1.05% | 1.17% | 1.72% | 1.54% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: (c) ! |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 0.34% | 0.67% | 0.72% | (0.01)% | 0.01% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 0.41% | 0.67% | 0.81% | (0.01)% | 0.01% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 83% | 87% | 135% | 85% | 101% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $18.31 | $11.70 | $14.45 | $15.55 | $17.31 | $15.70 | $10.05 | $12.51 | $13.81 | $15.67 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.03 | 0.08 | 0.07 | (0.04) | (0.04) | (0.08) | (0.04) | (0.02) | (0.12) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.24) | 6.65 | (2.82) | 0.64 | 0.09 (b) | (1.04) | 5.72 | (2.44) | 0.52 | 0.10 (b) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.21) | 6.73 | (2.75) | 0.60 | 0.05 | (1.12) | 5.68 | (2.46) | 0.40 | (0.05) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.05) | (0.11) |  |  | (0.00) (a) |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.98) | (0.01) |  | (1.70) | (1.81) | (1.98) | (0.01) |  | (1.70) | (1.81) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.03) | (0.12) |  | (1.70) | (1.81) | (1.98) | (0.03) |  | (1.70) | (1.81) |
| Net asset value, end of year | $15.07 | $18.31 | $11.70 | $14.45 | $15.55 | $12.60 | $15.70 | $10.05 | $12.51 | $13.81 |
| Total return + # | (7.86)% | 57.71% | (19.03)% | 5.85% | 0.08% | (8.62)% | 56.55% | (19.66)% | 5.06% | (0.63)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $8331 | $12795 | $8955 | $9848 | $7869 | $2314 | $2794 | $2064 | $2835 | $2139 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.92% | 1.30% | 1.51% | 1.97% | 1.79% | 2.67% | 2.05% | 2.26% | 2.72% | 2.54% |
| &nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.86% | 1.30% | 1.42% | 1.97% | 1.79% | 2.61% | 2.05% | 2.17% | 2.72% | 2.54% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: (c) ! |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 0.12% | 0.46% | 0.46% | (0.26)% | (0.26)% | (0.67)% | (0.31)% | (0.29)% | (1.01)% | (1.04)% |
| &nbsp;&nbsp;&nbsp;After fees paid indirectly | 0.17% | 0.46% | 0.55% | (0.26)% | (0.26)% | (0.61)% | (0.31)% | (0.20)% | (1.01)% | (1.04)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 83% | 87% | 135% | 85% | 101% | 83% | 87% | 135% | 85% | 101% |

---

\* 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.

! Recognition of net investment income (loss) is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(a) Represents
less than $0.01 per share.

(b) The
amount of net realized and unrealized gain (loss) on investment per share for the year ended October 31, 2018 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.

(c) Does
not Include the expenses of other investment companies in which the Fund invests.

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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $43.94 | $33.67 | $24.24 | $22.50 | $19.37 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss\* | (0.20) | (0.36) | (0.32) | (0.25) | (0.22) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (15.89) | 11.47 | 10.58 | 3.69 | 3.53 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (16.09) | 11.11 | 10.26 | 3.44 | 3.31 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.28) | (0.84) | (0.83) | (1.70) | (0.18) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.28) | (0.84) | (0.83) | (1.70) | (0.18) |  |  |  |  |  |
| Net asset value, end of year | $24.57 | $43.94 | $33.67 | $24.24 | $22.50 |  |  |  |  |  |
| Total return + # | (39.47)% | 33.44% | 43.39% | 17.19% | 17.24% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $143425 | $156938 | $108816 | $74714 | $59424 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly | 1.01% | 1.12% | 1.30% | 1.33% | 1.30% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly | 1.01% | 1.12% | 1.30% | 1.33% | 1.29% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly | (0.67)% | (0.92)% | (1.08)% | (1.06)% | (1.01)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly | (0.67)% | (0.92)% | (1.08)% | (1.06)% | (1.01)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 9% | 27% | 17% | 28% | 25% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $42.73 | $32.84 | $23.71 | $22.11 | $19.08 | $39.33 | $30.51 | $22.25 | $21.00 | $18.27 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss\* | (0.28) | (0.45) | (0.38) | (0.30) | (0.28) | (0.46) | (0.68) | (0.55) | (0.44) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (15.40) | 11.18 | 10.34 | 3.60 | 3.49 | (14.03) | 10.34 | 9.64 | 3.39 | 3.33 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (15.68) | 10.73 | 9.96 | 3.30 | 3.21 | (14.49) | 9.66 | 9.09 | 2.95 | 2.91 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.28) | (0.84) | (0.83) | (1.70) | (0.18) | (3.28) | (0.84) | (0.83) | (1.70) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.28) | (0.84) | (0.83) | (1.70) | (0.18) | (3.28) | (0.84) | (0.83) | (1.70) | (0.18) |
| Net asset value, end of year | $23.77 | $42.73 | $32.84 | $23.71 | $22.11 | $21.56 | $39.33 | $30.51 | $22.25 | $21.00 |
| Total return + # | (39.62)% | 33.13% | 43.09% | 16.84% | 16.98% | (40.07)% | 32.13% | 41.97% | 16.00% | 16.08% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $24711 | $37270 | $31205 | $24131 | $15031 | $7483 | $13911 | $10414 | $8314 | $6844 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly | 1.26% | 1.37% | 1.55% | 1.58% | 1.55% | 2.01% | 2.12% | 2.30% | 2.33% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly | 1.26% | 1.37% | 1.55% | 1.58% | 1.54% | 2.01% | 2.12% | 2.30% | 2.33% | 2.29% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly | (0.93)% | (1.17)% | (1.34)% | (1.32)% | (1.26)% | (1.69)% | (1.92)% | (2.08)% | (2.06)% | (2.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly | (0.93)% | (1.17)% | (1.34)% | (1.32)% | (1.26)% | (1.69)% | (1.92)% | (2.08)% | (2.06)% | (2.01)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 9% | 27% | 17% | 28% | 25% | 9% | 27% | 17% | 28% | 25% |

---

\* 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.

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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $27.93 | $21.62 | $16.00 | $20.28 | $20.31 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss\* | (0.12) | (0.38) | (0.23) | (0.23) | (0.27) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (a) | (9.04) | 10.50 | 6.15 | (0.25) | 3.20 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (9.16) | 10.12 | 5.92 | (0.48) | 2.93 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.19) | (0.28) | (0.05) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.85) | (3.53) | (0.25) | (3.80) | (2.96) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.04) | (3.81) | (0.30) | (3.80) | (2.96) |  |  |  |  |  |
| Net asset value, end of year | $14.73 | $27.93 | $21.62 | $16.00 | $20.28 |  |  |  |  |  |
| Total return + # | (37.42)% | 49.28% | 37.55% | 1.36% | 16.02% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $65064 | $63287 | $42792 | $37340 | $33882 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.17% | 1.83% | 1.78% | 1.90% | 1.94% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.14% | 1.83% | 1.75% | 1.88% | 1.93% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | (0.72)% | (1.47)% | (1.34)% | (1.36)% | (1.31)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | (0.70)% | (1.47)% | (1.31)% | (1.34)% | (1.29)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 92% | 111% | 178% | 169% | 190% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $26.04 | $20.36 | $15.09 | $19.42 | $19.62 | $18.62 | $15.39 | $11.54 | $16.00 | $16.77 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss\* | (0.17) | (0.42) | (0.26) | (0.25) | (0.31) | (0.19) | (0.44) | (0.29) | (0.29) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (a) | (8.34) | 9.86 | 5.80 | (0.28) | 3.07 | (5.64) | 7.33 | 4.39 | (0.37) | 2.56 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (8.51) | 9.44 | 5.54 | (0.53) | 2.76 | (5.83) | 6.89 | 4.10 | (0.66) | 2.19 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.13) | (0.23) | (0.02) |  |  | (0.01) | (0.13) |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.85) | (3.53) | (0.25) | (3.80) | (2.96) | (3.85) | (3.53) | (0.25) | (3.80) | (2.96) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.98) | (3.76) | (0.27) | (3.80) | (2.96) | (3.86) | (3.66) | (0.25) | (3.80) | (2.96) |
| Net asset value, end of year | $13.55 | $26.04 | $20.36 | $15.09 | $19.42 | $8.93 | $18.62 | $15.39 | $11.54 | $16.00 |
| Total return + # | (37.55)% | 48.93% | 37.18% | 1.11% | 15.69% | (37.99)% | 47.87% | 36.10% | 0.36% | 14.84% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $11795 | $20357 | $12750 | $10797 | $10799 | $2210 | $3730 | $2619 | $2440 | $2720 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.42% | 2.08% | 2.03% | 2.15% | 2.19% | 2.17% | 2.83% | 2.78% | 2.90% | 2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.39% | 2.08% | 2.00% | 2.13% | 2.18% | 2.14% | 2.83% | 2.75% | 2.88% | 2.93% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | (0.97)% | (1.72)% | (1.57)% | (1.61)% | (1.56)% | (1.72)% | (2.47)% | (2.32)% | (2.37)% | (2.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | (0.95)% | (1.72)% | (1.54)% | (1.59)% | (1.55)% | (1.70)% | (2.47)% | (2.29)% | (2.35)% | (2.29)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 92% | 111% | 178% | 169% | 190% | 92% | 111% | 178% | 169% | 190% |

---

\* 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, 2019 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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $18.76 | $15.70 | $14.27 | $12.85 | $15.94 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.17 | 0.04 | (0.03) | 0.19 | 0.27 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (6.41) | 3.05 | 1.59 | 1.48 | (3.20) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (6.24) | 3.09 | 1.56 | 1.67 | (2.93) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.25) | (0.03) | (0.13) | (0.25) | (0.16) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.59) | (0.03) | (0.13) | (0.25) | (0.16) |  |  |  |  |  |
| Net asset value, end of year | $10.93 | $18.76 | $15.70 | $14.27 | $12.85 |  |  |  |  |  |
| Total return + # | (36.02)% | 19.67% | 10.94% | 13.29% | (18.57)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $85825 | $112290 | $70868 | $59931 | $53261 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.03% | 1.67% | 1.86% | 1.61% | 1.19% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 1.23% | 0.19% | (0.19)% | 1.42% | 1.79% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 64% | 77% | 113% | 129% | 66% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $18.29 | $15.32 | $13.94 | $12.56 | $15.58 | $17.07 | $14.41 | $13.16 | $11.85 | $14.74 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.13 | (0.02) | (0.06) | 0.16 | 0.23 | 0.02 | (0.15) | (0.16) | 0.05 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (6.24) | 2.99 | 1.54 | 1.44 | (3.13) | (5.81) | 2.81 | 1.45 | 1.38 | (2.94) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (6.11) | 2.97 | 1.48 | 1.60 | (2.90) | (5.79) | 2.66 | 1.29 | 1.43 | (2.83) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.21) |  | (0.10) | (0.22) | (0.12) | (0.07) |  | (0.04) | (0.12) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) |  |  |  |  | (1.34) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.55) |  | (0.10) | (0.22) | (0.12) | (1.41) |  | (0.04) | (0.12) | (0.06) |
| Net asset value, end of year | $10.63 | $18.29 | $15.32 | $13.94 | $12.56 | $9.87 | $17.07 | $14.41 | $13.16 | $11.85 |
| Total return + # | (36.18)% | 19.39% | 10.58% | 12.98% | (18.73)% | (36.66)% | 18.46% | 9.78% | 12.18% | (19.30)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $15367 | $21174 | $14864 | $12106 | $9662 | $1999 | $3349 | $3005 | $3463 | $3163 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.28% | 1.92% | 2.11% | 1.86% | 1.44% | 2.03% | 2.67% | 2.86% | 2.61% | 2.19% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 0.96% | (0.08)% | (0.43)% | 1.17% | 1.54% | 0.15% | (0.87)% | (1.22)% | 0.41% | 0.77% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 64% | 77% | 113% | 129% | 66% | 64% | 77% | 113% | 129% | 66% |

---

**\*** The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period.

---

| | |
|:---|:---|
| + | 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 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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $21.10 | $15.26 | $15.51 | $15.61 | $17.54 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income \* | 0.66 | 0.30 | 0.15 | 0.34 | 0.21 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | (4.87) | 5.70 | (0.06) | 0.62 | (1.39) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (4.21) | 6.00 | 0.09 | 0.96 | (1.18) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.40) | (0.15) | (0.34) | (0.18) | (0.26) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) | (0.01) |  | (0.88) | (0.49) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.82) | (0.16) | (0.34) | (1.06) | (0.75) |  |  |  |  |  |
| Net asset value, end of year | $14.07 | $21.10 | $15.26 | $15.51 | $15.61 |  |  |  |  |  |
| Total return + # | (23.01)% | 39.45% | 0.45% | 7.08% | (7.08)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $111570 | $150922 | $96239 | $101505 | $89401 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.53% | 1.92% | 1.71% | 1.43% | 1.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.53% | 1.92% | 1.71% | 1.43% | 1.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 4.03% | 1.47% | 0.98% | 2.28% | 1.24% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 4.03% | 1.47% | 0.98% | 2.28% | 1.24% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 91% | 131% | 156% | 100% | 113% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $20.92 | $15.13 | $15.38 | $15.49 | $17.42 | $19.66 | $14.25 | $14.55 | $14.68 | $16.59 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.60 | 0.23 | 0.11 | 0.30 | 0.17 | 0.44 | 0.08 | (0.02) | 0.18 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | (4.82) | 5.68 | (0.06) | 0.61 | (1.38) | (4.50) | 5.34 | (0.05) | 0.59 | (1.31) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (4.22) | 5.91 | 0.05 | 0.91 | (1.21) | (4.06) | 5.42 | (0.07) | 0.77 | (1.27) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.35) | (0.11) | (0.30) | (0.14) | (0.23) | (0.20) |  | (0.23) | (0.02) | (0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) | (0.01) |  | (0.88) | (0.49) | (2.42) | (0.01) |  | (0.88) | (0.49) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.77) | (0.12) | (0.30) | (1.02) | (0.72) | (2.62) | (0.01) | (0.23) | (0.90) | (0.64) |
| Net asset value, end of year | $13.93 | $20.92 | $15.13 | $15.38 | $15.49 | $12.98 | $19.66 | $14.25 | $14.55 | $14.68 |
| Total return + # | (23.23)% | 39.15% | 0.24% | 6.78% | (7.30)% | (23.78)% | 38.04% | (0.55)% | 6.03% | (8.03)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $18638 | $26672 | $20938 | $22499 | $18250 | $3936 | $5830 | $4754 | $6409 | $5764 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.78% | 2.17% | 1.96% | 1.68% | 1.92% | 2.53% | 2.92% | 2.71% | 2.43% | 2.67% |
| &nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.78% | 2.17% | 1.96% | 1.68% | 1.92% | 2.53% | 2.92% | 2.71% | 2.43% | 2.67% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 3.70% | 1.17% | 0.71% | 2.04% | 1.01% | 2.89% | 0.43% | (0.11)% | 1.26% | 0.22% |
| &nbsp;&nbsp;&nbsp;After fees paid indirectly | 3.70% | 1.17% | 0.71% | 2.04% | 1.01% | 2.89% | 0.43% | (0.11)% | 1.26% | 0.22% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 91% | 131% | 156% | 100% | 113% | 91% | 131% | 156% | 100% | 113% |

---

\* 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 realized and unrealized gain (loss) on investment per share for the year ended October 31, 2020 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 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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $11.22 | $10.00 | $10.08 | $9.53 | $10.18 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.03 | (0.14) | (0.00) (a) | 0.12 | 0.02 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.52) | 1.44 | (0.08) | 0.65 | (0.67) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.49) | 1.30 | (0.08) | 0.77 | (0.65) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.08) |  | (0.17) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital |  |  |  | (0.05) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.08) |  | (0.22) |  |  |  |  |  |  |
| Net asset value, end of year | $9.73 | $11.22 | $10.00 | $10.08 | $9.53 |  |  |  |  |  |
| Total return + # | (13.28)% | 13.05% | (0.79)% | 8.35% | (6.39)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $22330 | $21043 | $23680 | $32074 | $35638 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.88% | 2.06% | 1.69% | 1.54% | 1.80% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 0.26% | (1.26)% | (0.02)% | 1.29% | 0.20% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 76% | 12% | 187% | 28% | 11% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $11.11 | $9.90 | $10.00 | $9.46 | $10.12 | $10.49 | $9.37 | $9.55 | $9.03 | $9.74 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.00 (a) | (0.16) | (0.03) | 0.10 | 0.00 (a) | (0.07) | (0.23) | (0.10) | 0.02 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.50) | 1.41 | (0.07) | 0.64 | (0.66) | (1.42) | 1.35 | (0.08) | 0.63 | (0.63) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.50) | 1.25 | (0.10) | 0.74 | (0.66) | (1.49) | 1.12 | (0.18) | 0.65 | (0.71) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.04) |  | (0.15) |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital |  |  |  | (0.05) |  |  |  |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.04) |  | (0.20) |  |  |  |  | (0.13) |  |
| Net asset value, end of year | $9.61 | $11.11 | $9.90 | $10.00 | $9.46 | $9.00 | $10.49 | $9.37 | $9.55 | $9.03 |
| Total return + # | (13.50)% | 12.62% | (1.00)% | 8.04% | (6.52)% | (14.20)% | 11.95% | (1.88)% | 7.31% | (7.29)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $4166 | $4030 | $5078 | $7713 | $7918 | $912 | $1146 | $1284 | $1927 | $1696 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 2.13% | 2.31% | 1.94% | 1.79% | 2.05% | 2.88% | 3.06% | 2.69% | 2.54% | 2.80% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 0.04% | (1.48)% | (0.26)% | 1.03% | 0.00 %(b) | (0.68)% | (2.29)% | (1.04)% | 0.20% | (0.84)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 76% | 12% | 187% | 28% | 11% | 76% | 12% | 187% | 28% | 11% |

---

\* 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.

(b) Represents
less than 0.01%.

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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $9.70 | $9.55 | $9.36 | $9.19 | $8.68 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 0.19 | 0.06 | 0.13 | 0.24 | 0.23 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.43) | 0.32 | 0.26 | 0.24 | 0.49 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.24) | 0.38 | 0.39 | 0.48 | 0.72 |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.20) | (0.07) | (0.15) | (0.31) | (0.21) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.18) | (0.16) | (0.05) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.38) | (0.23) | (0.20) | (0.31) | (0.21) |  |  |  |  |  |
| Net asset value, end of year | $9.08 | $9.70 | $9.55 | $9.36 | $9.19 |  |  |  |  |  |
| Total return + # | (2.57)% | 4.00% | 4.23% | 5.31% | 8.42% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $206875 | $195874 | $110215 | $67276 | $36055 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 0.97% | 1.82% | 1.43% | 1.24% | 1.44% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: | 2.02% | 0.67% | 1.41% | 2.60% | 2.52% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 216% | 343% | 519% | 426% | 275% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $9.68 | $9.53 | $9.33 | $9.17 | $8.66 | $9.34 | $9.24 | $9.08 | $8.94 | $8.46 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)\* | 0.16 | 0.04 | 0.11 | 0.22 | 0.19 | 0.09 | (0.03) | 0.05 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.43) | 0.32 | 0.26 | 0.22 | 0.50 | (0.41) | 0.30 | 0.24 | 0.23 | 0.49 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.27) | 0.36 | 0.37 | 0.44 | 0.69 | (0.32) | 0.27 | 0.29 | 0.38 | 0.60 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.17) | (0.05) | (0.12) | (0.28) | (0.18) | (0.12) | (0.01) | (0.08) | (0.24) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.18) | (0.16) | (0.05) |  |  | (0.18) | (0.16) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.35) | (0.21) | (0.17) | (0.28) | (0.18) | (0.30) | (0.17) | (0.13) | (0.24) | (0.12) |
| Net asset value, end of year | $9.06 | $9.68 | $9.53 | $9.33 | $9.17 | $8.72 | $9.34 | $9.24 | $9.08 | $8.94 |
| Total return + # | (2.82)% | 3.77% | 4.09% | 4.95% | 8.10% | (3.45)% | 2.89% | 3.24% | 4.34% | 7.21% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $27906 | $29040 | $17123 | $11087 | $6265 | $3858 | $4518 | $3852 | $4077 | $3145 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.22% | 2.07% | 1.68% | 1.48% | 1.69% | 1.98% | 2.82% | 2.43% | 2.22% | 2.44% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 1.75% | 0.41% | 1.21% | 2.36% | 2.13% | 1.01% | (0.37)% | 0.53% | 1.63% | 1.22% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 216% | 343% | 519% | 426% | 275% | 216% | 343% | 519% | 426% | 275% |

---

\* 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.

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.* |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $32.18 | $32.75 | $33.88 | $34.84 | $36.71 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\* | (0.45) | (0.28) | (0.21) | (0.13) | 0.09 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.80 | 0.79 | 0.33 | 1.02 | (0.25) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.35 | 0.51 | 0.12 | 0.89 | (0.16) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.71) | (0.30) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) |  |  |  | (0.35) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | (1.13) | (0.37) | (0.95) | (1.85) | (1.36) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.38) | (1.08) | (1.25) | (1.85) | (1.71) |  |  |  |  |  |
| Net asset value, end of year | $31.15 | $32.18 | $32.75 | $33.88 | $34.84 |  |  |  |  |  |
| Total return + # | 1.11% | 1.54% | 0.37% | 2.61% | (0.45)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $175703 | $219703 | $160250 | $183319 | $201405 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After waivers | 2.52% | 1.90% | 1.81% | 2.62% | 2.16% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | 0.39% | 0.81% | 0.69% | 1.24% | 1.10% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excluding dividends/borrowings on short sales: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 2.13% | 1.09% | 1.13% | 1.38% | 1.06% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 2.13% | 1.09% | 1.13% | 1.38% | 1.06% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | (1.41)% | (0.84)% | (0.62)% | (0.39)% | 0.25% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | (1.41)% | (0.84)% | (0.62)% | (0.39)% | 0.25% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 221% | 339% | 605% | 496% | 453% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $30.83 | $31.49 | $32.71 | $33.77 | $35.73 | $23.26 | $24.19 | $25.60 | $27.02 | $29.15 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)\* | (0.46) | (0.44) | (0.30) | (0.21) | 0.00 (a) | (0.52) | (0.55) | (0.43) | (0.36) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.71 | 0.86 | 0.33 | 1.00 | (0.25) | 0.53 | 0.70 | 0.27 | 0.79 | (0.21) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.25 | 0.42 | 0.03 | 0.79 | (0.25) | 0.01 | 0.15 | (0.16) | 0.43 | (0.42) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.71) | (0.30) |  |  |  | (0.71) | (0.30) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) |  |  |  | (0.35) | (0.25) |  |  |  | (0.35) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (1.13) | (0.37) | (0.95) | (1.85) | (1.36) | (1.13) | (0.37) | (0.95) | (1.85) | (1.36) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.38) | (1.08) | (1.25) | (1.85) | (1.71) | (1.38) | (1.08) | (1.25) | (1.85) | (1.71) |
| Net asset value, end of year | $29.70 | $30.83 | $31.49 | $32.71 | $33.77 | $21.89 | $23.26 | $24.19 | $25.60 | $27.02 |
| Total return + # | 0.83% | 1.25% | 0.10% | 2.39% | (0.72)% | 0.05% | 0.54% | (0.63)% | 1.63% | (1.48)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $28997 | $33155 | $33157 | $42052 | $42980 | $16177 | $19311 | $23171 | $33913 | $34664 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After waivers | 2.77% | 2.16% | 2.06% | 2.87% | 2.41% | 3.52% | 2.93% | 2.81% | 3.62% | 3.16% |
| &nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | 0.39% | 0.81% | 0.68% | 1.24% | 1.10% | 0.39% | 0.81% | 0.68% | 1.23% | 1.10% |
| &nbsp;&nbsp;&nbsp;Excluding dividends/borrowings on short sales: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 2.38% | 1.35% | 1.38% | 1.63% | 1.31% | 3.13% | 2.12% | 2.12% | 2.39% | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 2.38% | 1.35% | 1.38% | 1.63% | 1.31% | 3.13% | 2.12% | 2.12% | 2.39% | 2.06% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | (1.53)% | (1.39)% | (0.94)% | (0.63)% | 0.01% | (2.32)% | (2.28)% | (1.74)% | (1.38)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | (1.53)% | (1.39)% | (0.94)% | (0.63)% | 0.01% | (2.32)% | (2.28)% | (1.74)% | (1.38)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 221% | 339% | 605% | 496% | 453% | 221% | 339% | 605% | 496% | 453% |

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\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

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| | |
|:---|:---|
| + | 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. |

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# 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.

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| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Dunham Real Estate Stock Fund** |
| *The table sets forth financial data for one share of beneficial interest outstanding throughout each year.* |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |  |  |  |  |  |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |  |  |  |  |  |
| Net asset value, beginning of year | $21.36 | $17.34 | $18.68 | $15.35 | $15.66 |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.14 | (0.02) | 0.11 | 0.30 | 0.28 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | (7.74) | 5.52 | (0.14) | 3.32 | (0.35) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (7.60) | 5.50 | (0.03) | 3.62 | (0.07) |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income |  |  | (0.31) | (0.29) | (0.12) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.29) | (1.48) | (1.00) |  | (0.12) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.29) | (1.48) | (1.31) | (0.29) | (0.24) |  |  |  |  |  |
| Net asset value, end of year | $12.47 | $21.36 | $17.34 | $18.68 | $15.35 |  |  |  |  |  |
| Total return + # | (37.75)% | 32.81% | (0.02)% | 24.16% | (0.48)% |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $64414 | $91553 | $53647 | $42865 | $43163 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.01% | 1.37% | 1.66% | 1.15% | 1.10% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 0.85% | (0.08)% | 0.63% | 1.81% | 1.82% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 58% | 59% | 125% | 63% | 74% |  |  |  |  |  |
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $21.48 | $17.47 | $18.81 | $15.46 | $15.78 | $19.78 | $16.30 | $17.69 | $14.54 | $14.88 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.10 | (0.07) | 0.06 | 0.26 | 0.24 | (0.03) | (0.20) | (0.06) | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | (7.77) | 5.56 | (0.13) | 3.35 | (0.35) | (7.09) | 5.16 | (0.14) | 3.17 | (0.34) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (7.67) | 5.49 | (0.07) | 3.61 | (0.11) | (7.12) | 4.96 | (0.20) | 3.30 | (0.22) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income |  |  | (0.27) | (0.26) | (0.09) |  |  | (0.19) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.29) | (1.48) | (1.00) |  | (0.12) | (1.29) | (1.48) | (1.00) |  | (0.12) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.29) | (1.48) | (1.27) | (0.26) | (0.21) | (1.29) | (1.48) | (1.19) | (0.15) | (0.12) |
| Net asset value, end of year | $12.52 | $21.48 | $17.47 | $18.81 | $15.46 | $11.37 | $19.78 | $16.30 | $17.69 | $14.54 |
| Total return + # | (37.87)% | 32.48% | (0.28)% | 23.81% | (0.74)% | (38.38)% | 31.50% | (1.08)% | 22.97% | (1.50)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $9449 | $15112 | $11196 | $9161 | $8444 | $2544 | $4736 | $2998 | $2812 | $2308 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: | 1.27% | 1.62% | 1.91% | 1.40% | 1.35% | 2.02% | 2.37% | 2.66% | 2.15% | 2.10% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: | 0.60% | (0.33)% | 0.36% | 1.56% | 1.57% | (0.19)% | (1.07)% | (0.36)% | 0.79% | 0.85% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 58% | 59% | 125% | 63% | 74% | 58% | 59% | 125% | 63% | 74% |

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\* The net investment income (loss) per share data was determined using the average shares outstanding throughout each year.

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| | |
|:---|:---|
| + | 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. |

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# 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.

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| | |
|:---|:---|
| ! | The amount of net realized and unrealized gain (loss) on investment per share for the year ended October 31, 2020 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. |

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See accompanying notes which are an integral part to these financial statements.

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 |

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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 fourteen 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; and Dunham Real Estate Stock Fund. With the exception of Dunham International Opportunity Bond Fund, Dunham Focused Large Cap Growth Fund, and Dunham Real Estate Stock Fund, the remaining Funds are diversified funds within the meaning of the 1940 Act.

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| | |
|:---|:---|
| **Fund** | **Primary Objective** |
| Dunham Corporate/Government Bond Fund ("Corporate/Government Bond") | Current income and capital appreciation |
| Dunham Floating Rate Bond Fund ("Floating Rate Bond") | High level of current income |
| Dunham High-Yield Bond Fund ("High-Yield Bond") | High level of current income |
| Dunham International Opportunity Bond Fund ("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 Large Cap Growth") | Maximize capital appreciation |
| Dunham Small Cap Growth Fund ("Small Cap Growth") | Maximize capital appreciation |
| Dunham Emerging Markets Stock Fund ("Emerging 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 income and capital appreciation |
| Dunham Monthly Distribution Fund ("Monthly 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 |

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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, and Monthly Distribution 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, and Monthly Distribution 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.

**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."

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

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The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements.

**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, Debt securities including Bank Loans (other than short-term obligations) 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 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 or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, 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 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.

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

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, 2022 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate/Government Bond** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities \* | $— | $18557075 | $— | $18557075 |
| Corporate Bonds \* |  | 19667097 |  | 19667097 |
| Municipal Bonds |  | 3561320 |  | 3561320 |
| Non U.S. Government & Agencies |  | 556401 |  | 556401 |
| Term Loans \* |  | 2844477 |  | 2844477 |
| U.S. Government & Agencies |  | 10384397 |  | 10384397 |
| Short-Term Investment | 1988883 |  |  | 1988883 |
| Collateral for Securities Loaned |  | 1727778 |  | 1727778 |
| Total | $1988883 | $57298545 | $— | $59287428 |
| **Floating Rate Bond** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stock \* | $— | $319262 | $— | $319262 |
| Asset Backed Securities |  | 17273019 |  | 17273019 |
| Corporate Bonds \* |  | 12756111 |  | 12756111 |
| Term Loans \* |  | 144986471 |  | 144986471 |
| Rights |  | 12706 |  | 12706 |
| Warrants |  | 106198 |  | 106198 |
| Short-Term Investment | 2926305 |  |  | 2926305 |
| Collateral for Securities Loaned |  | 2857500 |  | 2857500 |
| Total | $2926305 | $178311267 | $— | $181237572 |
| **High-Yield Bond** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stock \* | $— | $— | $2317450 | $2317450 |
| Corporate Bonds \* |  | 90327320 |  | 90327320 |
| Short-Term Investment | 3984330 |  |  | 3984330 |
| Collateral for Securities Loaned |  | 12986938 |  | 12986938 |
| Total | $3984330 | $103314258 | $2317450 | $109616038 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunity Bond** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities | $— | $64223 | $— | $64223 |
| Corporate Bonds \* |  | 22869146 |  | 22869146 |
| Non U.S. Government & Agencies |  | 9349021 |  | 9349021 |
| Short-Term Investment | 1066466 |  |  | 1066466 |
| Collateral for Securities Loaned |  | 954050 |  | 954050 |
| Total Assets | $1066466 | $33236440 | $— | $34302906 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $199631 | $— | $— | $199631 |
| Forward Foreign Currency Exchange Contracts |  | 97690 |  | 97690 |
| Total Asset Derivatives | $199631 | $97690 | $— | $297321 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $256927 | $— | $— | $256927 |
| Forward Foreign Currency Exchange Contracts |  | 49396 |  | 49396 |
| Total Liability Derivatives | $256927 | $49396 | $— | $306323 |
| **Large Cap Value** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $164853219 | $— | $— | $164853219 |
| Short-Term Investments | 3275081 |  |  | 3275081 |
| Collateral for Securities Loaned |  | 23687837 |  | 23687837 |
| Total | $168128300 | $23687837 | $— | $191816137 |
| **Small Cap Value** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $70280877 | $— | $— | $70280877 |
| Short-Term Investments | 326666 |  |  | 326666 |
| Collateral for Securities Loaned |  | 21269346 |  | 21269346 |
| Total | $70607543 | $21269346 | $— | $91876889 |
| **Focused Large Cap Growth** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $168418053 | $— | $— | $168418053 |
| Short-Term Investment | 7361948 |  |  | 7361948 |
| Collateral for Securities Loaned |  | 40261170 |  | 40261170 |
| Total | $175780001 | $40261170 | $— | $216041171 |
| **Small Cap Growth** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $75286766 | $— | $— | $75286766 |
| Short-Term Investment | 3295839 |  |  | 3295839 |
| Collateral for Securities Loaned |  | 14217406 |  | 14217406 |
| Total | $78582605 | $14217406 | $— | $92800011 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**Emerging Markets Stock**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Closed End Fund** |  |  |  |  |
| Mixed Allocation | $— | $860112 | $— | $860112 |
| Total Closed End Fund |  | 860112 |  | 860112 |
| **Common Stocks** |  |  |  |  |
| Apparel & Textile Products |  | 286050 |  | 286050 |
| Automotive | 861597 | 2111353 |  | 2972950 |
| Banking | 5598975 | 10943548 |  | 16542523 |
| Beverages |  | 3848068 |  | 3848068 |
| Chemicals | 1217840 | 2243943 |  | 3461783 |
| Consumer Services |  | 957236 |  | 957236 |
| E-Commerce Discretionary |  | 5111654 |  | 5111654 |
| Electric Utilities |  | 8342 |  | 8342 |
| Electrical Equipment |  | 1956235 |  | 1956235 |
| Engineering & Construction |  | 1676142 |  | 1676142 |
| Entertainment Content |  | 1167102 |  | 1167102 |
| Food |  | 1189080 |  | 1189080 |
| Health Care Facilities & Services |  | 2695568 |  | 2695568 |
| Home & Office Products |  | 1329579 |  | 1329579 |
| Household Products |  | 288487 |  | 288487 |
| Insurance |  | 2810470 |  | 2810470 |
| Internet Media & Services |  | 3691866 |  | 3691866 |
| Leisure Facilities & Services |  | 3879093 |  | 3879093 |
| Machinery |  | 900184 |  | 900184 |
| Medical Equipment & Devices |  | 1572817 |  | 1572817 |
| Oil & Gas Producers | 1142262 | 1239775 | 0 | 2382037 |
| Real Estate Owners & Developers | 417470 | 628571 |  | 1046041 |
| Renewable Energy |  | 3259260 |  | 3259260 |
| Retail - Consumer Staples | 2679144 | 1411599 | 0 | 4090743 |
| Retail - Discretionary |  | 607638 |  | 607638 |
| Semiconductors | 1120210 | 7158987 |  | 8279197 |
| Specialty Finance |  | 3453658 |  | 3453658 |
| Technology Hardware |  | 7107270 |  | 7107270 |
| Technology Services |  | 2586017 |  | 2586017 |
| Telecommunications |  | 4465973 |  | 4465973 |
| Transportation & Logistics |  | 3275411 |  | 3275411 |
| Wholesale - Consumer Staples |  | 953650 |  | 953650 |
| Total Common Stocks | 13037498 | 84814626 |  | 97852124 |
| **Warrants** |  |  |  |  |
| Leisure Facilities & Services |  | 11673 |  | 11673 |
| Total Warrants |  | 11673 |  | 11673 |
| Short-Term Investments | 4592216 |  |  | 4592216 |
| Collateral for Securities Loaned |  | 4064003 |  | 4064003 |
| Total | $17629714 | $89750414 | $— | $107380128 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**International Stock**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| Apparel & Textile Products | $— | $1079076 | $— | $1079076 |
| Asset Management |  | 194698 |  | 194698 |
| Automotive |  | 8855506 |  | 8855506 |
| Banking | 3353380 | 11970435 | 0 | 15323815 |
| Beverages | 1328663 | 276414 |  | 1605077 |
| Biotech & Pharma | 3762061 | 7092286 |  | 10854347 |
| Chemicals | 831153 | 2523258 | 0 | 3354411 |
| Commercial Support Services |  | 647412 |  | 647412 |
| Construction Materials | 72312 | 34469 |  | 106781 |
| Diversified Industrials |  | 651015 |  | 651015 |
| Electric Utilities | 35159 | 1059627 |  | 1094786 |
| Electrical Equipment |  | 830499 |  | 830499 |
| Engineering & Construction |  | 1437442 |  | 1437442 |
| Food |  | 374211 |  | 374211 |
| Forestry, Paper & Wood Products | 307503 |  |  | 307503 |
| Gas & Water Utilities |  | 48255 |  | 48255 |
| Home & Office Products |  | 4 |  | 4 |
| Household Products | 183860 | 566429 |  | 750289 |
| Industrial Support Services |  | 167827 |  | 167827 |
| Institutional Financial Services |  | 2022114 |  | 2022114 |
| Insurance |  | 8678135 |  | 8678135 |
| Machinery | 23299 | 1998257 |  | 2021556 |
| Medical Equipment & Devices |  | 984879 |  | 984879 |
| Metals & Mining | 2312173 | 3875975 | 0 | 6188148 |
| Oil & Gas Producers | 9258157 | 16654979 | 0 | 25913136 |
| Oil & Gas Services & Equipment |  | 627116 |  | 627116 |
| Retail - Consumer Staples | 290610 | 1473083 |  | 1763693 |
| Retail - Discretionary | 773136 |  |  | 773136 |
| Semiconductors | 661388 | 3490948 |  | 4152336 |
| Software |  | 659804 |  | 659804 |
| Specialty Finance |  | 1308292 |  | 1308292 |
| Steel |  | 1265489 |  | 1265489 |
| Technology Hardware | 863966 | 5616358 |  | 6480324 |
| Technology Services | 408266 | 1903498 |  | 2311764 |
| Telecommunications |  | 5510714 |  | 5510714 |
| Tobacco & Cannabis | 681306 | 410719 |  | 1092025 |
| Transportation & Logistics |  | 4767418 |  | 4767418 |
| Wholesale - Consumer Staples |  | 258249 |  | 258249 |
| Wholesale - Discretionary |  | 728405 |  | 728405 |
| Total Common Stocks | 25146392 | 100043295 |  | 125189687 |
| Exchange-Traded Funds | 1242237 |  |  | 1242237 |
| Short-Term Investments | 6275588 |  |  | 6275588 |
| Collateral for Securities Loaned |  | 8359136 |  | 8359136 |
| Total | $32664217 | $108402431 | $— | $141066648 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dynamic Macro** | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds \* | $6036283 | $— | $— | $6036283 |
| U.S. Government & Agencies |  | 17372850 |  | 17372850 |
| Short-Term Investments | 2856026 |  |  | 2856026 |
| Purchased Options | 621716 |  |  | 621716 |
| Total Assets | $9514025 | $17372850 | $— | $26886875 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $109689 | $— | $— | $109689 |
| Total Asset Derivatives | $109689 | $— | $— | $109689 |
| Liabilities - Derivatives | Liabilities - Derivatives | Liabilities - Derivatives | Liabilities - Derivatives | Liabilities - Derivatives |
| Futures Contracts | $167766 | $— | $— | $167766 |
| Total Liability Derivatives | $167766 | $— | $— | $167766 |
| **Long/Short Credit** |  |  |  |  |
| Common Stocks \* | $— | $— | $5700 | $5700 |
| Preferred Stocks \* |  | 275741 | 1950000 | 2225741 |
| Corporate Bonds \* |  | 110789497 |  | 110789497 |
| Term Loans \* |  | 3161326 |  | 3161326 |
| U.S. Government & Agencies |  | 97065580 |  | 97065580 |
| Short-Term Investment | 23835824 |  |  | 23835824 |
| Collateral for Securities Loaned |  | 1859875 |  | 1859875 |
| Total Assets | $23835824 | $213152019 | $1955700 | $238943543 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $3782253 | $— | $— | $3782253 |
| Credit Default Swap Contracts |  | 31716 |  | 31716 |
| Total Asset Derivatives | $3782253 | $31716 | $— | $3813969 |
| Liabilities - Derivatives | Liabilities - Derivatives | Liabilities - Derivatives | Liabilities - Derivatives | Liabilities - Derivatives |
| Credit Default Swap Contracts | $— | $949322 | $— | $949322 |
| Total Return Swap Contracts |  | 50233 |  | 50233 |
| Total Liability Derivatives | $— | $999555 | $— | $999555 |
| **Monthly Distribution** |  |  |  |  |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Closed-End Fund | $— | $— | $9257933 | $9257933 |
| Common Stocks \* | 167882044 |  | 72063 | 167954107 |
| Rights |  |  | 38300 | 38300 |
| Purchased Put Options | 16500 |  |  | 16500 |
| Short-Term Investment | 27712594 |  |  | 27712594 |
| Collateral for Securities Loaned |  | 21014292 |  | 21014292 |
| Total Assets | $195611138 | $21014292 | $9368296 | $225993726 |
| Liabilities-Derivatives |  |  |  |  |
| Written Options | $277200 | $— | $— | $277200 |
| Total Liability Derivatives | $277200 | $— | $— | $277200 |
| Liabilities |  |  |  |  |
| Securities Sold Short | $43174936 | $— | $— | $43174936 |
| Total Liabilities | $43174936 | $— | $— | $43174936 |
| Assets - Derivatives |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $883883 | $— | $883883 |
| Total Asset Derivatives | $— | $883883 | $— | $883883 |
| Liabilities - Derivatives |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $286787 | $— | $286787 |
| Total Liability Derivatives | $— | $286787 | $— | $286787 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**Real Estate Stock**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $20111352 | $— | $— | $20111352 |
| REITs \* | 56031612 |  |  | 56031612 |
| Short-Term Investment | 343281 |  |  | 343281 |
| Collateral for Securities Loaned |  | 25124488 |  | 25124488 |
| Total | $76486245 | $25124488 | $— | $101610733 |

---

\* See each Fund's Schedule of Investments for breakdown by industry.

The following is a reconciliation for the Funds for which Level 3 inputs were used in determining value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning**<br>**balance**<br>**October 31,**<br>**2021** | <br>**Total**<br>**realized**<br>**gain/(loss)** | **Change in**<br>**unrealized**<br>**appreciation/**<br>**(depreciation)** | <br>**Conversion** | <br>**Net**<br>**Purchases** | <br>**Net Sales** | <br>**Net**<br>**transfers**<br>**into Level 3** | **Net**<br>**transfers**<br>**(out) of**<br>**Level 3** | **Ending**<br>**balance**<br>**October 31,**<br>**2022** |
| High-Yield Bond |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $4809 | $— | $1992409 | $320232 | $— | $— | $— | $— | $2317450 |
| &nbsp;&nbsp;&nbsp;Convertible Bond | 402273 |  | (97290) | (320232) | 15249 |  |  |  |  |
| Emerging Markets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Magnit PJSC |  |  | (21020) |  |  |  | 21020 |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC |  |  | (88179) |  |  |  | 88179 |  |  |
| International Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC |  |  | (321908) |  |  |  | 321908 |  |  |
| &nbsp;&nbsp;&nbsp;PhosAgro PJSC |  |  | (397600) |  |  |  | 397600 |  |  |
| &nbsp;&nbsp;&nbsp;Tatneft PJSC |  |  | (18997) |  |  |  | 18997 |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC |  |  | (57988) |  |  |  | 57988 |  |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC |  |  | (469941) |  |  |  | 469941 |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil Company PJSC |  |  | (262231) |  |  |  | 262231 |  |  |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC |  |  | (172036) |  |  |  | 172036 |  |  |
| &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC |  |  | (313796) |  |  |  | 313796 |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC |  |  | (96283) |  |  |  | 96283 |  |  |
| Long/Short Credit |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | 5700 |  |  |  |  |  |  |  | 5700 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 2060000 |  | (110000) |  |  |  |  |  | 1950000 |
| Monthly Distribution |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed End Fund | 7199576 |  | (6413726) |  | 8472083 |  |  |  | 9257933 |
| &nbsp;&nbsp;&nbsp;Common Stock | 61768 |  | 10295 |  |  |  |  |  | 72063 |
| &nbsp;&nbsp;&nbsp;Rights | 10079 |  | 28221 |  |  |  |  |  | 38300 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

Quantitative disclosures of unobservable inputs and assumptions used by High-Yield Bond, Long/Short Credit, Monthly Distribution, Emerging Markets Stock and International Stock are below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in Securities: |  |  |  |  | Impact to valuation |
|  |  |  |  | Input | from an increase |
|  | Fair Value | Valuation Techniques | Unobservable Input | Range | in input |
| High-Yield Bond |  |  |  |  |  |
| Common Stock |  |  |  |  |  |
| Hi-Crush\* | $2317450 | Market comparable | Enterprise value/EBITDA | 4.2x | Increase |
|  |  | companies(a) | Market Discount | 30% | Decrease |
| Total Fair Value Securities | $2317450 |  |  |  |  |

---

\* Holding executed a 50,000:1 reverse stock split on 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(a) During
the year ended October 31, 2022, the Fund changed its valuation technique from a prior transaction approach to a market comparable approach

---

| | | | | |
|:---|:---|:---|:---|:---|
| Emerging Markets |  |  |  |  |
| Common Stock |  |  |  |  |
| Magnit PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| Gazprom PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fair Value Securities | $— |  |  |  |
| International Stock |  |  |  |  |
| Common Stock |  |  |  |  |
| Sberbank of Russia PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| PhosAgro PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| Tatneft PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| Gazprom PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| LUKOIL PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| Rosneft Oil Company PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| VTB Bank PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| MMC Norilsk Nickel PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| Gazprom PJSC |  | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fair Value Securities | $— |  |  |  |
| Long/Short Credit |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NII Holdings, Inc. | 5700 | Broker Quote | Indicative Value | $0.57 |
| Preferred Stock |  |  |  |  |
| UIRC-GSA International, LLC | 1950000 | Broker Quote | Indicative Value | $975 - $1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fair Value Securities | $1955700 |  |  |  |
| Monthly Distribution |  |  |  |  |
| Closed End Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altaba, Inc. | $9257933 | Broker Quote | Indicative Value | $3.75 - $6.50 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NII Holdings, Inc. | 72063 | Broker Quote | Indicative Value | $0.30 |
| Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zogenix, Inc. CVR | 38300 | Broker Quote | Indicative Value | $0.75 |

---

&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 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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

&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 as a component of net realized gains (losses) from investments and 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.

A Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio. 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).

A Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in that Fund's portfolio. 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, in the event that 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.

&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 maintain cash balances, which, at times, may exceed federally insured limits. 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 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

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

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, and Long/Short Credit 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 Company 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. A gain, limited to the price at which the Company sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Company 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 Company'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, 2022:

---

| | | |
|:---|:---|:---|
| **Location on the Statements of Assets and Liabilities** | **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate 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 |

---

The following table sets forth the fair value of each Fund's derivative contracts by primary risk exposure as of October 31, 2022:

**Asset Derivatives Investment Value**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>Equity<br>Contracts |<br>Currency<br>Contracts |<br>Interest Rate<br>Contracts | Total at<br>October 31,<br>2022 |
| International Opportunity Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $97690 | $— | $97690 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 199631 | 199631 |
| Dynamic Macro |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $78872 | $— | $30817 | $109689 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 621716 |  |  | 621716 |
| Long/Short Credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | $— | $— | $31716 | $31716 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 3782253 | 3782253 |
| Monthly Distribution |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $883883 | $— | $883883 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 16500 |  |  | 16500 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**Liability Derivatives Investment Value**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Equity<br>Contracts | Currency<br>Contracts | Interest Rate<br>Contracts | Total at<br>October 31, 2022 |
| International Opportunity Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $49396 | $— | $49396 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 256927 | 256927 |
| Dynamic Macro |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $123552 | $— | $44214 | $167766 |
| Long/Short Credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $50233 | $— | $— | $50233 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | 949322 | 949322 |
| Monthly Distribution |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $286787 | $— | $286787 |
| &nbsp;&nbsp;&nbsp;Written Options | 277200 |  |  | 277200 |

---

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, 2022.

---

| | |
|:---|:---|
| **Derivative Investment Type** | &nbsp;&nbsp;**Location of Gain (Loss) on Derivatives** |
| Equity/Currency/Commodity/ Interest rate contracts | &nbsp;&nbsp;Net realized gain (loss) from: Futures, Purchased options, Written options, Swap contracts, Forward foreign currency exchange contracts |
|  | &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: Futures , Purchased options, Written options, Swap contracts, and Forward foreign currency exchange contracts |

---

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | Currency | Interest Rate | Total at |
| Derivative Investment type | Contracts | Contracts | Contracts | October 31, 2022 |
| International Opportunity Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $(503216) | $(503216) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | 3600349 |  | 3600349 |
| Dynamic Macro |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(1017648) | $— | $(666177) | $(1683825) |
| &nbsp;&nbsp;&nbsp;Purchased Options | (321220) |  | (860583) | (1181803) |
| &nbsp;&nbsp;&nbsp;Written Options | 239045 |  |  | 239045 |
| Long/Short Credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $7124065 | $7124065 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | 1477617 | 1477617 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | 436113 |  |  | 436113 |
| Monthly Distribution |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $2046876 | $— | $2046876 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 7429 |  |  | 7429 |
| &nbsp;&nbsp;&nbsp;Written Options | 568172 |  |  | 568172 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  |  |  |  | Total at |
|  | Equity | Currency | Interest Rate | October 31, |
| Derivative Investment type | Contracts | Contracts | Contracts | 2022 |
| International Opportunity Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $20887 | $20887 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | (161548) |  | (161548) |
| Dynamic Macro |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(144740) | $— | $248169 | $103429 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 111854 |  | (329514) | (217660) |
| &nbsp;&nbsp;&nbsp;Written Options | (3520) |  |  | (3520) |
| Long/Short Credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | $— | $3390033 | $3390033 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | (941378) | (941378) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | (50233) |  |  | (50233) |
| Monthly Distribution |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $— | $669501 | $— | $669501 |
| &nbsp;&nbsp;&nbsp;Purchased Options | (6356) |  |  | (6356) |
| &nbsp;&nbsp;&nbsp;Written Options | (14434) |  |  | (14434) |

---

The average notional value of the derivative instruments for the year ended October 31, 2022 is disclosed below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 |
|  | Futures | Futures | Options | Options | Swaps - Long | Swaps - Long | Swaps - Short |
| International Opportunity Bond | $13384079 | $4416674 | $— | $— | $— | $— | $— |
| Dynamic Macro | 13091893 | 3083606 | 16505750 | 3070500 |  |  |  |
| Long/Short Credit |  | 41315004 |  |  | 14000000 | 87457500 | 17000000 |
| Monthly Distribution |  |  | 1477452 | 5154919 |  |  |  |

---

&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, and Monthly Distribution policies are to recognize a gross asset or liability equal to the unrealized amounts on futures contracts, forward foreign currency exchange contracts, swaps and written options. The following table shows additional information regarding the offsetting of assets and liabilities at October 31, 2022.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | Net Amount |
| Futures | Barclays | $97690 | $— | $97690 | $(97690) | $— | $— |
| Forward Foreign Currency Exchange Contracts | Barclays | 74699 |  | 74699 | (1244) |  | 73455 |
|  | Citigroup Capital Markets | 575 |  | 575 | (575) |  |  |
|  | JP Morgan Chase | 22416 |  | 22416 | (22416) |  |  |
| Total |  | $97690 | $— | $97690 | $(121925) | $— | $73455 |
|  |  |  |  |  | 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 (1) | Pledged | Net Amount |
| Futures | Barclays | $(256927) | $— | $(256927) | $97690 | $159237 | $— |
| Forward Foreign Currency Exchange Contracts | Barclays | (1244) |  | (1244) | 1244 |  |  |
|  | Citigroup Capital Markets | (2552) |  | (2552) | 575 |  | (1977) |
|  | JP Morgan Chase | (45600) |  | (45600) | 22416 |  | (23184) |
| Total |  | $(49396) | $— | $(49396) | $24235 | $— | $(25161) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Macro** | **Dynamic Macro** | **Dynamic Macro** | **Dynamic Macro** | **Dynamic Macro** | **Dynamic Macro** | **Dynamic Macro** | **Dynamic Macro** |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & | Statements of Assets & |  |
| Assets: |  |  |  |  | Liabilities | Liabilities |  |
|  |  | Gross | Gross Amounts | Net Amounts of |  |  |  |
|  |  | Amounts of | Offset in the | Assets Presented in |  | Cash |  |
|  |  | Recognized | Statements of | the Statements of | Financial | Collateral |  |
| Description | Counterparty | Assets | Assets & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount |
| Futures | Goldman Sachs | $109689 | $— | $109689 | $(109689) | $— | $— |
| Total |  | $109689 | $— | $109689 | $(109689) | $— | $— |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & | Statements of Assets & |  |
| Liabilities: |  |  |  |  | Liabilities | Liabilities |  |
|  |  | Gross | Gross Amounts | Net Amounts of |  |  |  |
|  |  | Amounts of | Offset in the | Liabilities Presented |  | Cash |  |
|  |  | Recognized | Statements of | in the Statements of | Financial | Collateral |  |
| Description | Counterparty | Liabilities | Assets & Liabilities | Assets & Liabilities | Instruments (1) | Pledged | Net Amount |
| Futures | Goldman Sachs | $(167766) | $— | $(167766) | $109689 | $58077 | $— |
| Total |  | $(167766) | $— | $(167766) | $109689 | $58077 | $— |

---

&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** |
| October 31, 2022 (Continued) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | Net Amount |
| Futures Contracts | HSBC | $3782253 | $— | $3782253 | $— | $— | $3782253 |
| Credit Default Swaps | Goldman Sachs | 31716 |  | 31716 |  |  | 31716 |
| Total |  | $3813969 | $— | $3813969 | $— | $— | $3813969 |
|  |  |  |  |  | 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 (1) | Pledged(1) | Net Amount |
| Credit Default Swaps | Barclays | $(161198) | $— | $(161198) | $— | $— | $(161198) |
| Credit Default Swaps | HSBC | (783959) |  | (783959) |  | 783959 |  |
| Credit Default Swaps | JP Morgan | (4165) |  | (4165) |  | 4165 |  |
| Total Return Swap | Barclays | (50233) |  | (50233) |  |  | (50233) |
| Total |  | $(999555) | $— | $(999555) | $— | $788124 | $(211431) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |  |
|  |  |  |  |  | Statements of Assets & | Statements of Assets & |  |
| Assets: |  |  |  |  | Liabilities | Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | 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 | Net Amount |
| Forward Foreign Currency Exchange Contracts | US Bank | $883883 | $— | $883883 | $(286787) | $— | $597096 |
| Purchased Options | US Bank | 16500 |  | 16500 |  |  | 16500 |
| Total |  | $900383 | $— | $900383 | $(286787) | $— | $613596 |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & | Statements of Assets & |  |
| Liabilities: |  |  |  |  | Liabilities | Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  | Gross | Amounts | Net Amounts of |  |  |  |
|  |  | Amounts of | Offset in the | Liabilities Presented |  | Cash |  |
|  |  | Recognized | Statements of | in the Statements of | Financial | Collateral |  |
| Description | Counterparty | Liabilities | Assets & | Assets & Liabilities | Instruments (1) | Pledged | Net Amount |
| Forward Foreign Currency Exchange Contracts | US Bank | $(286787) | $— | $(286787) | $286787 | $— | $— |
| Written Options | US Bank | (277200) |  | (277200) | 277200 |  |  |
| Total |  | $(563987) | $— | $(563987) | $563987 | $— | $— |

---

&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** |
| October 31, 2022 (Continued) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l. Deposits with Broker for Futures, Options and Swaps**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative Type** | **Broker** | **Deposit with Broker** |
| International Opportunity Bond | Futures | Barclays | $428020 |
| Dynamic Macro | Future Options Purchased | Goldman Sachs | 53857 |
| Monthly Distribution | Written Options | Morgan Stanley | 2790000 |
| Monthly Distribution | Securities Sold Short | JP Morgan | 58824978 |

---

&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 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 Fund recharacterizes 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. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.

&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 $517,603 as of October 31, 2022, on Emerging Markets as shown on the Statement of Assets and Liabilities. For the year ended October 31, 2022, Emerging Markets recorded net change in unrealized depreciation on Accrued Foreign Capital Gains Tax on Appreciated Securities of $110,593 as shown on the Statement of Operations.

**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. 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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

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;**r. LIBOR Risk** – The Funds may invest in securities and other instruments whose interest payments are determined by references to a market reference rate such as the London Interbank Offered Rate ("LIBOR") or the Secured Overnight Financing Rate ("SOFR").

The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. On March 5, 2021, ICE Benchmark Administration Limited, the administrator of LIBOR, announced its intention to cease publishing a majority of the USD LIBOR rates after publication on June 30, 2023, with the one week and two months USD LIBOR rates to cease after publication on December 31, 2021. The U.S. Federal Reserve, based on the recommendations of the Alternative Reference Rates Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR, a broad measure of secured overnight U.S. Treasury repo rates, that is intended to replace USD LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. The unavailability of LIBOR presents risks to the Fund, including the risk that any pricing or adjustments to the Fund's investments resulting from a substitute or alternate reference rate may adversely affect the Fund's performance and/or NAV. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, including any negative effects on the Fund's liquidity and valuation of the Fund's investments, issuers of instruments in which the Fund invests and financial markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**s. 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;**t. 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;**u. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. Federal 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 2019 to 2021 and expected to be taken in tax year 2022 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 and California. 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;**w. 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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

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;**x. 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;**y. 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 and 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.

**3.** **INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES** 

&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 | 0.75% – 1.45% | 0.65% | 0.10% – 0.80% |
| 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 | 1.05% – 1.75% | 0.65% | 0.40% – 1.10% |
| 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 | 0.80% – 1.40% | 0.65% | 0.15% – 0.75% |

---

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

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

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 rate 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.

The table below lists the current Sub-Advisers along with their Fulcrum Fee arrangements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Sub-Adviser** | <br>**Benchmark** | <br>**Base Fee** | **Null**<br>**Zone** | **Minimum**<br>**Fee** | **Maximum**<br>**Fee** |
| Corporate/Government Bond \* | Virtus Fixed Income Advisers, LLC | Bloomberg 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 | Rothschild & Co. Asset Management US Inc. | Russell 1000 Value Index | 0.30% | +/- 0.00% | 0.10% | 0.50% |
| Small Cap Value | Ziegler Capital Management, LLC | Russell 2000 Value Index | 0.45% | +/- 0.00% | 0.10% | 0.80% |
| Focused Large Cap Growth | The Ithaka Group, LLC | Russell 1000 Grow th Index | 0.35% | +/- 0.30% | 0.20% | 0.50% |
| Small Cap Grow th | Pier Capital, LLC | Russell 2000 Grow th 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 | Arrow street Capital L.P. | MSCI All Country World Index ex USA (Net) | 0.65% | +/- 0.20% | 0.30% | 1.00% |
| Dynamic Macro | New ton Investment Management North America, LLC | IQ Hedge Global Macro Beta Index | 0.75% | +/- 0.00% | 0.40% | 1.10% |
| Long/Short Credit | Metlife Investment Advisors, LLC | BofA Merrill Lynch US 3-month Treasury Bill Index PLUS 300 bps (3.00%) | 0.60% | +/- 0.00% | 0.05% | 1.15% |
| Monthly Distribution | Grantham, Mayo, Van Otterloo & Co., LLC | IQ Hedge Market Neutral Total Return Index | 0.60% | +/- 0.00% | 0.22% | 0.98% |
| Real Estate Stock | American Assets Capital Advisers, LLC | Dow Jones U.S. Real Estate Total Return Index | 0.45% | +/- 0.00% | 0.15% | 0.75% |

---

\* Effective July 1, 2022, Newfleet Asset Management, LLC ("Newfleet"), the sub-adviser to the Dunham Corporate/Government Bond Fund and Stone Harbor Investment Partners, LLC ("Stone Harbor"), the sub-adviser to the Dunham International Opportunity Bond Fund each are a wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"). As part of a restructuring, Virtus transferred the portfolio management team of the Funds from Newfleet and Stone Harbor to a wholly-owned subsidiary of Virtus, Virtus Fixed Income Advisers, LLC.

PineBridge Investments, LLC replaced Newfleet Asset Management, LLC as the Sub-Adviser to Floating Rate Bond. Newfleet Asset Management, LLC had a Base Fee of 0.28%, a Minimum Fee of 0.10%, and a Maximum Fee of 0.46%.

Grantham, Mayo, Van Otterloo & Co., LLC replaced Weiss Multi-Strategy Advisers, LLC as the Sub-Adviser to Monthly Distribution. Weiss Multi-Strategy Advisers, LLC had a Base Fee of 0.60%, a Minimum Fee of 0.22% and a Maximum Fee of 0.98%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Administration, Fund Accounting and Transfer Agency Fees** – Gemini Fund Services, LLC ("GFS" or the "Administrator") serves as the administrator, fund accountant and transfer agent for the Funds. For providing administration services, GFS 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 over $500 million; 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, GFS receives from the Trust a minimum annual fee of $245,000. For providing transfer agent services, GFS receives from the Trust a minimum annual fee of $214,000.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

Blu Giant, LLC, ("Blu Giant"), an affiliate of GFS, 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 GFS 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;**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.

---

| | | | |
|:---|:---|:---|:---|
| | | **12b-1 and Shareholder Service** | **12b-1 and Shareholder Service** |
| |<br>**Distributor Sales Charges** | **Fees Paid to the Distributor** | **Fees Paid to the Distributor** |
| <br>**Fund** | **Class A** | **Class A** | **Class C** |
| Corporate/Government Bond | $442 | $19694 | $20297 |
| Floating Rate Bond | 446 | 54752 | 49048 |
| High-Yield Bond | 6490 | 31888 | 31902 |
| International Opportunity Bond | 4 | 18541 | 8469 |
| Large Cap Value | 56737 | 58663 | 43301 |
| Small Cap Value | 7838 | 26361 | 25775 |
| Focused Large Cap Growth | 49538 | 69178 | 98543 |
| Small Cap Growth | 25559 | 33970 | 26701 |
| Emerging Markets Stock | 2495 | 46132 | 27229 |
| International Stock | 2470 | 58482 | 49135 |
| Dynamic Macro | 99 | 9407 | 10115 |
| Long/Short Credit | 8421 | 76704 | 42852 |
| Monthly Distribution | 5938 | 79292 | 174644 |
| Real Estate Stock | 9818 | 29915 | 36012 |

---

&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 $107,500 per annum plus 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;**e. Commission Recapture –** During the year ended October 31, 2022, certain Funds had portfolio trades executed with a certain brokers pursuant to a commission recapture agreement under which the brokers returned a portion of the Fund's brokerage commissions on the Fund's behalf. Such amounts, under such commission recapture agreement, are included in Commission Recapture in the Funds' Statements of Operations and will be paid directly by the brokers for the expenses of the Fund. For the year ended October 31, 2022, the amounts received by the Administrator on behalf of certain participating Funds under this arrangement were: Large Cap Value - $3,545, Small Cap Value - $51,398, Focused Large Cap Growth - $6,840 and Small Cap Growth - $21,105.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended October 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Purchases**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** | **Sale Proceeds**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** |<br>**Purchases of**<br>**U.S. Government**<br>**Securities** | **Proceeds of**<br>**U.S.**<br>**Government**<br>**Securities** |
| Corporate/Government Bond | $21267459 | $36763825 | $3847876 | $7647210 |
| Floating Rate Bond | 106552111 | 108604694 |  |  |
| High-Yield Bond | 37316549 | 42764028 |  |  |
| International Opportunity Bond | 32430985 | 49377382 |  |  |
| Large Cap Value | 55409418 | 35522895 |  |  |
| Small Cap Value | 66314505 | 76870345 |  |  |
| Focused Large Cap Growth | 66472021 | 15367854 |  |  |
| Small Cap Growth | 95844987 | 70371026 |  |  |
| Emerging Markets Stock | 92987807 | 75969208 |  |  |
| International Stock | 142095415 | 148568689 |  |  |
| Dynamic Macro | 6369696 | 8431009 |  |  |
| Long/Short Credit | 126330943 | 111517456 | 164667995 | 168184662 |
| Monthly Distribution | 571178408 | 469113559 |  |  |
| Real Estate Stock | 62223838 | 53609605 |  |  |

---

**5.** **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, 2022, 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 | $70255905 | $52774 | $(11021251) | $(10968477) |
| Floating Rate Bond | 194210764 | 352116 | (13325308) | $(12973192) |
| High-Yield Bond | 120984177 | 2252087 | (13620226) | $(11368139) |
| International Opportunity Bond | 46176087 | 78177 | (12206471) | $(12128294) |
| Large Cap Value | 157016931 | 42004571 | (7205365) | $34799206 |
| Small Cap Value | 88554256 | 9034197 | (5711564) | $3322633 |
| Focused Large Cap Growth | 175194333 | 51212850 | (10366012) | $40846838 |
| Small Cap Growth | 93085682 | 10478597 | (10764268) | $(285671) |
| Emerging Markets Stock | 127368184 | 7145003 | (27650662) | $(20505659) |
| International Stock | 158661571 | 8897113 | (26490891) | $(17593778) |
| Dynamic Macro | 25025076 | 2030599 | (96407) | $1934192 |
| Long/Short Credit | 251283549 | 520796 | (12860802) | $(12340006) |
| Monthly Distribution | 189270674 | 20707318 | (27436398) | $(6729080) |
| Real Estate Stock | 110814473 | 5352059 | (14555799) | $(9203740) |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**6.** **SHARES OF BENEFICIAL INTEREST** 

Following is a summary of shareholder transactions for each Fund for the year ended October 31, 2022 and the year ended October 31, 2021, respectively:

**For the year ended October 31, 2022:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| Fund | Issued | Distributions<br> Reinvested | Redeemed | Net Increase<br> (Decrease) in<br> Shares | Issued | Distributions<br> Reinvested | Redeemed | Net Increase<br> (Decrease) in<br> Shares |
| Corporate/Government Bond | 817831 | 85209 | (2281875) | (1378835) | 109812 | 8781 | (253792) | (135199) |
| Floating Rate Bond | 3679891 | 915144 | (5419943) | (824908) | 637236 | 112571 | (732330) | 17477 |
| High-Yield Bond | 1624016 | 501164 | (2885704) | (760524) | 344626 | 64006 | (284942) | 123690 |
| International Opportunity Bond | 951013 | 279890 | (3837865) | (2606962) | 177128 | 40431 | (533448) | (315889) |
| Large Cap Value | 2912920 | 446602 | (1607735) | 1751787 | 479304 | 80548 | (590387) | (30535) |
| Small Cap Value | 1408422 | 466893 | (1871938) | 3377 | 114363 | 79784 | (339853) | (145706) |
| Focused Large Cap Growth | 2781652 | 298894 | (814781) | 2265765 | 399032 | 72695 | (304591) | 167136 |
| Small Cap Growth | 2492192 | 469520 | (811754) | 2149958 | 354910 | 157070 | (423547) | 88433 |
| Emerging Markets Stock | 2635295 | 598986 | (1364956) | 1869325 | 407407 | 116720 | (235676) | 288451 |
| International Stock | 2020121 | 1112978 | (2357528) | 775571 | 271053 | 200445 | (408971) | 62527 |
| Dynamic Macro | 946512 |  | (526569) | 419943 | 145154 |  | (74420) | 70734 |
| Long/Short Credit | 9358178 | 824061 | (7592535) | 2589704 | 1628749 | 112406 | (1661504) | 79651 |
| Monthly Distribution | 1218712 | 265639 | (2669761) | (1185410) | 148530 | 43269 | (290962) | (99163) |
| Real Estate Stock | 1704276 | 276975 | (1103495) | 877756 | 187864 | 42937 | (179666) | 51135 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | 63722 | 1834 | (49990) | 15566 |
| Floating Rate Bond | 145267 | 29211 | (137899) | 36579 |
| High-Yield Bond | 41266 | 18328 | (89039) | (29445) |
| International Opportunity Bond | 18020 | 5847 | (45612) | (21745) |
| Large Cap Value | 36731 | 16659 | (56451) | (3061) |
| Small Cap Value | 39043 | 25308 | (58794) | 5557 |
| Focused Large Cap Growth | 46527 | 30182 | (83289) | (6580) |
| Small Cap Growth | 35698 | 59612 | (48074) | 47236 |
| Emerging Markets Stock | 27725 | 18531 | (39801) | 6455 |
| International Stock | 26877 | 45942 | (66142) | 6677 |
| Dynamic Macro | 12639 |  | (20596) | (7957) |
| Long/Short Credit | 78007 | 14234 | (133224) | (40983) |
| Monthly Distribution | 58752 | 39360 | (189647) | (91535) |
| Real Estate Stock | 24383 | 17077 | (57259) | (15799) |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**For the year ended October 31, 2021:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | Issued | Distributions<br> Reinvested | Redeemed | Net Increase<br> (Decrease) in<br> Shares | Issued | Distributions<br> Reinvested | Redeemed | Net Increase<br> (Decrease) in<br> Shares |
| Corporate/Government Bond | 2571070 | 76601 | (1438091) | 1209580 | 300737 | 7657 | (230635) | 77759 |
| Floating Rate Bond | 5351926 | 568208 | (2302539) | 3617595 | 658582 | 70313 | (522843) | 206052 |
| High-Yield Bond | 3209083 | 417822 | (2063754) | 1563151 | 486892 | 51404 | (450739) | 87557 |
| International Opportunity Bond | 3137730 | 150297 | (1054346) | 2233681 | 493131 | 20931 | (253857) | 260205 |
| Large Cap Value | 2073516 | 57194 | (929585) | 1201125 | 474985 | 9622 | (344911) | 139696 |
| Small Cap Value | 1219879 | 33238 | (921729) | 331388 | 207777 | 5343 | (279909) | (66789) |
| Focused Large Cap Growth | 1121718 | 71719 | (854301) | 339136 | 247268 | 21228 | (346540) | (78044) |
| Small Cap Growth | 802528 | 264776 | (781005) | 286299 | 412070 | 96686 | (353188) | 155568 |
| Emerging Markets Stock | 2092748 | 6610 | (627775) | 1471583 | 382656 |  | (195128) | 187528 |
| International Stock | 2221567 | 51395 | (1426685) | 846277 | 292871 | 8406 | (409741) | (108464) |
| Dynamic Macro | 444180 | 12928 | (948346) | (491238) | 96728 | 1231 | (248391) | (150432) |
| Long/Short Credit | 10900459 | 337097 | (2587285) | 8650271 | 1611447 | 43938 | (451389) | 1203996 |
| Monthly Distribution | 2632603 | 179526 | (879031) | 1933098 | 267118 | 30920 | (275516) | 22522 |
| Real Estate Stock | 1461477 | 254742 | (523737) | 1192482 | 212275 | 50131 | (199730) | 62676 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | 50783 | 1367 | (66271) | (14121) |
| Floating Rate Bond | 93059 | 18350 | (142503) | (31094) |
| High-Yield Bond | 65582 | 15875 | (98540) | (17083) |
| International Opportunity Bond | 43835 | 2642 | (32355) | 14122 |
| Large Cap Value | 40306 | 898 | (91267) | (50063) |
| Small Cap Value | 37233 | 396 | (65054) | (27425) |
| Focused Large Cap Growth | 62773 | 7708 | (58166) | 12315 |
| Small Cap Growth | 40462 | 36644 | (46900) | 30206 |
| Emerging Markets Stock | 35011 |  | (47386) | (12375) |
| International Stock | 35002 | 166 | (72293) | (37125) |
| Dynamic Macro | 12245 |  | (39975) | (27730) |
| Long/Short Credit | 187707 | 7336 | (128490) | 66553 |
| Monthly Distribution | 77973 | 32470 | (237893) | (127450) |
| Real Estate Stock | 80019 | 15851 | (40378) | 55492 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of dividends paid during the year ended October 31, 2022 and October 31, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**10/31/2022** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Corporate/Government Bond \*\* | $1283066 | $— | $— | $1283066 |
| Floating Rate Bond \*\* | 9317486 |  |  | 9317486 |
| High-Yield Bond \*\* | 5031200 |  |  | 5031200 |
| International Opportunity Bond \*\* | 2626747 | 22444 |  | 2649191 |
| Large Cap Value | 3915866 | 6478567 |  | 10394433 |
| Small Cap Value | 8413359 | 1402225 |  | 9815584 |
| Focused Large Cap Growth |  | 16249986 | 219 | 16250205 |
| Small Cap Growth | 7792974 | 6672424 |  | 14465398 |
| Emerging Markets Stock | 10055268 | 1701647 | 52753 | 11809668 |
| International Stock | 15859343 | 9039564 |  | 24898907 |
| Dynamic Macro |  |  |  |  |
| Long/Short Credit \*\* | 4824117 | 4459491 |  | 9283608 |
| Monthly Distribution \*\* |  | 2080414 | 8864457 | 10944871 |
| Real Estate Stock | 4858847 | 1798209 |  | 6657056 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **10/31/2021** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Corporate/Government Bond \*\* | $1245650 | $— | $— | $1245650 |
| Floating Rate Bond \*\* | 6071064 |  |  | 6071064 |
| High-Yield Bond \*\* | 4596419 |  |  | 4596419 |
| International Opportunity Bond | 1625612 |  |  | 1625612 |
| Large Cap Value | 1058479 |  |  | 1058479 |
| Small Cap Value | 567981 |  |  | 567981 |
| Focused Large Cap Growth |  | 3869872 |  | 3869872 |
| Small Cap Growth | 4242651 | 5463358 |  | 9706009 |
| Emerging Markets Stock \* | 451197 |  |  | 451197 |
| International Stock \* | 1683689 | 70762 |  | 1754451 |
| Dynamic Macro | 148493 |  | 19 | 148512 |
| Long/Short Credit \*\* | 3870741 |  |  | 3870741 |
| Monthly Distribution \*\* | 5009573 |  | 3079712 | 8089285 |
| Real Estate Stock |  | 6116623 |  | 6116623 |

---

\* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $608,514 and $325,296 for fiscal year ended October 31, 2021 for the International Stock Fund and Emerging Markets Fund respectively, which have been passed through to the Funds' underlying shareholders and are deemed dividends for tax purposes.

\*\* 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** |
| October 31, 2022 (Continued) |

---

As of each of the Fund's tax year-ended October 31, 2022, 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** | **Post October Loss**<br>**and**<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 | $24329 | $— | $— | $(2712875) | $(861) | $(10968477) | $(13657884) |
| Floating Rate Bond | 38141 |  |  | (17608536) | (6941) | (12973192) | (30550528) |
| High-Yield Bond | 286052 |  |  | (9319504) | (3993) | (11368139) | (20405584) |
| International Opportunity Bond | 920661 |  |  | (4926378) | (328) | (12130457) | (16136502) |
| Large Cap Value | 2218350 | 1821227 |  |  |  | 34799206 | 38838783 |
| Small Cap Value | 229345 | 4258010 |  |  |  | 3322633 | 7809988 |
| Focused Large Cap Growth |  |  | (1060493) | (5341162) |  | 40846838 | 34445183 |
| Small Cap Growth |  |  | (351639) | (13327687) |  | (285671) | (13964997) |
| Emerging Markets Stock |  |  |  | (13842922) |  | (20508839) | (34351761) |
| International Stock | 4374807 |  |  | (2486969) |  | (17648250) | (15760412) |
| Dynamic Macro |  |  | (189104) | (1866721) |  | 1934781 | (121044) |
| Long/Short Credit | 250513 | 2144449 |  |  | (24592) | (12343800) | (9973430) |
| Monthly Distribution |  |  | (2909987) |  | (46343) | (6732970) | (9689300) |
| Real Estate Stock | 163478 |  |  | (10656594) |  | (9203740) | (19696856) |

---

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, defaulted income bonds, 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 the tax deferral of losses on straddles and tax adjustments for accrued dividend 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:

---

| | |
|:---|:---|
|  | Late Year |
| Fund | Losses |
| Corporate/Government Bond | $— |
| Floating Rate Bond |  |
| High-Yield Bond |  |
| International Opportunity Bond |  |
| Large Cap Value |  |
| Small Cap Value |  |
| Focused Large Cap Growth | 1060493 |
| Small Cap Growth | 351639 |
| Emerging Markets Stock |  |
| International Stock |  |
| Dynamic Macro | 189104 |
| Long/Short Credit |  |
| Monthly Distribution | 2909987 |
| Real Estate Stock |  |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

At October 31, 2022, the following Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | Capital Loss Carry |
| Fund | Short-Term | Long-Term | Total | Forward Utilized |
| Corporate/Government Bond | $1842909 | $869966 | $2712875 | $— |
| Floating Rate Bond | 3989496 | 13619040 | 17608536 |  |
| High-Yield Bond | 3573016 | 5746488 | 9319504 |  |
| International Opportunity Bond | 1875030 | 3051348 | 4926378 |  |
| Large Cap Value |  |  |  |  |
| Small Cap Value |  |  |  |  |
| Focused Large Cap Growth | 3387897 | 1953265 | 5341162 |  |
| Small Cap Growth | 13126776 | 200911 | 13327687 |  |
| Emerging Markets Stock | 11512090 | 2330832 | 13842922 |  |
| International Stock | 2486969 |  | 2486969 |  |
| Dynamic Macro | 1600090 | 266631 | 1866721 |  |
| Long/Short Credit |  |  |  |  |
| Monthly Distribution |  |  |  |  |
| Real Estate Stock | 10656594 |  | 10656594 |  |

---

During the fiscal year ended October 31, 2022, the 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 reclassification of net operating losses, fund distributions, the use of tax equalization credits and adjustments for prior year tax returns resulted in reclassification for the tax year ended October 31, 2022, as follows:

---

| | | |
|:---|:---|:---|
| <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 | 507753 | (507753) |
| Small Cap Value | 1103718 | (1103718) |
| Focused Large Cap Growth | (1958732) | 1958732 |
| Small Cap Growth | (802049) | 802049 |
| Emerging Markets Stock | (24229) | 24229 |
| International Stock | 1361474 | (1361474) |
| Dynamic Macro | (578223) | 578223 |
| Long/Short Credit | 94662 | (94662) |
| Monthly Distribution | (250921) | 250921 |
| Real Estate Stock | 3781 | (3781) |

---

Net assets were unaffected by the above reclassifications.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**8.** **LINE OF CREDIT** 

Currently, the Funds have a $50,000,000 uncommitted line of credit provided by U.S. Bank National Association (the "Bank") under an agreement (the "Uncommitted Line"). 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 .5%. 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 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average borrowing | Largest Outstanding | | Average |
| Fund | outstanding | Balance | Loan Outstanding | borrowing rate |
| Corporate/Government Bond | $758733 | $5912000 | $— | 3.10% |
| Floating Rate Bond | 3105524 | 9437000 |  | 2.89% |
| High-Yield Bond | 103000 | 103000 |  | 4.25% |
| International Opportunity Bond | 1053056 | 8019000 |  | 4.69% |
| Large Cap Value | 3536250 | 6857000 |  | 3.18% |
| Small Cap Value | 1468278 | 11765000 |  | 3.98% |
| Focused Large Cap Growth |  |  |  | 0.00% |
| Small Cap Growth | 1066714 | 3141000 |  | 2.75% |
| Emerging Markets Stock | 577545 | 1496000 |  | 3.00% |
| International Stock | 475521 | 2327000 |  | 2.82% |
| Dynamic Macro |  |  |  | 0.00% |
| Long/Short Credit |  |  |  | 0.00% |
| Monthly Distribution | 1699167 | 3138000 |  | 3.50% |
| Real Estate Stock | 560949 | 2532000 |  | 3.19% |

---

The interest expense for all the Funds listed is included in interest expense on the statement of operations.

**9.** **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. International Stock is below the 105% threshold due to market fluctuation. 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. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Borrower fails to return them. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. The remaining contractual maturity of those transactions are overnight and continuous.

As of October 31, 2022 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.

---

| | | |
|:---|:---|:---|
|  | Market Value of | Market Value of |
| Fund | Loaned Securities | Collateral |
| Corporate/Government Bond | $1687743 | $1727778 |
| Floating Rate Bond | 2798661 | 2857500 |
| High-Yield Bond | 12732323 | 12986938 |
| International Opportunity Bond (1) | 843562 | 954050 |
| Large Cap Value | 22996699 | 23687837 |
| Small Cap Value | 20643100 | 21269346 |
| Focused Large Cap Growth | 39116778 | 40261170 |
| Small Cap Growth | 13791494 | 14217406 |
| Emerging Markets Stock (1) | 3982690 | 4064003 |
| International Stock (1) | 8089227 | 8359136 |
| Dynamic Macro |  |  |
| Long/Short Credit | 1822771 | 1859875 |
| Monthly Distribution | 20452521 | 21014292 |
| Real Estate Stock | 23881602 | 25124488 |

---

(1) Securities
collateralized below 102% or 105% for foreign securities. 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%.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| October 31, 2022 (Continued) |

---

**10.** **NEW ACCOUNTING PRONOUNCEMENTS** 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (''ASU 2020 -04''). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact if any, of applying this ASU.

**11.** **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.

![(BBD LOGO)](df017_v1.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of** **Trustees and the Shareholders of Dunham Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of 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, each a series of shares of beneficial interest in Dunham Funds (the ***"Funds"***), including the schedules of investments, as of October 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights for each of the years in the five-year period then ended, 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 the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

**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 law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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, 2022 by correspondence with the custodian, brokers, agent banks, issuer or by other appropriate auditing procedures where replies from brokers were not received. 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.

![(-s- BBD, LLP)](df018_v1.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Dunham Funds since 2007.*

**Philadelphia, Pennsylvania**

**December 30, 2022**

**TRUSTEES & OFFICERS (Unaudited)**

Trustees and officers of the Trust, together with information as to their principal business occupations during the last five years, are shown below. The Funds' Statement of Additional Information ("SAI") includes additional information about the Trustees. To obtain a free copy of the SAI, please call the Funds toll free at (888) 3DUNHAM (338-6426) or by writing, via regular mail, to Dunham Funds, c/o Gemini Fund Services, LLC, P.O. Box 541150, Omaha, NE 68154, or, via overnight mail, to Dunham Funds, c/o Gemini Fund Services, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474.

Each Trustee who is considered an "interested person" of the Trust (as defined in Section 2(a)(19) of the 1940 Act) is indicated by an asterisk next to his name. Unless otherwise noted, the address of each Trustee and Officer is 6020 Cornerstone Court West Suite 300, San Diego, CA 92121.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Age<br> and<br> Address** | &nbsp;&nbsp;**Position(s)<br> Held<br> with Trust** | &nbsp;&nbsp;**Term of<br> Office<br> and<br> Length of<br> Time<br> Served ^** | &nbsp;&nbsp;**Principal Occupation(s) During the<br> Past 5 Years and Current<br> Directorships** | &nbsp;&nbsp;**Number of<br> Funds in<br> the Trust<br> Overseen<br> by Trustee** | &nbsp;&nbsp;**Other<br> Directorships<br> During the<br> Past 5 Years** |
| &nbsp;&nbsp;**Non-Interested Trustees** | &nbsp;&nbsp;**Non-Interested Trustees** | &nbsp;&nbsp;**Non-Interested Trustees** | &nbsp;&nbsp;**Non-Interested Trustees** | &nbsp;&nbsp;**Non-Interested Trustees** | &nbsp;&nbsp;**Non-Interested Trustees** |
| &nbsp;&nbsp;Henry R.<br> Goldstein<br> Age:91 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since January 2008 | &nbsp;&nbsp;Retired; Self-employed consultant/mediator (financial services), 2009–2017; Independent Contractor, RBC Daniels (financial services company for telecom industry), 2007– 2009. | &nbsp;&nbsp;14 |  |
| &nbsp;&nbsp;Paul A.<br> Rosinack<br> Age:75 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since January 2008 | &nbsp;&nbsp;Retired; President/Chief Executive Officer / Director, Qualigen, Inc., (manufacturer of medical products and equipment) 2004–2017. | &nbsp;&nbsp;14 |  |
| &nbsp;&nbsp;Michael J.<br> Torvinen<br> Age: 66 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since January 2021 | &nbsp;&nbsp;Self-employed, Torvinen Accounting and Consulting LLC, August 2014– present. | &nbsp;&nbsp;14 |  |

---

**TRUSTEES & OFFICERS (Unaudited) (Continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Interested Trustees and Officers** | &nbsp;&nbsp;**Interested Trustees and Officers** | &nbsp;&nbsp;**Interested Trustees and Officers** | &nbsp;&nbsp;**Interested Trustees and Officers** | &nbsp;&nbsp;**Interested Trustees and Officers** |
| &nbsp;&nbsp;Jeffrey A.<br> Dunham\*<br> Age: 61 | Trustee, Chairman of Board, President & Principal Executive Officer | &nbsp;&nbsp;Since January 2008 | &nbsp;&nbsp;Chief Executive Officer, Dunham & Associates Investment Counsel, Inc., (registered investment adviser, broker-dealer and distributor for mutual funds), 1985–present; Chief Executive Officer, Dunham & Associates Holdings, Inc. (holding company), 1999–present; Chief Executive Officer, Dunham & Associates Securities, Inc. (general partner for various limited partnerships), 1986–present; Chief Executive Officer, Asset Managers, Inc. (general partner for various limited partnerships), 1985–present; Chairman and Chief Executive Officer, Dunham Trust Company, 1999–present. | 14 |
| &nbsp;&nbsp;Denise S.<br> Iverson<br> Age: 63 | Treasurer & Principal Financial Officer | &nbsp;&nbsp;Since January 2008 | &nbsp;&nbsp;Chief Financial Officer, Dunham & Associates Investment Counsel, Inc. (registered investment adviser, broker-dealer, and distributor for mutual funds), 1999–present; Chief Financial Officer, Dunham & Associates Holdings, Inc. (holding company), 1999–present; Chief Financial Officer, Dunham & Associates Securities, Inc. (general partner for various limited partnerships), 1999–present; Chief Financial Officer, Asset Managers, Inc. (general partner for various limited partners), 1999–present; Chief Financial Officer and Director, Dunham Trust Company, 1999– present. | N/A |
| &nbsp;&nbsp;Viktoria<br> Palermo<br> Age: 44 | Chief Compliance Officer & AML Officer | &nbsp;&nbsp;Since September 2021 | &nbsp;&nbsp;Chief Compliance Officer, Dunham & Associates, Investment Counsel, Inc. (registered investment adviser, broker-dealer and distributor for mutual funds), September 2021– present;BSA/AML Compliance Officer, Dunham Trust Company, September 2021-present; Operations Manager (2021), Chief Compliance Officer and AML Officer (2017– 2021), Associate Compliance Officer (2015–2017), Lucia Capital Group. | N/A |

---

**TRUSTEES & OFFICERS (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Helmut Boisch<br> Age: 43 | Secretary | &nbsp;&nbsp;Since March 2022 | &nbsp;&nbsp;Chief Operating Officer, Dunham & Associates, Investment Counsel, Inc. (registered investment adviser, broker-dealer and distributor for mutual funds), March 2022–present; Director, Global Head of Vendor Management (2018–2022), Director, Head of Operations Project Management (2017–2018), Vice President, Deputy Chief Compliance Officer (2014–2017), Allianz Global Investors. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Ryan Dykmans<br> Age: 40 | Assistant Secretary | &nbsp;&nbsp;Since October 2015 | &nbsp;&nbsp;Chief Investment Officer, August 2022–present, Director of Research, June 2013–July 2022, Senior Investment Analyst,2009–2013, Dunham & Associates Investment Counsel, Inc. (registered investment adviser, broker-dealer and distributor for mutual funds). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James<br> Colantino<br> Gemini Fund<br> Services, LLC<br> 4221 North<br> 203<sup>rd</sup> Street,<br> Suite 100,<br> Elkhorn,<br> Nebraska<br> 68022<br> Age: 53 | Assistant Treasurer | &nbsp;&nbsp;Since January 2008 | &nbsp;&nbsp;Senior Vice President – Fund Administration, (2012–present), Vice President (2004–2012), Senior Fund Administrator (1999–2004), Gemini Fund Services, LLC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

^ Each Trustee will serve an indefinite term until his successor, if any, is duly elected and qualified. Officers of the Trust are elected annually.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at (800) 442-4358.

**ADDITIONAL INFORMATION (Unaudited)**

**Dunham Corporate/Government Bond Fund**

**15(c) BOARD CONSIDERATIONS**

**<u>June 21, 2022</u>**

**I.** **Background** 

On June 21, 2022, 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") for the following Trust series (the "Fund"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sub-Advisory Agreement** |
| &nbsp;&nbsp;Dunham Corporate/Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Fixed Income Advisers, LLC |

---

The Sub-Advisory Agreement with Virtus Fixed Income Advisers, LLC ("VFIA" or the "Sub-Adviser") would take effect on or about July 1, 2022. VFIA would take over sub-advisory responsibilities from the current sub-adviser, Newfleet Asset Management, LLC ("Newfleet"). Virtus Investment Partners, Inc. ("Virtus") is the ultimate parent company of VFIA and Newfleet.

In considering the Sub-Advisory Agreement, the Independent Trustees had requested and reviewed materials that Dunham & Associates Investment Counsel, Inc. (the "Adviser") and the Sub-Adviser 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 VFIA 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. While the Board reviewed all the information provided, it focused on material sub-advisory changes due to the Newfleet reorganization.

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.** **Sub-Advisory Agreement** 

***Nature, Extent and Quality of Services*.** In considering the approval of the Sub-Advisory Agreement between the Fund and VFIA, the Board considered the nature, extent and quality of services VFIA would provide under the Sub-Advisory Agreement. The Board reviewed the background of the investment professionals that would service the Fund, and VFIA'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)**

The Board noted the Sub-Advisory Agreement approval was necessary due to Virtus restructuring its investment advisory business, which included the Fund's current sub-adviser Newfleet and the new sub-adviser VFIA. 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 VFIA 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 performed in line with or outperformed its Peer Group, the Morningstar category and the benchmark index. The Board concluded that the services VFIA 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 the Sub-Adviser, 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 after the Sub-Adviser takes over from the current sub-adviser, Newfleet. The Fund will pay a "fulcrum fee" consisting of: a "base fee" of 30 basis points (0.30%) annually; and a "performance fee" at a rate that will vary by up to +/- 15 bps (0.15%). 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 the Sub-Adviser'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 the Sub-Adviser, an unaffiliated third party. The Board reviewed materials provided regarding any additional benefits the Sub-Adviser would receive.

***Conclusion.*** Based on all of 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.

**ADDITIONAL INFORMATION (Unaudited)**

**Dunham International Opportunity Bond Fund**

**15(c) BOARD CONSIDERATIONS**

**<u>June 21, 2022</u>**

**I.** **Background** 

On June 21, 2022, 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") for the following Trust series (the "Fund"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sub-Advisory Agreement** |
| &nbsp;&nbsp;Dunham International Opportunity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Virtus Fixed Income Advisers, LLC |

---

The Sub-Advisory Agreement with Virtus Fixed Income Advisers, LLC ("VFIA" or the "Sub-Adviser") would take effect on or about July 1, 2022. VFIA would take over sub-advisory responsibilities from the current sub-adviser, Stone Harbor Investment Partners, LLC ("Stone Harbor"). Virtus Investment Partners, Inc. ("Virtus") is the ultimate parent company of VFIA and Stone Harbor.

In considering the Sub-Advisory Agreement, the Independent Trustees had requested and reviewed materials that Dunham & Associates Investment Counsel, Inc. (the "Adviser") and the Sub-Adviser 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 VFIA 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. While the Board reviewed all the information provided, it focused on material sub-advisory changes due to the Stone Harbor reorganization.

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.** **Sub-Advisory Agreement** 

***Nature, Extent and Quality of Services*.** In considering the approval of the Sub-Advisory Agreement between the Fund and VFIA, the Board considered the nature, extent and quality of services VFIA would provide under the Sub-Advisory Agreement. The Board reviewed the background of the investment professionals that would service the Fund, and VFIA'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)**

The Board noted the Sub-Advisory Agreement approval was necessary due to Virtus restructuring its investment advisory business, which included the Fund's current sub-adviser Stone Harbor and the new sub-adviser VFIA. 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 VFIA 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 performed in line with or outperformed its Peer Group, the Morningstar category and the benchmark index. The Board concluded that the services VFIA 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 the Sub-Adviser, 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 after the Sub-Adviser takes over from the current sub-adviser, Stone Harbor. The Fund will pay a "fulcrum fee" consisting of: a "base fee" of 45 basis points (0.45%) annually; and a "performance fee" at a rate that will vary by up to +/- 25 bps (0.25%). 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 the Sub-Adviser'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 the Sub-Adviser, an unaffiliated third party. The Board reviewed materials provided regarding any additional benefits the Sub-Adviser would receive.

***Conclusion.*** Based on all of 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.

**DUNHAM FUNDS' EXPENSES (Unaudited)**

**Example**

Shareholders of mutual funds will pay (1) transitional costs, such as sales load, and (2) ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses**

The columns under the heading entitled "Actual" help you estimate the actual expenses you paid over the period. The "Actual-Ending Account Value" shown is derived from the Fund's actual return, and the "Actual- Expenses Paid During Period" shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled "Actual-Expenses Paid During Period".

**Hypothetical Examples for Comparison Purposes**

The columns under the heading entitled "Hypothetical" provide information about hypothetical account value and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical- Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Actual** | **Actual** | **Hypothetical** | **Hypothetical** |
| | <br>Fund's<br>Annualized<br>Expense<br>Ratio | <br>Beginning<br>Account<br>Value<br>5/01/22 | Ending<br>Account<br>Value<br>10/31/22 | <br>Expenses<br>Paid During<br>Period\* | Ending<br>Account<br>Value<br>10/31/22 | <br>Expenses<br>Paid During<br>Period\* |
| **Class N:** |  |  |  |  |  |  |
| Corporate/Government Bond Fund | 1.39% | $1000.00 | $921.30 | $6.74 | $1018.19 | $7.08 |
| Floating Rate Bond Fund | 0.99% | $1000.00 | $969.20 | $4.93 | $1020.20 | $5.06 |
| High-Yield Bond Fund | 1.20% | $1000.00 | $955.30 | $5.92 | $1019.15 | $6.11 |
| International Opportunity Bond Fund | 1.38% | $1000.00 | $884.00 | $6.58 | $1018.22 | $7.04 |
| Large Cap Value Fund | 1.24% | $1000.00 | $969.00 | $6.14 | $1018.97 | $6.29 |
| Small Cap Value Fund | 1.61% | $1000.00 | $980.90 | $8.04 | $1017.09 | $8.18 |
| Focused Large Cap Growth Fund | 1.02% | $1000.00 | $872.80 | $4.81 | $1020.07 | $5.19 |
| Small Cap Growth Fund | 0.91% | $1000.00 | $964.00 | $4.51 | $1020.62 | $4.64 |
| Emerging Markets Stock Fund | 1.03% | $1000.00 | $807.10 | $4.67 | $1020.03 | $5.23 |
| International Stock Fund | 1.38% | $1000.00 | $902.40 | $6.63 | $1018.24 | $7.03 |
| Dynamic Macro Fund | 1.61% | $1000.00 | $944.70 | $7.91 | $1017.07 | $8.21 |
| Long/Short Credit Fund | 0.93% | $1000.00 | $986.00 | $4.65 | $1020.52 | $4.73 |
| Monthly Distribution Fund | 2.16% | $1000.00 | $1012.00 | $10.94 | $1014.33 | $10.95 |
| Real Estate Stock Fund | 1.00% | $1000.00 | $750.80 | $4.42 | $1020.15 | $5.10 |
| **Class A:** |  |  |  |  |  |  |
| Corporate/Government Bond Fund | 1.65% | $1000.00 | $920.10 | $7.98 | $1016.90 | $8.38 |
| Floating Rate Bond Fund | 1.24% | $1000.00 | $967.90 | $6.17 | $1018.93 | $6.33 |
| High-Yield Bond Fund | 1.45% | $1000.00 | $954.60 | $7.15 | $1017.88 | $7.39 |
| International Opportunity Bond Fund | 1.64% | $1000.00 | $883.00 | $7.79 | $1016.93 | $8.35 |
| Large Cap Value Fund | 1.49% | $1000.00 | $967.70 | $7.38 | $1017.71 | $7.56 |
| Small Cap Value Fund | 1.86% | $1000.00 | $979.20 | $9.29 | $1015.82 | $9.46 |
| Focused Large Cap Growth Fund | 1.27% | $1000.00 | $871.70 | $5.98 | $1018.81 | $6.45 |
| Small Cap Growth Fund | 1.16% | $1000.00 | $963.00 | $5.74 | $1019.35 | $5.91 |
| Emerging Markets Stock Fund | 1.28% | $1000.00 | $805.80 | $5.82 | $1018.76 | $6.50 |
| International Stock Fund | 1.63% | $1000.00 | $901.50 | $7.83 | $1016.97 | $8.31 |
| Dynamic Macro Fund | 1.87% | $1000.00 | $943.10 | $9.17 | $1015.77 | $9.51 |
| Long/Short Credit Fund | 1.18% | $1000.00 | $984.70 | $5.88 | $1019.28 | $5.98 |
| Monthly Distribution Fund | 2.41% | $1000.00 | $1010.90 | $12.20 | $1013.07 | $12.22 |
| Real Estate Stock Fund | 1.25% | $1000.00 | $750.10 | $5.53 | $1018.89 | $6.38 |

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**DUNHAM FUNDS' EXPENSES (Unaudited) (Continued)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Actual** | **Actual** | **Hypothetical** | **Hypothetical** |
| | <br>Fund's<br>Annualized<br>Expense<br>Ratio | <br>Beginning<br>Account<br>Value<br>5/01/22 | Ending<br>Account<br>Value<br>10/31/22 | <br>Expenses<br>Paid During<br>Period\* | Ending<br>Account<br>Value<br>10/31/22 | <br>Expenses<br>Paid During<br>Period\* |
| **Class C:** |  |  |  |  |  |  |
| Corporate/Government Bond Fund | 2.15% | $1000.00 | $917.90 | $10.37 | $1014.39 | $10.89 |
| Floating Rate Bond Fund | 1.75% | $1000.00 | $966.60 | $8.66 | $1016.40 | $8.88 |
| High-Yield Bond Fund | 1.95% | $1000.00 | $951.50 | $9.59 | $1015.37 | $9.91 |
| International Opportunity Bond Fund | 2.15% | $1000.00 | $881.30 | $10.20 | $1014.36 | $10.92 |
| Large Cap Value Fund | 2.24% | $1000.00 | $963.90 | $11.09 | $1013.91 | $11.37 |
| Small Cap Value Fund | 2.61% | $1000.00 | $976.00 | $13.01 | $1012.04 | $13.25 |
| Focused Large Cap Growth Fund | 2.02% | $1000.00 | $868.30 | $9.50 | $1015.04 | $10.25 |
| Small Cap Growth Fund | 1.91% | $1000.00 | $960.20 | $9.45 | $1015.57 | $9.71 |
| Emerging Markets Stock Fund | 2.02% | $1000.00 | $802.90 | $9.20 | $1015.00 | $10.28 |
| International Stock Fund | 2.39% | $1000.00 | $898.20 | $11.44 | $1013.15 | $12.13 |
| Dynamic Macro Fund | 2.60% | $1000.00 | $939.50 | $12.70 | $1012.11 | $13.17 |
| Long/Short Credit Fund | 1.93% | $1000.00 | $981.70 | $9.63 | $1015.49 | $9.79 |
| Monthly Distribution Fund | 3.16% | $1000.00 | $1006.90 | $15.98 | $1009.28 | $16.00 |
| Real Estate Stock Fund | 2.01% | $1000.00 | $747.00 | $8.83 | $1015.10 | $10.18 |

---

\* Expenses Paid During Period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days and divided by 365 (to reflect the number of days in the six month period ending October 31, 2022).

**NOTICE OF PRIVACY POLICY & PRACTICES**

**Privacy Notice**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DO DUNHAM FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Social Security number and wire transfer instructions<br>■ account transactions and transaction history<br>■ investment experience and purchase history<br>When you are *no longer* a customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Dunham Funds chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Do Dunham Funds share?** | &nbsp;&nbsp;**Can you limit this<br> sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you | Yes | No |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and experiences | No | We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;**For non-affiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call (800) 442-4358 or go to <u>www.dunham.com</u> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions What we do** | &nbsp;&nbsp;**Definitions What we do** |
| &nbsp;&nbsp; How do Dunham Funds protect my personal information? | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>We permit only authorized parties and affiliates (as permitted by law) who have signed an agreement (which protects your personal information) with us to have access to customer information. |
| &nbsp;&nbsp; How do Dunham Funds collect my personal information? | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br>■ open and account or deposit money<br>■ direct us to buy securities or direct us to sell your securities<br>■ seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>■ sharing for affiliates' everyday business purposes-information about your creditworthiness<br>■ affiliates from using your information to market to you<br>■ sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Our affiliates include financial companies, such as Dunham & Associates Investment Counsel, Inc., Dunham Trust Company.* |
| &nbsp;&nbsp;Non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Dunham Funds do not share with non-affiliates so they can market to you.* |
| &nbsp;&nbsp;Joint marketing | &nbsp;&nbsp;&nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *Dunham Funds do not jointly market* |

---

**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) 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).

![(DUNHAM FUNDS LOGO)](df019_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.

DUNHAM-A22

**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;&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;&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.

**Item 3. Audit Committee Financial Expert.**

(a) 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.

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2022 $173,600

FY 2021 $173,600

(b)  **<u>Audit-Related Fees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2022 $0

FY 2021 $0

Nature of the fees:

(c)  **<u>Tax Fees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2022 $30,800

FY 2021 $30,800

Nature of the fees: Preparation of federal and state tax returns and review of annual dividend calculations.

(d)  **<u>All Other Fees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registrant</u> <u>Adviser</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2022 $0 $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2021 $0 $0

Nature of the fees:

(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)  **<u>Percentages of 2021 Services Approved by the Audit Committee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registrant</u> <u>Adviser</u>

Audit-Related Fees: 0 % 0 %

Tax Fees: 0 % 0 %

All Other Fees: 0 % 0 %

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registrant</u> <u>Adviser</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2022 $30,800 $ None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2021 $30,800 $ None

(h) Not applicable. All non-audit services to the registrant were pre-approved by the Audit Committee.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Funds.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** None

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Exhibits.** 

(a)(1) [Code of Ethics filed herewith.](coe.htm)

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith..](cert1.htm)

(a)(3) Not applicable.

(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.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>

By (Signature and Title)

 <u>/s/ Jeffrey Dunham</u> 

Jeffrey Dunham, Principal Executive Officer/President

Date <u>1/6/23</u> 

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.

By (Signature and Title)

 <u>/s/ Jeffrey Dunham</u> 

Jeffrey Dunham, Principal Executive Officer/President

Date <u>1/6/23</u> 

By (Signature and Title)

 <u>/s/ Denise Iverson</u> 

Denise Iverson, Principal Financial Officer/Treasurer

Date <u>1/6/23</u>

## Exhibit 99.906

EX-99.906CERT

**certification**

Jeffrey Dunham, President, and Denise Iverson, 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 and International Opportunity Bond 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, 2022 (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.

Principal Executive Officer/President Principal Financial Officer/Treasurer

Dunham Funds Dunham Funds.

<u>/s/ Jeffrey Dunham</u> <u>/s/ Denise Iverson</u> 

Jeffrey Dunham Denise Iverson

Date: <u>1/6/2023</u> Date: <u>1/6/2023</u> 

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.Cert

CERTIFICATIONS

I, Jeffrey Dunham, 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; and International Opportunity Bond 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;&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;&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;&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;&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;&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;&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.

Date: <u>1/6/23</u> <u>/s/ Jeffrey Dunham</u> 

Jeffrey Dunham

President

I, Denise Iverson, 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; and International Opportunity Bond 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;&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;&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;&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;&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;&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;&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.

Date: <u>1/6/23</u> <u>/s/ Denise Iverson</u> 

Denise Iverson

Treasurer

## 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

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