# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001580642-25-004186
**Filing Date:** 2025-7
**Character Count:** 1062483
**Document Hash:** c46eed6d44a9e09fa895d32fd4a40056
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004186.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001580642-25-004186

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 254

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 251114052

**BUSINESS ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

## Series and Classes Contracts Data

### Dunham Real Estate Stock Fund (Series ID: S000020971)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000059508 | Dunham Real Estate Stock Fund Class A | DAREX           |
| C000059509 | Dunham Real Estate Stock Fund Class C | DCREX           |
| C000059510 | Dunham Real Estate Stock Fund Class N | DNREX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

---

| |
|:---|
| **Dunham Funds**  |
| (Exact name of registrant as specified in charter) |

---

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

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

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

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.**

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

#### Class A (DACGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](iff4e941bb57d289c66000757.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/corpgov/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 1.29% |

---

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

**Credit selection showed mixed results for relative Fund performance over the fiscal year**. The Fund's top two sectors from a credit selection standpoint were agency mortgage-backed securities and asset-backed securities. Security selection within corporate high quality was the largest detractor to Fund performance for the first half of the fiscal year.

**The Fund's duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year**. The Fund's slight underweight to duration exposure relative to the benchmark index has generally detracted from Fund performance, as yields have broadly declined over the first half of the fiscal year. Despite this underperformance, the Sub-Adviser is confident in the duration exposure considering the high amount of interest rate volatility over the last fiscal year.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i528254a61e6eca975d23ca1b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Corporate/Government Bond Fund - Class A** | **Dunham Corporate/Government Bond Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Intermediate Core Plus Bond Category** |
| **04/30/15** | $10000 | $9552 | $10000 | $10000 |
| **04/30/16** | $10054 | $9604 | $10272 | $10148 |
| **04/30/17** | $10265 | $9806 | $10357 | $10409 |
| **04/30/18** | $10165 | $9709 | $10324 | $10436 |
| **04/30/19** | $10554 | $10081 | $10870 | $10952 |
| **04/30/20** | $11126 | $10628 | $12049 | $11682 |
| **04/30/21** | $11644 | $11122 | $12017 | $12225 |
| **04/30/22** | $10826 | $10341 | $10994 | $11226 |
| **04/30/23** | $10602 | $10127 | $10947 | $11101 |
| **04/30/24** | $10637 | $10161 | $10786 | $11087 |
| **04/30/25** | $11326 | $10819 | $11651 | $11972 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Corporate/Government Bond Fund |  |  |  |  |
| Class A Without Load | 1.33% | 6.48% | 0.36% | 1.25% |
| Class A With Load | -3.22% | 1.72% | -0.56% | 0.79% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Morningstar Intermediate Core Plus Bond Category | 2.33% | 7.98% | 0.49% | 1.82% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $214686912 |
| Number of Portfolio Holdings | 562 |
| Total Advisory Fee | $875395 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idb3eb72211368a0626e0e33b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 28.3% |
| Corporate Bonds | 31.1% |
| Money Market Funds | 4.9% |
| Non U.S. Government & Agencies | 2.4% |
| Term Loans | 4.4% |
| U.S. Government & Agencies | 28.9% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id876daece2ec31e862144852.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Technology | 2.0% |
| Sovereign | 2.3% |
| Health Care | 2.6% |
| Consumer Discretionary | 2.5% |
| Utilities | 3.3% |
| Industrials | 3.9% |
| Energy | 4.3% |
| CMBS | 4.9% |
| Money Market Funds | 4.8% |
| ABS | 10.9% |
| MBS Passthrough | 10.9% |
| Financials | 11.5% |
| CMO | 11.9% |
| U.S. Treasury Obligations | 17.6% |
| Other Sectors | 5.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 2.7% |
| United States Treasury Note, 4.250%, 02/15/54 | 2.1% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.7% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.5% |
| United States Treasury Note, 4.500%, 11/15/54 | 1.5% |
| United States Treasury Bond, 1.375%, 08/15/50 | 1.4% |
| Freddie Mac Pool, 4.500%, 04/01/54 | 1.2% |
| United States Treasury Note, 4.625%, 02/15/35 | 1.0% |
| United States Treasury Note, 3.625%, 05/15/53 | 1.0% |
| Fannie Mae Pool, 4.000%, 03/01/53 | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i87b11e328d5cc94ffe944f9a.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DACGX

#### Dunham Corporate/Government Bond Fund

#### Class C (DCCGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i22c9a9b2e5bc687123e50dca.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/corpgov/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $89 | 1.79% |

---

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

**Credit selection showed mixed results for relative Fund performance over the fiscal year**. The Fund's top two sectors from a credit selection standpoint were agency mortgage-backed securities and asset-backed securities. Security selection within corporate high quality was the largest detractor to Fund performance for the first half of the fiscal year.

**The Fund's duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year**. The Fund's slight underweight to duration exposure relative to the benchmark index has generally detracted from Fund performance, as yields have broadly declined over the first half of the fiscal year. Despite this underperformance, the Sub-Adviser is confident in the duration exposure considering the high amount of interest rate volatility over the last fiscal year.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia6008295e5917e739e3675a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham Corporate/Government Bond Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Intermediate Core Plus Bond Category** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $10011 | $10272 | $10148 |
| **Apr-2017** | $10159 | $10357 | $10409 |
| **Apr-2018** | $10016 | $10324 | $10436 |
| **Apr-2019** | $10350 | $10870 | $10952 |
| **Apr-2020** | $10856 | $12049 | $11682 |
| **Apr-2021** | $11298 | $12017 | $12225 |
| **Apr-2022** | $10455 | $10994 | $11226 |
| **Apr-2023** | $10193 | $10947 | $11101 |
| **Apr-2024** | $10177 | $10786 | $11087 |
| **Apr-2025** | $10778 | $11651 | $11972 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Corporate/Government Bond Fund | 1.10% | 5.91% | -0.14% | 0.75% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Morningstar Intermediate Core Plus Bond Category | 2.33% | 7.98% | 0.49% | 1.82% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $214686912 |
| Number of Portfolio Holdings | 562 |
| Total Advisory Fee | $875395 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3cae98abf0331d704c9ed8f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 28.3% |
| Corporate Bonds | 31.1% |
| Money Market Funds | 4.9% |
| Non U.S. Government & Agencies | 2.4% |
| Term Loans | 4.4% |
| U.S. Government & Agencies | 28.9% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6f379289ac6f13f23c803990.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Technology | 2.0% |
| Sovereign | 2.3% |
| Health Care | 2.6% |
| Consumer Discretionary | 2.5% |
| Utilities | 3.3% |
| Industrials | 3.9% |
| Energy | 4.3% |
| CMBS | 4.9% |
| Money Market Funds | 4.8% |
| ABS | 10.9% |
| MBS Passthrough | 10.9% |
| Financials | 11.5% |
| CMO | 11.9% |
| U.S. Treasury Obligations | 17.6% |
| Other Sectors | 5.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 2.7% |
| United States Treasury Note, 4.250%, 02/15/54 | 2.1% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.7% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.5% |
| United States Treasury Note, 4.500%, 11/15/54 | 1.5% |
| United States Treasury Bond, 1.375%, 08/15/50 | 1.4% |
| Freddie Mac Pool, 4.500%, 04/01/54 | 1.2% |
| United States Treasury Note, 4.625%, 02/15/35 | 1.0% |
| United States Treasury Note, 3.625%, 05/15/53 | 1.0% |
| Fannie Mae Pool, 4.000%, 03/01/53 | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ib0f02f0b0ebf363574d03d8f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCCGX

#### Dunham Corporate/Government Bond Fund

#### Class N (DNCGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ie841c236dffee16ec2e97921.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/corpgov/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $52 | 1.04% |

---

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

**Credit selection showed mixed results for relative Fund performance over the fiscal year**. The Fund's top two sectors from a credit selection standpoint were agency mortgage-backed securities and asset-backed securities. Security selection within corporate high quality was the largest detractor to Fund performance for the first half of the fiscal year.

**The Fund's duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year**. The Fund's slight underweight to duration exposure relative to the benchmark index has generally detracted from Fund performance, as yields have broadly declined over the first half of the fiscal year. Despite this underperformance, the Sub-Adviser is confident in the duration exposure considering the high amount of interest rate volatility over the last fiscal year.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](id5db6f6d569c4b58c6455e5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham Corporate/Government Bond Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Intermediate Core Plus Bond Category** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $100859 | $102720 | $101479 |
| **Apr-2017** | $103157 | $103572 | $104094 |
| **Apr-2018** | $102472 | $103241 | $104362 |
| **Apr-2019** | $106648 | $108703 | $109516 |
| **Apr-2020** | $112710 | $120488 | $116818 |
| **Apr-2021** | $118150 | $120167 | $122252 |
| **Apr-2022** | $110138 | $109938 | $112261 |
| **Apr-2023** | $108198 | $109468 | $111007 |
| **Apr-2024** | $108828 | $107861 | $110867 |
| **Apr-2025** | $116159 | $116511 | $119717 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Corporate/Government Bond Fund | 1.46% | 6.74% | 0.60% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Morningstar Intermediate Core Plus Bond Category | 2.33% | 7.98% | 0.49% | 1.82% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $214686912 |
| Number of Portfolio Holdings | 562 |
| Total Advisory Fee | $875395 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8e795ab2cd635b910efea746.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 28.3% |
| Corporate Bonds | 31.1% |
| Money Market Funds | 4.9% |
| Non U.S. Government & Agencies | 2.4% |
| Term Loans | 4.4% |
| U.S. Government & Agencies | 28.9% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i23324564244f0f8826709ed4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Technology | 2.0% |
| Sovereign | 2.3% |
| Health Care | 2.6% |
| Consumer Discretionary | 2.5% |
| Utilities | 3.3% |
| Industrials | 3.9% |
| Energy | 4.3% |
| CMBS | 4.9% |
| Money Market Funds | 4.8% |
| ABS | 10.9% |
| MBS Passthrough | 10.9% |
| Financials | 11.5% |
| CMO | 11.9% |
| U.S. Treasury Obligations | 17.6% |
| Other Sectors | 5.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 2.7% |
| United States Treasury Note, 4.250%, 02/15/54 | 2.1% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.7% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.5% |
| United States Treasury Note, 4.500%, 11/15/54 | 1.5% |
| United States Treasury Bond, 1.375%, 08/15/50 | 1.4% |
| Freddie Mac Pool, 4.500%, 04/01/54 | 1.2% |
| United States Treasury Note, 4.625%, 02/15/35 | 1.0% |
| United States Treasury Note, 3.625%, 05/15/53 | 1.0% |
| Fannie Mae Pool, 4.000%, 03/01/53 | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6f449c4e4f47358e2f8860c0.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNCGX

#### Dunham Dynamic Macro Fund

#### Class A (DAAVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i8bba3c6a4651e56549b68329.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $86 | 1.70% |

---

# How did the Fund perform during the reporting period?
**The overall lower equity exposure broadly contributed to relative performance, particularly during the steep downturn from mid-February through early April.** The Sub-Adviser continued to reduce the equity exposure from the start of the fiscal year, ending December with close to 9 percent exposure. This materially added to relative performance as markets broadly sold off from mid-February through early April. The exposure to equities was increased during the downturn, rising to nearly 30 percent by the end of April.

**Increasing the exposure as well as the overall duration of bonds in the Fund benefitted over the six-month period ended April 30, 2025.** The Fund had a positive interest rate sensitivity coming into the fiscal year, but the Sub-Adviser's signals resulted in a shift to a slightly negative duration, until January when it was increased to nearly 1 year. Then, by the end of April it was increased to nearly 4 years. This contributed positively to Fund performance as interest rates in general declined during the period when the Fund duration was elevated.

**After near-zero commodity exposure, the Sub-Adviser's models finally signaled to add an allocation.** The Sub-Adviser added to the commodity position in February, increasing it to nearly 13 percent before reducing it back down to low single digits by the end of April. This generally detracted from performance as the Fund's exposure to commodities depreciated.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8d995b2a279ce43b5daef91e.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Dynamic Macro Fund - Class A** | **Dunham Dynamic Macro Fund - Class A- with load** | **MSCI ACWI Net** | **Dow Jones Moderately Aggressive Portfolio Index** | **Morningstar Tactical Allocation Category** |
| **04/30/15** | $10000 | $9421 | $10000 | $10000 | $10000 |
| **04/30/16** | $9210 | $8676 | $9434 | $9688 | $9393 |
| **04/30/17** | $9463 | $8915 | $10861 | $11018 | $10170 |
| **04/30/18** | $9571 | $9017 | $12400 | $12288 | $10804 |
| **04/30/19** | $9802 | $9235 | $13028 | $12981 | $11038 |
| **04/30/20** | $9304 | $8765 | $12382 | $12311 | $10490 |
| **04/30/21** | $10657 | $10040 | $18046 | $17300 | $13536 |
| **04/30/22** | $10197 | $9606 | $17064 | $16116 | $12838 |
| **04/30/23** | $10167 | $9578 | $17416 | $16187 | $12480 |
| **04/30/24** | $12203 | $11497 | $20457 | $18089 | $13648 |
| **04/30/25** | $12999 | $12246 | $22879 | $19785 | $14300 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Dynamic Macro Fund |  |  |  |  |
| Class A Without Load | 3.12% | 6.52% | 6.92% | 2.66% |
| Class A With Load | -2.78% | 0.40% | 5.66% | 2.05% |
| Dow Jones Moderately Aggressive Portfolio Index | 0.66% | 9.38% | 9.95% | 7.06% |
| Morningstar Tactical Allocation Category | -1.85% | 4.77% | 6.39% | 3.64% |
| MSCI ACWI Net | 0.88% | 11.84% | 13.07% | 8.63% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $85043078 |
| Number of Portfolio Holdings | 45 |
| Total Advisory Fee | $407113 |
| Portfolio Turnover | 51% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2f916c1bdbb6283c065eec01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 28.3% |
| Money Market Funds | 27.5% |
| Non U.S. Government & Agencies | 4.6% |
| U.S. Government & Agencies | 39.6% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia5cb3c3b64434baaf6df15c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.9% |
| Commodity | 3.3% |
| Supranational | 5.2% |
| Equity | 28.4% |
| Money Market Funds | 30.7% |
| U.S. Treasury Obligations | 44.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR S&P 500 ETF Trust ETF | 8.0% |
| Invesco Nasdaq 100 ETF | 7.0% |
| Franklin FTSE Japan ETF | 5.5% |
| United States Treasury Note, 2.000%, 08/15/25 | 4.1% |
| SPDR EURO STOXX 50 ETF | 4.1% |
| Franklin FTSE United Kingdom ETF | 3.9% |
| United States Treasury Note, 0.250%, 05/31/25 | 3.7% |
| United States Treasury Note, 2.125%, 05/15/25 | 3.5% |
| United States Treasury Note, 2.875%, 06/15/25 | 3.5% |
| United States Treasury Note, 2.875%, 07/31/25 | 3.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](idb1fb715918e772da1ad0361.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAAVX

#### Dunham Dynamic Macro Fund

#### Class C (DCAVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i32fc2a279d7d8f6a8e6af6dd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $123 | 2.45% |

---

# How did the Fund perform during the reporting period?
**The overall lower equity exposure broadly contributed to relative performance, particularly during the steep downturn from mid-February through early April.** The Sub-Adviser continued to reduce the equity exposure from the start of the fiscal year, ending December with close to 9 percent exposure. This materially added to relative performance as markets broadly sold off from mid-February through early April. The exposure to equities was increased during the downturn, rising to nearly 30 percent by the end of April.

**Increasing the exposure as well as the overall duration of bonds in the Fund benefitted over the six-month period ended April 30, 2025.** The Fund had a positive interest rate sensitivity coming into the fiscal year, but the Sub-Adviser's signals resulted in a shift to a slightly negative duration, until January when it was increased to nearly 1 year. Then, by the end of April it was increased to nearly 4 years. This contributed positively to Fund performance as interest rates in general declined during the period when the Fund duration was elevated.

**After near-zero commodity exposure, the Sub-Adviser's models finally signaled to add an allocation.** The Sub-Adviser added to the commodity position in February, increasing it to nearly 13 percent before reducing it back down to low single digits by the end of April. This generally detracted from performance as the Fund's exposure to commodities depreciated.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id2c5e41e13a62b8fea087072.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Dynamic Macro Fund - Class C** | **MSCI ACWI Net** | **Dow Jones Moderately Aggressive Portfolio Index** | **Morningstar Tactical Allocation Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9144 | $9434 | $9688 | $9393 |
| **Apr-2017** | $9323 | $10861 | $11018 | $10170 |
| **Apr-2018** | $9353 | $12400 | $12288 | $10804 |
| **Apr-2019** | $9511 | $13028 | $12981 | $11038 |
| **Apr-2020** | $8955 | $12382 | $12311 | $10490 |
| **Apr-2021** | $10187 | $18046 | $17300 | $13536 |
| **Apr-2022** | $9672 | $17064 | $16116 | $12838 |
| **Apr-2023** | $9571 | $17416 | $16187 | $12480 |
| **Apr-2024** | $11398 | $20457 | $18089 | $13648 |
| **Apr-2025** | $12050 | $22879 | $19785 | $14300 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Dynamic Macro Fund | 2.72% | 5.72% | 6.12% | 1.88% |
| Dow Jones Moderately Aggressive Portfolio Index | 0.66% | 9.38% | 9.95% | 7.06% |
| Morningstar Tactical Allocation Category | -1.85% | 4.77% | 6.39% | 3.64% |
| MSCI ACWI Net | 0.88% | 11.84% | 13.07% | 8.63% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $85043078 |
| Number of Portfolio Holdings | 45 |
| Total Advisory Fee | $407113 |
| Portfolio Turnover | 51% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibc69ebdd6dcee33453f7229a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 28.3% |
| Money Market Funds | 27.5% |
| Non U.S. Government & Agencies | 4.6% |
| U.S. Government & Agencies | 39.6% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2bfc225337c5141fef394605.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.9% |
| Commodity | 3.3% |
| Supranational | 5.2% |
| Equity | 28.4% |
| Money Market Funds | 30.7% |
| U.S. Treasury Obligations | 44.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR S&P 500 ETF Trust ETF | 8.0% |
| Invesco Nasdaq 100 ETF | 7.0% |
| Franklin FTSE Japan ETF | 5.5% |
| United States Treasury Note, 2.000%, 08/15/25 | 4.1% |
| SPDR EURO STOXX 50 ETF | 4.1% |
| Franklin FTSE United Kingdom ETF | 3.9% |
| United States Treasury Note, 0.250%, 05/31/25 | 3.7% |
| United States Treasury Note, 2.125%, 05/15/25 | 3.5% |
| United States Treasury Note, 2.875%, 06/15/25 | 3.5% |
| United States Treasury Note, 2.875%, 07/31/25 | 3.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](if343dd55e146ca066ece6205.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCAVX

#### Dunham Dynamic Macro Fund

#### Class N (DNAVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i07d6090207ef3173f922d04d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $73 | 1.45% |

---

# How did the Fund perform during the reporting period?
**The overall lower equity exposure broadly contributed to relative performance, particularly during the steep downturn from mid-February through early April.** The Sub-Adviser continued to reduce the equity exposure from the start of the fiscal year, ending December with close to 9 percent exposure. This materially added to relative performance as markets broadly sold off from mid-February through early April. The exposure to equities was increased during the downturn, rising to nearly 30 percent by the end of April.

**Increasing the exposure as well as the overall duration of bonds in the Fund benefitted over the six-month period ended April 30, 2025.** The Fund had a positive interest rate sensitivity coming into the fiscal year, but the Sub-Adviser's signals resulted in a shift to a slightly negative duration, until January when it was increased to nearly 1 year. Then, by the end of April it was increased to nearly 4 years. This contributed positively to Fund performance as interest rates in general declined during the period when the Fund duration was elevated.

**After near-zero commodity exposure, the Sub-Adviser's models finally signaled to add an allocation.** The Sub-Adviser added to the commodity position in February, increasing it to nearly 13 percent before reducing it back down to low single digits by the end of April. This generally detracted from performance as the Fund's exposure to commodities depreciated.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i6063f43b3b66f85f5349f6ad.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Dynamic Macro Fund - Class N** | **MSCI ACWI Net** | **Dow Jones Moderately Aggressive Portfolio Index** | **Morningstar Tactical Allocation Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $92375 | $94338 | $96883 | $93933 |
| **Apr-2017** | $95210 | $108615 | $110182 | $101702 |
| **Apr-2018** | $96481 | $124000 | $122876 | $108035 |
| **Apr-2019** | $99130 | $130277 | $129811 | $110379 |
| **Apr-2020** | $94224 | $123819 | $123113 | $104898 |
| **Apr-2021** | $108252 | $180458 | $172996 | $135358 |
| **Apr-2022** | $103914 | $170640 | $161158 | $128382 |
| **Apr-2023** | $103813 | $174156 | $161866 | $124797 |
| **Apr-2024** | $124979 | $204569 | $180888 | $136477 |
| **Apr-2025** | $133429 | $228791 | $197855 | $142995 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Dynamic Macro Fund | 3.31% | 6.76% | 7.21% | 2.93% |
| Dow Jones Moderately Aggressive Portfolio Index | 0.66% | 9.38% | 9.95% | 7.06% |
| Morningstar Tactical Allocation Category | -1.85% | 4.77% | 6.39% | 3.64% |
| MSCI ACWI Net | 0.88% | 11.84% | 13.07% | 8.63% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $85043078 |
| Number of Portfolio Holdings | 45 |
| Total Advisory Fee | $407113 |
| Portfolio Turnover | 51% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2b0823246a385045920d73ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 28.3% |
| Money Market Funds | 27.5% |
| Non U.S. Government & Agencies | 4.6% |
| U.S. Government & Agencies | 39.6% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5980ade69e2c50e4d55f0048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.9% |
| Commodity | 3.3% |
| Supranational | 5.2% |
| Equity | 28.4% |
| Money Market Funds | 30.7% |
| U.S. Treasury Obligations | 44.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR S&P 500 ETF Trust ETF | 8.0% |
| Invesco Nasdaq 100 ETF | 7.0% |
| Franklin FTSE Japan ETF | 5.5% |
| United States Treasury Note, 2.000%, 08/15/25 | 4.1% |
| SPDR EURO STOXX 50 ETF | 4.1% |
| Franklin FTSE United Kingdom ETF | 3.9% |
| United States Treasury Note, 0.250%, 05/31/25 | 3.7% |
| United States Treasury Note, 2.125%, 05/15/25 | 3.5% |
| United States Treasury Note, 2.875%, 06/15/25 | 3.5% |
| United States Treasury Note, 2.875%, 07/31/25 | 3.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i7bf016b7a0b239ff900e3530.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNAVX

#### Dunham Emerging Markets Stock Fund

#### Class A (DAEMX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1593861038fefd217073186b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.33% |

---

# How did the Fund perform during the reporting period?
**Emerging markets outperformed US markets but underperformed foreign developed markets over the first half of the fiscal year**. Over the six-month period ending April 30, 2025, emerging markets stocks, as measured by the MSCI Emerging Markets Index Net, increased 0.4 percent, underperforming developed equities, as measured by the MSCI EAFE Index Net, as they rallied 8.6 percent. Still, both foreign indexes handily outperformed US equities, as measured by the S&P 500 Index, as they tumbled 1.8 percent.

**Security selection contributed to Fund performance over the first half of the fiscal year**. The Fund experienced positive contributions from stock selection within China, Brazil, and Thailand. These positive results offset poor stock selection in Poland, South Africa, and the Philippines.

**Country allocation detracted from Fund performance**. The positive impact from allocation in Greece, China, and India was outweighed by the exposure to Indonesia, Gulf Markets, and South Africa.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i93123e0a54e7d1d4cd0e126a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Emerging Markets Stock Fund - Class A** | **Dunham Emerging Markets Stock Fund - Class A- with load** | **MSCI Emerging Markets Index** | **MSCI ACWI ex USA Index** | **Morningstar Diversified Emerging Markets Category** |
| **04/30/15** | $10000 | $9426 | $10000 | $10000 | $10000 |
| **04/30/16** | $8150 | $7682 | $8213 | $8872 | $8451 |
| **04/30/17** | $9568 | $9019 | $9785 | $9989 | $9936 |
| **04/30/18** | $11254 | $10608 | $11910 | $11578 | $11732 |
| **04/30/19** | $10193 | $9608 | $11309 | $11205 | $11025 |
| **04/30/20** | $9268 | $8736 | $9952 | $9915 | $9580 |
| **04/30/21** | $14191 | $13376 | $14800 | $14176 | $14485 |
| **04/30/22** | $10697 | $10083 | $12087 | $12714 | $11737 |
| **04/30/23** | $9877 | $9310 | $11300 | $13102 | $11326 |
| **04/30/24** | $10677 | $10065 | $12416 | $14324 | $12471 |
| **04/30/25** | $11241 | $10596 | $13537 | $16032 | $13293 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Emerging Markets Stock Fund |  |  |  |  |
| Class A Without Load | 0.29% | 5.28% | 3.93% | 1.18% |
| Class A With Load | -5.49% | -0.79% | 2.70% | 0.58% |
| Morningstar Diversified Emerging Markets Category | -0.08% | 6.60% | 6.77% | 2.89% |
| MSCI ACWI ex USA Index | 5.95% | 11.92% | 10.09% | 4.83% |
| MSCI Emerging Markets Index | 0.40% | 9.02% | 6.35% | 3.07% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $133470172 |
| Number of Portfolio Holdings | 95 |
| Total Advisory Fee | $434904 |
| Portfolio Turnover | 44% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2b03bab259903d96c00bd90d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Mixed Allocation | 0.7% |
| Real Estate | 1.3% |
| Materials | 1.8% |
| Energy | 2.5% |
| Consumer Staples | 2.6% |
| Utilities | 3.1% |
| Money Market Funds | 4.5% |
| Health Care | 4.9% |
| Industrials | 7.2% |
| Communications | 10.9% |
| Consumer Discretionary | 16.3% |
| Technology | 17.9% |
| Financials | 27.9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id13cc39a3e46516d5f32a7c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.7% |
| Common Stocks | 94.3% |
| Money Market Funds | 4.5% |
| Preferred Stocks | 0.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 8.8% |
| Tencent Holdings Ltd. | 7.3% |
| Alibaba Group Holding Ltd. | 4.2% |
| Max Healthcare Institute Ltd. | 2.9% |
| HDFC Bank Ltd. | 2.4% |
| Axis Bank Ltd. | 2.4% |
| Samsung Electronics Company Ltd. | 2.3% |
| Bharti Airtel Ltd. | 2.3% |
| MediaTek, Inc. | 1.9% |
| Bank Central Asia Tbk P.T. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i774cf0d5e7520bd6c557c0a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Other Countries | 20.0% |
| Philippines | 2.7% |
| South Korea | 3.4% |
| Brazil | 3.8% |
| Taiwan Province Of China | 4.5% |
| United States | 4.5% |
| Korea (Republic Of) | 5.3% |
| Taiwan | 9.3% |
| China | 13.4% |
| Cayman Islands | 14.9% |
| India | 19.8% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](iebbcce464fbcabfd621719f2.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAEMX

#### Dunham Emerging Markets Stock Fund

#### Class C (DCEMX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i82bbd258a7320fedfc5702dc.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $103 | 2.08% |

---

# How did the Fund perform during the reporting period?
**Emerging markets outperformed US markets but underperformed foreign developed markets over the first half of the fiscal year**. Over the six-month period ending April 30, 2025, emerging markets stocks, as measured by the MSCI Emerging Markets Index Net, increased 0.4 percent, underperforming developed equities, as measured by the MSCI EAFE Index Net, as they rallied 8.6 percent. Still, both foreign indexes handily outperformed US equities, as measured by the S&P 500 Index, as they tumbled 1.8 percent.

**Security selection contributed to Fund performance over the first half of the fiscal year**. The Fund experienced positive contributions from stock selection within China, Brazil, and Thailand. These positive results offset poor stock selection in Poland, South Africa, and the Philippines.

**Country allocation detracted from Fund performance**. The positive impact from allocation in Greece, China, and India was outweighed by the exposure to Indonesia, Gulf Markets, and South Africa.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5597ec2d5e9795206da3f1db.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Emerging Markets Stock Fund - Class C** | **MSCI Emerging Markets Index** | **MSCI ACWI ex USA Index** | **Morningstar Diversified Emerging Markets Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $8082 | $8213 | $8872 | $8451 |
| **Apr-2017** | $9424 | $9785 | $9989 | $9936 |
| **Apr-2018** | $11001 | $11910 | $11578 | $11732 |
| **Apr-2019** | $9879 | $11309 | $11205 | $11025 |
| **Apr-2020** | $8925 | $9952 | $9915 | $9580 |
| **Apr-2021** | $13560 | $14800 | $14176 | $14485 |
| **Apr-2022** | $10140 | $12087 | $12714 | $11737 |
| **Apr-2023** | $9298 | $11300 | $13102 | $11326 |
| **Apr-2024** | $9971 | $12416 | $14324 | $12471 |
| **Apr-2025** | $10417 | $13537 | $16032 | $13293 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Emerging Markets Stock Fund | -0.08% | 4.48% | 3.14% | 0.41% |
| Morningstar Diversified Emerging Markets Category | -0.08% | 6.60% | 6.77% | 2.89% |
| MSCI ACWI ex USA Index | 5.95% | 11.92% | 10.09% | 4.83% |
| MSCI Emerging Markets Index | 0.40% | 9.02% | 6.35% | 3.07% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $133470172 |
| Number of Portfolio Holdings | 95 |
| Total Advisory Fee | $434904 |
| Portfolio Turnover | 44% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i703df848585b3e0233ad6efa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Mixed Allocation | 0.7% |
| Real Estate | 1.3% |
| Materials | 1.8% |
| Energy | 2.5% |
| Consumer Staples | 2.6% |
| Utilities | 3.1% |
| Money Market Funds | 4.5% |
| Health Care | 4.9% |
| Industrials | 7.2% |
| Communications | 10.9% |
| Consumer Discretionary | 16.3% |
| Technology | 17.9% |
| Financials | 27.9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i90845b4f94f6342392007aca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.7% |
| Common Stocks | 94.3% |
| Money Market Funds | 4.5% |
| Preferred Stocks | 0.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 8.8% |
| Tencent Holdings Ltd. | 7.3% |
| Alibaba Group Holding Ltd. | 4.2% |
| Max Healthcare Institute Ltd. | 2.9% |
| HDFC Bank Ltd. | 2.4% |
| Axis Bank Ltd. | 2.4% |
| Samsung Electronics Company Ltd. | 2.3% |
| Bharti Airtel Ltd. | 2.3% |
| MediaTek, Inc. | 1.9% |
| Bank Central Asia Tbk P.T. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i21554975798b72b78b305154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Other Countries | 20.0% |
| Philippines | 2.7% |
| South Korea | 3.4% |
| Brazil | 3.8% |
| Taiwan Province Of China | 4.5% |
| United States | 4.5% |
| Korea (Republic Of) | 5.3% |
| Taiwan | 9.3% |
| China | 13.4% |
| Cayman Islands | 14.9% |
| India | 19.8% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i4463e789f6528e15f5951118.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCEMX

#### Dunham Emerging Markets Stock Fund

#### Class N (DNEMX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i8216fe3c6314b148094c12f9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/emergingmarket/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $54 | 1.08% |

---

# How did the Fund perform during the reporting period?
**Emerging markets outperformed US markets but underperformed foreign developed markets over the first half of the fiscal year**. Over the six-month period ending April 30, 2025, emerging markets stocks, as measured by the MSCI Emerging Markets Index Net, increased 0.4 percent, underperforming developed equities, as measured by the MSCI EAFE Index Net, as they rallied 8.6 percent. Still, both foreign indexes handily outperformed US equities, as measured by the S&P 500 Index, as they tumbled 1.8 percent.

**Security selection contributed to Fund performance over the first half of the fiscal year**. The Fund experienced positive contributions from stock selection within China, Brazil, and Thailand. These positive results offset poor stock selection in Poland, South Africa, and the Philippines.

**Country allocation detracted from Fund performance**. The positive impact from allocation in Greece, China, and India was outweighed by the exposure to Indonesia, Gulf Markets, and South Africa.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i5ab5a6b804845d1ec32044b2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Emerging Markets Stock Fund - Class N** | **MSCI Emerging Markets Index** | **MSCI ACWI ex USA Index** | **Morningstar Diversified Emerging Markets Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $81622 | $82135 | $88722 | $84513 |
| **Apr-2017** | $96111 | $97849 | $99894 | $99361 |
| **Apr-2018** | $113352 | $119096 | $115784 | $117320 |
| **Apr-2019** | $102877 | $113092 | $112046 | $110254 |
| **Apr-2020** | $93792 | $99520 | $99146 | $95799 |
| **Apr-2021** | $144006 | $147999 | $141757 | $144853 |
| **Apr-2022** | $108768 | $120871 | $127139 | $117368 |
| **Apr-2023** | $100727 | $113000 | $131017 | $113256 |
| **Apr-2024** | $109111 | $124165 | $143236 | $124709 |
| **Apr-2025** | $115119 | $135368 | $160316 | $132929 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Emerging Markets Stock Fund | 0.35% | 5.51% | 4.18% | 1.42% |
| Morningstar Diversified Emerging Markets Category | -0.08% | 6.60% | 6.77% | 2.89% |
| MSCI ACWI ex USA Index | 5.95% | 11.92% | 10.09% | 4.83% |
| MSCI Emerging Markets Index | 0.40% | 9.02% | 6.35% | 3.07% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $133470172 |
| Number of Portfolio Holdings | 95 |
| Total Advisory Fee | $434904 |
| Portfolio Turnover | 44% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifa504601a6ecb8c168110faa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Mixed Allocation | 0.7% |
| Real Estate | 1.3% |
| Materials | 1.8% |
| Energy | 2.5% |
| Consumer Staples | 2.6% |
| Utilities | 3.1% |
| Money Market Funds | 4.5% |
| Health Care | 4.9% |
| Industrials | 7.2% |
| Communications | 10.9% |
| Consumer Discretionary | 16.3% |
| Technology | 17.9% |
| Financials | 27.9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8c7b0806424765d2e8441ce6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.7% |
| Common Stocks | 94.3% |
| Money Market Funds | 4.5% |
| Preferred Stocks | 0.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 8.8% |
| Tencent Holdings Ltd. | 7.3% |
| Alibaba Group Holding Ltd. | 4.2% |
| Max Healthcare Institute Ltd. | 2.9% |
| HDFC Bank Ltd. | 2.4% |
| Axis Bank Ltd. | 2.4% |
| Samsung Electronics Company Ltd. | 2.3% |
| Bharti Airtel Ltd. | 2.3% |
| MediaTek, Inc. | 1.9% |
| Bank Central Asia Tbk P.T. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i4aed2e04c7422e559b39de45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Other Countries | 20.0% |
| Philippines | 2.7% |
| South Korea | 3.4% |
| Brazil | 3.8% |
| Taiwan Province Of China | 4.5% |
| United States | 4.5% |
| Korea (Republic Of) | 5.3% |
| Taiwan | 9.3% |
| China | 13.4% |
| Cayman Islands | 14.9% |
| India | 19.8% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ib502d1093a0adcfe2672d797.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNEMX

#### Dunham Floating Rate Bond Fund

#### Class A (DAFRX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i71f0807ecbaefba223f8d06f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.32% |

---

# How did the Fund perform during the reporting period?
**The allocation to securitized asset pools, known as collateralized loan obligations (CLO), detracted from positive Fund performance.** The rally in CLOs within the Fund stalled over the first half of the fiscal year as economic uncertainty and wider secondary market spreads for CLO liabilities weighed on issuance activity.

**The overweight to BB rated credits contributed to Fund performance, while the overweight to CCC rated credits detracted from Fund performance.** The Fund maintained a higher allocation to BB-rated and CCC-rated securities versus the benchmark index. Over the fiscal quarter, lower-rated credits sold off while higher-rated credits outperformed. Therefore, these overweights provided mixed results for the Fund.

**Security selection within the loan allocation detracted from Fund Performance.** Contributors within the loan allocation were broad-based over the fiscal period, however idiosyncratic overweight positions, such as positions in consumer discretionary distribution and retail, weighed negatively on Fund performance.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2c3818d5cd4f0f512733c185.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Floating Rate Bond Fund - Class A** | **Dunham Floating Rate Bond Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan 100 Index** | **Morningstar Bank Loan Category** |
| **04/30/15** | $10000 | $9546 | $10000 | $10000 | $10000 |
| **04/30/16** | $10007 | $9552 | $10272 | $9943 | $9910 |
| **04/30/17** | $10536 | $10058 | $10357 | $10637 | $10625 |
| **04/30/18** | $10814 | $10323 | $10324 | $11056 | $11012 |
| **04/30/19** | $11149 | $10643 | $10870 | $11582 | $11387 |
| **04/30/20** | $10285 | $9818 | $12049 | $11113 | $10546 |
| **04/30/21** | $11527 | $11004 | $12017 | $12461 | $11980 |
| **04/30/22** | $11625 | $11097 | $10994 | $12676 | $12153 |
| **04/30/23** | $11895 | $11355 | $10947 | $13153 | $12383 |
| **04/30/24** | $13235 | $12634 | $10786 | $14662 | $13728 |
| **04/30/25** | $13993 | $13358 | $11651 | $15683 | $14483 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Floating Rate Bond Fund |  |  |  |  |
| Class A Without Load | 1.48% | 5.73% | 6.35% | 3.42% |
| Class A With Load | -3.12% | 0.95% | 5.37% | 2.94% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Morningstar Bank Loan Category | 1.45% | 5.50% | 6.55% | 3.77% |
| Morningstar LSTA US Leveraged Loan 100 Index | 2.47% | 6.97% | 7.13% | 4.60% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $165669213 |
| Number of Portfolio Holdings | 254 |
| Total Advisory Fee | $654329 |
| Portfolio Turnover | 48% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i21f86ef322689e9d42366ec9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 5.7% |
| Common Stocks | 0.3% |
| Corporate Bonds | 10.9% |
| Money Market Funds | 9.0% |
| Right | 0.0% |
| Term Loans | 73.5% |
| U.S. Government & Agencies | 0.6% |
| Warrant | 0.0% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifba35c9d61253f5daee75dea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.5% |
| CLO | 1.0% |
| Utilities | 1.4% |
| Consumer Staples | 2.0% |
| Real Estate | 2.1% |
| Energy | 4.7% |
| Clo | 5.1% |
| Health Care | 5.4% |
| Materials | 6.5% |
| Money Market Funds | 9.5% |
| Financials | 10.5% |
| Communications | 10.9% |
| Industrials | 12.8% |
| Technology | 15.3% |
| Consumer Discretionary | 17.7% |
| Other Sectors | 0.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Investments Money Market Government Portfolio, Class I | 6.1% |
| Mount Vernon Liquid Assets Portfolio | 3.4% |
| Bain Capital Credit CLO 2021-7 Ltd., ER | 1.7% |
| Neptune Bidco US, Inc. | 1.5% |
| BlueMountain CLO XXXII Ltd., ER | 1.3% |
| BlueMountain CLO XXXIII Ltd., E | 1.2% |
| Zayo Group Holdings, Inc. | 1.1% |
| THL Credit Wind River 2019-3 Clo Ltd., E2R | 1.0% |
| Milano Acquisition Corporation | 1.0% |
| Bain Capital Credit CLO 2021-1 Ltd., ER | 0.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i4656c73e332f80544e9f8584.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAFRX

#### Dunham Floating Rate Bond Fund

#### Class C (DCFRX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](id52222f2e2407c3b5c133edd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.82% |

---

# How did the Fund perform during the reporting period?
**The allocation to securitized asset pools, known as collateralized loan obligations (CLO), detracted from positive Fund performance.** The rally in CLOs within the Fund stalled over the first half of the fiscal year as economic uncertainty and wider secondary market spreads for CLO liabilities weighed on issuance activity.

**The overweight to BB rated credits contributed to Fund performance, while the overweight to CCC rated credits detracted from Fund performance.** The Fund maintained a higher allocation to BB-rated and CCC-rated securities versus the benchmark index. Over the fiscal quarter, lower-rated credits sold off while higher-rated credits outperformed. Therefore, these overweights provided mixed results for the Fund.

**Security selection within the loan allocation detracted from Fund Performance.** Contributors within the loan allocation were broad-based over the fiscal period, however idiosyncratic overweight positions, such as positions in consumer discretionary distribution and retail, weighed negatively on Fund performance.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i56f9fe75239e29897ed5d799.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Floating Rate Bond Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan 100 Index** | **Morningstar Bank Loan Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9947 | $10272 | $9943 | $9910 |
| **Apr-2017** | $10439 | $10357 | $10637 | $10625 |
| **Apr-2018** | $10661 | $10324 | $11056 | $11012 |
| **Apr-2019** | $10927 | $10870 | $11582 | $11387 |
| **Apr-2020** | $10029 | $12049 | $11113 | $10546 |
| **Apr-2021** | $11184 | $12017 | $12461 | $11980 |
| **Apr-2022** | $11222 | $10994 | $12676 | $12153 |
| **Apr-2023** | $11438 | $10947 | $13153 | $12383 |
| **Apr-2024** | $12649 | $10786 | $14662 | $13728 |
| **Apr-2025** | $13306 | $11651 | $15683 | $14483 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Floating Rate Bond Fund | 1.23% | 5.19% | 5.82% | 2.90% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Morningstar Bank Loan Category | 1.45% | 5.50% | 6.55% | 3.77% |
| Morningstar LSTA US Leveraged Loan 100 Index | 2.47% | 6.97% | 7.13% | 4.60% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $165669213 |
| Number of Portfolio Holdings | 254 |
| Total Advisory Fee | $654329 |
| Portfolio Turnover | 48% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8fee1025f01ceebc50fdd2dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 5.7% |
| Common Stocks | 0.3% |
| Corporate Bonds | 10.9% |
| Money Market Funds | 9.0% |
| Right | 0.0% |
| Term Loans | 73.5% |
| U.S. Government & Agencies | 0.6% |
| Warrant | 0.0% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ica74644635af61d3bd2265ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.5% |
| CLO | 1.0% |
| Utilities | 1.4% |
| Consumer Staples | 2.0% |
| Real Estate | 2.1% |
| Energy | 4.7% |
| Clo | 5.1% |
| Health Care | 5.4% |
| Materials | 6.5% |
| Money Market Funds | 9.5% |
| Financials | 10.5% |
| Communications | 10.9% |
| Industrials | 12.8% |
| Technology | 15.3% |
| Consumer Discretionary | 17.7% |
| Other Sectors | 0.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Investments Money Market Government Portfolio, Class I | 6.1% |
| Mount Vernon Liquid Assets Portfolio | 3.4% |
| Bain Capital Credit CLO 2021-7 Ltd., ER | 1.7% |
| Neptune Bidco US, Inc. | 1.5% |
| BlueMountain CLO XXXII Ltd., ER | 1.3% |
| BlueMountain CLO XXXIII Ltd., E | 1.2% |
| Zayo Group Holdings, Inc. | 1.1% |
| THL Credit Wind River 2019-3 Clo Ltd., E2R | 1.0% |
| Milano Acquisition Corporation | 1.0% |
| Bain Capital Credit CLO 2021-1 Ltd., ER | 0.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6775b38dcb598a8ec7dbb715.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCFRX

#### Dunham Floating Rate Bond Fund

#### Class N (DNFRX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i184e02164403d6115e5884de.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/floatingratebond/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $53 | 1.07% |

---

# How did the Fund perform during the reporting period?
**The allocation to securitized asset pools, known as collateralized loan obligations (CLO), detracted from positive Fund performance.** The rally in CLOs within the Fund stalled over the first half of the fiscal year as economic uncertainty and wider secondary market spreads for CLO liabilities weighed on issuance activity.

**The overweight to BB rated credits contributed to Fund performance, while the overweight to CCC rated credits detracted from Fund performance.** The Fund maintained a higher allocation to BB-rated and CCC-rated securities versus the benchmark index. Over the fiscal quarter, lower-rated credits sold off while higher-rated credits outperformed. Therefore, these overweights provided mixed results for the Fund.

**Security selection within the loan allocation detracted from Fund Performance.** Contributors within the loan allocation were broad-based over the fiscal period, however idiosyncratic overweight positions, such as positions in consumer discretionary distribution and retail, weighed negatively on Fund performance.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ie7887b3174b40c7327e175b7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Floating Rate Bond Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan 100 Index** | **Morningstar Bank Loan Category** |
| **Apr-2015** | $100000 | $100000 | $99999 | $100000 |
| **Apr-2016** | $100209 | $102720 | $99426 | $99104 |
| **Apr-2017** | $105868 | $103572 | $106363 | $106254 |
| **Apr-2018** | $108914 | $103241 | $110556 | $110124 |
| **Apr-2019** | $112565 | $108703 | $115818 | $113868 |
| **Apr-2020** | $103995 | $120488 | $111129 | $105462 |
| **Apr-2021** | $116961 | $120167 | $124612 | $119795 |
| **Apr-2022** | $118238 | $109938 | $126755 | $121525 |
| **Apr-2023** | $121288 | $109468 | $131527 | $123833 |
| **Apr-2024** | $135283 | $107861 | $146613 | $137284 |
| **Apr-2025** | $143376 | $116511 | $156831 | $144832 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Floating Rate Bond Fund | 1.60% | 5.98% | 6.63% | 3.67% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Morningstar Bank Loan Category | 1.45% | 5.50% | 6.55% | 3.77% |
| Morningstar LSTA US Leveraged Loan 100 Index | 2.47% | 6.97% | 7.13% | 4.60% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $165669213 |
| Number of Portfolio Holdings | 254 |
| Total Advisory Fee | $654329 |
| Portfolio Turnover | 48% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4718106506a059e444c0c473.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 5.7% |
| Common Stocks | 0.3% |
| Corporate Bonds | 10.9% |
| Money Market Funds | 9.0% |
| Right | 0.0% |
| Term Loans | 73.5% |
| U.S. Government & Agencies | 0.6% |
| Warrant | 0.0% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i597e780452db51f282082de9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.5% |
| CLO | 1.0% |
| Utilities | 1.4% |
| Consumer Staples | 2.0% |
| Real Estate | 2.1% |
| Energy | 4.7% |
| Clo | 5.1% |
| Health Care | 5.4% |
| Materials | 6.5% |
| Money Market Funds | 9.5% |
| Financials | 10.5% |
| Communications | 10.9% |
| Industrials | 12.8% |
| Technology | 15.3% |
| Consumer Discretionary | 17.7% |
| Other Sectors | 0.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Investments Money Market Government Portfolio, Class I | 6.1% |
| Mount Vernon Liquid Assets Portfolio | 3.4% |
| Bain Capital Credit CLO 2021-7 Ltd., ER | 1.7% |
| Neptune Bidco US, Inc. | 1.5% |
| BlueMountain CLO XXXII Ltd., ER | 1.3% |
| BlueMountain CLO XXXIII Ltd., E | 1.2% |
| Zayo Group Holdings, Inc. | 1.1% |
| THL Credit Wind River 2019-3 Clo Ltd., E2R | 1.0% |
| Milano Acquisition Corporation | 1.0% |
| Bain Capital Credit CLO 2021-1 Ltd., ER | 0.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](if186fa153afcec3486f119b6.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNFRX

#### Dunham Focused Large Cap Growth Fund

#### Class A (DAFGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ibb98f44f3952ec7923ee1af5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.28% |

---

# How did the Fund perform during the reporting period?
**The exposure to large capitalization stocks with a growth style contributed positively to Fund performance over the six month period ended April 30, 2025 (fiscal period).** Large cap growth companies decreased by 1.8 percent while small cap growth stocks decreased 9.0 percent as measured by the Russell 1000 growth index and the Russell 2000 growth index.

**Stock selection provided negative results, while sector allocation generally provided positive results over the fiscal period.** The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark. Sector allocation counteracted stock selection and kept the overall returns close to the benchmarks.

**The Fund had no direct exposure to stocks in the materials, utilities, or energy sectors, which generally contributed positively to relative performance**. The Fund did not have holdings directly in any of these sectors, which meaningfully underperformed relative to the benchmark index.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4bd27f4198b23ab7b103965a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Focused Large Cap Growth Fund - Class A** | **Dunham Focused Large Cap Growth Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** | **Morningstar Large Cap Growth Category** |
| **04/30/15** | $10000 | $9424 | $10000 | $10000 | $10000 |
| **04/30/16** | $9626 | $9071 | $10121 | $10107 | $9744 |
| **04/30/17** | $11013 | $10379 | $11934 | $12078 | $11485 |
| **04/30/18** | $13433 | $12659 | $13517 | $14367 | $13586 |
| **04/30/19** | $16803 | $15835 | $15341 | $16872 | $15591 |
| **04/30/20** | $18713 | $17635 | $15474 | $18700 | $16411 |
| **04/30/21** | $28221 | $26596 | $22589 | $28314 | $24886 |
| **04/30/22** | $21803 | $20548 | $22637 | $26800 | $21735 |
| **04/30/23** | $22931 | $21610 | $23240 | $27426 | $21688 |
| **04/30/24** | $30782 | $29009 | $28507 | $36148 | $27943 |
| **04/30/25** | $33358 | $31436 | $31955 | $41358 | $31263 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Focused Large Cap Growth Fund |  |  |  |  |
| Class A Without Load | -2.96% | 8.37% | 12.26% | 12.80% |
| Class A With Load | -8.54% | 2.15% | 10.93% | 12.14% |
| Morningstar Large Cap Growth Category | -1.65% | 11.89% | 13.76% | 12.07% |
| Russell 1000<sup>®</sup> Growth Index | -1.67% | 14.41% | 17.20% | 15.25% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $200256555 |
| Number of Portfolio Holdings | 35 |
| Total Advisory Fee | $764490 |
| Portfolio Turnover | 18% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1f36ae04e8d923124fc9363e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.9% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ida4ee18e3b66f2f494219289.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Consumer Staples | 0.6% |
| Financials | 2.3% |
| Money Market Funds | 3.1% |
| Health Care | 8.9% |
| Communications | 14.4% |
| Consumer Discretionary | 15.1% |
| Technology | 57.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ServiceNow, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| NVIDIA Corporation | 7.0% |
| Mastercard, Inc. - Class A | 6.6% |
| Microsoft Corporation | 5.6% |
| Meta Platforms, Inc. - Class A | 5.3% |
| Netflix, Inc. | 5.2% |
| Intuitive Surgical, Inc. | 4.4% |
| Visa, Inc. - Class A | 4.2% |
| Apple, Inc. | 3.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6f9dcc35473c79877828fd56.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAFGX

#### Dunham Focused Large Cap Growth Fund

#### Class C (DCFGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ic5c5a90f91f956cac19daee0.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 2.03% |

---

# How did the Fund perform during the reporting period?
**The exposure to large capitalization stocks with a growth style contributed positively to Fund performance over the six month period ended April 30, 2025 (fiscal period).** Large cap growth companies decreased by 1.8 percent while small cap growth stocks decreased 9.0 percent as measured by the Russell 1000 growth index and the Russell 2000 growth index.

**Stock selection provided negative results, while sector allocation generally provided positive results over the fiscal period.** The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark. Sector allocation counteracted stock selection and kept the overall returns close to the benchmarks.

**The Fund had no direct exposure to stocks in the materials, utilities, or energy sectors, which generally contributed positively to relative performance**. The Fund did not have holdings directly in any of these sectors, which meaningfully underperformed relative to the benchmark index.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1e78ca9915f113cf6ecbbe1f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Focused Large Cap Growth Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** | **Morningstar Large Cap Growth Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9551 | $10121 | $10107 | $9744 |
| **Apr-2017** | $10857 | $11934 | $12078 | $11485 |
| **Apr-2018** | $13137 | $13517 | $14367 | $13586 |
| **Apr-2019** | $16315 | $15341 | $16872 | $15591 |
| **Apr-2020** | $18030 | $15474 | $18700 | $16411 |
| **Apr-2021** | $26988 | $22589 | $28314 | $24886 |
| **Apr-2022** | $20701 | $22637 | $26800 | $21735 |
| **Apr-2023** | $21601 | $23240 | $27426 | $21688 |
| **Apr-2024** | $28777 | $28507 | $36148 | $27943 |
| **Apr-2025** | $30955 | $31955 | $41358 | $31263 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Focused Large Cap Growth Fund | -3.33% | 7.57% | 11.42% | 11.96% |
| Morningstar Large Cap Growth Category | -1.65% | 11.89% | 13.76% | 12.07% |
| Russell 1000<sup>®</sup> Growth Index | -1.67% | 14.41% | 17.20% | 15.25% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $200256555 |
| Number of Portfolio Holdings | 35 |
| Total Advisory Fee | $764490 |
| Portfolio Turnover | 18% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i893e861a567e9e2d12603894.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.9% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib52f2917f96c3860e7662302.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Consumer Staples | 0.6% |
| Financials | 2.3% |
| Money Market Funds | 3.1% |
| Health Care | 8.9% |
| Communications | 14.4% |
| Consumer Discretionary | 15.1% |
| Technology | 57.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ServiceNow, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| NVIDIA Corporation | 7.0% |
| Mastercard, Inc. - Class A | 6.6% |
| Microsoft Corporation | 5.6% |
| Meta Platforms, Inc. - Class A | 5.3% |
| Netflix, Inc. | 5.2% |
| Intuitive Surgical, Inc. | 4.4% |
| Visa, Inc. - Class A | 4.2% |
| Apple, Inc. | 3.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i436eb54add7c56b3509ace2c.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCFGX

#### Dunham Focused Large Cap Growth Fund

#### Class N (DNFGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ibaf6b4b887ee70ede8327ec9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $50 | 1.03% |

---

# How did the Fund perform during the reporting period?
**The exposure to large capitalization stocks with a growth style contributed positively to Fund performance over the six month period ended April 30, 2025 (fiscal period).** Large cap growth companies decreased by 1.8 percent while small cap growth stocks decreased 9.0 percent as measured by the Russell 1000 growth index and the Russell 2000 growth index.

**Stock selection provided negative results, while sector allocation generally provided positive results over the fiscal period.** The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark. Sector allocation counteracted stock selection and kept the overall returns close to the benchmarks.

**The Fund had no direct exposure to stocks in the materials, utilities, or energy sectors, which generally contributed positively to relative performance**. The Fund did not have holdings directly in any of these sectors, which meaningfully underperformed relative to the benchmark index.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](id121a913a2a806bf352783d5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Focused Large Cap Growth Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** | **Morningstar Large Cap Growth Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $96538 | $101206 | $101074 | $97441 |
| **Apr-2017** | $110742 | $119341 | $120779 | $114852 |
| **Apr-2018** | $135435 | $135173 | $143674 | $135855 |
| **Apr-2019** | $169816 | $153414 | $168719 | $155911 |
| **Apr-2020** | $189548 | $154738 | $187001 | $164109 |
| **Apr-2021** | $286691 | $225889 | $283142 | $248862 |
| **Apr-2022** | $222013 | $226370 | $268001 | $217350 |
| **Apr-2023** | $234080 | $232402 | $274261 | $216881 |
| **Apr-2024** | $315003 | $285068 | $361477 | $279425 |
| **Apr-2025** | $342226 | $319550 | $413577 | $312625 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Focused Large Cap Growth Fund | -2.84% | 8.64% | 12.54% | 13.09% |
| Morningstar Large Cap Growth Category | -1.65% | 11.89% | 13.76% | 12.07% |
| Russell 1000<sup>®</sup> Growth Index | -1.67% | 14.41% | 17.20% | 15.25% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $200256555 |
| Number of Portfolio Holdings | 35 |
| Total Advisory Fee | $764490 |
| Portfolio Turnover | 18% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i67c2e5bea72cb9fcf39deaec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.9% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i78b151c96e694dcd128bdbfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Consumer Staples | 0.6% |
| Financials | 2.3% |
| Money Market Funds | 3.1% |
| Health Care | 8.9% |
| Communications | 14.4% |
| Consumer Discretionary | 15.1% |
| Technology | 57.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ServiceNow, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| NVIDIA Corporation | 7.0% |
| Mastercard, Inc. - Class A | 6.6% |
| Microsoft Corporation | 5.6% |
| Meta Platforms, Inc. - Class A | 5.3% |
| Netflix, Inc. | 5.2% |
| Intuitive Surgical, Inc. | 4.4% |
| Visa, Inc. - Class A | 4.2% |
| Apple, Inc. | 3.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i0e648e78731008438099eb1d.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNFGX

#### Dunham High Yield Bond Fund

#### Class A (DAHYX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1a9fc8e89f06e8c1c0f3bc90.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/highyield/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 1.35% |

---

# How did the Fund perform during the reporting period?
**The Fund's performance showed mixed results from a sector selection standpoint over the six-month period ended April 30.** An overweight allocation to transportation and an underweight allocation to capital goods were the largest detractors. Meanwhile, overweight allocations to communications and financial sectors positively contributed to Fund performance.

**Overall security selection acted as a detractor to relative Fund performance over the first half of the fiscal year.** Consumer non-cyclical and transportation credits were the most notable contributors to performance, while consumer cyclical, capital goods, and technology credits detracted from relative performance.

**The Fund's exposure to CCC-rated credits generally detracted from relative performance over the fiscal year.** The Fund's approximate 10 percent relative overweight to CCC-rated credits negatively impacted Fund performance, as that specific credit quality underperformed the broader high-yield asset class.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4072a37beda389208b0bff8a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham High Yield Bond Fund - Class A** | **Dunham High Yield Bond Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Morningstar High-Yield Bond Category** |
| **04/30/15** | $10000 | $9553 | $10000 | $10000 | $10000 |
| **04/30/16** | $9735 | $9300 | $10272 | $9873 | $9745 |
| **04/30/17** | $10770 | $10288 | $10357 | $11212 | $10846 |
| **04/30/18** | $10964 | $10474 | $10324 | $11569 | $11112 |
| **04/30/19** | $11631 | $11111 | $10870 | $12348 | $11692 |
| **04/30/20** | $11177 | $10677 | $12049 | $11705 | $11026 |
| **04/30/21** | $13234 | $12642 | $12017 | $14040 | $13063 |
| **04/30/22** | $12526 | $11966 | $10994 | $13344 | $12438 |
| **04/30/23** | $12752 | $12181 | $10947 | $13505 | $12490 |
| **04/30/24** | $14039 | $13411 | $10786 | $14707 | $13534 |
| **04/30/25** | $14858 | $14194 | $11651 | $15984 | $14544 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham High Yield Bond Fund |  |  |  |  |
| Class A Without Load | 0.65% | 5.83% | 5.86% | 4.04% |
| Class A With Load | -3.85% | 1.12% | 4.90% | 3.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 1.71% | 8.69% | 6.43% | 4.80% |
| Morningstar High-Yield Bond Category | 1.43% | 7.47% | 5.69% | 3.82% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $171801206 |
| Number of Portfolio Holdings | 268 |
| Total Advisory Fee | $883852 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7743bb7766a5e0bbf5e26bfe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.2% |
| Corporate Bonds | 81.3% |
| Money Market Funds | 18.5% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if98c9e23cf2e4b7599d448ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.7% |
| Common Stocks | 0.2% |
| Real Estate | 2.8% |
| Consumer Staples | 3.7% |
| Utilities | 3.9% |
| Health Care | 5.0% |
| Industrials | 7.3% |
| Technology | 8.2% |
| Materials | 10.2% |
| Communications | 12.6% |
| Energy | 13.2% |
| Consumer Discretionary | 13.3% |
| Financials | 13.8% |
| Money Market Funds | 21.5% |

---

# Credit Quality Allocation (% of total investments)

---

| | |
|:---|:---|
| Collateral for Securities Loaned | 14.9% |
| B2 | 14.6% |
| Ba3 | 13.9% |
| B1 | 12.1% |
| B3 | 11.8% |
| Ba2 | 8.8% |
| Other/Not Rated | 6.2% |
| Ba1 | 6.0% |
| Caa1 | 4.0% |
| Caa2 | 2.9% |
| Baa3 | 2.1% |
| B- | 0.6% |
| BB+ | 0.5% |
| B3u | 0.4% |
| Ca | 0.4% |
| Caa3 | 0.4% |
| CCC- | 0.3% |
| BB- | 0.1% |

---

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

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ib4132013baf0e876010dd58f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAHYX

#### Dunham High Yield Bond Fund

#### Class C (DCHYX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i7b9fd084204f4dc443ff305e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/highyield/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.84% |

---

# How did the Fund perform during the reporting period?
**The Fund's performance showed mixed results from a sector selection standpoint over the six-month period ended April 30.** An overweight allocation to transportation and an underweight allocation to capital goods were the largest detractors. Meanwhile, overweight allocations to communications and financial sectors positively contributed to Fund performance.

**Overall security selection acted as a detractor to relative Fund performance over the first half of the fiscal year.** Consumer non-cyclical and transportation credits were the most notable contributors to performance, while consumer cyclical, capital goods, and technology credits detracted from relative performance.

**The Fund's exposure to CCC-rated credits generally detracted from relative performance over the fiscal year.** The Fund's approximate 10 percent relative overweight to CCC-rated credits negatively impacted Fund performance, as that specific credit quality underperformed the broader high-yield asset class.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1c5d857567dfeb4fbcb64605.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham High Yield Bond Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Morningstar High-Yield Bond Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9705 | $10272 | $9873 | $9745 |
| **Apr-2017** | $10680 | $10357 | $11212 | $10846 |
| **Apr-2018** | $10834 | $10324 | $11569 | $11112 |
| **Apr-2019** | $11435 | $10870 | $12348 | $11692 |
| **Apr-2020** | $10924 | $12049 | $11705 | $11026 |
| **Apr-2021** | $12876 | $12017 | $14040 | $13063 |
| **Apr-2022** | $12130 | $10994 | $13344 | $12438 |
| **Apr-2023** | $12276 | $10947 | $13505 | $12490 |
| **Apr-2024** | $13457 | $10786 | $14707 | $13534 |
| **Apr-2025** | $14170 | $11651 | $15984 | $14544 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham High Yield Bond Fund | 0.42% | 5.30% | 5.34% | 3.55% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 1.71% | 8.69% | 6.43% | 4.80% |
| Morningstar High-Yield Bond Category | 1.43% | 7.47% | 5.69% | 3.82% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $171801206 |
| Number of Portfolio Holdings | 268 |
| Total Advisory Fee | $883852 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib9a4ee26001d25df7a0c5ec3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.2% |
| Corporate Bonds | 81.3% |
| Money Market Funds | 18.5% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0de02f082c5ae42ccc2a1758.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.7% |
| Common Stocks | 0.2% |
| Real Estate | 2.8% |
| Consumer Staples | 3.7% |
| Utilities | 3.9% |
| Health Care | 5.0% |
| Industrials | 7.3% |
| Technology | 8.2% |
| Materials | 10.2% |
| Communications | 12.6% |
| Energy | 13.2% |
| Consumer Discretionary | 13.3% |
| Financials | 13.8% |
| Money Market Funds | 21.5% |

---

# Credit Quality Allocation (% of total investments)

---

| | |
|:---|:---|
| Collateral for Securities Loaned | 14.9% |
| B2 | 14.6% |
| Ba3 | 13.9% |
| B1 | 12.1% |
| B3 | 11.8% |
| Ba2 | 8.8% |
| Other/Not Rated | 6.2% |
| Ba1 | 6.0% |
| Caa1 | 4.0% |
| Caa2 | 2.9% |
| Baa3 | 2.1% |
| B- | 0.6% |
| BB+ | 0.5% |
| B3u | 0.4% |
| Ca | 0.4% |
| Caa3 | 0.4% |
| CCC- | 0.3% |
| BB- | 0.1% |

---

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

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i13e7eef3d94dd796c72d82ed.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCHYX

#### Dunham High Yield Bond Fund

#### Class N (DNHYX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](iad0effd6600984d644947b8b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/highyield/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $54 | 1.09% |

---

# How did the Fund perform during the reporting period?
**The Fund's performance showed mixed results from a sector selection standpoint over the six-month period ended April 30.** An overweight allocation to transportation and an underweight allocation to capital goods were the largest detractors. Meanwhile, overweight allocations to communications and financial sectors positively contributed to Fund performance.

**Overall security selection acted as a detractor to relative Fund performance over the first half of the fiscal year.** Consumer non-cyclical and transportation credits were the most notable contributors to performance, while consumer cyclical, capital goods, and technology credits detracted from relative performance.

**The Fund's exposure to CCC-rated credits generally detracted from relative performance over the fiscal year.** The Fund's approximate 10 percent relative overweight to CCC-rated credits negatively impacted Fund performance, as that specific credit quality underperformed the broader high-yield asset class.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](if63dcc2f1e16ac40662f63df.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham High Yield Bond Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Morningstar High-Yield Bond Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $97677 | $102720 | $98727 | $97449 |
| **Apr-2017** | $108330 | $103572 | $112117 | $108464 |
| **Apr-2018** | $110562 | $103241 | $115686 | $111122 |
| **Apr-2019** | $117517 | $108703 | $123482 | $116923 |
| **Apr-2020** | $113174 | $120488 | $117054 | $110261 |
| **Apr-2021** | $134282 | $120167 | $140398 | $130629 |
| **Apr-2022** | $127477 | $109938 | $133439 | $124378 |
| **Apr-2023** | $130123 | $109468 | $135055 | $124895 |
| **Apr-2024** | $143618 | $107861 | $147066 | $135340 |
| **Apr-2025** | $152498 | $116511 | $159842 | $145444 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham High Yield Bond Fund | 0.79% | 6.18% | 6.15% | 4.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 1.71% | 8.69% | 6.43% | 4.80% |
| Morningstar High-Yield Bond Category | 1.43% | 7.47% | 5.69% | 3.82% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $171801206 |
| Number of Portfolio Holdings | 268 |
| Total Advisory Fee | $883852 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia8b017c62d38de7c2d0d35e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.2% |
| Corporate Bonds | 81.3% |
| Money Market Funds | 18.5% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifa637c395deffba9ae4856a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.7% |
| Common Stocks | 0.2% |
| Real Estate | 2.8% |
| Consumer Staples | 3.7% |
| Utilities | 3.9% |
| Health Care | 5.0% |
| Industrials | 7.3% |
| Technology | 8.2% |
| Materials | 10.2% |
| Communications | 12.6% |
| Energy | 13.2% |
| Consumer Discretionary | 13.3% |
| Financials | 13.8% |
| Money Market Funds | 21.5% |

---

# Credit Quality Allocation (% of total investments)

---

| | |
|:---|:---|
| Collateral for Securities Loaned | 14.9% |
| B2 | 14.6% |
| Ba3 | 13.9% |
| B1 | 12.1% |
| B3 | 11.8% |
| Ba2 | 8.8% |
| Other/Not Rated | 6.2% |
| Ba1 | 6.0% |
| Caa1 | 4.0% |
| Caa2 | 2.9% |
| Baa3 | 2.1% |
| B- | 0.6% |
| BB+ | 0.5% |
| B3u | 0.4% |
| Ca | 0.4% |
| Caa3 | 0.4% |
| CCC- | 0.3% |
| BB- | 0.1% |

---

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

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](id041ff98674e193cdcb5d65a.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNHYX

#### Dunham International Opportunity Bond Fund

#### Class A (DAIOX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i3de82c12014557e9b2209f30.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $96 | 1.92% |

---

# How did the Fund perform during the reporting period?
**The high exposure to emerging market debt slightly detracted from relative performance**. The Fund maintained nearly half of its exposure to the debt of emerging market countries' governments and of companies domiciled in emerging markets. While emerging market debt broadly experienced a slight lag versus developed market bonds, the Sub-Adviser's security selection within emerging market debt was not enough to make it a material contributor over the six-month period ended April 30, 2025.

**Maintaining a shorter duration continued to generally hurt relative performance**. The Fund continued to have an average duration approximately 1 to 2 years less than the benchmark index, which drifted wider during the six-month period. This resulted in a detraction in relative performance as rates broadly declined during the fiscal year.

**The exposure to Pan-European High-Yield Bonds detracted from relative performance**. The Fund's exposure to Pan-European High-Yield broadly detracted from relative performance as uncertainty around tariffs and trade relationships generally saw high-yield bonds struggle relative to investment-grade debt, in general.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7c311f4a2640373e9d3802aa.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham International Opportunity Bond Fund - Class A** | **Dunham International Opportunity Bond Fund - Class A- with load** | **Bloomberg Global Aggregate ex USD Unhedged** | **Morningstar Global Bond Category** | **Bloomberg Global Aggregate ex USD Hedged Index** |
| **04/30/15** | $10000 | $9552 | $10000 | $10000 | $10000 |
| **04/30/16** | $10431 | $9963 | $10655 | $10112 | $10362 |
| **04/30/17** | $9906 | $9462 | $10175 | $10255 | $10572 |
| **04/30/18** | $10492 | $10022 | $10956 | $10633 | $10854 |
| **04/30/19** | $9982 | $9534 | $10681 | $10771 | $11438 |
| **04/30/20** | $9105 | $8697 | $11048 | $10896 | $12176 |
| **04/30/21** | $10540 | $10068 | $11789 | $11786 | $12168 |
| **04/30/22** | $9463 | $9039 | $9956 | $10456 | $11526 |
| **04/30/23** | $9291 | $8875 | $9567 | $10272 | $11411 |
| **04/30/24** | $10134 | $9680 | $9227 | $10208 | $11924 |
| **04/30/25** | $10779 | $10296 | $10102 | $11079 | $12727 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Opportunity Bond Fund |  |  |  |  |
| Class A Without Load | 1.18% | 6.36% | 3.43% | 0.75% |
| Class A With Load | -3.41% | 1.55% | 2.49% | 0.29% |
| Bloomberg Global Aggregate ex USD Hedged Index | 2.58% | 6.73% | 0.89% | 2.44% |
| Bloomberg Global Aggregate ex USD Unhedged | 4.71% | 9.48% | -1.77% | 0.10% |
| Morningstar Global Bond Category | 3.72% | 8.54% | 0.33% | 1.03% |

---

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $66564213 |
| Number of Portfolio Holdings | 527 |
| Total Advisory Fee | $433818 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i21169550603f52e0788a4fd8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 0.0% |
| Corporate Bonds | 66.5% |
| Money Market Funds | 5.4% |
| Non U.S. Government & Agencies | 28.1% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia5a5c801add369b06d3a4879.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Local Authority | 0.4% |
| Technology | 0.6% |
| Supranational | 0.8% |
| Consumer Staples | 1.7% |
| Real Estate | 1.9% |
| Health Care | 3.4% |
| Communications | 4.9% |
| Money Market Funds | 5.1% |
| Industrials | 5.7% |
| Consumer Discretionary | 6.4% |
| Utilities | 6.7% |
| Materials | 7.0% |
| Non U.S. Treasury | 8.0% |
| Financials | 9.9% |
| Energy | 15.2% |
| Sovereign | 17.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Australia Government Bond, 1.250%, 05/21/32 | 1.5% |
| Italy Buoni Poliennali Del Tesoro, 2.800%, 12/01/28 | 1.3% |
| Italy Buoni Poliennali Del Tesoro, 2.450%, 09/01/33 | 1.0% |
| Poinsettia Finance Ltd., 6.625%, 06/17/31 | 0.8% |
| Egypt Government International Bond, 7.625%, 05/29/32 | 0.8% |
| Metinvest BV, 7.750%, 10/17/29 | 0.7% |
| Cheplapharm Arzneimittel GmbH, 7.500%, 05/15/30 | 0.6% |
| Altice Financing S.A., 4.250%, 08/15/29 | 0.6% |
| Sasol Financing USA, LLC, 4.375%, 09/18/26 | 0.6% |
| AI Candelaria Spain S.A., 5.750%, 06/15/33 | 0.6% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i284029f0c7bd39d3e9edbb5a.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAIOX

#### Dunham International Opportunity Bond Fund

#### Class C (DCIOX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](if23fe8ea566281ee91f60d39.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $120 | 2.42% |

---

# How did the Fund perform during the reporting period?
**The high exposure to emerging market debt slightly detracted from relative performance**. The Fund maintained nearly half of its exposure to the debt of emerging market countries' governments and of companies domiciled in emerging markets. While emerging market debt broadly experienced a slight lag versus developed market bonds, the Sub-Adviser's security selection within emerging market debt was not enough to make it a material contributor over the six-month period ended April 30, 2025.

**Maintaining a shorter duration continued to generally hurt relative performance**. The Fund continued to have an average duration approximately 1 to 2 years less than the benchmark index, which drifted wider during the six-month period. This resulted in a detraction in relative performance as rates broadly declined during the fiscal year.

**The exposure to Pan-European High-Yield Bonds detracted from relative performance**. The Fund's exposure to Pan-European High-Yield broadly detracted from relative performance as uncertainty around tariffs and trade relationships generally saw high-yield bonds struggle relative to investment-grade debt, in general.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9152caa2b850a8e177274057.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham International Opportunity Bond Fund - Class C** | **Bloomberg Global Aggregate ex USD Unhedged** | **Morningstar Global Bond Category** | **Bloomberg Global Aggregate ex USD Hedged Index** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $10384 | $10655 | $10112 | $10362 |
| **Apr-2017** | $9792 | $10175 | $10255 | $10572 |
| **Apr-2018** | $10325 | $10956 | $10633 | $10854 |
| **Apr-2019** | $9786 | $10681 | $10771 | $11438 |
| **Apr-2020** | $8871 | $11048 | $10896 | $12176 |
| **Apr-2021** | $10222 | $11789 | $11786 | $12168 |
| **Apr-2022** | $9127 | $9956 | $10456 | $11526 |
| **Apr-2023** | $8923 | $9567 | $10272 | $11411 |
| **Apr-2024** | $9685 | $9227 | $10208 | $11924 |
| **Apr-2025** | $10241 | $10102 | $11079 | $12727 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Opportunity Bond Fund | 0.82% | 5.74% | 2.91% | 0.24% |
| Bloomberg Global Aggregate ex USD Hedged Index | 2.58% | 6.73% | 0.89% | 2.44% |
| Bloomberg Global Aggregate ex USD Unhedged | 4.71% | 9.48% | -1.77% | 0.10% |
| Morningstar Global Bond Category | 3.72% | 8.54% | 0.33% | 1.03% |

---

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $66564213 |
| Number of Portfolio Holdings | 527 |
| Total Advisory Fee | $433818 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7bc5a86cfdb6c30b6051a4bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 0.0% |
| Corporate Bonds | 66.5% |
| Money Market Funds | 5.4% |
| Non U.S. Government & Agencies | 28.1% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i709c5fca20b555d3dc7ea45c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Local Authority | 0.4% |
| Technology | 0.6% |
| Supranational | 0.8% |
| Consumer Staples | 1.7% |
| Real Estate | 1.9% |
| Health Care | 3.4% |
| Communications | 4.9% |
| Money Market Funds | 5.1% |
| Industrials | 5.7% |
| Consumer Discretionary | 6.4% |
| Utilities | 6.7% |
| Materials | 7.0% |
| Non U.S. Treasury | 8.0% |
| Financials | 9.9% |
| Energy | 15.2% |
| Sovereign | 17.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Australia Government Bond, 1.250%, 05/21/32 | 1.5% |
| Italy Buoni Poliennali Del Tesoro, 2.800%, 12/01/28 | 1.3% |
| Italy Buoni Poliennali Del Tesoro, 2.450%, 09/01/33 | 1.0% |
| Poinsettia Finance Ltd., 6.625%, 06/17/31 | 0.8% |
| Egypt Government International Bond, 7.625%, 05/29/32 | 0.8% |
| Metinvest BV, 7.750%, 10/17/29 | 0.7% |
| Cheplapharm Arzneimittel GmbH, 7.500%, 05/15/30 | 0.6% |
| Altice Financing S.A., 4.250%, 08/15/29 | 0.6% |
| Sasol Financing USA, LLC, 4.375%, 09/18/26 | 0.6% |
| AI Candelaria Spain S.A., 5.750%, 06/15/33 | 0.6% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ib7344813ea4b81471a632bfe.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCIOX

#### Dunham International Opportunity Bond Fund

#### Class N (DNIOX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i6ff1ce70b5e4328c5f73af79.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $83 | 1.67% |

---

# How did the Fund perform during the reporting period?
**The high exposure to emerging market debt slightly detracted from relative performance**. The Fund maintained nearly half of its exposure to the debt of emerging market countries' governments and of companies domiciled in emerging markets. While emerging market debt broadly experienced a slight lag versus developed market bonds, the Sub-Adviser's security selection within emerging market debt was not enough to make it a material contributor over the six-month period ended April 30, 2025.

**Maintaining a shorter duration continued to generally hurt relative performance**. The Fund continued to have an average duration approximately 1 to 2 years less than the benchmark index, which drifted wider during the six-month period. This resulted in a detraction in relative performance as rates broadly declined during the fiscal year.

**The exposure to Pan-European High-Yield Bonds detracted from relative performance**. The Fund's exposure to Pan-European High-Yield broadly detracted from relative performance as uncertainty around tariffs and trade relationships generally saw high-yield bonds struggle relative to investment-grade debt, in general.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](iaf39d020b6dbd47986f2f81f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham International Opportunity Bond Fund - Class N** | **Bloomberg Global Aggregate ex USD Unhedged** | **Morningstar Global Bond Category** | **Bloomberg Global Aggregate ex USD Hedged Index** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $104564 | $106548 | $101123 | $103618 |
| **Apr-2017** | $99429 | $101747 | $102547 | $105724 |
| **Apr-2018** | $105618 | $109561 | $106325 | $108540 |
| **Apr-2019** | $100865 | $106812 | $107714 | $114383 |
| **Apr-2020** | $92157 | $110476 | $108961 | $121759 |
| **Apr-2021** | $106910 | $117885 | $117860 | $121677 |
| **Apr-2022** | $96218 | $99556 | $104558 | $115258 |
| **Apr-2023** | $94712 | $95675 | $102724 | $114107 |
| **Apr-2024** | $103466 | $92269 | $102076 | $119245 |
| **Apr-2025** | $110401 | $101016 | $110787 | $127269 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Opportunity Bond Fund | 1.29% | 6.70% | 3.68% | 0.99% |
| Bloomberg Global Aggregate ex USD Hedged Index | 2.58% | 6.73% | 0.89% | 2.44% |
| Bloomberg Global Aggregate ex USD Unhedged | 4.71% | 9.48% | -1.77% | 0.10% |
| Morningstar Global Bond Category | 3.72% | 8.54% | 0.33% | 1.03% |

---

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $66564213 |
| Number of Portfolio Holdings | 527 |
| Total Advisory Fee | $433818 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb4955d0281a97425bd4e630.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 0.0% |
| Corporate Bonds | 66.5% |
| Money Market Funds | 5.4% |
| Non U.S. Government & Agencies | 28.1% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1250af26689ec6c628587510.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Local Authority | 0.4% |
| Technology | 0.6% |
| Supranational | 0.8% |
| Consumer Staples | 1.7% |
| Real Estate | 1.9% |
| Health Care | 3.4% |
| Communications | 4.9% |
| Money Market Funds | 5.1% |
| Industrials | 5.7% |
| Consumer Discretionary | 6.4% |
| Utilities | 6.7% |
| Materials | 7.0% |
| Non U.S. Treasury | 8.0% |
| Financials | 9.9% |
| Energy | 15.2% |
| Sovereign | 17.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Australia Government Bond, 1.250%, 05/21/32 | 1.5% |
| Italy Buoni Poliennali Del Tesoro, 2.800%, 12/01/28 | 1.3% |
| Italy Buoni Poliennali Del Tesoro, 2.450%, 09/01/33 | 1.0% |
| Poinsettia Finance Ltd., 6.625%, 06/17/31 | 0.8% |
| Egypt Government International Bond, 7.625%, 05/29/32 | 0.8% |
| Metinvest BV, 7.750%, 10/17/29 | 0.7% |
| Cheplapharm Arzneimittel GmbH, 7.500%, 05/15/30 | 0.6% |
| Altice Financing S.A., 4.250%, 08/15/29 | 0.6% |
| Sasol Financing USA, LLC, 4.375%, 09/18/26 | 0.6% |
| AI Candelaria Spain S.A., 5.750%, 06/15/33 | 0.6% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i42ce75afffe1e4b204003b45.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNIOX

#### Dunham International Stock Fund

#### Class A (DAINX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](id872cb92b8ec08e525f5e4e4.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalstock/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $115 | 2.21% |

---

# How did the Fund perform during the reporting period?
**Developed markets outperformed emerging markets over the first half of the fiscal year**. Developed markets, as measured by the MSCI EAFE Total Return Index, rose 8.6 percent, while emerging markets, as measured by the MSCI Emerging Markets Total Return Index, merely gained 0.5 percent.

**Countries contributing the most to returns relative to the MSCI All Country World ex US Total Return Index during the semi-annual period were**: Italy, mostly due to overweight positioning coupled with positive selection within the Italian financials basket; and Denmark, mostly driven by underweight positioning to the Danish health care basket. Countries contributing the most to underperformance relative to the MSCI All Country World ex US Total Return Index included: Switzerland, predominantly driven by overweight positioning and negative selection within the Swiss information technology and industrials baskets, and China, primarily as a result of negative selection within the Chinese consumer discretionary, communication services, materials and health care baskets.

**Sectors contributing the most to returns relative to the MSCI All Country World ex US Total Return Index during the semi-annual period included**: Financials, predominantly due to overweight positioning coupled with positive selection within the Italian and Chinese financials baskets; and materials, largely driven by positive selection and overweight positioning to the Canadian materials basket. **Sectors contributing the most to underperformance relative to the MSCI All Country World ex US Total Return Index included**: consumer discretionary, mostly driven by negative selection within the Chinese consumer discretionary basket.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iae4961bd720551b8e612d1ff.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham International Stock Fund - Class A** | **Dunham International Stock Fund - Class A- with load** | **MSCI ACWI ex USA Index** | **Morningstar Foreign Large Value Category** |
| **04/30/15** | $10000 | $9423 | $10000 | $10000 |
| **04/30/16** | $8731 | $8227 | $8872 | $8943 |
| **04/30/17** | $9836 | $9268 | $9989 | $9988 |
| **04/30/18** | $11450 | $10789 | $11578 | $11229 |
| **04/30/19** | $10707 | $10089 | $11205 | $10556 |
| **04/30/20** | $9576 | $9023 | $9915 | $8716 |
| **04/30/21** | $14775 | $13922 | $14176 | $12387 |
| **04/30/22** | $12910 | $12165 | $12714 | $11750 |
| **04/30/23** | $13958 | $13153 | $13102 | $12625 |
| **04/30/24** | $16449 | $15500 | $14324 | $13797 |
| **04/30/25** | $18573 | $17501 | $16032 | $15901 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Stock Fund |  |  |  |  |
| Class A Without Load | 9.67% | 12.91% | 14.17% | 6.39% |
| Class A With Load | 3.35% | 6.44% | 12.82% | 5.76% |
| Morningstar Foreign Large Value Category | 10.10% | 15.25% | 12.78% | 4.75% |
| MSCI ACWI ex USA Index | 5.95% | 11.92% | 10.09% | 4.83% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $161126095 |
| Number of Portfolio Holdings | 355 |
| Total Advisory Fee | $1199821 |
| Portfolio Turnover | 77% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5e5abce8e86c15f68a6fd3ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Equity | 0.5% |
| Utilities | 1.3% |
| Real Estate | 1.3% |
| Energy | 3.2% |
| Materials | 5.1% |
| Health Care | 6.3% |
| Consumer Discretionary | 6.5% |
| Consumer Staples | 7.1% |
| Money Market Funds | 8.1% |
| Industrials | 9.3% |
| Communications | 10.9% |
| Technology | 12.6% |
| Financials | 34.3% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iae4961bd720551b8e612d1ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 7.7% |
| Preferred Stocks | 1.5% |
| Warrant | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 2.9% |
| BNP Paribas S.A. | 2.2% |
| Deutsche Telekom A.G. | 2.2% |
| ABB Ltd. | 2.1% |
| Agnico Eagle Mines Ltd. | 2.0% |
| British American Tobacco plc - ADR | 1.8% |
| Bank of Ireland Group PLC | 1.7% |
| AstraZeneca PLC - ADR | 1.6% |
| Bank of China Ltd. - H Shares | 1.5% |
| Banco BPM SpA | 1.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](id17fe74a6dee7548e042629a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Other Countries | 13.7% |
| Hong Kong | 2.0% |
| Cayman Islands | 2.3% |
| France | 3.2% |
| Taiwan | 3.5% |
| Netherlands | 3.7% |
| Brazil | 3.8% |
| Switzerland | 4.5% |
| Italy | 4.6% |
| Korea (Republic Of) | 5.1% |
| Germany | 6.2% |
| Canada | 7.7% |
| United Kingdom | 8.3% |
| United States | 8.7% |
| Japan | 12.7% |
| China | 16.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i446fad1391f031b7b80d743e.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAINX

#### Dunham International Stock Fund

#### Class C (DCINX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i85fa1d0e107f2338b37db0db.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalstock/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $154 | 2.96% |

---

# How did the Fund perform during the reporting period?
**Developed markets outperformed emerging markets over the first half of the fiscal year**. Developed markets, as measured by the MSCI EAFE Total Return Index, rose 8.6 percent, while emerging markets, as measured by the MSCI Emerging Markets Total Return Index, merely gained 0.5 percent.

**Countries contributing the most to returns relative to the MSCI All Country World ex US Total Return Index during the semi-annual period were**: Italy, mostly due to overweight positioning coupled with positive selection within the Italian financials basket; and Denmark, mostly driven by underweight positioning to the Danish health care basket. Countries contributing the most to underperformance relative to the MSCI All Country World ex US Total Return Index included: Switzerland, predominantly driven by overweight positioning and negative selection within the Swiss information technology and industrials baskets, and China, primarily as a result of negative selection within the Chinese consumer discretionary, communication services, materials and health care baskets.

**Sectors contributing the most to returns relative to the MSCI All Country World ex US Total Return Index during the semi-annual period included**: Financials, predominantly due to overweight positioning coupled with positive selection within the Italian and Chinese financials baskets; and materials, largely driven by positive selection and overweight positioning to the Canadian materials basket. **Sectors contributing the most to underperformance relative to the MSCI All Country World ex US Total Return Index included**: consumer discretionary, mostly driven by negative selection within the Chinese consumer discretionary basket.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3fd575e91ae188a6fd95e28c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham International Stock Fund - Class C** | **MSCI ACWI ex USA Index** | **Morningstar Foreign Large Value Category** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $8666 | $8872 | $8943 |
| **Apr-2017** | $9681 | $9989 | $9988 |
| **Apr-2018** | $11191 | $11578 | $11229 |
| **Apr-2019** | $10388 | $11205 | $10556 |
| **Apr-2020** | $9219 | $9915 | $8716 |
| **Apr-2021** | $14125 | $14176 | $12387 |
| **Apr-2022** | $12251 | $12714 | $11750 |
| **Apr-2023** | $13143 | $13102 | $12625 |
| **Apr-2024** | $15369 | $14324 | $13797 |
| **Apr-2025** | $17226 | $16032 | $15901 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Stock Fund | 9.30% | 12.08% | 13.32% | 5.59% |
| Morningstar Foreign Large Value Category | 10.10% | 15.25% | 12.78% | 4.75% |
| MSCI ACWI ex USA Index | 5.95% | 11.92% | 10.09% | 4.83% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $161126095 |
| Number of Portfolio Holdings | 355 |
| Total Advisory Fee | $1199821 |
| Portfolio Turnover | 77% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i44fd2fb1abd0da3773b2ddc9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Equity | 0.5% |
| Utilities | 1.3% |
| Real Estate | 1.3% |
| Energy | 3.2% |
| Materials | 5.1% |
| Health Care | 6.3% |
| Consumer Discretionary | 6.5% |
| Consumer Staples | 7.1% |
| Money Market Funds | 8.1% |
| Industrials | 9.3% |
| Communications | 10.9% |
| Technology | 12.6% |
| Financials | 34.3% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6fdccbf66a799d0550ec3607.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 7.7% |
| Preferred Stocks | 1.5% |
| Warrant | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 2.9% |
| BNP Paribas S.A. | 2.2% |
| Deutsche Telekom A.G. | 2.2% |
| ABB Ltd. | 2.1% |
| Agnico Eagle Mines Ltd. | 2.0% |
| British American Tobacco plc - ADR | 1.8% |
| Bank of Ireland Group PLC | 1.7% |
| AstraZeneca PLC - ADR | 1.6% |
| Bank of China Ltd. - H Shares | 1.5% |
| Banco BPM SpA | 1.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ib670caf33bd59217d3616dfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Other Countries | 13.7% |
| Hong Kong | 2.0% |
| Cayman Islands | 2.3% |
| France | 3.2% |
| Taiwan | 3.5% |
| Netherlands | 3.7% |
| Brazil | 3.8% |
| Switzerland | 4.5% |
| Italy | 4.6% |
| Korea (Republic Of) | 5.1% |
| Germany | 6.2% |
| Canada | 7.7% |
| United Kingdom | 8.3% |
| United States | 8.7% |
| Japan | 12.7% |
| China | 16.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i05b70fe399a06e731ad4ac31.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCINX

#### Dunham International Stock Fund

#### Class N (DNINX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i5d84e48033dba8afd424da01.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/internationalstock/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $102 | 1.96% |

---

# How did the Fund perform during the reporting period?
**Developed markets outperformed emerging markets over the first half of the fiscal year**. Developed markets, as measured by the MSCI EAFE Total Return Index, rose 8.6 percent, while emerging markets, as measured by the MSCI Emerging Markets Total Return Index, merely gained 0.5 percent.

**Countries contributing the most to returns relative to the MSCI All Country World ex US Total Return Index during the semi-annual period were**: Italy, mostly due to overweight positioning coupled with positive selection within the Italian financials basket; and Denmark, mostly driven by underweight positioning to the Danish health care basket. Countries contributing the most to underperformance relative to the MSCI All Country World ex US Total Return Index included: Switzerland, predominantly driven by overweight positioning and negative selection within the Swiss information technology and industrials baskets, and China, primarily as a result of negative selection within the Chinese consumer discretionary, communication services, materials and health care baskets.

**Sectors contributing the most to returns relative to the MSCI All Country World ex US Total Return Index during the semi-annual period included**: Financials, predominantly due to overweight positioning coupled with positive selection within the Italian and Chinese financials baskets; and materials, largely driven by positive selection and overweight positioning to the Canadian materials basket. **Sectors contributing the most to underperformance relative to the MSCI All Country World ex US Total Return Index included**: consumer discretionary, mostly driven by negative selection within the Chinese consumer discretionary basket.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i9c952dfbab47d1ade07f5ecd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham International Stock Fund - Class N** | **MSCI ACWI ex USA Index** | **Morningstar Foreign Large Value Category** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $87566 | $88722 | $89433 |
| **Apr-2017** | $98796 | $99894 | $99877 |
| **Apr-2018** | $115338 | $115784 | $112293 |
| **Apr-2019** | $108119 | $112046 | $105556 |
| **Apr-2020** | $96977 | $99146 | $87156 |
| **Apr-2021** | $150000 | $141757 | $123869 |
| **Apr-2022** | $131404 | $127139 | $117503 |
| **Apr-2023** | $142424 | $131017 | $126250 |
| **Apr-2024** | $168219 | $143236 | $137965 |
| **Apr-2025** | $190438 | $160316 | $159006 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham International Stock Fund | 9.81% | 13.21% | 14.45% | 6.65% |
| Morningstar Foreign Large Value Category | 10.10% | 15.25% | 12.78% | 4.75% |
| MSCI ACWI ex USA Index | 5.95% | 11.92% | 10.09% | 4.83% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $161126095 |
| Number of Portfolio Holdings | 355 |
| Total Advisory Fee | $1199821 |
| Portfolio Turnover | 77% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i56ab8bbdcb62154ef6765e40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Equity | 0.5% |
| Utilities | 1.3% |
| Real Estate | 1.3% |
| Energy | 3.2% |
| Materials | 5.1% |
| Health Care | 6.3% |
| Consumer Discretionary | 6.5% |
| Consumer Staples | 7.1% |
| Money Market Funds | 8.1% |
| Industrials | 9.3% |
| Communications | 10.9% |
| Technology | 12.6% |
| Financials | 34.3% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifb52a933bbbf4b00fd254641.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 7.7% |
| Preferred Stocks | 1.5% |
| Warrant | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 2.9% |
| BNP Paribas S.A. | 2.2% |
| Deutsche Telekom A.G. | 2.2% |
| ABB Ltd. | 2.1% |
| Agnico Eagle Mines Ltd. | 2.0% |
| British American Tobacco plc - ADR | 1.8% |
| Bank of Ireland Group PLC | 1.7% |
| AstraZeneca PLC - ADR | 1.6% |
| Bank of China Ltd. - H Shares | 1.5% |
| Banco BPM SpA | 1.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i92b4e998e0f84602bb2fb927.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Other Countries | 13.7% |
| Hong Kong | 2.0% |
| Cayman Islands | 2.3% |
| France | 3.2% |
| Taiwan | 3.5% |
| Netherlands | 3.7% |
| Brazil | 3.8% |
| Switzerland | 4.5% |
| Italy | 4.6% |
| Korea (Republic Of) | 5.1% |
| Germany | 6.2% |
| Canada | 7.7% |
| United Kingdom | 8.3% |
| United States | 8.7% |
| Japan | 12.7% |
| China | 16.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](iad5381b260523e5c43b60ff5.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNINX

#### Dunham Large Cap Value Fund

#### Class A (DALVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i46b8462914b3304ef979c171.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/largecapvalue/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.35% |

---

# How did the Fund perform during the reporting period?
**The exposure to large capitalization stocks with a value style slightly detracted from Fund performance relative to the overall market over the first half of the fiscal year.** Large cap value companies, as measured by the Russell 1000 Value Index, decreased 1.8 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which lost 1.7 percent over the same period. However, when looking at all value stocks across both large and small capitalization companies, large value stocks outperformed small value stocks for the first half of the fiscal year.

**Stock selection yielded mixed results over the first half of the fiscal year.** The Fund maintains a concentrated portfolio, resulting in performance within each sector that significantly differed from the benchmark – some positive and some negative, yet overall reflecting similar outcomes directionally.

**Individual positions that positively/negatively impacted relative Fund performance.** Cencora, Inc. (COR) (holding weight\*: 1.40 percent), positively contributed to Fund performance, as the position gained 28.9 percent over the fiscal period. Delta Air Lines, Inc. (DAL) (holding weight\*: 1.05 percent), negatively contributed to Fund performance, as the position lost 27.1 percent over the first half of the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2025.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2dd0d97b77b445a0a95c8bb9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Large Cap Value Fund - Class A** | **Dunham Large Cap Value Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar Large Cap Value Category** |
| **04/30/15** | $10000 | $9426 | $10000 | $10000 | $10000 |
| **04/30/16** | $9702 | $9145 | $10121 | $9960 | $9736 |
| **04/30/17** | $10998 | $10367 | $11934 | $11608 | $11271 |
| **04/30/18** | $11997 | $11308 | $13517 | $12479 | $12342 |
| **04/30/19** | $12867 | $12128 | $15341 | $13610 | $13256 |
| **04/30/20** | $11552 | $10889 | $15474 | $12111 | $11718 |
| **04/30/21** | $16633 | $15678 | $22589 | $17673 | $17082 |
| **04/30/22** | $17062 | $16082 | $22637 | $17906 | $17608 |
| **04/30/23** | $17167 | $16182 | $23240 | $18123 | $17874 |
| **04/30/24** | $19558 | $18435 | $28507 | $20556 | $20449 |
| **04/30/25** | $20701 | $19512 | $31955 | $22313 | $21971 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Large Cap Value Fund |  |  |  |  |
| Class A Without Load | -3.77% | 5.84% | 12.37% | 7.55% |
| Class A With Load | -9.33% | -0.23% | 11.05% | 6.91% |
| Morningstar Large Cap Value Category | -2.25% | 7.44% | 13.40% | 8.19% |
| Russell 1000<sup>®</sup> Value Index | -1.86% | 8.55% | 13.00% | 8.36% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $177620136 |
| Number of Portfolio Holdings | 78 |
| Total Advisory Fee | $755851 |
| Portfolio Turnover | 9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f271c5ac70cc51b7a660184.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2e35380d683c8df537693476.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.4% |
| Utilities | 3.0% |
| Consumer Staples | 4.0% |
| Money Market Funds | 4.0% |
| Real Estate | 4.1% |
| Materials | 5.6% |
| Consumer Discretionary | 5.6% |
| Communications | 6.4% |
| Energy | 6.6% |
| Technology | 9.9% |
| Industrials | 14.8% |
| Health Care | 16.0% |
| Financials | 21.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.9% |
| Abbott Laboratories | 2.5% |
| Berkshire Hathaway, Inc. - Class B | 2.5% |
| Exxon Mobil Corporation | 2.1% |
| RTX Corporation | 2.0% |
| Bank of America Corporation | 2.0% |
| Wells Fargo & Company | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Blackrock, Inc. | 1.9% |
| Parker-Hannifin Corporation | 1.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i11447c5947ebbfc87ed484d4.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DALVX

#### Dunham Large Cap Value Fund

#### Class C (DCLVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i8ad9db21ad0060baa84e17a1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/largecapvalue/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $102 | 2.10% |

---

# How did the Fund perform during the reporting period?
**The exposure to large capitalization stocks with a value style slightly detracted from Fund performance relative to the overall market over the first half of the fiscal year.** Large cap value companies, as measured by the Russell 1000 Value Index, decreased 1.8 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which lost 1.7 percent over the same period. However, when looking at all value stocks across both large and small capitalization companies, large value stocks outperformed small value stocks for the first half of the fiscal year.

**Stock selection yielded mixed results over the first half of the fiscal year.** The Fund maintains a concentrated portfolio, resulting in performance within each sector that significantly differed from the benchmark – some positive and some negative, yet overall reflecting similar outcomes directionally.

**Individual positions that positively/negatively impacted relative Fund performance.** Cencora, Inc. (COR) (holding weight\*: 1.40 percent), positively contributed to Fund performance, as the position gained 28.9 percent over the fiscal period. Delta Air Lines, Inc. (DAL) (holding weight\*: 1.05 percent), negatively contributed to Fund performance, as the position lost 27.1 percent over the first half of the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2025.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i030a4bae767c879156b6c8ef.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Large Cap Value Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar Large Cap Value Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9632 | $10121 | $9960 | $9736 |
| **Apr-2017** | $10831 | $11934 | $11608 | $11271 |
| **Apr-2018** | $11731 | $13517 | $12479 | $12342 |
| **Apr-2019** | $12483 | $15341 | $13610 | $13256 |
| **Apr-2020** | $11125 | $15474 | $12111 | $11718 |
| **Apr-2021** | $15897 | $22589 | $17673 | $17082 |
| **Apr-2022** | $16187 | $22637 | $17906 | $17608 |
| **Apr-2023** | $16168 | $23240 | $18123 | $17874 |
| **Apr-2024** | $18285 | $28507 | $20556 | $20449 |
| **Apr-2025** | $19205 | $31955 | $22313 | $21971 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Large Cap Value Fund | -4.13% | 5.03% | 11.54% | 6.74% |
| Morningstar Large Cap Value Category | -2.25% | 7.44% | 13.40% | 8.19% |
| Russell 1000<sup>®</sup> Value Index | -1.86% | 8.55% | 13.00% | 8.36% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $177620136 |
| Number of Portfolio Holdings | 78 |
| Total Advisory Fee | $755851 |
| Portfolio Turnover | 9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia12c39e910749f09e4630669.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5af84966ae76adbaf7f8fb4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.4% |
| Utilities | 3.0% |
| Consumer Staples | 4.0% |
| Money Market Funds | 4.0% |
| Real Estate | 4.1% |
| Materials | 5.6% |
| Consumer Discretionary | 5.6% |
| Communications | 6.4% |
| Energy | 6.6% |
| Technology | 9.9% |
| Industrials | 14.8% |
| Health Care | 16.0% |
| Financials | 21.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.9% |
| Abbott Laboratories | 2.5% |
| Berkshire Hathaway, Inc. - Class B | 2.5% |
| Exxon Mobil Corporation | 2.1% |
| RTX Corporation | 2.0% |
| Bank of America Corporation | 2.0% |
| Wells Fargo & Company | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Blackrock, Inc. | 1.9% |
| Parker-Hannifin Corporation | 1.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ie97b957d43bdeea97e5636d2.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCLVX

#### Dunham Large Cap Value Fund

#### Class N (DNLVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i9c45659a64a2368be5b2cf74.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/largecapvalue/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $54 | 1.10% |

---

# How did the Fund perform during the reporting period?
**The exposure to large capitalization stocks with a value style slightly detracted from Fund performance relative to the overall market over the first half of the fiscal year.** Large cap value companies, as measured by the Russell 1000 Value Index, decreased 1.8 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which lost 1.7 percent over the same period. However, when looking at all value stocks across both large and small capitalization companies, large value stocks outperformed small value stocks for the first half of the fiscal year.

**Stock selection yielded mixed results over the first half of the fiscal year.** The Fund maintains a concentrated portfolio, resulting in performance within each sector that significantly differed from the benchmark – some positive and some negative, yet overall reflecting similar outcomes directionally.

**Individual positions that positively/negatively impacted relative Fund performance.** Cencora, Inc. (COR) (holding weight\*: 1.40 percent), positively contributed to Fund performance, as the position gained 28.9 percent over the fiscal period. Delta Air Lines, Inc. (DAL) (holding weight\*: 1.05 percent), negatively contributed to Fund performance, as the position lost 27.1 percent over the first half of the fiscal year.

\* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2025.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ic2cf379ba55d8336b6f9043c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Large Cap Value Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar Large Cap Value Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $97283 | $101206 | $99596 | $97359 |
| **Apr-2017** | $110485 | $119341 | $116080 | $112709 |
| **Apr-2018** | $120891 | $135173 | $124789 | $123420 |
| **Apr-2019** | $129943 | $153414 | $136099 | $132563 |
| **Apr-2020** | $116967 | $154738 | $121110 | $117184 |
| **Apr-2021** | $168890 | $225889 | $176730 | $170815 |
| **Apr-2022** | $173616 | $226370 | $179059 | $176081 |
| **Apr-2023** | $175133 | $232402 | $181231 | $178744 |
| **Apr-2024** | $200026 | $285068 | $205556 | $204494 |
| **Apr-2025** | $212290 | $319550 | $223132 | $219710 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Large Cap Value Fund | -3.65% | 6.13% | 12.66% | 7.82% |
| Morningstar Large Cap Value Category | -2.25% | 7.44% | 13.40% | 8.19% |
| Russell 1000<sup>®</sup> Value Index | -1.86% | 8.55% | 13.00% | 8.36% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $177620136 |
| Number of Portfolio Holdings | 78 |
| Total Advisory Fee | $755851 |
| Portfolio Turnover | 9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i533268353e5292de197490c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3208c8a6101923be4b85818f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.4% |
| Utilities | 3.0% |
| Consumer Staples | 4.0% |
| Money Market Funds | 4.0% |
| Real Estate | 4.1% |
| Materials | 5.6% |
| Consumer Discretionary | 5.6% |
| Communications | 6.4% |
| Energy | 6.6% |
| Technology | 9.9% |
| Industrials | 14.8% |
| Health Care | 16.0% |
| Financials | 21.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.9% |
| Abbott Laboratories | 2.5% |
| Berkshire Hathaway, Inc. - Class B | 2.5% |
| Exxon Mobil Corporation | 2.1% |
| RTX Corporation | 2.0% |
| Bank of America Corporation | 2.0% |
| Wells Fargo & Company | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Blackrock, Inc. | 1.9% |
| Parker-Hannifin Corporation | 1.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i5daf227905f6a804edab53c3.jpg)

#### Dunham Large Cap Value Fund - Class N (DNLVX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNLVX

#### Dunham Long/Short Credit Fund

#### Class A (DAAIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i974653c05e849e52786677bd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/longshortcredit/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $56 | 1.11% |

---

#### How did the Fund perform during the reporting period?
**The Fund's core long positions were the strongest contributor to Fund performance over the first six months of the fiscal year.** The core long positions were the largest source of positive performance, with gains driven by short duration holdings from the financial services sector.

**The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.84 years.** This exposure was a tailwind to positive Fund Performance over the first fiscal quarter, but meaningfully detracted in the most recent fiscal quarter as the yield on the 10-year US Treasury fell to 4.16 percent.

**Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year.** For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 1.7 percent, as measured by the ICE BofA US Cash Pay High Yield Index, over the fiscal six-month period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2d3f49f2da46076b70d1dc19.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Long/Short Credit Fund - Class A** | **Dunham Long/Short Credit Fund - Class A- with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Nontraditional Bond Category** | **BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%** |
| **04/30/15** | $10000 | $9424 | $10000 | $10000 | $10000 |
| **04/30/16** | $8739 | $8236 | $10272 | $9852 | $10315 |
| **04/30/17** | $9552 | $9001 | $10357 | $10376 | $10665 |
| **04/30/18** | $10345 | $9749 | $10324 | $10634 | $11110 |
| **04/30/19** | $11269 | $10619 | $10870 | $10865 | $11686 |
| **04/30/20** | $11572 | $10905 | $12049 | $10540 | $12279 |
| **04/30/21** | $12357 | $11645 | $12017 | $11685 | $12661 |
| **04/30/22** | $12287 | $11579 | $10994 | $11277 | $13050 |
| **04/30/23** | $11998 | $11307 | $10947 | $11203 | $13812 |
| **04/30/24** | $12616 | $11889 | $10786 | $11888 | $14971 |
| **04/30/25** | $13112 | $12356 | $11651 | $12541 | $16156 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Long/Short Credit Fund |  |  |  |  |
| Class A Without Load | 1.65% | 3.93% | 2.53% | 2.75% |
| Class A With Load | -4.24% | -2.09% | 1.33% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 2.12% | 7.92% | 5.64% | 4.91% |
| Morningstar Nontraditional Bond Category | 1.51% | 5.50% | 3.54% | 2.29% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $220393196 |
| Number of Portfolio Holdings | 70 |
| Total Advisory Fee | $859095 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icdae959998616d71e23d6a27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0% |
| Corporate Bonds | 45.6% |
| Money Market Funds | 6.1% |
| Municipal Bonds | 1.1% |
| Non U.S. Government & Agencies | 1.0% |
| U.S. Government & Agencies | 46.2% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e63d5d47861dade1ba1717a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.6% |
| Consumer Staples | 0.8% |
| Sovereign | 1.0% |
| Technology | 1.1% |
| Education | 1.1% |
| Health Care | 1.7% |
| Industrials | 2.1% |
| Materials | 2.3% |
| Energy | 2.8% |
| Consumer Discretionary | 5.0% |
| Communications | 5.2% |
| Utilities | 5.7% |
| Money Market Funds | 6.3% |
| Financials | 20.1% |
| U.S. Treasury Obligations | 47.4% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of open futures, credit default swaps and total return swaps, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 0.000%, 09/18/25 | 12.2% |
| United States Treasury Bill, 0.000%, 07/10/25 | 12.2% |
| United States Treasury Bill, 0.000%, 06/17/25 | 12.2% |
| United States Treasury Bill, 0.000%, 05/06/25 | 3.3% |
| First American Government Obligations Fund, Class X | 3.3% |
| Mount Vernon Liquid Assets Portfolio | 3.0% |
| United States Treasury Note, 4.500%, 11/15/54 | 2.8% |
| United States Treasury Note, 4.625%, 02/15/35 | 2.7% |
| Wells Fargo & Company, 5.018%, 01/15/27 | 2.3% |
| Frontier Communications Holdings, LLC, 6.000%, 01/15/30 | 2.2% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](ic46da97155ca0716adfbbd84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Credit Default Swap | -5.4% |
| Bond | -15.4% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](iff1db2ffcd277f283cfc2c0d.jpg)

#### Dunham Long/Short Credit Fund - Class A (DAAIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAAIX

#### Dunham Long/Short Credit Fund

#### Class C (DCAIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ied55e22d8d010c24131d4c24.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/longshortcredit/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $95 | 1.91% |

---

#### How did the Fund perform during the reporting period?
**The Fund's core long positions were the strongest contributor to Fund performance over the first six months of the fiscal year.** The core long positions were the largest source of positive performance, with gains driven by short duration holdings from the financial services sector.

**The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.84 years.** This exposure was a tailwind to positive Fund Performance over the first fiscal quarter, but meaningfully detracted in the most recent fiscal quarter as the yield on the 10-year US Treasury fell to 4.16 percent.

**Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year.** For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 1.7 percent, as measured by the ICE BofA US Cash Pay High Yield Index, over the fiscal six-month period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8453725dc8170d7989e9e327.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Long/Short Credit Fund - Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Nontraditional Bond Category** | **BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $8679 | $10272 | $9852 | $10315 |
| **Apr-2017** | $9407 | $10357 | $10376 | $10665 |
| **Apr-2018** | $10118 | $10324 | $10634 | $11110 |
| **Apr-2019** | $10937 | $10870 | $10865 | $11686 |
| **Apr-2020** | $11148 | $12049 | $10540 | $12279 |
| **Apr-2021** | $11818 | $12017 | $11685 | $12661 |
| **Apr-2022** | $11655 | $10994 | $11277 | $13050 |
| **Apr-2023** | $11299 | $10947 | $11203 | $13812 |
| **Apr-2024** | $11792 | $10786 | $11888 | $14971 |
| **Apr-2025** | $12175 | $11651 | $12541 | $16156 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Long/Short Credit Fund | 1.37% | 3.25% | 1.78% | 1.99% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 2.12% | 7.92% | 5.64% | 4.91% |
| Morningstar Nontraditional Bond Category | 1.51% | 5.50% | 3.54% | 2.29% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $220393196 |
| Number of Portfolio Holdings | 70 |
| Total Advisory Fee | $859095 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8d30817af1de4a24b82865b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0% |
| Corporate Bonds | 45.6% |
| Money Market Funds | 6.1% |
| Municipal Bonds | 1.1% |
| Non U.S. Government & Agencies | 1.0% |
| U.S. Government & Agencies | 46.2% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i177ff64a25df1e0bf9a9e7e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.6% |
| Consumer Staples | 0.8% |
| Sovereign | 1.0% |
| Technology | 1.1% |
| Education | 1.1% |
| Health Care | 1.7% |
| Industrials | 2.1% |
| Materials | 2.3% |
| Energy | 2.8% |
| Consumer Discretionary | 5.0% |
| Communications | 5.2% |
| Utilities | 5.7% |
| Money Market Funds | 6.3% |
| Financials | 20.1% |
| U.S. Treasury Obligations | 47.4% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of open futures, credit default swaps and total return swaps, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 0.000%, 09/18/25 | 12.2% |
| United States Treasury Bill, 0.000%, 07/10/25 | 12.2% |
| United States Treasury Bill, 0.000%, 06/17/25 | 12.2% |
| United States Treasury Bill, 0.000%, 05/06/25 | 3.3% |
| First American Government Obligations Fund, Class X | 3.3% |
| Mount Vernon Liquid Assets Portfolio | 3.0% |
| United States Treasury Note, 4.500%, 11/15/54 | 2.8% |
| United States Treasury Note, 4.625%, 02/15/35 | 2.7% |
| Wells Fargo & Company, 5.018%, 01/15/27 | 2.3% |
| Frontier Communications Holdings, LLC, 6.000%, 01/15/30 | 2.2% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i14aa3c9f47482aca25040755.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Credit Default Swap | -5.4% |
| Bond | -15.4% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i752389813c681e19fe44a51b.jpg)

#### Dunham Long/Short Credit Fund - Class C (DCAIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCAIX

#### Dunham Long/Short Credit Fund

#### Class N (DNAIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i7346207bb05bacc280c9c535.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/longshortcredit/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $46 | 0.91% |

---

#### How did the Fund perform during the reporting period?
**The Fund's core long positions were the strongest contributor to Fund performance over the first six months of the fiscal year.** The core long positions were the largest source of positive performance, with gains driven by short duration holdings from the financial services sector.

**The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.84 years.** This exposure was a tailwind to positive Fund Performance over the first fiscal quarter, but meaningfully detracted in the most recent fiscal quarter as the yield on the 10-year US Treasury fell to 4.16 percent.

**Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year.** For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 1.7 percent, as measured by the ICE BofA US Cash Pay High Yield Index, over the fiscal six-month period.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](id0c1c60793ed3eb5a3674d6d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Long/Short Credit Fund - Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar Nontraditional Bond Category** | **BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $87759 | $102720 | $98520 | $103148 |
| **Apr-2017** | $96048 | $103572 | $103762 | $106652 |
| **Apr-2018** | $104262 | $103241 | $106337 | $111104 |
| **Apr-2019** | $113906 | $108703 | $108647 | $116861 |
| **Apr-2020** | $117264 | $120488 | $105398 | $122787 |
| **Apr-2021** | $125495 | $120167 | $116852 | $126608 |
| **Apr-2022** | $125101 | $109938 | $112765 | $130501 |
| **Apr-2023** | $122469 | $109468 | $112027 | $138118 |
| **Apr-2024** | $129079 | $107861 | $118876 | $149710 |
| **Apr-2025** | $134630 | $116511 | $125413 | $161558 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Long/Short Credit Fund | 1.77% | 4.30% | 2.80% | 3.02% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 2.12% | 7.92% | 5.64% | 4.91% |
| Morningstar Nontraditional Bond Category | 1.51% | 5.50% | 3.54% | 2.29% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $220393196 |
| Number of Portfolio Holdings | 70 |
| Total Advisory Fee | $859095 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i66b4d45447f13c3b604300ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0% |
| Corporate Bonds | 45.6% |
| Money Market Funds | 6.1% |
| Municipal Bonds | 1.1% |
| Non U.S. Government & Agencies | 1.0% |
| U.S. Government & Agencies | 46.2% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idd20ffb013feb16221df86e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.6% |
| Consumer Staples | 0.8% |
| Sovereign | 1.0% |
| Technology | 1.1% |
| Education | 1.1% |
| Health Care | 1.7% |
| Industrials | 2.1% |
| Materials | 2.3% |
| Energy | 2.8% |
| Consumer Discretionary | 5.0% |
| Communications | 5.2% |
| Utilities | 5.7% |
| Money Market Funds | 6.3% |
| Financials | 20.1% |
| U.S. Treasury Obligations | 47.4% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of open futures, credit default swaps and total return swaps, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 0.000%, 09/18/25 | 12.2% |
| United States Treasury Bill, 0.000%, 07/10/25 | 12.2% |
| United States Treasury Bill, 0.000%, 06/17/25 | 12.2% |
| United States Treasury Bill, 0.000%, 05/06/25 | 3.3% |
| First American Government Obligations Fund, Class X | 3.3% |
| Mount Vernon Liquid Assets Portfolio | 3.0% |
| United States Treasury Note, 4.500%, 11/15/54 | 2.8% |
| United States Treasury Note, 4.625%, 02/15/35 | 2.7% |
| Wells Fargo & Company, 5.018%, 01/15/27 | 2.3% |
| Frontier Communications Holdings, LLC, 6.000%, 01/15/30 | 2.2% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](id6401e5ae40f538d2d0b379e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Credit Default Swap | -5.4% |
| Bond | -15.4% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i5f6a548f88d5222ca5f03d76.jpg)

#### Dunham Long/Short Credit Fund - Class N (DNAIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNAIX

#### Dunham Monthly Distribution Fund

#### Class A (DAMDX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i7220a0ba2dce315324a72917.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $127 | 2.51% |

---

# How did the Fund perform during the reporting period?
**Despite initial optimism that the new Presidential administration may be less restrictive on merger deals, uncertainty has tempered excitement.** The new Presidential administration was anticipated to be less scrutinizing of mergers in general. However, any expected jump in overall merger activity due to this stance was likely mitigated by the introduction of large tariffs and other political uncertainty.

**One of the largest merger deals in the Fund was directly blocked by then-President Biden in early January.** One of the most politically-scrutinized deals in the Fund was directly targeted by President Biden in early January, resulting in the foreign acquirer as well as the US target seeking litigation to revitalize the deal.

**Although derivatives are generally used sparingly in the Fund, the Sub-Adviser used multiple options strategies during the six-month period.** The Sub-Adviser used both collar strategies, which involves writing a call and buying a put on the same underlying stock to potentially limit downside, while also limiting upside, on stocks that are a target in an announced merger.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1c148296485fc8d11e1aa4ba.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Monthly Distribution Fund - Class A** | **Dunham Monthly Distribution Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Morningstar Event Driven Category** | **Credit Suisse Merger Arb Liquidity Beta Index** |
| **04/30/15** | $10000 | $9425 | $10000 | $10000 | $10000 |
| **04/30/16** | $9535 | $8986 | $10121 | $9831 | $10095 |
| **04/30/17** | $10073 | $9493 | $11934 | $10386 | $10174 |
| **04/30/18** | $10130 | $9547 | $13517 | $10515 | $10561 |
| **04/30/19** | $10552 | $9945 | $15341 | $11255 | $11170 |
| **04/30/20** | $10370 | $9774 | $15474 | $11145 | $11249 |
| **04/30/21** | $11063 | $10427 | $22589 | $12873 | $12433 |
| **04/30/22** | $10659 | $10045 | $22637 | $12710 | $12535 |
| **04/30/23** | $10887 | $10261 | $23240 | $12828 | $12933 |
| **04/30/24** | $11208 | $10563 | $28507 | $13341 | $13273 |
| **04/30/25** | $12121 | $11423 | $31955 | $14135 | $14603 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.

For disclosure regarding the extent to which the Fund's distribution policy resulted in distributions of capital during the reporting period ending April 30, 2025 (i.e., a return of capital), please refer to the Fund's Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Monthly Distribution Fund |  |  |  |  |
| Class A Without Load | 3.74% | 8.14% | 3.17% | 1.94% |
| Class A With Load | -2.21% | 1.91% | 1.95% | 1.34% |
| Credit Suisse Merger Arb Liquidity Beta Index | 5.22% | 10.03% | 5.36% | 3.86% |
| Morningstar Event Driven Category | 2.17% | 5.96% | 4.87% | 3.52% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $224650828 |
| Number of Portfolio Holdings | 66 |
| Total Advisory Fee | $1494324 |
| Portfolio Turnover | 73% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7b81490b6eedb154fcde6c06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 2.3% |
| Common Stocks | 104.4% |
| Money Market Funds | 26.3% |
| Purchased Options | 0.2% |
| Right | 0.5% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i777768fdd6d4aad9f8909fa1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 15.2% |
| Purchased Options | 0.1% |
| Energy | 12.4% |
| Equity | 1.6% |
| Technology | 2.9% |
| Health Care | 3.3% |
| Real Estate | 3.9% |
| Industrials | 4.5% |
| Communications | 13.2% |
| Financials | 5.5% |
| Consumer Staples | 7.8% |
| Materials | 10.6% |
| Consumer Discretionary | 12.4% |
| Money Market Funds | 19.2% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hess Corporation | 6.8% |
| AZEK Company, Inc. (The) | 5.8% |
| Covestro A.G. 144A | 5.7% |
| Liberty Broadband Corporation - Series C | 5.3% |
| Frontier Communications Parent, Inc. | 4.7% |
| United States Steel Corporation | 4.5% |
| Walgreens Boots Alliance, Inc. | 4.3% |
| ESR Cayman Ltd. 144A | 3.9% |
| Veren, Inc. | 3.7% |
| Amedisys, Inc. | 3.3% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i406f30a659369f8acace6051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currency Contracts | 10.7% |
| Industrials | -0.1% |
| Financials | -0.4% |
| Materials | -1.2% |
| Call Options Written | -1.4% |
| Communications | -8.5% |
| Energy | -13.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](id8ae633cfafa70dae1a40755.jpg)

#### Dunham Monthly Distribution Fund - Class A (DAMDX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAMDX

#### Dunham Monthly Distribution Fund

#### Class C (DCMDX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i4257bc2478f7f7791e0b15d4.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $164 | 3.26% |

---

# How did the Fund perform during the reporting period?
**Despite initial optimism that the new Presidential administration may be less restrictive on merger deals, uncertainty has tempered excitement.** The new Presidential administration was anticipated to be less scrutinizing of mergers in general. However, any expected jump in overall merger activity due to this stance was likely mitigated by the introduction of large tariffs and other political uncertainty.

**One of the largest merger deals in the Fund was directly blocked by then-President Biden in early January.** One of the most politically-scrutinized deals in the Fund was directly targeted by President Biden in early January, resulting in the foreign acquirer as well as the US target seeking litigation to revitalize the deal.

**Although derivatives are generally used sparingly in the Fund, the Sub-Adviser used multiple options strategies during the six-month period.** The Sub-Adviser used both collar strategies, which involves writing a call and buying a put on the same underlying stock to potentially limit downside, while also limiting upside, on stocks that are a target in an announced merger.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8731a6a10ed3dbb438dd623e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Monthly Distribution Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Morningstar Event Driven Category** | **Credit Suisse Merger Arb Liquidity Beta Index** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9460 | $10121 | $9831 | $10095 |
| **Apr-2017** | $9918 | $11934 | $10386 | $10174 |
| **Apr-2018** | $9900 | $13517 | $10515 | $10561 |
| **Apr-2019** | $10235 | $15341 | $11255 | $11170 |
| **Apr-2020** | $9984 | $15474 | $11145 | $11249 |
| **Apr-2021** | $10568 | $22589 | $12873 | $12433 |
| **Apr-2022** | $10111 | $22637 | $12710 | $12535 |
| **Apr-2023** | $10250 | $23240 | $12828 | $12933 |
| **Apr-2024** | $10472 | $28507 | $13341 | $13273 |
| **Apr-2025** | $11236 | $31955 | $14135 | $14603 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.

For disclosure regarding the extent to which the Fund's distribution policy resulted in distributions of capital during the reporting period ending April 30, 2025 (i.e., a return of capital), please refer to the Fund's Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Monthly Distribution Fund | 3.35% | 7.30% | 2.39% | 1.17% |
| Credit Suisse Merger Arb Liquidity Beta Index | 5.22% | 10.03% | 5.36% | 3.86% |
| Morningstar Event Driven Category | 2.17% | 5.96% | 4.87% | 3.52% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $224650828 |
| Number of Portfolio Holdings | 66 |
| Total Advisory Fee | $1494324 |
| Portfolio Turnover | 73% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id2210c8dc96795e30120e41d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 2.3% |
| Common Stocks | 104.4% |
| Money Market Funds | 26.3% |
| Purchased Options | 0.2% |
| Right | 0.5% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i070fc9cf96f57e405ecfe006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 15.2% |
| Purchased Options | 0.1% |
| Energy | 12.4% |
| Equity | 1.6% |
| Technology | 2.9% |
| Health Care | 3.3% |
| Real Estate | 3.9% |
| Industrials | 4.5% |
| Communications | 13.2% |
| Financials | 5.5% |
| Consumer Staples | 7.8% |
| Materials | 10.6% |
| Consumer Discretionary | 12.4% |
| Money Market Funds | 19.2% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hess Corporation | 6.8% |
| AZEK Company, Inc. (The) | 5.8% |
| Covestro A.G. 144A | 5.7% |
| Liberty Broadband Corporation - Series C | 5.3% |
| Frontier Communications Parent, Inc. | 4.7% |
| United States Steel Corporation | 4.5% |
| Walgreens Boots Alliance, Inc. | 4.3% |
| ESR Cayman Ltd. 144A | 3.9% |
| Veren, Inc. | 3.7% |
| Amedisys, Inc. | 3.3% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](ia3304f73c277ed2fe8699e89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currency Contracts | 10.7% |
| Industrials | -0.1% |
| Financials | -0.4% |
| Materials | -1.2% |
| Call Options Written | -1.4% |
| Communications | -8.5% |
| Energy | -13.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](iac9a0bdf3b342a72363249d5.jpg)

#### Dunham Monthly Distribution Fund - Class C (DCMDX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCMDX

#### Dunham Monthly Distribution Fund

#### Class N (DNMDX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](idd8df6332bc82d2a99053d3d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $114 | 2.25% |

---

# How did the Fund perform during the reporting period?
**Despite initial optimism that the new Presidential administration may be less restrictive on merger deals, uncertainty has tempered excitement.** The new Presidential administration was anticipated to be less scrutinizing of mergers in general. However, any expected jump in overall merger activity due to this stance was likely mitigated by the introduction of large tariffs and other political uncertainty.

**One of the largest merger deals in the Fund was directly blocked by then-President Biden in early January.** One of the most politically-scrutinized deals in the Fund was directly targeted by President Biden in early January, resulting in the foreign acquirer as well as the US target seeking litigation to revitalize the deal.

**Although derivatives are generally used sparingly in the Fund, the Sub-Adviser used multiple options strategies during the six-month period.** The Sub-Adviser used both collar strategies, which involves writing a call and buying a put on the same underlying stock to potentially limit downside, while also limiting upside, on stocks that are a target in an announced merger.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ia7da4c059bd5648d1cbb91c1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Monthly Distribution Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Morningstar Event Driven Category** | **Credit Suisse Merger Arb Liquidity Beta Index** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $95598 | $101206 | $98314 | $100953 |
| **Apr-2017** | $101227 | $119341 | $103859 | $101739 |
| **Apr-2018** | $102068 | $135173 | $105145 | $105607 |
| **Apr-2019** | $106583 | $153414 | $112553 | $111697 |
| **Apr-2020** | $104998 | $154738 | $111452 | $112484 |
| **Apr-2021** | $112272 | $225889 | $128733 | $124328 |
| **Apr-2022** | $108470 | $226370 | $127095 | $125350 |
| **Apr-2023** | $111076 | $232402 | $128277 | $129327 |
| **Apr-2024** | $114638 | $285068 | $133406 | $132730 |
| **Apr-2025** | $124254 | $319550 | $141351 | $146028 |

---

#### Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.

For disclosure regarding the extent to which the Fund's distribution policy resulted in distributions of capital during the reporting period ending April 30, 2025 (i.e., a return of capital), please refer to the Fund's Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Monthly Distribution Fund | 3.83% | 8.39% | 3.43% | 2.20% |
| Credit Suisse Merger Arb Liquidity Beta Index | 5.22% | 10.03% | 5.36% | 3.86% |
| Morningstar Event Driven Category | 2.17% | 5.96% | 4.87% | 3.52% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $224650828 |
| Number of Portfolio Holdings | 66 |
| Total Advisory Fee | $1494324 |
| Portfolio Turnover | 73% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if74f6d6a7729880d3c00f41a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 2.3% |
| Common Stocks | 104.4% |
| Money Market Funds | 26.3% |
| Purchased Options | 0.2% |
| Right | 0.5% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i709d10c48176f70b8bac9aaf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 15.2% |
| Purchased Options | 0.1% |
| Energy | 12.4% |
| Equity | 1.6% |
| Technology | 2.9% |
| Health Care | 3.3% |
| Real Estate | 3.9% |
| Industrials | 4.5% |
| Communications | 13.2% |
| Financials | 5.5% |
| Consumer Staples | 7.8% |
| Materials | 10.6% |
| Consumer Discretionary | 12.4% |
| Money Market Funds | 19.2% |

---

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio's net assets.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hess Corporation | 6.8% |
| AZEK Company, Inc. (The) | 5.8% |
| Covestro A.G. 144A | 5.7% |
| Liberty Broadband Corporation - Series C | 5.3% |
| Frontier Communications Parent, Inc. | 4.7% |
| United States Steel Corporation | 4.5% |
| Walgreens Boots Alliance, Inc. | 4.3% |
| ESR Cayman Ltd. 144A | 3.9% |
| Veren, Inc. | 3.7% |
| Amedisys, Inc. | 3.3% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](ie801b48deeaf3c786485bd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currency Contracts | 10.7% |
| Industrials | -0.1% |
| Financials | -0.4% |
| Materials | -1.2% |
| Call Options Written | -1.4% |
| Communications | -8.5% |
| Energy | -13.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ib12d016f351c7a1ca3b903e7.jpg)

#### Dunham Monthly Distribution Fund - Class N (DNMDX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNMDX

#### Dunham Real Estate Stock Fund

#### Class A (DAREX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](id6991a67bbd7ed7009737bf9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/realestate/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $79 | 1.69% |

---

# How did the Fund perform during the reporting period?
**The exposure to telecom tower REITs meaningfully contributed to Fund performance over the first half of the fiscal year.** The Fund benefited from a slight overweight, as well as security selection within the space, as demand for wireless connectivity, particularly as the transition to 5G and the expansion of existing 4G networks, has increased.

**Off-benchmark exposures largely detracted from relative Fund performance over the fiscal period.** The exposure to casinos and rail transportation negatively impacted Fund performance over the six-month period, overshadowing positive contributions from positions related to power and energy.

**The Fund's underweight exposure to office and lodging/resorts REITs positively contributed to Fund performance.** The Sub-Adviser focuses on companies with competitive advantages that it believes could increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3a8128e19b85fedbcb89f976.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Real Estate Stock Fund - Class A** | **Dunham Real Estate Stock Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Real Estate Index** | **Morningstar Real Estate Category** |
| **04/30/15** | $10000 | $9426 | $10000 | $10000 | $10000 |
| **04/30/16** | $10538 | $9933 | $10121 | $10641 | $10567 |
| **04/30/17** | $11032 | $10399 | $11934 | $11493 | $11141 |
| **04/30/18** | $10663 | $10051 | $13517 | $11474 | $10954 |
| **04/30/19** | $12437 | $11723 | $15341 | $13661 | $12736 |
| **04/30/20** | $12556 | $11836 | $15474 | $12411 | $11131 |
| **04/30/21** | $17484 | $16480 | $22589 | $16586 | $15405 |
| **04/30/22** | $14967 | $14108 | $22637 | $17786 | $16647 |
| **04/30/23** | $11219 | $10575 | $23240 | $15192 | $14012 |
| **04/30/24** | $11455 | $10797 | $28507 | $15096 | $14027 |
| **04/30/25** | $12000 | $11312 | $31955 | $17719 | $15932 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Real Estate Stock Fund |  |  |  |  |
| Class A Without Load | -11.06% | 4.76% | -0.90% | 1.84% |
| Class A With Load | -16.19% | -1.25% | -2.07% | 1.24% |
| Dow Jones US Real Estate Index | -2.96% | 17.38% | 7.38% | 5.89% |
| Morningstar Real Estate Category | -5.03% | 13.58% | 7.44% | 4.77% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $50921647 |
| Number of Portfolio Holdings | 42 |
| Total Advisory Fee | $241209 |
| Portfolio Turnover | 7% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i92f8aece1373260cb4d6bf83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e816ca45a812f80aa0ddf44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.1% |
| Consumer Staples | 0.8% |
| Communications | 0.9% |
| Energy | 1.2% |
| Industrials | 1.8% |
| Technology | 2.2% |
| Consumer Discretionary | 5.2% |
| Money Market Funds | 5.6% |
| Financials | 13.8% |
| Real Estate | 72.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| American Tower Corporation - Class A | 8.2% |
| Prologis, Inc. | 7.1% |
| Equinix, Inc. | 6.8% |
| FTAI Infrastructure, LLC | 5.3% |
| FTAI Aviation Ltd. | 5.2% |
| Crown Castle, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.6% |
| Simon Property Group, Inc. | 3.4% |
| Wynn Resorts Ltd. | 3.4% |
| Ventas, Inc. | 3.3% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](idf39e9590bd6b9d82122adaa.jpg)

#### Dunham Real Estate Stock Fund - Class A (DAREX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DAREX

#### Dunham Real Estate Stock Fund

#### Class C (DCREX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i955f8dc4e89b20651c611f34.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/realestate/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $114 | 2.44% |

---

# How did the Fund perform during the reporting period?
**The exposure to telecom tower REITs meaningfully contributed to Fund performance over the first half of the fiscal year.** The Fund benefited from a slight overweight, as well as security selection within the space, as demand for wireless connectivity, particularly as the transition to 5G and the expansion of existing 4G networks, has increased.

**Off-benchmark exposures largely detracted from relative Fund performance over the fiscal period.** The exposure to casinos and rail transportation negatively impacted Fund performance over the six-month period, overshadowing positive contributions from positions related to power and energy.

**The Fund's underweight exposure to office and lodging/resorts REITs positively contributed to Fund performance.** The Sub-Adviser focuses on companies with competitive advantages that it believes could increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7863311d40ed71daa3c95653.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Real Estate Stock Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Real Estate Index** | **Morningstar Real Estate Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $10457 | $10121 | $10641 | $10567 |
| **Apr-2017** | $10866 | $11934 | $11493 | $11141 |
| **Apr-2018** | $10421 | $13517 | $11474 | $10954 |
| **Apr-2019** | $12066 | $15341 | $13661 | $12736 |
| **Apr-2020** | $12087 | $15474 | $12411 | $11131 |
| **Apr-2021** | $16707 | $22589 | $16586 | $15405 |
| **Apr-2022** | $14190 | $22637 | $17786 | $16647 |
| **Apr-2023** | $10554 | $23240 | $15192 | $14012 |
| **Apr-2024** | $10695 | $28507 | $15096 | $14027 |
| **Apr-2025** | $11123 | $31955 | $17719 | $15932 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Real Estate Stock Fund | -11.40% | 4.00% | -1.65% | 1.07% |
| Dow Jones US Real Estate Index | -2.96% | 17.38% | 7.38% | 5.89% |
| Morningstar Real Estate Category | -5.03% | 13.58% | 7.44% | 4.77% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $50921647 |
| Number of Portfolio Holdings | 42 |
| Total Advisory Fee | $241209 |
| Portfolio Turnover | 7% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2bb07db7dbf54428cd724f25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0eec21564af1899c7f30b3ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.1% |
| Consumer Staples | 0.8% |
| Communications | 0.9% |
| Energy | 1.2% |
| Industrials | 1.8% |
| Technology | 2.2% |
| Consumer Discretionary | 5.2% |
| Money Market Funds | 5.6% |
| Financials | 13.8% |
| Real Estate | 72.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| American Tower Corporation - Class A | 8.2% |
| Prologis, Inc. | 7.1% |
| Equinix, Inc. | 6.8% |
| FTAI Infrastructure, LLC | 5.3% |
| FTAI Aviation Ltd. | 5.2% |
| Crown Castle, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.6% |
| Simon Property Group, Inc. | 3.4% |
| Wynn Resorts Ltd. | 3.4% |
| Ventas, Inc. | 3.3% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i871be5779c167a3a5ba13336.jpg)

#### Dunham Real Estate Stock Fund - Class C (DCREX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCREX

#### Dunham Real Estate Stock Fund

#### Class N (DNREX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](iefe3a470429a35729b1e56cb.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/realestate/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $67 | 1.42% |

---

# How did the Fund perform during the reporting period?
**The exposure to telecom tower REITs meaningfully contributed to Fund performance over the first half of the fiscal year.** The Fund benefited from a slight overweight, as well as security selection within the space, as demand for wireless connectivity, particularly as the transition to 5G and the expansion of existing 4G networks, has increased.

**Off-benchmark exposures largely detracted from relative Fund performance over the fiscal period.** The exposure to casinos and rail transportation negatively impacted Fund performance over the six-month period, overshadowing positive contributions from positions related to power and energy.

**The Fund's underweight exposure to office and lodging/resorts REITs positively contributed to Fund performance.** The Sub-Adviser focuses on companies with competitive advantages that it believes could increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](iad717c5d1f5ee59f48a0281e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Real Estate Stock Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Real Estate Index** | **Morningstar Real Estate Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $105659 | $101206 | $106402 | $105670 |
| **Apr-2017** | $110864 | $119341 | $114930 | $111406 |
| **Apr-2018** | $107410 | $135173 | $114738 | $109539 |
| **Apr-2019** | $125582 | $153414 | $136606 | $127359 |
| **Apr-2020** | $127128 | $154738 | $124109 | $111308 |
| **Apr-2021** | $177470 | $225889 | $165852 | $154048 |
| **Apr-2022** | $152278 | $226370 | $177852 | $166467 |
| **Apr-2023** | $114388 | $232402 | $151912 | $140119 |
| **Apr-2024** | $117065 | $285068 | $150950 | $140269 |
| **Apr-2025** | $122936 | $319550 | $177181 | $159319 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Real Estate Stock Fund | -10.99% | 5.01% | -0.67% | 2.09% |
| Dow Jones US Real Estate Index | -2.96% | 17.38% | 7.38% | 5.89% |
| Morningstar Real Estate Category | -5.03% | 13.58% | 7.44% | 4.77% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $50921647 |
| Number of Portfolio Holdings | 42 |
| Total Advisory Fee | $241209 |
| Portfolio Turnover | 7% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if3886aa1da8dcac999b95a2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id6d5b55ca6e5fe52de323c17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.1% |
| Consumer Staples | 0.8% |
| Communications | 0.9% |
| Energy | 1.2% |
| Industrials | 1.8% |
| Technology | 2.2% |
| Consumer Discretionary | 5.2% |
| Money Market Funds | 5.6% |
| Financials | 13.8% |
| Real Estate | 72.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| American Tower Corporation - Class A | 8.2% |
| Prologis, Inc. | 7.1% |
| Equinix, Inc. | 6.8% |
| FTAI Infrastructure, LLC | 5.3% |
| FTAI Aviation Ltd. | 5.2% |
| Crown Castle, Inc. | 4.9% |
| Digital Realty Trust, Inc. | 4.6% |
| Simon Property Group, Inc. | 3.4% |
| Wynn Resorts Ltd. | 3.4% |
| Ventas, Inc. | 3.3% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i1f793cae54eba6814c770f28.jpg)

#### Dunham Real Estate Stock Fund - Class N (DNREX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNREX

#### Dunham Small Cap Growth Fund

#### Class A (DADGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ib2cbf9c2902e685b802980f8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 1.42% |

---

# How did the Fund perform during the reporting period?
**Small growth stocks underperformed their large capitalization counterparts over the first half of the fiscal year.** Over the six-month period ending April 30, growth oriented small cap stocks, as measured by the Russell 2000 growth index, fell by 9.0 percent. Large cap growth stocks fell by 1.8 percent as measured by the Russell 1000 growth index.

**Stock selection provided mixed results over the first half of the fiscal year.** The attributions within information technology services greatly detracted from performance, while avoiding all but two energy companies meaningfully contributed to returns.

**The Fund's lack of exposure to materials, utilities, and real estate detracted from Fund Performance.** The Sub-Adviser carried no holdings in these sectors throughout the first half of the fiscal year. The trio outperformed all other sectors besides consumer staples during the period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2bad3a97baaa03106cbf255d.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Growth Fund - Class A** | **Dunham Small Cap Growth Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Morningstar Small Cap Growth Category** |
| **04/30/15** | $10000 | $9425 | $10000 | $10000 | $10000 |
| **04/30/16** | $8923 | $8409 | $10121 | $9173 | $9161 |
| **04/30/17** | $10891 | $10264 | $11934 | $11381 | $11259 |
| **04/30/18** | $13555 | $12775 | $13517 | $13270 | $13114 |
| **04/30/19** | $15720 | $14816 | $15341 | $14187 | $14572 |
| **04/30/20** | $14713 | $13866 | $15474 | $12879 | $13354 |
| **04/30/21** | $28381 | $26748 | $22589 | $21786 | $23269 |
| **04/30/22** | $19362 | $18248 | $22637 | $16025 | $18075 |
| **04/30/23** | $19706 | $18572 | $23240 | $16141 | $17440 |
| **04/30/24** | $21797 | $20543 | $28507 | $18140 | $19575 |
| **04/30/25** | $21935 | $20673 | $31955 | $18579 | $19831 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Growth Fund |  |  |  |  |
| Class A Without Load | -9.48% | 0.63% | 8.32% | 8.17% |
| Class A With Load | -14.67% | -5.18% | 7.04% | 7.53% |
| Morningstar Small Cap Growth Category | -8.28% | 1.29% | 8.23% | 7.09% |
| Russell 2000<sup>®</sup> Growth Index | -8.97% | 2.42% | 7.60% | 6.39% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $79142915 |
| Number of Portfolio Holdings | 104 |
| Total Advisory Fee | $323309 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i66852bbdf5468a56f0e5d8d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 77.2% |
| Money Market Funds | 22.8% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i119b5f270c35b9510f1fc581.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -25.2% |
| Materials | 1.1% |
| Energy | 1.7% |
| Consumer Staples | 3.9% |
| Communications | 4.1% |
| Financials | 8.9% |
| Consumer Discretionary | 11.5% |
| Health Care | 16.4% |
| Industrials | 19.7% |
| Money Market Funds | 28.5% |
| Technology | 29.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mirion Technologies, Inc. | 2.0% |
| JFrog Ltd. | 1.6% |
| Tradeweb Markets, Inc. - Class A | 1.6% |
| Universal Technical Institute, Inc. | 1.5% |
| Adtalem Global Education, Inc. | 1.5% |
| Houlihan Lokey, Inc. | 1.4% |
| Vertex, Inc. - Class A | 1.4% |
| Fiverr International Ltd. | 1.4% |
| BWX Technologies, Inc. | 1.3% |
| Pinnacle Financial Partners, Inc. | 1.3% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i4f024964b78f0cdb33e0831c.jpg)

#### Dunham Small Cap Growth Fund - Class A (DADGX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DADGX

#### Dunham Small Cap Growth Fund

#### Class C (DCDGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1e867b00aa1e60b8ef1ebb0f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $103 | 2.19% |

---

# How did the Fund perform during the reporting period?
**Small growth stocks underperformed their large capitalization counterparts over the first half of the fiscal year.** Over the six-month period ending April 30, growth oriented small cap stocks, as measured by the Russell 2000 growth index, fell by 9.0 percent. Large cap growth stocks fell by 1.8 percent as measured by the Russell 1000 growth index.

**Stock selection provided mixed results over the first half of the fiscal year.** The attributions within information technology services greatly detracted from performance, while avoiding all but two energy companies meaningfully contributed to returns.

**The Fund's lack of exposure to materials, utilities, and real estate detracted from Fund Performance.** The Sub-Adviser carried no holdings in these sectors throughout the first half of the fiscal year. The trio outperformed all other sectors besides consumer staples during the period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i36120e6eae33869f08dd56af.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Growth Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Morningstar Small Cap Growth Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $8856 | $10121 | $9173 | $9161 |
| **Apr-2017** | $10728 | $11934 | $11381 | $11259 |
| **Apr-2018** | $13247 | $13517 | $13270 | $13114 |
| **Apr-2019** | $15261 | $15341 | $14187 | $14572 |
| **Apr-2020** | $14174 | $15474 | $12879 | $13354 |
| **Apr-2021** | $27132 | $22589 | $21786 | $23269 |
| **Apr-2022** | $18370 | $22637 | $16025 | $18075 |
| **Apr-2023** | $18568 | $23240 | $16141 | $17440 |
| **Apr-2024** | $20385 | $28507 | $18140 | $19575 |
| **Apr-2025** | $20346 | $31955 | $18579 | $19831 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Growth Fund | -9.81% | -0.19% | 7.50% | 7.36% |
| Morningstar Small Cap Growth Category | -8.28% | 1.29% | 8.23% | 7.09% |
| Russell 2000<sup>®</sup> Growth Index | -8.97% | 2.42% | 7.60% | 6.39% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $79142915 |
| Number of Portfolio Holdings | 104 |
| Total Advisory Fee | $323309 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib5a528ed68ef560cc74f35c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 77.2% |
| Money Market Funds | 22.8% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7d4af77eef3ddc8845fd9b1e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -25.2% |
| Materials | 1.1% |
| Energy | 1.7% |
| Consumer Staples | 3.9% |
| Communications | 4.1% |
| Financials | 8.9% |
| Consumer Discretionary | 11.5% |
| Health Care | 16.4% |
| Industrials | 19.7% |
| Money Market Funds | 28.5% |
| Technology | 29.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mirion Technologies, Inc. | 2.0% |
| JFrog Ltd. | 1.6% |
| Tradeweb Markets, Inc. - Class A | 1.6% |
| Universal Technical Institute, Inc. | 1.5% |
| Adtalem Global Education, Inc. | 1.5% |
| Houlihan Lokey, Inc. | 1.4% |
| Vertex, Inc. - Class A | 1.4% |
| Fiverr International Ltd. | 1.4% |
| BWX Technologies, Inc. | 1.3% |
| Pinnacle Financial Partners, Inc. | 1.3% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ieb38b0df02fd929d370afbd1.jpg)

#### Dunham Small Cap Growth Fund - Class C (DCDGX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCDGX

#### Dunham Small Cap Growth Fund

#### Class N (DNDGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i8d63cdd5e99e3ea8e59711d7.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $55 | 1.17% |

---

# How did the Fund perform during the reporting period?
**Small growth stocks underperformed their large capitalization counterparts over the first half of the fiscal year.** Over the six-month period ending April 30, growth oriented small cap stocks, as measured by the Russell 2000 growth index, fell by 9.0 percent. Large cap growth stocks fell by 1.8 percent as measured by the Russell 1000 growth index.

**Stock selection provided mixed results over the first half of the fiscal year.** The attributions within information technology services greatly detracted from performance, while avoiding all but two energy companies meaningfully contributed to returns.

**The Fund's lack of exposure to materials, utilities, and real estate detracted from Fund Performance.** The Sub-Adviser carried no holdings in these sectors throughout the first half of the fiscal year. The trio outperformed all other sectors besides consumer staples during the period.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](if221866c4c450b275b629455.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Growth Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Morningstar Small Cap Growth Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $89396 | $101206 | $91733 | $91612 |
| **Apr-2017** | $109440 | $119341 | $113807 | $112585 |
| **Apr-2018** | $136511 | $135173 | $132698 | $131142 |
| **Apr-2019** | $158758 | $153414 | $141868 | $145720 |
| **Apr-2020** | $148915 | $154738 | $128792 | $133537 |
| **Apr-2021** | $287982 | $225889 | $217857 | $232686 |
| **Apr-2022** | $197040 | $226370 | $160250 | $180747 |
| **Apr-2023** | $201038 | $232402 | $161409 | $174403 |
| **Apr-2024** | $222960 | $285068 | $181401 | $195753 |
| **Apr-2025** | $224894 | $319550 | $185787 | $198305 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Growth Fund | -9.36% | 0.87% | 8.59% | 8.44% |
| Morningstar Small Cap Growth Category | -8.28% | 1.29% | 8.23% | 7.09% |
| Russell 2000<sup>®</sup> Growth Index | -8.97% | 2.42% | 7.60% | 6.39% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $79142915 |
| Number of Portfolio Holdings | 104 |
| Total Advisory Fee | $323309 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibdd9f528bfce109756f30d6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 77.2% |
| Money Market Funds | 22.8% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1b8a2c1f611eb64b3e91868d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -25.2% |
| Materials | 1.1% |
| Energy | 1.7% |
| Consumer Staples | 3.9% |
| Communications | 4.1% |
| Financials | 8.9% |
| Consumer Discretionary | 11.5% |
| Health Care | 16.4% |
| Industrials | 19.7% |
| Money Market Funds | 28.5% |
| Technology | 29.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mirion Technologies, Inc. | 2.0% |
| JFrog Ltd. | 1.6% |
| Tradeweb Markets, Inc. - Class A | 1.6% |
| Universal Technical Institute, Inc. | 1.5% |
| Adtalem Global Education, Inc. | 1.5% |
| Houlihan Lokey, Inc. | 1.4% |
| Vertex, Inc. - Class A | 1.4% |
| Fiverr International Ltd. | 1.4% |
| BWX Technologies, Inc. | 1.3% |
| Pinnacle Financial Partners, Inc. | 1.3% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ib17f19a6b29d38264d79e14a.jpg)

#### Dunham Small Cap Growth Fund - Class N (DNDGX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNDGX

#### Dunham Small Cap Value Fund

#### Class A (DASVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](if2ea5e61169e68cb8934876a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.34% |

---

# How did the Fund perform during the reporting period?
**The exposure to small capitalization stocks with a value style generally detracted from performance relative to the overall market during the first half of the fiscal year.** Small cap value companies, as measured by Russell 2000 Value Index, decreased 11.0 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which lost 1.7 percent over the same period. Similarly, when looking at all value stocks across both small and large capitalization companies, small value stocks underperformed large value stocks for the first half of the fiscal year.

**Security selection contributed to Fund performance over the first half of the fiscal year.** The Sub-Adviser's effective security selection within the financials, energy, and information technology sectors positively impacted the Fund's relative performance. This largely outweighed the slight detraction from stock selection within the industrials and materials sectors.

**Sector allocation negatively impacted the Fund's performance.** The Sub-Adviser's relative underweight to the financials and utilities sectors hurt Fund performance. Additionally, an overweight to the materials and energy sectors detracted from relative Fund performance.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i82ebfd5570f9e84711a4517c.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Value Fund - Class A** | **Dunham Small Cap Value Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Morningstar Small Cap Value Category** |
| **04/30/15** | $10000 | $9425 | $10000 | $10000 | $10000 |
| **04/30/16** | $9565 | $9016 | $10121 | $9629 | $9566 |
| **04/30/17** | $11995 | $11306 | $11934 | $12246 | $11654 |
| **04/30/18** | $12636 | $11910 | $13517 | $13046 | $12393 |
| **04/30/19** | $13324 | $12558 | $15341 | $13332 | $12421 |
| **04/30/20** | $10179 | $9594 | $15474 | $10153 | $9350 |
| **04/30/21** | $16606 | $15652 | $22589 | $18170 | $16818 |
| **04/30/22** | $16155 | $15227 | $22637 | $16973 | $16210 |
| **04/30/23** | $15173 | $14301 | $23240 | $15618 | $15754 |
| **04/30/24** | $17439 | $16438 | $28507 | $17809 | $18230 |
| **04/30/25** | $16820 | $15854 | $31955 | $17687 | $17804 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Value Fund |  |  |  |  |
| Class A Without Load | -11.02% | -3.55% | 10.57% | 5.34% |
| Class A With Load | -16.12% | -9.11% | 9.26% | 4.72% |
| Morningstar Small Cap Value Category | -9.71% | -2.33% | 13.75% | 5.94% |
| Russell 2000<sup>®</sup> Value Index | -11.00% | -0.68% | 11.74% | 5.87% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $98790742 |
| Number of Portfolio Holdings | 194 |
| Total Advisory Fee | $425845 |
| Portfolio Turnover | 56% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i397a7a776c77b7d730673131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.2% |
| Money Market Funds | 14.8% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0501feead8a9af01a85f669a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Consumer Staples | 1.3% |
| Communications | 4.1% |
| Health Care | 4.4% |
| Utilities | 4.8% |
| Energy | 5.3% |
| Real Estate | 6.9% |
| Consumer Discretionary | 7.8% |
| Technology | 8.4% |
| Materials | 9.6% |
| Money Market Funds | 16.6% |
| Financials | 21.3% |
| Industrials | 21.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kemper Corporation | 1.2% |
| Enovis Corporation | 1.1% |
| BGC Group, Inc. - Class A | 1.1% |
| Teleflex, Inc. | 1.1% |
| Proficient Auto Logistics, Inc. | 1.1% |
| Northeast Bank | 1.1% |
| Brixmor Property Group, Inc. | 1.0% |
| Silicon Motion Technology Corporation - ADR | 1.0% |
| Hanover Insurance Group, Inc. (The) | 1.0% |
| Webster Financial Corporation | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ic890b09aef7dd7bc4f89fb97.jpg)

#### Dunham Small Cap Value Fund - Class A (DASVX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DASVX

#### Dunham Small Cap Value Fund

#### Class C (DCSVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i9bdd4985ce0a1730fc813108.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $98 | 2.09% |

---

# How did the Fund perform during the reporting period?
**The exposure to small capitalization stocks with a value style generally detracted from performance relative to the overall market during the first half of the fiscal year.** Small cap value companies, as measured by Russell 2000 Value Index, decreased 11.0 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which lost 1.7 percent over the same period. Similarly, when looking at all value stocks across both small and large capitalization companies, small value stocks underperformed large value stocks for the first half of the fiscal year.

**Security selection contributed to Fund performance over the first half of the fiscal year.** The Sub-Adviser's effective security selection within the financials, energy, and information technology sectors positively impacted the Fund's relative performance. This largely outweighed the slight detraction from stock selection within the industrials and materials sectors.

**Sector allocation negatively impacted the Fund's performance.** The Sub-Adviser's relative underweight to the financials and utilities sectors hurt Fund performance. Additionally, an overweight to the materials and energy sectors detracted from relative Fund performance.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2b5f86673b9a431045bd74d7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Value Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Morningstar Small Cap Value Category** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9492 | $10121 | $9629 | $9566 |
| **Apr-2017** | $11812 | $11934 | $12246 | $11654 |
| **Apr-2018** | $12352 | $13517 | $13046 | $12393 |
| **Apr-2019** | $12923 | $15341 | $13332 | $12421 |
| **Apr-2020** | $9796 | $15474 | $10153 | $9350 |
| **Apr-2021** | $15865 | $22589 | $18170 | $16818 |
| **Apr-2022** | $15315 | $22637 | $16973 | $16210 |
| **Apr-2023** | $14273 | $23240 | $15618 | $15754 |
| **Apr-2024** | $16287 | $28507 | $17809 | $18230 |
| **Apr-2025** | $15587 | $31955 | $17687 | $17804 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Value Fund | -11.41% | -4.30% | 9.73% | 4.54% |
| Morningstar Small Cap Value Category | -9.71% | -2.33% | 13.75% | 5.94% |
| Russell 2000<sup>®</sup> Value Index | -11.00% | -0.68% | 11.74% | 5.87% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $98790742 |
| Number of Portfolio Holdings | 194 |
| Total Advisory Fee | $425845 |
| Portfolio Turnover | 56% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i02e4945cafcaa0962a93d810.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.2% |
| Money Market Funds | 14.8% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2cf32eb8b04bd61fe1f1b127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Consumer Staples | 1.3% |
| Communications | 4.1% |
| Health Care | 4.4% |
| Utilities | 4.8% |
| Energy | 5.3% |
| Real Estate | 6.9% |
| Consumer Discretionary | 7.8% |
| Technology | 8.4% |
| Materials | 9.6% |
| Money Market Funds | 16.6% |
| Financials | 21.3% |
| Industrials | 21.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kemper Corporation | 1.2% |
| Enovis Corporation | 1.1% |
| BGC Group, Inc. - Class A | 1.1% |
| Teleflex, Inc. | 1.1% |
| Proficient Auto Logistics, Inc. | 1.1% |
| Northeast Bank | 1.1% |
| Brixmor Property Group, Inc. | 1.0% |
| Silicon Motion Technology Corporation - ADR | 1.0% |
| Hanover Insurance Group, Inc. (The) | 1.0% |
| Webster Financial Corporation | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ic7bb7edd235336b66d80730d.jpg)

#### Dunham Small Cap Value Fund - Class C (DCSVX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCSVX

#### Dunham Small Cap Value Fund

#### Class N (DNSVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i5411789811d285a83f773670.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $51 | 1.09% |

---

# How did the Fund perform during the reporting period?
**The exposure to small capitalization stocks with a value style generally detracted from performance relative to the overall market during the first half of the fiscal year.** Small cap value companies, as measured by Russell 2000 Value Index, decreased 11.0 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which lost 1.7 percent over the same period. Similarly, when looking at all value stocks across both small and large capitalization companies, small value stocks underperformed large value stocks for the first half of the fiscal year.

**Security selection contributed to Fund performance over the first half of the fiscal year.** The Sub-Adviser's effective security selection within the financials, energy, and information technology sectors positively impacted the Fund's relative performance. This largely outweighed the slight detraction from stock selection within the industrials and materials sectors.

**Sector allocation negatively impacted the Fund's performance.** The Sub-Adviser's relative underweight to the financials and utilities sectors hurt Fund performance. Additionally, an overweight to the materials and energy sectors detracted from relative Fund performance.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i535ca94c71638fa15c595dd8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham Small Cap Value Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Morningstar Small Cap Value Category** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $95943 | $101206 | $96291 | $95658 |
| **Apr-2017** | $120543 | $119341 | $122465 | $116538 |
| **Apr-2018** | $127285 | $135173 | $130462 | $123929 |
| **Apr-2019** | $134582 | $153414 | $133319 | $124213 |
| **Apr-2020** | $103068 | $154738 | $101530 | $93501 |
| **Apr-2021** | $168600 | $225889 | $181701 | $168183 |
| **Apr-2022** | $164382 | $226370 | $169734 | $162104 |
| **Apr-2023** | $154802 | $232402 | $156178 | $157537 |
| **Apr-2024** | $178359 | $285068 | $178088 | $182296 |
| **Apr-2025** | $172476 | $319550 | $176870 | $178042 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Dunham Small Cap Value Fund | -10.90% | -3.30% | 10.85% | 5.60% |
| Morningstar Small Cap Value Category | -9.71% | -2.33% | 13.75% | 5.94% |
| Russell 2000<sup>®</sup> Value Index | -11.00% | -0.68% | 11.74% | 5.87% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 15.61% | 12.32% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $98790742 |
| Number of Portfolio Holdings | 194 |
| Total Advisory Fee | $425845 |
| Portfolio Turnover | 56% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idf2a94bc229fc442836aac65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.2% |
| Money Market Funds | 14.8% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i797dffe6ccd985d72f2b6695.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Consumer Staples | 1.3% |
| Communications | 4.1% |
| Health Care | 4.4% |
| Utilities | 4.8% |
| Energy | 5.3% |
| Real Estate | 6.9% |
| Consumer Discretionary | 7.8% |
| Technology | 8.4% |
| Materials | 9.6% |
| Money Market Funds | 16.6% |
| Financials | 21.3% |
| Industrials | 21.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kemper Corporation | 1.2% |
| Enovis Corporation | 1.1% |
| BGC Group, Inc. - Class A | 1.1% |
| Teleflex, Inc. | 1.1% |
| Proficient Auto Logistics, Inc. | 1.1% |
| Northeast Bank | 1.1% |
| Brixmor Property Group, Inc. | 1.0% |
| Silicon Motion Technology Corporation - ADR | 1.0% |
| Hanover Insurance Group, Inc. (The) | 1.0% |
| Webster Financial Corporation | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ie9240963f14da6202a470cf3.jpg)

#### Dunham Small Cap Value Fund - Class N (DNSVX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNSVX

#### Dunham U.S. Enhanced Market Fund

#### Class A (DASPX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i970577c8cc4dc1e3f3388109.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $79 | 1.63% |

---

# How did the Fund perform during the reporting period?
**The Fund's higher sensitivity to the benchmark index, as measured by Delta, detracted from positive Fund performance**. To begin the most recent fiscal year, the Fund's overall sensitivity of its equity exposure was 1.18. Over the first six months of the fiscal year, the Sub-Adviser allowed the equity sensitivity to rise to 1.20. Early in the most recent fiscal quarter, the Sub-Adviser lowered the equity sensitivity from 1.20 to 1.04 after a strong equity rally in January. In the final two months of the fiscal quarter, the equity sensitivity hit a low of 0.72 on April 8 when markets bottomed out and finished the quarter at 0.87.

**The option exposure within the Fund was the most meaningful detractor to positive Fund performance**. The option exposure within the Fund was the most meaningful detractor from positive Fund performance over the fiscal quarter as option prices were negatively impacted by the decrease in interest rates and rising implied dividend yield in the fiscal quarter. A drop in implied volatility also had a negative impact on call option prices, while as usual, time decay was a drag.

**The fixed income exposure contributed to positive Fund performance**. As volatility spiked and yields fell, the fixed income exposure acted as a safe haven providing downside protection during the first six months of the fiscal year

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5bf3293f74f6a82ab27ff6a1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dunham U.S. Enhanced Market Fund - Class A** | **Dunham U.S. Enhanced Market Fund - Class A- with load** | **S&P 500<sup>®</sup> Index** | **Morningstar Global Moderately Conservative Allocation Category** |
| **05/01/23** | $10000 | $9550 | $10000 | $10000 |
| **04/30/24** | $11983 | $11443 | $12271 | $10639 |
| **04/30/25** | $13322 | $12722 | $13755 | $11505 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **Since Inception (May 1, 2023)** |
| Dunham U.S. Enhanced Market Fund |  |  |  |
| Class A Without Load | -3.42% | 11.18% | 15.42% |
| Class A With Load | -7.76% | 6.19% | 12.79% |
| Morningstar Global Moderately Conservative Allocation Category | 1.04% | 8.14% | 7.26% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 17.28% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $121477144 |
| Number of Portfolio Holdings | 11 |
| Total Advisory Fee | $633715 |
| Portfolio Turnover | 40% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1ee9249a753c7b0ab7e105cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 23.2% |
| Purchased Options | 23.5% |
| U.S. Government & Agencies | 53.3% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9a56775315ba235c2c91b56b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 23.7% |
| Money Market Funds | 23.1% |
| U.S. Treasury Obligations | 53.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.1211%, 07/10/25 | 22.9% |
| United States Treasury Bill, 3.6727%, 05/08/25 | 18.1% |
| S&P 500 INDEX SPXW US C6100, 01/31/30 | 13.0% |
| United States Treasury Note, 1.2500%, 09/30/28 | 12.2% |
| S&P 500 INDEX SPXW US C5450, 06/11/29 | 10.4% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ibbc91f58de22ccb3183b2fed.jpg)

#### Dunham U.S. Enhanced Market Fund - Class A (DASPX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DASPX

#### Dunham U.S. Enhanced Market Fund

#### Class C (DCSPX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i26dfa3373518c563f1e2085f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $116 | 2.38% |

---

# How did the Fund perform during the reporting period?
**The Fund's higher sensitivity to the benchmark index, as measured by Delta, detracted from positive Fund performance**. To begin the most recent fiscal year, the Fund's overall sensitivity of its equity exposure was 1.18. Over the first six months of the fiscal year, the Sub-Adviser allowed the equity sensitivity to rise to 1.20. Early in the most recent fiscal quarter, the Sub-Adviser lowered the equity sensitivity from 1.20 to 1.04 after a strong equity rally in January. In the final two months of the fiscal quarter, the equity sensitivity hit a low of 0.72 on April 8 when markets bottomed out and finished the quarter at 0.87.

**The option exposure within the Fund was the most meaningful detractor to positive Fund performance**. The option exposure within the Fund was the most meaningful detractor from positive Fund performance over the fiscal quarter as option prices were negatively impacted by the decrease in interest rates and rising implied dividend yield in the fiscal quarter. A drop in implied volatility also had a negative impact on call option prices, while as usual, time decay was a drag.

**The fixed income exposure contributed to positive Fund performance**. As volatility spiked and yields fell, the fixed income exposure acted as a safe haven providing downside protection during the first six months of the fiscal year

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i98da5adeba70414be3e456db.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham U.S. Enhanced Market Fund - Class C** | **S&P 500<sup>®</sup> Index** | **Morningstar Global Moderately Conservative Allocation Category** |
| **May-2023** | $10000 | $10000 | $10000 |
| **Apr-2024** | $11893 | $12271 | $10639 |
| **Apr-2025** | $13127 | $13755 | $11505 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (May 1, 2023)** |
| Dunham U.S. Enhanced Market Fund | -3.80% | 10.38% | 14.58% |
| Morningstar Global Moderately Conservative Allocation Category | 1.04% | 8.14% | 7.26% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 17.28% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $121477144 |
| Number of Portfolio Holdings | 11 |
| Total Advisory Fee | $633715 |
| Portfolio Turnover | 40% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5ca4c31cfa5e73c314b4a3ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 23.2% |
| Purchased Options | 23.5% |
| U.S. Government & Agencies | 53.3% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i430bb5af14bde1b557394498.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 23.7% |
| Money Market Funds | 23.1% |
| U.S. Treasury Obligations | 53.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.1211%, 07/10/25 | 22.9% |
| United States Treasury Bill, 3.6727%, 05/08/25 | 18.1% |
| S&P 500 INDEX SPXW US C6100, 01/31/30 | 13.0% |
| United States Treasury Note, 1.2500%, 09/30/28 | 12.2% |
| S&P 500 INDEX SPXW US C5450, 06/11/29 | 10.4% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i7154419c3269d634c5c2454b.jpg)

#### Dunham U.S. Enhanced Market Fund - Class C (DCSPX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DCSPX

#### Dunham U.S. Enhanced Market Fund

#### Class N (DNSPX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1c1b25c96269b4ebbfdeeb90.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/**. You can also request this information by contacting us at 1-800-442-4358.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $67 | 1.38% |

---

# How did the Fund perform during the reporting period?
**The Fund's higher sensitivity to the benchmark index, as measured by Delta, detracted from positive Fund performance**. To begin the most recent fiscal year, the Fund's overall sensitivity of its equity exposure was 1.18. Over the first six months of the fiscal year, the Sub-Adviser allowed the equity sensitivity to rise to 1.20. Early in the most recent fiscal quarter, the Sub-Adviser lowered the equity sensitivity from 1.20 to 1.04 after a strong equity rally in January. In the final two months of the fiscal quarter, the equity sensitivity hit a low of 0.72 on April 8 when markets bottomed out and finished the quarter at 0.87.

**The option exposure within the Fund was the most meaningful detractor to positive Fund performance**. The option exposure within the Fund was the most meaningful detractor from positive Fund performance over the fiscal quarter as option prices were negatively impacted by the decrease in interest rates and rising implied dividend yield in the fiscal quarter. A drop in implied volatility also had a negative impact on call option prices, while as usual, time decay was a drag.

**The fixed income exposure contributed to positive Fund performance**. As volatility spiked and yields fell, the fixed income exposure acted as a safe haven providing downside protection during the first six months of the fiscal year

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ie059bf5e9094bc06c765a1c1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dunham U.S. Enhanced Market Fund - Class N** | **S&P 500<sup>®</sup> Index** | **Morningstar Global Moderately Conservative Allocation Category** |
| **May-2023** | $100000 | $100000 | $100000 |
| **Apr-2024** | $120076 | $122709 | $106389 |
| **Apr-2025** | $133913 | $137552 | $115050 |

---

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

# **Average Annual Total Returns (As of April 30, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (May 1, 2023)** |
| Dunham U.S. Enhanced Market Fund | -3.31% | 11.52% | 15.72% |
| Morningstar Global Moderately Conservative Allocation Category | 1.04% | 8.14% | 7.26% |
| S&P 500<sup>®</sup> Index | -1.74% | 12.10% | 17.28% |

---

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

# **Key Fund Statistics (As of April 30, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets | $121477144 |
| Number of Portfolio Holdings | 11 |
| Total Advisory Fee | $633715 |
| Portfolio Turnover | 40% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i157aff520b6fd74a753ef76c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 23.2% |
| Purchased Options | 23.5% |
| U.S. Government & Agencies | 53.3% |

---

# What did the Fund invest in? (As of April 30, 2025)

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a961a03b304098c3829a9f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 23.7% |
| Money Market Funds | 23.1% |
| U.S. Treasury Obligations | 53.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.1211%, 07/10/25 | 22.9% |
| United States Treasury Bill, 3.6727%, 05/08/25 | 18.1% |
| S&P 500 INDEX SPXW US C6100, 01/31/30 | 13.0% |
| United States Treasury Note, 1.2500%, 09/30/28 | 12.2% |
| S&P 500 INDEX SPXW US C5450, 06/11/29 | 10.4% |

---

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

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ieb051343fb76203f3e54d07f.jpg)

#### Dunham U.S. Enhanced Market Fund - Class N (DNSPX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 043025-DNSPX

(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Companies.**

Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;![(DUNHAM LOGO)](logo.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![(DUNHAM LOGO)](logo.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL FINANCIAL STATEMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp;This report is for the information of shareholders of the Dunham Funds. It may also be used as sales literature when preceded by or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing. For this and other information about the Dunham Funds, contact your financial advisor or call Client Services at (800) 442-4358. | &nbsp;&nbsp;&nbsp;&nbsp; **<u>BOND FUNDS</u>**<br> Dunham Corporate/Government Bond Fund<br> Dunham Floating Rate Bond Fund<br> Dunham High-Yield Bond Fund<br> Dunham International Opportunity Bond Fund<br> **<u>U.S. VALUE FUNDS</u>**<br> Dunham Large Cap Value Fund<br> Dunham Small Cap Value Fund<br> **<u>U.S. GROWTH FUNDS</u>**<br> Dunham Focused Large Cap Growth Fund<br> Dunham Small Cap Growth Fund<br> **<u>INTERNATIONAL EQUITY FUNDS</u>**<br> Dunham Emerging Markets Stock Fund<br> Dunham International Stock Fund<br> **<u>ALTERNATIVE FUNDS</u>**<br> Dunham Dynamic Macro Fund<br> Dunham Long/Short Credit Fund<br> Dunham Monthly Distribution Fund<br> Dunham Real Estate Stock Fund<br> Dunham U.S. Enhanced Market Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Investment Adviser:** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dunham & Associates Investment Counsel, Inc.<br> P.O. Box 910309<br> San Diego, California 92191 |

---

**THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. PROSPECTIVE PURCHASERS OF THE FUNDS SHOULD CONSIDER CAREFULLY THE INFORMATION SET FORTH HEREIN AND THE APPLICABLE FUND'S PROSPECTUS.**

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 27.9%** |  |  |  |  |
|  | **AUTO LOAN — 4.0%** |  |  |  |  |
| 63928 | American Credit Acceptance Receivables Trust Series 2022-1 D<sup>(a)</sup> |  | 2.4600 | 03/13/28 | $63762 |
| 215000 | American Credit Acceptance Receivables Trust Series 1 C<sup>(a)</sup> |  | 5.0900 | 08/12/31 | 216098 |
| 446000 | Arivo Acceptance Auto Loan Receivables Trust Series 1A B<sup>(a)</sup> |  | 6.8700 | 06/17/30 | 458513 |
| 556000 | Avis Budget Rental Car Funding AESOP, LLC Series 2A D<sup>(a)</sup> |  | 7.4300 | 10/20/28 | 557125 |
| 465000 | Bridgecrest Lending Auto Securitization Trust Series 1 C |  | 5.1500 | 12/17/29 | 468233 |
| 225000 | Carvana Auto Receivables Trust Series 2021-P3 B |  | 1.4200 | 08/10/27 | 215147 |
| 31691 | Carvana Auto Receivables Trust Series 2021-N1 C |  | 1.3000 | 01/10/28 | 30879 |
| 40684 | Carvana Auto Receivables Trust Series 2021-N2 C |  | 1.0700 | 03/10/28 | 39385 |
| 330000 | Carvana Auto Receivables Trust Series 2023-N4 C<sup>(a)</sup> |  | 6.5900 | 02/11/30 | 341296 |
| 495000 | Carvana Auto Receivables Trust Series 2024-N1 B<sup>(a)</sup> |  | 5.6300 | 05/10/30 | 501574 |
| 430000 | CPS Auto Receivables Trust Series 2024-A C<sup>(a)</sup> |  | 5.7400 | 04/15/30 | 434384 |
| 302000 | Credit Acceptance Auto Loan Trust Series 1A A<sup>(a)</sup> |  | 5.6800 | 03/15/34 | 306256 |
| 195000 | DT Auto Owner Trust Series 2023-3A C<sup>(a)</sup> |  | 6.4000 | 05/15/29 | 199140 |
| 109435 | FHF Trust Series 2023-1A A2<sup>(a)</sup> |  | 6.5700 | 06/15/28 | 110600 |
| 330000 | Flagship Credit Auto Trust Series 2024-1 C<sup>(a)</sup> |  | 5.7900 | 02/15/30 | 336578 |
| 40773 | Foursight Capital Automobile Receivables Trust Series 2022-1 B<sup>(a)</sup> |  | 2.1500 | 05/17/27 | 40707 |
| 134004 | Foursight Capital Automobile Receivables Trust Series 2023-1 A3<sup>(a)</sup> |  | 5.3900 | 12/15/27 | 134185 |
| 565000 | GLS Auto Receivables Issuer Trust Series 2021-3A E<sup>(a)</sup> |  | 3.2000 | 10/16/28 | 551688 |
| 62712 | LAD Auto Receivables Trust Series 2022-1A A<sup>(a)</sup> |  | 5.2100 | 06/15/27 | 62770 |
| 339000 | LAD Auto Receivables Trust Series 2023-4A C<sup>(a)</sup> |  | 6.7600 | 03/15/29 | 350229 |
| 37825 | Lendbuzz Securitization Trust Series 2022-1A A<sup>(a)</sup> |  | 4.2200 | 05/17/27 | 37713 |
| 321082 | Lendbuzz Securitization Trust Series 2024-2A A2<sup>(a)</sup> |  | 5.9900 | 05/15/29 | 324126 |
| 180031 | Merchants Fleet Funding, LLC Series 1A A<sup>(a)</sup> |  | 7.2100 | 05/20/36 | 181345 |
| 140000 | OneMain Direct Auto Receivables Trust Series 2021-1A B<sup>(a)</sup> |  | 1.2600 | 07/14/28 | 136923 |
| 506000 | Prestige Auto Receivables Trust Series 2025-1A C<sup>(a)</sup> |  | 5.5200 | 02/15/30 | 508372 |
| 180371 | Santander Drive Auto Receivables Trust Series 2022-5 C |  | 4.7400 | 10/15/28 | 180300 |
| 276000 | SBNA Auto Receivables Trust Series 2024-A C<sup>(a)</sup> |  | 5.5900 | 01/15/30 | 281394 |
| 616571 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(a)</sup> |  | 6.8400 | 01/10/28 | 613634 |
| 446000 | Westlake Automobile Receivables Trust Series 1A B<sup>(a)</sup> |  | 5.5500 | 11/15/27 | 448746 |
| 515000 | Westlake Automobile Receivables Trust Series 2024-2A B<sup>(a)</sup> |  | 5.6200 | 03/15/30 | 520742 |
|  |  |  |  |  | 8651844 |
|  | **CLO — 0.2%** |  |  |  |  |
| 515000 | GoldenTree Loan Management US CLO 1 Ltd. Series 9A AR<sup>(a),(b)</sup> | TSFR3M + 1.500% | 5.7690 | 04/20/37 | 515732 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
| 529740 A&D Mortgage Trust Series 2023-NQM3 A1<sup>(a),(c)</sup> |  | 6.7330 | 07/25/68 | $535845 |
| 155000 Affirm Asset Securitization Trust Series 2024-B A<sup>(a)</sup> |  | 4.6200 | 09/15/29 | 154726 |
| 50052 Angel Oak Mortgage Trust Series 2020-R1 A2<sup>(a),(d)</sup> |  | 1.2470 | 04/25/53 | 47663 |
| 451694 Angel Oak Mortgage Trust Series 2021-8 A1<sup>(a),(d)</sup> |  | 1.8200 | 11/25/66 | 401701 |
| 101004 Angel Oak Mortgage Trust Series 2022-5 A1<sup>(a),(c)</sup> |  | 4.5000 | 05/25/67 | 99769 |
| 817976 Angel Oak Mortgage Trust Series 2023-1 A1<sup>(a),(c)</sup> |  | 4.7500 | 09/26/67 | 809729 |
| 59876 Arroyo Mortgage Trust Series 2019-1 A1<sup>(a),(d)</sup> |  | 3.8050 | 01/25/49 | 58425 |
| 64487 Arroyo Mortgage Trust Series 2019-2 A1<sup>(a),(d)</sup> |  | 3.3470 | 04/25/49 | 62404 |
| 500000 Arroyo Mortgage Trust Series 2020-1 A3<sup>(a)</sup> |  | 3.3280 | 03/25/55 | 447132 |
| 142667 Bunker Hill Loan Depositary Trust Series 2019-2 A1<sup>(a),(c)</sup> |  | 2.8790 | 07/25/49 | 139239 |
| 627166 Chase Home Lending Mortgage Trust Series 2023-RPL1 A1<sup>(a),(d)</sup> |  | 3.5000 | 06/25/62 | 578151 |
| 27810 Chase Mortgage Finance Corporation Series 2016-SH2 M2<sup>(a),(d)</sup> |  | 3.7490 | 02/25/44 | 25768 |
| 35533 Chase Mortgage Finance Corporation Series 2016-SH1 M2<sup>(a),(d)</sup> |  | 3.7500 | 04/25/45 | 32670 |
| 313059 CIM TRUST Series 2022-R2 A1<sup>(a),(d)</sup> |  | 3.7500 | 12/25/61 | 296757 |
| 377531 Citigroup Mortgage Loan Trust Series 2025-INV1 A2<sup>(a),(d)</sup> |  | 6.0000 | 01/25/55 | 379555 |
| 405706 CSMC Trust Series 2020-RPL4 A1<sup>(a),(d)</sup> |  | 2.0000 | 01/25/60 | 364636 |
| 122220 CSMC Trust Series 2020-NQM1 A1<sup>(a),(c)</sup> |  | 2.2080 | 05/25/65 | 116056 |
| 599098 Deephaven Residential Mortgage Trust Series 2022-1 A1<sup>(a),(d)</sup> |  | 2.2050 | 01/25/67 | 545311 |
| 205703 Ellington Financial Mortgage Trust Series 2019-2 A3<sup>(a),(d)</sup> |  | 3.0460 | 11/25/59 | 195401 |
| 19313 Flagstar Mortgage Trust Series 2017-1 1A3<sup>(a),(d)</sup> |  | 3.5000 | 03/25/47 | 17775 |
| 380293 Foundation Finance Trust Series 2024-2A A<sup>(a)</sup> |  | 4.6000 | 03/15/50 | 379234 |
| 6069 Galton Funding Mortgage Trust Series 2018-1 A23<sup>(a),(d)</sup> |  | 3.5000 | 11/25/57 | 5535 |
| 211327 Imperial Fund Mortgage Trust Series 2022-NQM3 A1<sup>(a),(c)</sup> |  | 4.3800 | 05/25/67 | 210051 |
| 7862 JP Morgan Mortgage Trust Series 2017-5 A1<sup>(a),(d)</sup> |  | 5.0110 | 12/15/47 | 7913 |
| 692180 JP Morgan Mortgage Trust Series 2017-4 A3<sup>(a),(d)</sup> |  | 3.5000 | 11/25/48 | 631055 |
| 331514 JP Morgan Mortgage Trust Series Series 2025-CES1 A1<sup>(a),(d)</sup> |  | 5.6660 | 05/25/55 | 333049 |
| 357277 JP Morgan Seasoned Mortgage Trust Series Series 2024-1 A4<sup>(a),(d)</sup> |  | 4.4510 | 10/25/54 | 350995 |
| 100000 Metlife Securitization Trust Series 2017-1A M1<sup>(a),(d)</sup> |  | 3.4350 | 04/25/55 | 89107 |
| 19902 Metlife Securitization Trust Series 2019-1A A1A<sup>(a),(d)</sup> |  | 3.7500 | 04/25/58 | 19577 |
| 679930 MFA Trust Series 2022-INV2 A1<sup>(a),(c)</sup> |  | 4.9500 | 07/25/57 | 677274 |
| 855390 MFA Trust Series 2023-INV2 A1<sup>(a),(c)</sup> |  | 6.7750 | 10/25/58 | 866757 |
| 941132 MFA Trust Series 2022-INV1 A1<sup>(a),(c)</sup> |  | 3.9070 | 04/25/66 | 932853 |
| 635726 MFA Trust Series 2022-NQM2 A1<sup>(a),(c)</sup> |  | 4.0000 | 05/25/67 | 619661 |
| 509168 MFA Trust Series 2024-NQM2 A1<sup>(a),(c)</sup> |  | 5.2720 | 08/25/69 | 508671 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
| 244921 Mill City Mortgage Loan Trust Series 2019-GS2 A1<sup>(a),(d)</sup> |  | 2.7500 | 08/25/59 | $236702 |
| 199632 Mill City Mortgage Loan Trust Series 2019-1 M2<sup>(a),(d)</sup> |  | 3.5000 | 10/25/69 | 181647 |
| 393939 New Residential Mortgage Loan Trust Series 2016-4A A1<sup>(a),(d)</sup> |  | 3.7500 | 11/25/56 | 377367 |
| 539989 New Residential Mortgage Loan Trust Series 2017-2A A3<sup>(a),(d)</sup> |  | 4.0000 | 03/25/57 | 526188 |
| 383928 New Residential Mortgage Loan Trust Series 2018-1A A1A<sup>(a),(d)</sup> |  | 4.0000 | 12/25/57 | 374270 |
| 23906 New Residential Mortgage Loan Trust Series 2021-NQ2R A1<sup>(a),(d)</sup> |  | 0.9410 | 09/25/58 | 22780 |
| 618568 New Residential Mortgage Loan Trust Series 2022-NQM2 A1<sup>(a),(d)</sup> |  | 3.0790 | 03/27/62 | 581344 |
| 256367 New Residential Mortgage Loan Trust Series 2024-NQM3 A1<sup>(a),(c)</sup> |  | 5.4660 | 11/25/64 | 256924 |
| 552335 NYMT Loan Trust Series 2022-CP1 A1<sup>(a)</sup> |  | 2.0420 | 07/25/61 | 514575 |
| 381775 NYMT Loan Trust Series 2024-CP1 A1<sup>(a)</sup> |  | 3.7500 | 02/25/68 | 354309 |
| 303383 OBX Trust Series 2024-HYB2 A1<sup>(a),(d)</sup> |  | 3.6650 | 04/25/53 | 302084 |
| 634773 OBX Trust Series 2023-NQM9 A1<sup>(a),(c)</sup> |  | 7.1590 | 10/25/63 | 644818 |
| 290265 OBX Trust Series 2024-NQM9 A1<sup>(a),(c)</sup> |  | 6.0300 | 01/25/64 | 292481 |
| 45713 Palisades Mortgage Loan Trust Series 2021-RTL1 A1<sup>(a),(c)</sup> |  | 3.4870 | 06/25/26 | 45456 |
| 378383 PMT Loan Trust Series 2024-INV1 A2<sup>(a),(d)</sup> |  | 6.0000 | 10/25/59 | 381458 |
| 207170 PMT Loan Trust Series 2024-INV2 A1<sup>(a),(d)</sup> |  | 6.0000 | 12/25/59 | 208022 |
| 428669 PRET Trust Series 2025-NPL1 A1<sup>(a),(c)</sup> |  | 6.0630 | 02/25/55 | 429192 |
| 899754 PRPM, LLC Series 2024-RPL1 A1<sup>(a),(c)</sup> |  | 4.2000 | 12/25/64 | 878696 |
| 500923 RCKT Mortgage Trust Series 2023-CES1 A1A<sup>(a),(d)</sup> |  | 6.5150 | 06/25/43 | 504038 |
| 722484 RCKT Mortgage Trust Series 2023-CES2 A1A<sup>(a),(d)</sup> |  | 6.8080 | 09/25/43 | 730817 |
| 47121 RCKT Mortgage Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 3.0000 | 02/25/50 | 40839 |
| 11990 Residential Mortgage Loan Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 2.3760 | 01/26/60 | 11851 |
| 51940 Starwood Mortgage Residential Trust Series 2020-1 A1<sup>(a),(d)</sup> |  | 2.2750 | 02/25/50 | 49617 |
| 745638 Starwood Mortgage Residential Trust Series 2021-5 A2<sup>(a),(d)</sup> |  | 2.1780 | 09/25/66 | 643708 |
| 265000 Towd Point Mortgage Trust Series 2019-HY2 M1<sup>(a),(b)</sup> | TSFR1M + 1.714% | 6.0410 | 05/25/58 | 267132 |
| 365000 Towd Point Mortgage Trust Series 2021-1 A2<sup>(a),(d)</sup> |  | 2.7500 | 11/25/61 | 304538 |
| 516959 Towd Point Mortgage Trust Series 2024-1 A1<sup>(a),(d)</sup> |  | 4.7700 | 03/25/64 | 522628 |
| 1014135 Verus Securitization Trust Series 2020-1 A1<sup>(a),(c)</sup> |  | 3.4170 | 01/25/60 | 994982 |
| 417471 Verus Securitization Trust Series 2022-4 A1<sup>(a),(c)</sup> |  | 4.4740 | 04/25/67 | 418871 |
| 611608 Verus Securitization Trust Series 2022-6 A1<sup>(a),(c)</sup> |  | 4.9100 | 06/25/67 | 618123 |
| 438940 Verus Securitization Trust Series 2022-6 A3<sup>(a),(c)</sup> |  | 4.9100 | 06/25/67 | 443107 |
| 799682 Verus Securitization Trust Series 2022-7 A1<sup>(a),(c)</sup> |  | 5.1520 | 07/25/67 | 802325 |
| 1254508 Verus Securitization Trust Series 2023-1 A1<sup>(a),(c)</sup> |  | 5.8500 | 12/25/67 | 1253618 |
| 702406 Verus Securitization Trust Series 2023-8 A1<sup>(a),(c)</sup> |  | 6.2590 | 12/25/68 | 707644 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 27.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 12.2% (Continued)** |  |  |  |  |
| 143085 | Wells Fargo Mortgage Backed Securities Series 2020-4 A1<sup>(a),(d)</sup> |  | 3.0000 | 07/25/50 | $121539 |
|  |  |  |  |  | 25984135 |
|  | **CREDIT CARD — 0.2%** |  |  |  |  |
| 430000 | Mercury Financial Credit Card Master Trust Series 2A A<sup>(a)</sup> |  | 6.5600 | 07/20/29 | 435355 |
|  | **NON AGENCY CMBS — 4.8%** |  |  |  |  |
| 520000 | BBCMS Mortgage Trust Series 2018-TALL<sup>(a),(b)</sup> | TSFR1M + 0.919% | 5.2410 | 03/15/37 | 490447 |
| 613000 | BBCMS Trust Series 2018-CBM A<sup>(a),(b)</sup> | TSFR1M + 1.297% | 5.6190 | 07/15/37 | 593154 |
| 610000 | BPR Trust Series 2022-OANA A<sup>(a),(b)</sup> | TSFR1M + 1.898% | 6.2200 | 04/15/37 | 611409 |
| 510000 | BX Trust Series 2022-CLS A<sup>(a)</sup> |  | 5.7600 | 10/13/27 | 517055 |
| 425000 | BX Trust Series 2025-ROIC C<sup>(a),(b)</sup> | TSFR1M + 1.543% | 5.8650 | 03/15/30 | 412183 |
| 445000 | BX Trust Series 2019-OC11 B<sup>(a)</sup> |  | 3.6050 | 12/09/41 | 414789 |
| 410000 | BX Trust Series 2019-OC11 D<sup>(a),(d)</sup> |  | 4.0750 | 12/09/41 | 380521 |
| 410000 | CENT Trust Series 2023-CITY A<sup>(a),(b)</sup> | TSFR1M + 2.620% | 6.9420 | 09/15/38 | 410532 |
| 470000 | COMM Mortgage Trust Series 2013-300P A1<sup>(a)</sup> |  | 4.3530 | 08/10/30 | 463589 |
| 565000 | COMM Mortgage Trust Series 2024-WCL1 B<sup>(a),(b)</sup> | TSFR1M + 2.590% | 6.9120 | 06/15/41 | 559036 |
| 367000 | ELM Trust Series 2024-ELM A10<sup>(a),(d)</sup> |  | 5.9940 | 06/10/27 | 372212 |
| 510000 | Exeter Automobile Receivables Trust Series 2024-5A B |  | 4.9800 | 04/16/29 | 508655 |
| 510000 | Fashion Show Mall, LLC Series SHOW A<sup>(a),(d)</sup> |  | 5.2740 | 10/10/29 | 514826 |
| 320000 | Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU A<sup>(a),(b)</sup> | TSFR1M + 1.450% | 5.7720 | 12/15/39 | 317937 |
| 420000 | Houston Galleria Mall Trust Series 2025-HGLR A<sup>(a),(d)</sup> |  | 5.6440 | 02/05/45 | 427582 |
| 630000 | Hudson Yards Mortgage Trust Series 2025-SPRL A<sup>(a),(d)</sup> |  | 5.6490 | 01/13/40 | 647311 |
| 570000 | JP Morgan Chase Commercial Mortgage Securities Series OMNI A<sup>(a),(d)</sup> |  | 5.9900 | 10/05/39 | 578888 |
| 325000 | MIRA Trust Series 2023-Mile A<sup>(a)</sup> |  | 6.7550 | 06/06/28 | 339905 |
| 595000 | MSSG Trust Series 2017-237P A<sup>(a)</sup> |  | 3.3970 | 09/13/39 | 545422 |
| 560000 | RFR Trust Series 2025-SGRM A<sup>(a),(d)</sup> |  | 5.5620 | 03/11/29 | 570316 |
| 170000 | ROCK Trust Series 2024-CNTR A<sup>(a)</sup> |  | 5.3880 | 11/13/41 | 173142 |
| 450000 | ROCK Trust Series 2024-CNTR C<sup>(a)</sup> |  | 6.4710 | 11/13/41 | 467249 |
|  |  |  |  |  | 10316160 |
|  | **OTHER ABS — 5.5%** |  |  |  |  |
| 131314 | ACHV A.B.S TRUST Series 2024-1PL A<sup>(a)</sup> |  | 5.9000 | 04/25/31 | 132045 |
| 336000 | Affirm Asset Securitization Trust Series 2023-B A<sup>(a)</sup> |  | 6.8200 | 09/15/28 | 338143 |
| 157585 | Affirm Asset Securitization Trust Series 2024-X2 A<sup>(a)</sup> |  | 5.2200 | 12/17/29 | 157493 |
| 36197 | Aqua Finance Trust Series 2019-A A<sup>(a)</sup> |  | 3.1400 | 07/16/40 | 34946 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 27.9% (Continued)** |  |  |  |  |
|  | **OTHER ABS — 5.5% (Continued)** |  |  |  |  |
| 140114 | Aqua Finance Trust Series 2019-A C<sup>(a)</sup> |  | 4.0100 | 07/16/40 | $135582 |
| 225476 | Aqua Finance Trust Series 2020-AA B<sup>(a)</sup> |  | 2.7900 | 07/17/46 | 212278 |
| 510000 | Aqua Finance Trust Series 2024-A B<sup>(a)</sup> |  | 5.0600 | 04/18/50 | 500021 |
| 444044 | Castlelake Aircraft Structured Trust Series 2025-1A A<sup>(a)</sup> |  | 5.7830 | 02/15/50 | 447415 |
| 465000 | CCG Receivables Trust Series 2024-1 B<sup>(a)</sup> |  | 5.0800 | 03/15/32 | 469855 |
| 103437 | CF Hippolyta, LLC Series 2020-1 A1<sup>(a)</sup> |  | 1.6900 | 07/15/60 | 102178 |
| 241156 | CLI Funding VI, LLC Series 2020-1A A<sup>(a)</sup> |  | 2.0800 | 09/18/45 | 222881 |
| 100000 | Corevest American Finance Trust Series 2019-3 C<sup>(a)</sup> |  | 3.2650 | 10/15/52 | 93781 |
| 178080 | Dext A.B.S, LLC Series 2023-1 A2<sup>(a)</sup> |  | 5.9900 | 03/15/32 | 178796 |
| 191521 | Elara HGV Timeshare Issuer, LLC Series 2023-A A<sup>(a)</sup> |  | 6.1600 | 02/25/38 | 197777 |
| 130000 | FirstKey Homes Trust Series 2021-SFR1 D<sup>(a)</sup> |  | 2.1890 | 08/17/28 | 124974 |
| 235515 | Foundation Finance Trust Series 2023-2A A<sup>(a)</sup> |  | 6.5300 | 06/15/49 | 245404 |
| 241751 | Hilton Grand Vacations Trust Series 2024-2A A<sup>(a)</sup> |  | 5.5000 | 03/25/38 | 246968 |
| 46471 | HIN Timeshare Trust Series 2020-A C<sup>(a)</sup> |  | 3.4200 | 10/09/39 | 45200 |
| 533483 | HINNT, LLC Series 2025-A B<sup>(a)</sup> |  | 5.4500 | 03/15/44 | 537468 |
| 128700 | Jersey Mike's Funding Series 2019-1A A2<sup>(a)</sup> |  | 4.4330 | 02/15/50 | 127572 |
| 425000 | Jersey Mike's Funding, LLC Series 1A A2<sup>(a)</sup> |  | 5.6360 | 02/15/55 | 423323 |
| 28102 | MVW, LLC Series 2020-1A A<sup>(a)</sup> |  | 1.7400 | 10/20/37 | 27198 |
| 178857 | MVW, LLC Series 2023-1A B<sup>(a)</sup> |  | 5.4200 | 10/20/40 | 180339 |
| 570000 | NMEF Funding, LLC Series 2025-A B<sup>(a)</sup> |  | 5.1800 | 04/25/32 | 572877 |
| 265000 | Octane Receivables Trust Series 2023-1A C<sup>(a)</sup> |  | 6.3700 | 09/20/29 | 269592 |
| 300000 | Oportun Funding, LLC Series A A<sup>(a)</sup> |  | 5.0100 | 02/08/33 | 300127 |
| 415788 | Oportun Issuance Trust Series 2021-C A<sup>(a)</sup> |  | 2.1800 | 10/08/31 | 405299 |
| 435000 | PEAC Solutions Receivables, LLC Series 2024-1A B<sup>(a)</sup> |  | 5.7900 | 11/20/30 | 448100 |
| 233786 | PowerPay Issuance Trust Series 2024-1A A<sup>(a)</sup> |  | 6.5300 | 02/18/39 | 239415 |
| 265000 | Progress Residential Series 2021-SFR3 D<sup>(a)</sup> |  | 2.2880 | 05/17/26 | 259804 |
| 480000 | Purchasing Power Funding Series A B<sup>(a)</sup> |  | 6.4300 | 08/15/28 | 485648 |
| 29745 | Regional Management Issuance Trust Series 2021-1 A<sup>(a)</sup> |  | 1.6800 | 03/17/31 | 29637 |
| 515000 | Regional Management Issuance Trust Series 2 A<sup>(a)</sup> |  | 5.1100 | 12/15/33 | 518784 |
| 655000 | Retained Vantage Data Centers Issuer, LLC Series 1A A2<sup>(a)</sup> |  | 4.9920 | 09/15/49 | 649084 |
| 19012 | Sierra Timeshare Receivables Funding, LLC Series 2020-2A B<sup>(a)</sup> |  | 2.3200 | 07/20/37 | 18932 |
| 127789 | Sierra Timeshare Receivables Funding, LLC Series 2023-2A B<sup>(a)</sup> |  | 6.2800 | 04/20/40 | 130141 |
| 510708 | SoFi Consumer Loan Program Trust Series 2025-1 A<sup>(a)</sup> |  | 4.8000 | 02/27/34 | 511376 |
| 315000 | STAR Trust Series 2025-SFR5 A<sup>(a),(b)</sup> | TSFR1M + 1.450% | 5.7720 | 02/17/42 | 316832 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 27.9% (Continued)** |  |  |  |  |
|  | **OTHER ABS — 5.5% (Continued)** |  |  |  |  |
| 481875 | Taco Bell Funding, LLC Series 2016-1A A23<sup>(a)</sup> |  | 4.9700 | 05/25/46 | $481998 |
| 200000 | Tricon American Homes Trust Series 2020-SFR2 D<sup>(a)</sup> |  | 2.2810 | 11/17/27 | 188393 |
| 165000 | Tricon American Homes Trust Series 2019-SFR1 C<sup>(a)</sup> |  | 3.1490 | 03/17/38 | 162730 |
| 160000 | Tricon Residential Trust Series 2021-SFR1 B<sup>(a)</sup> |  | 2.2440 | 07/17/38 | 155304 |
| 448875 | TSC SPV Funding, LLC Series 1A A2<sup>(a)</sup> |  | 6.2910 | 08/20/54 | 439894 |
|  |  |  |  |  | 11765604 |
|  | **RESIDENTIAL MORTGAGE — 1.0%** |  |  |  |  |
| 58475 | AJAX Mortgage Loan Trust Series 2019-D A1<sup>(a),(c)</sup> |  | 2.9560 | 09/25/65 | 55990 |
| 343162 | PRET, LLC Series 2024-NPL4 A1<sup>(a),(c)</sup> |  | 6.9960 | 07/25/54 | 343684 |
| 135000 | Towd Point Mortgage Trust Series 2016-4 B1<sup>(a),(d)</sup> |  | 4.0040 | 07/25/56 | 130259 |
| 115000 | Towd Point Mortgage Trust Series 2017-1 M1<sup>(a),(d)</sup> |  | 3.7500 | 10/25/56 | 112660 |
| 590000 | Towd Point Mortgage Trust Series 2017-4 A2<sup>(a),(d)</sup> |  | 3.0000 | 06/25/57 | 555521 |
| 160000 | Towd Point Mortgage Trust Series 2017-6 A2<sup>(a),(d)</sup> |  | 3.0000 | 10/25/57 | 152387 |
| 140000 | Towd Point Mortgage Trust Series 2018-6 A1B<sup>(a),(d)</sup> |  | 3.7500 | 03/25/58 | 134743 |
| 300000 | Towd Point Mortgage Trust Series 2018-6 A2<sup>(a),(d)</sup> |  | 3.7500 | 03/25/58 | 270329 |
| 255000 | Towd Point Mortgage Trust Series 2019-2 A2<sup>(a),(d)</sup> |  | 3.7500 | 12/25/58 | 229328 |
| 235000 | Towd Point Mortgage Trust Series 2019-4 A2<sup>(a),(d)</sup> |  | 3.2500 | 10/25/59 | 212050 |
|  |  |  |  |  | 2196951 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $59,833,571)** |  |  |  | 59865781 |
|  | **CORPORATE BONDS — 30.6%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.7%** |  |  |  |  |
| 413000 | Boeing Company (The) |  | 5.9300 | 05/01/60 | 382350 |
| 515000 | Huntington Ingalls Industries, Inc. |  | 5.7490 | 01/15/35 | 524441 |
| 440000 | L3Harris Technologies, Inc. B |  | 5.4000 | 07/31/33 | 446328 |
| 185000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.6250 | 03/01/32 | 189739 |
|  |  |  |  |  | 1542858 |
|  | **ASSET MANAGEMENT — 1.8%** |  |  |  |  |
| 395000 | Apollo Debt Solutions BDC |  | 6.9000 | 04/13/29 | 405830 |
| 395000 | Apollo Global Management, Inc.<sup>(b)</sup> | H15T5Y + 2.168% | 6.0000 | 12/15/54 | 370911 |
| 340000 | BlackRock Funding, Inc. |  | 5.2500 | 03/14/54 | 322493 |
| 170000 | Blackstone Private Credit Fund |  | 5.9500 | 07/16/29 | 170739 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 1.8% (Continued)** |  |  |  |  |
| 325000 | Blackstone Private Credit Fund<sup>(a)</sup> |  | 6.0000 | 11/22/34 | $310032 |
| 120000 | Blue Owl Credit Income Corporation |  | 6.6500 | 03/15/31 | 121218 |
| 380000 | Blue Owl Finance, LLC |  | 3.1250 | 06/10/31 | 331508 |
| 215000 | Charles Schwab Corporation (The)<sup>(b)</sup> | SOFRRATE + 2.010% | 6.1360 | 08/24/34 | 228278 |
| 305000 | Charles Schwab Corporation (The)<sup>(b)</sup> | H15T10Y + 3.079% | 4.0000 | 03/01/69 | 266494 |
| 250000 | Drawbridge Special Opportunities Fund, L.P. <sup>(a)</sup> |  | 3.8750 | 02/15/26 | 245415 |
| 534000 | Hannon Armstrong Sustainable Infrastructure<sup>(a)</sup> |  | 6.3750 | 07/01/34 | 513089 |
| 220000 | Icahn Enterprises, L.P. / Icahn Enterprises |  | 5.2500 | 05/15/27 | 208928 |
| 355000 | UBS Group A.G.<sup>(a),(b)</sup> | H15T1Y + 2.400% | 4.9880 | 08/05/33 | 349688 |
| 35000 | UBS Group A.G.<sup>(a),(b)</sup> | H15T5Y + 4.758% | 9.2500 | 05/13/72 | 39200 |
|  |  |  |  |  | 3883823 |
|  | **AUTOMOTIVE — 0.6%** |  |  |  |  |
| 405000 | Aptiv plc / Aptiv Global Financing DAC<sup>(b)</sup> | H15T5Y + 3.385% | 6.8750 | 12/15/54 | 380364 |
| 10000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(a)</sup> |  | 6.7500 | 02/15/30 | 10183 |
| 70000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 52435 |
| 200000 | Ford Motor Credit Company, LLC |  | 6.8000 | 05/12/28 | 202947 |
| 85000 | Ford Motor Credit Company, LLC |  | 6.0540 | 11/05/31 | 82371 |
| 110000 | Ford Motor Credit Company, LLC |  | 6.5000 | 02/07/35 | 106252 |
| 160000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 7.0500 | 09/15/28 | 163981 |
| 330000 | Stellantis Finance US, Inc.<sup>(a)</sup> |  | 6.4500 | 03/18/35 | 323311 |
|  |  |  |  |  | 1321844 |
|  | **BANKING — 4.8%** |  |  |  |  |
| 205000 | Banco de Credito del Peru S.A.<sup>(a),(b)</sup> | H15T5Y + 3.000% | 3.1250 | 07/01/30 | 204667 |
| 64000 | Banco de Credito del Peru S.A.<sup>(a),(b)</sup> | H15T5Y + 2.486% | 6.4500 | 07/30/35 | 63879 |
| 115000 | Banco de Credito e Inversiones S.A.<sup>(a),(b)</sup> | H15T5Y + 4.944% | 8.7500 | 02/08/74 | 119270 |
| 120000 | Banco Mercantil del Norte S.A.<sup>(a),(b)</sup> | H15T10Y + 5.034% | 6.6250 | 01/24/70 | 106852 |
| 670000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 591883 |
| 450000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.913% | 5.4250 | 08/15/35 | 439618 |
| 400000 | Barclays plc<sup>(b)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 446065 |
| 73000 | BBVA Bancomer S.A.<sup>(a),(b)</sup> | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 69186 |
| 420000 | BPCE S.A.<sup>(a),(b)</sup> | SOFRRATE + 2.590% | 7.0030 | 10/19/34 | 456401 |
| 65000 | BPCE S.A.<sup>(a),(b)</sup> | SOFRRATE + 2.610% | 6.9150 | 01/14/46 | 65966 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **BANKING — 4.8% (Continued)** |  |  |  |  |
| 320000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.338% | 6.2700 | 11/17/33 | $338882 |
| 229000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.661% | 6.1740 | 05/25/34 | 234215 |
| 250000 | Citigroup, Inc.<sup>(b)</sup> | H15T5Y + 3.417% | 3.8750 | 05/18/69 | 243764 |
| 195000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.910% | 5.7180 | 07/23/32 | 197998 |
| 385000 | Deutsche Bank A.G.<sup>(b),(e)</sup> | SOFRRATE + 2.050% | 5.4030 | 09/11/35 | 375347 |
| 390000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.660% | 4.3370 | 04/25/33 | 365352 |
| 455000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRINDX + 1.870% | 5.7090 | 02/02/35 | 455419 |
| 130000 | Huntington Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 1.700% | 6.1410 | 11/18/39 | 128408 |
| 710000 | JPMorgan Chase & Company<sup>(d)</sup> |  | 1.9530 | 02/04/32 | 609005 |
| 420000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.580% | 5.7170 | 09/14/33 | 432758 |
| 175000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.810% | 6.2540 | 10/23/34 | 187930 |
| 390000 | KeyCorporation<sup>(b)</sup> | SOFRRATE + 2.420% | 6.4010 | 03/06/35 | 408164 |
| 395000 | NatWest Group plc<sup>(b)</sup> | H15T5Y + 2.200% | 6.4750 | 06/01/34 | 408965 |
| 540000 | PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.394% | 5.5750 | 01/29/36 | 545897 |
| 375000 | Societe Generale S.A.<sup>(a),(b)</sup> | H15T1Y + 2.100% | 6.0660 | 01/19/35 | 379775 |
| 200000 | Texas Capital Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 3.150% | 4.0000 | 05/06/31 | 190265 |
| 430000 | Toronto-Dominion Bank (The)<sup>(b)</sup> | H15T5Y + 4.075% | 8.1250 | 10/31/82 | 445583 |
| 65000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.852% | 5.1220 | 01/26/34 | 63590 |
| 30000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.361% | 5.8670 | 06/08/34 | 30714 |
| 440000 | US Bancorp<sup>(b),(e)</sup> | SOFRRATE + 1.411% | 5.4240 | 02/12/36 | 440711 |
| 280000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 4.8970 | 07/25/33 | 275065 |
| 285000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.060% | 6.4910 | 10/23/34 | 306177 |
| 330000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 3.453% | 3.9000 | 03/15/69 | 324233 |
| 185000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 2.767% | 6.8500 | 07/15/74 | 187458 |
|  |  |  |  |  | 10139462 |
|  | **BIOTECH & PHARMA — 0.4%** |  |  |  |  |
| 193000 | Amgen, Inc. |  | 5.2500 | 03/02/33 | 194886 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 0.4% (Continued)** |  |  |  |  |
| 258000 | Amgen, Inc. |  | 5.6500 | 03/02/53 | $248039 |
| 45000 | Par Pharmaceutical, Inc.<sup>(a(,(f)</sup> |  | 0.0000 | 04/01/27 |  |
| 310000 | Royalty Pharma plc<sup>(e)</sup> |  | 5.4000 | 09/02/34 | 307419 |
| 195000 | Royalty Pharma plc |  | 3.3500 | 09/02/51 | 121756 |
| 681 | Viatris, Inc.<sup>(a)</sup> |  | 2.3000 | 06/22/27 | 642 |
|  |  |  |  |  | 872742 |
|  | **CABLE & SATELLITE — 0.5%** |  |  |  |  |
| 14000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 6.3750 | 09/01/29 | 14138 |
| 180000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 4.7500 | 03/01/30 | 169905 |
| 45000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 4.5000 | 08/15/30 | 41821 |
| 290000 | Charter Communications Operating, LLC / Charter |  | 4.8000 | 03/01/50 | 216325 |
| 200000 | CSC Holdings, LLC<sup>(a)</sup> |  | 11.7500 | 01/31/29 | 189374 |
| 370000 | DIRECTV Holdings, LLC / DIRECTV Financing Company,<sup>(a)</sup> |  | 5.8750 | 08/15/27 | 358030 |
|  |  |  |  |  | 989593 |
|  | **CHEMICALS — 0.3%** |  |  |  |  |
| 340000 | Bayport Polymers, LLC<sup>(a),(e)</sup> |  | 5.1400 | 04/14/32 | 325429 |
| 200000 | INEOS Quattro Finance 2 plc<sup>(a)</sup> |  | 9.6250 | 03/15/29 | 192750 |
| 130000 | Windsor Holdings III, LLC<sup>(a)</sup> |  | 8.5000 | 06/15/30 | 136972 |
|  |  |  |  |  | 655151 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |  |  |  |
| 350000 | CRH America Finance, Inc. |  | 5.4000 | 05/21/34 | 354360 |
| 55000 | Quikrete Holdings, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/32 | 55408 |
|  |  |  |  |  | 409768 |
|  | **CONTAINERS & PACKAGING — 0.6%** |  |  |  |  |
| 565000 | Berry Global, Inc. |  | 5.6500 | 01/15/34 | 569191 |
| 435000 | Smurfit Kappa Treasury ULC<sup>(a)</sup> |  | 5.7770 | 04/03/54 | 418804 |
| 370000 | Sonoco Products Company |  | 5.0000 | 09/01/34 | 353474 |
|  |  |  |  |  | 1341469 |
|  | **ELEC & GAS MARKETING & TRADING — 0.2%** |  |  |  |  |
| 380000 | New York State Electric & Gas Corporation<sup>(a)</sup> |  | 5.8500 | 08/15/33 | 395068 |
|  | **ELECTRIC UTILITIES — 2.7%** |  |  |  |  |
| 195000 | AES Corporation (The)<sup>(b)</sup> | H15T5Y + 3.201% | 7.6000 | 01/15/55 | 193228 |
| 485000 | Black Hills Corporation |  | 6.1500 | 05/15/34 | 502788 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 2.7% (Continued)** |  |  |  |  |
| 555000 | CMS Energy Corporation<sup>(b)</sup> | H15T5Y + 4.116% | 4.7500 | 06/01/50 | $520799 |
| 205000 | Dominion Energy, Inc.<sup>(b)</sup> | H15T5Y + 2.511% | 7.0000 | 06/01/54 | 213311 |
| 275000 | Dominion Energy, Inc.<sup>(b)</sup> | H15T5Y + 2.207% | 6.6250 | 05/15/55 | 271076 |
| 450000 | Electricite de France S.A.<sup>(a)</sup> |  | 6.9000 | 05/23/53 | 476076 |
| 235000 | Enel Finance International N.V.<sup>(a)</sup> |  | 7.5000 | 10/14/32 | 265676 |
| 175000 | Enel Finance International N.V.<sup>(a)</sup> |  | 5.5000 | 06/26/34 | 175571 |
| 425000 | Entergy Corporation<sup>(b)</sup> | H15T5Y + 2.670% | 7.1250 | 12/01/54 | 428372 |
| 260000 | Entergy Texas, Inc. |  | 5.8000 | 09/01/53 | 256587 |
| 15000 | Lightning Power, LLC<sup>(a)</sup> |  | 7.2500 | 08/15/32 | 15571 |
| 188000 | National Rural Utilities Cooperative Finance<sup>(b)</sup> | TSFR3M + 3.172% | 7.4510 | 04/30/43 | 187474 |
| 410000 | NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | H15T5Y + 1.979% | 6.5000 | 08/15/55 | 413190 |
| 384000 | NRG Energy, Inc.<sup>(a)</sup> |  | 7.0000 | 03/15/33 | 413494 |
| 265000 | PacifiCorporation |  | 5.8000 | 01/15/55 | 252714 |
| 403000 | Puget Energy, Inc. |  | 2.3790 | 06/15/28 | 378459 |
| 325000 | Southern California Edison Company |  | 6.0000 | 01/15/34 | 325773 |
| 245000 | Vistra Corporation<sup>(a),(b)</sup> | H15T5Y + 6.930% | 8.0000 | 04/15/70 | 250901 |
| 280000 | Vistra Operations Company, LLC<sup>(a)</sup> |  | 5.7000 | 12/30/34 | 278616 |
|  |  |  |  |  | 5819676 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 140000 | Global Infrastructure Solutions, Inc.<sup>(a)</sup> |  | 7.5000 | 04/15/32 | 137538 |
| 398000 | Sempra Infrastructure Partners, L.P.<sup>(a)</sup> |  | 3.2500 | 01/15/32 | 333014 |
|  |  |  |  |  | 470552 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 315000 | Univision Communications, Inc.<sup>(a)</sup> |  | 6.6250 | 06/01/27 | 304807 |
|  | **FOOD — 0.6%** |  |  |  |  |
| 585000 | Mars, Inc.<sup>(a)</sup> |  | 5.7000 | 05/01/55 | 577787 |
| 410000 | Pilgrim's Pride Corporation |  | 6.2500 | 07/01/33 | 427808 |
| 190000 | Post Holdings, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/33 | 188320 |
|  |  |  |  |  | 1193915 |
|  | **GAS & WATER UTILITIES — 0.2%** |  |  |  |  |
| 260000 | Brooklyn Union Gas Company (The)<sup>(a)</sup> |  | 4.8660 | 08/05/32 | 250624 |
| 255000 | KeySpan Gas East Corporation<sup>(a)</sup> |  | 5.9940 | 03/06/33 | 261616 |
|  |  |  |  |  | 512240 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.4%** |  |  |  |  |
| 500000 | CHS/Community Health Systems, Inc.<sup>(a)</sup> |  | 5.2500 | 05/15/30 | $426830 |
| 505000 | CVS Health Corporation |  | 5.0500 | 03/25/48 | 429614 |
| 45000 | CVS Health Corporation<sup>(b)</sup> | H15T5Y + 2.516% | 6.7500 | 12/10/54 | 44723 |
| 185000 | HCA, Inc. |  | 5.5000 | 06/01/33 | 185993 |
| 165000 | HCA, Inc. |  | 5.2500 | 06/15/49 | 143487 |
| 116000 | HCA, Inc. |  | 6.0000 | 04/01/54 | 110600 |
| 445000 | Icon Investments Six DAC |  | 6.0000 | 05/08/34 | 444150 |
| 505000 | IQVIA, Inc. |  | 6.2500 | 02/01/29 | 525240 |
| 115000 | Molina Healthcare, Inc.<sup>(a)</sup> |  | 6.2500 | 01/15/33 | 114191 |
| 359000 | Universal Health Services, Inc. |  | 2.6500 | 01/15/32 | 296500 |
| 280000 | Universal Health Services, Inc. |  | 5.0500 | 10/15/34 | 260770 |
|  |  |  |  |  | 2982098 |
|  | **HOME & OFFICE PRODUCTS — 0.1%** |  |  |  |  |
| 225000 | Newell Brands, Inc. |  | 6.3750 | 09/15/27 | 220008 |
|  | **HOME CONSTRUCTION — 0.6%** |  |  |  |  |
| 265000 | Ashton Woods USA, LLC / Ashton Woods Finance<sup>(a)</sup> |  | 4.6250 | 04/01/30 | 243250 |
| 440000 | DR Horton, Inc. |  | 5.5000 | 10/15/35 | 440658 |
| 434000 | Meritage Homes Corporation<sup>(a)</sup> |  | 3.8750 | 04/15/29 | 413947 |
| 225000 | Meritage Homes Corporation |  | 5.6500 | 03/15/35 | 219701 |
|  |  |  |  |  | 1317556 |
|  | **HOUSEHOLD PRODUCTS — 0.1%** |  |  |  |  |
| 370000 | Kronos Acquisition Holdings, Inc.<sup>(a)</sup> |  | 8.2500 | 06/30/31 | 306358 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 405000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.5000 | 08/11/32 | 401466 |
| 105000 | Ashtead Capital, Inc.<sup>(a)</sup> |  | 5.8000 | 04/15/34 | 105122 |
|  |  |  |  |  | 506588 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |  |  |
| 165000 | Bank of New York Mellon Corporation (The)<sup>(b)</sup> | SOFRINDX + 2.074% | 5.8340 | 10/25/33 | 173911 |
| 345000 | Bank of New York Mellon Corporation (The)<sup>(b)</sup> | H15T5Y + 4.358% | 4.7000 | 09/20/68 | 343438 |
| 195000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.550% | 5.3300 | 07/23/35 | 193623 |
| 310000 | Goldman Sachs Group, Inc. (The) |  | 6.4500 | 05/01/36 | 326513 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3% (Continued)** |  |  |  |  |
| 435000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | $434387 |
| 185000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 186693 |
| 275000 | Morgan Stanley<sup>(b)</sup> | H15T5Y + 2.430% | 5.9480 | 01/19/38 | 276858 |
| 215000 | Northern Trust Corporation<sup>(d)</sup> |  | 3.3750 | 05/08/32 | 208025 |
| 450000 | State Street Corporation<sup>(b),(e)</sup> | SOFRRATE + 1.958% | 6.1230 | 11/21/34 | 470546 |
| 175000 | State Street Corporation<sup>(b)</sup> | H15T5Y + 2.613% | 6.7000 | 03/15/74 | 175969 |
|  |  |  |  |  | 2789963 |
|  | **INSURANCE — 2.0%** |  |  |  |  |
| 200000 | Allianz S.E.<sup>(a),(b)</sup> | H15T5Y + 3.232% | 6.3500 | 09/06/53 | 205039 |
| 260000 | Allianz S.E.<sup>(a),(b)</sup> | H15T5Y + 2.771% | 5.6000 | 09/03/54 | 252736 |
| 320000 | Allstate Corporation (The)<sup>(b)</sup> | TSFR3M + 3.200% | 7.5230 | 08/15/53 | 317009 |
| 530000 | Arthur J Gallagher & Company |  | 5.5500 | 02/15/55 | 498632 |
| 410000 | Ascot Group Ltd.<sup>(a)</sup> |  | 4.2500 | 12/15/30 | 355362 |
| 391000 | Corebridge Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.646% | 6.3750 | 09/15/54 | 377758 |
| 330000 | F&G Annuities & Life, Inc. |  | 6.5000 | 06/04/29 | 336142 |
| 198000 | Global Atlantic Fin Company<sup>(a)</sup> |  | 7.9500 | 06/15/33 | 219502 |
| 105000 | Global Atlantic Fin Company<sup>(a),(b)</sup> | H15T5Y + 3.608% | 7.9500 | 10/15/54 | 106892 |
| 175000 | Liberty Mutual Group, Inc.<sup>(a),(b)</sup> | H15T5Y + 3.315% | 4.1250 | 12/15/51 | 165272 |
| 325000 | MetLife, Inc.<sup>(b)</sup> | H15T5Y + 3.576% | 3.8500 | 03/15/69 | 321673 |
| 335000 | Nippon Life Insurance Company<sup>(a),(b)</sup> | H15T5Y + 2.954% | 6.2500 | 09/13/53 | 339798 |
| 60000 | Nippon Life Insurance Company<sup>(a),(b)</sup> | H15T5Y + 3.189% | 6.5000 | 04/30/55 | 60945 |
| 104000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 3.162% | 5.1250 | 03/01/52 | 97829 |
| 210000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.848% | 6.7500 | 03/01/53 | 215712 |
| 45000 | Prudential Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.404% | 6.5000 | 03/15/54 | 45353 |
| 370000 | Reinsurance Group of America, Inc.<sup>(b)</sup> | H15T5Y + 2.392% | 6.6500 | 09/15/55 | 359661 |
|  |  |  |  |  | 4275315 |
|  | **MACHINERY — 0.5%** |  |  |  |  |
| 580000 | Regal Rexnord Corporation |  | 6.4000 | 04/15/33 | 590958 |
| 415000 | Veralto Corporation |  | 5.4500 | 09/18/33 | 423012 |
| 100000 | Weir Group plc (The)<sup>(a)</sup> |  | 5.3500 | 05/06/30 | 100306 |
|  |  |  |  |  | 1114276 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |  |
| 570000 | DENTSPLY SIRONA, Inc. |  | 3.2500 | 06/01/30 | $508200 |
| 530000 | Smith & Nephew plc |  | 5.4000 | 03/20/34 | 528589 |
|  |  |  |  |  | 1036789 |
|  | **METALS & MINING — 0.4%** |  |  |  |  |
| 336000 | Corp Nacional del Cobre de Chile<sup>(a)</sup> |  | 5.9500 | 01/08/34 | 341410 |
| 295000 | Glencore Funding, LLC<sup>(a)</sup> |  | 2.8500 | 04/27/31 | 261997 |
| 240000 | Glencore Funding, LLC<sup>(a)</sup> |  | 5.6340 | 04/04/34 | 239505 |
|  |  |  |  |  | 842912 |
|  | **OIL & GAS PRODUCERS — 3.9%** |  |  |  |  |
| 95000 | 6297782, LLC<sup>(a)</sup> |  | 5.5840 | 10/01/34 | 91792 |
| 70000 | 6297782, LLC<sup>(a)</sup> |  | 6.1760 | 10/01/54 | 64850 |
| 530000 | BP Capital Markets plc<sup>(b)</sup> | H15T5Y + 4.398% | 4.8750 | 12/22/00 | 505169 |
| 140000 | Buckeye Partners, L.P.<sup>(a)</sup> |  | 6.7500 | 02/01/30 | 142620 |
| 150000 | Columbia Pipelines Operating Company, LLC<sup>(a)</sup> |  | 6.0360 | 11/15/33 | 154918 |
| 95000 | CrownRock, L.P. / CrownRock Finance, Inc.<sup>(a)</sup> |  | 5.0000 | 05/01/29 | 96927 |
| 425000 | Diamondback Energy, Inc. |  | 5.9000 | 04/18/64 | 378500 |
| 120000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.306% | 7.1250 | 05/15/69 | 118383 |
| 175000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.694% | 6.5000 | 11/15/69 | 174311 |
| 355000 | EOG Resources, Inc.<sup>(e)</sup> |  | 5.6500 | 12/01/54 | 337657 |
| 630000 | Flex Intermediate Holdco, LLC<sup>(a)</sup> |  | 3.3630 | 06/30/31 | 555794 |
| 305000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.8750 | 04/15/30 | 310989 |
| 435000 | Harbour Energy plc<sup>(a)</sup> |  | 6.3270 | 04/01/35 | 413732 |
| 530000 | HF Sinclair Corporation<sup>(e)</sup> |  | 6.2500 | 01/15/35 | 509310 |
| 87000 | KazMunayGas National Company JSC<sup>(a)</sup> |  | 5.7500 | 04/19/47 | 73094 |
| 85000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | 01/15/38 | 91988 |
| 425000 | Kinder Morgan, Inc. |  | 5.8500 | 06/01/35 | 429786 |
| 50000 | NGL Energy Partners, L.P.<sup>(a),(e)</sup> |  | 8.1250 | 02/15/29 | 47029 |
| 80000 | NGL Energy Partners, L.P.<sup>(a)</sup> |  | 8.3750 | 02/15/32 | 72919 |
| 360000 | Occidental Petroleum Corporation |  | 5.5500 | 10/01/34 | 336925 |
| 260000 | Occidental Petroleum Corporation |  | 6.2000 | 03/15/40 | 240021 |
| 275000 | Pertamina Persero PT<sup>(a)</sup> |  | 6.4500 | 05/30/44 | 278940 |
| 292000 | Petroleos Mexicanos |  | 6.5000 | 03/13/27 | 285472 |
| 116000 | Petroleos Mexicanos |  | 5.3500 | 02/12/28 | 107290 |
| 160000 | Petroleos Mexicanos |  | 8.7500 | 06/02/29 | 157358 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.9% (Continued)** |  |  |  |  |
| 130000 | Petronas Capital Ltd.<sup>(a)</sup> |  | 5.8480 | 04/03/55 | $129423 |
| 160000 | Qatar Petroleum<sup>(a)</sup> |  | 2.2500 | 07/12/31 | 140099 |
| 235000 | Reliance Industries Ltd.<sup>(a)</sup> |  | 2.8750 | 01/12/32 | 204773 |
| 368000 | Saudi Arabian Oil Company<sup>(a)</sup> |  | 5.2500 | 07/17/34 | 371230 |
| 110000 | South Bow Canadian Infrastructure Holdings Ltd.<sup>(a),(b)</sup> | H15T5Y + 3.667% | 7.5000 | 03/01/55 | 108249 |
| 370000 | Transcanada Trust<sup>(b)</sup> | H15T5Y + 3.986% | 5.6000 | 03/07/82 | 341863 |
| 425000 | Western Midstream Operating, L.P. |  | 5.2500 | 02/01/50 | 340908 |
| 500000 | Williams Companies, Inc. (The) |  | 5.1500 | 03/15/34 | 491553 |
|  |  |  |  |  | 8103872 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.1%** |  |  |  |  |
| 240000 | Nabors Industries, Inc.<sup>(a)</sup> |  | 7.3750 | 05/15/27 | 226540 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |  |  |
| 420000 | NNN REIT, Inc. |  | 5.5000 | 06/15/34 | 420538 |
| 410000 | Safehold GL Holdings, LLC |  | 5.6500 | 01/15/35 | 399945 |
| 75000 | Service Properties Trust |  | 4.9500 | 02/15/27 | 71353 |
|  |  |  |  |  | 891836 |
|  | **RETAIL - DISCRETIONARY — 0.6%** |  |  |  |  |
| 175000 | BlueLinx Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 11/15/29 | 166638 |
| 240000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/34 | 238527 |
| 465000 | Dick's Sporting Goods, Inc. |  | 4.1000 | 01/15/52 | 319484 |
| 290000 | Ferguson Enterprises, Inc. |  | 5.0000 | 10/03/34 | 280317 |
| 275000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(a)</sup> |  | 7.7500 | 02/15/29 | 256478 |
| 10000 | Queen MergerCo, Inc.<sup>(a)</sup> |  | 6.7500 | 04/30/32 | 10052 |
|  |  |  |  |  | 1271496 |
|  | **SEMICONDUCTORS — 0.2%** |  |  |  |  |
| 200000 | Broadcom, Inc. |  | 5.1500 | 11/15/31 | 203526 |
| 240000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | 11/15/35 | 198638 |
|  |  |  |  |  | 402164 |
|  | **SOFTWARE — 0.2%** |  |  |  |  |
| 105000 | Helios Software Holdings, Inc. / ION Corporate<sup>(a)</sup> |  | 8.7500 | 05/01/29 | 102065 |
| 115000 | Oracle Corporation |  | 6.2500 | 11/09/32 | 122530 |
| 160000 | Oracle Corporation |  | 6.9000 | 11/09/52 | 172985 |
| 75000 | Oracle Corporation |  | 3.8500 | 04/01/60 | 50330 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 0.2% (Continued)** |  |  |  |  |
|  |  |  |  |  | $447910 |
|  | **SPECIALTY FINANCE — 1.4%** |  |  |  |  |
| 235000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | 01/30/32 | 207373 |
| 150000 | AerCap Ireland Capital DAC / AerCap Global<sup>(b)</sup> | H15T5Y + 2.720% | 6.9500 | 03/10/55 | 150603 |
| 215000 | AerCap Ireland Capital DAC / AerCap Global<sup>(b)</sup> | H15T5Y + 2.441% | 6.5000 | 01/31/56 | 208903 |
| 405000 | Ally Financial, Inc.<sup>(b)</sup> | SOFRRATE + 1.730% | 5.5430 | 01/17/31 | 400985 |
| 615000 | American Express Company<sup>(b)</sup> | SOFRRATE + 1.930% | 5.6250 | 07/28/34 | 619863 |
| 235000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 3.5000 | 11/01/27 | 226812 |
| 200000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 6.3750 | 07/15/30 | 210253 |
| 425000 | Avolon Holdings Funding Ltd.<sup>(a)</sup> |  | 5.7500 | 11/15/29 | 429842 |
| 217000 | Capital One Financial Corporation<sup>(d)</sup> |  | 2.3590 | 07/29/32 | 178711 |
| 285000 | Capital One Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.860% | 6.3770 | 06/08/34 | 297257 |
| 67000 | Synchrony Financial |  | 3.7000 | 08/04/26 | 65589 |
|  |  |  |  |  | 2996191 |
|  | **TECHNOLOGY SERVICES — 1.2%** |  |  |  |  |
| 165000 | Block, Inc.<sup>(a)</sup> |  | 6.5000 | 05/15/32 | 168541 |
| 400000 | Booz Allen Hamilton, Inc.<sup>(a)</sup> |  | 4.0000 | 07/01/29 | 381210 |
| 200000 | Booz Allen Hamilton, Inc. |  | 5.9500 | 08/04/33 | 202804 |
| 570000 | CoStar Group, Inc.<sup>(a)</sup> |  | 2.8000 | 07/15/30 | 504687 |
| 630000 | Gartner, Inc.<sup>(a)</sup> |  | 3.7500 | 10/01/30 | 579786 |
| 320000 | Leidos, Inc. |  | 2.3000 | 02/15/31 | 276367 |
| 556000 | MSCI, Inc.<sup>(a)</sup> |  | 3.6250 | 09/01/30 | 513812 |
|  |  |  |  |  | 2627207 |
|  | **TELECOMMUNICATIONS — 0.1%** |  |  |  |  |
| 205000 | Sprint Capital Corporation |  | 8.7500 | 03/15/32 | 245866 |
|  | **TOBACCO & CANNABIS — 0.6%** |  |  |  |  |
| 295000 | BAT Capital Corporation |  | 7.7500 | 10/19/32 | 337129 |
| 465000 | Imperial Brands Finance plc<sup>(a)</sup> |  | 5.8750 | 07/01/34 | 471236 |
| 510000 | Philip Morris International, Inc. |  | 4.9000 | 11/01/34 | 502002 |
|  |  |  |  |  | 1310367 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.6% (Continued)** |  |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 0.9%** |  |  |  |  |
| 330746 | Alaska Airlines Class A Pass Through Trust Series 2021-1<sup>(a)</sup> |  | 4.8000 | 08/15/27 | $330933 |
| 335000 | BNSF Funding Trust I<sup>(d)</sup> |  | 6.6130 | 12/15/55 | 336243 |
| 305006 | British Airways Class A Pass Through Trust Series 2021-1<sup>(a)</sup> |  | 2.9000 | 03/15/35 | 272519 |
| 313942 | Delta Air Lines Class AA Pass Through Trust Series 2015-1 |  | 3.6250 | 07/30/27 | 306413 |
| 128000 | DP World plc<sup>(a)</sup> |  | 6.8500 | 07/02/37 | 140346 |
| 280862 | United Airlines Class A Pass Through Trust Series 2023-1 |  | 5.8000 | 07/15/36 | 279536 |
| 153651 | United Airlines Class AA Pass Through Trust Series 2024-1 |  | 5.4500 | 02/15/37 | 153055 |
|  |  |  |  |  | 1819045 |
|  | **TOTAL CORPORATE BONDS (Cost $65,825,483)** |  |  |  | 65587325 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.3%** |  |  |  |  |
|  | **SOVEREIGN — 2.3%** |  |  |  |  |
| 324000 | Brazilian Government International Bond |  | 6.0000 | 10/20/33 | 319743 |
| 55000 | Brazilian Government International Bond |  | 7.1250 | 05/13/54 | 52309 |
| 170000 | Colombia Government International Bond |  | 8.0000 | 11/14/35 | 167120 |
| 112000 | Colombia Government International Bond |  | 7.7500 | 11/07/36 | 106854 |
| 139000 | Colombia Government International Bond |  | 3.8750 | 02/15/61 | 71375 |
| 34000 | Costa Rica Government International Bond<sup>(a)</sup> |  | 6.5500 | 04/03/34 | 34854 |
| 30000 | Costa Rica Government International Bond<sup>(a)</sup> |  | 7.3000 | 11/13/54 | 30617 |
| 311000 | Dominican Republic International Bond<sup>(a)</sup> |  | 4.8750 | 09/23/32 | 279869 |
| 59000 | El Salvador Government International Bond<sup>(a)</sup> |  | 8.6250 | 02/28/29 | 60091 |
| 71000 | Guatemala Government Bond<sup>(a)</sup> |  | 6.6000 | 06/13/36 | 71125 |
| 220000 | Hungary Government International Bond<sup>(a)</sup> |  | 6.2500 | 09/22/32 | 227008 |
| 156000 | Indonesia Government International Bond |  | 4.7500 | 09/10/34 | 151715 |
| 165000 | Indonesia Government International Bond |  | 5.1000 | 02/10/54 | 151300 |
| 213000 | Ivory Coast Government International Bond<sup>(a)</sup> |  | 8.2500 | 01/30/37 | 197132 |
| 175000 | Mexico Government International Bond |  | 6.0000 | 05/07/36 | 167050 |
| 107000 | Panama Government International Bond |  | 8.0000 | 03/01/38 | 110754 |
| 192000 | Peruvian Government International Bond |  | 5.3750 | 02/08/35 | 189564 |
| 212000 | Philippine Government International Bond |  | 4.7500 | 03/05/35 | 206750 |
| 150000 | Qatar Government International Bond<sup>(a)</sup> |  | 3.7500 | 04/16/30 | 146981 |
| 146000 | Republic of Kenya Government International Bond<sup>(a)</sup> |  | 9.7500 | 02/16/31 | 140222 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 2.3% (Continued)** |  |  |  |  |
|  | **SOVEREIGN — 2.3% (Continued)** |  |  |  |  |
| 210000 | Republic of Poland Government International Bond |  | 4.8750 | 10/04/33 | $208568 |
| 200000 | Republic of South Africa Government International |  | 5.8750 | 06/22/30 | 194242 |
| 30000 | Republic of South Africa Government International |  | 5.6500 | 09/27/47 | 21576 |
| 40000 | Republic of Uzbekistan International Bond<sup>(a)</sup> |  | 6.9000 | 02/28/32 | 40055 |
| 453000 | Romanian Government International Bond<sup>(a)</sup> |  | 5.8750 | 01/30/29 | 449071 |
| 154000 | Saudi Government International Bond<sup>(a)</sup> |  | 4.8750 | 07/18/33 | 152649 |
| 200000 | Saudi Government International Bond<sup>(a)</sup> |  | 5.6250 | 01/13/35 | 206952 |
| 95000 | Saudi Government International Bond<sup>(a)</sup> |  | 4.5000 | 10/26/46 | 76976 |
| 149000 | Serbia International Bond<sup>(a)</sup> |  | 6.5000 | 09/26/33 | 153942 |
| 257000 | Turkiye Government International Bond |  | 7.6250 | 05/15/34 | 256485 |
| 70000 | Turkiye Government International Bond |  | 6.6250 | 02/17/45 | 57279 |
| 173000 | UAE International Government Bond<sup>(a)</sup> |  | 4.0500 | 07/07/32 | 169946 |
| 115000 | Uruguay Government International Bond |  | 5.1000 | 06/18/50 | 105800 |
| 69000 | Uruguay Government International Bond |  | 4.9750 | 04/20/55 | 60893 |
|  |  |  |  |  | 5036867 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,108,852)** |  |  |  | 5036867 |
|  | **TERM LOANS — 4.3%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.0%<sup>(g)</sup>** |  |  |  |  |
| 95000 | Endeavor Operating Company, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.5550 | 01/28/32 | 94089 |
|  | **AEROSPACE & DEFENSE — 0.2%** |  |  |  |  |
| 313041 | Dynasty Acquisition Company, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 7.0090 | 10/27/31 | 311730 |
| 192689 | TransDigm, Inc.<sup>(b)</sup> | TSFR3M + 2.500% | 7.1040 | 02/28/31 | 191011 |
|  |  |  |  |  | 502741 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 205000 | Clarios Global, L.P.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | 01/14/32 | 201327 |
|  | **CABLE & SATELLITE — 0.5%** |  |  |  |  |
| 309225 | Charter Communications Operating, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.8590 | 11/22/31 | 308511 |
| 216884 | Cogeco Communications USA II, L.P.<sup>(b)</sup> | TSFR1M + 3.250% | 7.9350 | 09/18/30 | 213360 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.3% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.5% (Continued)** |  |  |  |  |
| 104203 | Directv Financing, LLC<sup>(b)</sup> | TSFR1M + 5.365% | 10.0970 | 08/02/29 | $101117 |
| 315000 | Virgin Media Bristol, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 7.4180 | 01/04/28 | 311177 |
|  |  |  |  |  | 934165 |
|  | **CHEMICALS — 0.0%<sup>(g)</sup>** |  |  |  |  |
| 107416 | INEOS US Finance, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.9350 | 02/19/30 | 100810 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 101726 | CHG Healthcare Services, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3130 | 09/29/28 | 101570 |
| 169151 | Prime Security Services Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 6.3260 | 10/15/30 | 168661 |
|  |  |  |  |  | 270231 |
|  | **CONSTRUCTION MATERIALS — 0.1%** |  |  |  |  |
| 128373 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5750 | 04/14/31 | 126159 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 147456 | TricorBraun Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.365% | 8.0500 | 01/29/28 | 145641 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 310000 | Calpine Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.2320 | 01/31/31 | 309110 |
| 54725 | Kestrel Acquisition, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 8.2590 | 10/29/31 | 54822 |
|  |  |  |  |  | 363932 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 203724 | Gates Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.0600 | 06/04/31 | 202340 |
| 175000 | MX Holdings US, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5600 | 02/19/32 | 174563 |
| 200376 | Wec US Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.8600 | 01/27/31 | 198811 |
|  |  |  |  |  | 575714 |
|  | **ENGINEERING & CONSTRUCTION — 0.3%** |  |  |  |  |
| 239400 | Construction Partners, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 7.2590 | 10/29/31 | 238104 |
| 119700 | Frontdoor, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.7750 | 12/16/31 | 119251 |
| 215000 | Red SPV, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.5730 | 03/08/32 | 214194 |
|  |  |  |  |  | 571549 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 228275 | Univision Communications, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 8.3000 | 01/31/29 | 220000 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.3% (Continued)** |  |  |  |  |
|  | **FOOD — 0.2%** |  |  |  |  |
| 119866 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR3M + 3.400% | 8.3470 | 08/02/28 | $25022 |
| 52259 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR3M + 4.400% | 9.2660 | 08/02/28 | 31944 |
| 60911 | Del Monte Foods Corporation II, Inc.<sup>(b)</sup> | TSFR3M + 8.150% | 13.1660 | 08/02/28 | 58627 |
| 185000 | Froneri US, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3570 | 09/18/31 | 183928 |
|  |  |  |  |  | 299521 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 148132 | Phoenix Guarantor, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8250 | 02/21/31 | 147339 |
| 184538 | Select Medical Corporation<sup>(b)</sup> | TSFR1M + 2.000% | 6.6220 | 11/19/31 | 184480 |
|  |  |  |  |  | 331819 |
|  | **HOUSEHOLD PRODUCTS — 0.0%<sup>(g)</sup>** |  |  |  |  |
| 100000 | Energizer Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3230 | 03/13/32 | 100042 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.1%** |  |  |  |  |
| 188126 | Citadel Securities, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 6.7180 | 10/24/31 | 188093 |
|  | **INSURANCE — 0.1%** |  |  |  |  |
| 213925 | HUB International Ltd.<sup>(b)</sup> | TSFR3M + 2.500% | 6.7870 | 06/20/30 | 212799 |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 49200 | Caesars Entertainment, Inc.<sup>(b)</sup> | TSFR3M + 2.250% | 6.7710 | 02/06/30 | 48634 |
| 136667 | Delta 2 Lux Sarl<sup>(b)</sup> | TSFR1M + 2.000% | 6.6040 | 09/10/31 | 136326 |
| 68333 | Delta 2 Lux Sarl<sup>(b)</sup> | TSFR1M + 2.000% | 7.2010 | 09/10/31 | 68163 |
| 192563 | Flutter Entertainment plc<sup>(b)</sup> | TSFR1M + 1.750% | 6.2750 | 11/29/30 | 190096 |
| 104188 | Life Time, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 7.3040 | 10/22/31 | 103706 |
| 119425 | UFC Holdings, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.8910 | 11/14/31 | 119444 |
|  |  |  |  |  | 666369 |
|  | **MACHINERY — 0.2%** |  |  |  |  |
| 150000 | John Bean Technologies Corporation<sup>(b)</sup> | TSFR1M + 2.250% | 7.1070 | 10/09/31 | 149888 |
| 185000 | Terex Corporation<sup>(b)</sup> | TSFR1M + 2.000% | 6.6850 | 10/01/31 | 185000 |
|  |  |  |  |  | 334888 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.1%** |  |  |  |  |
| 205769 | Medline Borrower, L.P.<sup>(b)</sup> | TSFR1M + 2.250% | 6.9350 | 10/23/28 | 204622 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 4.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 0.4%** |  |  |  |  |
| 190000 | EPIC Crude Services, L.P.<sup>(b)</sup> | TSFR3M + 3.000% | 7.3020 | 10/09/31 | $190034 |
| 104281 | Freeport LNG Investments LLLP<sup>(b)</sup> | TSFR3M + 3.250% | 7.5460 | 12/21/28 | 103029 |
| 263746 | GIP Pilot Acquisition Partners, L.P.<sup>(b)</sup> | TSFR3M + 2.000% | 6.2960 | 10/04/30 | 262757 |
| 75000 | Hilcorp Energy I, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3110 | 02/05/30 | 74063 |
| 205628 | Oryx Midstream Services Permian Basin, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.5520 | 10/05/28 | 204054 |
| 74438 | WhiteWater DBR HoldCo, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.6160 | 03/03/31 | 74438 |
|  |  |  |  |  | 908375 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** |  |  |  |  |
| 172490 | Iron Mountain, Inc.<sup>(b)</sup> | TSFR1M + 2.100% | 6.6850 | 01/31/31 | 171972 |
|  | **RETAIL - DISCRETIONARY — 0.2%** |  |  |  |  |
| 278600 | Belron Finance 2019, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.2730 | 10/02/31 | 278290 |
| 93925 | Harbor Freight Tools USA, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8240 | 06/05/31 | 87681 |
| 81468 | PetSmart, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.1740 | 01/29/28 | 80535 |
|  |  |  |  |  | 446506 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 40000 | QXO, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3200 | 04/23/32 | 40007 |
| 83554 | Thunder Generation Funding, LLC<sup>(b)</sup> | TSFR3M + 3.000% | 8.4000 | 09/29/31 | 83606 |
| 129145 | UKG, Inc.<sup>(b)</sup> | TSFR3M + 3.000% | 7.6170 | 02/10/31 | 128852 |
|  |  |  |  |  | 252465 |
|  | **SPECIALTY FINANCE — 0.1%** |  |  |  |  |
| 199375 | Trans Union, LLC<sup>(b)</sup> | TSFR1M + 1.750% | 6.3610 | 06/24/31 | 198541 |
|  | **TECHNOLOGY SERVICES — 0.3%** |  |  |  |  |
| 184350 | Amazon Holdco, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.9350 | 07/30/31 | 182421 |
| 235000 | Boost Newco Borrower, LLC<sup>(b)</sup> | TSFR3M + 2.000% | 6.3090 | 01/31/31 | 234804 |
| 254 | Neptune Bidco US, Inc.<sup>(b)</sup> | TSFR3M + 5.100% | 9.7580 | 04/11/29 | 225 |
| 206368 | North American Bancard, LLC<sup>(b)</sup> | TSFR3M + 2.500% | 6.8020 | 11/24/28 | 204672 |
|  |  |  |  |  | 622122 |
|  | **TRANSPORTATION & LOGISTICS — 0.1%** |  |  |  |  |
| 160000 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR3M + 2.250% | 6.5430 | 04/20/28 | 156964 |
|  | **TOTAL TERM LOANS (Cost $9,359,285)** |  |  |  | 9201456 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 28.5%** |  |  |  |
|  | **AGENCY FIXED RATE — 11.0%** |  |  |  |
| 5687 | Fannie Mae Pool 735061 | 6.0000 | 11/01/34 | $5928 |
| 7582 | Fannie Mae Pool 866009 | 6.0000 | 03/01/36 | 7932 |
| 48896 | Fannie Mae Pool 938574 | 5.5000 | 09/01/36 | 50175 |
| 21748 | Fannie Mae Pool 310041 | 6.5000 | 05/01/37 | 22984 |
| 8805 | Fannie Mae Pool 962752 | 5.0000 | 04/01/38 | 8901 |
| 12953 | Fannie Mae Pool 909175 | 5.5000 | 04/01/38 | 13176 |
| 33724 | Fannie Mae Pool 909220 | 6.0000 | 08/01/38 | 35160 |
| 40066 | Fannie Mae Pool AS7026 | 4.0000 | 04/01/46 | 37940 |
| 66337 | Fannie Mae Pool BJ9260 | 4.0000 | 04/01/48 | 62416 |
| 710781 | Fannie Mae Pool FS4991 | 3.0000 | 03/01/52 | 615711 |
| 1232610 | Fannie Mae Pool FS8360 | 3.5000 | 09/01/52 | 1111863 |
| 619860 | Fannie Mae Pool MA4805 | 4.5000 | 11/01/52 | 593163 |
| 793362 | Fannie Mae Pool FS4438 | 5.0000 | 11/01/52 | 778219 |
| 1153277 | Fannie Mae Pool MA4839 | 4.0000 | 12/01/52 | 1073527 |
| 2199336 | Fannie Mae Pool FS7751 | 4.0000 | 03/01/53 | 2046565 |
| 551908 | Fannie Mae Pool MA4980 | 6.0000 | 04/01/53 | 561593 |
| 520330 | Fannie Mae Pool MA5072 | 5.5000 | 06/01/53 | 520164 |
| 938781 | Fannie Mae Pool CB6857 | 4.5000 | 08/01/53 | 898021 |
| 512989 | Fannie Mae Pool FS6679 | 6.0000 | 12/01/53 | 520783 |
| 1755073 | Fannie Mae Pool MA5385 | 4.0000 | 06/01/54 | 1633142 |
| 1373285 | Fannie Mae Pool FS8791 | 6.0000 | 08/01/54 | 1396347 |
| 53387 | Freddie Mac Gold Pool G01980 | 5.0000 | 12/01/35 | 53987 |
| 8216 | Freddie Mac Gold Pool G05888 | 5.5000 | 10/01/39 | 8368 |
| 246575 | Freddie Mac Pool SB8269 | 6.0000 | 10/01/38 | 253504 |
| 2034589 | Freddie Mac Pool SD2026 | 5.0000 | 11/01/52 | 1994939 |
| 550047 | Freddie Mac Pool SD3238 | 5.5000 | 12/01/52 | 549918 |
| 1958056 | Freddie Mac Pool SD8309 | 6.0000 | 03/01/53 | 1987551 |
| 1162231 | Freddie Mac Pool SD5594 | 5.5000 | 07/01/53 | 1160701 |
| 904755 | Freddie Mac Pool SD8343 | 6.0000 | 07/01/53 | 918975 |
| 545855 | Freddie Mac Pool SD8350 | 6.0000 | 08/01/53 | 554434 |
| 1876442 | Freddie Mac Pool SD5856 | 3.5000 | 01/01/54 | 1690856 |
| 2626047 | Freddie Mac Pool SD8418 | 4.5000 | 04/01/54 | 2508734 |
|  |  |  |  | 23675677 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 28.5% (Continued)** |  |  |  |
|  | **U.S. TREASURY BONDS — 1.9%** |  |  |  |
| 2405000 | United States Treasury Bond | 1.2500 | 05/15/50 | $1173941 |
| 5850000 | United States Treasury Bond | 1.3750 | 08/15/50 | 2925571 |
|  |  |  |  | 4099512 |
|  | **U.S. TREASURY NOTES — 15.6%** |  |  |  |
| 775000 | United States Treasury Note | 4.3750 | 08/15/26 | 780616 |
| 370000 | United States Treasury Note | 4.0000 | 01/31/29 | 374148 |
| 3280000 | United States Treasury Note | 4.0000 | 07/31/29 | 3317669 |
| 1055000 | United States Treasury Note | 4.0000 | 03/31/30 | 1066786 |
| 890000 | United States Treasury Note | 4.0000 | 02/15/34 | 882004 |
| 1875000 | United States Treasury Note | 3.8750 | 08/15/34 | 1834131 |
| 2125000 | United States Treasury Note | 4.6250 | 02/15/35 | 2201201 |
| 1135000 | United States Treasury Note | 1.8750 | 11/15/51 | 640765 |
| 4100000 | United States Treasury Note | 4.0000 | 11/15/52 | 3644195 |
| 1950000 | United States Treasury Note | 3.6250 | 02/15/53 | 1617357 |
| 2610000 | United States Treasury Note | 3.6250 | 05/15/53 | 2163955 |
| 4875000 | United States Treasury Note | 4.2500 | 02/15/54 | 4522896 |
| 5770000 | United States Treasury Note | 4.6250 | 05/15/54 | 5701256 |
| 365000 | United States Treasury Note | 4.2500 | 08/15/54 | 339165 |
| 3310000 | United States Treasury Note | 4.5000 | 11/15/54 | 3210700 |
| 1075000 | United States Treasury Note | 4.6250 | 02/15/55 | 1065510 |
|  |  |  |  | 33362354 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $64,389,702)** |  |  | 61137543 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 4.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 1.3%** |  |
| 2733018 | Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(h),(i)</sup> | 2733018 |
|  | **MONEY MARKET FUNDS — 3.5%** |  |
| 7624307 | Fidelity Government Portfolio, Institutional, 4.20%<sup>(i)</sup> | 7624307 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,357,325)** | 10357325 |

---

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

**DUNHAM CORPORATE/GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 98.4% (Cost $214,874,218)** | $211186297 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6%** | 3500615 |
| **NET ASSETS - 100.0%** | $214686912 |

---

---

| | |
|:---|:---|
| ABS | - Asset Backed Securities |
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage-Backed Securities |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SA | - Société Anonyme |

---

---

| | |
|:---|:---|
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRINDX | Secured Overnight Financing Rate Compounded |
| SOFRRATE | United States Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 month |
| TSFR3M | Secured Overnight Financing Rate 3 month |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is $83,734,490 or 39.0% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(c)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2025.

<sup>(d)</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>(e)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $2,662,207 at April 30, 2025.

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

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

<sup>(h)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $2,733,018 at April 30, 2025.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 0.3%** |  |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |
| 7877 | Aimbridge Hospitality 3/25<sup>(a)</sup> | $496251 |
|  | **TOTAL COMMON STOCKS (Cost $531,698)** | 496251 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 6.1%** |  |  |  |  |
|  | **CLO — 6.1%** |  |  |  |  |
| 1500000 | Bain Capital Credit CLO 2021-1 Ltd. Series 1A ER<sup>(b),(c)</sup> | TSFR3M + 6.300% | 10.5690 | 04/18/34 | 1436618 |
| 3000000 | Bain Capital Credit CLO 2021-7 Ltd. Series 7A ER<sup>(b),(c)</sup> | TSFR3M + 6.500% | 10.7720 | 01/22/35 | 2799197 |
| 2250000 | BlueMountain CLO XXXII Ltd. Series 32A ER<sup>(b),(c)</sup> | TSFR3M + 6.600% | 10.8560 | 10/15/34 | 2139775 |
| 2000000 | BlueMountain CLO XXXIII Ltd. Series 33A E<sup>(b),(c)</sup> | TSFR3M + 7.092% | 11.4140 | 11/20/34 | 1981868 |
| 1750000 | THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R<sup>(b),(c)</sup> | US0003M + 6.750% | 11.2680 | 04/15/31 | 1679255 |
|  |  |  |  |  | 10036713 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $10,425,538)** |  |  |  | 10036713 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 11.5%** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.9%** |  |  |  |  |
| 330000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.7500 | 08/15/29 | 243813 |
| 626000 | Cable One, Inc.<sup>(b),(d)</sup> |  | 4.0000 | 11/15/30 | 510486 |
| 500000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.7500 | 01/15/30 | 251170 |
| 575000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.1250 | 07/01/30 | 515191 |
|  |  |  |  |  | 1520660 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 450000 | Deluxe Corporation<sup>(b),(d)</sup> |  | 8.0000 | 06/01/29 | 413932 |
|  | **CONTAINERS & PACKAGING — 0.2%** |  |  |  |  |
| 400000 | Iris Holding, Inc.<sup>(b),(d)</sup> |  | 10.0000 | 12/15/28 | 354061 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 525000 | California Buyer Ltd. / Atlantica Sustainable<sup>(b)</sup> |  | 6.3750 | 02/15/32 | 515726 |
| 525000 | NextEra Energy Operating Partners, L.P.<sup>(b),(d)</sup> |  | 7.2500 | 01/15/29 | 520311 |
|  |  |  |  |  | 1036037 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 11.5% (Continued)** |  |  |  |  |
|  | **ENTERTAINMENT CONTENT — 0.3%** |  |  |  |  |
| 525000 | ViacomCBS, Inc.<sup>(e)</sup> | US0003M + 3.899% | 6.2500 | 02/28/57 | $486229 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 509000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b),(d)</sup> |  | 4.8750 | 06/01/29 | 391240 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.3%** |  |  |  |  |
| 575000 | Glatfelter Corporation<sup>(b)</sup> |  | 4.7500 | 11/15/29 | 500962 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |  |
| 500000 | VFH Parent, LLC / Valor Co-Issuer, Inc.<sup>(b)</sup> |  | 7.5000 | 06/15/31 | 513737 |
|  | **LEISURE FACILITIES & SERVICES — 0.9%** |  |  |  |  |
| 575000 | Fertitta Entertainment, LLC / Fertitta<sup>(b),(d)</sup> |  | 6.7500 | 01/15/30 | 503293 |
| 582000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b),(d)</sup> |  | 4.8750 | 07/01/31 | 508276 |
| 400000 | Melco Resorts Finance Ltd.<sup>(b)</sup> |  | 5.7500 | 07/21/28 | 378257 |
|  |  |  |  |  | 1389826 |
|  | **METALS & MINING — 0.3%** |  |  |  |  |
| 168000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 9.2500 | 10/01/28 | 159043 |
| 336000 | Mineral Resources Ltd.<sup>(b),(d)</sup> |  | 8.5000 | 05/01/30 | 305515 |
|  |  |  |  |  | 464558 |
|  | **OIL & GAS PRODUCERS — 1.8%** |  |  |  |  |
| 395000 | Civitas Resources, Inc.<sup>(b)</sup> |  | 8.6250 | 11/01/30 | 381783 |
| 305000 | Crescent Energy Finance, LLC<sup>(b),(d)</sup> |  | 7.3750 | 01/15/33 | 270192 |
| 350000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(b)</sup> |  | 8.6250 | 03/15/29 | 360519 |
| 500000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.8750 | 05/15/32 | 487764 |
| 400000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 6.0000 | 02/01/31 | 360489 |
| 494000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | 08/01/29 | 451707 |
| 389000 | Venture Global LNG, Inc.<sup>(b)</sup> |  | 8.3750 | 06/01/31 | 376461 |
| 325000 | Vital Energy, Inc.<sup>(b),(d)</sup> |  | 7.8750 | 04/15/32 | 252763 |
|  |  |  |  |  | 2941678 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.3%** |  |  |  |  |
| 500000 | Service Properties Trust |  | 8.8750 | 06/15/32 | 482508 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 11.5% (Continued)** |  |  |  |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.3%** |  |  |  |  |
| 558000 | Kennedy-Wilson, Inc. |  | 4.7500 | 03/01/29 | $503199 |
|  | **RETAIL - DISCRETIONARY — 0.7%** |  |  |  |  |
| 525000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(b),(d)</sup> |  | 8.2500 | 01/15/30 | 524183 |
| 47000 | Hertz Corporation (The)<sup>(b)</sup> |  | 4.6250 | 12/01/26 | 39111 |
| 394000 | Kohl's Corporation<sup>(d)</sup> |  | 4.6250 | 05/01/31 | 248000 |
| 77000 | Park River Holdings, Inc.<sup>(b),(d)</sup> |  | 6.7500 | 08/01/29 | 60969 |
| 585000 | Saks Global Enterprises, LLC<sup>(b)</sup> |  | 11.0000 | 12/15/29 | 353624 |
|  |  |  |  |  | 1225887 |
|  | **SOFTWARE — 0.3%** |  |  |  |  |
| 210000 | Cloud Software Group, Inc.<sup>(b)</sup> |  | 8.2500 | 06/30/32 | 219174 |
| 380000 | Helios Software Holdings, Inc. / ION Corporate<sup>(b)</sup> |  | 4.6250 | 05/01/28 | 342856 |
|  |  |  |  |  | 562030 |
|  | **SPECIALTY FINANCE — 1.1%** |  |  |  |  |
| 525000 | Ally Financial, Inc.<sup>(d),(e)</sup> | H15T5Y + 2.450% | 6.6460 | 01/17/40 | 499768 |
| 223000 | Bread Financial Holdings, Inc.<sup>(b)</sup> |  | 9.7500 | 03/15/29 | 234645 |
| 236000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.8750 | 04/15/30 | 235719 |
| 109000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 9.2500 | 07/01/31 | 114962 |
| 500000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | 11/01/29 | 401054 |
| 300000 | LFS Topco, LLC<sup>(b)</sup> |  | 5.8750 | 10/15/26 | 288057 |
|  |  |  |  |  | 1774205 |
|  | **STEEL — 0.3%** |  |  |  |  |
| 485000 | Cleveland-Cliffs, Inc.<sup>(b),(d)</sup> |  | 7.3750 | 05/01/33 | 456569 |
|  | **TECHNOLOGY HARDWARE — 0.5%** |  |  |  |  |
| 500000 | EquipmentShare.com, Inc.<sup>(b)</sup> |  | 8.0000 | 03/15/33 | 494039 |
| 520000 | Viasat, Inc.<sup>(b),(d)</sup> |  | 7.5000 | 05/30/31 | 396461 |
|  |  |  |  |  | 890500 |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |  |
| 475000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 5.7500 | 05/15/28 | 428022 |
| 545000 | Mobius Merger Sub, Inc.<sup>(b)</sup> |  | 9.0000 | 06/01/30 | 480022 |
|  |  |  |  |  | 908044 |
|  | **TELECOMMUNICATIONS — 0.8%** |  |  |  |  |
| 300000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 8.5000 | 04/15/31 | 316649 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 11.5% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 0.8% (Continued)** |  |  |  |  |
| 200000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 7.0000 | 04/15/32 | $202035 |
| 152000 | Rogers Communications, Inc.<sup>(e)</sup> | H15T5Y + 2.653% | 7.0000 | 04/15/55 | 153056 |
| 353000 | Rogers Communications, Inc.<sup>(e)</sup> | H15T5Y + 2.620% | 7.1250 | 04/15/55 | 351646 |
| 350000 | Sable International Finance Ltd.<sup>(b)</sup> |  | 7.1250 | 10/15/32 | 344416 |
|  |  |  |  |  | 1367802 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 514000 | Star Leasing Company, LLC<sup>(b)</sup> |  | 7.6250 | 02/15/30 | 461217 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.3%** |  |  |  |  |
| 571000 | C&S Group Enterprises, LLC<sup>(b)</sup> |  | 5.0000 | 12/15/28 | 479508 |
|  | **TOTAL CORPORATE BONDS (Cost $20,432,781)** |  |  |  | 19124389 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.6%** |  |  |  |  |
| 627008 | Endeavor Operating Company, LLC<sup>(c)</sup> | TSFR1M + 3.232% | 7.5550 | 01/28/32 | 620998 |
| 286423 | Planet US Buyer, LLC<sup>(c)</sup> | TSFR1M + 3.699% | 8.0220 | 01/31/31 | 285313 |
| 72898 | Planet US Buyer, LLC<sup>(c)</sup> | TSFR3M + 3.053% | 7.3190 | 02/10/31 | 72616 |
|  |  |  |  |  | 978927 |
|  | **AEROSPACE & DEFENSE — 0.9%** |  |  |  |  |
| 738136 | Kaman Corporation<sup>(c)</sup> | TSFR1M + 2.726% | 7.0490 | 01/30/32 | 728319 |
| 720834 | Spirit AeroSystems, Inc.<sup>(c)</sup> | TSFR1M + 4.468% | 8.7910 | 11/23/27 | 722113 |
|  |  |  |  |  | 1450432 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.6%** |  |  |  |  |
| 1034149 | Varsity Brands, Inc.<sup>(c)</sup> | TSFR1M + 3.500% | 7.8230 | 08/26/31 | 1018962 |
|  | **ASSET MANAGEMENT — 2.6%** |  |  |  |  |
| 855045 | Clue Opco, LLC<sup>(c)</sup> | TSFR3M + 4.758% | 9.0240 | 12/19/30 | 775076 |
| 456503 | Dragon Buyer, Inc.<sup>(c)</sup> | TSFR1M + 3.531% | 7.8540 | 09/24/31 | 454449 |
| 311526 | Focus Financial Partners, LLC<sup>(c)</sup> | TSFR1M + 2.752% | 7.0750 | 09/15/31 | 308181 |
| 739583 | Hightower Holding, LLC<sup>(c)</sup> | TSFR1M + 2.968% | 7.2910 | 01/15/32 | 728490 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 2.6% (Continued)** |  |  |  |  |
| 326985 | Jump Financial, LLC<sup>(c)</sup> | TSFR1M + 4.244% | 8.5670 | 02/20/32 | $326576 |
| 1378231 | Nexus Buyer, LLC<sup>(c)</sup> | TSFR1M + 3.497% | 7.8200 | 07/31/31 | 1376032 |
| 275901 | NGP XI Midstream Holdings, LLC<sup>(c)</sup> | TSFR1M + 4.281% | 8.6040 | 07/21/31 | 273142 |
|  |  |  |  |  | 4241946 |
|  | **AUTOMOTIVE — 1.8%** |  |  |  |  |
| 695673 | Clarios Global, L.P.<sup>(c)</sup> | TSFR1M + 2.752% | 7.0750 | 01/14/32 | 683210 |
| 938091 | First Brands Group, LLC<sup>(c)</sup> | US0001M + 5.000% | 9.5520 | 03/24/27 | 874605 |
| 708792 | First Brands Group, LLC<sup>(c)</sup> | TSFR1M + 5.229% | 9.5520 | 03/30/27 | 660506 |
| 889834 | PAI Holdco, Inc.<sup>(c)</sup> | US0001M + 5.347% | 8.5970 | 10/28/27 | 694961 |
|  |  |  |  |  | 2913282 |
|  | **BEVERAGES — 0.5%** |  |  |  |  |
| 825581 | Pegasus Bidco BV<sup>(c)</sup> | TSFR1M + 3.525% | 7.8480 | 07/12/29 | 825065 |
|  | **BIOTECH & PHARMA — 0.5%** |  |  |  |  |
| 888934 | Endo Finance Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.384% | 8.7070 | 04/23/31 | 863377 |
|  | **CABLE & SATELLITE — 3.5%** |  |  |  |  |
| 1462214 | Altice Financing S.A.<sup>(c)</sup> | TSFR1M + 5.333% | 9.6560 | 10/31/27 | 1196822 |
| 1000000 | Coral-US Co-Borrower, LLC<sup>(c)</sup> | TSFR1M + 3.226% | 7.5490 | 01/30/32 | 981785 |
| 1167955 | CSC Holdings, LLC<sup>(c)</sup> | TSFR1M + 4.981% | 9.3040 | 07/17/25 | 1139404 |
| 500000 | CSC Holdings, LLC<sup>(c)</sup> | US0001M + 0.639% | 2.6110 | 04/15/27 | 482468 |
| 870458 | Sunrise Financing Partnership<sup>(c)</sup> | TSFR1M + 2.501% | 6.8240 | 02/17/32 | 867194 |
| 1255000 | Virgin Media Bristol, LLC<sup>(c)</sup> | US0001M + 3.250% | 8.1680 | 01/10/29 | 1239382 |
|  |  |  |  |  | 5907055 |
|  | **CHEMICALS — 2.2%** |  |  |  |  |
| 960702 | Groupe Solmax, Inc.<sup>(c)</sup> | US0001M + 4.750% | 9.5500 | 07/23/28 | 800385 |
| 741199 | Iris Holding, Inc.<sup>(c)</sup> | TSFR1M + 5.572% | 9.8950 | 06/15/28 | 698580 |
| 675000 | Nouryon Finance BV<sup>(c)</sup> | TSFR3M + 3.287% | 7.5530 | 04/03/28 | 671625 |
| 712372 | Solenis Holdings Ltd.<sup>(c)</sup> | TSFR3M + 3.033% | 7.2990 | 06/23/31 | 704963 |
| 912434 | Windsor Holdings III, LLC<sup>(c)</sup> | TSFR1M + 2.749% | 7.0720 | 08/01/30 | 903309 |
|  |  |  |  |  | 3778862 |
|  | **COMMERCIAL SUPPORT SERVICES — 4.2%** |  |  |  |  |
| 208856 | Action Environmental Group, Inc. (The)<sup>(c)</sup> | TSFR3M + 3.784% | 8.0500 | 10/24/30 | 208595 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 4.2% (Continued)** |  |  |  |  |
| 890014 | Allied Universal Holdco, LLC<sup>(c)</sup> | US0001M + 3.750% | 8.1750 | 05/05/28 | $890183 |
| 629114 | Creative Artists Agency, LLC<sup>(c)</sup> | TSFR1M + 2.784% | 7.1070 | 09/12/31 | 627035 |
| 443823 | Fleet US Bidco, Inc.<sup>(c)</sup> | TSFR1M + 3.255% | 7.5780 | 02/10/31 | 442713 |
| 610190 | Garda World Security Corporation<sup>(c)</sup> | TSFR1M + 2.969% | 7.2920 | 02/01/29 | 605919 |
| 556335 | GFL Environmental Services, Inc./ON<sup>(c)</sup> | TSFR1M + 2.488% | 6.8110 | 02/04/32 | 550076 |
| 94685 | Groundworks, LLC<sup>(c)</sup> | TSFR1M + 3.823% | 0.5000 | 03/06/31 | 93896 |
| 511210 | Groundworks, LLC<sup>(c)</sup> | TSFR1M + 3.731% | 8.0540 | 03/06/31 | 506952 |
| 673065 | PG Investment Company 59 Sarl<sup>(c)</sup> | TSFR1M + 3.281% | 7.6040 | 02/24/31 | 672055 |
| 368333 | Ryan, LLC<sup>(c)</sup> | TSFR1M + 3.502% | 7.8250 | 11/09/30 | 367918 |
| 518515 | Ryan, LLC<sup>(c)</sup> | TSFR1M + 3.859% | 8.1820 | 11/14/30 | 517931 |
| 564887 | Tidal Waste & Recycling Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.920% | 8.2430 | 10/06/31 | 566534 |
| 1096698 | WestJet Loyalty, L.P.<sup>(c)</sup> | TSFR1M + 3.226% | 7.5490 | 02/01/31 | 1047863 |
|  |  |  |  |  | 7097670 |
|  | **CONSTRUCTION MATERIALS — 1.0%** |  |  |  |  |
| 785952 | Foley Products Company, LLC<sup>(c)</sup> | SOFRRATE + 4.750% | 9.5040 | 02/10/29 | 789225 |
| 468899 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.284% | 6.6070 | 03/26/29 | 462428 |
| 343740 | Quikrete Holdings, Inc.<sup>(c)</sup> | TSFR1M + 2.232% | 6.5550 | 01/31/32 | 337431 |
|  |  |  |  |  | 1589084 |
|  | **CONSUMER SERVICES — 1.3%** |  |  |  |  |
| 450284 | KUEHG Corporation<sup>(c)</sup> | TSFR1M + 3.226% | 7.5490 | 06/12/30 | 449321 |
| 653233 | Opal, LLC<sup>(c)</sup> | TSFR1M + 3.249% | 7.5720 | 03/31/32 | 648745 |
| 588395 | Prometric Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.866% | 9.1890 | 01/31/28 | 590601 |
| 479784 | Spring Education Group, Inc.<sup>(c)</sup> | TSFR1M + 4.281% | 8.6040 | 09/29/30 | 479285 |
|  |  |  |  |  | 2167952 |
|  | **CONTAINERS & PACKAGING — 2.2%** |  |  |  |  |
| 822413 | Berlin Packaging, LLC<sup>(c)</sup> | TSFR1M + 3.623% | 7.9460 | 06/09/31 | 817730 |
| 968056 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 4.250% | 7.8600 | 03/30/29 | 962553 |
| 280312 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.248% | 7.5710 | 03/29/32 | 278386 |
| 755451 | SupplyOne, Inc.<sup>(c)</sup> | TSFR1M + 4.112% | 8.4350 | 03/27/31 | 752146 |
| 247927 | Trident TPI Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.746% | 8.0690 | 09/18/28 | 240292 |
| 579082 | Trident TPI Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.865% | 8.1880 | 09/18/28 | 561249 |
|  |  |  |  |  | 3612356 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **E-COMMERCE DISCRETIONARY — 0.3%** |  |  |  |  |
| 530023 | CNT Holdings I Corporation<sup>(c)</sup> | TSFR3M + 2.531% | 6.7970 | 11/08/32 | $527890 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 1097250 | Showtime Acquisition, LLC<sup>(c)</sup> | TSFR1M + 5.705% | 10.0280 | 08/13/31 | 1099993 |
| 635000 | Texas Competitive Electric Holdings Company, LLC /<sup>(f)(k)</sup> |  |  | 11/22/49 | - |
|  |  |  |  |  | 1099993 |
|  | **ELECTRICAL EQUIPMENT — 2.3%** |  |  |  |  |
| 654908 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 3.750% | 8.6150 | 12/22/28 | 653912 |
| 179825 | Icebox Holdco III, Inc.<sup>(c)</sup> | US0001M + 6.750% | 11.6150 | 12/15/29 | 178757 |
| 887588 | Lsf12 Crown US Commercial Bidco, LLC<sup>(c)</sup> | TSFR1M + 4.246% | 8.5690 | 10/11/31 | 856523 |
| 1345983 | TK Elevator US Newco, Inc.<sup>(c)</sup> | TSFR1M + 4.265% | 8.5880 | 04/11/30 | 1342370 |
| 807342 | Vantage Elevator Solutions<sup>(c)</sup> | US0001M + 4.971% | 8.2210 | 11/10/28 | 783376 |
|  |  |  |  |  | 3814938 |
|  | **ENGINEERING & CONSTRUCTION — 0.9%** |  |  |  |  |
| 644987 | Osmose Utilities Services, Inc.<sup>(c)</sup> | US0001M + 3.250% | 8.0500 | 06/17/28 | 638537 |
| 822938 | Service Logic Acquisition, Inc.<sup>(c)</sup> | TSFR1M + 2.989% | 7.3120 | 10/29/27 | 821913 |
|  |  |  |  |  | 1460450 |
|  | **ENTERTAINMENT CONTENT — 0.6%** |  |  |  |  |
| 1095019 | Univision Communications, Inc.<sup>(c)</sup> | TSFR1M + 4.531% | 8.8540 | 06/10/29 | 1064567 |
|  | **FOOD — 1.0%** |  |  |  |  |
| 802644 | Flora Food Management US Corporation<sup>(c)</sup> | TSFR1M + 3.748% | 8.0710 | 01/03/28 | 798731 |
| 877561 | HLF Financing Sarl, LLC<sup>(c)</sup> | TSFR1M + 7.112% | 11.4350 | 04/05/29 | 875761 |
|  |  |  |  |  | 1674492 |
|  | **GAS & WATER UTILITIES — 0.1%** |  |  |  |  |
| 115048 | NGL Energy Operating, LLC<sup>(c)</sup> | TSFR1M + 4.112% | 8.4350 | 01/27/31 | 109512 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4%** |  |  |  |  |
| 861909 | Bella Holding Company, LLC<sup>(c)</sup> | TSFR1M + 3.252% | 7.5750 | 05/10/28 | 860353 |
| 833053 | Charlotte Buyer, Inc.<sup>(c)</sup> | TSFR1M + 4.242% | 8.5650 | 02/11/28 | 830300 |
| 860810 | Corgi BidCo, Inc.<sup>(c)</sup> | TSFR1M + 5.281% | 9.6040 | 09/20/29 | 811446 |
| 61167 | Hanger, Inc.<sup>(c)</sup> | TSFR1M + 1.339% | 5.6620 | 10/16/31 | 61156 |
| 413098 | Hanger, Inc.<sup>(c)</sup> | TSFR1M + 3.502% | 7.8250 | 10/16/31 | 413025 |
| 498750 | LifePoint Health, Inc.<sup>(c)</sup> | TSFR1M + 4.083% | 8.4060 | 11/16/28 | 490334 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4% (Continued)** |  |  |  |  |
| 423938 | LifePoint Health, Inc.<sup>(c)</sup> | TSFR1M + 3.729% | 8.0520 | 05/14/31 | $416784 |
| 1756891 | Milano Acquisition Corporation<sup>(c)</sup> | US0001M + 4.000% | 8.7040 | 08/17/27 | 1639127 |
| 939904 | Phoenix Newco, Inc.<sup>(c)</sup> | TSFR1M + 2.503% | 6.8260 | 11/15/28 | 935736 |
| 811900 | Star Parent, Inc.<sup>(c)</sup> | TSFR1M + 3.976% | 8.2990 | 09/19/30 | 787039 |
|  |  |  |  |  | 7245300 |
|  | **HOME & OFFICE PRODUCTS — 0.5%** |  |  |  |  |
| 795597 | AI Aqua Merger Sub, Inc.<sup>(c)</sup> | TSFR1M + 2.996% | 7.3190 | 07/31/28 | 787450 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.2%** |  |  |  |  |
| 389915 | Crosby US Acquisition Corporation<sup>(c)</sup> | TSFR1M + 3.862% | 8.1850 | 08/16/29 | 390131 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.5%** |  |  |  |  |
| 877390 | Gloves Buyer, Inc.<sup>(c)</sup> | TSFR1M + 4.003% | 8.3260 | 01/20/32 | 842733 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |  |  |  |
| 787252 | Ascensus Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.002% | 7.3250 | 08/02/28 | 784300 |
| 688857 | Summit Acquisition, Inc.<sup>(c)</sup> | TSFR1M + 3.756% | 8.0790 | 10/10/31 | 689287 |
|  |  |  |  |  | 1473587 |
|  | **INSURANCE — 3.5%** |  |  |  |  |
| 888939 | Alliant Holdings Intermediate, LLC<sup>(c)</sup> | TSFR1M + 2.746% | 7.0690 | 09/12/31 | 883801 |
| 648638 | Asurion, LLC<sup>(c)</sup> | US0001M + 3.250% | 8.0500 | 07/28/27 | 635577 |
| 855000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.6890 | 01/29/28 | 801409 |
| 365000 | Asurion, LLC<sup>(c)</sup> | US0001M + 5.250% | 9.6890 | 01/14/29 | 336256 |
| 1044839 | Asurion, LLC<sup>(c)</sup> | TSFR1M + 4.612% | 8.9350 | 09/19/30 | 1001579 |
| 863199 | BroadStreet Partners, Inc.<sup>(c)</sup> | TSFR1M + 3.002% | 7.3250 | 05/12/31 | 860216 |
| 333429 | Howden Group Holdings Ltd.<sup>(c)</sup> | TSFR1M + 3.502% | 7.8250 | 04/18/30 | 334137 |
| 245830 | Hyperion Refinance Sarl<sup>(c)</sup> | TSFR1M + 3.002% | 7.3250 | 02/18/31 | 244755 |
| 912133 | Sedgwick Claims Management Services, Inc.<sup>(c)</sup> | TSFR1M + 2.990% | 7.3130 | 02/17/28 | 908927 |
|  |  |  |  |  | 6006657 |
|  | **INTERNET MEDIA & SERVICES — 0.7%** |  |  |  |  |
| 1127193 | Pug, LLC<sup>(c)</sup> | TSFR1M + 4.752% | 9.0750 | 03/12/30 | 1112754 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 4.0%** |  |  |  |  |
| 160222 | AIMBRIDGE ACQUISITION CO INC | TSFR1M + 4.323% |  | 03/11/30 | $160222 |
| 84368 | Aimbridge Acquisition Company, Inc.<sup>(c)</sup> | TSFR1M + 7.478% | 11.8010 | 03/11/30 | 83102 |
| 950912 | BCPE Grill Parent, Inc.<sup>(c)</sup> | TSFR1M + 4.784% | 9.1070 | 09/21/30 | 881971 |
| 698237 | Caesars Entertainment, Inc.<sup>(c)</sup> | TSFR3M + 2.207% | 6.4730 | 02/06/31 | 688636 |
| 640406 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 3.612% | 7.9370 | 06/29/29 | 596487 |
| 445052 | Dave & Buster's, Inc.<sup>(c)</sup> | TSFR1M + 3.612% | 7.9370 | 09/29/31 | 413273 |
| 593878 | Fertitta Entertainment, LLC/NV<sup>(c)</sup> | TSFR1M + 4.524% | 8.8470 | 01/29/29 | 579960 |
| 556605 | GBT US III, LLC<sup>(c)</sup> | TSFR1M + 2.490% | 6.8130 | 07/28/31 | 552122 |
| 983790 | Ontario Gaming GTA, L.P.<sup>(c)</sup> | TSFR1M + 4.226% | 8.5490 | 07/20/30 | 954523 |
| 1037050 | Scientific Games Holdings, L.P.<sup>(c)</sup> | TSFR1M + 3.267% | 7.5900 | 04/04/29 | 1029271 |
| 646750 | Whatabrands, LLC<sup>(c)</sup> | TSFR1M + 2.502% | 6.8250 | 08/03/28 | 643946 |
| 56301 | Wok Holdings, Inc.<sup>(c)</sup> | TSFR1M + 6.434% | 10.7570 | 09/28/29 | 54577 |
|  |  |  |  |  | 6638090 |
|  | **MACHINERY — 1.2%** |  |  |  |  |
| 448608 | Alliance Laundry Systems, LLC<sup>(c)</sup> | TSFR1M + 3.862% | 8.1850 | 08/11/31 | 446002 |
| 656452 | Madison IAQ, LLC<sup>(c)</sup> | TSFR1M + 3.246% | 7.5690 | 03/29/32 | 651325 |
| 853973 | STS Operating, Inc.<sup>(c)</sup> | TSFR1M + 4.462% | 8.7850 | 03/17/31 | 825510 |
|  |  |  |  |  | 1922837 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.4%** |  |  |  |  |
| 732591 | Sotera Health Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.512% | 7.8350 | 05/23/31 | 732137 |
|  | **OIL & GAS PRODUCERS — 2.4%** |  |  |  |  |
| 960764 | EG America, LLC<sup>(c)</sup> | TSFR1M + 4.240% | 8.5630 | 02/07/28 | 962479 |
| 596985 | ITT Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.286% | 7.6090 | 10/11/30 | 593534 |
| 1094746 | M6 ETX Holdings II Midco, LLC<sup>(c)</sup> | TSFR1M + 2.996% | 7.3190 | 03/24/32 | 1089956 |
| 700000 | NGL Energy Operating, LLC<sup>(c)</sup> | TSFR1M + 4.112% | 8.4350 | 02/03/31 | 666316 |
| 643516 | RelaDyne, Inc.<sup>(c)</sup> | SOFRRATE + 4.250% | 8.3240 | 12/23/28 | 643355 |
|  |  |  |  |  | 3955640 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.4%** |  |  |  |  |
| 612625 | Goodnight Water Solutions Holdings, LLC<sup>(c)</sup> | TSFR1M + 5.612% | 9.9350 | 06/04/29 | 603436 |
| 1140 | Paragon Offshore Finance Company<sup>(c)(k)</sup> | US0003M + 4.000% |  | 07/15/22 | - |
|  |  |  |  |  | 603436 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **PUBLISHING & BROADCASTING — 0.5%** |  |  |  |  |
| 987023 | Sinclair Television Group, Inc.<sup>(c)</sup> | TSFR1M + 4.199% | 8.5220 | 12/31/30 | $780059 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.7%** |  |  |  |  |
| 1160278 | Claros Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 4.962% | 9.2850 | 08/09/26 | 1097913 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.5%** |  |  |  |  |
| 823963 | Greystar Real Estate Partners, LLC<sup>(c)</sup> | TSFR1M + 3.172% | 7.4950 | 08/21/30 | 820873 |
|  | **REAL ESTATE SERVICES — 0.3%** |  |  |  |  |
| 576338 | Cushman & Wakefield US Borrower, LLC<sup>(c)</sup> | TSFR1M + 3.612% | 7.9350 | 01/31/30 | 577300 |
|  | **RETAIL - DISCRETIONARY — 6.8%** |  |  |  |  |
| 494419 | Belron Finance 2019, LLC<sup>(c)</sup> | TSFR1M + 2.950% | 7.2730 | 10/02/31 | 493871 |
| 1146226 | Champions Financing, Inc.<sup>(c)</sup> | TSFR3M + 5.586% | 9.8520 | 02/23/29 | 1029695 |
| 491218 | Gulfside Supply, Inc.<sup>(c)</sup> | TSFR1M + 3.461% | 7.7840 | 05/29/31 | 488148 |
| 920375 | Harbor Freight Tools USA, Inc.<sup>(c)</sup> | TSFR1M + 2.501% | 6.8240 | 06/05/31 | 859188 |
| 1255912 | Hertz Corporation (The)<sup>(c)</sup> | US0001M + 3.250% | 7.9390 | 06/14/28 | 978041 |
| 632203 | Highline Aftermarket Acquisition, LLC<sup>(c)</sup> | TSFR1M + 3.490% | 7.8130 | 02/12/30 | 632993 |
| 1253382 | LBM Acquisition, LLC<sup>(c)</sup> | TSFR1M + 4.345% | 8.6680 | 06/06/31 | 1190192 |
| 700000 | LS Group OpCompany Acquistion, LLC<sup>(c)</sup> | TSFR1M + 2.496% | 6.8190 | 04/23/31 | 695846 |
| 700000 | Mavis Tire Express Services Topco Corporation<sup>(c)</sup> | TSFR1M + 2.989% | 7.3120 | 05/04/28 | 692433 |
| 999557 | Park River Holdings, Inc.<sup>(c)</sup> | US0001M + 4.855% | 8.1050 | 01/22/28 | 944427 |
| 383456 | Peer Holding III BV<sup>(c)</sup> | TSFR1M + 2.496% | 6.8190 | 07/01/31 | 382378 |
| 1033943 | Petco Health & Wellness Company, Inc.<sup>(c)</sup> | US0001M + 3.250% | 8.1150 | 02/25/28 | 905248 |
| 1243470 | Specialty Building Products Holdings, LLC<sup>(c)</sup> | US0001M + 3.750% | 7.8670 | 10/05/28 | 1166549 |
| 826057 | White Cap Supply Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.612% | 7.9350 | 10/31/29 | 807251 |
|  |  |  |  |  | 11266260 |
|  | **SOFTWARE — 7.9%** |  |  |  |  |
| 1116381 | athenahealth, Inc.<sup>(c)</sup> | SOFRRATE + 3.500% | 7.3240 | 01/27/29 | 1108885 |
| 537901 | BMC Software, Inc.<sup>(c)</sup> | TSFR1M + 3.968% | 7.2910 | 07/30/31 | 528090 |
| 233642 | Boxer Parent Company, Inc.<sup>(c)</sup> | TSFR1M + 5.718% | 10.0410 | 07/06/32 | 221570 |
| 654190 | Camelot US Acquisition, LLC<sup>(c)</sup> | TSFR1M + 3.771% | 8.0940 | 01/31/31 | 646830 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 7.9% (Continued)** |  |  |  |  |
| 291964 | Cloud Software Group, Inc.<sup>(c)</sup> | TSFR1M + 3.476% | 7.7990 | 03/29/29 | $288878 |
| 752895 | Cloud Software Group, Inc.<sup>(c)</sup> | TSFR1M + 3.726% | 8.0490 | 03/24/31 | 745366 |
| 555882 | Corel, Inc.<sup>(c)</sup> | TSFR3M + 5.891% | 10.1570 | 07/02/26 | 526282 |
| 584374 | Cotiviti, Inc.<sup>(c)</sup> | TSFR1M + 2.751% | 7.0740 | 02/24/31 | 573782 |
| 426888 | Cotiviti, Inc.<sup>(c)</sup> | TSFR1M + 2.754% | 7.0770 | 02/17/32 | 418527 |
| 578680 | Dcert Buyer, Inc.<sup>(c)</sup> | US0003M + 4.000% | 8.6850 | 08/08/26 | 561722 |
| 600000 | Dcert Buyer, Inc.<sup>(c)</sup> | US0001M + 7.000% | 11.6850 | 02/16/29 | 497250 |
| 86761 | Ellucian Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.962% | 8.2850 | 10/26/29 | 86529 |
| 376243 | Ellucian Holdings, Inc.<sup>(c)</sup> | TSFR1M + 3.272% | 7.5950 | 10/29/29 | 375234 |
| 632129 | Epicor Software Corporation<sup>(c)</sup> | TSFR1M + 2.784% | 7.1070 | 05/23/31 | 629904 |
| 503974 | Project Alpha Intermediate Holding, Inc.<sup>(c)</sup> | TSFR1M + 3.549% | 7.8720 | 10/28/30 | 502540 |
| 199304 | Project Alpha Intermediate Holding, Inc.<sup>(c)</sup> | TSFR1M + 3.502% | 9.5250 | 11/22/32 | 191705 |
| 592066 | Project Boost Purchaser, LLC<sup>(c)</sup> | TSFR1M + 2.984% | 7.3070 | 07/02/31 | 587871 |
| 898667 | Proofpoint, Inc.<sup>(c)</sup> | TSFR1M + 3.001% | 7.3240 | 08/31/28 | 894344 |
| 908722 | QXO, Inc.<sup>(c)</sup> | TSFR1M + 2.997% | 7.3200 | 04/23/32 | 908887 |
| 914375 | Rackspace Finance, LLC<sup>(c)</sup> | TSFR1M + 3.174% | 7.4970 | 05/15/28 | 377408 |
| 753305 | RealPage, Inc.<sup>(c)</sup> | US0001M + 3.250% | 7.5610 | 02/18/28 | 747101 |
| 836189 | Storable, Inc.<sup>(c)</sup> | TSFR1M + 3.251% | 7.5740 | 04/17/31 | 834969 |
| 762792 | UKG, Inc.<sup>(c)</sup> | TSFR1M + 2.977% | 7.3000 | 01/31/31 | 761060 |
|  |  |  |  |  | 13014734 |
|  | **SPECIALTY FINANCE — 2.2%** |  |  |  |  |
| 1180437 | Apex Group Treasury, LLC<sup>(c)</sup> | TSFR1M + 3.492% | 7.8150 | 02/20/32 | 1178719 |
| 1167053 | Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | US0001M + 3.500% | 8.3000 | 03/11/28 | 1155382 |
| 221139 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | TSFR1M + 4.037% | 8.3600 | 11/25/28 | 221416 |
| 354179 | Blackstone Mortgage Trust, Inc.<sup>(c)</sup> | SOFRRATE + 3.500% | 3.8100 | 05/02/29 | 352851 |
| 685453 | KREF Holdings X, LLC<sup>(c)</sup> | TSFR1M + 3.239% | 7.5620 | 02/25/32 | 681173 |
|  |  |  |  |  | 3589541 |
|  | **TECHNOLOGY HARDWARE — 1.3%** |  |  |  |  |
| 1074762 | VeriFone Systems, Inc.<sup>(c)</sup> | US0003M + 4.000% | 9.3330 | 08/20/25 | 958102 |
| 1186511 | Viasat, Inc.<sup>(c)</sup> | SOFRRATE + 4.500% | 9.1850 | 02/24/29 | 1116471 |
|  |  |  |  |  | 2074573 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 77.5% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 4.6%** |  |  |  |  |
| 362813 | Ahead DB Holdings, LLC<sup>(c)</sup> | TSFR1M + 2.978% | 7.3010 | 02/03/31 | $360943 |
| 253213 | Ahead DB Holdings, LLC<sup>(c)</sup> | TSFR1M + 3.004% | 7.3270 | 02/03/31 | 251908 |
| 455532 | Amazon Holdco, Inc.<sup>(c)</sup> | TSFR1M + 2.612% | 6.9350 | 07/30/31 | 450765 |
| 646803 | Fortress Intermediate 3, Inc.<sup>(c)</sup> | TSFR1M + 3.751% | 8.0740 | 05/09/31 | 634676 |
| 687750 | Indy US Holdco, LLC<sup>(c)</sup> | TSFR1M + 3.491% | 7.8140 | 03/06/28 | 686890 |
| 853381 | MoneyGram International, Inc.<sup>(c)</sup> | TSFR1M + 5.353% | 9.6760 | 06/03/30 | 780933 |
| 2723015 | Neptune Bidco US, Inc.<sup>(c)</sup> | TSFR1M + 5.435% | 9.7580 | 04/11/29 | 2410644 |
| 1154271 | Peraton Corporation<sup>(c)</sup> | US0001M + 3.750% | 8.1750 | 02/24/28 | 1044407 |
| 500000 | Peraton Corporation<sup>(c)</sup> | US0001M + 7.750% | 12.1790 | 02/01/29 | 380875 |
| 1142443 | Sitel Worldwide Corporation<sup>(c)</sup> | US0001M + 3.750% | 8.1780 | 07/29/28 | 647560 |
|  |  |  |  |  | 7649601 |
|  | **TELECOMMUNICATIONS — 3.1%** |  |  |  |  |
| 824230 | Altice France S.A.<sup>(c)</sup> | US0003M + 3.688% | 10.1560 | 01/09/26 | 745310 |
| 543272 | Altice France S.A.<sup>(c)</sup> | TSFR1M + 5.833% | 10.1560 | 08/31/28 | 491253 |
| 871724 | CCI Buyer, Inc.<sup>(c)</sup> | US0001M + 4.000% | 8.2990 | 12/12/27 | 873162 |
| 746222 | Iridium Satellite, LLC<sup>(c)</sup> | TSFR1M + 2.612% | 6.9350 | 09/20/30 | 741151 |
| 701429 | Telesat, LLC<sup>(c)</sup> | US0001M + 2.750% | 7.8070 | 12/06/26 | 389075 |
| 2000000 | Zayo Group Holdings, Inc.<sup>(c)</sup> | US0001M + 3.000% | 3.1210 | 02/21/27 | 1866251 |
|  |  |  |  |  | 5106202 |
|  | **TRANSPORTATION & LOGISTICS — 2.3%** |  |  |  |  |
| 534555 | American Airlines, Inc.<sup>(c)</sup> | TSFR1M + 2.886% | 7.2090 | 05/29/29 | 520635 |
| 525000 | American Airlines, Inc.<sup>(c)</sup> | TSFR1M + 2.246% | 6.5690 | 06/04/29 | 511329 |
| 941787 | PODS, LLC<sup>(c)</sup> | US0001M + 3.000% | 7.8470 | 03/19/28 | 873677 |
| 693671 | Stonepeak Nile Parent, LLC<sup>(c)</sup> | TSFR1M + 3.732% | 7.0550 | 02/03/32 | 682978 |
| 1184137 | Third Coast Infrastructure, LLC<sup>(c)</sup> | TSFR1M + 4.612% | 8.9350 | 09/20/30 | 1160455 |
|  |  |  |  |  | 3749074 |
|  | **WHOLESALE - DISCRETIONARY — 0.5%** |  |  |  |  |
| 770972 | Veritiv Operating Company<sup>(c)</sup> | TSFR3M + 4.042% | 8.3080 | 12/02/30 | 765976 |
|  | **TOTAL TERM LOANS (Cost $132,097,634)** |  |  |  | 128399670 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Coupon Rate<br>(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 0.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 0.6%** |  |  |  |
| 1000000 | United States Treasury Bill<sup>(g)</sup> |  | 05/13/25 | $998596 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $998,454)** |  |  | 998596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration Date** | **Exercise Price** | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(h)</sup>** |  |  |  |
|  | **NON-LISTED RIGHT — 0.0% <sup>(h)</sup>** |  |  |  |
| 10588 | TRA Rights | 11/22/2049 |  | 13500 |
|  | **TOTAL RIGHT (Cost $17,470)** |  |  | 13500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise Price** | **Fair Value** |
|  | **WARRANT — 0.0%<sup>(h)</sup>** |  |  |  |
|  | **PUBLISHING & BROADCASTING — 0.0% <sup>(h)</sup>** |  |  |  |
| 14905 | iHeartMedia, Inc. | 05/02/2039 | $0.00 | 19749 |
|  | **TOTAL WARRANT (Cost $287,609)** |  |  | 19749 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 9.5%** |  |
|  | **MONEY MARKET FUNDS — 6.1%** |  |
| 10140862 | Fidelity Investments Money Market Government Portfolio, Class I, 4.22%<sup>(i)</sup> | 10140862 |
|  | **COLLATERAL FOR SECURITIES LOANED — 3.4%** |  |
| 5564337 | Mount Vernon Liquid Assets Portfolio, 4.42%<sup>(i),(j)</sup> | 5564337 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $15,705,199)** | 15705199 |
|  | **TOTAL INVESTMENTS - 105.5% (Cost $180,496,383)** | $174794067 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.5)%** | (9124854) |
|  | **NET ASSETS - 100.0%** | $165669213 |

---

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

**DUNHAM FLOATING RATE BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | |
|:---|:---|
| 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 | TSFR1M |
| TSFR3M | TSFR3M |
| 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 April 30, 2025 the total market value of 144A securities is 25,948,932 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 $5,420,195 at April 30, 2025.

<sup>(e)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

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

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

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

<sup>(i)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $5,564,337 at April 30, 2025.

<sup>(j)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(k)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 0.2%** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.2%** |  |
| 50 | Hi-Crush<sup>(a)(g)</sup> | $284700 |
|  | **TOTAL COMMON STOCKS (Cost $122,249)** | 284700 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.6%** |  |  |  |  |
| 985000 | Focus Financial Partners, LLC<sup>(b)</sup> |  | 6.7500 | 08/15/31 | 990041 |
|  | **BIOTECH & PHARMA — 1.5%** |  |  |  |  |
| 989000 | Organon Finance 1, LLC<sup>(b),(c)</sup> |  | 5.1250 | 04/30/31 | 830784 |
| 985000 | Perrigo Finance Unlimited Company<sup>(c)</sup> |  | 6.1250 | 09/30/32 | 977902 |
| 775000 | Teva Pharmaceutical Finance Netherlands III BV |  | 7.8750 | 09/15/29 | 831825 |
|  |  |  |  |  | 2640511 |
|  | **CABLE & SATELLITE — 5.0%** |  |  |  |  |
| 2411000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.0000 | 01/15/28 | 1854238 |
| 1229000 | Cable One, Inc.<sup>(b),(c)</sup> |  | 4.0000 | 11/15/30 | 1002215 |
| 378000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 5.0000 | 02/01/28 | 368890 |
| 825000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 5.3750 | 06/01/29 | 807785 |
| 210000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> |  | 6.3750 | 09/01/29 | 212076 |
| 450000 | CSC Holdings, LLC<sup>(b)</sup> |  | 11.7500 | 01/31/29 | 426091 |
| 1068000 | CSC Holdings, LLC<sup>(b)</sup> |  | 5.7500 | 01/15/30 | 536499 |
| 470000 | CSC Holdings, LLC<sup>(b)</sup> |  | 4.6250 | 12/01/30 | 217869 |
| 1215000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.0000 | 07/15/28 | 1140111 |
| 580000 | Sirius XM Radio, Inc.<sup>(b),(c)</sup> |  | 3.8750 | 09/01/31 | 498051 |
| 1025000 | UPC Broadband Finco BV<sup>(b),(c)</sup> |  | 4.8750 | 07/15/31 | 937619 |
| 680000 | Virgin Media Finance plc<sup>(b),(c)</sup> |  | 5.0000 | 07/15/30 | 596991 |
|  |  |  |  |  | 8598435 |
|  | **CHEMICALS — 2.0%** |  |  |  |  |
| 1275000 | Consolidated Energy Finance S.A.<sup>(b)</sup> |  | 5.6250 | 10/15/28 | 995864 |
| 435000 | Methanex Corporation |  | 5.1250 | 10/15/27 | 427280 |
| 63000 | Methanex Corporation |  | 5.2500 | 12/15/29 | 60016 |
| 655000 | Methanex US Operations, Inc.<sup>(b)</sup> |  | 6.2500 | 03/15/32 | 620581 |
| 786000 | Minerals Technologies, Inc.<sup>(b)</sup> |  | 5.0000 | 07/01/28 | 761320 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  | |
|  | **CHEMICALS — 2.0% (Continued)** |  |  |  |  |
| 932450 | Trinseo Luxco Finance SPV Sarl / Trinseo NA<sup>(b)</sup> |  | 7.6250 | 05/03/29 | $564457 |
|  |  |  |  |  | 3429518 |
|  | **COMMERCIAL SUPPORT SERVICES — 3.0%** |  |  |  |  |
| 935000 | Allied Universal Holdco, LLC / Allied Universal<sup>(b),(c)</sup> |  | 4.6250 | 06/01/28 | 896718 |
| 350000 | Allied Universal Holdco, LLC/Allied Universal<sup>(b)</sup> |  | 4.6250 | 06/01/28 | 336963 |
| 255000 | Covanta Holding Corporation<sup>(b)</sup> |  | 4.8750 | 12/01/29 | 238467 |
| 597000 | Covanta Holding Corporation |  | 5.0000 | 09/01/30 | 549640 |
| 1400000 | Deluxe Corporation<sup>(b)</sup> |  | 8.0000 | 06/01/29 | 1287787 |
| 35000 | Deluxe Corporation<sup>(b)</sup> |  | 8.1250 | 09/15/29 | 35086 |
| 730000 | Garda World Security Corporation<sup>(b)</sup> |  | 6.0000 | 06/01/29 | 684093 |
| 148000 | Garda World Security Corporation<sup>(b)</sup> |  | 8.3750 | 11/15/32 | 146149 |
| 350000 | Prime Security Services Borrower, LLC / Prime<sup>(b)</sup> |  | 3.3750 | 08/31/27 | 334210 |
| 647000 | Prime Security Services Borrower, LLC / Prime<sup>(b)</sup> |  | 6.2500 | 01/15/28 | 647123 |
|  |  |  |  |  | 5156236 |
|  | **CONSTRUCTION MATERIALS — 1.0%** |  |  |  |  |
| 230000 | Quikrete Holdings, Inc.<sup>(b)</sup> |  | 6.3750 | 03/01/32 | 231706 |
| 573000 | Quikrete Holdings, Inc.<sup>(b)</sup> |  | 6.7500 | 03/01/33 | 575726 |
| 1024000 | Standard Industries, Inc.<sup>(b)</sup> |  | 3.3750 | 01/15/31 | 900962 |
|  |  |  |  |  | 1708394 |
|  | **CONTAINERS & PACKAGING — 2.7%** |  |  |  |  |
| 1014000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(b),(c)</sup> |  | 3.2500 | 09/01/28 | 927994 |
| 1025000 | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> |  | 8.7500 | 04/15/30 | 1057563 |
| 70000 | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> |  | 6.7500 | 04/15/32 | 71520 |
| 529000 | Crown Americas, LLC |  | 5.2500 | 04/01/30 | 528518 |
| 934000 | Iris Holding, Inc.<sup>(b),(c)</sup> |  | 10.0000 | 12/15/28 | 826732 |
| 602000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> |  | 7.8750 | 08/15/26 | 593721 |
| 615000 | Silgan Holdings, Inc. |  | 4.1250 | 02/01/28 | 594848 |
|  |  |  |  |  | 4600896 |
|  | **ELECTRIC UTILITIES — 3.4%** |  |  |  |  |
| 235000 | California Buyer Ltd. / Atlantica Sustainable<sup>(b)</sup> |  | 6.3750 | 02/15/32 | 230849 |
| 703000 | Calpine Corporation<sup>(b)</sup> |  | 5.0000 | 02/01/31 | 676533 |
| 1170000 | Clearway Energy Operating, LLC<sup>(b)</sup> |  | 3.7500 | 01/15/32 | 1016330 |
| 1375000 | NextEra Energy Operating Partners, L.P.<sup>(b),(c)</sup> |  | 7.2500 | 01/15/29 | 1362720 |
| 1790000 | NRG Energy Inc<sup>(b)</sup> |  | 3.6250 | 02/15/31 | 1610052 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 3.4% (Continued)** |  |  |  |  |
| 885000 | Vistra Operations Company, LLC<sup>(b)</sup> |  | 7.7500 | 10/15/31 | $936392 |
|  |  |  |  |  | 5832876 |
|  | **ELECTRICAL EQUIPMENT — 0.4%** |  |  |  |  |
| 762000 | WESCO Distribution, Inc.<sup>(b)</sup> |  | 6.3750 | 03/15/33 | 771679 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |  |
| 830000 | VM Consolidated, Inc.<sup>(b)</sup> |  | 5.5000 | 04/15/29 | 801285 |
|  | **ENTERTAINMENT CONTENT — 1.8%** |  |  |  |  |
| 900000 | Banijay Entertainment S.A.SU<sup>(b)</sup> |  | 8.1250 | 05/01/29 | 923282 |
| 874000 | Paramount Global<sup>(d)</sup> | H15T5Y + 3.999% | 6.3750 | 03/30/62 | 841384 |
| 421000 | Univision Communications, Inc.<sup>(b),(c)</sup> |  | 7.3750 | 06/30/30 | 384733 |
| 665000 | Univision Communications, Inc.<sup>(b)</sup> |  | 8.5000 | 07/31/31 | 629046 |
| 263000 | ViacomCBS, Inc.<sup>(d)</sup> | ICE LIBOR USD 3 Month + 3.899% | 6.2500 | 02/28/57 | 243578 |
|  |  |  |  |  | 3022023 |
|  | **FOOD — 1.4%** |  |  |  |  |
| 870000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b)</sup> |  | 12.2500 | 04/15/29 | 927930 |
| 1595000 | HLF Financing Sarl, LLC / Herbalife International,<sup>(b),(c)</sup> |  | 4.8750 | 06/01/29 | 1225988 |
| 209000 | Land O'Lakes Capital Trust I<sup>(b)</sup> |  | 7.4500 | 03/15/28 | 208592 |
|  |  |  |  |  | 2362510 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.4%** |  |  |  |  |
| 850000 | Glatfelter Corporation<sup>(b)</sup> |  | 4.7500 | 11/15/29 | 740553 |
|  | **GAS & WATER UTILITIES — 0.5%** |  |  |  |  |
| 119000 | Venture Global Plaquemines Lng, LLC<sup>(b)</sup> |  | 7.5000 | 05/01/33 | 122140 |
| 681000 | Venture Global Plaquemines Lng, LLC<sup>(b)</sup> |  | 7.7500 | 05/01/35 | 699811 |
|  |  |  |  |  | 821951 |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.3%** |  |  |  |  |
| 973000 | Concentra Escrow Issuer Corporation<sup>(b)</sup> |  | 6.8750 | 07/15/32 | 998041 |
| 1130000 | LifePoint Health, Inc.<sup>(b),(c)</sup> |  | 5.3750 | 01/15/29 | 1018595 |
| 550000 | Molina Healthcare Inc 3.875% 11/15/2030<sup>(b)</sup> |  | 3.8750 | 11/15/30 | 496161 |
| 460000 | Molina Healthcare, Inc.<sup>(b)</sup> |  | 6.2500 | 01/15/33 | 456765 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  | |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.3% (Continued)** |  |  |  |  |
| 815000 | Select Medical Corporation<sup>(b),(c)</sup> |  | 6.2500 | 12/01/32 | $808961 |
|  |  |  |  |  | 3778523 |
|  | **HOME CONSTRUCTION — 0.5%** |  |  |  |  |
| 361000 | Mattamy Group Corporation<sup>(b)</sup> |  | 5.2500 | 12/15/27 | 351013 |
| 501000 | Mattamy Group Corporation<sup>(b)</sup> |  | 4.6250 | 03/01/30 | 458842 |
|  |  |  |  |  | 809855 |
|  | **HOUSEHOLD PRODUCTS — 0.4%** |  |  |  |  |
| 775000 | Edgewell Personal Care Company<sup>(b)</sup> |  | 4.1250 | 04/01/29 | 725028 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 1009000 | EquipmentShare.com, Inc.<sup>(b)</sup> |  | 8.6250 | 05/15/32 | 1031088 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |  |  |
| 716000 | Jane Street Group / JSG Finance, Inc.<sup>(b)</sup> |  | 7.1250 | 04/30/31 | 738902 |
| 371000 | Jane Street Group / JSG Finance, Inc.<sup>(b)</sup> |  | 6.1250 | 11/01/32 | 364863 |
| 190000 | Jane Street Group / JSG Finance, Inc.<sup>(b)</sup> |  | 6.7500 | 05/01/33 | 191099 |
| 925000 | VFH Parent, LLC / Valor Co-Issuer, Inc.<sup>(b)</sup> |  | 7.5000 | 06/15/31 | 950414 |
|  |  |  |  |  | 2245278 |
|  | **INSURANCE — 2.1%** |  |  |  |  |
| 690000 | Alliant Holdings Intermediate, LLC / Alliant<sup>(b)</sup> |  | 6.5000 | 10/01/31 | 690312 |
| 750000 | Baldwin Insurance Group Holdings, LLC / Baldwin<sup>(b)</sup> |  | 7.1250 | 05/15/31 | 763807 |
| 775000 | Howden UK Refinance plc / Howden UK Refinance 2<sup>(b)</sup> |  | 7.2500 | 02/15/31 | 796634 |
| 644000 | Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> |  | 8.5000 | 03/15/30 | 679576 |
| 635000 | Panther Escrow Issuer, LLC<sup>(b)</sup> |  | 7.1250 | 06/01/31 | 651152 |
|  |  |  |  |  | 3581481 |
|  | **INTERNET MEDIA & SERVICES — 0.5%** |  |  |  |  |
| 977000 | GrubHub Holdings, Inc.<sup>(b),(c)</sup> |  | 5.5000 | 07/01/27 | 884116 |
|  | **LEISURE FACILITIES & SERVICES — 7.8%** |  |  |  |  |
| 675000 | Brinker International, Inc.<sup>(b)</sup> |  | 8.2500 | 07/15/30 | 708591 |
| 960000 | Caesars Entertainment, Inc.<sup>(b),(c)</sup> |  | 4.6250 | 10/15/29 | 887177 |
| 1517000 | Carnival Corporation<sup>(b)</sup> |  | 6.0000 | 05/01/29 | 1509900 |
| 1365000 | CEC Entertainment Company, LLC<sup>(b)</sup> |  | 6.7500 | 05/01/26 | 1341102 |
| 952000 | Fertitta Entertainment, LLC / Fertitta<sup>(b),(c)</sup> |  | 6.7500 | 01/15/30 | 833278 |
| 288000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b),(c)</sup> |  | 5.0000 | 06/01/29 | 266658 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 7.8% (Continued)** |  |  |  |  |
| 815000 | Hilton Grand Vacations Borrower Escrow, LLC /<sup>(b),(c)</sup> |  | 4.8750 | 07/01/31 | $711760 |
| 1154000 | Melco Resorts Finance Ltd.<sup>(b)</sup> |  | 5.3750 | 12/04/29 | 1046654 |
| 936000 | NCL Corporation Ltd.<sup>(b),(c)</sup> |  | 7.7500 | 02/15/29 | 966368 |
| 340000 | NCL Corporation Ltd.<sup>(b)</sup> |  | 6.7500 | 02/01/32 | 332621 |
| 1140000 | Ontario Gaming GTA, L.P.<sup>(b)</sup> |  | 8.0000 | 08/01/30 | 1096978 |
| 510000 | Raising Cane's Restaurants, LLC<sup>(b)</sup> |  | 9.3750 | 05/01/29 | 541087 |
| 840000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 6.0000 | 02/01/33 | 842930 |
| 885000 | SeaWorld Parks & Entertainment, Inc.<sup>(b),(c)</sup> |  | 5.2500 | 08/15/29 | 841026 |
| 919000 | Station Casinos, LLC<sup>(b)</sup> |  | 6.6250 | 03/15/32 | 914149 |
| 695000 | Travel + Leisure Company<sup>(b)</sup> |  | 4.5000 | 12/01/29 | 651793 |
|  |  |  |  |  | 13492072 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.2%** |  |  |  |  |
| 670000 | Insulet Corporation<sup>(b)</sup> |  | 6.5000 | 04/01/33 | 684004 |
| 1007000 | Medline Borrower, L.P.<sup>(b)</sup> |  | 3.8750 | 04/01/29 | 941499 |
| 499000 | Sotera Health Holdings, LLC<sup>(b)</sup> |  | 7.3750 | 06/01/31 | 512661 |
|  |  |  |  |  | 2138164 |
|  | **METALS & MINING — 2.6%** |  |  |  |  |
| 226000 | Capstone Copper Corporation<sup>(b)</sup> |  | 6.7500 | 03/31/33 | 221468 |
| 1520000 | FMG Resources August 2006 Pty Ltd.<sup>(b)</sup> |  | 4.3750 | 04/01/31 | 1376948 |
| 410000 | Hudbay Minerals, Inc.<sup>(b)</sup> |  | 6.1250 | 04/01/29 | 408651 |
| 305000 | Mineral Resources Ltd.<sup>(b),(c)</sup> |  | 8.1250 | 05/01/27 | 296903 |
| 500000 | Mineral Resources Ltd.<sup>(b)</sup> |  | 9.2500 | 10/01/28 | 473341 |
| 924000 | Mineral Resources Ltd.<sup>(b),(c)</sup> |  | 8.5000 | 05/01/30 | 840167 |
| 460000 | Novelis Corporation<sup>(b)</sup> |  | 4.7500 | 01/30/30 | 428146 |
| 180000 | Novelis, Inc.<sup>(b),(c)</sup> |  | 6.8750 | 01/30/30 | 182572 |
| 255000 | Warrior Met Coal, Inc.<sup>(b)</sup> |  | 7.8750 | 12/01/28 | 257530 |
|  |  |  |  |  | 4485726 |
|  | **OIL & GAS PRODUCERS — 10.3%** |  |  |  |  |
| 576000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(b)</sup> |  | 5.7500 | 01/15/28 | 572991 |
| 704000 | Baytex Energy Corporation<sup>(b)</sup> |  | 7.3750 | 03/15/32 | 607961 |
| 485000 | Civitas Resources, Inc.<sup>(b)</sup> |  | 8.6250 | 11/01/30 | 468772 |
| 815000 | Comstock Resources, Inc.<sup>(b),(c)</sup> |  | 6.7500 | 03/01/29 | 778211 |
| 300000 | Crescent Energy Finance, LLC<sup>(b)</sup> |  | 7.6250 | 04/01/32 | 272609 |
| 502000 | Crescent Energy Finance, LLC<sup>(b),(c)</sup> |  | 7.3750 | 01/15/33 | 444709 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 10.3% (Continued)** |  |  |  |  |
| 885000 | Delek Logistics Partners, L.P. / Delek Logistics<sup>(b)</sup> |  | 8.6250 | 03/15/29 | $911598 |
| 330000 | Excelerate Energy, L.P.<sup>(b)</sup> |  | 8.0000 | 05/15/30 | 336018 |
| 899000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.8750 | 04/15/30 | 916652 |
| 120000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.8750 | 05/15/32 | 117063 |
| 330000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 8.0000 | 05/15/33 | 320919 |
| 1322000 | Harvest Midstream I, L.P.<sup>(b)</sup> |  | 7.5000 | 09/01/28 | 1338623 |
| 400000 | Harvest Midstream I, L.P.<sup>(b)</sup> |  | 7.5000 | 05/15/32 | 407538 |
| 615000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b),(c)</sup> |  | 5.7500 | 02/01/29 | 576270 |
| 476000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 6.0000 | 02/01/31 | 428982 |
| 460000 | Hilcorp Energy I, L.P. / Hilcorp Finance Company<sup>(b)</sup> |  | 7.2500 | 02/15/35 | 401504 |
| 282000 | Howard Midstream Energy Partners, LLC<sup>(b)</sup> |  | 8.8750 | 07/15/28 | 293285 |
| 760000 | Howard Midstream Energy Partners, LLC<sup>(b)</sup> |  | 7.3750 | 07/15/32 | 774661 |
| 1610000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | 08/01/29 | 1472161 |
| 610000 | Murphy Oil USA, Inc. |  | 4.7500 | 09/15/29 | 589698 |
| 358000 | NGL Energy Partners, L.P.<sup>(b),(c)</sup> |  | 8.1250 | 02/15/29 | 336727 |
| 686000 | NGL Energy Partners, L.P.<sup>(b)</sup> |  | 8.3750 | 02/15/32 | 625278 |
| 379000 | NuStar Logistics, L.P. |  | 6.3750 | 10/01/30 | 385132 |
| 954000 | Strathcona Resources Ltd.<sup>(b)</sup> |  | 6.8750 | 08/01/26 | 936451 |
| 114000 | Talos Production, Inc.<sup>(b)</sup> |  | 9.0000 | 02/01/29 | 109333 |
| 555000 | Talos Production, Inc.<sup>(b)</sup> |  | 9.3750 | 02/01/31 | 523083 |
| 1277000 | Venture Global LNG, Inc.<sup>(b)</sup> |  | 8.3750 | 06/01/31 | 1235837 |
| 819000 | Vital Energy, Inc.<sup>(b),(c)</sup> |  | 7.8750 | 04/15/32 | 636963 |
| 1126000 | Wildfire Intermediate Holdings, LLC<sup>(b)</sup> |  | 7.5000 | 10/15/29 | 1033105 |
|  |  |  |  |  | 17852134 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.2%** |  |  |  |  |
| 795000 | Archrock Partners, L.P. / Archrock Partners<sup>(b)</sup> |  | 6.6250 | 09/01/32 | 791055 |
| 69688 | Atlas Energy Solutions, Inc. <sup>(g)</sup> |  | 5.0000 | 01/31/26 | 67179 |
| 915000 | Kodiak Gas Services, LLC<sup>(b)</sup> |  | 7.2500 | 02/15/29 | 930251 |
| 370000 | Nabors Industries, Inc.<sup>(b)</sup> |  | 7.3750 | 05/15/27 | 349250 |
| 835000 | Valaris Ltd.<sup>(b)</sup> |  | 8.3750 | 04/30/30 | 782950 |
| 828000 | Weatherford International Ltd.<sup>(b)</sup> |  | 8.6250 | 04/30/30 | 820871 |
|  |  |  |  |  | 3741556 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **PUBLISHING & BROADCASTING — 0.4%** |  |  |  |  |
| 740000 | Belo Corporation |  | 7.7500 | 06/01/27 | $765472 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.3%** |  |  |  |  |
| 430000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(b)</sup> |  | 3.3750 | 06/15/26 | 417471 |
| 500000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(b),(c)</sup> |  | 3.7500 | 09/15/30 | 439661 |
| 200000 | Service Properties Trust |  | 4.7500 | 10/01/26 | 193941 |
| 379000 | Service Properties Trust |  | 5.5000 | 12/15/27 | 361469 |
| 530000 | Service Properties Trust |  | 8.3750 | 06/15/29 | 518755 |
| 230000 | Service Properties Trust |  | 8.8750 | 06/15/32 | 221953 |
|  |  |  |  |  | 2153250 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 1.1%** |  |  |  |  |
| 613000 | Greystar Real Estate Partners, LLC<sup>(b)</sup> |  | 7.7500 | 09/01/30 | 644255 |
| 1388000 | Kennedy-Wilson, Inc. |  | 4.7500 | 03/01/29 | 1251685 |
|  |  |  |  |  | 1895940 |
|  | **REAL ESTATE SERVICES — 0.4%** |  |  |  |  |
| 744000 | Cushman & Wakefield US Borrower, LLC<sup>(b)</sup> |  | 6.7500 | 05/15/28 | 748155 |
|  | **RENEWABLE ENERGY — 0.7%** |  |  |  |  |
| 533000 | Atlantica Sustainable Infrastructure plc<sup>(b)</sup> |  | 4.1250 | 06/15/28 | 506642 |
| 554000 | EnerSys<sup>(b)</sup> |  | 4.3750 | 12/15/27 | 537794 |
| 95000 | EnerSys<sup>(b)</sup> |  | 6.6250 | 01/15/32 | 97047 |
|  |  |  |  |  | 1141483 |
|  | **RETAIL - CONSUMER STAPLES — 0.7%** |  |  |  |  |
| 440000 | Albertsons Companies Inc / Safeway Inc / New<sup>(b)</sup> |  | 4.6250 | 01/15/27 | 435425 |
| 506000 | Albertsons Companies Inc / Safeway Inc / New<sup>(b)</sup> |  | 5.8750 | 02/15/28 | 506075 |
| 325000 | Albertsons Companies, Inc. / Safeway, Inc. / New<sup>(b)</sup> |  | 6.5000 | 02/15/28 | 330508 |
|  |  |  |  |  | 1272008 |
|  | **RETAIL - DISCRETIONARY — 4.5%** |  |  |  |  |
| 500000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(b),(c)</sup> |  | 8.2500 | 01/15/30 | 499223 |
| 1133000 | Champions Financing, Inc.<sup>(b),(c)</sup> |  | 8.7500 | 02/15/29 | 998677 |
| 1029000 | Hertz Corporation (The)<sup>(b)</sup> |  | 4.6250 | 12/01/26 | 856276 |
| 445000 | Hertz Corporation (The)<sup>(b),(c)</sup> |  | 12.6250 | 07/15/29 | 433403 |
| 1995000 | Kohl's Corporation<sup>(c)</sup> |  | 4.6250 | 05/01/31 | 1255736 |
| 1064000 | LBM Acquisition, LLC<sup>(b),(c)</sup> |  | 6.2500 | 01/15/29 | 933652 |
| 1065000 | Park River Holdings, Inc.<sup>(b),(c)</sup> |  | 6.7500 | 08/01/29 | 843279 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 4.5% (Continued)** |  |  |  |  |
| 382000 | Queen MergerCo, Inc.<sup>(b)</sup> |  | 6.7500 | 04/30/32 | $383993 |
| 1030000 | Saks Global Enterprises, LLC<sup>(b)</sup> |  | 11.0000 | 12/15/29 | 622619 |
| 745000 | Specialty Building Products Holdings, LLC / SBP<sup>(b)</sup> |  | 7.7500 | 10/15/29 | 700535 |
| 275000 | Victra Holdings, LLC / Victra Finance Corporation<sup>(b),(c)</sup> |  | 8.7500 | 09/15/29 | 279550 |
|  |  |  |  |  | 7806943 |
|  | **SEMICONDUCTORS — 0.3%** |  |  |  |  |
| 570000 | Entegris Escrow Corporation<sup>(b)</sup> |  | 5.9500 | 06/15/30 | 567706 |
|  | **SOFTWARE — 2.8%** |  |  |  |  |
| 902000 | Capstone Borrower, Inc.<sup>(b)</sup> |  | 8.0000 | 06/15/30 | 921743 |
| 321000 | Condor Merger Sub, Inc.<sup>(b),(c)</sup> |  | 7.3750 | 02/15/30 | 277786 |
| 864000 | Helios Software Holdings, Inc. / ION Corporate<sup>(b)</sup> |  | 4.6250 | 05/01/28 | 779548 |
| 606000 | NortonLifeLock, Inc.<sup>(b),(c)</sup> |  | 7.1250 | 09/30/30 | 624593 |
| 636000 | Open Text Corporation<sup>(b)</sup> |  | 3.8750 | 12/01/29 | 587083 |
| 1132000 | Picard Midco, Inc.<sup>(b)</sup> |  | 6.5000 | 03/31/29 | 1133124 |
| 1503240 | Rackspace Finance, LLC<sup>(b)</sup> |  | 3.5000 | 05/15/28 | 550145 |
|  |  |  |  |  | 4874022 |
|  | **SPECIALTY FINANCE — 9.8%** |  |  |  |  |
| 455000 | AerCap Global Aviation Trust<sup>(b),(d)</sup> | US0003M + 4.300% | 6.5000 | 06/15/45 | 455792 |
| 1220000 | Aircastle Ltd.<sup>(b),(d)</sup> | H15T5Y + 4.410% | 5.2500 | 09/15/71 | 1188418 |
| 1375000 | Ally Financial, Inc.<sup>(c)</sup> |  | 6.7000 | 02/14/33 | 1366410 |
| 226000 | Ally Financial, Inc.<sup>(d)</sup> | H15T5Y + 2.450% | 6.6460 | 01/17/40 | 215139 |
| 1005000 | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> |  | 4.6250 | 06/15/29 | 929085 |
| 746000 | Blackstone Mortgage Trust, Inc.<sup>(b)</sup> |  | 7.7500 | 12/01/29 | 775333 |
| 471000 | Bread Financial Holdings, Inc.<sup>(b)</sup> |  | 9.7500 | 03/15/29 | 495596 |
| 660000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.2500 | 04/15/28 | 654903 |
| 79000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 9.2500 | 07/01/31 | 83321 |
| 1405000 | Cobra AcquisitionCo, LLC<sup>(b)</sup> |  | 6.3750 | 11/01/29 | 1126961 |
| 600000 | Credit Acceptance Corporation<sup>(b)</sup> |  | 9.2500 | 12/15/28 | 634843 |
| 563000 | EZCORP, Inc.<sup>(b)</sup> |  | 7.3750 | 04/01/32 | 590693 |
| 436000 | FirstCash, Inc.<sup>(b)</sup> |  | 4.6250 | 09/01/28 | 423238 |
| 330000 | FirstCash, Inc.<sup>(b)</sup> |  | 6.8750 | 03/01/32 | 337025 |
| 328000 | goeasy Ltd.<sup>(b)</sup> |  | 7.6250 | 07/01/29 | 331407 |
| 515000 | goeasy Ltd.<sup>(b),(c)</sup> |  | 6.8750 | 05/15/30 | 502799 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 9.8% (Continued)** |  |  |  |  |
| 584000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(b)</sup> |  | 4.2500 | 02/01/27 | $569394 |
| 480000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(b)</sup> |  | 4.7500 | 06/15/29 | 459879 |
| 741000 | LFS Topco, LLC<sup>(b)</sup> |  | 5.8750 | 10/15/26 | 711500 |
| 507000 | OneMain Finance Corporation |  | 6.6250 | 05/15/29 | 509132 |
| 112000 | OneMain Finance Corporation |  | 7.5000 | 05/15/31 | 113693 |
| 1325000 | Pattern Energy Operations, L.P. / Pattern Energy<sup>(b)</sup> |  | 4.5000 | 08/15/28 | 1260121 |
| 1009000 | Planet Financial Group, LLC<sup>(b)</sup> |  | 10.5000 | 12/15/29 | 995298 |
| 554000 | Rfna, L.P.<sup>(b),(c)</sup> |  | 7.8750 | 02/15/30 | 544709 |
| 825000 | Starwood Property Trust, Inc.<sup>(b)</sup> |  | 6.5000 | 07/01/30 | 830192 |
| 720000 | Walker & Dunlop, Inc.<sup>(b)</sup> |  | 6.6250 | 04/01/33 | 733054 |
|  |  |  |  |  | 16837935 |
|  | **STEEL — 1.5%** |  |  |  |  |
| 731000 | Allegheny Technologies, Inc. |  | 4.8750 | 10/01/29 | 699172 |
| 950000 | Cleveland-Cliffs, Inc.<sup>(b),(c)</sup> |  | 7.0000 | 03/15/32 | 891519 |
| 265000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> |  | 7.3750 | 05/01/33 | 249465 |
| 95000 | Cleveland-Cliffs, Inc. |  | 6.2500 | 10/01/40 | 75058 |
| 802000 | Commercial Metals Company |  | 3.8750 | 02/15/31 | 719778 |
|  |  |  |  |  | 2634992 |
|  | **TECHNOLOGY HARDWARE — 1.8%** |  |  |  |  |
| 625000 | Imola Merger Corporation<sup>(b)</sup> |  | 4.7500 | 05/15/29 | 597580 |
| 248000 | NCR Corporation<sup>(b)</sup> |  | 5.1250 | 04/15/29 | 237093 |
| 1030000 | TTM Technologies, Inc.<sup>(b)</sup> |  | 4.0000 | 03/01/29 | 958658 |
| 1234000 | Viasat, Inc.<sup>(b)</sup> |  | 7.5000 | 05/30/31 | 940832 |
| 290000 | ViaSat, Inc.<sup>(b),(c)</sup> |  | 5.6250 | 04/15/27 | 284405 |
|  |  |  |  |  | 3018568 |
|  | **TECHNOLOGY SERVICES — 3.3%** |  |  |  |  |
| 660000 | Block, Inc.<sup>(b)</sup> |  | 6.5000 | 05/15/32 | 674163 |
| 480000 | Fortress Intermediate 3, Inc.<sup>(b)</sup> |  | 7.5000 | 06/01/31 | 491162 |
| 310000 | GTCR W-2 Merger Sub, LLC<sup>(b)</sup> |  | 7.5000 | 01/15/31 | 327380 |
| 417000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 5.7500 | 05/15/28 | 375758 |
| 415000 | ION Trading Technologies Sarl<sup>(b)</sup> |  | 9.5000 | 05/30/29 | 401424 |
| 1070000 | Mobius Merger Sub, Inc.<sup>(b)</sup> |  | 9.0000 | 06/01/30 | 942428 |
| 1195000 | Neptune Bidco US, Inc.<sup>(b)</sup> |  | 9.2900 | 04/15/29 | 1065014 |
| 500000 | Shift4 Payments, LLC / Shift4 Payments Finance<sup>(b)</sup> |  | 6.7500 | 08/15/32 | 507396 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 3.3% (Continued)** |  |  |  |  |
| 824000 | WEX, Inc.<sup>(b)</sup> |  | 6.5000 | 03/15/33 | $802060 |
|  |  |  |  |  | 5586785 |
|  | **TELECOMMUNICATIONS — 4.9%** |  |  |  |  |
| 1010000 | Altice France S.A.<sup>(b)</sup> |  | 5.5000 | 10/15/29 | 827872 |
| 1185000 | C&W Senior Finance Ltd.<sup>(b)</sup> |  | 9.0000 | 01/15/33 | 1192343 |
| 442000 | Cogent Communications Group, Inc.<sup>(b)</sup> |  | 7.0000 | 06/15/27 | 444483 |
| 490000 | Cogent Communications Group, Inc. / Cogent<sup>(b)</sup> |  | 7.0000 | 06/15/27 | 492819 |
| 600000 | Connect Finco S.A.RL / Connect US Finco, LLC<sup>(b)</sup> |  | 9.0000 | 09/15/29 | 561930 |
| 223000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 8.5000 | 04/15/31 | 235375 |
| 1226000 | Iliad Holding S.A.SU<sup>(b)</sup> |  | 7.0000 | 04/15/32 | 1238478 |
| 245000 | Rogers Communications, Inc.<sup>(d)</sup> | H15T5Y + 2.653% | 7.0000 | 04/15/55 | 246701 |
| 592000 | Rogers Communications, Inc.<sup>(d)</sup> | H15T5Y + 2.620% | 7.1250 | 04/15/55 | 589730 |
| 254000 | Sable International Finance Ltd.<sup>(b)</sup> |  | 7.1250 | 10/15/32 | 249947 |
| 1132000 | Telesat Canada / Telesat, LLC<sup>(b),(c)</sup> |  | 4.8750 | 06/01/27 | 612329 |
| 739000 | Vmed O2 UK Financing I plc<sup>(b)</sup> |  | 7.7500 | 04/15/32 | 746289 |
| 1195000 | Zayo Group Holdings, Inc.<sup>(b),(c)</sup> |  | 6.1250 | 03/01/28 | 975355 |
|  |  |  |  |  | 8413651 |
|  | **TRANSPORTATION & LOGISTICS — 2.8%** |  |  |  |  |
| 715000 | Air Canada<sup>(b)</sup> |  | 3.8750 | 08/15/26 | 701886 |
| 350000 | American Airlines, Inc.<sup>(b),(c)</sup> |  | 7.2500 | 02/15/28 | 345957 |
| 810000 | American Airlines, Inc.<sup>(b),(c)</sup> |  | 8.5000 | 05/15/29 | 824025 |
| 1014000 | Star Leasing Company, LLC<sup>(b)</sup> |  | 7.6250 | 02/15/30 | 909873 |
| 1015000 | Stonepeak Nile Parent, LLC<sup>(b)</sup> |  | 7.2500 | 03/15/32 | 1033387 |
| 271000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.3750 | 04/15/26 | 267210 |
| 725000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.6250 | 04/15/29 | 682735 |
|  |  |  |  |  | 4765073 |
|  | **WHOLESALE - CONSUMER STAPLES — 1.2%** |  |  |  |  |
| 1455000 | C&S Group Enterprises, LLC<sup>(b)</sup> |  | 5.0000 | 12/15/28 | 1221864 |
| 835000 | Performance Food Group, Inc.<sup>(b)</sup> |  | 4.2500 | 08/01/29 | 791121 |
|  |  |  |  |  | 2012985 |

---

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

**DUNHAM HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 94.0% (Continued)** |  |  |  |  |
|  | **WHOLESALE - DISCRETIONARY — 0.5%** |  |  |  |  |
| 785000 | Verde Purchaser, LLC<sup>(b)</sup> |  | 10.5000 | 11/30/30 | $820773 |
|  | **TOTAL CORPORATE BONDS (Cost $164,728,337)** |  |  |  | 161557670 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 21.5%** |  |
|  | **MONEY MARKET FUNDS — 4.27%** |  |
| 7313524 | First American Government Obligations Fund Class Z, Class Z, 4.25%<sup>(e)</sup> | $7313524 |
|  | **COLLATERAL FOR SECURITIES LOANED — 17.23%** |  |
| 29544825 | Mount Vernon Liquid Assets Portfolio, 4.42%<sup>(e)</sup> | 29544825 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $36,858,349)** | 36858349 |
|  | **TOTAL INVESTMENTS - 115.7% (Cost $201,708,935)** | $198700719 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.7)%** | (26899513) |
|  | **NET ASSETS - 100.0%** | $171801206 |

---

---

| | |
|:---|:---|
| 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 <br> 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 April 30, 2025 the total market value of 144A securities is 145,002,212 or 84.4% of net assets.

<sup>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $28,784,922 at April 30, 2025.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(e)</sup> Security was purchased with cash received as collateral for securities on loan at April 31, 2025. Total collateral had a value of $29,544,825 at April 30, 2025.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(g)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.5% of net assets. The total value of these securities is $351,879

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 0.0%<sup>(a)</sup>** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 6,239 EUR | Fondo de Titulizacion de Activos Santander Series 2 A<sup>(b)</sup> | EUR003M + 0.150% | 2.3860 | 01/18/49 | $7010 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $6,623)** |  |  |  | 7010 |
|  | **CORPORATE BONDS — 63.4%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.3%** |  |  |  |  |
| 200,000 EUR | Airbus S.E. |  | 2.3750 | 04/07/32 | 218953 |
|  | **ASSET MANAGEMENT — 0.5%** |  |  |  |  |
| 200,000 EUR | JAB Holdings BV |  | 1.0000 | 12/20/27 | 217142 |
| 147,000 USD | MDGH GMTN RSC Ltd.<sup>(c)</sup> |  | 5.8750 | 05/01/34 | 155434 |
|  |  |  |  |  | 372576 |
|  | **AUTOMOTIVE — 3.5%** |  |  |  |  |
| 250,000 USD | Aptiv plc / Aptiv Global Financing DAC<sup>(b)</sup> | H15T5Y + 3.385% | 6.8750 | 12/15/54 | 234793 |
| 300,000 GBP | Aston Martin Capital Holdings Ltd.<sup>(c)</sup> |  | 10.3750 | 03/31/29 | 350448 |
| 310,000 EUR | Forvia S.E. |  | 5.5000 | 06/15/31 | 333979 |
| 515,000 EUR | Grupo Antolin-Irausa S.A. |  | 3.5000 | 04/30/28 | 362296 |
| 100,000 USD | Hyundai Capital America<sup>(c)</sup> |  | 6.5000 | 01/16/29 | 104380 |
| 200,000 EUR | Mercedes-Benz Group A.G. |  | 0.7500 | 02/08/30 | 205665 |
| 45,000 USD | Nissan Motor Company Ltd.<sup>(c)</sup> |  | 4.8100 | 09/17/30 | 41649 |
| 250,000 EUR | Stellantis N.V. |  | 4.2500 | 06/16/31 | 287666 |
| 123,000 USD | Uzauto Motors AJ<sup>(c)</sup> |  | 4.8500 | 05/04/26 | 119430 |
| 200,000 EUR | Volkswagen International Finance N.V. |  | 1.8750 | 03/30/27 | 223147 |
|  |  |  |  |  | 2263453 |
|  | **BANKING — 7.9%** |  |  |  |  |
| 250,000 USD | ASB Bank Ltd.<sup>(c)</sup> |  | 5.2840 | 06/17/32 | 251097 |
| 300,000 EUR | Banco Bilbao Vizcaya Argentaria S.A. |  | 3.5000 | 02/10/27 | 344615 |
| 189,000 USD | Banco de Credito del Peru S.A.<sup>(b),(c)</sup> | H15T5Y + 3.000% | 3.1250 | 07/01/30 | 188693 |
| 48,000 USD | Banco de Credito del Peru S.A.<sup>(b),(c)</sup> | H15T5Y + 2.486% | 6.4500 | 07/30/35 | 47910 |
| 276,000 USD | Banco de Credito e Inversiones S.A.<sup>(b),(c)</sup> | H15T5Y + 3.767% | 7.5000 | 12/15/73 | 268868 |
| 225,000 USD | Banco GNB Sudameris S.A.<sup>(b),(c)</sup> | H15T5Y + 6.660% | 7.5000 | 04/16/31 | 218495 |
| 216,000 USD | Banco Internacional del Peru S.A.A Interbank<sup>(b),(c)</sup> | H15T1Y + 3.711% | 4.0000 | 07/08/30 | 215132 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **BANKING — 7.9% (Continued)** |  |  |  |  |
| 354,000 USD | Banco Mercantil del Norte S.A.<sup>(c)</sup> |  | 6.6250 | 01/24/70 | $315214 |
| 335,000 USD | Banco Mercantil del Norte S.A.<sup>(b),(c)</sup> | H15T5Y + 4.643% | 5.8750 | 11/24/71 | 324248 |
| 407,000 USD | BBVA Bancomer S.A.<sup>(b),(c)</sup> | H15T5Y + 2.650% | 5.1250 | 01/18/33 | 385735 |
| 250,000 USD | BPCE S.A.<sup>(b),(c)</sup> | H15T1Y + 2.791% | 6.5080 | 01/18/35 | 254861 |
| 200,000 EUR | CaixaBank S.A. |  | 4.2500 | 09/06/30 | 240489 |
| 225,000 EUR | Cooperatieve Rabobank UA |  | 1.3750 | 02/03/27 | 251753 |
| 200,000 USD | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.2860 | 11/19/30 | 202806 |
| 200,000 EUR | Intesa Sanpaolo SpA |  | 5.1250 | 08/29/31 | 249766 |
| 175,000 USD | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.900% | 5.7480 | 07/06/34 | 180141 |
| 250,000 USD | NatWest Group plc<sup>(b)</sup> | H15T5Y + 2.200% | 6.4750 | 06/01/34 | 258839 |
| 220,000 USD | NBK Tier 1 Financing 2 Ltd.<sup>(b),(c)</sup> | CMTUSD6Y + 2.832% | 4.5000 | 11/27/73 | 218351 |
| 240,000 USD | Societe Generale S.A.<sup>(b),(c)</sup> | H15T1Y + 2.950% | 6.6910 | 01/10/34 | 252886 |
| 325,000 USD | Standard Chartered PLC<sup>(b),(c)</sup> | H15T5Y + 2.300% | 3.2650 | 02/18/36 | 287403 |
| 117,000 USD | Yapi ve Kredi Bankasi A/S<sup>(c)</sup> |  | 7.1250 | 10/10/29 | 115560 |
|  |  |  |  |  | 5072862 |
|  | **BEVERAGES — 0.2%** |  |  |  |  |
| 150,000 EUR | Diageo Capital BV |  | 1.5000 | 06/08/29 | 162392 |
|  | **BIOTECH & PHARMA — 3.1%** |  |  |  |  |
| 300,000 EUR | Bayer A.G. |  | 1.3750 | 07/06/32 | 291725 |
| 390,000 EUR | Cheplapharm Arzneimittel GmbH |  | 7.5000 | 05/15/30 | 417858 |
| 270,000 EUR | Grifols S.A. |  | 3.8750 | 10/15/28 | 287755 |
| 240,000 EUR | Perrigo Finance Unlimited Company |  | 5.3750 | 09/30/32 | 275101 |
| 200,000 EUR | Takeda Pharmaceutical Company Ltd. |  | 1.0000 | 07/09/29 | 211732 |
| 245,000 EUR | Teva Pharmaceutical Finance Netherlands II BV |  | 7.8750 | 09/15/31 | 329701 |
| 200,000 EUR | Utah Acquisition Sub, Inc. |  | 3.1250 | 11/22/28 | 225671 |
|  |  |  |  |  | 2039543 |
|  | **CABLE & SATELLITE — 0.6%** |  |  |  |  |
| 480,000 EUR | Altice Financing S.A. |  | 4.2500 | 08/15/29 | 412231 |
|  | **CHEMICALS — 2.3%** |  |  |  |  |
| 205,000 USD | Braskem Netherlands Finance BV<sup>(c)</sup> |  | 4.5000 | 01/31/30 | 170314 |
| 130,000 EUR | INEOS Quattro Finance 2 plc |  | 8.5000 | 03/15/29 | 141409 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 2.3% (Continued)** |  |  |  |  |
| 10,000 USD | OCP S.A.<sup>(c)</sup> |  | 3.7500 | 06/23/31 | $8837 |
| 83,000 USD | OCP S.A.<sup>(c)</sup> |  | 6.8750 | 04/25/44 | 78107 |
| 315,000 USD | OCP S.A.<sup>(c)</sup> |  | 7.5000 | 05/02/54 | 310310 |
| 426,000 USD | Sasol Financing USA, LLC<sup>(e)</sup> |  | 4.3750 | 09/18/26 | 408283 |
| 405,000 USD | UPL Corporation Ltd.<sup>(b)</sup> | H15T5Y + 3.865% | 5.2500 | 02/27/70 | 388137 |
|  |  |  |  |  | 1505397 |
|  | **CONSTRUCTION MATERIALS — 0.4%** |  |  |  |  |
| 68,000 USD | Cemex S.A.B. de C.V.<sup>(b),(c)</sup> | H15T5Y + 4.534% | 5.1250 | 09/08/69 | 67020 |
| 200,000 EUR | Holcim Finance Luxembourg S.A. |  | 0.5000 | 09/03/30 | 198373 |
|  |  |  |  |  | 265393 |
|  | **CONSUMER SERVICES — 0.0%<sup>(a)</sup>** |  |  |  |  |
| 32,000 USD | Amazon Conservation DAC<sup>(c)</sup> |  | 6.0340 | 01/16/42 | 31891 |
|  | **CONTAINERS & PACKAGING — 1.0%** |  |  |  |  |
| 400,000 EUR | Ardagh Metal Packaging Finance USA, LLC / Ardagh |  | 3.0000 | 09/01/29 | 384662 |
| 320,000 EUR | Kleopatra Finco Sarl |  | 4.2500 | 03/01/26 | 328180 |
|  |  |  |  |  | 712842 |
|  | **ELEC & GAS MARKETING & TRADING — 0.3%** |  |  |  |  |
| 200,000 EUR | Orsted A/S |  | 1.5000 | 11/26/29 | 212873 |
|  | **ELECTRIC UTILITIES — 6.4%** |  |  |  |  |
| 260,000 USD | Adani Electricity Mumbai Ltd.<sup>(c)</sup> |  | 3.9490 | 02/12/30 | 225256 |
| 240,171 USD | Adani Green Energy UP Ltd. / Prayatna Developers<sup>(c)</sup> |  | 6.7000 | 03/12/42 | 206876 |
| 215,430 USD | Adani Renewable Energy RJ Ltd./Kodangal Solar<sup>(c)</sup> |  | 4.6250 | 10/15/39 | 171333 |
| 208,000 USD | Adani Transmission Step-One Ltd.<sup>(c)</sup> |  | 4.0000 | 08/03/26 | 200521 |
| 23,000 USD | Comision Federal de Electricidad |  | 3.3480 | 02/09/31 | 19732 |
| 12,000 USD | Comision Federal de Electricidad<sup>(c)</sup> |  | 6.4500 | 01/24/35 | 11514 |
| 120,000 USD | Enel Finance International N.V.<sup>(c)</sup> |  | 6.0000 | 10/07/39 | 121536 |
| 125,000 USD | Enel Finance International N.V.<sup>(c)</sup> |  | 5.5000 | 06/15/52 | 113707 |
| 250,000 USD | Engie S.A.<sup>(c)</sup> |  | 5.6250 | 04/10/34 | 253067 |
| 223,000 USD | Eskom Holdings SOC Ltd.<sup>(c)</sup> |  | 8.4500 | 08/10/28 | 227963 |
| 216,000 USD | Generacion Mediterranea S.A. / Central Termica<sup>(c)</sup> |  | 11.0000 | 11/01/31 | 192154 |
| 146,080 USD | Greenko Dutch BV<sup>(c)</sup> |  | 3.8500 | 03/29/26 | 141659 |
| 248,661 USD | Minejesa Capital BV<sup>(c)</sup> |  | 4.6250 | 08/10/30 | 241707 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 6.4% (Continued)** |  |  |  |  |
| 220,000 USD | Minejesa Capital BV<sup>(c)</sup> |  | 5.6250 | 08/10/37 | $204989 |
| 381,226 USD | Mong Duong Finance Holdings BV<sup>(c)</sup> |  | 5.1250 | 05/07/29 | 366518 |
| 417,800 USD | MSU Energy S.A.<sup>(c)</sup> |  | 9.7500 | 12/05/30 | 394783 |
| 200,000 EUR | National Grid PLC |  | 0.1630 | 01/20/28 | 212207 |
| 200,000 EUR | Naturgy Finance BV |  | 1.5000 | 01/29/28 | 221045 |
| 8,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 3.3750 | 02/05/30 | 7456 |
| 31,000 USD | Perusahaan Perseroan Persero PT Perusahaan Listrik |  | 4.0000 | 06/30/50 | 21498 |
| 105,000 USD | Saavi Energia Sarl<sup>(c)</sup> |  | 8.8750 | 02/10/35 | 105656 |
| 270,000 USD | YPF Energia Electrica S.A.<sup>(c)</sup> |  | 7.8750 | 10/16/32 | 264479 |
| 350,000 USD | Zorlu Enerji Elektrik Uretim A/S<sup>(c)</sup> |  | 11.0000 | 04/23/30 | 321374 |
|  |  |  |  |  | 4247030 |
|  | **ELECTRICAL EQUIPMENT — 0.7%** |  |  |  |  |
| 198,900 EUR | TK Elevator Holdco GmbH |  | 6.6250 | 07/15/28 | 225969 |
| 200,000 EUR | TK Elevator Midco GmbH |  | 4.3750 | 07/15/27 | 226551 |
|  |  |  |  |  | 452520 |
|  | **ENGINEERING & CONSTRUCTION — 2.2%** |  |  |  |  |
| 311,000 USD | ATP Tower Holdings / Andean Telecom Partners Chile<sup>(c)</sup> |  | 7.8750 | 02/03/30 | 310873 |
| 200,000 EUR | Cellnex Finance Company S.A. |  | 2.0000 | 02/15/33 | 201105 |
| 350,000 USD | HTA Group Ltd./Mauritius<sup>(c)</sup> |  | 7.5000 | 06/04/29 | 351750 |
| 193,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 6.2500 | 11/29/28 | 183713 |
| 320,000 USD | IHS Holding Ltd.<sup>(c)</sup> |  | 8.2500 | 11/29/31 | 308867 |
| 123,746 USD | IHS Netherlands Holdco BV<sup>(c)</sup> |  | 8.0000 | 09/18/27 | 124037 |
|  |  |  |  |  | 1480345 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 260,000 GBP | Pinewood Finco plc<sup>(c)</sup> |  | 6.0000 | 03/27/30 | 344395 |
|  | **FOOD — 0.4%** |  |  |  |  |
| 200,000 EUR | Danone S.A. |  | 3.0710 | 09/07/32 | 225880 |
| 96,000 USD | Minerva Luxembourg S.A.<sup>(c)</sup> |  | 4.3750 | 03/18/31 | 84541 |
|  |  |  |  |  | 310421 |
|  | **HOUSEHOLD PRODUCTS — 0.3%** |  |  |  |  |
| 200,000 EUR | Unilever Finance Netherlands BV |  | 1.7500 | 03/25/30 | 218236 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.5%** |  |  |  |  |
| 200,000 GBP | Motability Operations Group plc |  | 5.6250 | 01/24/54 | $243451 |
| 87,920 EUR | Techem Verwaltungsgesellschaft 674 mbH |  | 6.0000 | 07/30/26 | 99690 |
|  |  |  |  |  | 343141 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.4%** |  |  |  |  |
| 150,000 USD | Nomura Holdings, Inc. |  | 1.6530 | 07/14/26 | 144770 |
| 150,000 USD | Nomura Holdings, Inc. |  | 2.1720 | 07/14/28 | 138810 |
|  |  |  |  |  | 283580 |
|  | **INSURANCE — 0.6%** |  |  |  |  |
| 200,000 EUR | Allianz S.E.<sup>(d)</sup> |  | 3.0990 | 07/06/47 | 226892 |
| 200,000 USD | Nippon Life Insurance Company<sup>(c)</sup> |  | 6.2500 | 09/13/53 | 202864 |
|  |  |  |  |  | 429756 |
|  | **INTERNET MEDIA & SERVICES — 1.0%** |  |  |  |  |
| 150,000 EUR | Booking Holdings, Inc. |  | 4.5000 | 11/15/31 | 182288 |
| 200,000 USD | Prosus N.V.<sup>(c)</sup> |  | 3.0610 | 07/13/31 | 172408 |
| 127,000 USD | Prosus N.V. |  | 3.0610 | 07/13/31 | 109479 |
| 269,000 USD | Prosus N.V.<sup>(c)</sup> |  | 3.8320 | 02/08/51 | 168853 |
|  |  |  |  |  | 633028 |
|  | **LEISURE FACILITIES & SERVICES — 2.7%** |  |  |  |  |
| 250,000 GBP | 888 Acquisitions Ltd.<sup>(c)</sup> |  | 10.7500 | 05/15/30 | 334970 |
| 200,000 EUR | Accor S.A. |  | 7.2500 | 10/11/73 | 249311 |
| 200,000 USD | Melco Resorts Finance Ltd. |  | 5.6250 | 07/17/27 | 193236 |
| 106,000 USD | Melco Resorts Finance Ltd.<sup>(c)</sup> |  | 5.7500 | 07/21/28 | 100238 |
| 148,000 USD | Melco Resorts Finance Ltd. |  | 5.7500 | 07/21/28 | 139955 |
| 300,000 EUR | Motion Bondco DAC |  | 4.5000 | 11/15/27 | 320842 |
| 384,000 USD | Studio City Finance Ltd.<sup>(c)</sup> |  | 5.0000 | 01/15/29 | 337609 |
|  |  |  |  |  | 1676161 |
|  | **MACHINERY — 0.5%** |  |  |  |  |
| 250,000 EUR | Smiths Group plc |  | 2.0000 | 02/23/27 | 282304 |
| 50,000 USD | Weir Group plc (The)<sup>(c)</sup> |  | 5.3500 | 05/06/30 | 50153 |
|  |  |  |  |  | 332457 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.3%** |  |  |  |  |
| 200,000 EUR | Medtronic Global Holdings SCA |  | 0.7500 | 10/15/32 | 189628 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 2.1%** |  |  |  |  |
| 6,000 USD | Corp Nacional del Cobre de Chile<sup>(c)</sup> |  | 3.7000 | 01/30/50 | $4087 |
| 151,000 USD | Freeport Indonesia PT |  | 5.3150 | 04/14/32 | 149178 |
| 200,000 EUR | Glencore Capital Finance DAC |  | 1.1250 | 03/10/28 | 215738 |
| 26,000 USD | Indonesia Asahan Aluminium Persero PT<sup>(c)</sup> |  | 5.8000 | 05/15/50 | 23859 |
| 384,260 USD | Samarco Mineracao S.A.<sup>(c)</sup> |  | 9.0000 | 06/30/31 | 361900 |
| 107,000 USD | Vedanta Resources Finance II plc<sup>(c)</sup> |  | 10.2500 | 06/03/28 | 105523 |
| 109,000 USD | Vedanta Resources Finance II plc<sup>(c)</sup> |  | 10.8750 | 09/17/29 | 106051 |
| 103,000 USD | Vedanta Resources Finance II plc<sup>(c)</sup> |  | 9.4750 | 07/24/30 | 94580 |
| 334,000 USD | WE Soda Investments Holding plc<sup>(c)</sup> |  | 9.5000 | 10/06/28 | 342173 |
|  |  |  |  |  | 1403089 |
|  | **OIL & GAS PRODUCERS — 10.6%** |  |  |  |  |
| 351,000 USD | 3R Lux S.A.RL<sup>(c)</sup> |  | 9.7500 | 02/05/31 | 344747 |
| 59,000 USD | Abu Dhabi Crude Oil Pipeline, LLC<sup>(c)</sup> |  | 3.6500 | 11/02/29 | 56807 |
| 78,000 USD | AI Candelaria Spain S.A.<sup>(c)</sup> |  | 5.7500 | 06/15/33 | 64043 |
| 486,000 USD | AI Candelaria Spain S.A. |  | 5.7500 | 06/15/33 | 399035 |
| 32,583 USD | AI Candelaria Spain SLU<sup>(c)</sup> |  | 7.5000 | 12/15/28 | 32155 |
| 207,000 USD | Ambipar Lux Sarl<sup>(c)</sup> |  | 10.8750 | 02/05/33 | 202477 |
| 200,000 USD | Azule Energy Finance plc<sup>(c)</sup> |  | 8.1250 | 01/23/30 | 192988 |
| 280,000 USD | Energean Israel Finance Ltd.<sup>(c)</sup> |  | 5.8750 | 03/30/31 | 253907 |
| 203,000 USD | Energean plc<sup>(c),(e)</sup> |  | 6.5000 | 04/30/27 | 199828 |
| 200,000 USD | Energean plc |  | 6.5000 | 04/30/27 | 196875 |
| 250,000 EUR | Eni SpA |  | 2.0000 | 05/18/31 | 266115 |
| 354,000 USD | Geopark Ltd.<sup>(c)</sup> |  | 8.7500 | 01/31/30 | 306413 |
| 337,000 USD | Gran Tierra Energy, Inc.<sup>(c)</sup> |  | 9.5000 | 10/15/29 | 262398 |
| 250,000 USD | Harbour Energy plc<sup>(c)</sup> |  | 6.3270 | 04/01/35 | 237777 |
| 62,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 3.5000 | 04/14/33 | 51571 |
| 54,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 5.7500 | 04/19/47 | 45369 |
| 99,000 USD | KazMunayGas National Company JSC<sup>(c)</sup> |  | 6.3750 | 10/24/48 | 88166 |
| 298,000 USD | Kosmos Energy Ltd. |  | 7.7500 | 05/01/27 | 269546 |
| 111,000 USD | Kosmos Energy Ltd.<sup>(c)</sup> |  | 8.7500 | 10/01/31 | 89742 |
| 89,000 USD | Leviathan Bond Ltd. |  | 6.1250 | 06/30/25 | 89035 |
| 56,000 USD | Leviathan Bond Ltd. |  | 6.5000 | 06/30/27 | 55219 |
| 110,000 USD | Leviathan Bond Ltd.<sup>(c)</sup> |  | 6.7500 | 06/30/30 | 106770 |
| 465,847 USD | MC Brazil Downstream Trading S.A.RL |  | 7.2500 | 06/30/31 | 360426 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 10.6% (Continued)** |  |  |  |  |
| 100,000 USD | Medco Bell Pte Ltd. |  | 6.3750 | 01/30/27 | $99322 |
| 216,000 USD | Medco Laurel Tree Pte Ltd.<sup>(c)</sup> |  | 6.9500 | 11/12/28 | 211525 |
| 656,000 USD | PDVSA<sup>(f)</sup> |  | 9.0000 | 11/17/21 | 85280 |
| 85,000 USD | Petroleos del Peru S.A. |  | 4.7500 | 06/19/32 | 62686 |
| 165,000 USD | Petroleos Mexicanos |  | 6.5000 | 03/13/27 | 161311 |
| 408,000 USD | Petroleos Mexicanos |  | 5.3500 | 02/12/28 | 377367 |
| 68,000 USD | Petroleos Mexicanos |  | 8.7500 | 06/02/29 | 66877 |
| 369,000 USD | Petroleos Mexicanos |  | 5.9500 | 01/28/31 | 306834 |
| 138,000 USD | Petroleos Mexicanos |  | 6.7000 | 02/16/32 | 118456 |
| 124,000 USD | Petroleos Mexicanos |  | 6.6250 | 06/15/35 | 94909 |
| 14,000 USD | Petronas Capital Ltd. |  | 2.4800 | 01/28/32 | 11982 |
| 52,000 USD | Qatar Petroleum<sup>(c)</sup> |  | 2.2500 | 07/12/31 | 45532 |
| 12,000 USD | Saudi Arabian Oil Company<sup>(c)</sup> |  | 5.8750 | 07/17/64 | 11072 |
| 399,000 USD | SierraCol Energy Andina, LLC<sup>(c)</sup> |  | 6.0000 | 06/15/28 | 367275 |
| 200,000 EUR | TotalEnergies Capital Canada Ltd. |  | 2.1250 | 09/18/29 | 221461 |
| 277,000 USD | Trident Energy Finance plc<sup>(c)</sup> |  | 12.5000 | 11/30/29 | 262353 |
| 334,000 USD | YPF S.A.<sup>(c)</sup> |  | 9.5000 | 01/17/31 | 345764 |
|  |  |  |  |  | 7021415 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 3.5%** |  |  |  |  |
| 398,000 USD | FORESEA Holding S.A.<sup>(c),(e)</sup> |  | 7.5000 | 06/15/30 | 378828 |
| 403,878 USD | MV24 Capital BV<sup>(c)</sup> |  | 6.7480 | 06/01/34 | 385283 |
| 320,000 USD | NewCompany Holding USD 20 Sarl<sup>(c)</sup> |  | 9.3750 | 11/07/29 | 316320 |
| 373,000 USD | OHI Group S.A.<sup>(c)</sup> |  | 13.0000 | 07/22/29 | 377103 |
| 631,654 USD | Poinsettia Finance Ltd. |  | 6.6250 | 06/17/31 | 561114 |
| 313,213 USD | Yinson Boronia Production BV<sup>(c)</sup> |  | 8.9470 | 07/31/42 | 321826 |
|  |  |  |  |  | 2340474 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 200,000 EUR | Bertelsmann S.E. & Company KGaA |  | 3.5000 | 05/29/29 | 232114 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 1.3%** |  |  |  |  |
| 700,000 USD | China SCE Group Holdings Ltd.<sup>(f)</sup> |  | 7.0000 | 05/02/25 | 29838 |
| 200,000 USD | Country Garden Holdings Company Ltd. |  | 4.8000 | 08/06/30 | 18010 |
| 200,000 EUR | CPI Property Group S.A.<sup>(g)</sup> |  | 1.6250 | 04/23/27 | 222492 |
| 200,000 EUR | CPI Property Group S.A.<sup>(b)</sup> | EUSA5 + 4.944% | 4.8750 | 10/16/73 | 219231 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 1.3% (Continued)** |  |  |  |  |
| 330,000 USD | MAF Global Securities Ltd.<sup>(b)</sup> | H15T5Y + 3.539% | 6.3750 | 09/20/70 | $330546 |
|  |  |  |  |  | 820117 |
|  | **REIT — 0.7%** |  |  |  |  |
| 120,000 GBP | Iron Mountain UK plc |  | 3.8750 | 11/15/25 | 158741 |
| 250,000 EUR | Prologis Euro Finance, LLC |  | 4.6250 | 05/23/33 | 306394 |
|  |  |  |  |  | 465135 |
|  | **RENEWABLE ENERGY — 1.0%** |  |  |  |  |
| 391,500 USD | Aydem Yenilenebilir Enerji A/S<sup>(c)</sup> |  | 7.7500 | 02/02/27 | 390291 |
| 190,000 USD | FS Luxembourg Sarl<sup>(c)</sup> |  | 8.8750 | 02/12/31 | 191189 |
| 102,000 USD | Investment Energy Resources Ltd.<sup>(c)</sup> |  | 6.2500 | 04/26/29 | 97391 |
| 57,000 USD | Limak Yenilenebilir Enerji A/S<sup>(c)</sup> |  | 9.6250 | 08/12/30 | 55504 |
|  |  |  |  |  | 734375 |
|  | **RETAIL - CONSUMER STAPLES — 0.4%** |  |  |  |  |
| 200,000 EUR | Carrefour S.A. |  | 4.3750 | 11/14/31 | 239825 |
|  | **RETAIL - DISCRETIONARY — 0.5%** |  |  |  |  |
| 340,000 USD | Movida Europe S.A.<sup>(c),(e)</sup> |  | 7.8500 | 04/11/29 | 299773 |
|  | **SOFTWARE — 0.5%** |  |  |  |  |
| 320,000 EUR | Helios Software Holdings, Inc. / ION Corporate<sup>(c)</sup> |  | 7.8750 | 05/01/29 | 363002 |
|  | **SPECIALTY FINANCE — 0.6%** |  |  |  |  |
| 250,000 USD | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | 01/30/32 | 220610 |
| 220,000 USD | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 5.1500 | 01/15/30 | 217270 |
|  |  |  |  |  | 437880 |
|  | **STEEL — 1.2%** |  |  |  |  |
| 406,000 USD | CSN Resources S.A.<sup>(c)</sup> |  | 4.6250 | 06/10/31 | 307844 |
| 590,000 USD | Metinvest BV<sup>(c)</sup> |  | 7.7500 | 10/17/29 | 471855 |
|  |  |  |  |  | 779699 |
|  | **TELECOMMUNICATIONS — 2.4%** |  |  |  |  |
| 100,000 EUR | Altice France Holding S.A.<sup>(c)</sup> |  | 8.0000 | 05/15/27 | 34621 |
| 16,000 USD | Millicom International Cellular S.A.<sup>(c)</sup> |  | 4.5000 | 04/27/31 | 14259 |
| 200,000 EUR | Orange S.A. |  | 2.0000 | 01/15/29 | 222476 |
| 210,000 EUR | SoftBank Group Corporation |  | 3.8750 | 07/06/32 | 215002 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 63.4% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 2.4% (Continued)** |  |  |  |  |
| 200,000 EUR | Telefonica Emisiones S.A. |  | 2.5920 | 05/25/31 | $219730 |
| 300,000 EUR | Telefonica Europe BV<sup>(b)</sup> | EUAMDB08 + 3.121% | 5.7520 | 04/15/73 | 352222 |
| 340,000 GBP | Vmed O2 UK Financing I plc |  | 4.5000 | 07/15/31 | 392668 |
| 200,000 USD | Vodafone Group plc |  | 5.8750 | 06/28/64 | 189252 |
|  |  |  |  |  | 1640230 |
|  | **TOBACCO & CANNABIS — 0.3%** |  |  |  |  |
| 200,000 USD | Imperial Brands Finance plc<sup>(c)</sup> |  | 5.5000 | 02/01/30 | 205316 |
|  | **TRANSPORTATION & LOGISTICS — 1.4%** |  |  |  |  |
| 200,000 EUR | Abertis Infraestructuras S.A. |  | 2.3750 | 09/27/27 | 225601 |
| 241,000 USD | Adani Ports & Special Economic Zone Ltd.<sup>(c)</sup> |  | 3.1000 | 02/02/31 | 194704 |
| 150,000 EUR | Autostrade per l'Italia SpA |  | 5.1250 | 06/14/33 | 181858 |
| 6,000 USD | DP World PLC<sup>(c)</sup> |  | 4.7000 | 09/30/49 | 4944 |
| 109,000 USD | Georgian Railway JSC<sup>(c)</sup> |  | 4.0000 | 06/17/28 | 96868 |
| 298,000 USD | Grupo Aeromexico S.A.B. de C.V.<sup>(c),(e)</sup> |  | 8.6250 | 11/15/31 | 276606 |
|  |  |  |  |  | 980581 |
|  | **TOTAL CORPORATE BONDS (Cost $43,371,777)** |  |  |  | 42174129 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8%** |  |  |  |  |
|  | **LOCAL AUTHORITY — 0.4%** |  |  |  |  |
| 150,000 CAD | Province of British Columbia Canada |  | 3.2000 | 06/18/44 | 92243 |
| 250,000 CAD | Province of Ontario Canada |  | 2.8000 | 06/02/48 | 139902 |
| 85,622 USD | Provincia de Buenos Aires/Government Bonds<sup>(g)</sup> |  | 5.2500 | 09/01/37 | 57688 |
|  |  |  |  |  | 289833 |
|  | **NON U.S. TREASURY — 7.7%** |  |  |  |  |
| 1,800,000 AUD | Australia Government Bond |  | 1.2500 | 05/21/32 | 968571 |
| 1,030,000 BRL | Brazil Notas do Tesouro Nacional Series F |  | 10.0000 | 01/01/31 | 161267 |
| 800,000 BRL | Brazil Notas do Tesouro Nacional Series F |  | 10.0000 | 01/01/33 | 121206 |
| 550,000 CAD | Canadian Government Bond |  | 2.2500 | 06/01/29 | 393838 |
| 700,000,000 COP | Colombian TES |  | 7.0000 | 03/26/31 | 134374 |
| 840,000 CZK | Czech Republic Government Bond |  | 0.2500 | 02/10/27 | 36153 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **NON U.S. TREASURY — 7.7% (Continued)** |  |  |  |
| 3,060,000 CZK | Czech Republic Government Bond | 1.7500 | 06/23/32 | $121462 |
| 14,000,000 HUF | Hungary Government Bond | 4.7500 | 11/24/32 | 34956 |
| 1,600,000,000 IDR | Indonesia Treasury Bond | 8.7500 | 05/15/31 | 105635 |
| 1,162,000,000 IDR | Indonesia Treasury Bond | 8.2500 | 05/15/36 | 76684 |
| 50,000 EUR | Ireland Government Bond | 0.9000 | 05/15/28 | 55077 |
| 130,000 EUR | Ireland Government Bond | 1.3000 | 05/15/33 | 133637 |
| 750,000 EUR | Italy Buoni Poliennali Del Tesoro | 2.8000 | 12/01/28 | 867529 |
| 640,000 EUR | Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | 2.4500 | 09/01/33 | 684714 |
| 180,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 08/01/39 | 229026 |
| 235,000 EUR | Italy Buoni Poliennali Del Tesoro | 5.0000 | 09/01/40 | 298069 |
| 1,520,000 MXN | Mexican Bonos | 8.5000 | 11/18/38 | 70699 |
| 3,130,000 MXN | Mexican Bonos | 7.7500 | 11/13/42 | 131381 |
| 312,000 PEN | Peru Government Bond<sup>(c)</sup> | 7.3000 | 08/12/33 | 91152 |
| 170,000 EUR | Spain Government Bond | 4.2000 | 01/31/37 | 209466 |
| 250,000 EUR | Spain Government Bond | 2.7000 | 10/31/48 | 235576 |
|  |  |  |  | 5160472 |
|  | **SOVEREIGN — 17.9%** |  |  |  |
| 3,000 USD | Abu Dhabi Government International Bond<sup>(c)</sup> | 3.1250 | 09/30/49 | 2035 |
| 61,000 USD | Angolan Government International Bond<sup>(c)</sup> | 8.0000 | 11/26/29 | 48830 |
| 295,000 USD | Angolan Government International Bond<sup>(c)</sup> | 8.7500 | 04/14/32 | 228398 |
| 64,800 USD | Argentine Republic Government International Bond | 1.0000 | 07/09/29 | 52261 |
| 268,400 USD | Argentine Republic Government International Bond<sup>(g)</sup> | 0.7500 | 07/09/30 | 205997 |
| 98,000 USD | Bahrain Government International Bond<sup>(c)</sup> | 5.6250 | 09/30/31 | 92514 |
| 37,000 USD | Bahrain Government International Bond<sup>(c)</sup> | 5.2500 | 01/25/33 | 33457 |
| 165,000 USD | Bahrain Government International Bond<sup>(c)</sup> | 5.6250 | 05/18/34 | 150463 |
| 46,000 USD | Benin Government International Bond<sup>(c)</sup> | 7.9600 | 02/13/38 | 41460 |
| 26,000 USD | Bermuda Government International Bond<sup>(c)</sup> | 4.7500 | 02/15/29 | 25920 |
| 23,000 USD | Bermuda Government International Bond | 3.3750 | 08/20/50 | 15305 |
| 109,000 USD | Bolivian Government International Bond | 4.5000 | 03/20/28 | 72485 |
| 49,000 USD | Brazilian Government International Bond | 6.2500 | 03/18/31 | 50470 |
| 117,000 USD | Brazilian Government International Bond | 6.0000 | 10/20/33 | 115463 |
| 95,000 USD | Brazilian Government International Bond | 4.7500 | 01/14/50 | 67138 |
| 277,000 USD | Brazilian Government International Bond | 7.1250 | 05/13/54 | 263445 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **SOVEREIGN — 17.9% (Continued)** |  |  |  |
| 5,000 USD | Chile Government International Bond | 2.7500 | 01/31/27 | $4859 |
| 14,000 USD | Chile Government International Bond | 2.4500 | 01/31/31 | 12446 |
| 39,000 USD | Chile Government International Bond | 2.5500 | 01/27/32 | 34000 |
| 3,000 USD | Chile Government International Bond | 4.3400 | 03/07/42 | 2574 |
| 65,000 USD | Chile Government International Bond | 3.8600 | 06/21/47 | 49536 |
| 4,000 USD | Chile Government International Bond | 3.1000 | 01/22/61 | 2371 |
| 28,000 USD | Colombia Government International Bond | 4.5000 | 03/15/29 | 26379 |
| 335,000 USD | Colombia Government International Bond | 7.3750 | 04/25/30 | 340577 |
| 97,000 USD | Colombia Government International Bond | 3.2500 | 04/22/32 | 75049 |
| 79,000 USD | Colombia Government International Bond | 8.0000 | 11/14/35 | 77662 |
| 173,000 USD | Colombia Government International Bond | 4.1250 | 02/22/42 | 105664 |
| 31,000 USD | Colombia Government International Bond | 5.6250 | 02/26/44 | 22213 |
| 277,000 USD | Colombia Government International Bond | 5.0000 | 06/15/45 | 180820 |
| 62,000 USD | Colombia Government International Bond | 5.2000 | 05/15/49 | 40254 |
| 86,000 USD | Colombia Government International Bond | 3.8750 | 02/15/61 | 44160 |
| 226,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 4.8750 | 09/23/32 | 203377 |
| 28,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 6.9500 | 03/15/37 | 27840 |
| 41,000 USD | Dominican Republic International Bond | 6.5000 | 02/15/48 | 37804 |
| 18,000 USD | Dominican Republic International Bond<sup>(c)</sup> | 7.1500 | 02/24/55 | 17635 |
| 345,000 USD | Dominican Republic International Bond | 5.8750 | 01/30/60 | 284453 |
| 413,168 USD | Ecuador Government International Bond<sup>(g)</sup> | 6.9000 | 07/31/30 | 310330 |
| 193,587 USD | Ecuador Government International Bond<sup>(g)</sup> | 5.5000 | 07/31/35 | 116823 |
| 52,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.6000 | 03/01/29 | 48940 |
| 75,000 USD | Egypt Government International Bond<sup>(c)</sup> | 8.6250 | 02/04/30 | 71724 |
| 618,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.6250 | 05/29/32 | 526121 |
| 133,000 USD | Egypt Government International Bond<sup>(c)</sup> | 7.9030 | 02/21/48 | 91994 |
| 59,000 USD | Egypt Government International Bond<sup>(c)</sup> | 8.8750 | 05/29/50 | 44523 |
| 9,000 USD | El Salvador Government International Bond<sup>(c)</sup> | 8.6250 | 02/28/29 | 9166 |
| 44,000 USD | El Salvador Government International Bond | 9.2500 | 04/17/30 | 45442 |
| 24,000 USD | El Salvador Government International Bond<sup>(c)</sup> | 8.2500 | 04/10/32 | 23762 |
| 17,000 USD | El Salvador Government International Bond | 7.6500 | 06/15/35 | 16076 |
| 21,000 USD | El Salvador Government International Bond | 7.6250 | 02/01/41 | 18810 |
| 118,000 USD | El Salvador Government International Bond | 7.1250 | 01/20/50 | 95517 |
| 220,000 USD | Ethiopia International Bond<sup>(c)</sup> | 6.6250 | 12/11/25 | 185900 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **SOVEREIGN — 17.9% (Continued)** |  |  |  |
| 22,000 USD | Export-Import Bank of India | 2.2500 | 01/13/31 | $19037 |
| 38,000 USD | Gabon Government International Bond<sup>(c)</sup> | 6.6250 | 02/06/31 | 27101 |
| 12,936 USD | Ghana Government International Bond<sup>(h)</sup> | 0.0000 | 07/03/26 | 12259 |
| 6,400 USD | Ghana Government International Bond<sup>(c),(h)</sup> | 0.0000 | 07/03/26 | 6065 |
| 48,400 USD | Ghana Government International Bond<sup>(c),(g)</sup> | 5.0000 | 07/03/29 | 41338 |
| 130,438 USD | Ghana Government International Bond<sup>(g)</sup> | 5.0000 | 07/03/29 | 111408 |
| 12,287 USD | Ghana Government International Bond<sup>(c),(h)</sup> | 0.0000 | 01/03/30 | 9342 |
| 69,600 USD | Ghana Government International Bond<sup>(c),(g)</sup> | 5.0000 | 07/03/35 | 47361 |
| 18,572 USD | Ghana Government International Bond<sup>(g)</sup> | 5.0000 | 07/03/35 | 12638 |
| 104,000 USD | Guatemala Government Bond | 6.1250 | 06/01/50 | 92495 |
| 43,000 USD | Hazine Mustesarligi Varlik Kiralama A/S<sup>(c)</sup> | 8.5090 | 01/14/29 | 45612 |
| 70,000 USD | Honduras Government International Bond<sup>(c)</sup> | 8.6250 | 11/27/34 | 69493 |
| 28,700,000 HUF | Hungary Government Bond | 9.5000 | 10/21/26 | 83898 |
| 44,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.1250 | 05/22/28 | 45272 |
| 30,000 USD | Hungary Government International Bond<sup>(c)</sup> | 6.2500 | 09/22/32 | 30956 |
| 31,000 USD | Hungary Government International Bond<sup>(c)</sup> | 5.5000 | 03/26/36 | 29324 |
| 16,000 USD | Indonesia Government International Bond | 4.5500 | 01/11/28 | 16073 |
| 101,000 USD | Indonesia Government International Bond | 4.8500 | 01/11/33 | 100025 |
| 19,000 USD | Indonesia Government International Bond | 4.2000 | 10/15/50 | 15216 |
| 21,000 USD | Indonesia Government International Bond | 3.2000 | 09/23/61 | 13037 |
| 101,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 7.6250 | 01/30/33 | 95369 |
| 200,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 6.1250 | 06/15/33 | 172619 |
| 28,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 8.0750 | 04/01/36 | 26015 |
| 57,000 USD | Ivory Coast Government International Bond<sup>(c)</sup> | 8.2500 | 01/30/37 | 52754 |
| 58,000 USD | Jordan Government International Bond<sup>(c)</sup> | 7.7500 | 01/15/28 | 58858 |
| 18,000 USD | Jordan Government International Bond<sup>(c)</sup> | 7.5000 | 01/13/29 | 17978 |
| 80,000 USD | Jordan Government International Bond<sup>(c)</sup> | 5.8500 | 07/07/30 | 73941 |
| 117,000 USD | Jordan Government International Bond<sup>(c)</sup> | 7.3750 | 10/10/47 | 98389 |
| 20,000 USD | Kazakhstan Government International Bond<sup>(c)</sup> | 6.5000 | 07/21/45 | 20983 |
| 102,000 USD | Kenya Government International Bond<sup>(c)</sup> | 8.0000 | 05/22/32 | 89848 |
| 330,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 6.1000 | 10/04/22 | 56726 |
| 72,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 6.4000 | 05/26/23 | 12461 |
| 156,000 USD | Lebanon Government International Bond<sup>(f)</sup> | 6.1500 | 06/19/23 | 26813 |
| 11,000 USD | Magyar Export-Import Bank Zrt<sup>(c)</sup> | 6.1250 | 12/04/27 | 11202 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **SOVEREIGN — 17.9% (Continued)** |  |  |  |
| 920,000 MYR | Malaysia Government Bond | 2.6320 | 04/15/31 | $203418 |
| 16,000 USD | Malaysia Wakala Sukuk Bhd | 3.0750 | 04/28/51 | 11138 |
| 11,000 USD | Mexico Government International Bond | 4.7500 | 04/27/32 | 10303 |
| 32,000 USD | Mexico Government International Bond | 4.8750 | 05/19/33 | 29481 |
| 44,000 USD | Mexico Government International Bond | 6.3500 | 02/09/35 | 43834 |
| 98,000 USD | Mexico Government International Bond | 4.7500 | 03/08/44 | 74357 |
| 1,000 USD | Mexico Government International Bond | 6.3380 | 05/04/53 | 880 |
| 6,000 USD | Mexico Government International Bond | 6.4000 | 05/07/54 | 5328 |
| 34,000 USD | Mexico Government International Bond | 3.7710 | 05/24/61 | 19460 |
| 27,000 USD | Montenegro Government International Bond<sup>(c)</sup> | 7.2500 | 03/12/31 | 27266 |
| 167,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 6.1250 | 09/28/28 | 150301 |
| 112,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 7.1430 | 02/23/30 | 98263 |
| 86,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 9.6250 | 06/09/31 | 81217 |
| 76,000 USD | Nigeria Government International Bond<sup>(c)</sup> | 7.8750 | 02/16/32 | 65856 |
| 200,000 USD | Nigeria Government International Bond | 7.6250 | 11/28/47 | 143499 |
| 246,000 USD | Oman Government International Bond<sup>(c)</sup> | 7.3750 | 10/28/32 | 275852 |
| 39,000 USD | Oriental Republic of Uruguay | 5.2500 | 09/10/60 | 35349 |
| 204,000 USD | Pakistan Government International Bond<sup>(c)</sup> | 6.0000 | 04/08/26 | 192963 |
| 18,000 USD | Pakistan Government International Bond<sup>(c)</sup> | 6.8750 | 12/05/27 | 15851 |
| 13,000 USD | Panama Government International Bond | 3.8750 | 03/17/28 | 12458 |
| 64,000 USD | Panama Government International Bond | 2.2520 | 09/29/32 | 46866 |
| 30,000 USD | Panama Government International Bond | 3.8700 | 07/23/60 | 16184 |
| 6,000 USD | Panama Government International Bond | 4.5000 | 01/19/63 | 3653 |
| 70,000 USD | Peruvian Government International Bond | 2.7830 | 01/23/31 | 62131 |
| 43,000 USD | Peruvian Government International Bond | 3.0000 | 01/15/34 | 35909 |
| 7,000 USD | Peruvian Government International Bond | 5.8750 | 08/08/54 | 6654 |
| 28,000 USD | Philippine Government International Bond | 2.4570 | 05/05/30 | 25562 |
| 2,000 USD | Philippine Government International Bond | 1.6480 | 06/10/31 | 1688 |
| 2,000 USD | Philippine Government International Bond | 6.3750 | 01/15/32 | 2168 |
| 82,000 USD | Philippine Government International Bond | 5.0000 | 07/17/33 | 82030 |
| 4,000 USD | Philippine Government International Bond | 2.9500 | 05/05/45 | 2733 |
| 8,000 USD | Philippine Government International Bond | 4.2000 | 03/29/47 | 6525 |
| 2,000 USD | Philippine Government International Bond | 5.9500 | 10/13/47 | 2058 |
| 29,000 USD | Qatar Government International Bond<sup>(c)</sup> | 4.8170 | 03/14/49 | 26364 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **SOVEREIGN — 17.9% (Continued)** |  |  |  |
| 9,000 USD | Qatar Government International Bond<sup>(c)</sup> | 4.4000 | 04/16/50 | $7646 |
| 82,857 USD | Republic of Angola Via Avenir Issuer II Ireland | 6.9270 | 02/19/27 | 78054 |
| 41,000 USD | Republic of Armenia International Bond<sup>(c)</sup> | 3.6000 | 02/02/31 | 34749 |
| 256,000 EUR | Republic of Cameroon International Bond | 5.9500 | 07/07/32 | 212730 |
| 40,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 9.7500 | 02/16/31 | 38417 |
| 184,000 USD | Republic of Kenya Government International Bond<sup>(c)</sup> | 9.5000 | 03/05/36 | 163270 |
| 300,000 PLN | Republic of Poland Government Bond | 7.5000 | 07/25/28 | 86602 |
| 160,000 PLN | Republic of Poland Government Bond | 6.0000 | 10/25/33 | 44865 |
| 2,000 USD | Republic of Poland Government International Bond | 5.7500 | 11/16/32 | 2110 |
| 113,000 USD | Republic of Poland Government International Bond | 5.1250 | 09/18/34 | 113027 |
| 21,000 USD | Republic of Poland Government International Bond | 5.3750 | 02/12/35 | 21286 |
| 3,970,000 ZAR | Republic of South Africa Government Bond | 8.7500 | 02/28/48 | 162829 |
| 238,000 USD | Republic of South Africa Government International | 5.8750 | 04/20/32 | 224674 |
| 84,000 USD | Republic of South Africa Government International<sup>(c)</sup> | 7.1000 | 11/19/36 | 80191 |
| 151,000 USD | Republic of South Africa Government International | 5.7500 | 09/30/49 | 108235 |
| 88,000 USD | Republic of South Africa Government International | 7.3000 | 04/20/52 | 75491 |
| 1,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.6250 | 02/17/28 | 1024 |
| 20,000 USD | Romanian Government International Bond | 7.1250 | 01/17/33 | 20202 |
| 8,000 USD | Romanian Government International Bond<sup>(c)</sup> | 7.1250 | 01/17/33 | 8081 |
| 72,000 USD | Romanian Government International Bond<sup>(c)</sup> | 6.3750 | 01/30/34 | 68279 |
| 12,000 USD | Romanian Government International Bond<sup>(c)</sup> | 5.7500 | 03/24/35 | 10659 |
| 12,000 USD | Romanian Government International Bond | 5.1250 | 06/15/48 | 8780 |
| 51,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.5000 | 04/17/30 | 50702 |
| 22,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.3750 | 01/13/31 | 22656 |
| 140,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.8750 | 07/18/33 | 138771 |
| 13,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.6250 | 01/13/35 | 13452 |
| 2,000 USD | Saudi Government International Bond<sup>(c)</sup> | 4.6250 | 10/04/47 | 1640 |
| 1,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.0000 | 04/17/49 | 860 |
| 28,000 USD | Saudi Government International Bond<sup>(c)</sup> | 5.7500 | 01/16/54 | 26495 |
| 120,000 USD | Senegal Government International Bond<sup>(c)</sup> | 6.2500 | 05/23/33 | 83782 |
| 46,654 USD | Sri Lanka Government International Bond<sup>(c)</sup> | 4.0000 | 04/15/28 | 43099 |
| 43,926 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.1000 | 01/15/30 | 36117 |
| 92,045 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.3500 | 03/15/33 | 64432 |
| 62,151 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.6000 | 06/15/35 | 40516 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **SOVEREIGN — 17.9% (Continued)** |  |  |  |
| 86,305 USD | Sri Lanka Government International Bond<sup>(c),(g)</sup> | 3.6000 | 02/15/38 | $61061 |
| 32,000 USD | Trinidad & Tobago Government International Bond | 6.4000 | 06/26/34 | 30311 |
| 75,000 USD | Turkey Government International Bond | 9.8750 | 01/15/28 | 81219 |
| 38,000 USD | Turkey Government International Bond | 9.3750 | 03/14/29 | 41064 |
| 41,000 USD | Turkey Government International Bond | 9.1250 | 07/13/30 | 44499 |
| 75,000 USD | Turkey Government International Bond | 5.9500 | 01/15/31 | 70211 |
| 207,000 USD | Turkey Government International Bond | 5.7500 | 05/11/47 | 150007 |
| 33,000 USD | Turkiye Government International Bond | 5.2500 | 03/13/30 | 30586 |
| 70,000 USD | Turkiye Government International Bond | 7.1250 | 02/12/32 | 68412 |
| 95,000 USD | Turkiye Government International Bond | 7.6250 | 05/15/34 | 94810 |
| 76,000 USD | Turkiye Government International Bond | 6.5000 | 01/03/35 | 69703 |
| 377,000 USD | Turkiye Government International Bond | 6.6250 | 02/17/45 | 308485 |
| 13,076 USD | Ukraine Government International Bond<sup>(g)</sup> | 1.7500 | 02/01/29 | 7993 |
| 3,571 USD | Ukraine Government International Bond<sup>(g)</sup> | 0.0000 | 02/01/30 | 1755 |
| 13,970 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 0.0000 | 02/01/30 | 6866 |
| 13,345 USD | Ukraine Government International Bond<sup>(g)</sup> | 0.0000 | 02/01/34 | 5071 |
| 379,088 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 1.7500 | 02/01/34 | 188976 |
| 100,278 USD | Ukraine Government International Bond<sup>(g)</sup> | 0.0000 | 02/01/35 | 50640 |
| 57,152 USD | Ukraine Government International Bond<sup>(g)</sup> | 1.7500 | 02/01/35 | 28119 |
| 36,764 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 0.0000 | 02/01/36 | 18474 |
| 31,269 USD | Ukraine Government International Bond<sup>(g)</sup> | 1.7500 | 02/01/36 | 15197 |
| 44,150 USD | Ukraine Government International Bond<sup>(c),(g)</sup> | 1.7500 | 02/01/36 | 21457 |
| 40,000 USD | Ukraine Government International Bond<sup>(c),(d)</sup> | 7.7500 | 08/01/41 | 28530 |
| 5,000 USD | Uruguay Government International Bond | 5.4420 | 02/14/37 | 5098 |
| 9,000 USD | Uruguay Government International Bond | 4.9750 | 04/20/55 | 7943 |
| 117,000 USD | Venezuela Government International Bond<sup>(f)</sup> | 6.0000 | 12/09/20 | 15210 |
| 425,000 USD | Venezuela Government International Bond<sup>(f)</sup> | 11.9500 | 08/05/31 | 71188 |
| 149,490 USD | Zambia Government International Bond<sup>(c),(g)</sup> | 5.7500 | 06/30/33 | 129729 |
| 53,000 USD | Zambia Government International Bond<sup>(c)</sup> | 0.5000 | 12/31/53 | 30285 |
|  |  |  |  | 11896569 |
|  | **SUPRANATIONAL — 0.8%** |  |  |  |
| 200,000 EUR | European Investment Bank | 1.1250 | 09/15/36 | 187082 |
| 25,000,000 INR | Inter-American Development Bank | 7.3500 | 10/06/30 | 304996 |
| 1,500,000 INR | International Bank for Reconstruction & Development | 6.7100 | 01/21/35 | 17885 |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 26.8% (Continued)** |  |  |  |
|  | **SUPRANATIONAL — 0.8% (Continued)** |  |  |  |
|  |  |  |  | $509963 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $18,940,113)** |  |  | 17856837 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 1.5%** |  |
| 1024611 | Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(i),(j)</sup> | 1024611 |
|  | **MONEY MARKET FUNDS — 3.6%** |  |
| 2386826 | Fidelity Government Portfolio, Class I, 4.20%<sup>(j)</sup> | 2386826 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,411,437)** | 3411437 |
|  | **TOTAL INVESTMENTS - 95.3% (Cost $65,729,950)** | $63449413 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.7%** | 3114800 |
|  | **NET ASSETS - 100.0%** | $66564213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(k)</sup>** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 29 | Eurex 10 Year Euro BUND Future | 06/06/2025 | $4332903 | $54196 |
| 6 | Eurex 30 Year Euro BUXL Future | 06/06/2025 | 844218 | (25435) |
| 19 | French Government Bond Futures | 06/06/2025 | 2706531 | 8847 |
| 33 | Long Gilt Future | 06/26/2025 | 4113290 | 59961 |
| 10 | TSE Japanese 10 Year Bond Futures | 06/13/2025 | 9841169 | 140407 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $237976 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(k)</sup>** | **Unrealized<br> Depreciation** |
| 107 | CBOT 10 Year US Treasury Note Future | 06/18/2025 | $12007407 | $(187751) |
| 91 | CBOT 5 Year US Treasury Note Future | 06/30/2025 | 9936774 | (110353) |
| 4 | CBOT US Treasury Bond Futures | 06/18/2025 | 466500 | (3906) |
| 10 | Euro-BTP Italian Bond Futures | 06/06/2025 | 1363832 | (4656) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(306666) |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **Description** | **Counterparty** | **Fixed Deal<br> (Pay) Rate** | **Implied<br> Credit<br> Spread** | **Maturity<br> Date** | **Notional<br> Value<sup>(k)</sup>** | **Fair<br> Value** | **Amortized<br> Upfront Payments<br> Paid/(Received)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX.EM SERIES 43 Quarterly<sup>(1)</sup> | Citibank | 1.00% | 199 | 6/20/2030 | $5920000 | $255517 | $247441 | $8076 |
| ITRAXX EUROPE CROSSOVER SERIES 43 Quarterly<sup>(1)</sup> | Citibank | 5.00% | 350 | 6/20/2030 | 540000 | (43046) | (47922) | 4876 |
| CDS ARGENTINE REPUBLIC Quarterly<sup>(2)</sup> | JP Morgan Chase | 5.00% | 904 | 12/20/2029 | (625000) | (80660) | (99669) | 19009 |
| **TOTAL** |  |  |  |  |  | $**131811** | $**99850** | $**31961** |

---

<sup>(1)</sup> Buy Protection <br> <sup>(2)</sup> Sell Protection

**FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Brazilian Real | 05/05/2025 | JP Morgan Chase | 1025000 | $180488 | $1386 |
| Indian Rupee | 05/05/2025 | JP Morgan Chase | 6700000 | 79186 | 788 |
| Czech Koruna | 05/06/2025 | JP Morgan Chase | 700000 | 31783 | 466 |
| Euro | 05/06/2025 | JP Morgan Chase | 94760 | 107465 | 3465 |
| Hungarian Forints | 05/06/2025 | Citibank | 12600000 | 35293 | (285) |
| Indonesia Rupiah | 05/06/2025 | JP Morgan Chase | 750000001 | 45192 | (298) |
| Kazak Tenge | 05/06/2025 | Citibank | 23300000 | 45317 | (875) |
| Polish Zloty | 05/06/2025 | JP Morgan Chase | 130000 | 34396 | 974 |
| Mexican Peso | 05/08/2025 | JP Morgan Chase | 3540000 | 180366 | 9355 |
| Mexican Peso | 05/13/2025 | JP Morgan Chase | 310000 | 15784 | (30) |
| Australian Dollar | 05/28/2025 | Citi Capital Markets | 1080000 | 692009 | (58) |
| Mexican Peso | 05/30/2025 | JP Morgan Chase | 10510000 | 533829 | 2479 |
| Turkish Lira | 05/30/2025 | JP Morgan Chase | 1330000 | 33404 | (25) |
| Peruvian Sole | 06/04/2025 | JP Morgan Chase | 210000 | 57217 | 257 |
| Chinese Yuan | 06/27/2025 | JP Morgan Chase | 1050000 | 145086 | 500 |
| Polish Zloty | 07/01/2025 | JP Morgan Chase | 130000 | 34344 | (277) |
| British Pound | 07/11/2025 | Barclay | 381635 | 508788 | 15752 |
| British Pound | 07/11/2025 | Citi Capital Markets | 587000 | 782578 | 14984 |
| Euro | 07/11/2025 | Barclay | 2551186 | 2905601 | 39177 |
| Euro | 07/11/2025 | Citi Capital Markets | 40000 | 45557 | 1369 |
| Euro | 07/11/2025 | JP Morgan Chase | 366454 | 417363 | 1483 |
| Japanese Yen | 07/11/2025 | Barclay | 22111000 | 155961 | 973 |
|  |  |  |  | $**7067007** | $**91560** |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

**FOREIGN CURRENCY CONTRACTS (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Sell:** |  |  |  |  |  |
| Euro | 05/02/2025 | JP Morgan Chase | 201795 | $228792 | $864 |
| Brazilian Real | 05/05/2025 | JP Morgan Chase | 1025000 | 180489 | (2913) |
| Indian Rupee | 05/05/2025 | JP Morgan Chase | 6700000 | 79186 | (2746) |
| Czech Koruna | 05/06/2025 | JP Morgan Chase | 700000 | 31783 | (1419) |
| Euro | 05/06/2025 | Barclay | 6354067 | 7205955 | (336955) |
| Euro | 05/06/2025 | JP Morgan Chase | 36976 | 41933 | 67 |
| Hungarian Forints | 05/06/2025 | Citibank | 12600000 | 35293 | (1336) |
| Indonesia Rupiah | 05/06/2025 | JP Morgan Chase | 749999999 | 45192 | 362 |
| Kazak Tenge | 05/06/2025 | Citibank | 23300000 | 45317 | 93 |
| Polish Zloty | 05/06/2025 | JP Morgan Chase | 130000 | 34396 | 275 |
| Mexican Peso | 05/08/2025 | Citi Capital Markets | 3540000 | 180366 | 786 |
| Australian Dollar | 05/28/2025 | Citi Capital Markets | 1080000 | 692009 | 844 |
| Euro | 05/30/2025 | Citi Capital Markets | 190000 | 215796 | 280 |
| Mexican Peso | 05/30/2025 | Citi Capital Markets | 10510000 | 533829 | 2492 |
| Peruvian Sole | 06/04/2025 | JP Morgan Chase | 30000 | 8174 | (173) |
| Euro | 06/06/2025 | Citi Capital Markets | 190000 | 215896 | 339 |
| Colombian Peso | 06/16/2025 | Citibank | 209999999 | 49079 | (1016) |
| Indian Rupee | 06/27/2025 | JP Morgan Chase | 6700000 | 78880 | (773) |
| Czech Koruna | 07/01/2025 | JP Morgan Chase | 400000 | 18188 | 145 |
| Hungarian Forints | 07/01/2025 | Citibank | 12600000 | 35188 | 290 |
| Brazilian Real | 07/02/2025 | JP Morgan Chase | 645000 | 112047 | (187) |
| Australian Dollar | 07/11/2025 | JP Morgan Chase | 1488700 | 954398 | (20345) |
| British Pound | 07/11/2025 | Barclay | 848100 | 1130671 | (33071) |
| Canadian Dollar | 07/11/2025 | Barclay | 879200 | 640140 | (23609) |
| Euro | 07/11/2025 | Barclay | 129000 | 146921 | 438 |
| Euro | 07/11/2025 | Citi Capital Markets | 158000 | 179950 | (4136) |
| Euro | 07/11/2025 | JP Morgan Chase | 13904500 | 15836132 | (728652) |
| Japanese Yen | 07/11/2025 | JP Morgan Chase | 126440100 | 891850 | (25822) |
|  |  |  |  | $**29847850** | $**(1175878)** |
| **Total** |  |  |  |  | $**(1084318)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | | **Settlement Date** | **Counterparty** | **Local Currency Amount Purchased** | **Local Currency Amount Sold** | **U.S. Dollar Market Value Buy** | **U.S. Dollar Market Value Sell** | **Unrealized**<br> **Appreciation/ (Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| Japanese Yen | Swiss Franc | 5/28/2025 | JP Morgan Chase | 29319305 | 170000 | 205767 | (206654) | $(887) |
| British Pound | Euro | 7/11/2025 | Barclay | 175000 | 203137 | 233307 | (231357) | 1950 |
| British Pound | Euro | 7/11/2025 | Citi Capital Markets | 20900 | 24310 | 27863 | (27687) | 176 |
| British Pound | Euro | 7/11/2025 | JP Morgan Chase | 116100 | 135334 | 154782 | (154134) | 648 |
| Euro | British Pound | 7/11/2025 | Barclay | 79813 | 69100 | 90901 | (92124) | (1223) |
| Euro | British Pound | 7/11/2025 | JP Morgan Chase | 2430567 | 2042400 | 2768225 | (2722891) | 45334 |
|  |  |  |  | **32141685** | **2644281** | $**3480845** | $**3434847** | $**45998** |
| **Total** |  |  |  |  |  |  |  | $**45998** |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SA | - Société Anonyme |

---

---

| | |
|:---|:---|
| CMTUSD6Y | USD Constant Maturity 6 Year |
| EUAMDB08 | Euribor ICE SWAP Rate |
| EUR003M | Euribor 3 Month |
| EUSA5 | Euro 5 Year Interest SWAP Rate |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| COP | Columbian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forints |
| IDR | Indonesia Rupiah |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Sole |
| PLN | Polish Zloty |
| USD | US Dollars |
| ZAR | South African Rand |

---

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

**DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued) April 30, 2025**

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

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<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 April 30, 2025 the total market value of 144A securities is $27,514,179 or 41.3% of net assets.

<sup>(d)</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>(e)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $998,201 at April 30, 2025.

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

<sup>(g)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2025.

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

<sup>(i)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $1,024,611 at April 30, 2025

<sup>(j)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(k)</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>(l)</sup> If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.

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

**DUNHAM LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **AEROSPACE & DEFENSE — 3.3%** |  |
| 9898 | L3Harris Technologies, Inc. | $2177758 |
| 28800 | RTX Corporation | 3632544 |
|  |  | 5810302 |
|  | **ASSET MANAGEMENT — 1.9%** |  |
| 3663 | Blackrock, Inc. | 3348934 |
|  | **AUTOMOTIVE — 0.9%** |  |
| 34217 | General Motors Company | 1547977 |
|  | **BANKING — 8.2%** |  |
| 87524 | Bank of America Corporation | 3490457 |
| 28271 | JPMorgan Chase & Company | 6915652 |
| 18082 | Truist Financial Corporation | 693264 |
| 49111 | Wells Fargo & Company | 3487372 |
|  |  | 14586745 |
|  | **BIOTECH & PHARMA — 6.2%** |  |
| 16571 | AbbVie, Inc. | 3233002 |
| 5826 | Amgen, Inc. | 1694900 |
| 26159 | Gilead Sciences, Inc. | 2786980 |
| 11149 | Johnson & Johnson | 1742700 |
| 18692 | Merck & Company, Inc. | 1592558 |
|  |  | 11050140 |
|  | **CHEMICALS — 2.6%** |  |
| 6888 | Air Products and Chemicals, Inc. | 1867268 |
| 20423 | Corteva, Inc. | 1266022 |
| 23593 | DuPont de Nemours, Inc. | 1556902 |
|  |  | 4690192 |
|  | **CONSTRUCTION MATERIALS — 2.1%** |  |
| 4572 | Martin Marietta Materials, Inc. | 2395637 |
| 9257 | Owens Corning | 1346060 |
|  |  | 3741697 |
|  | **CONSUMER SERVICES — 0.7%** |  |
| 15650 | Service Corp International | 1250435 |

---

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

**DUNHAM LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS — 1.6%** |  |
| 13405 | Honeywell International, Inc. | $2821752 |
|  | **ELECTRIC UTILITIES — 3.0%** |  |
| 21713 | Duke Energy Corporation | 2649420 |
| 41362 | NextEra Energy, Inc. | 2766291 |
|  |  | 5415711 |
|  | **ELECTRICAL EQUIPMENT — 3.9%** |  |
| 7040 | GE Vernova, LLC | 2610572 |
| 28184 | Johnson Controls International PLC | 2364638 |
| 7864 | Rockwell Automation, Inc. | 1947756 |
|  |  | 6922966 |
|  | **ENGINEERING & CONSTRUCTION — 1.6%** |  |
| 9757 | Quanta Services, Inc. | 2855776 |
|  | **ENTERTAINMENT CONTENT — 2.9%** |  |
| 41868 | Fox Corporation, Class A<sup>(a)</sup> | 2084608 |
| 32438 | Walt Disney Company (The) | 2950235 |
|  |  | 5034843 |
|  | **FOOD — 2.3%** |  |
| 40758 | Mondelez International, Inc., Class A | 2776842 |
| 20219 | Tyson Foods, Inc., Class A | 1238212 |
|  |  | 4015054 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.4%** |  |
| 8477 | Cencora, Inc. | 2480964 |
| 8453 | UnitedHealth Group, Inc. | 3477902 |
|  |  | 5958866 |
|  | **HOUSEHOLD PRODUCTS — 1.7%** |  |
| 18958 | Procter & Gamble Company (The) | 3082002 |
|  | **INDUSTRIAL REIT — 0.7%** |  |
| 12137 | Prologis, Inc. | 1240401 |

---

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

**DUNHAM LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **INFRASTRUCTURE REIT — 1.4%** |  |
| 10858 | American Tower Corporation, Class A | $2447503 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.6%** |  |
| 17926 | Bank of New York Mellon Corporation (The) | 1441430 |
| 3951 | Goldman Sachs Group, Inc. (The) | 2163370 |
| 16891 | Intercontinental Exchange, Inc. | 2837181 |
|  |  | 6441981 |
|  | **INSURANCE — 6.6%** |  |
| 8223 | Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 4384915 |
| 25181 | Hartford Financial Services Group, Inc. (The) | 3088953 |
| 12145 | Prudential Financial, Inc. | 1247413 |
| 11214 | Travelers Companies, Inc. (The) | 2961954 |
|  |  | 11683235 |
|  | **INTERNET MEDIA & SERVICES — 2.3%** |  |
| 12577 | Alphabet, Inc., Class A | 1997228 |
| 3948 | Meta Platforms, Inc., Class A | 2167452 |
|  |  | 4164680 |
|  | **LEISURE FACILITIES & SERVICES — 1.2%** |  |
| 10758 | Darden Restaurants, Inc. | 2158485 |
|  | **MACHINERY — 1.9%** |  |
| 5513 | Parker-Hannifin Corporation | 3335696 |
|  | **MEDICAL EQUIPMENT & DEVICES — 6.4%** |  |
| 34063 | Abbott Laboratories | 4453738 |
| 58237 | Avantor, Inc.<sup>(a),(b)</sup> | 756499 |
| 10293 | Becton Dickinson and Company | 2131577 |
| 4708 | Stryker Corporation | 1760415 |
| 5436 | Thermo Fisher Scientific, Inc. | 2332044 |
|  |  | 11434273 |
|  | **METALS & MINING — 0.9%** |  |
| 42034 | Freeport-McMoRan, Inc. | 1514485 |

---

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

**DUNHAM LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS — 5.6%** |  |
| 26387 | ConocoPhillips | $2351609 |
| 16842 | EOG Resources, Inc. | 1858178 |
| 9238 | Expand Energy Corporation | 959828 |
| 34702 | Exxon Mobil Corporation | 3665573 |
| 10916 | Phillips 66 | 1135919 |
|  |  | 9971107 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.0%** |  |
| 54305 | Schlumberger N.V. | 1805641 |
|  | **RESIDENTIAL REIT — 0.9%** |  |
| 23939 | Equity LifeStyle Properties, Inc. | 1550768 |
|  | **RETAIL - DISCRETIONARY — 2.8%** |  |
| 11838 | Lowe's Companies, Inc. | 2646503 |
| 18385 | TJX Companies, Inc. (The) | 2365782 |
|  |  | 5012285 |
|  | **SELF-STORAGE REIT — 1.1%** |  |
| 6661 | Public Storage | 2001164 |
|  | **SEMICONDUCTORS — 2.3%** |  |
| 10380 | Broadcom, Inc. | 1997839 |
| 20452 | Micron Technology, Inc. | 1573781 |
| 13830 | ON Semiconductor Corporation<sup>(b)</sup> | 549051 |
|  |  | 4120671 |
|  | **SOFTWARE — 2.2%** |  |
| 5065 | Microsoft Corporation | 2001991 |
| 14048 | Oracle Corporation | 1976835 |
|  |  | 3978826 |
|  | **SPECIALTY FINANCE — 1.1%** |  |
| 7207 | American Express Company | 1920017 |
|  | **TECHNOLOGY HARDWARE — 3.2%** |  |
| 51497 | Cisco Systems, Inc. | 2972922 |

---

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

**DUNHAM LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE — 3.2% (Continued)** |  |
| 6021 | Motorola Solutions, Inc. | $2651588 |
|  |  | 5624510 |
|  | **TECHNOLOGY SERVICES — 2.2%** |  |
| 25703 | PayPal Holdings, Inc.<sup>(b)</sup> | 1692286 |
| 4364 | S&P Global, Inc. | 2182218 |
|  |  | 3874504 |
|  | **TELECOMMUNICATIONS — 1.2%** |  |
| 47650 | Verizon Communications, Inc. | 2099459 |
|  | **TRANSPORTATION & LOGISTICS — 2.5%** |  |
| 70273 | CSX Corporation | 1972563 |
| 44865 | Delta Air Lines, Inc. | 1867730 |
| 16352 | Knight-Swift Transportation Holdings, Inc. | 640508 |
|  |  | 4480801 |
|  | **TOTAL COMMON STOCKS (Cost $120,142,705)** | 172993884 |
|  | **SHORT-TERM INVESTMENTS — 4.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 1.6%** |  |
| 2761892 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.42% (Cost $2,761,892)<sup>(c)(d)</sup> | 2761892 |
|  | **MONEY MARKET FUNDS — 2.4%** |  |
| 4402202 | Invesco Treasury Portfolio, Institutional Class, 4.21% (Cost $4,402,202)<sup>(c)</sup> | 4402202 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,164,094)** | 7164094 |
|  | **TOTAL INVESTMENTS - 101.4% (Cost $127,306,799)** | $180157978 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%** | (2537842) |
|  | **NET ASSETS - 100.0%** | $177620136 |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company <br> 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 (Unaudited) (Continued)**

**April 30, 2025**

<sup>(a)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $2,723,248 at April 30, 2025.

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

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $2,761,892 at April 30, 2025.

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6%** |  |
|  | **AEROSPACE & DEFENSE — 1.4%** |  |
| 52182 | AerSale Corporation<sup>(a)</sup> | $363709 |
| 12748 | Ituran Location and Control Ltd. | 458163 |
| 15814 | Leonardo DRS, Inc. | 584485 |
|  |  | 1406357 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.3%** |  |
| 170382 | Brilliant Earth Group, Inc.<sup>(a)</sup> | 264092 |
| 16971 | Gildan Activewear, Inc. | 782703 |
| 42302 | Under Armour, Inc., Class C<sup>(a)</sup> | 230123 |
|  |  | 1276918 |
|  | **AUTOMOTIVE — 0.7%** |  |
| 10620 | Gentherm, Inc.<sup>(a)</sup> | 276226 |
| 167868 | Holley, Inc.<sup>(a)</sup> | 360916 |
| 9091 | Motorcar Parts of America, Inc.<sup>(a)</sup> | 81001 |
|  |  | 718143 |
|  | **BANKING — 12.9%** |  |
| 27911 | Capital Bancorp, Inc. | 881708 |
| 24337 | Capital City Bank Group, Inc. | 889274 |
| 14340 | Central Pacific Financial Corporation | 368395 |
| 18401 | Dime Community Bancshares, Inc. | 472722 |
| 18305 | Enterprise Financial Services Corporation | 952226 |
| 5979 | Esquire Financial Holdings, Inc.<sup>(b)</sup> | 495779 |
| 24671 | First BanCorporation | 484538 |
| 41896 | First Commonwealth Financial Corporation | 641847 |
| 40311 | Horizon Bancorp, Inc. | 591765 |
| 16692 | Independent Bank Corporation | 508438 |
| 18118 | National Bank Holdings Corporation, Class A | 655147 |
| 12528 | Northeast Bank | 1037570 |
| 34444 | Northpointe Bancshares, Inc. | 473605 |
| 28940 | OceanFirst Financial Corporation | 479246 |
| 13275 | OFG Bancorp | 522371 |
| 5715 | Popular, Inc. | 545325 |
| 11877 | Prosperity Bancshares, Inc. | 806448 |
| 20735 | Webster Financial Corporation | 980767 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **BANKING — 12.9% (Continued)** |  |
| 32768 | WesBanco, Inc. | $975831 |
|  |  | 12763002 |
|  | **BIOTECH & PHARMA — 0.5%** |  |
| 29005 | Innoviva, Inc.<sup>(a)</sup> | 542103 |
|  | **CHEMICALS — 2.3%** |  |
| 9517 | Ashland, Inc. | 517631 |
| 33129 | Huntsman Corporation | 440947 |
| 18166 | Koppers Holdings, Inc. | 455240 |
| 58040 | Kronos Worldwide, Inc. | 447488 |
| 4381 | Mosaic Company (The) | 133182 |
| 67217 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 286344 |
|  |  | 2280832 |
|  | **COMMERCIAL SUPPORT SERVICES — 2.8%** |  |
| 14982 | ABM Industries, Inc. | 730222 |
| 59544 | ADT, Inc. | 477543 |
| 11050 | AMN Healthcare Services, Inc.<sup>(a),(b)</sup> | 225752 |
| 52995 | BrightView Holdings, Inc.<sup>(a)</sup> | 727091 |
| 10033 | First Advantage Corporation<sup>(a),(b)</sup> | 141465 |
| 44890 | TrueBlue, Inc.<sup>(a)</sup> | 194823 |
| 5660 | V2X, Inc.<sup>(a)</sup> | 281642 |
|  |  | 2778538 |
|  | **CONSUMER SERVICES — 0.9%** |  |
| 53726 | Legacy Education, Inc.<sup>(a)</sup> | 357278 |
| 23627 | Matthews International Corporation, Class A<sup>(b)</sup> | 483172 |
|  |  | 840450 |
|  | **E-COMMERCE DISCRETIONARY — 0.1%** |  |
| 4010 | Wayfair, Inc., Class A<sup>(a),(b)</sup> | 120942 |
|  | **ELECTRIC UTILITIES — 3.1%** |  |
| 9617 | Black Hills Corporation | 585675 |
| 11788 | Northwestern Energy Group, Inc. | 686415 |
| 21656 | Portland General Electric Company | 912150 |
| 983 | Talen Energy Corporation<sup>(a),(b)</sup> | 211424 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **ELECTRIC UTILITIES — 3.1% (Continued)** |  |
| 10933 | Unitil Corporation | $641330 |
|  |  | 3036994 |
|  | **ELECTRICAL EQUIPMENT — 1.2%** |  |
| 11981 | Allient, Inc. | 255794 |
| 5107 | Mesa Laboratories, Inc.<sup>(b)</sup> | 588582 |
| 97789 | Stoneridge, Inc.<sup>(a)</sup> | 377466 |
|  |  | 1221842 |
|  | **ENGINEERING & CONSTRUCTION — 4.6%** |  |
| 5130 | Arcosa, Inc. | 410759 |
| 25114 | Bowman Consulting Group Ltd.<sup>(a)</sup> | 555522 |
| 10539 | Fluor Corporation<sup>(a)</sup> | 367706 |
| 10767 | KBR, Inc. | 568605 |
| 2984 | MasTec, Inc.<sup>(a)</sup> | 379923 |
| 3913 | MYR Group, Inc.<sup>(a)</sup> | 478638 |
| 9805 | NV5 Global, Inc.<sup>(a),(b)</sup> | 181883 |
| 122692 | Orion Group Holdings, Inc.<sup>(a)</sup> | 784002 |
| 36784 | Tutor Perini Corporation<sup>(a)</sup> | 789384 |
|  |  | 4516422 |
|  | **ENTERTAINMENT CONTENT — 0.8%** |  |
| 105000 | Reservoir Media, Inc.<sup>(a)</sup> | 787500 |
|  | **FOOD — 0.6%** |  |
| 27557 | Nomad Foods Ltd. | 550864 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.3%** |  |
| 2818 | UFP Industries, Inc. | 278559 |
|  | **GAS & WATER UTILITIES — 1.7%** |  |
| 30261 | BKV Corporation<sup>(a)</sup> | 548632 |
| 18217 | RGC Resources, Inc. | 382010 |
| 10365 | Spire, Inc. | 793338 |
|  |  | 1723980 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.5%** |  |
| 24817 | Joint Corporation (The)<sup>(a)</sup> | 248418 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.5% (Continued)** |  |
| 241509 | Quipt Home Medical Corporation<sup>(a),(b)</sup> | $519244 |
| 2323 | Tenet Healthcare Corporation<sup>(a)</sup> | 332073 |
| 48286 | Viemed Healthcare, Inc.<sup>(a)</sup> | 341382 |
|  |  | 1441117 |
|  | **HOME & OFFICE PRODUCTS — 0.3%** |  |
| 4190 | Whirlpool Corporation<sup>(b)</sup> | 319613 |
|  | **HOME CONSTRUCTION — 0.8%** |  |
| 4508 | Century Communities, Inc. | 245866 |
| 87177 | Landsea Homes Corporation<sup>(a)</sup> | 531780 |
|  |  | 777646 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.6%** |  |
| 49894 | Hillman Solutions Corporation<sup>(a)</sup> | 348759 |
| 3937 | Timken Company (The)<sup>(b)</sup> | 252952 |
|  |  | 601711 |
|  | **INDUSTRIAL REIT — 0.5%** |  |
| 31670 | Plymouth Industrial REIT, Inc. | 470933 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.9%** |  |
| 145456 | Custom Truck One Source, Inc.<sup>(a)</sup> | 586187 |
| 20147 | Titan Machinery, Inc.<sup>(a)</sup> | 334239 |
|  |  | 920426 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.6%** |  |
| 123723 | BGC Group, Inc., Class A | 1120930 |
| 24294 | Perella Weinberg Partners | 417128 |
|  |  | 1538058 |
|  | **INSURANCE — 4.2%** |  |
| 5641 | Axis Capital Holdings LTD. | 543341 |
| 9846 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 395711 |
| 14613 | CNO Financial Group, Inc. | 554417 |
| 5916 | Hanover Insurance Group, Inc. (The) | 982648 |
| 19530 | Kemper Corporation | 1154613 |
| 463 | Primerica, Inc. | 121338 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **INSURANCE — 4.2% (Continued)** |  |
| 15860 | Tiptree, Inc. | $353837 |
|  |  | 4105905 |
|  | **INTERNET MEDIA & SERVICES — 2.5%** |  |
| 191388 | Blade Air Mobility, Inc., Class A<sup>(a)</sup> | 507178 |
| 22876 | Cargurus, Inc.<sup>(a)</sup> | 639613 |
| 42231 | Cars.com, Inc.<sup>(a)</sup> | 491569 |
| 173659 | TrueCar, Inc.<sup>(a)</sup> | 258752 |
| 172154 | Vivid Seats, Inc., Class A<sup>(a)</sup> | 483753 |
|  |  | 2380865 |
|  | **LEISURE FACILITIES & SERVICES — 1.0%** |  |
| 19063 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 365819 |
| 110337 | Denny's Corporation<sup>(a)</sup> | 407144 |
| 2741 | Wyndham Hotels & Resorts, Inc.<sup>(b)</sup> | 233807 |
|  |  | 1006770 |
|  | **LEISURE PRODUCTS — 0.4%** |  |
| 134975 | Clarus Corporation | 444068 |
|  | **MACHINERY — 2.4%** |  |
| 28821 | CECO Environmental Corporation<sup>(a),(b)</sup> | 685652 |
| 32733 | Enovis Corporation<sup>(a),(b)</sup> | 1132234 |
| 31594 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 248961 |
| 76376 | Ranpak Holdings Corporation<sup>(a)</sup> | 313905 |
|  |  | 2380752 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.4%** |  |
| 23507 | CareDx, Inc.<sup>(a)</sup> | 396798 |
| 43587 | Orthofix Medical, Inc.<sup>(a)</sup> | 606295 |
| 7853 | Teleflex, Inc.<sup>(b)</sup> | 1076255 |
| 33829 | Zimvie, Inc.<sup>(a)</sup> | 306491 |
|  |  | 2385839 |
|  | **METALS & MINING — 4.7%** |  |
| 14865 | Alcoa Corporation | 364638 |
| 127984 | Capstone Copper Corporation<sup>(a)</sup> | 616508 |
| 25651 | Century Aluminum Company<sup>(a)</sup> | 420933 |
| 55479 | Constellium S.E.<sup>(a)</sup> | 560893 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **METALS & MINING — 4.7% (Continued)** |  |
| 44440 | ERO Copper Corporation<sup>(a),(b)</sup> | $554167 |
| 130017 | Ferroglobe PLC | 453759 |
| 27507 | Hallador Energy Company<sup>(a)</sup> | 386886 |
| 106372 | Lithium Argentina A.G.<sup>(a)</sup> | 218063 |
| 264192 | Taseko Mines Ltd.<sup>(a)</sup> | 602357 |
| 10992 | Warrior Met Coal, Inc. | 525638 |
|  |  | 4703842 |
|  | **MULTI ASSET CLASS REIT — 0.4%** |  |
| 22559 | Broadstone Net Lease, Inc. | 365005 |
|  | **OIL & GAS PRODUCERS — 1.0%** |  |
| 35228 | Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 540750 |
| 15575 | SM Energy Company<sup>(b)</sup> | 354954 |
| 2881 | Viper Energy, Inc. | 116191 |
|  |  | 1011895 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 4.4%** |  |
| 26403 | Expro Group Holdings N.V.<sup>(a)</sup> | 218353 |
| 26393 | Liberty Energy, Inc., Class A | 303520 |
| 58983 | Matrix Service Company<sup>(a)</sup> | 684202 |
| 40207 | National Energy Services Reunited Corporation<sup>(a)</sup> | 250490 |
| 20253 | Natural Gas Services Group, Inc.<sup>(a)</sup> | 363946 |
| 77101 | NPK International, Inc.<sup>(a)</sup> | 445644 |
| 40321 | Patterson-UTI Energy, Inc. | 227410 |
| 16192 | Ranger Energy Services, Inc. | 179569 |
| 31365 | Select Water Solutions, Inc., Class A | 267230 |
| 15552 | Solaris Oilfield Infrastructure, Inc. | 328769 |
| 219045 | TETRA Technologies, Inc.<sup>(a)</sup> | 624278 |
| 9612 | Thermon Group Holdings, Inc.<sup>(a)</sup> | 252123 |
| 3599 | Tidewater, Inc.<sup>(a),(b)</sup> | 130248 |
|  |  | 4275782 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4%** |  |
| 15350 | Legacy Housing Corporation<sup>(a)</sup> | 373389 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **REAL ESTATE SERVICES — 0.6%** |  |
| 14121 | Cushman & Wakefield PLC<sup>(a)</sup> | $132314 |
| 40979 | Newmark Group, Inc., Class A | 450359 |
|  |  | 582673 |
|  | **RESIDENTIAL REIT — 1.2%** |  |
| 5789 | Centerspace | 349424 |
| 44236 | UMH Properties, Inc.<sup>(b)</sup> | 781650 |
|  |  | 1131074 |
|  | **RETAIL - DISCRETIONARY — 2.1%** |  |
| 7106 | Advance Auto Parts, Inc.<sup>(b)</sup> | 232508 |
| 16531 | Bath & Body Works, Inc.<sup>(b)</sup> | 504361 |
| 37602 | Driven Brands Holdings, Inc.<sup>(a)</sup> | 621185 |
| 55081 | National Vision Holdings, Inc.<sup>(a)</sup> | 680250 |
|  |  | 2038304 |
|  | **RETAIL REIT — 3.8%** |  |
| 35452 | Alpine Income Property Trust, Inc. | 547733 |
| 41400 | Brixmor Property Group, Inc. | 1031274 |
| 35501 | CTO Realty Growth, Inc. | 648594 |
| 33448 | Getty Realty Corporation<sup>(b)</sup> | 936210 |
| 42103 | NETSTREIT Corporation<sup>(b)</sup> | 685016 |
|  |  | 3848827 |
|  | **SEMICONDUCTORS — 2.9%** |  |
| 26720 | Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 503138 |
| 6449 | Coherent Corporation<sup>(a)</sup> | 414800 |
| 6742 | Diodes, Inc.<sup>(a)</sup> | 258893 |
| 20238 | Silicon Motion Technology Corporation - ADR | 1001781 |
| 20406 | Tower Semiconductor Ltd.<sup>(a)</sup> | 730126 |
|  |  | 2908738 |
|  | **SOFTWARE — 3.6%** |  |
| 45647 | BlackBerry Ltd.<sup>(a)</sup> | 155200 |
| 12897 | Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 256134 |
| 238567 | Kaltura, Inc.<sup>(a)</sup> | 512919 |
| 20058 | Phreesia, Inc.<sup>(a)</sup> | 500648 |
| 19974 | Teradata Corporation<sup>(a)</sup> | 429441 |
| 30819 | Verint Systems, Inc.<sup>(a)</sup> | 543647 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **SOFTWARE — 3.6% (Continued)** |  |
| 169773 | Vimeo, Inc.<sup>(a),(b)</sup> | $855655 |
| 47829 | VTEX<sup>(a)</sup> | 257798 |
|  |  | 3511442 |
|  | **SPECIALTY FINANCE — 2.6%** |  |
| 17163 | Air Lease Corporation | 802542 |
| 35944 | EZCORP, Inc., Class A<sup>(a),(b)</sup> | 588403 |
| 2328 | Federal Agricultural Mortgage Corporation, Class C | 408168 |
| 1948 | FirstCash Holdings, Inc. | 260954 |
| 9092 | SLM Corporation<sup>(b)</sup> | 262850 |
| 4110 | Stewart Information Services Corporation | 269123 |
|  |  | 2592040 |
|  | **STEEL — 2.3%** |  |
| 74368 | Algoma Steel Group, Inc. | 380392 |
| 8291 | Commercial Metals Company<sup>(b)</sup> | 369281 |
| 44185 | Metallus, Inc.<sup>(a)</sup> | 558940 |
| 15090 | Northwest Pipe Company<sup>(a)</sup> | 639213 |
| 27022 | thyssenkrupp A.G. | 306985 |
|  |  | 2254811 |
|  | **TECHNOLOGY HARDWARE — 1.4%** |  |
| 12587 | Crane NXT Company<sup>(b)</sup> | 590583 |
| 53427 | NCR Voyix Corporation<sup>(a)</sup> | 457869 |
| 23822 | RADCOM Ltd.<sup>(a)</sup> | 287055 |
|  |  | 1335507 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |
| 3841 | MAXIMUS, Inc. | 257193 |
| 35701 | Priority Technology Holdings, Inc.<sup>(a)</sup> | 259190 |
|  |  | 516383 |
|  | **TELECOMMUNICATIONS — 0.8%** |  |
| 209341 | 8x8, Inc.<sup>(a)</sup> | 370534 |
| 38182 | Ooma, Inc.<sup>(a)</sup> | 466965 |
|  |  | 837499 |
|  | **TRANSPORTATION & LOGISTICS — 7.5%** |  |
| 77699 | Ardmore Shipping Corporation | 741248 |
| 32793 | Covenant Logistics Group, Inc.<sup>(b)</sup> | 652581 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS — 7.5% (Continued)** |  |
| 52790 | DHT Holdings, Inc. | $564325 |
| 19693 | GXO Logistics, Inc.<sup>(a),(b)</sup> | 713674 |
| 16628 | Knight-Swift Transportation Holdings, Inc. | 651319 |
| 128656 | Proficient Auto Logistics, Inc.<sup>(a),(b)</sup> | 1069132 |
| 82941 | Radiant Logistics, Inc.<sup>(a)</sup> | 485205 |
| 19207 | Scorpio Tankers, Inc. | 723912 |
| 36417 | Star Bulk Carriers Corporation<sup>(b)</sup> | 536787 |
| 56331 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 552044 |
| 16232 | Teekay Tankers Ltd., Class A | 690996 |
|  |  | 7381223 |
|  | **TRANSPORTATION EQUIPMENT — 0.2%** |  |
| 32012 | Wabash National Corporation | 221203 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.7%** |  |
| 44272 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 743327 |
|  | **WHOLESALE - DISCRETIONARY — 0.2%** |  |
| 30028 | Hudson Technologies, Inc.<sup>(a)</sup> | 200887 |
|  | **TOTAL COMMON STOCKS (Cost $99,538,575)** | 94451000 |
|  | **SHORT-TERM INVESTMENTS — 16.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 12.4%** |  |
| 12257583 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.42% (Cost $12,257,583)<sup>(c)(d)</sup> | 12257583 |
|  | **MONEY MARKET FUNDS — 4.2%** |  |
| 4150102 | Fidelity Government Portfolio, Class I, 4.20% (Cost $4,150,102)<sup>(c)</sup> | 4150102 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $16,407,685)** | 16407685 |

---

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

**DUNHAM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 112.2% (Cost $115,946,260)** | $110858685 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.2)%** | (12067943) |
| **NET ASSETS - 100.0%** | $98790742 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $11,789,907 at April 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $12,257,583 at April 30, 2025.

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

**DUNHAM FOCUSED LARGE CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **ADVERTISING & MARKETING — 1.1%** |  |
| 40401 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $2166706 |
|  | **ASSET MANAGEMENT — 2.3%** |  |
| 34474 | Blackstone, Inc. | 4540571 |
|  | **BIOTECH & PHARMA — 1.5%** |  |
| 3366 | Eli Lilly & Company | 3025866 |
|  | **E-COMMERCE DISCRETIONARY — 10.6%** |  |
| 78898 | Amazon.com, Inc.<sup>(a)</sup> | 14550369 |
| 2954 | MercadoLibre, Inc.<sup>(a)</sup> | 6885331 |
|  |  | 21435700 |
|  | **HOUSEHOLD PRODUCTS — 0.6%** |  |
| 18859 | elf Beauty, Inc.<sup>(a),(b)</sup> | 1166806 |
|  | **INTERNET MEDIA & SERVICES — 13.2%** |  |
| 19183 | Meta Platforms, Inc., Class A | 10531467 |
| 9284 | Netflix, Inc.<sup>(a)</sup> | 10506888 |
| 68250 | Uber Technologies, Inc.<sup>(a)</sup> | 5528933 |
|  |  | 26567288 |
|  | **LEISURE FACILITIES & SERVICES — 3.0%** |  |
| 117389 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 5930492 |
|  | **LEISURE PRODUCTS — 1.5%** |  |
| 4832 | Axon Enterprise, Inc.<sup>(a)</sup> | 2963466 |
|  | **MEDICAL EQUIPMENT & DEVICES — 7.4%** |  |
| 43722 | DexCom, Inc.<sup>(a)</sup> | 3120876 |
| 11934 | Insulet Corporation<sup>(a),(b)</sup> | 3010829 |
| 16964 | Intuitive Surgical, Inc.<sup>(a)</sup> | 8750031 |
|  |  | 14881736 |
|  | **SEMICONDUCTORS — 11.4%** |  |
| 30028 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 2923226 |
| 5009 | ASML Holding N.V. - ADR | 3346413 |

---

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

**DUNHAM FOCUSED LARGE CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **SEMICONDUCTORS — 11.4% (Continued)** |  |
| 42072 | Marvell Technology, Inc. | $2455743 |
| 129593 | NVIDIA Corporation | 14115269 |
|  |  | 22840651 |
|  | **SOFTWARE — 29.9%** |  |
| 11557 | Cadence Design Systems, Inc.<sup>(a)</sup> | 3440981 |
| 11950 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 5124997 |
| 5216 | Intuit, Inc. | 3272884 |
| 28615 | Microsoft Corporation | 11310364 |
| 21700 | Palantir Technologies, Inc.<sup>(a)</sup> | 2570148 |
| 22878 | Palo Alto Networks, Inc.<sup>(a)</sup> | 4276585 |
| 22375 | Salesforce, Inc. | 6012386 |
| 16470 | ServiceNow, Inc.<sup>(a)</sup> | 15729014 |
| 39596 | Shopify, Inc., Class A<sup>(a)</sup> | 3761620 |
| 18038 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 4215300 |
|  |  | 59714279 |
|  | **TECHNOLOGY HARDWARE — 5.1%** |  |
| 36587 | Apple, Inc. | 7774738 |
| 29138 | Arista Networks, Inc.<sup>(a)</sup> | 2397183 |
|  |  | 10171921 |
|  | **TECHNOLOGY SERVICES — 10.9%** |  |
| 24255 | Mastercard, Inc., Class A | 13293194 |
| 24465 | Visa, Inc., Class A | 8452658 |
|  |  | 21745853 |
|  | **TOTAL COMMON STOCKS (Cost $99,928,867)** | 197151335 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 3106836 STIT - Treasury Obligations Portfolio, , 4.14%<sup>(c)</sup> | 3106836 |

---

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

**DUNHAM FOCUSED LARGE CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.1% (Continued)** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 1.56%** |  |
| 3137940 | Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)(d)</sup> | 3137940 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,244,776)** | 6244776 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $106,173,643)** | $203396111 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** | (3139556) |
|  | **NET ASSETS - 100.0%** | $200256555 |

---

ADR - American Depositary Receipt <br> ETF - Exchange-Traded Fund <br> LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $3,073,502 at April 30, 2025.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $3,137,940 at April 30, 2025.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

**DUNHAM SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **AEROSPACE & DEFENSE — 0.9%** |  |
| 14189 | Hexcel Corporation | $687741 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.4%** |  |
| 87973 | Canada Goose Holdings, Inc.<sup>(a),(b)</sup> | 735454 |
| 24470 | Levi Strauss & Company, Class A<sup>(b)</sup> | 391765 |
|  |  | 1127219 |
|  | **BANKING — 3.6%** |  |
| 24301 | Glacier Bancorp, Inc.<sup>(b)</sup> | 990509 |
| 10046 | Pinnacle Financial Partners, Inc. | 1007011 |
| 36086 | Seacoast Banking Corporation of Florida | 855599 |
|  |  | 2853119 |
|  | **BIOTECH & PHARMA — 6.5%** |  |
| 48931 | Anavex Life Sciences Corporation<sup>(a),(b)</sup> | 464845 |
| 7161 | Arcellx, Inc.<sup>(a)</sup> | 465107 |
| 39465 | Capricor Therapeutics, Inc.<sup>(a),(b)</sup> | 501206 |
| 10656 | Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 355804 |
| 36103 | Denali Therapeutics, Inc.<sup>(a)</sup> | 601114 |
| 9497 | GRAIL, Inc.<sup>(a)</sup> | 327599 |
| 17877 | Guardant Health, Inc.<sup>(a)</sup> | 844330 |
| 86147 | Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 444519 |
| 45952 | Roivant Sciences Ltd.<sup>(a),(b)</sup> | 533962 |
| 22961 | Structure Therapeutics, Inc. - ADR<sup>(a),(b)</sup> | 619947 |
|  |  | 5158433 |
|  | **CHEMICALS — 0.6%** |  |
| 199939 | Codexis, Inc.<sup>(a)</sup> | 459859 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.0%** |  |
| 17678 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 361162 |
| 2647 | FTI Consulting, Inc.<sup>(a)</sup> | 440143 |
|  |  | 801305 |
|  | **CONSUMER SERVICES — 3.0%** |  |
| 10953 | Adtalem Global Education, Inc.<sup>(a)</sup> | 1163209 |
| 43222 | Universal Technical Institute, Inc.<sup>(a)</sup> | 1212809 |
|  |  | 2376018 |

---

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

**DUNHAM SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT — 6.6%** |  |
| 42591 | Bloom Energy Corporation, Class A<sup>(a),(b)</sup> | $780267 |
| 9625 | BWX Technologies, Inc. | 1050280 |
| 101073 | Mirion Technologies, Inc.<sup>(a)</sup> | 1594932 |
| 20552 | NEXTracker, Inc., Class A<sup>(a),(b)</sup> | 834617 |
| 5065 | Powell Industries, Inc.<sup>(b)</sup> | 927452 |
|  |  | 5187548 |
|  | **ENGINEERING & CONSTRUCTION — 4.2%** |  |
| 2283 | Comfort Systems USA, Inc. | 907607 |
| 8405 | Exponent, Inc. | 661305 |
| 5170 | Installed Building Products, Inc.<sup>(b)</sup> | 857341 |
| 6163 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 920937 |
|  |  | 3347190 |
|  | **ENTERTAINMENT CONTENT — 0.8%** |  |
| 25163 | IMAX Corporation<sup>(a),(b)</sup> | 612216 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.5%** |  |
| 6547 | Trex Company, Inc.<sup>(a)</sup> | 378548 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.0%** |  |
| 7006 | Addus HomeCare Corporation<sup>(a),(b)</sup> | 732477 |
| 51242 | Ardent Health Partners, Inc.<sup>(a)</sup> | 652311 |
| 18390 | RadNet, Inc.<sup>(a)</sup> | 963269 |
| 60973 | SI-BONE, Inc.<sup>(a)</sup> | 832281 |
|  |  | 3180338 |
|  | **HOME CONSTRUCTION — 1.1%** |  |
| 10130 | Champion Homes, Inc.<sup>(a)</sup> | 876245 |
|  | **HOUSEHOLD PRODUCTS — 2.3%** |  |
| 13939 | elf Beauty, Inc.<sup>(a)</sup> | 862406 |
| 8286 | Interparfums, Inc.<sup>(b)</sup> | 904832 |
|  |  | 1767238 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS — 0.9%** |  |
| 5288 | Chart Industries, Inc.<sup>(a)</sup> | 713774 |

---

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

**DUNHAM SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES — 3.1%** |  |
| 3800 | Applied Industrial Technologies, Inc. | $924464 |
| 5488 | Herc Holdings, Inc.<sup>(b)</sup> | 600607 |
| 37973 | WillScot Holdings Corporation<sup>(b)</sup> | 953881 |
|  |  | 2478952 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.3%** |  |
| 3952 | Evercore, Inc., Class A | 811306 |
| 6900 | Houlihan Lokey, Inc. | 1118352 |
| 17936 | Moelis & Company, Class A | 961011 |
| 9183 | Tradeweb Markets, Inc., Class A | 1270009 |
|  |  | 4160678 |
|  | **INTERNET MEDIA & SERVICES — 3.3%** |  |
| 42712 | Fiverr International Ltd.<sup>(a),(b)</sup> | 1087020 |
| 17175 | Maplebear, Inc.<sup>(a)</sup> | 685111 |
| 33938 | Pinterest, Inc., Class A<sup>(a)</sup> | 859310 |
|  |  | 2631441 |
|  | **LEISURE FACILITIES & SERVICES — 4.4%** |  |
| 11322 | Dutch Bros, Inc.<sup>(a)</sup> | 676376 |
| 52483 | OneSpaWorld Holdings Ltd. | 876466 |
| 59573 | Portillo's, Inc.<sup>(a),(b)</sup> | 615985 |
| 17908 | Sweetgreen, Inc.<sup>(a)</sup> | 348848 |
| 5564 | Texas Roadhouse, Inc. | 923402 |
|  |  | 3441077 |
|  | **LEISURE PRODUCTS — 0.6%** |  |
| 734 | Axon Enterprise, Inc.<sup>(a)</sup> | 450162 |
|  | **MACHINERY — 3.0%** |  |
| 17856 | Flowserve Corporation | 807627 |
| 6201 | Lindsay Corporation | 800301 |
| 4907 | MSA Safety, Inc. | 772460 |
|  |  | 2380388 |
|  | **MEDICAL EQUIPMENT & DEVICES — 6.0%** |  |
| 124202 | Adaptive Biotechnologies Corporation<sup>(a),(b)</sup> | 914126 |
| 68699 | AngioDynamics, Inc.<sup>(a)</sup> | 638214 |
| 7841 | Lantheus Holdings, Inc.<sup>(a),(b)</sup> | 818130 |

---

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

**DUNHAM SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 6.0% (Continued)** |  |
| 1668 | Penumbra, Inc.<sup>(a)</sup> | $488457 |
| 6549 | Repligen Corporation<sup>(a)</sup> | 903697 |
| 43446 | Stevanato Group SpA<sup>(b)</sup> | 906283 |
|  |  | 4668907 |
|  | **OIL & GAS PRODUCERS — 1.3%** |  |
| 4261 | Cheniere Energy, Inc. | 984760 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.4%** |  |
| 10301 | Kodiak Gas Services, Inc. | 350337 |
|  | **RETAIL - CONSUMER STAPLES — 1.6%** |  |
| 10374 | Hims & Hers Health, Inc.<sup>(a)</sup> | 343379 |
| 8955 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 950215 |
|  |  | 1293594 |
|  | **RETAIL - DISCRETIONARY — 1.0%** |  |
| 7871 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 821260 |
|  | **SEMICONDUCTORS — 4.8%** |  |
| 47078 | Aehr Test Systems<sup>(a),(b)</sup> | 401575 |
| 30798 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 587318 |
| 17611 | Lattice Semiconductor Corporation<sup>(a)</sup> | 861706 |
| 612 | Monolithic Power Systems, Inc. | 362977 |
| 7729 | Onto Innovation, Inc.<sup>(a)</sup> | 942707 |
| 5051 | SiTime Corporation<sup>(a)</sup> | 741790 |
|  |  | 3898073 |
|  | **SOFTWARE — 19.3%** |  |
| 54076 | ACV Auctions, Inc.<sup>(a)</sup> | 794376 |
| 17736 | BILL Holdings, Inc.<sup>(a),(b)</sup> | 808230 |
| 18796 | Blackline, Inc.<sup>(a),(b)</sup> | 887735 |
| 34687 | Clearwater Analytics Holdings, Inc., Class A<sup>(a),(b)</sup> | 788782 |
| 33530 | Confluent, Inc., Class A<sup>(a)</sup> | 798349 |
| 14256 | Coreweave, Inc.<sup>(a),(b)</sup> | 588773 |
| 1645 | CyberArk Software Ltd.<sup>(a)</sup> | 579303 |
| 17358 | Dynatrace, Inc.<sup>(a)</sup> | 815305 |

---

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

**DUNHAM SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **SOFTWARE — 19.3% (Continued)** |  |
| 10070 | Five9, Inc.<sup>(a)</sup> | $253160 |
| 57469 | Freshworks, Inc., Class A<sup>(a),(b)</sup> | 848817 |
| 14201 | Gitlab, Inc., Class A<sup>(a)</sup> | 662761 |
| 37706 | JFrog Ltd.<sup>(a)</sup> | 1273332 |
| 4796 | MongoDB, Inc.<sup>(a)</sup> | 825727 |
| 10405 | Omnicell, Inc.<sup>(a)</sup> | 325260 |
| 39511 | Privia Health Group, Inc.<sup>(a)</sup> | 927718 |
| 11978 | Procore Technologies, Inc.<sup>(a),(b)</sup> | 767670 |
| 11532 | Q2 Holdings, Inc.<sup>(a)</sup> | 913911 |
| 6274 | Rubrik, Inc., Class A<sup>(a)</sup> | 442505 |
| 22100 | Varonis Systems, Inc.<sup>(a)</sup> | 946764 |
| 27189 | Vertex, Inc., Class A<sup>(a)</sup> | 1088376 |
|  |  | 15336854 |
|  | **TECHNOLOGY HARDWARE — 1.2%** |  |
| 4542 | Fabrinet<sup>(a)</sup> | 931383 |
|  | **TECHNOLOGY SERVICES — 4.0%** |  |
| 10710 | ExlService Holdings, Inc.<sup>(a)</sup> | 519221 |
| 4534 | Globant SA<sup>(a),(b)</sup> | 533062 |
| 915 | MSCI, Inc. | 498776 |
| 8598 | Shift4 Payments, Inc., Class A<sup>(a),(b)</sup> | 703316 |
| 14510 | WNS Holdings LTD.<sup>(a)</sup> | 878146 |
|  |  | 3132521 |
|  | **TOTAL COMMON STOCKS (Cost $71,009,856)** | 76487178 |
|  | **SHORT-TERM INVESTMENTS — 28.5%** |  |
|  | **MONEY MARKET FUNDS — 3.8%** |  |
| 2993621 | Fidelity Investments Money Market Government Portfolio, Class I, 4.22%<sup>(c)</sup> | 2993621 |
|  | **COLLATERAL FOR SECURITIRES LOANED — 24.7%** |  |
| 19566902 | Mount Vernon Liquid Assets Portfolio, 4.42%<sup>(c),(d)</sup> | 19566902 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $22,560,523)** | 22560523 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $22,560,523)** | 22560523 |

---

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

**DUNHAM SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 125.2% (Cost $93,570,379)** | $99047701 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (25.2)%** | (19904786) |
|  | **NET ASSETS - 100.0%** | $79142915 |

---

ADR - American Depositary Receipt <br> LTD - Limited Company <br> MSCI - Morgan Stanley Capital International

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

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $18,848,682 at April 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 0.7%** |  |
|  | **MIXED ALLOCATION — 0.7%** |  |
| 136545 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> | $948722 |
|  | **TOTAL CLOSED END FUNDS (Cost $861,698)** | 948722 |
|  | **COMMON STOCKS — 95.9%** |  |
|  | **AEROSPACE & DEFENSE — 1.9%** |  |
| 342795 | Bharat Electronics Ltd. | 1273398 |
| 2156 | Hanwha Aerospace Company Ltd. | 1210182 |
|  |  | 2483580 |
|  | **ASSET MANAGEMENT — 0.9%** |  |
| 108773 | 360 ONE WAM Ltd. | 1265369 |
|  | **AUTOMOTIVE — 3.3%** |  |
| 28700 | BYD Company Ltd. | 1395117 |
| 21000 | BYD Company Ltd., H Shares | 997412 |
| 4246 | Hyundai Motor Company | 568259 |
| 17446 | Kia Corp | 1107380 |
| 70088 | Sona Blw Precision Forgings Ltd. 144A<sup>(b)</sup> | 398470 |
|  |  | 4466638 |
|  | **BANKING — 21.5%** |  |
| 180331 | Abu Dhabi Islamic Bank PJSC | 897814 |
| 224414 | Axis Bank Ltd. | 3143837 |
| 206600 | Banco do Brasil S.A. | 1049947 |
| 4433300 | Bank Central Asia Tbk P.T. | 2357144 |
| 187930 | Bank of the Philippine Islands | 471751 |
| 27522 | Bank Polska Kasa Opieki S.A. | 1379721 |
| 201910 | BDO Unibank, Inc. | 580169 |
| 161000 | China Merchants Bank Company Ltd., H Shares | 878190 |
| 5900 | Credicorp Ltd. | 1192921 |
| 242765 | FirstRand Ltd. | 950449 |
| 214300 | Grupo Financiero Banorte SAB de CV | 1837550 |
| 21800 | HDFC Bank Ltd. - ADR<sup>(c)</sup> | 1584641 |
| 139098 | HDFC Bank Ltd. | 3155409 |

---

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **BANKING — 21.5% (Continued)** |  |
| 21400 | ICICI Bank Ltd. - ADR | $718184 |
| 2994000 | Industrial & Commercial Bank of China Ltd., H Shares | 2050907 |
| 25179 | KB Financial Group, Inc. | 1589314 |
| 9460 | OTP Bank Nyrt | 698905 |
| 1766000 | Public Bank Bhd | 1830731 |
| 73916 | Saudi Awwal Bank | 691635 |
| 201100 | SCB X PCL | 716555 |
| 78761 | Woori Financial Group, Inc. | 979563 |
|  |  | 28755337 |
|  | **BEVERAGES — 2.0%** |  |
| 9700 | Fomento Economico Mexicano S.A.B. de C.V. - ADR | 1021507 |
| 19800 | Heineken Malaysia Bhd | 120957 |
| 233811 | Varun Beverages Ltd. | 1441667 |
|  |  | 2584131 |
|  | **BIOTECH & PHARMA — 0.7%** |  |
| 3811 | Hugel, Inc.<sup>(a)</sup> | 975336 |
|  | **CHEMICALS — 0.3%** |  |
| 5213200 | AKR Corporindo Tbk P.T. | 395664 |
|  | **E-COMMERCE DISCRETIONARY — 5.0%** |  |
| 378341 | Alibaba Group Holding Ltd. | 5648592 |
| 56300 | JD.com, Inc. | 916636 |
|  |  | 6565228 |
|  | **ELECTRIC UTILITIES — 1.9%** |  |
| 57780 | ACEN Corporation | 2765 |
| 428700 | China Yangtze Power Company Ltd., Class A | 1738753 |
| 18549 | Metlen Energy & Metals S.A. | 878600 |
|  |  | 2620118 |
|  | **ELECTRICAL EQUIPMENT — 0.6%** |  |
| 83300 | Shenzhen Inovance Technology Company Ltd. | 818964 |
|  | **ENGINEERING & CONSTRUCTION — 3.4%** |  |
| 226721 | Afcons Infrastructure Ltd.<sup>(a)</sup> | 1120563 |

---

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION — 3.4% (Continued)** |  |
| 391985 | Indus Towers Ltd.<sup>(a)</sup> | $1886601 |
| 41328 | Larsen & Toubro Ltd. | 1633769 |
|  |  | 4640933 |
|  | **GAS & WATER UTILITIES — 1.2%** |  |
| 78100 | Cia de Saneamento Basico do Estado de Sao Paulo | 1562028 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.6%** |  |
| 1175600 | Bangkok Dusit Medical | 843040 |
| 299760 | Max Healthcare Institute Ltd. | 3884168 |
|  |  | 4727208 |
|  | **HOME & OFFICE PRODUCTS — 1.0%** |  |
| 134600 | Midea Group Co Ltd<sup>(a),(b)</sup> | 1270479 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.5%** |  |
| 45800 | Hong Kong Exchanges & Clearing Ltd. | 2000970 |
|  | **INSURANCE — 3.1%** |  |
| 182800 | AIA Group Ltd. | 1369693 |
| 1170000 | PICC Property & Casualty Company Ltd., H Shares | 2154466 |
| 52800 | Prudential PLC | 561460 |
|  |  | 4085619 |
|  | **INTERNET MEDIA & SERVICES — 8.6%** |  |
| 237600 | Grab Holdings Ltd.<sup>(a)</sup> | 1159488 |
| 158400 | Tencent Holdings Ltd. | 9702064 |
| 11350 | Trip.com Group Ltd. | 683727 |
|  |  | 11545279 |
|  | **LEISURE FACILITIES & SERVICES — 3.4%** |  |
| 258140 | Jollibee Foods Corporation | 1061566 |
| 39841 | Juniper Hotels Ltd.<sup>(a)</sup> | 134958 |
| 418315 | Lemon Tree Hotels Ltd. 144A<sup>(a),(b)</sup> | 678531 |
| 1026839 | Minor International PCL | 826441 |
| 85753 | OPAP S.A. | 1906941 |
|  |  | 4608437 |

---

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **MACHINERY — 0.5%** |  |
| 23000 | Airtac International Group | $630206 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.6%** |  |
| 25900 | Shenzhen Mindray Bio-Medical Electronics Co. | 782380 |
|  | **METALS & MINING — 1.6%** |  |
| 542000 | Chifeng Jilong Gold Mining Company Ltd.<sup>(a),(b)</sup> | 1782051 |
| 134000 | Zijin Mining Group Company Ltd., H Shares | 292745 |
|  |  | 2074796 |
|  | **OIL & GAS PRODUCERS — 1.3%** |  |
| 931585 | Adnoc Gas plc | 804136 |
| 376189 | Gazprom PJSC<sup>(a),(d),(e)</sup> |  |
| 1064000 | PetroChina Company Ltd., H Shares | 813036 |
|  |  | 1617172 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.7%** |  |
| 736044 | ADNOC Drilling Company PJSC | 982002 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 1.3%** |  |
| 1294100 | Ayala Land, Inc. | 581209 |
| 273600 | Cyrela Brazil Realty S.A. Empreendimentos e | 1197594 |
|  |  | 1778803 |
|  | **RENEWABLE ENERGY — 0.5%** |  |
| 21600 | Contemporary Amperex Technology Company Ltd. | 689804 |
|  | **RETAIL - CONSUMER STAPLES — 0.0%<sup>(f)</sup>** |  |
| 8512 | Magnit PJSC<sup>(a),(d),(e)</sup> | - |
|  | **RETAIL - DISCRETIONARY — 3.3%** |  |
| 114000 | ANTA Sports Products Ltd. | 1346991 |
| 243 | LPP S.A. | 994737 |
| 54440 | SM Investments Corporation | 848426 |
| 315200 | Vivara Participacoes S.A. | 1228052 |
|  |  | 4418206 |

---

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **SEMICONDUCTORS — 13.0%** |  |
| 5000 | ASPEED Technology, Inc. | $469252 |
| 13000 | eMemory Technology, Inc. | 1044266 |
| 60000 | MediaTek, Inc. | 2543463 |
| 11621 | SK Hynix, Inc. | 1448195 |
| 417608 | Taiwan Semiconductor Manufacturing Company Ltd. | 11804317 |
|  |  | 17309493 |
|  | **SPECIALTY FINANCE — 0.8%** |  |
| 27000 | Qifu Technology, Inc. - ADR<sup>(c)</sup> | 1107810 |
|  | **TECHNOLOGY HARDWARE — 4.2%** |  |
| 47099 | Accton Technology Corporation | 875175 |
| 14000 | Delta Electronics, Inc. | 146343 |
| 118000 | E Ink Holdings, Inc. | 822320 |
| 19000 | Lotes Company Ltd. | 745281 |
| 78459 | Samsung Electronics Company Ltd. | 3057490 |
|  |  | 5646609 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |
| 2424 | Elm Company | 670746 |
|  | **TELECOMMUNICATIONS — 2.3%** |  |
| 138635 | Bharti Airtel Ltd. | 3054118 |
|  | **TRANSPORTATION EQUIPMENT — 0.8%** |  |
| 16602 | Eicher Motors Ltd. | 1091862 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.6%** |  |
| 138116 | Zabka Group S.A.<sup>(a)</sup> | 788444 |
|  | **TOTAL COMMON STOCKS (Cost $103,346,534)** | 128013769 |

---

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PREFERRED STOCKS — 0.5%** |  |
|  | **AUTOMOTIVE — 0.3%** |  |
| 3636 | Hyundai Motor Company | $389840 |
|  | **TECHNOLOGY HARDWARE — 0.2%** |  |
| 7714 | Samsung Electronics Company Ltd. | 254329 |
|  | **TOTAL PREFERRED STOCKS (Cost $712,424)** | 644169 |
|  | **SHORT-TERM INVESTMENTS — 4.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 1.6%** |  |
| 2154027 | Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(g),(h)</sup> | 2154027 |
|  | **MONEY MARKET FUNDS — 2.9%** |  |
| 3906484 | First American Government Obligations Fund, Class X, 4.24%<sup>(h)</sup> | 3906484 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,060,511)** | 6060511 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $110,981,167)** | $135667171 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** | (2196999) |
|  | **NET ASSETS - 100.0%** | $133470172 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| SA | - Société Anonyme |

---

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

**DUNHAM EMERGING MARKETS STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

<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 April 30, 2025 the total market value of 144A securities is $4,129,531 or 3.1% of net assets.

<sup>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $2,122,969 at April 30, 2025.

<sup>(d)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0

<sup>(e)</sup> Illiquid security.

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

<sup>(g)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $2,154,027 at April 30, 2025.

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3%** |  |
|  | **AEROSPACE & DEFENSE — 2.5%** |  |
| 5586 | Airbus S.E. | $948675 |
| 1950 | Dassault Aviation S.A. | 703687 |
| 155 | Hanwha Aerospace Company Ltd. | 87003 |
| 2185 | Leonardo SpA | 113688 |
| 3316 | MTU Aero Engines A.G. | 1148636 |
| 44730 | Rolls-Royce Holdings plc | 452818 |
| 1968 | Safran S.A. | 524156 |
|  |  | 3978663 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.4%** |  |
| 1083 | Adidas A.G. | 249395 |
| 55100 | Huali Industrial Group Company Ltd. | 388992 |
|  |  | 638387 |
|  | **ASSET MANAGEMENT — 1.6%** |  |
| 162300 | Everbright Securities Company Ltd. | 359359 |
| 13041 | Industrivarden A.B., C Shares | 457996 |
| 25896 | Investor A.B., B Shares | 767323 |
| 16380 | UBS Group A.G. | 497071 |
| 35091 | XP, Inc., Class A | 564965 |
|  |  | 2646714 |
|  | **AUTOMOTIVE — 1.4%** |  |
| 28000 | Geely Automobile Holdings Ltd. | 58780 |
| 4244 | Hyundai Mobis Company Ltd. | 795651 |
| 71 | Hyundai Motor Company | 9502 |
| 1761 | Kia Corp | 111779 |
| 3981 | Mercedes-Benz Group A.G. | 238216 |
| 300100 | Ningbo Joyson Electronic Corporation | 679203 |
| 246 | Rheinmetall A.G. | 419297 |
|  |  | 2312428 |
|  | **BANKING — 21.5%** |  |
| 2563 | ABN AMRO Bank N.V. 144A<sup>(a)</sup> | 53157 |
| 143000 | Agricultural Bank of China Ltd., H Shares | 87260 |
| 17316 | AIB Group plc | 116478 |
| 0 | Akbank T.A.S. | 0 |
| 27239 | Alpha Bank AE | 66470 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **BANKING — 21.5% (Continued)** |  |
| 30481 | Banco Bilbao Vizcaya Argentaria S.A. | $418668 |
| 209983 | Banco BPM SpA<sup>(b)</sup> | 2345878 |
| 24156 | Banco de Sabadell S.A. | 70540 |
| 8000 | Banco do Brasil S.A. | 40656 |
| 1128455 | Banco Santander Chile | 67916 |
| 85730 | Banco Santander S.A. | 604112 |
| 85796 | Bancolombia S.A. | 1011027 |
| 11511 | Bank Handlowy w Warszawie S.A. | 359092 |
| 6714 | Bank Hapoalim BM | 98565 |
| 8455 | Bank Leumi Le-Israel BM | 120167 |
| 2223600 | Bank Negara Indonesia Persero Tbk P.T. | 560346 |
| 4404000 | Bank of China Ltd., H Shares | 2459056 |
| 892000 | Bank of Communications Company Ltd., H Shares | 780011 |
| 229387 | Bank of Ireland Group PLC | 2695565 |
| 1044 | Bank Polska Kasa Opieki S.A. | 52337 |
| 95786 | Barclays plc - ADR<sup>(b)</sup> | 1538323 |
| 79615 | Barclays PLC | 317186 |
| 31712 | BNK Financial Group, Inc. | 230864 |
| 42074 | BNP Paribas S.A. | 3567857 |
| 61500 | BOC Hong Kong Holdings Ltd. | 255123 |
| 20483 | CaixaBank S.A. | 157116 |
| 475 | Capitec Bank Holdings Ltd. | 88158 |
| 760000 | China CITIC Bank Corp Ltd., H Shares | 601099 |
| 487000 | China Construction Bank Corporation, H Shares | 400032 |
| 216000 | China Minsheng Banking Corp Ltd., H Shares | 101359 |
| 272000 | Chongqing Rural Commercial Bank Company Ltd., H Shares | 208825 |
| 339 | Credicorp Ltd. | 68542 |
| 3867 | Danske Bank A/S | 135676 |
| 97898 | Emirates NBD Bank PJSC | 547877 |
| 6688 | Erste Group Bank A.G. | 452868 |
| 6555 | FinecoBank Banca Fineco SpA | 131280 |
| 27735 | FirstRand Ltd. | 108585 |
| 1 | Haci Omer Sabanci Holding A/S | 1 |
| 10225 | Hana Financial Group, Inc. | 463132 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **BANKING — 21.5% (Continued)** |  |
| 28900 | Hang Seng Bank Ltd. | $403405 |
| 8446 | HSBC Holdings plc - ADR<sup>(b)</sup> | 473652 |
| 22639 | Industrial & Commercial Bank of China Ltd. - ADR | 311911 |
| 1416000 | Industrial & Commercial Bank of China Ltd., H Shares | 969968 |
| 112599 | ING Groep N.V. | 2188404 |
| 16448 | Intesa Sanpaolo SpA - ADR<sup>(b)</sup> | 528968 |
| 110337 | Intesa Sanpaolo SpA | 589498 |
| 6727 | Israel Discount Bank Ltd., Class A | 50288 |
| 64900 | Itau Unibanco Holding S.A. | 355555 |
| 8000 | Japan Post Bank Company Ltd. | 82290 |
| 15000 | Kasikornbank PCL | 71630 |
| 12641 | KB Financial Group, Inc. | 797908 |
| 115200 | Krung Thai Bank PCL | 75172 |
| 354766 | Lloyds Banking Group plc | 348581 |
| 321737 | Lloyds Banking Group plc - ADR<sup>(b)</sup> | 1270861 |
| 2822 | Mediobanca Banca di Credito Finanziario SpA | 57769 |
| 4952 | National Bank of Greece S.A. | 52601 |
| 16827 | Nordea Bank Abp | 224244 |
| 1218 | OTP Bank Nyrt | 89986 |
| 4500 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 86534 |
| 17423 | Qatar National Bank QPSC | 79922 |
| 775890 | Sberbank of Russia PJSC<sup>(c),(d),(e)</sup> |  |
| 24500 | SCB X PCL | 87298 |
| 282700 | Shanghai Pudong Development Bank Company Ltd. | 425949 |
| 2831 | Shinhan Financial Group Company Ltd. | 102186 |
| 3214 | Societe Generale S.A. | 167713 |
| 3600 | Sumitomo Mitsui Trust Group, Inc. | 89097 |
| 8021 | Svenska Handelsbanken A.B., A Shares | 105002 |
| 4762 | Swedbank A.B., Class A | 118888 |
| 1 | Turkiye Is Bankasi A/S | 0 |
| 56032 | UniCredit SpA - ADR | 1630530 |
| 21414 | UniCredit SpA | 1246915 |
| 1284860000 | VTB Bank PJSC<sup>(c),(d),(e)</sup> |  |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **BANKING — 21.5% (Continued)** |  |
| 0 | Yapi ve Kredi Bankasi A/S | $0 |
|  |  | 34463929 |
|  | **BEVERAGES — 2.3%** |  |
| 724400 | Ambev S.A. | 1864963 |
| 206 | Carlsberg A/S - Series B | 28067 |
| 893 | Coca-Cola Europacific Partners plc<sup>(b)</sup> | 81031 |
| 842 | Coca-Cola Femsa S.A.B. de C.V. - ADR | 79257 |
| 770 | Coca-Cola HBC A.G. | 40100 |
| 8500 | Fomento Economico Mexicano S.A.B. de C.V. | 89373 |
| 7928 | Fomento Economico Mexicano S.A.B. de C.V. - ADR | 834898 |
| 28800 | Hebei Yangyuan Zhihui Beverage Company Ltd., Class A | 96145 |
| 17500 | Kirin Holdings Company Ltd. | 264828 |
| 13600 | Yakult Honsha Company Ltd. | 279489 |
|  |  | 3658151 |
|  | **BIOTECH & PHARMA — 3.9%** |  |
| 10400 | Astellas Pharma, Inc. | 104191 |
| 35847 | AstraZeneca plc - ADR | 2573456 |
| 2709 | AstraZeneca plc | 394842 |
| 18700 | Daiichi Sankyo Company Ltd. | 478559 |
| 361 | Genmab A/S<sup>(e)</sup> | 76542 |
| 238300 | Joincare Pharmaceutical Group Industry Company | 347446 |
| 109800 | Livzon Pharmaceutical Group, Inc. | 364146 |
| 6300 | Otsuka Holdings Company Ltd. | 307259 |
| 4300 | Shionogi & Company Ltd. | 72273 |
| 50700 | Takeda Pharmaceutical Company Ltd. | 1534249 |
|  |  | 6252963 |
|  | **CHEMICALS — 0.1%** |  |
| 3282 | Nutrien Ltd. | 187238 |
| 10128 | PhosAgro PJSC<sup>(c),(d),(e)</sup> | - |
|  |  | 187238 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |
| 207900 | Huaxin Cement Company Ltd., Class A | 343694 |
| 0 | Turkiye Sise ve Cam Fabrikalari A/S | 0 |
|  |  | 343694 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |
| 7938 | Brambles Ltd. | $104322 |
|  | **DIVERSIFIED INDUSTRIALS — 0.0%<sup>(f)</sup>** |  |
| 1625 | Alfa Laval A.B. | 67404 |
|  | **E-COMMERCE DISCRETIONARY — 0.4%** |  |
| 6285 | JD.com, Inc. - ADR | 205017 |
| 25100 | Meituan 144A<sup>(a),(e)</sup> | 415588 |
|  |  | 620605 |
|  | **ELECTRIC UTILITIES — 0.9%** |  |
| 2963 | Emera, Inc.<sup>(a)</sup> | 133379 |
| 1891 | Fortis, Inc. | 93623 |
| 10731 | Hydro One Ltd. | 412913 |
| 276800 | Tokyo Electric Power Company Holdings, Inc.<sup>(e)</sup> | 847131 |
|  |  | 1487046 |
|  | **ELECTRICAL EQUIPMENT — 2.7%** |  |
| 62916 | ABB Ltd. | 3331403 |
| 1400 | Daikin Industries Ltd. | 159560 |
| 16737 | Hexagon A.B. | 162908 |
| 1854 | Kone OYJ, Class B | 114917 |
| 10700 | Mitsubishi Electric Corporation | 207083 |
| 1433 | Prysmian SpA | 78783 |
| 3587 | Siemens Energy A.G.<sup>(e)</sup> | 277086 |
|  |  | 4331740 |
|  | **ENGINEERING & CONSTRUCTION — 0.0%<sup>(f)</sup>** |  |
| 1 | Enka Insaat ve Sanayi A/S | 1 |
|  | **ENTERTAINMENT CONTENT — 4.2%** |  |
| 448000 | 37 Interactive Entertainment Network Technology | 935011 |
| 5800 | Bandai Namco Holdings, Inc. | 201649 |
| 7600 | Capcom Company Ltd. | 220116 |
| 1830 | CD Projekt S.A. | 113336 |
| 551400 | Giant Network Group Company Ltd. | 1100517 |
| 119300 | Kingnet Network Company Ltd. | 278314 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT — 4.2% (Continued)** |  |
| 16000 | Konami Group Corporation | $2286016 |
| 13500 | NetEase, Inc. | 290198 |
| 30400 | Nexon Company Ltd. | 477167 |
| 1943 | Sea Ltd. - ADR<sup>(b),(e)</sup> | 260459 |
| 9200 | Toho Company Ltd. | 525462 |
|  |  | 6688245 |
|  | **FOOD — 1.5%** |  |
| 5800 | Ajinomoto Company, Inc. | 118684 |
| 73019 | BRF S.A. - ADR | 289155 |
| 610200 | Charoen Pokphand Foods PCL | 483314 |
| 67300 | Dekon Food And Agriculture Group<sup>(a)</sup> | 364890 |
| 1350500 | WH Group Ltd. 144A<sup>(a)</sup> | 1207616 |
|  |  | 2463659 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.0%<sup>(f)</sup>** |  |
| 930 | West Fraser Timber Company Ltd. | 68865 |
|  | **GAS & WATER UTILITIES — 0.4%** |  |
| 33914 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR<sup>(b)</sup> | 689472 |
|  | **HOME & OFFICE PRODUCTS — 1.2%** |  |
| 1 | Arcelik A/S<sup>(e)</sup> | 3 |
| 134400 | Haier Smart Home Company Ltd. | 458842 |
| 71600 | Haier Smart Home Company Ltd., H Shares | 207784 |
| 285200 | Hangzhou Robam Appliances Co., Ltd. | 767542 |
| 48000 | Hisense Home Appliances Group Company Ltd., H Shares | 145564 |
| 90400 | Jason Furniture Hangzhou Company Ltd. | 310162 |
|  |  | 1889897 |
|  | **HOUSEHOLD PRODUCTS — 0.4%** |  |
| 3401 | Essity A.B., Class B - Series B | 98362 |
| 8000 | Kao Corporation | 342716 |
| 6500 | Unicharm Corporation | 60379 |
| 1251 | Unilever plc | 79842 |
|  |  | 581299 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.1%** |  |
| 273900 | China International Marine Containers Group | $172062 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.4%** |  |
| 30000 | B3 S.A. - Brasil Bolsa Balcao | 70468 |
| 7600 | Daiwa Securities Group, Inc. | 50140 |
| 1003 | Deutsche Boerse A.G. | 323327 |
| 338200 | Guotai Junan Securities Company Ltd. 144A<sup>(a)</sup> | 482009 |
| 22800 | Hong Kong Exchanges & Clearing Ltd. | 996116 |
| 5200 | Japan Exchange Group, Inc. | 57878 |
| 4005 | London Stock Exchange Group plc - ADR | 157405 |
| 16200 | Nomura Holdings, Inc. | 90330 |
|  |  | 2227673 |
|  | **INSURANCE — 8.2%** |  |
| 7524 | Aegon Ltd. | 48434 |
| 181400 | AIA Group Ltd. | 1359203 |
| 2170 | Allianz S.E. | 898204 |
| 821 | ASR Nederland N.V. | 51847 |
| 58619 | Aviva plc | 439236 |
| 364000 | China Life Insurance Company Ltd., H Shares | 665239 |
| 13600 | China Pacific Insurance Group Company Ltd., H Shares | 37002 |
| 1142000 | China Reinsurance Group Corporation 144A<sup>(a)</sup> | 132433 |
| 14800 | Dai-ichi Life Insurance Co. Ltd. | 106907 |
| 12290 | Generali | 449543 |
| 7097 | Hyundai Marine & Fire Insurance Company Ltd.<sup>(e)</sup> | 110909 |
| 14300 | Japan Post Holdings Company Ltd. | 139058 |
| 41400 | MS&AD Insurance Group Holdings, Inc. | 941409 |
| 35287 | NN Group N.V. | 2165604 |
| 2312000 | People's Insurance Company Group of China Ltd., H Shares | 1368267 |
| 24000 | PICC Property & Casualty Company Ltd., H Shares | 44194 |
| 23873 | Ping An Insurance Group Company of China Ltd. - ADR | 285521 |
| 1462 | Powszechny Zaklad Ubezpieczen S.A. | 22813 |
| 3712 | Samsung Fire & Marine Insurance Company Ltd. | 978117 |
| 56100 | Sompo Holdings, Inc. | 1839232 |
| 2700 | T&D Holdings, Inc. | 57476 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **INSURANCE — 8.2% (Continued)** |  |
| 10200 | Tokio Marine Holdings, Inc. | $409012 |
| 816 | Zurich Insurance Group A.G. | 578807 |
|  |  | 13128467 |
|  | **INTERNET MEDIA & SERVICES — 1.4%** |  |
| 970 | Kakao Corporation | 26027 |
| 748 | NAVER Corporation | 105118 |
| 841 | Spotify Technology S.A.<sup>(b),(e)</sup> | 516357 |
| 23400 | Tencent Holdings Ltd. | 1433259 |
| 33000 | Z Holdings Corporation | 124859 |
|  |  | 2205620 |
|  | **LEISURE FACILITIES & SERVICES — 1.6%** |  |
| 2945 | Aristocrat Leisure Ltd. | 125783 |
| 962 | Evolution A.B.<sup>(a)</sup> | 66648 |
| 63200 | H World Group Ltd. | 221714 |
| 159000 | Haidilao International Holding Ltd. 144A<sup>(a)</sup> | 357994 |
| 1183 | InterContinental Hotels Group plc - ADR<sup>(b)</sup> | 127634 |
| 1467 | Restaurant Brands International, Inc.<sup>(b)</sup> | 94475 |
| 148800 | Shanghai Jinjiang International Hotels Company | 491496 |
| 185700 | Songcheng Performance Development Company Ltd. | 238720 |
| 359100 | Wanda Film Holding Company Ltd.<sup>(e)</sup> | 556073 |
| 2981 | Yum China Holdings, Inc. | 129107 |
| 1200 | Zensho Holdings Company Ltd. | 74183 |
|  |  | 2483827 |
|  | **MACHINERY — 0.3%** |  |
| 11516 | Atlas Copco A.B. | 159922 |
| 504 | Kongsberg Gruppen ASA | 81194 |
| 160300 | Sinomach Heavy Equipment Group Company Ltd.<sup>(e)</sup> | 62178 |
| 7000 | Techtronic Industries Company Ltd. | 70447 |
| 9000 | WEG S.A. | 71414 |
|  |  | 445155 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.4%** |  |
| 3548 | Alcon, Inc.<sup>(b)</sup> | 345686 |
| 51700 | Andon Health Company Ltd. | 269531 |
| 11700 | Hoya Corporation | 1377272 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.4% (Continued)** |  |
| 3092 | Koninklijke Philips N.V. | $78539 |
| 6500 | Olympus Corporation | 85205 |
| 4944 | Sonova Holding A.G. | 1519966 |
| 12700 | Terumo Corporation | 243189 |
|  |  | 3919388 |
|  | **METALS & MINING — 4.6%** |  |
| 27504 | Agnico Eagle Mines Ltd.<sup>(b)</sup> | 3233608 |
| 26862 | Barrick Gold Corporation | 511452 |
| 13368 | Franco-Nevada Corporation<sup>(b)</sup> | 2296356 |
| 11875 | Gold Fields Ltd. | 266327 |
| 6766 | Kinross Gold Corporation | 99866 |
| 378500 | MMC Norilsk Nickel PJSC<sup>(c),(d),(e)</sup> |  |
| 6021 | Northern Star Resources Ltd. | 73963 |
| 9540 | Wheaton Precious Metals Corporation<sup>(b)</sup> | 796736 |
| 204300 | Wuchan Zhongda Group Company Ltd. | 142942 |
|  |  | 7421250 |
|  | **OIL & GAS PRODUCERS — 3.1%** |  |
| 105666 | BP PLC | 487945 |
| 7629 | Cenovus Energy, Inc. | 89826 |
| 1214000 | China Petroleum & Chemical Corporation, H Shares | 619707 |
| 28916 | Empresas COPEC S.A. | 197590 |
| 12053 | Enbridge, Inc.<sup>(b)</sup> | 562755 |
| 15200 | ENEOS Holdings, Inc. | 73207 |
| 11818 | Eni SpA | 169392 |
| 10556 | Equinor ASA - ADR<sup>(b)</sup> | 235293 |
| 6389 | Equinor ASA | 144611 |
| 247390 | Gazprom PJSC<sup>(c),(d),(e)</sup> |  |
| 87530 | Gazprom PJSC - ADR<sup>(c),(d),(e)</sup> |  |
| 5300 | Inpex Corporation | 66328 |
| 24250 | LUKOIL PJSC<sup>(c),(d),(e)</sup> |  |
| 1184100 | PetroChina Company Ltd., H Shares | 904807 |
| 20200 | Petroleo Brasileiro S.A. | 114119 |
| 84063 | Petroleo Brasileiro S.A. - ADR | 949072 |
| 88400 | PTT PCL | 81978 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **OIL & GAS PRODUCERS — 3.1% (Continued)** |  |
| 6588 | Repsol S.A. | $80596 |
| 117940 | Rosneft Oil Company PJSC<sup>(c),(d),(e)</sup> |  |
| 6936 | Suncor Energy, Inc. | 244999 |
| 6830 | Tatneft PJSC<sup>(c),(d),(e)</sup> | - |
|  |  | 5022225 |
|  | **PUBLISHING & BROADCASTING — 0.0%<sup>(f)</sup>** |  |
| 7110 | Informa plc | 69463 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 1.3%** |  |
| 33223 | Emaar Properties PJSC | 118713 |
| 59665 | Ronesans Gayrimenkul Yatirim A/S<sup>(e)</sup> | 170314 |
| 7500 | Sun Hung Kai Properties Ltd. | 71147 |
| 204000 | Wharf Real Estate Investment Company Ltd. | 487872 |
| 563600 | Zhejiang China Commodities City Group Company Ltd. | 1187027 |
|  |  | 2035073 |
|  | **RENEWABLE ENERGY — 0.0%<sup>(f)</sup>** |  |
| 5304 | Vestas Wind Systems A/S | 70710 |
|  | **RETAIL - CONSUMER STAPLES — 1.2%** |  |
| 1500 | Alimentation Couche-Tard, Inc. | 78306 |
| 13500 | CK Hutchison Holdings Ltd. | 76127 |
| 2579 | Dollarama, Inc. | 318252 |
| 31509 | Jeronimo Martins SGPS S.A. | 763224 |
| 5713 | Kesko OYJ, B Shares | 131272 |
| 4269 | Metro, Inc. | 329025 |
| 27000 | Wal-Mart de Mexico S.A.B de C.V. | 85543 |
| 6459 | Woolworths Group Ltd. | 130365 |
|  |  | 1912114 |
|  | **RETAIL - DISCRETIONARY — 1.3%** |  |
| 2200 | Fast Retailing Company Ltd. | 723983 |
| 3254 | Hennes & Mauritz A.B., Class B<sup>(b)</sup> | 47156 |
| 5896 | Industria de Diseno Textil S.A. | 317319 |
| 71200 | Lao Feng Xiang Company Ltd., B Shares | 247705 |
| 62300 | Lao Feng Xiang Company Ltd., A Shares | 411235 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY — 1.3% (Continued)** |  |
| 439 | Pandora A/S | $65347 |
| 6267 | Wesfarmers Ltd. | 313965 |
| 16000 | Zhongsheng Group Holdings Ltd. | 24075 |
|  |  | 2150785 |
|  | **SEMICONDUCTORS — 3.3%** |  |
| 7000 | MediaTek, Inc. | 296737 |
| 2672 | SK Hynix, Inc. | 332981 |
| 168000 | Taiwan Semiconductor Manufacturing Company Ltd. | 4748773 |
|  |  | 5378491 |
|  | **SOFTWARE — 2.9%** |  |
| 115 | Constellation Software, Inc. | 414501 |
| 3652 | Dassault Systemes S.E. | 136976 |
| 479 | Descartes Systems Group, Inc. (The)<sup>(e)</sup> | 50482 |
| 6500 | Obic Company Ltd. | 227670 |
| 1699 | Open Text Corporation | 45999 |
| 7897 | SAP S.E. | 2312483 |
| 1523 | SAP S.E. - ADR | 445005 |
| 6931 | Shopify, Inc., Class A<sup>(e)</sup> | 658978 |
| 10300 | TIS, Inc. | 297416 |
| 814 | Xero Ltd.<sup>(e)</sup> | 85728 |
|  |  | 4675238 |
|  | **SPECIALTY FINANCE — 0.6%** |  |
| 17600 | ORIX Corporation | 353205 |
| 20481 | Samsung Card Company Ltd. | 604104 |
|  |  | 957309 |
|  | **TECHNOLOGY HARDWARE — 4.2%** |  |
| 70790 | Anker Innovations Technology Company Ltd. | 867673 |
| 3000 | Asustek Computer, Inc. | 54729 |
| 10100 | Brother Industries Ltd. | 177568 |
| 11100 | Canon, Inc. | 342687 |
| 16200 | FUJIFILM Holdings Corporation | 331954 |
| 154808 | Hisense Visual Technology Company Ltd. | 507394 |
| 81000 | Hon Hai Precision Industry Company Ltd. | 360012 |
| 538 | LG Electronics, Inc. | 26972 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE — 4.2% (Continued)** |  |
| 12532 | Logitech International S.A.<sup>(b)</sup> | $947000 |
| 7300 | Nintendo Company Ltd. | 606300 |
| 25690 | Nokia OYJ | 128535 |
| 37000 | Panasonic Holdings Corporation | 424419 |
| 43965 | Samsung Electronics Company Ltd. | 1713285 |
| 14277 | Telefonaktiebolaget LM Ericsson, Class B | 120613 |
|  |  | 6609141 |
|  | **TECHNOLOGY SERVICES — 1.9%** |  |
| 120 | Adyen N.V. 144A<sup>(a),(e)</sup> | 194346 |
| 1131 | CGI, Inc. | 119941 |
| 11851 | Experian plc | 589652 |
| 18100 | Nomura Research Institute Ltd. | 685689 |
| 5557 | RELX plc - ADR | 303579 |
| 16019 | RELX plc | 872784 |
| 1311 | Wolters Kluwer N.V. | 231660 |
|  |  | 2997651 |
|  | **TELECOMMUNICATIONS — 5.3%** |  |
| 6500 | Advanced Info Service PCL | 57333 |
| 34036 | BT Group PLC | 79003 |
| 874038 | China United Network Communications Ltd., Class A | 639630 |
| 96561 | Deutsche Telekom A.G. | 3471101 |
| 35200 | KDDI Corporation | 624133 |
| 745700 | Maxis Bhd | 641168 |
| 585800 | Nippon Telegraph & Telephone Corporation | 612580 |
| 19056 | Ooredoo QPSC | 67900 |
| 2035 | Rogers Communications Inc, Class B | 53059 |
| 47500 | Singapore Telecommunications Ltd. | 137437 |
| 6023 | Tele2 A.B., B Shares | 88871 |
| 149500 | Telefonica Brasil S.A. | 728678 |
| 67098 | Telekom Austria A.G. | 709017 |
| 3564 | Telenor ASA | 53528 |
| 5447 | TIM S.A. - ADR<sup>(b)</sup> | 90856 |
| 22807 | Vodafone Group plc - ADR<sup>(b)</sup> | 222596 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.3% (Continued)** |  |
|  | **TELECOMMUNICATIONS — 5.3% (Continued)** |  |
| 245517 | Vodafone Group plc | $241291 |
|  |  | 8518181 |
|  | **TOBACCO & CANNABIS — 1.7%** |  |
| 66229 | British American Tobacco plc - ADR<sup>(b)</sup> | 2884273 |
|  | **TRANSPORTATION & LOGISTICS — 2.0%** |  |
| 21600 | ANA Holdings, Inc. | 415098 |
| 15349 | Canadian National Railway Company | 1486091 |
| 4100 | Central Japan Railway Company | 86316 |
| 135000 | China Airlines Ltd. | 88719 |
| 10700 | East Japan Railway Company | 232040 |
| 3924 | Poste Italiane SpA 144A<sup>(a)</sup> | 79712 |
| 1 | Turk Hava Yollari AO<sup>(e)</sup> | 7 |
| 880900 | YUNDA Holding Group Company Ltd. | 822783 |
|  |  | 3210766 |
|  | **TRANSPORTATION EQUIPMENT — 1.7%** |  |
| 851000 | China Railway Signal & Communication Corp Ltd. 144A<sup>(a)</sup> | 342346 |
| 2605 | HD Hyundai Heavy Industries Company Ltd. | 735860 |
| 7161 | Korea Shipbuilding & Offshore Engineering Company | 1368181 |
| 17634 | Wartsila OYJ Abp | 326081 |
|  |  | 2772468 |
|  | **WHOLESALE - DISCRETIONARY — 0.1%** |  |
| 9600 | Pop Mart International Group Ltd. 144A<sup>(a)</sup> | 239434 |
|  | **TOTAL COMMON STOCKS (Cost $141,604,164)** | 154981486 |
|  | **EXCHANGE-TRADED FUNDS — 0.5%** |  |
|  | **EQUITY — 0.5%** |  |
| 13978 | iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 757188 |
| 1194 | iShares MSCI Emerging Markets ETF<sup>(b)</sup> | 52249 |
|  |  | 809437 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.5% (Continued)** |  |
|  | **EQUITY — 0.5% (Continued)** |  |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $782,220)** | $809437 |
|  | **PREFERRED STOCKS — 1.6%** |  |
|  | **AUTOMOTIVE — 0.1%** |  |
| 1238 | Volkswagen A.G. | 134819 |
|  | **BANKING — 0.4%** |  |
| 27900 | Banco Bradesco S.A. | 67453 |
| 44474 | Bancolombia S.A. | 453997 |
| 25600 | Itau Unibanco Holding S.A. | 160505 |
|  |  | 681955 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.2%** |  |
| 110420 | Mirae Asset Securities Company Ltd. | 376552 |
|  | **INSURANCE — 0.4%** |  |
| 3206 | Samsung Fire & Marine Insurance Company Ltd. | 636090 |
|  | **OIL & GAS PRODUCERS — 0.1%** |  |
| 25800 | Petroleo Brasileiro S.A. | 136572 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |
| 19632 | Samsung Electronics Company Ltd. | 647264 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,579,654)** | 2613252 |

---

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

**DUNHAM INTERNATIONAL STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration Date** | **Exercise Price** | **Fair Value** |
| | **WARRANT — 0.0%<sup>(f)</sup>** | **WARRANT — 0.0%<sup>(f)</sup>** | | |
| | **SOFTWARE — 0.0%<sup>(f)</sup>** | **SOFTWARE — 0.0%<sup>(f)</sup>** | | |
| 108 | Constellation Software Inc (Canada) | 04/02/2040 | $0.00 | $- |
|  | **TOTAL WARRANT (Cost $0)** |  |  | - |
|  | **SHORT-TERM INVESTMENTS — 8.1%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 8.0%** |  |  |  |
| 12941519 | Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(g),(h)</sup> |  |  | 12941519 |
|  | **MONEY MARKET FUNDS — 0.1%** |  |  |  |
| 181978 | Fidelity Government Portfolio, Class I, 4.20%<sup>(h)</sup> |  |  | 181978 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $13,123,497)** |  |  | 13123497 |
|  | **TOTAL INVESTMENTS - 106.5% (Cost $158,089,535)** |  |  | $171527672 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5)%** |  |  | (10401577) |
|  | **NET ASSETS - 100.0%** |  |  | $161126095 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| SA | - 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 (Unaudited) (Continued)**

**April 30, 2025**

<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 April 30, 2025 the total market value of 144A securities is 4,069,552 or 2.5% of net assets.

<sup>(b)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $12,540,982 at April 30, 2025.

<sup>(c)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.

<sup>(d)</sup> Illiquid security.

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

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

<sup>(g)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $12,941,519 at April 30, 2025.

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

**DUNHAM DYNAMIC MACRO FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 31.7%** |  |
|  | **COMMODITY — 3.2%** |  |
| 113800 | iShares GSCI Commodity Dynamic Roll Strategy ETF | $2756236 |
|  | **EQUITY — 28.5%** |  |
| 153100 | Franklin FTSE Japan ETF<sup>(c)</sup> | 4678736 |
| 112400 | Franklin FTSE United Kingdom ETF<sup>(c)</sup> | 3276460 |
| 30600 | Invesco Nasdaq 100 ETF<sup>(c)</sup> | 5993010 |
| 61500 | SPDR EURO STOXX 50 ETF<sup>(c)</sup> | 3459375 |
| 12200 | SPDR S&P 500 ETF Trust ETF<sup>(c)</sup> | 6765388 |
|  |  | 24172969 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $19,309,678)** | 26929205 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | |
|  | **NON U.S. GOVERNMENT & AGENCIES — 5.2%** |  |  |  |
|  | **SUPRANATIONAL — 5.2%** |  |  |  |
| 1500000 | Asian Development Bank | 1.0000 | 04/14/26 | 1459416 |
| 1500000 | Asian Development Bank<sup>(c)</sup> | 2.6250 | 01/12/27 | 1473207 |
| 1500000 | International Bank for Reconstruction & Development | 0.3750 | 07/28/25 | 1485395 |
|  |  |  |  | 4418018 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,403,680)** |  |  | 4418018 |
|  | **U.S. GOVERNMENT & AGENCIES — 44.3%** |  |  |  |
|  | **U.S. TREASURY NOTES — 44.3%** |  |  |  |
| 3000000 | United States Treasury Note | 2.1250 | 05/15/25 | 2997344 |
| 3200000 | United States Treasury Note | 0.2500 | 05/31/25 | 3188774 |
| 3000000 | United States Treasury Note | 2.8750 | 06/15/25 | 2994820 |
| 2500000 | United States Treasury Note | 2.7500 | 06/30/25 | 2493854 |
| 3000000 | United States Treasury Note | 2.8750 | 07/31/25 | 2988966 |
| 3500000 | United States Treasury Note | 2.0000 | 08/15/25 | 3476298 |
| 3000000 | United States Treasury Note | 0.2500 | 09/30/25 | 2951493 |
| 2500000 | United States Treasury Note | 0.2500 | 10/31/25 | 2451975 |
| 2500000 | United States Treasury Note | 2.8750 | 11/30/25 | 2481997 |

---

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

**DUNHAM DYNAMIC MACRO FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 44.3% (Continued)** |  |  |  |
|  | **U.S. TREASURY NOTES — 44.3% (Continued)** |  |  |  |
| 1500000 | United States Treasury Note | 3.8750 | 01/15/26 | $1498592 |
| 2000000 | United States Treasury Note | 0.5000 | 02/28/26 | 1943267 |
| 1000000 | United States Treasury Note | 2.2500 | 03/31/26 | 985020 |
| 1500000 | United States Treasury Note | 0.7500 | 08/31/26 | 1441523 |
| 2000000 | United States Treasury Note | 0.8750 | 09/30/26 | 1921328 |
| 2000000 | United States Treasury Note | 1.1250 | 10/31/26 | 1924844 |
| 2000000 | United States Treasury Note | 1.2500 | 12/31/26 | 1921914 |
|  |  |  |  | 37662009 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $37,576,230)** |  |  | 37662009 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 30.7%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 13.7%** |  |  |  |
| 11669140 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.42% (Cost $11,669,140)<sup>(a)(d)</sup> |  |  | 11669140 |
|  | **MONEY MARKET FUNDS — 17.0%** |  |  |  |
| 14463152 | MSILF Government Portfolio, Institutional Class, 4.23% (Cost $14,463,152)<sup>(a)</sup> |  |  | 14463152 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $26,132,292)** |  |  | 26132292 |
|  | **TOTAL INVESTMENTS - 111.9% (Cost $87,421,880)** |  |  | $95141524 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.9)%** |  |  | (10098446) |
|  | **NET ASSETS - 100.0%** |  |  | $85043078 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized <br> Appreciation** |
| 112 | CBOT 10 Year US Treasury Note | 06/19/2025 | $12568500 | $124406 |
| 27 | Eurex 10 Year Euro BUND | 06/09/2025 | 4034082 | 36754 |
| 13 | Eurex EURO STOXX 50 | 06/23/2025 | 752732 | 13806 |
| 25 | Euro BONO Futures on Long-Term Spanish Government | 06/09/2025 | 3541383 | 17681 |
| 60 | Euro-BTP Italian Bond | 06/09/2025 | 8182993 | 146311 |
| 48 | French Government Bond | 06/09/2025 | 6837551 | 50832 |
| 9 | FTSE 100 Index | 06/23/2025 | 1015287 | 8891 |
| 66 | Long Gilt | 06/27/2025 | 8226579 | 116517 |
| 22 | TSE TOPIX (Tokyo Price Index) | 06/13/2025 | 4101526 | 124930 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $640128 |

---

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

**DUNHAM DYNAMIC MACRO FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 4 | CME E-Mini NASDAQ 100 Index | 06/23/2025 | $1572680 | $(6380) |
| 8 | CME E-Mini Standard & Poor's 500 Index | 06/23/2025 | 2234800 | 19700 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $13320 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | | | |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| British Pound | 07/17/2025 | US Bank | 350000 | $466624 | $20147 |
| Euro | 07/17/2025 | US Bank | 550000 | 626637 | 22720 |
| Japanese Yen | 07/17/2025 | US Bank | 85000000 | 599980 | 16596 |
|  |  |  |  | $**1693241** | $**59463** |
| **To Sell:** |  |  |  |  |  |
| British Pound | 07/17/2025 | US Bank | 2550000 | $3399691 | $(182627) |
| Euro | 07/17/2025 | US Bank | 3250000 | 3702856 | (277350) |
| Japanese Yen | 07/17/2025 | US Bank | 703000001 | 4962184 | (219580) |
|  |  |  |  | $**12064731** | $**(679557)** |
| **Total** |  |  |  |  | $**(620094)** |

---

ETF - Exchange-Traded Fund <br> LLC - Limited Liability Company <br> SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(b)</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>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $11,387,077 at April 30, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $11,669,140 at April 30, 2025.

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

**DUNHAM LONG/SHORT CREDIT FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **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 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.8%** |  |  |  |  |
|  | **AUTOMOTIVE — 1.1%** |  |  |  |  |
| 2429000 | Ford Motor Credit Company, LLC |  | 6.9500 | 06/10/26 | 2454543 |
|  | **BANKING — 10.8%** |  |  |  |  |
| 2500000 | ABN AMRO Bank N.V.<sup>(c),(d)</sup> | H15T1Y + 1.550% | 6.5750 | 10/13/26 | 2518246 |
| 1805000 | Bank of Nova Scotia (The)<sup>(d)</sup> | H15T5Y + 4.551% | 4.9000 | 09/04/68 | 1801923 |
| 3590000 | Barclays plc<sup>(d),(e)</sup> | USISSO05 + 3.686% | 7.6250 | 09/15/73 | 3443476 |
| 2005000 | JPMorgan Chase & Company<sup>(f)</sup> | US0003M + 0.550% | 5.1000 | 02/01/27 | 1965105 |
| 3550000 | NatWest Group plc<sup>(d)</sup> | H15T1Y + 2.850% | 7.4720 | 11/10/26 | 3599188 |
| 4615000 | Societe Generale S.A.<sup>(c)</sup> |  | 5.2500 | 02/19/27 | 4650422 |
| 5145000 | Wells Fargo & Company<sup>(f)</sup> | US0003M + 0.500% | 5.0180 | 01/15/27 | 5043782 |
| 795000 | Wells Fargo & Company |  | 5.9500 | 12/01/86 | 796623 |
|  |  |  |  |  | 23818765 |
|  | **BIOTECH & PHARMA — 0.7%** |  |  |  |  |
| 1750000 | Biocon Biologics Global plc<sup>(c)</sup> |  | 6.6700 | 10/09/29 | 1576245 |
|  | **CHEMICALS — 1.4%** |  |  |  |  |
| 300000 | Celanese US Holdings, LLC<sup>(e)</sup> |  | 6.5000 | 04/15/30 | 293441 |
| 2735000 | Orbia Advance Corp S.A.B. de C.V.<sup>(c)</sup> |  | 6.8000 | 05/13/30 | 2733168 |
|  |  |  |  |  | 3026609 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 725000 | RR Donnelley & Sons Company<sup>(c)</sup> |  | 9.5000 | 08/01/29 | 693502 |
|  | **CONSUMER SERVICES — 1.0%** |  |  |  |  |
| 2300000 | Grand Canyon University |  | 5.1250 | 10/01/28 | 2170491 |

---

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

**DUNHAM LONG/SHORT CREDIT FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.8% (Continued)** |  |  |  |  |
|  | **E-COMMERCE DISCRETIONARY — 1.9%** |  |  |  |  |
| 1900000 | Rakuten Group, Inc.<sup>(c)</sup> |  | 11.2500 | 02/15/27 | $2036839 |
| 2010000 | Rakuten Group, Inc.<sup>(c)</sup> |  | 9.7500 | 04/15/29 | 2126275 |
|  |  |  |  |  | 4163114 |
|  | **ELECTRIC UTILITIES — 5.7%** |  |  |  |  |
| 3465000 | American Electric Power Company, Inc. |  | 5.6990 | 08/15/25 | 3473226 |
| 2895000 | Dominion Energy, Inc.<sup>(d)</sup> | H15T5Y + 2.207% | 6.6250 | 05/15/55 | 2853686 |
| 3030000 | NextEra Energy Capital Holdings, Inc. |  | 5.7490 | 09/01/25 | 3038807 |
| 3300000 | PG&E Corporation<sup>(d)</sup> | H15T5Y + 3.883% | 7.3750 | 03/15/55 | 3216904 |
|  |  |  |  |  | 12582623 |
|  | **ENGINEERING & CONSTRUCTION — 1.1%** |  |  |  |  |
| 2345000 | IHS Holding Ltd.<sup>(c)</sup> |  | 5.6250 | 11/29/26 | 2293458 |
|  | **ENTERTAINMENT CONTENT — 0.7%** |  |  |  |  |
| 1560000 | Paramount Global |  | 6.8750 | 04/30/36 | 1564948 |
|  | **FOOD — 0.8%** |  |  |  |  |
| 1645000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | 12/01/52 | 1696798 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.0%** |  |  |  |  |
| 2210000 | CVS Health Corporation<sup>(d)</sup> | H15T5Y + 2.886% | 7.0000 | 03/10/55 | 2240340 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.9%** |  |  |  |  |
| 3515000 | Credit Suisse Group A.G.<sup>(c),(d)</sup> | SOFRRATE + 3.340% | 6.3730 | 07/15/26 | 3524911 |
| 4185000 | Credit Suisse Group A.G.<sup>(c)</sup> | USSW5 + 4.598% | 7.5000 | 06/11/70 | 313875 |
| 2485000 | Goldman Sachs Capital I |  | 6.3450 | 02/15/34 | 2542958 |
|  |  |  |  |  | 6381744 |
|  | **INSURANCE — 2.1%** |  |  |  |  |
| 1130000 | Farmers Insurance Exchange<sup>(c),(d)</sup> | H15T10Y + 3.864% | 7.0000 | 10/15/64 | 1138099 |
| 2285000 | Ohio National Financial Services, Inc.<sup>(c)</sup> |  | 6.8000 | 01/24/30 | 2225236 |
| 1000000 | Pacific Life Insurance Company<sup>(c)</sup> |  | 9.2500 | 06/15/39 | 1358632 |
|  |  |  |  |  | 4721967 |
|  | **LEISURE FACILITIES & SERVICES — 1.0%** |  |  |  |  |
| 2185000 | Las Vegas Sands Corporation |  | 5.6250 | 06/15/28 | 2189220 |

---

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

**DUNHAM LONG/SHORT CREDIT FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.8% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 0.9%** |  |  |  |  |
| 1445000 | First Quantum Minerals Ltd.<sup>(c)</sup> |  | 8.0000 | 03/01/33 | $1431501 |
| 598162 | Samarco Mineracao S.A.<sup>(c)</sup> |  | 9.0000 | 06/30/31 | 563355 |
|  |  |  |  |  | 1994856 |
|  | **OIL & GAS PRODUCERS — 2.8%** |  |  |  |  |
| 3000000 | Hess Corporation |  | 6.0000 | 01/15/40 | 3140896 |
| 3075000 | Venture Global LNG, Inc.<sup>(c),(e)</sup> |  | 9.8750 | 02/01/32 | 3127242 |
|  |  |  |  |  | 6268138 |
|  | **SEMICONDUCTORS — 1.1%** |  |  |  |  |
| 2375000 | Foundry JV Holdco, LLC<sup>(c)</sup> |  | 6.1000 | 01/24/36 | 2419352 |
|  | **SPECIALTY FINANCE — 4.3%** |  |  |  |  |
| 2320000 | AerCap Ireland Capital DAC / AerCap Global<sup>(d)</sup> | H15T5Y + 2.441% | 6.5000 | 01/31/56 | 2254207 |
| 2010000 | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL<sup>(d)</sup> | H15T5Y + 2.720% | 6.9500 | 03/10/55 | 2018084 |
| 2900000 | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 4.2500 | 04/15/26 | 2873876 |
| 2320000 | Avolon Holdings Funding Ltd.<sup>(c)</sup> |  | 4.9500 | 01/15/28 | 2307565 |
|  |  |  |  |  | 9453732 |
|  | **TELECOMMUNICATIONS — 4.5%** |  |  |  |  |
| 828000 | Frontier Communications Corporation<sup>(c)</sup> |  | 6.7500 | 05/01/29 | 832245 |
| 4857000 | Frontier Communications Holdings, LLC<sup>(c),(e)</sup> |  | 6.0000 | 01/15/30 | 4876706 |
| 2380000 | Rogers Communications, Inc.<sup>(d)</sup> | H15T5Y + 2.653% | 7.0000 | 04/15/55 | 2396527 |
| 1190000 | Rogers Communications, Inc.<sup>(d)</sup> | H15T5Y + 2.620% | 7.1250 | 04/15/55 | 1185437 |
| 558000 | Sprint Spectrum Company, LLC / Sprint Spectrum<sup>(c)</sup> |  | 5.1520 | 03/20/28 | 561311 |
|  |  |  |  |  | 9852226 |
|  | **TRANSPORTATION & LOGISTICS — 0.7%** |  |  |  |  |
| 1552191 | United Airlines Pass Through Trust Series 2020-1B Class B |  | 4.8750 | 01/15/26 | 1546910 |
|  | **TOTAL CORPORATE BONDS (Cost $107,428,631)** |  |  |  | 103109581 |

---

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

**DUNHAM LONG/SHORT CREDIT FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 1.1%** |  |  |  |
|  | **HIGHER EDUCATION — 1.1%** |  |  |  |
| 2405000 | Maricopa County Industrial Development Authority<sup>(c)</sup> | 7.3750 | 10/01/29 | $2499180 |
|  | **TOTAL MUNICIPAL BONDS (Cost $2,405,000)** |  |  | 2499180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | <br>**Maturity** | <br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.0%** |  |  |  |
|  | **SOVEREIGN — 1.0%** |  |  |  |
| 2295000 | Colombia Government International Bond | 7.7500 | 11/07/36 | 2189563 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,286,386)** |  |  | 2189563 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | <br>**Maturity** | <br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 47.4%** |  |  |  |
|  | **U.S. TREASURY BILLS — 47.4%** |  |  |  |
| 7380000 | United States Treasury Bill<sup>(g)</sup> |  | 05/06/25 | 7375698 |
| 27000000 | United States Treasury Bill<sup>(g)</sup> |  | 06/17/25 | 26851069 |
| 27075000 | United States Treasury Bill<sup>(g)</sup> |  | 07/10/25 | 26854940 |
| 27295000 | United States Treasury Bill<sup>(g)</sup> |  | 09/18/25 | 26860459 |
| 975000 | United States Treasury Note | 3.8750 | 04/30/30 | 980446 |
| 5825000 | United States Treasury Note | 4.6250 | 02/15/35 | 6033881 |
| 3345000 | United States Treasury Note<sup>(o)</sup> | 4.7500 | 02/15/45 | 3368520 |
| 6405000 | United States Treasury Note<sup>(n)</sup> | 4.5000 | 11/15/54 | 6212850 |
|  |  |  |  | 104537863 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $104,394,930)** |  |  | 104537863 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 7225683 First American Government Obligations Fund, Class X, 4.24%<sup>(i)</sup> | 7225683 |

---

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

**DUNHAM LONG/SHORT CREDIT FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.3% (Continued)** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 3.0%** |  |
| 6631390 | Mount Vernon Liquid Assets Portfolio, 4.42%<sup>(h)</sup> | $6631390 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $13,857,073)** | 13857073 |
|  | **TOTAL INVESTMENTS - 102.6% (Cost $230,429,750)** | $226198960 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.6)%** | (5805764) |
|  | **NET ASSETS - 100.0%** | $220393196 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | |
| **Number of Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(j)</sup>** | **Value and<br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 34 | CBOT 10 Year US Treasury Note | 06/19/2025 | $3815438 | $(83407) |
| 24 | CBOT 5 Year US Treasury Note | 07/01/2025 | 2620688 | (54750) |
| 59 | CBOT US Treasury Bond | 06/19/2025 | 6880874 | (35353) |
| 122 | Ultra 10-Year US Treasury Note | 06/19/2025 | 13997593 | (240465) |
| 54 | Ultra U.S. Treasury Bond | 06/19/2025 | 6535688 | 11390 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(402585) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | | | | |
| **Description and Payment Frequency** | **Counterparty** | **Fixed Deal <br> (Pay) Rate** | **Implied<br> Credit<br> Spread** | **Maturity<br> Date** | **Notional <br> Value** | **Fair <br> Value<sup>(m)</sup>** | **Amortized<br> Upfront Payments Paid/(Received)** | **Unrealized<br> Appreciation/<br> (Depreciaton)** |
| CDX.NA.HY SERIES 44 Quarterly<sup>(1)</sup> | HSBC Securities | 5.00% | 407.51 | 12/20/2029 | $17000000 | (741954) | (849449) | $(431458) |
| CDX.NA.IG SERIES 44 Quarterly<sup>(1)</sup> | HSBC Securities | 1.00% | 67.12 | 12/20/2029 | 41000000 | (665498) | (716803) | $(205673) |
| DARDEN RESTAURANTS INC Quarterly<sup>(1)</sup> | Barclays | 1.00% | 25.00 | 6/20/2027 | 7000000 | (117565) | (9956) | $(107609) |
| LENNAR CORPORATIOn Quarterly<sup>(2)</sup> | Barclays | 5.00% | (109.00) | 12/20/2029 | (5000000) | 853439 | 917811 | $(64372) |
| TOLL BROTHERS INC. Quarterly<sup>(1)</sup> | Barclays | 1.00% | 109.00 | 12/20/2029 | 5000000 | 12475 | (56014) | $68489 |
| VERIZON COMMUNICATIONS INC<sup>(k)</sup> Quarterly<sup>(2)</sup> | Barclays | -1.00% | (41.00) | 6/20/2027 | (7000000) | 93669 | 1792 | $91877 |
| **TOTAL** |  |  |  |  |  | **(565434)** | **(712619)** | **(648746)** |

---

<sup>(1)</sup> Buy Protection <br> <sup>(2)</sup> Sell Protection

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | | | |
| **Description** | **Frequency** | **Counterparty** | **Notional Value** | **Variable Rate <br> Premium Paid** | **Maturity Date** | **Unrealized <br> Appreciation** |
| Markit IBoxx US Dollar Liquid High Yield Index | At Maturity | Goldman Sachs | $14000000 | US0001M | 6/20/2025 | $55624 |

---

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

**DUNHAM LONG/SHORT CREDIT FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

---

| | |
|:---|:---|
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |
| USISSO05 | USD INTEREST SWAP SOFR 5YR |
| 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 April 30, 2025 the total market value of 144A securities is 48,686,941 or 22.1% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(e)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $6,462,840 at April 30, 2025.

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

<sup>(h)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $6,631,390 at April 30, 2025.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(j)</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>(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 0.00% of net assets. The total value of these securities is $5,700.

<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 April 30, 2025.

<sup>(o)</sup> All or portion of security held as collateral for Swaps at April 30, 2025.

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

**DUNHAM MONTHLY DISTRIBUTION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 1.6%** |  |
|  | **EQUITY — 1.6%** |  |
| 2468782 | Altaba, Inc. <sup>(h)</sup> | $3703173 |
|  | **TOTAL CLOSED END FUNDS (Cost $1,226,356)** | 3703173 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.2%** |  |
|  | **ADVERTISING & MARKETING — 3.2%** |  |
| 94678 | Omnicom Group, Inc.<sup>(c)</sup> | 7210676 |
|  | **AEROSPACE & DEFENSE — 2.0%** |  |
| 175613 | Triumph Group, Inc.<sup>(b)</sup> | 4460570 |
|  | **BANKING — 0.4%** |  |
| 45388 | Pacific Premier Bancorp, Inc. | 923192 |
|  | **CABLE & SATELLITE — 5.3%** |  |
| 131747 | Liberty Broadband Corporation - Series C<sup>(b),(c)</sup> | 11908611 |
|  | **CHEMICALS — 5.7%** |  |
| 189436 | Covestro A.G. 144A<sup>(b),(d)</sup> | 12757935 |
|  | **FOOD — 2.2%** |  |
| 60845 | Kellanova<sup>(c)</sup> | 5036141 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.3%** |  |
| 78678 | Amedisys, Inc.<sup>(b)</sup> | 7466542 |
|  | **HOME CONSTRUCTION — 5.8%** |  |
| 261438 | AZEK Company, Inc. (The)<sup>(b)</sup> | 12956867 |
|  | **INDUSTRIAL SUPPORT SERVICES — 2.6%** |  |
| 8083 | H&E Equipment Services, Inc. | 725934 |
| 196966 | WillScot Holdings Corporation | 4947787 |
|  |  | 5673721 |

---

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

**DUNHAM MONTHLY DISTRIBUTION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.2% (Continued)** |  |
|  | **INSURANCE — 3.0%** |  |
| 20366 | Enstar Group Ltd.<sup>(b)</sup> | $6810594 |
|  | **LEISURE FACILITIES & SERVICES — 4.1%** |  |
| 477890 | Everi Holdings, Inc.<sup>(b)</sup> | 6714354 |
| 187911 | Playa Hotels & Resorts N.V.<sup>(b)</sup> | 2521766 |
|  |  | 9236120 |
|  | **OIL & GAS PRODUCERS — 10.5%** |  |
| 84102 | Columbia Pipeline Group, Inc.<sup>(b),(h)</sup> |  |
| 118183 | Hess Corporation<sup>(c)</sup> | 15251516 |
| 1400965 | Veren, Inc. | 8293402 |
|  |  | 23544918 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.0%** |  |
| 181921 | ChampionX Corporation | 4389754 |
|  | **REAL ESTATE SERVICES — 3.9%** |  |
| 5436022 | ESR Cayman Ltd. 144A<sup>(d)</sup> | 8663240 |
|  | **RETAIL - CONSUMER STAPLES — 5.6%** |  |
| 130340 | Just Eat Takeaway.com N.V. 144A<sup>(b),(d)</sup> | 2843244 |
| 886163 | Walgreens Boots Alliance, Inc. | 9721208 |
|  |  | 12564452 |
|  | **RETAIL - DISCRETIONARY — 2.5%** |  |
| 230078 | Nordstrom, Inc.<sup>(b)</sup> | 5554083 |
|  | **SPECIALTY FINANCE — 2.0%** |  |
| 37700 | Mr Cooper Group, Inc.<sup>(b)</sup> | 4486677 |
|  | **STEEL — 4.5%** |  |
| 233665 | United States Steel Corporation | 10213497 |
|  | **TECHNOLOGY SERVICES — 2.9%** |  |
| 717794 | Dun & Bradstreet Holdings, Inc. | 6438612 |

---

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

**DUNHAM MONTHLY DISTRIBUTION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.2% (Continued)** |  |
|  | **TELECOMMUNICATIONS — 4.7%** |  |
| 290806 | Frontier Communications Parent, Inc.<sup>(b)</sup> | $10541717 |
| 205893 | NII Holdings, Inc. 144A<sup>(b),(d),(h)</sup> | 72063 |
|  |  | 10613780 |
|  | **TRANSPORTATION & LOGISTICS — 0.0%<sup>(a)</sup>** |  |
| 1025 | American Airlines Group, Inc.<sup>(b),(c)</sup> | 10199 |
| 101283 | American Airlines Group, Inc. Escrow Security<sup>(b),(h)</sup> | - |
|  |  | 10199 |
|  | **TOTAL COMMON STOCKS (Cost $171,403,628)** | 170920181 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration Date** | **Exercise Price** | **Fair Value** |
|  | **RIGHT — 0.4%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.0% <sup>(a)</sup>** |  |  |  |
| 117448 | Pershing Square Sparc Holdings Ltd<sup>(h)</sup> | 9/29/2034 | $- | 35234 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.4%** |  |  |  |
| 532221 | Resolute Forest Products, Inc. - CVR<sup>(h)</sup> |  | $6.25 | 798332 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.0% <sup>(a)</sup>** |  |  |  |
| 34956 | Abiomed, Inc. - CVR<sup>(h)</sup> | 12/31/2034 | $35.00 | 55930 |
|  | **TOTAL RIGHT (Cost $850,905)** |  |  | 889496 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.2%** |  |
|  | **MONEY MARKET FUNDS — 10.7%** |  |
| 24019732 | Fidelity Investments Money Market Government Portfolio, Class I, 4.22%<sup>(f)</sup> | 24019732 |
|  | **COLLATERAL FOR SECURITIES LOANED — 8.5%** |  |
| 19011252 | Mount Vernon Liquid Assets Portfolio, 4.42%<sup>(e),(f)</sup> | 19011252 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $43,030,984)** | 43030984 |

---

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

**DUNHAM MONTHLY DISTRIBUTION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(f)</sup>** |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED — 0.1%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED — 0.1%** |  |  |  |  |  |
| 377 | Mr Cooper Group, Inc. | Morgan Stanley | 01/16/2026 | $95 | $4486677 | $329875 |
| 46 | Rocket Companies, Inc. | Morgan Stanley | 01/16/2026 | 9 | 59386 | 6785 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $399,829) |  |  |  |  | 336660 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $399,829) |  |  |  |  | 336660 |
|  | **TOTAL INVESTMENTS - 97.5% (Cost $216,911,702)** |  |  |  |  | $218880494 |
|  | **CALL OPTIONS WRITTEN - (1.3)% (Premiums received - $2,510,888)** |  |  |  |  | (3091912) |
|  | **TOTAL SECURITIES SOLD SHORT – (23.3)% (Proceeds Received - $56,341,275)** |  |  |  |  | (52065563) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 27.1%** |  |  |  |  | 60927809 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $224650828 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(g)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS — (1.3)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN — (1.3)%** |  |  |  |  |  |
| 450 | AZEK Company, Inc. (The) | Morgan Stanley | 12/19/2025 | $50 | $2230200 | $208125 |
| 377 | Mr Cooper Group, Inc. | Morgan Stanley | 01/16/2026 | 130 | 4486677 | 706875 |
| 1341 | United States Steel Corporation | Morgan Stanley | 07/18/2025 | 37 | 5861511 | 1156612 |
| 520 | United States Steel Corporation | Morgan Stanley | 07/18/2025 | 42 | 2272920 | 271700 |
| 1970 | WillScot Holdings Corporation | Morgan Stanley | 12/19/2025 | 25 | 4948640 | 748600 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,510,888) |  |  |  |  | 3091912 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $2,510,888) |  |  |  |  | $3091912 |

---

LTD - Limited Company <br> PLC - Public Limited Company

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

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

<sup>(c)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $18,378,764 at April 30, 2025.

<sup>(d)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is 24,336,482 or 10.8% of net assets.

<sup>(e)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $19,011,252 at April 30, 2025.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(g)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(h)</sup> Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.08 of net assets. The total value of these securities is $4,664,732.

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

**DUNHAM MONTHLY DISTRIBUTION FUND**

**SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (23.3)%** |  |
|  | **ADVERTISING & MARKETING — (3.1)%** |  |
| (275227) | Interpublic Group of Companies, Inc. (The) | $(6913702) |
|  | **BANKING — (0.4)%** |  |
| (41529) | Columbia Banking System, Inc. | (931080) |
|  | **CABLE & SATELLITE — (5.4)%** |  |
| (31096) | Charter Communications, Inc., Class A | (12185278) |
|  | **CONSTRUCTION MATERIALS — (1.2)%** |  |
| (111653) | James Hardie Industries plc | (2646314) |
|  | **INDUSTRIAL SUPPORT SERVICES — (0.1)%** |  |
| (1040) | Herc Holdings, Inc. | (113818) |
|  | **OIL & GAS PRODUCERS — (11.1)%** |  |
| (121154) | Chevron Corporation | (16484213) |
| (1471001) | Whitecap Resources, Inc. | (8345166) |
|  |  | (24829379) |
|  | **OIL & GAS SERVICES & EQUIPMENT — (2.0)%** |  |
| (133714) | Schlumberger Ltd. | (4445992) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $56,341,275)** | $(52065563) |

---

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

**DUNHAM MONTHLY DISTRIBUTION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025 (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Hong Kong Dollar | 05/02/2025 | US Bank | 1245931 | $160648 | $54 |
| Australian Dollar | 06/27/2025 | Morgan Stanley FX | 4262012 | 2731830 | 37627 |
|  |  |  |  | $**2892478** | $**37681** |
| **To Sell:** |  |  |  |  |  |
| Euro | 05/12/2025 | Morgan Stanley FX | 14390934 | $16326426 | $(1170143) |
| Hong Kong Dollar | 05/21/2025 | Morgan Stanley FX | 70668286 | 9114269 | (14834) |
|  |  |  |  | $**25440695** | $**(1184977)** |
| **Total** |  |  |  |  | $**(1147296)** |

---

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

**DUNHAM REAL ESTATE STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **ASSET MANAGEMENT — 6.1%** |  |
| 3325 | Blackstone, Inc. | $437936 |
| 625997 | FTAI Infrastructure, LLC | 2704306 |
|  |  | 3142242 |
|  | **DATA CENTER REIT — 11.5%** |  |
| 14630 | Digital Realty Trust, Inc. | 2348700 |
| 4041 | Equinix, Inc. | 3478291 |
|  |  | 5826991 |
|  | **ELECTRICAL EQUIPMENT — 1.4%** |  |
| 1888 | GE Vernova, LLC | 700108 |
|  | **FOOD — 0.8%** |  |
| 137154 | Cadiz, Inc.<sup>(a)</sup> | 389517 |
|  | **GAMING REIT — 2.2%** |  |
| 35304 | VICI Properties, Inc. | 1130434 |
|  | **HEALTH CARE REIT — 6.1%** |  |
| 24329 | Ventas, Inc. | 1704976 |
| 9346 | Welltower, Inc. | 1426106 |
|  |  | 3131082 |
|  | **INDUSTRIAL REIT — 7.9%** |  |
| 35542 | Prologis, Inc. | 3632392 |
| 10379 | Rexford Industrial Realty, Inc. | 343545 |
|  |  | 3975937 |
|  | **INFRASTRUCTURE REIT — 15.4%** |  |
| 18626 | American Tower Corporation, Class A | 4198486 |
| 23391 | Crown Castle, Inc. | 2473832 |
| 4488 | SBA Communications Corporation, Class A | 1092379 |
|  |  | 7764697 |
|  | **INTERNET MEDIA & SERVICES — 0.9%** |  |
| 6808 | Zillow Group, Inc., Class C<sup>(a),(b)</sup> | 458383 |
|  | **LEISURE FACILITIES & SERVICES — 5.2%** |  |
| 29881 | MGM Resorts International<sup>(a)</sup> | 940056 |

---

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

**DUNHAM REAL ESTATE STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES — 5.2% (Continued)** |  |
| 21255 | Wynn Resorts Ltd.<sup>(b)</sup> | $1706989 |
|  |  | 2647045 |
|  | **MORTGAGE FINANCE — 2.5%** |  |
| 70851 | AGNC Investment Corporation<sup>(b)</sup> | 625614 |
| 33554 | Annaly Capital Management, Inc. | 657659 |
|  |  | 1283273 |
|  | **OFFICE REIT — 1.7%** |  |
| 12077 | Alexandria Real Estate Equities, Inc. | 877515 |
|  | **OIL & GAS PRODUCERS — 1.2%** |  |
| 113756 | New Fortress Energy, Inc.<sup>(b)</sup> | 617695 |
|  | **REAL ESTATE SERVICES — 2.8%** |  |
| 11714 | CBRE Group, Inc., Class A<sup>(a)</sup> | 1431217 |
|  | **RESIDENTIAL REIT — 7.7%** |  |
| 11330 | American Homes 4 Rent, Class A | 423629 |
| 4608 | AvalonBay Communities, Inc. | 967588 |
| 7022 | Equity LifeStyle Properties, Inc. | 454885 |
| 11577 | Equity Residential | 813400 |
| 21127 | Invitation Homes, Inc. | 722332 |
| 4609 | Sun Communities, Inc. | 573498 |
|  |  | 3955332 |
|  | **RETAIL REIT — 6.2%** |  |
| 98342 | Macerich Company (The) | 1441694 |
| 10989 | Simon Property Group, Inc. | 1729449 |
|  |  | 3171143 |
|  | **SELF-STORAGE REIT — 4.8%** |  |
| 8127 | Extra Space Storage, Inc. | 1190768 |
| 4225 | Public Storage | 1269317 |
|  |  | 2460085 |
|  | **SELF-STORAGE REITS — 0.7%** |  |
| 8535 | CubeSmart | 347118 |

---

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

**DUNHAM REAL ESTATE STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **SPECIALTY FINANCE — 5.2%** |  |
| 24641 | FTAI Aviation Ltd. | $2639298 |
|  | **SPECIALTY REITS — 4.5%** |  |
| 10064 | Americold Realty Trust, Inc. | 194638 |
| 12564 | Iron Mountain, Inc. | 1126614 |
| 68859 | NewLake Capital Partners, Inc. | 986061 |
|  |  | 2307313 |
|  | **TECHNOLOGY SERVICES — 2.2%** |  |
| 15171 | CoStar Group, Inc.<sup>(a)</sup> | 1125233 |
|  | **TIMBER REIT — 1.1%** |  |
| 22192 | Weyerhaeuser Company | 574995 |
|  | **TRANSPORTATION & LOGISTICS — 0.4%** |  |
| 2096 | Kirby Corporation<sup>(a)</sup> | 201992 |
|  | **TOTAL COMMON STOCKS (Cost $45,142,167)** | 50158645 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 5.6%** |  |
|  | **MONEY MARKET FUNDS — 1.2%** |  |
| 627465 | Fidelity Investments Money Market Government Portfolio, Class I, 4.22%<sup>(c)</sup> | 627465 |
|  | **COLLATERAL FOR SECURITIES LOANED — 4.4%** |  |
| 2246134 | Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c),(d)</sup> | 2246134 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $2,873,599)** | 2873599 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,873,599)** | 2873599 |
|  | **TOTAL INVESTMENTS - 104.1% (Cost $48,015,766)** | $53032244 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%** | (2110597) |
|  | **NET ASSETS - 100.0%** | $50921647 |

---

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

**DUNHAM REAL ESTATE STOCK FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

LLC - Limited Liability Company <br> LTD - Limited Company <br> 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 $2,107,282 at April 30, 2025.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $2,246,134 at April 30, 2025.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

**DUNHAM U.S. ENHANCED MARKET FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Discount Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 53.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 41.0%** |  |  |  |
| 22000000 | United States Treasury Bill<sup>(a)</sup> | 3.6727 | 05/08/25 | $21982044 |
| 28000000 | United States Treasury Bill<sup>(a),(b)</sup> | 4.1211 | 07/10/25 | 27772422 |
|  |  |  |  | 49754466 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Coupon Rate <br> (%)** | **Maturity** | |
|  | **U.S. TREASURY NOTES — 12.2%** |  |  |  |
| 16000000 | United States Treasury Note | 1.2500 | 09/30/28 | 14777188 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $64,618,711)** |  |  | 64531654 |

---

---

| | |
|:---|:---|
| **Shares** | |
| 28091383 Fidelity Government Portfolio, Class I, 4.20% (Cost $28,091,383)<sup>(c)</sup> | 28091383 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **FLEX OPTIONS PURCHASED — 23.4%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED — 23.4%** |  |  |  |  |  |
| 100 | S&P 500 INDEX | Societe Generale | 06/11/2029 | $5450 | $54500000 | $12645507 |
| 150 | S&P 500 INDEX | Societe Generale | 01/31/2030 | 6100 | 91500000 | 15804164 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $35,243,421)** |  |  |  |  | 28449671 |
|  | **TOTAL FLEX OPTIONS PURCHASED (Cost - $35,243,421)** |  |  |  |  | 28449671 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $127,953,515)** |  |  |  |  | $121072708 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** |  |  |  |  | 404436 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $121477144 |

---

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

**DUNHAM U.S. ENHANCED MARKET FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized<br> Appreciation** |
| 42 | CBOT 10 Year US Treasury Note Future | 06/18/2025 | $4713188 | $100078 |
| 220 | CBOT 2 Year US Treasury Note Future | 06/30/2025 | 45792656 | 422813 |
| 408 | CBOT 5 Year US Treasury Note Future | 06/30/2025 | 44551688 | 876336 |
| 15 | CBOT US Treasury Bond Futures | 06/18/2025 | 1749375 | 5944 |
| 59 | CME E-Mini Standard & Poor's 500 Index Future | 06/20/2025 | 16481650 | 148709 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $1553880 |

---

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

<sup>(b)</sup> A portion is held as collateral for futures.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(e)</sup> The amounts shown are the underlying reference notional amounts 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.

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)**

April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Corporate/<br> Government<br> Bond Fund** | **Dunham<br> Floating Rate<br> Bond Fund** | **Dunham<br> High-Yield<br> Bond Fund** | **Dunham<br> International<br> Opportunity<br> Bond Fund** | **Dunham<br> Large Cap<br> Value Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $214874218 | $180496383 | $201708935 | $65729950 | $127306799 |
| Investments in securities, at value | $211186297 | $174794067 | $198700719 | $63449413 | $180157978 |
| Foreign currency, at value (cost $0, $0, $0, $1,081,333, and $0 respectively) |  |  |  | 1086054 |  |
| Deposits with brokers for futures (a) |  |  |  | 808453 |  |
| Deposits with brokers for swaps (a) |  |  |  | 1548306 |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 148791 |  |
| Unrealized appreciation on futures |  |  |  | 263411 |  |
| Receivable for securities sold | 4809498 | 5124083 |  | 402600 |  |
| Unrealized appreciation on swap contracts |  |  |  | 31961 |  |
| Premiums paid on swap contracts |  |  |  | 199519 |  |
| Interest and dividends receivable | 1932627 | 1568897 | 2922500 | 1095627 | 181878 |
| Receivable for Fund shares sold | 1661029 | 1060592 | 1257003 | 542744 | 178805 |
| Prepaid expenses and other assets | 38326 | 31375 | 37569 | 27978 | 38546 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **219627777** | **182579014** | **202917791** | **69604857** | **180557207** |
| **Liabilities:** |  |  |  |  |  |
| Payable for securities purchased | 1891451 | 11087792 | 454410 | 235975 |  |
| Payable for Fund shares redeemed | 137235 | 78744 | 936671 | 38313 | 6255 |
| Distributions payable | 3499 | 9666 | 10500 | 5373 |  |
| Payable upon return of securities loaned (Market value of securities on loan $2,662,207, $5,420,195, $28,784,922, $998,201, $2,723,248 respectively) | 2733018 | 5564337 | 29544068 | 1024611 | 2761892 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 1187111 |  |
| Unrealized depreciation on futures |  |  |  | 332101 |  |
| Premiums received on swap contracts |  |  |  | 99669 |  |
| Payable to adviser | 86833 | 99824 | 83778 | 32535 | 91714 |
| Payable to sub-adviser | 31068 | 18911 | 29554 | 25463 | 20388 |
| Payable for distribution fees | 8087 | 6278 | 17985 | 485 | 13394 |
| Payable to related parties | 36265 | 29216 | 28205 | 39781 | 19779 |
| Accrued expenses and other liabilities | 13409 | 15033 | 11414 | 19227 | 23649 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **4940865** | **16909801** | **31116585** | **3040644** | **2937071** |
| **Net Assets** | $**214686912** | $**165669213** | $**171801206** | $**66564213** | $**177620136** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $226857008 | $196429038 | $187457487 | $76749613 | $124061281 |
| Accumulated earnings (loss) | (12170096) | (30759825) | (15656281) | (10185400) | 53558855 |
| **Net Assets** | $**214686912** | $**165669213** | $**171801206** | $**66564213** | $**177620136** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $197540672 | $151263435 | $157546205 | $61564090 | $158452897 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 15825292 | 17884100 | 18643986 | 7925971 | 8479162 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.48 | $8.46 | $8.45 | $7.77 | $18.69 |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $13314984 | $9608697 | $11217050 | $4308727 | $15767359 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 1068377 | 1137359 | 1309849 | 561385 | 849164 |
| &nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $12.46 | $8.45 | $8.56 | $7.68 | $18.57 |
| &nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9550 | 0.9550 | 0.9550 | 0.9550 | 0.9425 |
| &nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $13.05 | $8.85 | $8.96 | $8.04 | $19.70 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3831255 | $4797081 | $3037951 | $691396 | $3399880 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 309956 | 567599 | 361925 | 93065 | 197573 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.36 | $8.45 | $8.39 | $7.43 | $17.21 |

---

\* 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 (Unaudited) (Continued)**

April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Small Cap<br> Value Fund** | **Dunham<br> Focused<br> Large Cap<br> Growth Fund** | **Dunham<br> Small Cap<br> Growth Fund** | **Dunham<br> Emerging<br> Markets<br> Stock Fund** | **Dunham<br> International<br> Stock Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $115946260 | $106173643 | $93570379 | $110981167 | $158089535 |
| Investments in securities, at value | $110858685 | $203396111 | $99047701 | $135667171 | $171527672 |
| Cash |  |  |  |  | 289234 |
| Foreign currency, at value (cost $0, $0, $0, $14,360 and $273,372 respectively) |  |  |  | 14405 | 276455 |
| Receivable for securities sold | 175126 |  |  | 722028 | 1643978 |
| Unrealized appreciation on spot contracts |  |  |  |  | 5133 |
| Interest and dividends receivable | 42186 | 76365 | 22934 | 346358 | 1396900 |
| Receivable for Fund shares sold | 109739 | 443526 | 76371 | 441916 | 461123 |
| Prepaid expenses and other assets | 38107 | 37777 | 43883 | 36870 | 43166 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **111223843** | **203953779** | **99190889** | **137228748** | **175643661** |
| **Liabilities:** |  |  |  |  |  |
| Payable for securities purchased | 75044 |  |  | 672026 | 1262625 |
| Payable for Fund shares redeemed | 3106 | 343347 | 5540 | 5014 | 19777 |
| Cash overdraft due to broker |  |  | 368819 |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $11,789,907, $3,073,502,$18,848,682, $2,122,969, and $12,540,982 respectively) | 12257583 | 3137940 | 19566902 | 2154027 | 12941519 |
| Accrued foreign capital gains tax on appreciated securities |  |  |  | 765825 |  |
| Payable to adviser | 50394 | 98925 | 41060 | 67891 | 81020 |
| Payable to sub-adviser | 14321 | 29750 | 14407 | 8906 | 105829 |
| Payable for distribution fees | 5601 | 28039 | 14026 | 8706 | 13143 |
| Payable to related parties | 15410 | 24220 | 14591 | 19886 | 43100 |
| Accrued expenses and other liabilities | 11642 | 35003 | 22629 | 56295 | 50553 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **12433101** | **3697224** | **20047974** | **3758576** | **14517566** |
| **Net Assets** | $**98790742** | $**200256555** | $**79142915** | $**133470172** | $**161126095** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $107288621 | $88652216 | $78179247 | $137361918 | $139613560 |
| Accumulated earnings (loss) | (8497879) | 111604339 | 963668 | (3891746) | 21512535 |
| **Net Assets** | $**98790742** | $**200256555** | $**79142915** | $**133470172** | $**161126095** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $89991991 | $175127352 | $69459230 | $119365920 | $144727654 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 6933155 | 4674267 | 3983349 | 8432944 | 7861064 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.98 | $37.47 | $17.44 | $14.15 | $18.41 |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $7102757 | $18539391 | $7958388 | $12150000 | $12501157 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 561969 | 517739 | 499267 | 882337 | 685663 |
| &nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $12.64 | $35.81 | $15.94 | $13.77 | $18.23 |
| &nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 |
| &nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $13.41 | $37.99 | $16.91 | $14.61 | $19.34 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1695994 | $6589812 | $1725297 | $1954252 | $3897284 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 171233 | 210964 | 167442 | 155116 | 233893 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.90 | $31.24 | $10.30 | $12.60 | $16.66 |

---

\* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase.

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

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)**

April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Dynamic<br> Macro Fund** | **Dunham<br> Long/Short<br> Credit Fund** | **Dunham<br> Monthly<br> Distribution<br> Fund** | **Dunham<br> Real Estate<br> Stock Fund** | **Dunham<br> U.S. Enhanced<br> Market Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $87421880 | $230429750 | $216911702 | $48015766 | $127953515 |
| Investments in securities, at value | $95141524 | $226198960 | $218880494 | $53032244 | $121072708 |
| Cash |  |  | 7 | 235000 | 197369 |
| Foreign currency, at value (cost $0, $0, $17,598, $0 and $0 respectively) |  |  | 18438 |  |  |
| Deposits with brokers for securities sold short (a) |  |  | 79844851 |  |  |
| Deposit with brokers for futures (a) | 1095750 | 63875 |  |  |  |
| Deposit with brokers for swaps (a) |  | 1447224 |  |  |  |
| Unrealized appreciation on futures | 659828 | 11390 |  |  | 1553880 |
| Unrealized appreciation on swap contracts |  | 215990 |  |  |  |
| Premiums paid on swap contracts |  | 919603 |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 59463 |  | 37681 |  |  |
| Receivable for securities sold |  | 3412452 | 2859256 |  |  |
| Interest and dividends receivable | 240238 | 2153353 | 111850 | 26241 | 105309 |
| Receivable for Fund shares sold | 271841 | 1557254 | 1902235 | 138136 | 128306 |
| Due from sub-adviser |  | 30242 |  |  |  |
| Prepaid expenses and other assets | 37572 | 40082 | 203549 | 34851 | 35111 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **97506216** | **236050425** | **303858361** | **53466472** | **123092683** |
| **Liabilities:** |  |  |  |  |  |
| Option contracts written (premiums received $0, $0, $2,510,888, $0, and $0 respectively) |  |  | 3091912 |  |  |
| Securities sold short (proceeds received $0, $0, 56,341,275, $0, and $0 respectively) |  |  | 52065563 |  |  |
| Cash overdraft due to broker |  |  |  |  | 1475855 |
| Payable for securities purchased |  | 5791529 | 3380039 |  |  |
| Payable for Fund shares redeemed | 9337 | 180094 | 134300 | 2616 | 1515 |
| Payable upon return of securities loaned (Market value of securities on loan $11,387,077, $6,462,840, $18,378,764, $2,107,282 and $0 respectively), | 11669140 | 6631390 | 19011252 | 2246134 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 679557 |  | 1184977 |  |  |
| Distributions payable |  | 16038 | 40784 |  |  |
| Premiums received on swap contracts |  | 1632222 |  |  |  |
| Unrealized depreciation on swap contracts |  | 809112 |  |  |  |
| Unrealized depreciation on futures | 6380 | 413975 |  |  |  |
| Payable for dividend on short sales |  |  | 64883 |  |  |
| Payable to adviser | 44483 | 117894 | 118958 | 25659 | 61764 |
| Payable to sub-adviser | 20445 |  | 39795 | 4579 | 40589 |
| Payable for distribution fees | 4805 | 14304 | 29525 | 1093 | 2544 |
| Payable to related parties | 14795 | 26878 | 34234 | 13815 | 18411 |
| Payable for line of credit |  |  |  | 235000 |  |
| Accrued expenses and other liabilities | 14196 | 23793 | 11311 | 15929 | 14861 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **12463138** | **15657229** | **79207533** | **2544825** | **1615539** |
| **Net Assets** | $**85043078** | $**220393196** | $**224650828** | $**50921647** | $**121477144** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $74802662 | $239262986 | $226194891 | $65965757 | $124973352 |
| Accumulated earnings (loss) | 10240416 | (18869790) | (1544063) | (15044110) | (3496208) |
| **Net Assets** | $**85043078** | $**220393196** | $**224650828** | $**50921647** | $**121477144** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class N Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $75395242 | $204228788 | $195008391 | $45346443 | $110875080 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 6161054 | 23270896 | 6768506 | 3511710 | 8236873 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.24 | $8.78 | $28.81 | $12.91 | $13.46 |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $7997102 | $13830599 | $18718840 | $4014805 | $9809874 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 662964 | 1580177 | 693641 | 308883 | 729693 |
| &nbsp;&nbsp;&nbsp;Net asset value, and redemption price per share \* | $12.06 | $8.75 | $26.99 | $13.00 | $13.44 |
| &nbsp;&nbsp;&nbsp;Front-end sales charge factor | 0.9425 | 0.9425 | 0.9425 | 0.9425 | 0.9425 |
| &nbsp;&nbsp;&nbsp;Offering price per share (Net asset value per share / front-end sales charge factor) | $12.80 | $9.28 | $28.64 | $13.79 | $14.26 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1650734 | $2333809 | $10923597 | $1560399 | $792190 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 148530 | 280336 | 613572 | 133161 | 59332 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.11 | $8.33 | $17.80 | $11.72 | $13.35 |

---

\* 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 of these financial statements.

**STATEMENTS OF OPERATIONS (Unaudited)** 

For the Six Months Ended April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Corporate/<br> Government<br> Bond Fund** | **Dunham<br> Floating Rate<br> Bond Fund** | **Dunham<br> High-Yield<br> Bond Fund** | **Dunham<br> International<br> Opportunity<br> Bond Fund** | **Dunham<br> Large Cap<br> Value Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $5777393 | $6762289 | $7320118 | $2382705 | $77264 |
| Dividend income | 6012 |  | 14775 |  | 1605117 |
| Securities lending income - net | 6162 | 8904 | 49325 | 4886 | 4769 |
| Less: Foreign withholding taxes | (1133) | - | - | (1721) | (3126) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **5788434** | **6771193** | **7384218** | **2385870** | **1684024** |
| **Operating Expenses:** |  |  |  |  |  |
| Investment advisory fees | 531774 | 458450 | 584881 | 218417 | 537140 |
| Sub-advisory fees | 319064 | 213944 | 311936 | 163813 | 247911 |
| Sub-advisory performance fees | 24557 | (18065) | (12965) | 51588 | (29200) |
| Distribution fees- Class A Shares | 17049 | 11089 | 15976 | 5821 | 20803 |
| Distribution fees- Class C Shares | 9265 | 18242 | 11917 | 2833 | 17243 |
| Administration fees | 109066 | 59335 | 68046 | 81962 | 31357 |
| Registration fees | 26903 | 25407 | 27176 | 21562 | 26560 |
| Transfer agent fees | 20640 | 19245 | 20888 | 15620 | 20113 |
| Printing and postage expense | 14131 | 12345 | 15348 | 9054 | 12126 |
| Professional fees | 13438 | 11904 | 13218 | 10223 | 12203 |
| Fund accounting fees | 12804 | 9218 | 11701 | 4376 | 9967 |
| Custodian fees | 13449 | 11901 | 5764 | 20828 | 6062 |
| Chief Compliance Officer fees | 6220 | 4327 | 5957 | 2254 | 4701 |
| Trustees' fees | 4140 | 2881 | 3970 | 1503 | 3131 |
| Third party administrative servicing fees | 2579 | 2620 | 3968 | 2777 | 4985 |
| Insurance expense | 1067 | 864 | 980 | 441 | 1088 |
| Interest expense |  | 327 |  | 242 | 360 |
| Miscellaneous expenses | 4911 | 6034 | 5684 | 3006 | 13515 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1131057** | **850068** | **1094445** | **616320** | **940065** |
| &nbsp;&nbsp;&nbsp;Less: Fees paid indirectly | - | - | - | - | (506) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1131057** | **850068** | **1094445** | **616320** | **939559** |
| **Net Investment Income** | **4657377** | **5921125** | **6289773** | **1769550** | **744465** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures, Swap Contracts and Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1443528) | (1684324) | (1588381) | 423058 | 1495991 |
| &nbsp;&nbsp;&nbsp;Futures |  |  |  | (523124) |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | 32466 |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | - | - | - | 650319 | - |
| **Net realized gain (loss)** | (1443528) | (1684324) | (1588381) | 582719 | 1495991 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 72065 | (2295782) | (3242973) | (239684) | (7466805) |
| &nbsp;&nbsp;&nbsp;Futures |  |  |  | 27759 |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | 20034 |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | - | - | - | (1423732) | - |
| **Net change in unrealized appreciation (depreciation)** | 72065 | (2295782) | (3242973) | (1615623) | (7466805) |
| **Net Realized and Unrealized Loss** | **(1371463)** | **(3980106)** | **(4831354)** | **(1032904)** | **(5970814)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**3285914** | $**1941019** | $**1458419** | $**736646** | $**(5226349)** |

---

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

**STATEMENTS OF OPERATIONS (Unaudited)(Continued)**

For the Six Months Ended April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Small Cap<br> Value Fund** | **Dunham<br> Focused<br> Large Cap<br> Growth Fund** | **Dunham<br> Small Cap<br> Growth Fund** | **Dunham<br> Emerging<br> Markets<br> Stock Fund** | **Dunham<br> International<br> Stock Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $78434 | $54268 | $54095 | $68818 | $13575 |
| Dividend income | 829755 | 271172 | 166778 | 1317374 | 2988369 |
| Securities lending income - net | 23726 | 2065 | 21183 | 12018 | 38494 |
| Less: Foreign withholding taxes | (3155) | (2552) | (248) | (192700) | (294389) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **928760** | **324953** | **241808** | **1205510** | **2746049** |
| **Operating Expenses:** |  |  |  |  |  |
| Investment advisory fees | 326638 | 587368 | 237666 | 387281 | 484930 |
| Sub-advisory fees | 226134 | 316275 | 182820 | 268117 | 484930 |
| Sub-advisory performance fees | (126927) | (139153) | (97177) | (220494) | 229961 |
| Distribution fees- Class A Shares | 10698 | 23668 | 10393 | 15930 | 17239 |
| Distribution fees- Class C Shares | 9145 | 44770 | 9345 | 9781 | 19575 |
| Registration fees | 24752 | 25953 | 23708 | 26808 | 29940 |
| Administration fees | 25163 | 33358 | 19446 | 37100 | 79926 |
| Transfer agent fees | 16522 | 24242 | 16313 | 17447 | 22200 |
| Custodian fees | 8695 | 4088 | 5831 | 71592 | 64299 |
| Printing and postage expense | 11842 | 16485 | 8217 | 9662 | 13896 |
| Professional fees | 10774 | 12691 | 10143 | 12711 | 11954 |
| Fund accounting fees | 6042 | 10881 | 4403 | 7201 | 9008 |
| Third party administrative servicing fees | 2277 | 12510 | 6100 | 1884 | 10924 |
| Chief Compliance Officer fees | 2935 | 5315 | 2158 | 3471 | 4387 |
| Trustees' fees | 1957 | 3548 | 1442 | 2312 | 2921 |
| Insurance expense | 539 | 1294 | 491 | 6514 | 957 |
| Interest expense | 229 | 2686 | 1429 | 5774 | 8519 |
| Miscellaneous expenses | 8817 | 15751 | 7437 | 6225 | 5592 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **566232** | **1001730** | **450165** | **669316** | **1501158** |
| &nbsp;&nbsp;&nbsp;Less: Fees paid indirectly | - | (1783) | (3427) | - | - |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **566232** | **999947** | **446738** | **669316** | **1501158** |
| **Net Investment Income (Loss)** | **362528** | **(674994)** | **(204930)** | **536194** | **1244891** |
| **Realized and Unrealized Gain (Loss) on Investments, Foreign Capital Gains Tax, Foreign Currency Transactions and Forward Foreign Currency Exchange Contracts** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (2770298) | 16998667 | 3846379 | (560359) | 7619254 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax |  |  |  | (97152) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |  | (86237) | (29336) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (5020) | - | - | - | - |
| **Net realized gain (loss)** | (2775318) | 16998667 | 3846379 | (743748) | 7589918 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (7985651) | (18112262) | (9417087) | 2031615 | 7238862 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |  | (9) | 66811 |
| &nbsp;&nbsp;&nbsp;Net change in foreign capital gains tax on appreciated securities | - | - | - | 121987 | - |
| **Net change in unrealized appreciation (depreciation)** | (7985651) | (18112262) | (9417087) | 2153593 | 7305673 |
| **Net Realized and Unrealized Gain (Loss)** | **(10760969)** | **(1113595)** | **(5570708)** | **1409845** | **14895591** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(10398441)** | $**(1788589)** | $**(5775638)** | $**1946039** | $**16140482** |

---

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

**STATEMENTS OF OPERATIONS (Unaudited)(Continued)**

For the Six Months Ended April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Dynamic<br> Macro Fund** | **Dunham<br> Long/Short<br> Credit Fund** | **Dunham<br> Monthly<br> Distribution Fund** | **Dunham<br> Real Estate<br> Stock Fund** | **Dunham<br> U.S. Enhanced<br> Market Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $1155609 | $6216890 | $2165356 | $6836 | $1461887 |
| Dividend income | 200445 |  | 1011150 | 674429 |  |
| Securities lending income - net | 7679 | 3235 | 6248 | 11682 |  |
| Less: Foreign withholding taxes | - | - | (6611) | - | - |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **1363733** | **6220125** | **3176143** | **692947** | **1461887** |
| **Operating Expenses:** |  |  |  |  |  |
| Investment advisory fees | 263748 | 750400 | 765440 | 151824 | 348656 |
| Sub-advisory fees | 243459 | 692677 | 706560 | 105109 | 268197 |
| Sub-advisory performance fees | (100094) | (583982) | 22324 | (15724) | 16862 |
| Distribution fees- Class A Shares | 11052 | 18263 | 24510 | 5418 | 12547 |
| Distribution fees- Class C Shares | 7936 | 11121 | 55460 | 8511 | 3683 |
| Interest expense | 71057 | 557 | 528 | 1206 | 1888 |
| Registration fees | 25945 | 28680 | 30052 | 26575 | 19152 |
| Administration fees | 26065 | 49686 | 46576 | 17671 | 29320 |
| Printing and postage expense | 7232 | 19092 | 23294 | 6943 | 9590 |
| Transfer agent fees | 15124 | 24795 | 22631 | 14564 | 15519 |
| Custodian fees | 12336 | 6943 | 18227 | 3387 | 3351 |
| Professional fees | 10314 | 13980 | 14040 | 9533 | 10838 |
| Fund accounting fees | 4888 | 13915 | 14193 | 2814 | 6469 |
| Chief Compliance Officer fees | 2364 | 6895 | 6966 | 1400 | 3013 |
| Third party administrative servicing fees | 1687 | 10137 | 6447 | 3075 | 2603 |
| Trustees' fees | 1573 | 4593 | 4637 | 933 | 2007 |
| Insurance expense | 371 | 1354 | 1347 | 487 | 664 |
| Dividend expense on short sales |  |  | 964834 |  |  |
| Miscellaneous expenses | 2694 | 6696 | 6741 | 3167 | 3224 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **607751** | **1075802** | **2734807** | **346893** | **757583** |
| &nbsp;&nbsp;&nbsp;Less: Fees paid indirectly | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **607751** | **1075802** | **2734807** | **346893** | **757583** |
| **Net Investment Income** | **755982** | **5144323** | **441336** | **346054** | **704304** |
| **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;Investments | (158415) | (827307) | 1228637 | (1707493) | (124) |
| &nbsp;&nbsp;&nbsp;Futures | 1684990 | 1873082 |  |  | (2777379) |
| &nbsp;&nbsp;&nbsp;Purchased options |  |  |  |  | 9924947 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | 1810903 |  |  |
| &nbsp;&nbsp;&nbsp;Written options |  |  | 862840 |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  | (174326) |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 446086 | - | 968712 | - | - |
| **Net realized gain (loss)** | 1972661 | 871449 | 4871092 | (1707493) | 7147444 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 188911 | (468234) | 3065685 | (3636322) | 226834 |
| &nbsp;&nbsp;&nbsp;Futures | 374006 | (1739886) |  |  | 3623026 |
| &nbsp;&nbsp;&nbsp;Purchased options |  |  |  |  | (14734660) |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | 2152976 |  |  |
| &nbsp;&nbsp;&nbsp;Written options |  |  | (471482) |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  | (531789) |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (863347) |  | (1542479) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 268473 | - | (8551) | - | - |
| **Net change in unrealized appreciation (depreciation)** | (31957) | (2739909) | 3196149 | (3636322) | (10884800) |
| **Net Realized and Unrealized Gain (Loss)** | **1940704** | **(1868460)** | **8067241** | **(5343815)** | **(3737356)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**2696686** | $**3275863** | $**8508577** | $**(4997761)** | $**(3033052)** |

---

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

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Corporate/<br> Government<br> Bond Fund** | **Dunham<br> Corporate/<br> Government<br> Bond Fund** | **Dunham<br> Floating Rate<br> Bond Fund** | **Dunham<br> Floating Rate<br> Bond Fund** | **Dunham<br> High-Yield<br> Bond Fund** | **Dunham<br> High-Yield<br> Bond Fund** | **Dunham<br> International<br> Opportunity<br> Bond Fund** | **Dunham<br> International<br> Opportunity<br> Bond Fund** | **Dunham<br> Large Cap<br> Value Fund** | **Dunham<br> Large Cap<br> Value Fund** |
|  | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | $4657377 | $6980228 | $5921125 | $11221583 | $6289773 | $10346567 | $1769550 | $3219415 | $744465 | $1398793 |
| Net realized gain (loss) from investments, futures, swap contracts and forward foreign currency exchange contracts | (1443528) | (2583140) | (1684324) | (2349978) | (1588381) | (84014) | 582719 | (258358) | 1495991 | 8616613 |
| Net change in unrealized appreciation (depreciation) on investments, futures, swap contracts and forward foreign currency exchange contracts | 72065 | 11090999 | (2295782) | 3467261 | (3242973) | 9162325 | (1615623) | 5502592 | (7466805) | 32926303 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **3285914** | **15488087** | **1941019** | **12338866** | **1458419** | **19424878** | **736646** | **8463649** | **(5226349)** | **42941709** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Distributions From Paid In Capital: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |  |  |  |  | (213047) |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |  | (23094) |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |  | (3547) |  |  |
| Distributions from Earnings |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | (4327892) | (6355289) | (5446516) | (9771232) | (5750923) | (9175444) | (1806958) | (2780147) | (7032506) | (6210651) |
| &nbsp;&nbsp;&nbsp;Class A | (280037) | (596179) | (335625) | (842249) | (383865) | (899531) | (118665) | (280714) | (818143) | (934186) |
| &nbsp;&nbsp;&nbsp;Class C | (47010) | (88871) | (168481) | (445750) | (91684) | (202277) | (18188) | (38322) | (159797) | (164686) |
| **Total Distributions to Shareholders** | **(4654939)** | **(7040339)** | **(5950622)** | **(11059231)** | **(6226472)** | **(10277252)** | **(1943811)** | **(3338871)** | **(8010446)** | **(7309523)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | 50369454 | 97754163 | 46023742 | 51070492 | 30760040 | 105900216 | 10601051 | 34775376 | 43673281 | 37252853 |
| &nbsp;&nbsp;&nbsp;Class A | 863058 | 2635755 | 1897905 | 831563 | 318999 | 3582577 | 132528 | 585481 | 1706992 | 1794959 |
| &nbsp;&nbsp;&nbsp;Class C | 1737052 | 356997 | 223897 | 163547 | 91793 | 297424 | 23249 | 93270 | 318131 | 325250 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | 4316066 | 6339325 | 5431058 | 9742222 | 5716034 | 9138332 | 1768999 | 2926617 | 6996009 | 6187152 |
| &nbsp;&nbsp;&nbsp;Class A | 275941 | 588024 | 328161 | 822956 | 371070 | 867112 | 117026 | 299749 | 659510 | 796812 |
| &nbsp;&nbsp;&nbsp;Class C | 43327 | 77577 | 143531 | 378487 | 75120 | 165942 | 17436 | 40378 | 155509 | 161382 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | (43996696) | (34257106) | (25246986) | (31139784) | (58525904) | (37323031) | (20161979) | (18263130) | (16490223) | (54082258) |
| &nbsp;&nbsp;&nbsp;Class A | (1837536) | (5857941) | (1090808) | (4757093) | (3177560) | (6137000) | (1187654) | (3220985) | (1694083) | (8062953) |
| &nbsp;&nbsp;&nbsp;Class C | (281253) | (671875) | (376054) | (1385189) | (335023) | (1024048) | (152050) | (308410) | (330368) | (854066) |
| **Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **11489413** | **66964919** | **27334446** | **25727201** | **(24705431)** | **75467524** | **(8841394)** | **16928346** | **34994758** | **(16480869)** |
| **Total Increase (Decrease) in Net Assets** | **10120388** | **75412667** | **23324843** | **27006836** | **(29473484)** | **84615150** | **(10048559)** | **22053124** | **21757963** | **19151317** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 204566524 | 129153857 | 142344370 | 115337534 | 201274690 | 116659540 | 76612772 | 54559648 | 155862173 | 136710856 |
| &nbsp;&nbsp;&nbsp;**End of Year/Period** | $**214686912** | $**204566524** | $**165669213** | $**142344370** | $**171801206** | $**201274690** | $**66564213** | $**76612772** | $**177620136** | $**155862173** |

---

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

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Small Cap<br> Value Fund** | **Dunham<br> Small Cap<br> Value Fund** | **Dunham<br> Focused<br> Large Cap<br> Growth Fund** | **Dunham<br> Focused<br> Large Cap<br> Growth Fund** | **Dunham<br> Small Cap<br> Growth Fund** | **Dunham<br> Small Cap<br> Growth Fund** | **Dunham<br> Emerging<br> Markets<br> Stock Fund** | **Dunham<br> Emerging<br> Markets<br> Stock Fund** | **Dunham<br> International<br> Stock Fund** | **Dunham<br> International<br> Stock Fund** |
|  | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $362528 | $524280 | $(674994) | $(1683471) | $(204930) | $(587388) | $536194 | $1321427 | $1244891 | $3351163 |
| Net realized gain (loss) from investments, foreign capital gain tax, foreign currency transactions and forward foreign currency transactions | (2775318) | 12430474 | 16998667 | 25308121 | 3846379 | 10142813 | (743748) | (2451508) | 7589918 | 16299965 |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and foreign capital gains on appreciated securities | (7985651) | 4795835 | (18112262) | 41393095 | (9417087) | 10147209 | 2153593 | 21293580 | 7305673 | 10305397 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **(10398441)** | **17750589** | **(1788589)** | **65017745** | **(5775638)** | **19702634** | **1946039** | **20163499** | **16140482** | **29956525** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Distributions from Earnings |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | (10817266) | (1827538) | (17537384) | (3222651) |  |  | (141564) | (737069) | (15235788) | (4196994) |
| &nbsp;&nbsp;&nbsp;Class A | (1087545) | (232684) | (2341230) | (573626) |  |  |  | (89559) | (1660794) | (604920) |
| &nbsp;&nbsp;&nbsp;Class C | (273499) | (57329) | (1355301) | (210529) | - | - | - | (2243) | (485508) | (132243) |
| **Total Distributions to Shareholders** | **(12178310)** | **(2117551)** | **(21233915)** | **(4006806)** | **-** | **-** | **(141564)** | **(828871)** | **(17382090)** | **(4934157)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | 25544152 | 40484487 | 55587200 | 41597438 | 26297701 | 27985682 | 32532596 | 26970579 | 38466539 | 40160885 |
| &nbsp;&nbsp;&nbsp;Class A | 319396 | 3468387 | 3151137 | 5709109 | 1541718 | 2051504 | 700590 | 2476344 | 1243407 | 1683033 |
| &nbsp;&nbsp;&nbsp;Class C | 178962 | 252956 | 630171 | 1450632 | 185640 | 184691 | 100756 | 367163 | 103617 | 515696 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | 10767497 | 1824198 | 17113402 | 3155959 |  |  | 141213 | 736714 | 14967376 | 4147422 |
| &nbsp;&nbsp;&nbsp;Class A | 1079713 | 229668 | 2157403 | 490323 |  |  |  | 89197 | 1625531 | 598279 |
| &nbsp;&nbsp;&nbsp;Class C | 270230 | 56967 | 1199866 | 187206 |  |  |  | 2137 | 462378 | 128011 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | (14498056) | (18969978) | (30473901) | (64898547) | (16360830) | (27120905) | (14724987) | (28543984) | (33067851) | (41859522) |
| &nbsp;&nbsp;&nbsp;Class A | (1295238) | (3296434) | (5565835) | (14790909) | (1760036) | (3889389) | (1950407) | (5609144) | (4085073) | (6406598) |
| &nbsp;&nbsp;&nbsp;Class C | (177150) | (479569) | (2647808) | (1709128) | (219790) | (386827) | (188669) | (370837) | (674117) | (864012) |
| **Net Increase/(Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **22189506** | **23570682** | **41151635** | **(28807917)** | **9684403** | **(1175244)** | **16611092** | **(3881831)** | **19041807** | **(1896806)** |
| **Total Increase (Decrease) in Net Assets** | **(387245)** | **39203720** | **18129131** | **32203022** | **3908765** | **18527390** | **18415567** | **15452797** | **17800199** | **23125562** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 99177987 | 59974267 | 182127424 | 149924402 | 75234150 | 56706760 | 115054605 | 99601808 | 143325896 | 120200334 |
| &nbsp;&nbsp;&nbsp;**End of Year/Period** | $**98790742** | $**99177987** | $**200256555** | $**182127424** | $**79142915** | $**75234150** | $**133470172** | $**115054605** | $**161126095** | $**143325896** |

---

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

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dunham<br> Dynamic<br> Macro Fund** | **Dunham<br> Dynamic<br> Macro Fund** | **Dunham<br> Long/Short<br> Credit Fund** | **Dunham<br> Long/Short<br> Credit Fund** | **Dunham<br> Monthly<br> Distribution<br> Fund** | **Dunham<br> Monthly<br> Distribution<br> Fund** | **Dunham<br> Real Estate<br> Stock Fund** | **Dunham<br> Real Estate<br> Stock Fund** | **Dunham<br> U.S. Enhanced<br> Market Fund** | **Dunham<br> U.S. Enhanced<br> Market Fund** |
|  | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30,<br>2025** | **Year Ended**<br>**October 31,<br>2024** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | $755982 | $1185218 | $5144323 | $9545112 | $441336 | $3807934 | $346054 | $805799 | $704304 | $1640399 |
| Net realized gain (loss) from investments, futures, purchased options, securities sold short, written options, swap contracts and forward foreign currency exchange contracts | 1972661 | 2419289 | 871449 | (4539461) | 4871092 | 525253 | (1707493) | 9745807 | 7147444 | 23831882 |
| Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, securities sold short, written options, swap contracts, foreign currency transactions, and forward foreign currency exchange contracts | (31957) | 5747996 | (2739909) | 4572767 | 3196149 | 9002336 | (3636322) | 8740638 | (10884800) | 6571973 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | **2696686** | **9352503** | **3275863** | **9578418** | **8508577** | **13335523** | **(4997761)** | **19292244** | **(3033052)** | **32044254** |
| **Distributions to Shareholders From:** |  |  |  |  |  |  |  |  |  |  |
| Distributions From Paid In Capital: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |  |  | (9447070) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  | (1225940) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  | (1117458) |  |  |  |  |
| Distributions from Earnings |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | (3059781) | (1517530) | (4755155) | (8651557) | (7758076) | (3387445) | (344154) | (1123321) | (26456015) | (907828) |
| &nbsp;&nbsp;&nbsp;Class A | (382802) | (264596) | (303823) | (798234) | (784821) | (566818) | (26165) | (153363) | (2941074) | (112804) |
| &nbsp;&nbsp;&nbsp;Class C | (68938) | (30252) | (44317) | (112161) | (667584) | (486675) | (1627) | (36620) | (213838) | (2081) |
| **Total Distributions to Shareholders** | **(3511521)** | **(1812378)** | **(5103295)** | **(9561952)** | **(9210481)** | **(16231406)** | **(371946)** | **(1313304)** | **(29610927)** | **(1022713)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | 18411958 | 36707585 | 36561020 | 101527169 | 37841206 | 95227428 | 13735236 | 9783684 | 36381826 | 32125225 |
| &nbsp;&nbsp;&nbsp;Class A | 213755 | 4262529 | 316906 | 3237988 | 733608 | 3861799 | 499786 | 429219 | 1521311 | 1548479 |
| &nbsp;&nbsp;&nbsp;Class C | 249817 | 727877 | 312087 | 337031 | 356201 | 823551 | 72945 | 115803 | 205299 | 448851 |
| Reinvestment of distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | 3053647 | 1517097 | 4672917 | 8401302 | 7664130 | 12651254 | 339492 | 1107239 | 26181797 | 907118 |
| &nbsp;&nbsp;&nbsp;Class A | 381198 | 263924 | 296666 | 778745 | 720078 | 1618645 | 25971 | 152733 | 2816687 | 111997 |
| &nbsp;&nbsp;&nbsp;Class C | 67269 | 29907 | 41070 | 104704 | 555626 | 1346426 | 1533 | 35629 | 202403 | 2081 |
| Cost of shares redeemed |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N | (13153663) | (12770416) | (47800270) | (60693375) | (47942914) | (49772081) | (4349833) | (39137720) | (11373209) | (40394083) |
| &nbsp;&nbsp;&nbsp;Class A | (1846011) | (3013441) | (2232753) | (10821180) | (2905574) | (8261600) | (529863) | (6930891) | (1024814) | (5621729) |
| &nbsp;&nbsp;&nbsp;Class C | (197209) | (292525) | (238419) | (1085702) | (1280832) | (2762175) | (229238) | (636931) | (142232) | (138261) |
| **Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest** | **7180761** | **27432537** | **(8070776)** | **41786682** | **(4258471)** | **54733247** | **9566029** | **(35081235)** | **54769068** | **(11010322)** |
| **Total Increase (Decrease) in Net Assets** | **6365926** | **34972662** | **(9898208)** | **41803148** | **(4960375)** | **51837364** | **4196322** | **(17102295)** | **22125089** | **20011219** |
| **Net Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 78677152 | 43704490 | 230291404 | 188488256 | 229611203 | 177773839 | 46725325 | 63827620 | 99352055 | 79340836 |
| &nbsp;&nbsp;&nbsp;**End of Year/Period** | $**85043078** | $**78677152** | $**220393196** | $**230291404** | $**224650828** | $**229611203** | $**50921647** | $**46725325** | $**121477144** | $**99352055** |

---

\* The Fund commenced operations on May 1, 2023

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/period.*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **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,** |  |  |  |  |  |  |
|  | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
|  | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | $12.57 | $11.76 | $12.01 | $14.41 | $14.44 | $14.02 |  |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 0.27 | 0.53 | 0.45 | 0.22 | 0.19 | 0.28 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.09) | 0.80 | (0.29) | (2.38) | (0.01) | 0.44 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.18 | 1.33 | 0.16 | (2.16) | 0.18 | 0.72 |  |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.27) | (0.52) | (0.41) | (0.24) | (0.21) | (0.30) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.52) | (0.41) | (0.24) | (0.21) | (0.30) |  |  |  |  |  |  |
| Net asset value, end of year/period | $12.48 | $12.57 | $11.76 | $12.01 | $14.41 | $14.44 |  |  |  |  |  |  |
| Total return + # | 1.46% | 11.45% | 1.23% | (15.12)% | 1.23% | 5.17% |  |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $197541 | $188099 | $111045 | $48744 | $78345 | $61209 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: ^ | 1.04% | 1.14% | 1.17% | 1.34% | 1.25% | 1.24% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets ^ | 4.40% | 4.24% | 3.60% | 1.67% | 1.30% | 1.99% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 32% | 53% | 29% | 35% | 59% | 75% |  |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $12.55 | $11.75 | $12.00 | $14.39 | $14.42 | $14.01 | $12.45 | $11.66 | $11.91 | $14.28 | $14.31 | $13.91 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 0.26 | 0.50 | 0.41 | 0.19 | 0.15 | 0.25 | 0.23 | 0.43 | 0.34 | 0.13 | 0.08 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.09) | 0.79 | (0.28) | (2.37) | (0.01) | 0.42 | (0.09) | 0.79 | (0.27) | (2.36) | (0.01) | 0.41 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.17 | 1.29 | 0.13 | (2.18) | 0.14 | 0.67 | 0.14 | 1.22 | 0.07 | (2.23) | 0.07 | 0.59 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.26) | (0.49) | (0.38) | (0.21) | (0.17) | (0.26) | (0.23) | (0.43) | (0.32) | (0.14) | (0.10) | (0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.49) | (0.38) | (0.21) | (0.17) | (0.26) | (0.23) | (0.43) | (0.32) | (0.14) | (0.10) | (0.19) |
| Net asset value, end of year/period | $12.46 | $12.55 | $11.75 | $12.00 | $14.39 | $14.42 | $12.36 | $12.45 | $11.66 | $11.91 | $14.28 | $14.31 |
| Total return + # | 1.33% | 11.09% | 1.00% | (15.29)% | 0.98% | 4.84% | 1.10% | 10.54% | 0.50% | (15.68)% | 0.49% | 4.29% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $13315 | $14108 | $15680 | $6376 | $9593 | $8490 | $3831 | $2360 | $2428 | $2418 | $2678 | $2886 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: ^ | 1.29% | 1.39% | 1.42% | 1.59% | 1.50% | 1.49% | 1.79% | 1.89% | 1.92% | 2.09% | 2.00% | 1.99% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets ^ | 4.15% | 3.97% | 3.35% | 1.42% | 1.05% | 1.75% | 3.68% | 3.48% | 2.74% | 0.96% | 0.56% | 1.31% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 32% | 53% | 29% | 35% | 59% | 75% | 32% | 53% | 29% | 35% | 59% | 75% |

---

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

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. 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. |

---

---

| | |
|:---|:---|
| <sup>#</sup> | 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. |

---

^ Annualized for periods less than one year.

(1) Not
 annualized for periods less than one year.

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/period.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| | | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $8.65 | $8.55 | $8.44 | $9.18 | $8.90 | $9.36 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | &nbsp;&nbsp;&nbsp;Net investment income \* | 0.33 | 0.80 | 0.76 | 0.41 | 0.27 | 0.34 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.19) | 0.09 | 0.15 | (0.72) | 0.32 | (0.47) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.14 | 0.89 | 0.91 | (0.31) | 0.59 | (0.13) |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.33) | (0.79) | (0.80) | (0.43) | (0.31) | (0.33) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.79) | (0.80) | (0.43) | (0.31) | (0.33) |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $8.46 | $8.65 | $8.55 | $8.44 | $9.18 | $8.90 |  |  |  |  |  |  |
| Total return + # | Total return + # | 1.60% | 10.76% | 11.18% | (3.46)% | 6.63% | (1.30)% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $151263 | $128746 | $98042 | $152134 | $173112 | $135536 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): ^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): ^ | 1.07% | 1.02% | 1.17% | 1.04% | 0.90% | 1.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 7.78% | 9.20% | 8.83% | 4.67% | 2.97% | 3.81% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 48% | 80% | 21% | 56% | 135% | 76% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  |  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $8.64 | $8.54 | $8.43 | $9.17 | $8.89 | $9.35 | $8.64 | $8.54 | $8.43 | $9.18 | $8.89 | $9.35 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | &nbsp;&nbsp;&nbsp;Net investment income \* | 0.32 | 0.78 | 0.74 | 0.39 | 0.25 | 0.32 | 0.30 | 0.74 | 0.70 | 0.35 | 0.21 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.19) | 0.09 | 0.15 | (0.72) | 0.32 | (0.47) | (0.19) | 0.08 | 0.14 | (0.74) | 0.32 | (0.46) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.13 | 0.87 | 0.89 | (0.33) | 0.57 | (0.15) | 0.11 | 0.82 | 0.84 | (0.39) | 0.53 | (0.19) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.32) | (0.77) | (0.78) | (0.41) | (0.29) | (0.31) | (0.30) | (0.72) | (0.73) | (0.36) | (0.24) | (0.27) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.77) | (0.78) | (0.41) | (0.29) | (0.31) | (0.30) | (0.72) | (0.73) | (0.36) | (0.24) | (0.27) |
| Net asset value, end of year/period | Net asset value, end of year/period | $8.45 | $8.64 | $8.54 | $8.43 | $9.17 | $8.89 | $8.45 | $8.64 | $8.54 | $8.43 | $9.18 | $8.89 |
| Total return + # | Total return + # | 1.48% | 10.50% | 10.90% | (3.70)% | 6.39% | (1.56)% | 1.23% | 9.95% | 10.35% | (4.30)% | 5.98% | (2.06)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $9609 | $8684 | $11611 | $20569 | $22225 | $19705 | $4797 | $4915 | $5684 | $6495 | $6732 | $6800 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): ^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): ^ | 1.32% | 1.29% | 1.41% | 1.29% | 1.15% | 1.25% | 1.82% | 1.79% | 1.93% | 1.80% | 1.65% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 7.53.% | 9.02% | 8.56% | 4.44% | 2.73% | 3.56% | 7.03% | 8.50% | 8.14% | 3.95% | 2.24% | 3.07% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 48% | 80% | 21% | 56% | 135% | 76% | 48% | 80% | 21% | 56% | 135% | 76% |
| \* | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | The net investment income per share data was determined using the average shares outstanding throughout each year. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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): | 1.07% | 1.02% | 1.08% |  |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 1.32% | 1.29% | 1.32% |  |  |  | 1.82% | 1.79% | 1.84% |  |  |  |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

---

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/period.*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **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,** |  |  |  |  |  |  |
|  | **Six Months Ended<br> April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
|  | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | $8.66 | $8.04 | $8.00 | $9.34 | $8.88 | $8.97 |  |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 0.28 | 0.55 | 0.55 | 0.43 | 0.38 | 0.41 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.21) | 0.61 | 0.03 | (1.36) | 0.46 | (0.09) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.07 | 1.16 | 0.58 | (0.93) | 0.84 | 0.32 |  |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.28) | (0.54) | (0.54) | (0.41) | (0.38) | (0.41) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.28) | (0.54) | (0.54) | (0.41) | (0.38) | (0.41) |  |  |  |  |  |  |
| Net asset value, end of year/period | $8.45 | $8.66 | $8.04 | $8.00 | $9.34 | $8.88 |  |  |  |  |  |  |
| Total return + # | 0.79% | 14.64% | 7.44% | (10.09)% | 9.54% | 3.74% |  |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $157546 | $184016 | $98539 | $81243 | $101951 | $83009 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): ^ | 1.09% | 1.17% | 1.23% | 1.19% | 1.17% | 1.14% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 6.49% | 6.38% | 6.71% | 4.96% | 4.07% | 4.69% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 21% | 57% | 28% | 36% | 69% | 75% |  |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $8.77 | $8.14 | $8.09 | $9.44 | $8.97 | $9.06 | $8.60 | $7.99 | $7.96 | $9.29 | $8.83 | $8.92 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 0.27 | 0.54 | 0.53 | 0.41 | 0.36 | 0.39 | 0.24 | 0.49 | 0.48 | 0.36 | 0.31 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.21) | 0.60 | 0.04 | (1.37) | 0.47 | (0.09) | (0.20) | 0.59 | 0.03 | (1.34) | 0.46 | (0.09) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.06 | 1.14 | 0.57 | (0.96) | 0.83 | 0.30 | 0.04 | 1.08 | 0.51 | (0.98) | 0.77 | 0.25 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.27) | (0.51) | (0.52) | (0.39) | (0.36) | (0.39) | (0.25) | (0.47) | (0.48) | (0.35) | (0.31) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.51) | (0.52) | (0.39) | (0.36) | (0.39) | (0.25) | (0.47) | (0.48) | (0.35) | (0.31) | (0.34) |
| Net asset value, end of year/period | $8.56 | $8.77 | $8.14 | $8.09 | $9.44 | $8.97 | $8.39 | $8.60 | $7.99 | $7.96 | $9.29 | $8.83 |
| Total return + # | 0.65% | 14.29% | 7.22% | (10.32)% | 9.29% | 3.44% | 0.42% | 13.75% | 6.55% | (10.71)% | 8.79% | 2.95% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $11217 | $13976 | $14543 | $12650 | $13592 | $12127 | $3038 | $3282 | $3577 | $3830 | $4746 | $4663 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): ^ | 1.35% | 1.43% | 1.48% | 1.44% | 1.42% | 1.39% | 1.84% | 1.93% | 1.98% | 1.94% | 1.92% | 1.89% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 6.23% | 6.18% | 6.46% | 4.72% | 3.82% | 4.44% | 5.74% | 5.72% | 5.94% | 4.21% | 3.32% | 3.93% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 21% | 57% | 28% | 36% | 69% | 75% | 21% | 57% | 28% | 36% | 69% | 75% |

---

---

| | |
|:---|:---|
| \* | 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. |
| ^ | Annualized for periods less than one year. |
| (1) | Not annualized for periods less than one year. |

---

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/period.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| | | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $7.88 | $7.22 | $6.96 | $9.18 | $9.05 | $9.43 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | &nbsp;&nbsp;&nbsp;Net investment income \* | 0.19 | 0.38 | 0.37 | 0.31 | 0.21 | 0.19 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.09) | 0.67 | 0.43 | (2.15) | 0.15 | (0.37) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.10 | 1.05 | 0.80 | (1.84) | 0.36 | (0.18) |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.21) | (0.36) | (0.38) | (0.38) | (0.23) | (0.11) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.00) |  | (0.02) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from capital | &nbsp;&nbsp;&nbsp;Distributions from capital | - | (0.03) | (0.16) | - | - | (0.07) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.39) | (0.54) | (0.38) | (0.23) | (0.20) |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $7.77 | $7.88 | $7.22 | $6.96 | $9.18 | $9.05 |  |  |  |  |  |  |
| Total return + # | Total return + # | 1.29% | 14.75% | 11.67% | (20.52)% | 3.93% | (1.81)% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $61564 | $70486 | $46613 | $29209 | $62423 | $41346 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1)^ | 1.67% | 1.74% | 1.68% | 1.33% | 1.78% | 1.36% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 4.88% | 4.88% | 4.97% | 3.83% | 2.21% | 2.08% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 35% | 77% | 50% | 58% | 40% | 138% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  |  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $7.79 | $7.14 | $6.89 | $9.08 | $8.96 | $9.34 | $7.55 | $6.93 | $6.70 | $8.84 | $8.73 | $9.11 |
| Income from investment operations: | Income from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | &nbsp;&nbsp;&nbsp;Net investment income \* | 0.18 | 0.35 | 0.34 | 0.29 | 0.18 | 0.17 | 0.15 | 0.30 | 0.30 | 0.25 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.09) | 0.67 | 0.44 | (2.12) | 0.14 | (0.37) | (0.09) | 0.65 | 0.42 | (2.07) | 0.14 | (0.33) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.09 | 1.02 | 0.78 | (1.83) | 0.32 | (0.20) | 0.06 | 0.95 | 0.72 | (1.82) | 0.27 | (0.23) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.20) | (0.34) | (0.37) | (0.36) | (0.20) | (0.09) | (0.18) | (0.30) | (0.33) | (0.32) | (0.16) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.00) |  | (0.02) |  |  |  | (0.00) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from capital | &nbsp;&nbsp;&nbsp;Distributions from capital | - | (0.03) | (0.16) | - | - | (0.07) | - | (0.03) | (0.16) | - | - | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.37) | (0.53) | (0.36) | (0.20) | (0.18) | (0.18) | (0.33) | (0.49) | (0.32) | (0.16) | (0.15) |
| Net asset value, end of year/period | Net asset value, end of year/period | $7.68 | $7.79 | $7.14 | $6.89 | $9.08 | $8.96 | $7.43 | $7.55 | $6.93 | $6.70 | $8.84 | $8.73 |
| Total return + # | Total return + # | 1.18% | 14.47% | 11.38% | (20.62)% | 3.60% | (2.03)% | 0.82% | 13.91% | 10.85% | (21.01)% | 3.07% | (2.48)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $4309 | $5313 | $7037 | $4787 | $9179 | $6722 | $691 | $814 | $909 | $854 | $1320 | $1180 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2)^ | 1.92% | 1.99% | 1.93% | 1.58% | 2.03% | 1.61% | 2.42% | 2.49% | 2.43% | 2.08% | 2.53% | 2.11% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 4.65% | 4.59% | 4.71% | 3.61% | 1.96% | 1.91% | 4.14% | 4.10% | 4.19% | 3.13% | 1.44% | 1.21% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 35% | 77% | 50% | 58% | 40% | 138% | 35% | 77% | 50% | 58% | 40% | 138% |
| \* | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the year/period. | The net investment income per share data was determined using the average shares outstanding throughout the 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | 1.67% | 1.74% | 1.67% | 1.32% |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 1.92% | 1.99% | 1.92% | 1.57% |  |  | 2.42% | 2.49% | 2.42% | 2.07% |  |  |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

---

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/period.*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **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,** |  |  |  |  |  |  |
|  | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
|  | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | $20.40 | $16.23 | $16.90 | $19.59 | $13.58 | $14.96 |  |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 0.09 | 0.18 | 0.20 | 0.14 | 0.13 | 0.17 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.80) | 4.93 | (0.38) | (1.57) | 6.03 | (1.03) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.71) | 5.11 | (0.18) | (1.43) | 6.16 | (0.86) |  |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.16) | (0.23) | (0.16) | (0.11) | (0.15) | (0.18) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.84) | (0.71) | (0.33) | (1.15) | - | (0.34) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.00) | (0.94) | (0.49) | (1.26) | (0.15) | (0.52) |  |  |  |  |  |  |
| Net asset value, end of year/period | $18.69 | $20.40 | $16.23 | $16.90 | $19.59 | $13.58 |  |  |  |  |  |  |
| Total return + # | (3.65)% | 32.47% | (1.14)% | (7.96)% | 45.69% | (6.15)% |  |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $158453 | $135788 | $115719 | $141436 | $129641 | $73557 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1)^ | 1.10% | 1.19% | 1.04% | 1.26% | 1.10% | 1.24% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1)^ | 1.10% | 1.19% | 1.04% | 1.26% | 1.10% | 1.24% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1)^ | 0.95% | 0.95% | 1.19% | 0.79% | 0.72% | 1.25% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1)^ | 0.95% | 0.95% | 1.19% | 0.79% | 0.72% | 1.25% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (2) | 9% | 23% | 29% | 23% | 33% | 43% |  |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $20.25 | $16.11 | $16.78 | $19.46 | $13.50 | $14.87 | $18.81 | $15.06 | $15.74 | $18.40 | $12.80 | $14.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.07 | 0.13 | 0.16 | 0.09 | 0.08 | 0.14 | (0.01) | (0.01) | 0.03 | (0.04) | (0.04) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.80) | 4.90 | (0.39) | (1.55) | 6.00 | (1.03) | (0.73) | 4.57 | (0.35) | (1.47) | 5.69 | (0.98) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.73) | 5.03 | (0.23) | (1.46) | 6.08 | (0.89) | (0.74) | 4.56 | (0.32) | (1.51) | 5.65 | (0.95) |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.11) | (0.18) | (0.11) | (0.07) | (0.12) | (0.14) | (0.02) | (0.10) | (0.03) | 0.00 | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.84) | (0.71) | (0.33) | (1.15) | - | (0.34) | (0.84) | (0.71) | (0.33) | (1.15) | - | (0.34) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.95) | (0.89) | (0.44) | (1.22) | (0.12) | (0.48) | (0.86) | (0.81) | (0.36) | (1.15) | (0.05) | (0.42) |
| Net asset value, end of year/period | $18.57 | $20.25 | $16.11 | $16.78 | $19.46 | $13.50 | $17.21 | $18.81 | $15.06 | $15.74 | $18.40 | $12.80 |
| Total return + # | (3.77)% | 32.16% | (1.41)% | (8.18)% | 45.28% | (6.33)% | (4.13)% | 31.14% | (2.09)% | (8.90)% | 44.20% | (7.05)% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $15767 | $16518 | $17853 | $22784 | $27023 | $16855 | $3400 | $3556 | $3139 | $3958 | $4683 | $3897 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1)^ | 1.35% | 1.44% | 1.29% | 1.51% | 1.35% | 1.49% | 2.10% | 2.19% | 2.04% | 2.26% | 2.10% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1)^ | 1.35% | 1.44% | 1.29% | 1.51% | 1.35% | 1.49% | 2.10% | 2.19% | 2.04% | 2.26% | 2.10% | 2.24% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1)^ | 0.69% | 0.72% | 0.94% | 0.52% | 0.47% | 1.00% | (0.06)% | (0.05)% | 0.19% | (0.23)% | (0.27)% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1)^ | 0.69% | 0.72% | 0.94% | 0.52% | 0.47% | 1.00% | (0.06)% | (0.05)% | 0.19% | (0.23)% | (0.27)% | 0.23% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (2) | 9% | 23% | 29% | 23% | 33% | 43% | 9% | 23% | 29% | 23% | 33% | 43% |

---

---

| | |
|:---|:---|
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. |
| ^ | Annualized for periods less than one year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (1) | Differences represent an amount less than 0.005%. |
| (2) | Not annualized for periods less than one year. |

---

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/period.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| | | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $16.54 | $13.38 | $15.38 | $18.65 | $11.91 | $14.67 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | &nbsp;&nbsp;&nbsp;Net investment income \* | 0.06 | 0.11 | 0.09 | 0.07 | 0.11 | 0.10 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.61) | 3.51 | (0.92) | (1.27) | 6.78 | (2.86) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.55) | 3.62 | (0.83) | (1.20) | 6.89 | (2.76) |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.11) | (0.09) | (0.01) | (0.09) | (0.14) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.90) | (0.37) | (1.16) | (1.98) | (0.01) | - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (2.01) | (0.46) | (1.17) | (2.07) | (0.15) | - |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $12.98 | $16.54 | $13.38 | $15.38 | $18.65 | $11.91 |  |  |  |  |  |  |
| Total return + # | Total return + # | (10.90)% | 27.20% | (5.61)% | (7.65)% | 58.16% | (18.81)% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $89992 | $88294 | $51360 | $59955 | $72651 | $42444 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense)(a): | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense)(a): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1)^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (1)^ | 1.09% | 1.31% | 1.69% | 1.67% | 1.05% | 1.26% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1)^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (1)^ | 1.09% | 1.30% | 1.63% | 1.61% | 1.05% | 1.17% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: (a)(b) | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: (a)(b) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly ^ | 0.76% | 0.65% | 0.53% | 0.34% | 0.67% | 0.72% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly ^ | 0.76% | 0.66% | 0.60% | 0.41% | 0.67% | 0.81% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 56% | 159% | 95% | 83% | 87% | 135% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  |  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $16.14 | $13.07 | $15.07 | $18.31 | $11.70 | $14.45 | $13.05 | $10.67 | $12.60 | $15.70 | $10.05 | $12.51 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.04 | 0.07 | 0.05 | 0.03 | 0.08 | 0.07 | (0.01) | (0.04) | (0.04) | (0.08) | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.57) | 3.42 | (0.89) | (1.24) | 6.65 | (2.82) | (1.24) | 2.79 | (0.73) | (1.04) | 5.72 | (2.44) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.53) | 3.49 | (0.84) | (1.21) | 6.73 | (2.75) | (1.25) | 2.75 | (0.77) | (1.12) | 5.68 | (2.46) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.07) | (0.05) |  | (0.05) | (0.11) |  |  |  | 0.00 |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.90) | (0.37) | (1.16) | (1.98) | (0.01) | - | (1.90) | (0.37) | (1.16) | (1.98) | (0.01) | - |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (1.97) | (0.42) | (1.16) | (2.03) | (0.12) | - | (1.90) | (0.37) | (1.16) | (1.98) | (0.03) | - |
| Net asset value, end of year/period | Net asset value, end of year/period | $12.64 | $16.14 | $13.07 | $15.07 | $18.31 | $11.70 | $9.90 | $13.05 | $10.67 | $12.60 | $15.70 | $10.05 |
| Total return + # | Total return + # | (11.02)% | 26.87% | (5.81)% | (7.86)% | 57.71% | (19.03)% | (11.41)% | 25.93% | (6.53)% | (8.62)% | 56.55% | (19.66)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $7103 | $8983 | $6924 | $8331 | $12795 | $8955 | $1696 | $1900 | $1690 | $2314 | $2794 | $2064 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense)(a): | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense)(a): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (2)^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly (2)^ | 1.34% | 1.58% | 1.94% | 1.92% | 1.30% | 1.51% | 2.09% | 2.34% | 2.69% | 2.67% | 2.05% | 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (2)^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly (2)^ | 1.34% | 1.56% | 1.88% | 1.86% | 1.30% | 1.42% | 2.09% | 2.32% | 2.63% | 2.61% | 2.05% | 2.17% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: (a)(b) | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: (a)(b) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly ^ | 0.53% | 0.41% | 0.29% | 0.12% | 0.46% | 0.46% | (0.23)% | (0.34)% | (0.45)% | (0.67)% | (0.31)% | (0.29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly ^ | 0.53% | 0.43% | 0.35% | 0.17% | 0.46% | 0.55% | (0.23)% | (0.32)% | (0.38)% | (0.61)% | (0.31)% | (0.20)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 56% | 159% | 95% | 83% | 87% | 135% | 56% | 159% | 95% | 83% | 87% | 135% |
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| (a) | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. | Does not Include the expenses of other investment companies in which the Fund invests. |
| (b) | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): |
|  | &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.09% | 1.31% | 1.68% |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.09% | 1.30% | 1.62% |  |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): | Ratios of expenses to average net assets (excluding interest expense): |
|  | &nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.34% | 1.58% | 1.93% |  |  |  | 2.09% | 2.34% | 2.68% |  |  |  |
|  | &nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.34% | 1.56% | 1.87% |  |  |  | 2.09% | 2.32% | 2.62% |  |  |  |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

---

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/period.*

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **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,** |  |  |  |  |  |  |
|  | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
|  | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | $43.65 | $31.01 | $24.57 | $43.94 | $33.67 | $24.24 |  |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss \* | (0.14) | (0.33) | (0.21) | (0.20) | (0.36) | (0.32) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.54) | 13.81 | 6.65 | (15.89) | 11.47 | 10.58 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.68) | 13.48 | 6.44 | (16.09) | 11.11 | 10.26 |  |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.50) | (0.84) | - | (3.28) | (0.84) | (0.83) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (5.50) | (0.84) | - | (3.28) | (0.84) | (0.83) |  |  |  |  |  |  |
| Net asset value, end of year/period | $37.47 | $43.65 | $31.01 | $24.57 | $43.94 | $33.67 |  |  |  |  |  |  |
| Total return + # | (2.84)% | 44.02% | 26.21% | (39.47)% | 33.44% | 43.39% |  |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $175127 | $151473 | $121318 | $143425 | $156938 | $108816 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly (1) | 1.03% | 1.20% | 1.23% | 1.01% | 1.12% | 1.30% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | 1.03% | 1.20% | 1.23% | 1.01% | 1.12% | 1.30% |  |  |  |  |  |  |
| &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 (1) | (0.67)% | (0.82)% | (0.74)% | (0.67)% | (0.92)% | (1.08)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | (0.67)% | (0.82)% | (0.74)% | (0.67)% | (0.92)% | (1.08)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (2) | 18% | 11% | 17% | 9% | 27% | 17% |  |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $41.99 | $29.93 | $23.77 | $42.73 | $32.84 | $23.71 | $37.41 | $26.94 | $21.56 | $39.33 | $30.51 | $22.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss \* | (0.18) | (0.42) | (0.28) | (0.28) | (0.45) | (0.38) | (0.29) | (0.63) | (0.45) | (0.46) | (0.68) | (0.55) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.50) | 13.32 | 6.44 | (15.40) | 11.18 | 10.34 | (0.38) | 11.94 | 5.83 | (14.03) | 10.34 | 9.64 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.68) | 12.90 | 6.16 | (15.68) | 10.73 | 9.96 | (0.67) | 11.31 | 5.38 | (14.49) | 9.66 | 9.09 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.50) | (0.84) | - | (3.28) | (0.84) | (0.83) | (5.50) | (0.84) | - | (3.28) | (0.84) | (0.83) |
| &nbsp;&nbsp;&nbsp;Total distributions | (5.50) | (0.84) | - | (3.28) | (0.84) | (0.83) | (5.50) | (0.84) | - | (3.28) | (0.84) | (0.83) |
| Net asset value, end of year/period | $35.81 | $41.99 | $29.93 | $23.77 | $42.73 | $32.84 | $31.24 | $37.41 | $26.94 | $21.56 | $39.33 | $30.51 |
| Total return + # | (2.96)% | 43.65% | 25.91% | (39.62)% | 33.13% | 43.09% | (3.33)% | 42.57% | 24.95% | (40.07)% | 32.13% | 41.97% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $18539 | $21365 | $21901 | $24711 | $37270 | $31205 | $6590 | $9290 | $6706 | $7483 | $13911 | $10414 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers and fees paid indirectly (1) | 1.28% | 1.46% | 1.48% | 1.26% | 1.37% | 1.55% | 2.03% | 2.20% | 2.25% | 2.01% | 2.12% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | 1.28% | 1.46% | 1.48% | 1.26% | 1.37% | 1.55% | 2.03% | 2.20% | 2.25% | 2.01% | 2.12% | 2.30% |
| &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 (1) | (0.93)% | (1.08)% | (0.99)% | (0.93)% | (1.17)% | (1.34)% | (1.69)% | (1.82)% | (1.76)% | (1.69)% | (1.92)% | (2.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers and fees paid indirectly (1) | (0.93)% | (1.08)% | (0.99)% | (0.93)% | (1.17)% | (1.34)% | (1.69)% | (1.82)% | (1.76)% | (1.69)% | (1.92)% | (2.08)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (2) | 18% | 11% | 17% | 9% | 27% | 17% | 18% | 11% | 17% | 9% | 27% | 17% |

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

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Differences represent an amount less
 than 0.005%.

^ Annualized for periods less than one year.

(2) Not annualized for periods less than
 one year.

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/period.*

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **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,** |  |  |  |  |  |  |
|  | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
|  | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | $19.24 | $14.50 | $14.73 | $27.93 | $21.62 | $16.00 |  |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss \* | (0.05) | (0.13) | (0.15) | (0.12) | (0.38) | (0.23) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (a) | (1.75) | 4.87 | (0.08) | (9.04) | 10.50 | 6.15 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.80) | 4.74 | (0.23) | (9.16) | 10.12 | 5.92 |  |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income |  |  |  | (0.19) | (0.28) | (0.05) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | - | (3.85) | (3.53) | (0.25) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | - | - | - | (4.04) | (3.81) | (0.30) |  |  |  |  |  |  |
| Net asset value, end of year/period | $17.44 | $19.24 | $14.50 | $14.73 | $27.93 | $21.62 |  |  |  |  |  |  |
| Total return + # | (9.36)% | 32.69% | (1.56)% | (37.42)% | 49.28% | 37.55% |  |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $69459 | $64420 | $46905 | $65064 | $63287 | $42792 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.18% | 1.33% | 1.56% | 1.17% | 1.83% | 1.78% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.17% | 1.32% | 1.55% | 1.14% | 1.83% | 1.75% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | (0.51)% | (0.71)% | (0.99)% | (0.72)% | (1.47)% | (1.34)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | (0.50)% | (0.70)% | (0.98)% | (0.70)% | (1.47)% | (1.31)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 24% | 100% | 95% | 92% | 111% | 178% |  |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $17.61 | $13.30 | $13.55 | $26.04 | $20.36 | $15.09 | $11.42 | $8.70 | $8.93 | $18.62 | $15.39 | $11.54 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss \* | (0.07) | (0.16) | (0.17) | (0.17) | (0.42) | (0.26) | (0.09) | (0.18) | (0.19) | (0.19) | (0.44) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (a) | (1.60) | 4.47 | (0.08) | (8.34) | 9.86 | 5.80 | (1.03) | 2.90 | (0.04) | (5.64) | 7.33 | 4.39 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.67) | 4.31 | (0.25) | (8.51) | 9.44 | 5.54 | (1.12) | 2.72 | (0.23) | (5.83) | 6.89 | 4.10 |
| 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) | - | - | - | (3.85) | (3.53) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | - | - | - | (3.98) | (3.76) | (0.27) | - | - | - | (3.86) | (3.66) | (0.25) |
| Net asset value, end of year/period | $15.94 | $17.61 | $13.30 | $13.55 | $26.04 | $20.36 | $10.30 | $11.42 | $8.70 | $8.93 | $18.62 | $15.39 |
| Total return + # | (9.48)% | 32.41% | (1.85)% | (37.55)% | 48.93% | 37.18% | (9.81)% | 31.26% | (2.58)% | (37.99)% | 47.87% | 36.10% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $7958 | $8879 | $8172 | $11795 | $20357 | $12750 | $1725 | $1935 | $1629 | $2210 | $3730 | $2619 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | 1.43% | 1.60% | 1.80% | 1.42% | 2.08% | 2.03% | 2.20% | 2.35% | 2.57% | 2.17% | 2.83% | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | 1.42% | 1.59% | 1.78% | 1.39% | 2.08% | 2.00% | 2.19% | 2.33% | 2.55% | 2.14% | 2.83% | 2.75% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment loss to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees paid indirectly | (0.77)% | (0.98)% | (1.23)% | (0.97)% | (1.72)% | (1.57)% | (1.54)% | (1.73)% | (2.00)% | (1.72)% | (2.47)% | (2.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees paid indirectly | (0.76)% | (0.97)% | (1.21)% | (0.95)% | (1.72)% | (1.54)% | (1.53)% | (1.72)% | (1.99)% | (1.70)% | (2.47)% | (2.29)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 24% | 100% | 95% | 92% | 111% | 178% | 24% | 100% | 95% | 92% | 111% | 178% |

---

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

---

| | |
|:---|:---|
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |

---

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(a) The amount of net realized and unrealized
 gain (loss) on investment per share for the year ended October 31, 2023, does not accord with the amounts in the Statements of Operations
 due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

^ Annualized for periods less than one year.

(1) Not annualized for periods less than
 one year.

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/period.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| | | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $14.12 | $11.84 | $10.93 | $18.76 | $15.70 | $14.27 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.07 | 0.17 | 0.16 | 0.17 | 0.04 | (0.03) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.02) | 2.22 | 0.78 | (6.41) | 3.05 | 1.59 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.05 | 2.39 | 0.94 | (6.24) | 3.09 | 1.56 |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.02) | (0.11) | (0.03) | (0.25) | (0.03) | (0.13) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | - | (1.34) | - | - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (0.11) | (0.03) | (1.59) | (0.03) | (0.13) |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $14.15 | $14.12 | $11.84 | $10.93 | $18.76 | $15.70 |  |  |  |  |  |  |
| Total return + # | Total return + # | 0.35% | 20.24% | 8.58% | (36.02)% | 19.67% | 10.94% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $119366 | $99643 | $83931 | $85825 | $112290 | $70868 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1)^ | 1.08% | 1.24% | 1.15% | 1.03% | 1.67% | 1.86% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^ | 0.96% | 1.24% | 1.23% | 1.23% | 0.19% | (0.19)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 44% | 70% | 58% | 64% | 77% | 113% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  |  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $13.73 | $11.52 | $10.63 | $18.29 | $15.32 | $13.94 | $12.61 | $10.61 | $9.87 | $17.07 | $14.41 | $13.16 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.04 | 0.13 | 0.12 | 0.13 | (0.02) | (0.06) | (0.01) | 0.03 | 0.03 | 0.02 | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | - | 2.15 | 0.77 | (6.24) | 2.99 | 1.54 | - | 1.98 | 0.71 | (5.81) | 2.81 | 1.45 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.04 | 2.28 | 0.89 | (6.11) | 2.97 | 1.48 | (0.01) | 2.01 | 0.74 | (5.79) | 2.66 | 1.29 |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.07) |  | (0.21) |  | (0.10) |  | (0.01) |  | (0.07) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | - | (1.34) | - | - | - | - | - | (1.34) | - | - |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | - | (0.07) | - | (1.55) | - | (0.10) | - | (0.01) | - | (1.41) | - | (0.04) |
| Net asset value, end of year/period | Net asset value, end of year/period | $13.77 | $13.73 | $11.52 | $10.63 | $18.29 | $15.32 | $12.60 | $12.61 | $10.61 | $9.87 | $17.07 | $14.41 |
| Total return + # | Total return + # | 0.29% | 19.88% | 8.37% | (36.18)% | 19.39% | 10.58% | (0.08)% | 18.99% | 7.50% | (36.66)% | 18.46% | 9.78% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $12150 | $13369 | $13958 | $15367 | $21174 | $14864 | $1954 | $2042 | $1712 | $1999 | $3349 | $3005 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2)^ | 1.33% | 1.49% | 1.40% | 1.28% | 1.92% | 2.11% | 2.08% | 2.24% | 2.15% | 2.03% | 2.67% | 2.86% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | 0.61% | 0.99% | 0.97% | 0.96% | (0.08)% | (0.43)% | (0.13)% | 0.24% | 0.23% | 0.15% | (0.87)% | (1.22)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 44% | 70% | 58% | 64% | 77% | 113% | 44% | 70% | 58% | 64% | 77% | 113% |
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | 1.07% | 1.23% | 1.13% |  |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 1.32% | 1.47% | 1.38% |  |  |  | 2.07% | 2.23% | 2.13% |  |  |  |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

---

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/period.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| | | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $19.00 | $15.86 | $14.07 | $21.10 | $15.26 | $15.51 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | &nbsp;&nbsp;&nbsp;Net investment income \* | 0.15 | 0.45 | 0.51 | 0.66 | 0.30 | 0.15 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | 1.46 | 3.35 | 1.89 | (4.87) | 5.70 | (0.06) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.61 | 3.80 | 2.40 | (4.21) | 6.00 | 0.09 |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.55) | (0.50) | (0.61) | (0.40) | (0.15) | (0.34) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.65) | (0.16) | - | (2.42) | (0.01) | - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (2.20) | (0.66) | (0.61) | (2.82) | (0.16) | (0.34) |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $18.41 | $19.00 | $15.86 | $14.07 | $21.10 | $15.26 |  |  |  |  |  |  |
| Total return + # | Total return + # | 9.81% | 24.45% | 17.35% | (23.01)% | 39.45% | 0.45% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $144728 | $125167 | $101254 | $111570 | $150922 | $96239 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (1)^ | 1.96% | 1.91% | 2.00% | 1.53% | 1.92% | 1.71% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 1.74% | 2.42% | 3.15% | 4.03% | 1.47% | 0.98% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 77% | 134% | 62% | 91% | 131% | 156% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  |  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $18.81 | $15.70 | $13.93 | $20.92 | $15.13 | $15.38 | $17.34 | $14.56 | $12.98 | $19.66 | $14.25 | $14.55 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.12 | 0.38 | 0.45 | 0.60 | 0.23 | 0.11 | 0.05 | 0.24 | 0.32 | 0.44 | 0.08 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | 1.45 | 3.34 | 1.89 | (4.82) | 5.68 | (0.06) | 1.33 | 3.08 | 1.75 | (4.50) | 5.34 | (0.05) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.57 | 3.72 | 2.34 | (4.22) | 5.91 | 0.05 | 1.38 | 3.32 | 2.07 | (4.06) | 5.42 | (0.07) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.50) | (0.45) | (0.57) | (0.35) | (0.11) | (0.30) | (0.41) | (0.38) | (0.49) | (0.20) |  | (0.23) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.65) | (0.16) | - | (2.42) | (0.01) | - | (1.65) | (0.16) | - | (2.42) | (0.01) | - |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (2.15) | (0.61) | (0.57) | (2.77) | (0.12) | (0.30) | (2.06) | (0.54) | (0.49) | (2.62) | (0.01) | (0.23) |
| Net asset value, end of year/period | Net asset value, end of year/period | $18.23 | $18.81 | $15.70 | $13.93 | $20.92 | $15.13 | $16.66 | $17.34 | $14.56 | $12.98 | $19.66 | $14.25 |
| Total return + # | Total return + # | 9.67% | 24.19% | 17.00% | (23.23)% | 39.15% | 0.24% | 9.30% | 23.20% | 16.16% | (23.78)% | 38.04% | (0.55)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $12501 | $14018 | $15317 | $18638 | $26672 | $20938 | $3897 | $4141 | $3629 | $3936 | $5830 | $4754 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): (2)^ | 2.21% | 2.16% | 2.25% | 1.78% | 2.17% | 1.96% | 2.96% | 2.91% | 3.00% | 2.53% | 2.92% | 2.71% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^ | 1.31% | 2.07% | 2.84% | 3.70% | 1.17% | 0.71% | 0.65% | 1.42% | 2.17% | 2.89% | 0.43% | (0.11)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 77% | 134% | 62% | 91% | 131% | 156% | 77% | 134% | 62% | 91% | 131% | 156% |
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | 1.95% | 1.90% | 1.99% |  |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 2.20% | 2.15% | 2.24% |  |  |  | 2.95% | 2.90% | 2.99% |  |  |  |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

---

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/period.*

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| | | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $12.38 | $10.80 | $9.73 | $11.22 | $10.00 | $10.08 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.11 | 0.23 | 0.22 | 0.03 | (0.14) | (0.00)(a) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.29 | 1.73 | 0.85 | (1.52) | 1.44 | (0.08) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.40 | 1.96 | 1.07 | (1.49) | 1.30 | (0.08) |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.21) | (0.18) |  |  | (0.08) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.33) | (0.20) | - | - | - | - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.54) | (0.38) | - | - | (0.08) | - |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $12.24 | $12.38 | $10.80 | $9.73 | $11.22 | $10.00 |  |  |  |  |  |  |
| Total return + # | Total return + # | 3.31% | 18.53% | 11.00% | (13.28)% | 13.05% | (0.79)% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $75395 | $67752 | $35892 | $22330 | $21043 | $23680 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1)^: | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1)^: | 1.45% | 1.94% | 1.97% | 1.88% | 2.06% | 1.69% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^: | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^: | 1.91% | 1.90% | 2.11% | 0.26% | (1.26)% | (0.02)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 51% | 47% | 118% | 76% | 12% | 187% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  |  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $12.20 | $10.65 | $9.61 | $11.11 | $9.90 | $10.00 | $11.28 | $9.90 | $9.00 | $10.49 | $9.37 | $9.55 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.10 | 0.20 | 0.19 | 0.00 (a) | (0.16) | (0.03) | 0.05 | 0.10 | 0.14 | (0.07) | (0.23) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.27 | 1.71 | 0.85 | (1.50) | 1.41 | (0.07) | 0.25 | 1.59 | 0.76 | (1.42) | 1.35 | (0.08) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.37 | 1.91 | 1.04 | (1.50) | 1.25 | (0.10) | 0.30 | 1.69 | 0.90 | (1.49) | 1.12 | (0.18) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.18) | (0.16) |  |  | (0.04) |  | (0.14) | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.33) | (0.20) | - | - | - | - | (0.33) | (0.20) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.36) | - | - | (0.04) | - | (0.47) | (0.31) | - | - | - | - |
| Net asset value, end of year/period | Net asset value, end of year/period | $12.06 | $12.20 | $10.65 | $9.61 | $11.11 | $9.90 | $11.11 | $11.28 | $9.90 | $9.00 | $10.49 | $9.37 |
| Total return + # | Total return + # | 3.12% | 18.29% | 10.82% | (13.50)% | 12.62% | (1.00)% | 2.72% | 17.36% | 10.00% | (14.20)% | 11.95% | (1.88)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $7997 | $9369 | $6866 | $4166 | $4030 | $5078 | $1651 | $1556 | $946 | $912 | $1146 | $1284 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2)^: | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2)^: | 1.70% | 2.21% | 2.22% | 2.13% | 2.31% | 1.94% | 2.45% | 2.93% | 2.97% | 2.88% | 3.06% | 2.69% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^: | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets ^: | 1.68% | 1.66% | 1.85% | 0.04% | (1.48)% | (0.26)% | 0.93% | 0.88% | 1.44% | (0.68)% | (2.29)% | (1.04)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 51% | 47% | 118% | 76% | 12% | 187% | 51% | 47% | 118% | 76% | 12% | 187% |
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year/period. |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. | Represents less than $0.01 per share. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | 1.28% | 1.77% |  |  |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 1.53% | 2.04% |  |  |  |  | 2.28% | 2.76% |  |  |  |  |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

---

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/period.*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N** | **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,** |  |  |  |  |  |  |
|  | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
|  | **(Unaudited)** | | | | | |  |  |  |  |  |  |
| Net asset value, beginning of year/period | $8.82 | $8.82 | $9.08 | $9.70 | $9.55 | $9.36 |  |  |  |  |  |  |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 0.20 | 0.42 | 0.37 | 0.19 | 0.06 | 0.13 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.05) | 0.00 (a) | (0.17) | (0.43) | 0.32 | 0.26 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.15 | 0.42 | 0.20 | (0.24) | 0.38 | 0.39 |  |  |  |  |  |  |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.19) | (0.42) | (0.37) | (0.20) | (0.07) | (0.15) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | (0.09) | (0.18) | (0.16) | (0.05) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.42) | (0.46) | (0.38) | (0.23) | (0.20) |  |  |  |  |  |  |
| Net asset value, end of year/period | $8.78 | $8.82 | $8.82 | $9.08 | $9.70 | $9.55 |  |  |  |  |  |  |
| Total return + # | 1.77% | 4.86% | 2.27% | (2.57)% | 4.00% | 4.23% |  |  |  |  |  |  |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $204229 | $212542 | $163285 | $206875 | $195874 | $110215 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): ^ | 0.91% | 0.88% | 0.87% | 0.97% | 1.82% | 1.43% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 4.48% | 4.79% | 4.16% | 2.02% | 0.67% | 1.41% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 106% | 274% | 222% | 216% | 343% | 519% |  |  |  |  |  |  |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $8.79 | $8.79 | $9.06 | $9.68 | $9.53 | $9.33 | $8.38 | $8.42 | $8.72 | $9.34 | $9.24 | $9.08 |
| Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.19 | 0.40 | 0.35 | 0.16 | 0.04 | 0.11 | 0.14 | 0.32 | 0.27 | 0.09 | (0.03) | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.05) | 0.00 (a) | (0.18) | (0.43) | 0.32 | 0.26 | (0.03) | 0.00 (a) | (0.18) | (0.41) | 0.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.14 | 0.40 | 0.17 | (0.27) | 0.36 | 0.37 | 0.11 | 0.32 | 0.09 | (0.32) | 0.27 | 0.29 |
| Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.18) | (0.40) | (0.35) | (0.17) | (0.05) | (0.12) | (0.16) | (0.36) | (0.30) | (0.12) | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | (0.09) | (0.18) | (0.16) | (0.05) | - | - | (0.09) | (0.18) | (0.16) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.40) | (0.44) | (0.35) | (0.21) | (0.17) | (0.16) | (0.36) | (0.39) | (0.30) | (0.17) | (0.13) |
| Net asset value, end of year/period | $8.75 | $8.79 | $8.79 | $9.06 | $9.68 | $9.53 | $8.33 | $8.38 | $8.42 | $8.72 | $9.34 | $9.24 |
| Total return + # | 1.65% | 4.61% | 1.91% | (2.82)% | 3.77% | 4.09% | 1.37% | 3.82% | 1.11% | (3.45)% | 2.89% | 3.24% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $13831 | $15514 | $22312 | $27906 | $29040 | $17123 | $2334 | $2236 | $2891 | $3858 | $4518 | $3852 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense): ^ | 1.11% | 1.11% | 1.11% | 1.22% | 2.07% | 1.68% | 1.91% | 1.88% | 1.87% | 1.98% | 2.82% | 2.43% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | 4.27% | 4.55% | 3.91% | 1.75% | 0.41% | 1.21% | 3.48% | 3.79% | 3.16% | 1.01% | (0.37)% | 0.53% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 106% | 274% | 222% | 216% | 343% | 519% | 106% | 274% | 222% | 216% | 343% | 519% |

---

\* 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.

^ Annualized for periods less than one year.

(1) Not annualized for periods less than
 one year.

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/period.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $28.81 | $29.20 | $31.15 | $32.18 | $32.75 | $33.88 |  |  |  |  |  |  |
| Income from investment operations: | Income from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.07 | 0.64 | 0.22 | (0.45) | (0.28) | (0.21) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.02 | 1.42 | 0.26 | 0.80 | 0.79 | 0.33 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | &nbsp;&nbsp;&nbsp;Total income from investment operations | 1.09 | 2.06 | 0.48 | 0.35 | 0.51 | 0.12 |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (1.09) | (0.74) | (0.41) |  | (0.71) | (0.30) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.25) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from capital | &nbsp;&nbsp;&nbsp;Distributions from capital | - | (1.71) | (2.02) | (1.13) | (0.37) | (0.95) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (1.09) | (2.45) | (2.43) | (1.38) | (1.08) | (1.25) |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $28.81 | $28.81 | $29.20 | $31.15 | $32.18 | $32.75 |  |  |  |  |  |  |
| Total return + # | Total return + # | 3.83% | 7.31% | 1.59% | 1.11% | 1.54% | 0.37% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $195008 | $197786 | $141405 | $175703 | $219703 | $160250 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): ^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers | 2.25% | 2.36% | 2.02% | 2.52% | 1.90% | 1.81% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers | 2.25% | 2.36% | 2.02% | 2.52% | 1.90% | 1.81% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | &nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | 0.82% | 0.90% | 0.38% | 0.39% | 0.81% | 0.69% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 0.44% | 2.18% | 0.72% | (1.41)% | (0.84)% | (0.62)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 0.44% | 2.18% | 0.72% | (1.41)% | (0.84)% | (0.62)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 73% | 209% | 192% | 221% | 339% | 605% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $27.08 | $27.66 | $29.70 | $30.83 | $31.49 | $32.71 | $18.29 | $19.59 | $21.89 | $23.26 | $24.19 | $25.60 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* ! | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* ! | 0.03 | 0.51 | 0.13 | (0.46) | (0.44) | (0.30) | (0.05) | 0.22 | (0.05) | (0.52) | (0.55) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.97 | 1.36 | 0.26 | 0.71 | 0.86 | 0.33 | 0.65 | 0.93 | 0.18 | 0.53 | 0.70 | 0.27 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.00 | 1.87 | 0.39 | 0.25 | 0.42 | 0.03 | 0.60 | 1.15 | 0.13 | 0.01 | 0.15 | (0.16) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (1.09) | (0.74) | (0.41) |  | (0.71) | (0.30) | (1.09) | (0.74) | (0.41) |  | (0.71) | (0.30) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.25) |  |  |  |  |  | (0.25) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from capital | &nbsp;&nbsp;&nbsp;Distributions from capital | - | (1.71) | (2.02) | (1.13) | (0.37) | (0.95) | - | (1.71) | (2.02) | (1.13) | (0.37) | (0.95) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (1.09) | (2.45) | (2.43) | (1.38) | (1.08) | (1.25) | (1.09) | (2.45) | (2.43) | (1.38) | (1.08) | (1.25) |
| Net asset value, end of year/period | Net asset value, end of year/period | $26.99 | $27.08 | $27.66 | $29.70 | $30.83 | $31.49 | $17.80 | $18.29 | $19.59 | $21.89 | $23.26 | $24.19 |
| Total return + # | Total return + # | 3.74% | 7.02% | 1.32% | 0.83% | 1.25% | 0.10% | 3.35% | 6.19% | 0.57% | 0.05% | 0.54% | (0.63)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $18719 | $20234 | $23339 | $28997 | $33155 | $33157 | $10924 | $11592 | $13030 | $16177 | $19311 | $23171 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): ^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers | 2.51% | 2.63% | 2.27% | 2.77% | 2.16% | 2.06% | 3.26% | 3.39% | 3.02% | 3.52% | 2.93% | 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers | 2.51% | 2.63% | 2.27% | 2.77% | 2.16% | 2.06% | 3.26% | 3.39% | 3.02% | 3.52% | 2.93% | 2.81% |
| &nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | &nbsp;&nbsp;&nbsp;Dividends/borrowings on short sales | 0.82% | 0.94% | 0.38% | 0.39% | 0.81% | 0.68% | 0.82% | 0.96% | 0.38% | 0.39% | 0.81% | 0.68% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 0.19% | 1.85% | 0.47% | (1.53)% | (1.39)% | (0.94)% | (0.57)% | 1.14% | (0.29)% | (2.32)% | (2.28)% | (1.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 0.19% | 1.85% | 0.47% | (1.53)% | (1.39)% | (0.94)% | (0.57)% | 1.14% | (0.29)% | (2.32)% | (2.28)% | (1.74)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (3) | 73% | 209% | 192% | 221% | 339% | 605% | 73% | 209% | 192% | 221% | 339% | 605% |
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| ! | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |
| (1) | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): |
|  | &nbsp;&nbsp;&nbsp;Before fee waivers | 1.43% | 1.46% | 1.64% | 2.13% | 1.09% | 1.13% |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;After fee waivers | 1.43% | 1.46% | 1.64% | 2.13% | 1.09% | 1.13% |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): |
|  | &nbsp;&nbsp;&nbsp;Before fee waivers | 1.69% | 1.69% | 1.89% | 2.38% | 1.35% | 1.38% | 2.44% | 2.43% | 2.64% | 3.13% | 2.12% | 2.12% |
|  | &nbsp;&nbsp;&nbsp;After fee waivers | 1.69% | 1.69% | 1.89% | 2.38% | 1.35% | 1.38% | 2.44% | 2.43% | 2.64% | 3.13% | 2.12% | 2.12% |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (3) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

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

**FINANCIAL HIGHLIGHTS**

**Dunham Real Estate Stock Fund**

*The table sets forth financial data for one share of beneficial interest outstanding throughout each year/period.*

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **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,** |  |  |  |  |  |  |
| | | **Six Months Ended<br> April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $14.63 | $11.01 | $12.47 | $21.36 | $17.34 | $18.68 |  |  |  |  |  |  |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.11 | 0.20 | 0.20 | 0.14 | (0.02) | 0.11 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | (1.71) | 3.72 | (1.58) | (7.74) | 5.52 | (0.14) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.60) | 3.92 | (1.38) | (7.60) | 5.50 | (0.03) |  |  |  |  |  |  |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.12) | (0.30) | (0.08) |  |  | (0.31) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | - | (1.29) | (1.48) | (1.00) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.30) | (0.08) | (1.29) | (1.48) | (1.31) |  |  |  |  |  |  |
| Net asset value, end of year/period | Net asset value, end of year/period | $12.91 | $14.63 | $11.01 | $12.47 | $21.36 | $17.34 |  |  |  |  |  |  |
| Total return + # | Total return + # | (10.99)% | 35.88% | (11.09)% | (37.75)% | 32.81% | (0.02)% |  |  |  |  |  |  |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $45346 | $40260 | $53324 | $64414 | $91553 | $53647 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): ^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (1): ^ | 1.42% | 1.55% | 1.07% | 1.01% | 1.37% | 1.66% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | 1.55% | 1.54% | 1.64% | 0.85% | (0.08)% | 0.63% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 7% | 78% | 73% | 58% | 59% | 125% |  |  |  |  |  |  |
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Six Months Ended<br> April 30,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $14.70 | $11.06 | $12.52 | $21.48 | $17.47 | $18.81 | $13.24 | $10.01 | $11.37 | $19.78 | $16.30 | $17.69 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | &nbsp;&nbsp;&nbsp;Net investment income (loss) \* | 0.09 | 0.18 | 0.17 | 0.10 | (0.07) | 0.06 | 0.03 | 0.07 | 0.05 | (0.03) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) ! | (1.71) | 3.72 | (1.58) | (7.77) | 5.56 | (0.13) | (1.54) | 3.37 | (1.41) | (7.09) | 5.16 | (0.14) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.62) | 3.90 | (1.41) | (7.67) | 5.49 | (0.07) | (1.51) | 3.44 | (1.36) | (7.12) | 4.96 | (0.20) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.08) | (0.26) | (0.05) |  |  | (0.27) | (0.01) | (0.21) |  |  |  | (0.19) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | - | - | (1.29) | (1.48) | (1.00) | - | - | - | (1.29) | (1.48) | (1.00) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.08) | (0.26) | (0.05) | (1.29) | (1.48) | (1.27) | (0.01) | (0.21) | - | (1.29) | (1.48) | (1.19) |
| Net asset value, end of year/period | Net asset value, end of year/period | $13.00 | $14.70 | $11.06 | $12.52 | $21.48 | $17.47 | $11.72 | $13.24 | $10.01 | $11.37 | $19.78 | $16.30 |
| Total return + # | Total return + # | (11.06)% | 35.49% | (11.31)% | (37.87)% | 32.48% | (0.28)% | (11.40)% | 34.52% | (11.96)% | (38.38)% | 31.50% | (1.08)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $4015 | $4544 | $8654 | $9449 | $15112 | $11196 | $1560 | $1921 | $1849 | $2544 | $4736 | $2998 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): ^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets (including interest expense) (2): ^ | 1.69% | 1.78% | 1.32% | 1.27% | 1.62% | 1.91% | 2.44% | 2.57% | 2.07% | 2.02% | 2.37% | 2.66% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets: ^ | 1.24% | 1.34% | 1.38% | 0.60% | (0.33)% | 0.36% | 0.47% | 0.54% | 0.63% | (0.19)% | (1.07)% | (0.36)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 7% | 78% | 73% | 58% | 59% | 125% | 7% | 78% | 73% | 58% | 59% | 125% |
| \* | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | 1.41% | 1.52% |  |  |  |  |  |  |  |  |  |  |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 1.68% | 1.75% |  |  |  |  | 2.43% | 2.54% |  |  |  |  |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (1) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |

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

**FINANCIAL HIGHLIGHTS**

**Dunham U.S. Enhanced Market Fund**

*The table sets forth financial data for one share of beneficial interest outstanding throughout the year/period.*

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class N** | **Class N** | **Class N** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** |
| | | **Six Months Ended**<br>**April 30, <br> 2025** | **Year Ended**<br>**October 31, 2024** | **Period Ended**<br>**October 31, 2023 \*** | **Six Months Ended**<br>**April 30, <br> 2025** | **Year Ended**<br>**October 31, 2024** | **Period Ended**<br>**October 31, 2023 \*** | **Six Months Ended**<br>**April 30, <br> 2025** | **Year Ended**<br>**October 31, 2024** | **Period Ended**<br>**October 31, 2023 \*** |
| | | **(Unaudited)** | | | **(Unaudited)** | | | **(Unaudited)** | | |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $19.17 | $13.88 | $14.00 | $19.12 | $13.86 | $14.00 | $18.99 | $13.81 | $14.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \*\* | &nbsp;&nbsp;&nbsp;Net investment income \*\* | 0.10 | 0.29 | 0.13 | 0.08 | 0.25 | 0.11 | 0.02 | 0.12 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.26) | 5.18 | (0.25) | (0.26) | 5.17 | (0.25) | (0.26) | 5.16 | (0.25) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.16) | 5.47 | (0.12) | (0.18) | 5.42 | (0.14) | (0.24) | 5.28 | (0.19) |
| Less distributions: | Less distributions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.28) | (0.18) |  | (0.23) | (0.16) |  | (0.13) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.27) |  |  | (5.27) |  |  | (5.27) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (5.55) | (0.18) | - | (5.50) | (0.16) | - | (5.40) | (0.10) | - |
| Net asset value, end of year/period | Net asset value, end of year/period | $13.46 | $19.17 | $13.88 | $13.44 | $19.12 | $13.86 | $13.35 | $18.99 | $13.81 |
| Total return +#(1) | Total return +#(1) | (3.31)% | 39.70% | (0.86)% | (3.42)% | 39.33% | (1.00)% | (3.80)% | 38.34% | (1.36)% |
| Ratios/Supplemental Data: | Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000s) | $110875 | $88811 | $68742 | $9810 | $9782 | $10295 | $792 | $759 | $304 |
| &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: (2)^ | &nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets: (2)^ | 1.38% | 1.29% | 1.41% | 1.63% | 1.54% | 1.66% | 2.38% | 2.29% | 2.41% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | &nbsp;&nbsp;&nbsp;Ratios of net investment income to average net assets: ^ | 1.35% | 1.69% | 1.82% | 1.06% | 1.46% | 1.54% | 0.30% | 0.66% | 0.84% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | &nbsp;&nbsp;&nbsp;Portfolio turnover rate (1) | 40% | 66% | 0% | 40% | 66% | 0% | 40% | 66% | 0% |
| \* | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 | The Fund commenced operations on May 1, 2023 |
| \*\* | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. | The net investment income per share data was determined using the average shares outstanding throughout each year/period. |
| + | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| (1) | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. | Not annualized for periods less than one year. |
| ^ | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | 1.38% | 1.28% |  | 1.63% | 1.53% |  | 2.38% | 2.28% |  |

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

April 30, 2025

**1.** **ORGANIZATION** 

Each Dunham Fund (each, a "Fund" and collectively the "Funds") is a series of shares of beneficial interest in the Dunham Funds (the "Trust"), a Delaware Business Trust organized on November 28, 2007 and registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. The Dunham Funds currently consist of fifteen funds: Dunham Corporate/Government Bond Fund; Dunham Floating Rate Bond Fund; Dunham High-Yield Bond Fund; Dunham International Opportunity Bond Fund; Dunham Large Cap Value Fund; Dunham Small Cap Value Fund; Dunham Focused Large Cap Growth Fund; Dunham Small Cap Growth Fund; Dunham Emerging Markets Stock Fund; Dunham International Stock Fund; Dunham Dynamic Macro Fund; Dunham Long/Short Credit Fund; Dunham Monthly Distribution Fund; Dunham Real Estate Stock Fund; and Dunham U.S. Enhanced Market Fund. With the exception of Dunham Focused Large Cap Growth Fund, Dunham Real Estate Stock Fund, and Dunham U.S. Enhanced Market Fund, the remaining Funds are diversified funds within the meaning of the 1940 Act.

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| | |
|:---|:---|
| **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 |
| Dunham U.S. Enhanced Market Fund ("U.S. Enhanced Market") | Maximize long-term capital appreciation |

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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, Monthly Distribution, and U.S. Enhanced Market commenced operations on December 10, 2004 and were formed as a result of tax-free conversions from common trusts. The conversions were accomplished through the exchange of the common trust securities, cash, and other assets for equivalent value of the Funds' shares. High-Yield Bond Class C and Class N shares commenced operations on July 1, 2005. The Class A shares for all Funds except Floating Rate Bond, International Opportunity Bond, Focused Large Cap Growth, Dynamic Macro, Monthly Distribution, and U.S. Enhanced Market commenced operations on January 3, 2007. Monthly Distribution's Predecessor Fund's Class A shares and Class C shares commenced operations on December 26, 2000. Monthly Distribution's Class N shares commenced operations on September 29, 2008. Dynamic Macro commenced operations on April 30, 2010. Focused Large Cap Growth commenced operations on December 8, 2011. Floating Rate Bond and International Opportunity Bond commenced operations on November 1, 2013. U.S. Enhanced Market commenced operations on May 1, 2023.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Security Valuation** – In determining each Fund's Net Asset Value ("NAV") per share, equity securities for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price ("NOCP"). If no sale price is reported, the mean between the current bid and ask price is used. If market quotations are not readily available, then securities will be valued using the "fair value" procedures approved by the Board of Trustees (the"Board"). The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee") based on the Trust's Portfolio Securities Valuation Procedures (the "Procedures"). U.S. Government and Agency securities are valued at the mean between the most recent bid and ask prices. Short-term debt instruments with a remaining maturity of more than 60 days and long-term debt securities including Bank Loans are valued each day by an independent pricing service elected by Dunham & Associates Investment Counsel, Inc. ("Dunham & Associates" or the "Adviser") and approved by the Board using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and ask prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and ask prices may be used. Short-term debt securities with a remaining maturity of 60 days or less may be valued at amortized cost, provided such valuations represent fair value.

The Funds may invest in portfolios of open-end, closed-end investment companies and Exchange Traded Funds ("ETFs") (the "underlying funds"). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by a Fund will not change.

Options and FLEX Options are valued at the last reported sale price at the close of the exchange on which the security is primarily traded. If no sales are reported for the exchange-traded options, or the options are not exchange-traded, then they are valued at the mean of their most recent quoted bid and ask price.

Futures and future options are valued daily at the final settled price or, in the absence of a settled price, at the mean between the current bid and ask prices on the day of valuation.

Swap transactions are valued through an independent pricing service. Total return swaps on securities listed on an exchange are generally valued at the last quoted sales price of the swap (if exchange listed) or of the underlying security (if such security is exchange listed) or in the absence of a sale, fair valued at the mean between the current bid and ask prices.

Trading in securities on Far East securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange ("NYSE") is open). In addition, Far East securities trading generally, or in a particular country or countries, may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days, which are not business days in New York, and on which a Fund's NAV is not calculated. Each Fund calculates the NAV per share, and therefore effects sales, redemptions and repurchases of its shares, as of the close of regular trading on the NYSE once on each day on which the NYSE is open. Such calculation may not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. If events that may materially affect the value of such securities occur between the time when their price is determined and the time when the Fund's NAV is calculated, such securities may be valued at fair value as determined in good faith in 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.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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 April 30, 2025 for the Funds' assets and liabilities measured at fair value:

**Corporate/Government Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities \* | $- | $59865781 | $- | $59865781 |
| Corporate Bonds \* | - | 65587325 | - | 65587325 |
| Non U.S. Government & Agencies | - | 5036867 | - | 5036867 |
| Term Loans \* | - | 9201456 | - | 9201456 |
| U.S. Government & Agencies | - | 61137543 | - | 61137543 |
| Short-Term Investment | 7624307 | - | - | 7624307 |
| Total | $7624307 | $200828972 | $- | $208453279 |
| Collateral for Securities Loaned (a) |  |  |  | 2733018 |
| Total Assets |  |  |  | $211186297 |

---

**Floating Rate Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities | $- | $10036713 | $- | $10036713 |
| Common Stock \* | 496251 | - | - | 496251 |
| Corporate Bonds \* | - | 19124389 | - | 19124389 |
| U.S. Government & Agencies \* | - | 998596 | - | 998596 |
| Term Loans \* | - | 128399670 | 0 | 128399670 |
| Right | - | 13500 | - | 13500 |
| Warrant | - | 19749 | - | 19749 |
| Short-Term Investment | 10140862 | - | - | 10140862 |
| Total | $10637113 | $158592617 | $0 | $169229730 |
| Collateral for Securities Loaned (a) |  |  |  | 5564337 |
| Total Assets |  |  |  | $174794067 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**High-Yield Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stock \* | $- | $- | $284700 | $284700 |
| Corporate Bonds \* | - | 161490491 | 67179 | 161557670 |
| Short-Term Investment | 7313524 | - | - | 7313524 |
| Total | $7313524 | $161490491 | $351879 | $169155894 |
| Collateral for Securities Loaned (a) |  |  |  | 29544825 |
| Total Assets |  |  |  | $198700719 |

---

**International Opportunity Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities \* | $- | $7010 | $- | $7010 |
| Corporate Bonds \* | - | 42174129 | - | 42174129 |
| Non U.S. Government & Agencies \* | - | 17856837 | - | 17856837 |
| Short-Term Investment | 2386826 | - | - | 2386826 |
| Total | $2386826 | $60037976 | $- | $62424802 |
| Collateral for Securities Loaned (a) |  |  |  | 1024611 |
| Total Assets |  |  |  | $63449413 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $263411 | $- | $- | $263411 |
| Forward Foreign Currency Exchange Contracts | - | 148791 | - | 148791 |
| Credit Default Swap Contracts | - | 31961 | - | 31961 |
| Total Asset Derivatives | $263411 | $180752 | $- | $444163 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $332101 | $- | $- | $332101 |
| Forward Foreign Currency Exchange Contracts | - | 1187111 | - | 1187111 |
| Total Liability Derivatives | $332101 | $1187111 | $- | $1519212 |

---

**Large Cap Value**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $172993884 | $- | $- | $172993884 |
| Short-Term Investments | 4402202 | - | - | 4402202 |
| Total | $177396086 | $- | $- | $177396086 |
| Collateral for Securities Loaned (a) |  |  |  | 2761892 |
| Total Assets |  |  |  | $180157978 |

---

**Small Cap Value**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $94451000 | $- | $- | $94451000 |
| Short-Term Investments | 4150102 | - | - | 4150102 |
| Total | $98601102 | $- | $- | $98601102 |
| Collateral for Securities Loaned (a) |  |  |  | 12257583 |
| Total Assets |  |  |  | $110858685 |

---

**Focused Large Cap Growth**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $197151335 | $- | $- | $197151335 |
| Short-Term Investment | 3106836 | - | - | 3106836 |
| Total | $200258171 | $- | $- | $200258171 |
| Collateral for Securities Loaned (a) |  |  |  | 3137940 |
| Total Assets |  |  |  | $203396111 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**Small Cap Growth**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $76487178 | $- | $- | $76487178 |
| Short-Term Investment | 2993621 | - | - | 2993621 |
| Total | $79480799 | $- | $- | $79480799 |
| Collateral for Securities Loaned (a) |  |  |  | 19566902 |
| Total Assets |  |  |  | $99047701 |

---

**Emerging Markets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Closed End Fund** |  |  |  |  |
| Equity | $- | $948722 | $- | $948722 |
| Total Closed End Fund | - | 948722 | - | 948722 |
| **Common Stocks** |  |  |  |  |
| Aerospace & Defense | $- | $2483580 | $- | $2483580 |
| Asset Management | - | 1265369 | - | 1265369 |
| Automotive | - | 4466638 | - | 4466638 |
| Banking | 6383243 | 22372094 | - | 28755337 |
| Beverages | 1142464 | 1441667 | - | 2584131 |
| Biotech & Pharma | - | 975336 | - | 975336 |
| Chemicals | - | 395664 | - | 395664 |
| E-Commerce Discretionary | - | 6565228 | - | 6565228 |
| Electric Utilities | 2765 | 2617353 | - | 2620118 |
| Electrical Equipment | - | 818964 | - | 818964 |
| Engineering & Construction | - | 4640933 | - | 4640933 |
| Gas & Water Utilities | 1562028 | - | - | 1562028 |
| Health Care Facilities & Services | - | 4727208 | - | 4727208 |
| Home & Office Products | - | 1270479 | - | 1270479 |
| Institutional Financial Services | - | 2000970 | - | 2000970 |
| Insurance | - | 4085619 | - | 4085619 |
| Internet Media & Services | 1159488 | 10385791 | - | 11545279 |
| Leisure Facilities & Services | 134958 | 4473479 | - | 4608437 |
| Machinery | - | 630206 | - | 630206 |
| Medical Equipment & Devices | - | 782380 | - | 782380 |
| Metals & Mining | 1782051 | 292745 | - | 2074796 |
| Oil & Gas Producers | - | 1617172 | 0 | 1617172 |
| Oil & Gas Services & Equipment | - | 982002 | - | 982002 |
| Real Estate Owners & Developers | 1197594 | 581209 | - | 1778803 |
| Renewable Energy | - | 689804 | - | 689804 |
| Retail - Consumer Staples | - | - | 0 | - |
| Retail - Discretionary | 1228052 | 3190154 | - | 4418206 |
| Semiconductors | - | 17309493 | - | 17309493 |
| Specialty Finance | 1107810 | - | - | 1107810 |
| Technology Hardware | - | 5646609 | - | 5646609 |
| Technology Services | - | 670746 | - | 670746 |
| Telecommunications | - | 3054118 | - | 3054118 |
| Transportation Equipment | - | 1091862 | - | 1091862 |
| Wholesale - Consumer Staples | - | 788444 | - | 788444 |
| Total Common Stocks | 15700453 | 112313316 | - | 128013769 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |  |
| Automotive | $- | $389840 | $- | $389840 |
| Technology Hardware | - | 254329 | - | 254329 |
| Total Preferred Stock | - | 644169 | - | 644169 |
| **Short-Term Investments** | 3906484 | - | - | 3906484 |
| Total | $19606937 | $113906207 | $- | $133513144 |
| **Collateral for Securities Loaned (a)** |  |  |  | 2154027 |
| Total Assets |  |  |  | $135667171 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**International Stock**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $- | $3978663 | $- | $3978663 |
| Apparel & Textile Products | - | 638387 | - | 638387 |
| Asset Management | 609161 | 2037553 | - | 2646714 |
| Automotive | - | 2312428 | - | 2312428 |
| Banking | 7422783 | 27041146 | 0 | 34463929 |
| Beverages | 2949522 | 708629 | - | 3658151 |
| Biotech & Pharma | 2573456 | 3679507 | - | 6252963 |
| Chemicals | 187238 | - | 0 | 187238 |
| Construction Materials | - | 343694 | - | 343694 |
| Containers & Packaging | - | 104322 | - | 104322 |
| Diversified Industrials | - | 67404 | - | 67404 |
| E-Commerce Discretionary | 205017 | 415588 | - | 620605 |
| Electric Utilities | 639915 | 847131 | - | 1487046 |
| Electrical Equipment | - | 4331740 | - | 4331740 |
| Engineering & Construction | - | 1 | - | 1 |
| Entertainment Content | 260459 | 6427786 | - | 6688245 |
| Food | 654045 | 1809614 | - | 2463659 |
| Forestry, Paper, & Wood Products | 68865 | - | - | 68865 |
| Gas & Water Utilities | 689472 | - | - | 689472 |
| Home & Office Products | - | 1889897 | - | 1889897 |
| Household Products | - | 581299 | - | 581299 |
| Industrial Intermediate Prod | - | 172062 | - | 172062 |
| Institutional Financial Services | 278013 | 1949660 | - | 2227673 |
| Insurance | 285521 | 12842946 | - | 13128467 |
| Internet Media & Services | 516357 | 1689263 | - | 2205620 |
| Leisure Facilities & Services | 351216 | 2132611 | - | 2483827 |
| Machinery | 71414 | 373741 | - | 445155 |
| Medical Equipment & Devices | 206348 | 3713040 | - | 3919388 |
| Metals & Mining | 6938018 | 483232 | 0 | 7421250 |
| Oil & Gas Producers | 2393654 | 2628571 | 0 | 5022225 |
| Publishing & Broadcasting | - | 69463 | - | 69463 |
| Real Estate Owners & Developers | - | 2035073 | - | 2035073 |
| Renewable Energy | - | 70710 | - | 70710 |
| Retail - Consumer Staples | 811126 | 1100988 | - | 1912114 |
| Retail - Discretionary | 247705 | 1903080 | - | 2150785 |
| Semiconductors | - | 5378491 | - | 5378491 |
| Software | 1614965 | 3060273 | - | 4675238 |
| Specialty Finance | - | 957309 | - | 957309 |
| Technology Hardware | 669388 | 5939753 | - | 6609141 |
| Technology Services | 423520 | 2574131 | - | 2997651 |
| Telecommunications | 1804206 | 6713975 | - | 8518181 |
| Tobacco & Cannabis | 2884273 | - | - | 2884273 |
| Transportation & Logistics | 1486091 | 1724675 | - | 3210766 |
| Transportation Equipment | 342346 | 2430122 | - | 2772468 |
| Wholesale Discretionary | - | 239434 | - | 239434 |
| Total Common Stocks | 37584094 | 117397392 | - | 154981486 |
| **Exchange Traded Funds** | 809437 | - | - | 809437 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Automotive | - | 134819 | - | 134819 |
| Banking | 681955 | - | - | 681955 |
| Institutional Financial Services | - | 376552 | - | 376552 |
| Insurance | - | 636090 | - | 636090 |
| Oil & Gas Producers | 136572 | - | - | 136572 |
| Technology Hardware | - | 647264 | - | 647264 |
| Total Preferred Stocks | 818527 | 1794725 | - | 2613252 |
| **Short-Term Investments** | 181978 | - | - | 181978 |
| Total | $39394036 | $119192117 | $- | $158586153 |
| **Collateral for Securities Loaned (a)** |  |  |  | 12941519 |
| Total Assets |  |  |  | $171527672 |

---

**Dynamic Macro**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $26929205 | $- | $- | $26929205 |
| Non U.S. Government & Agencies | - | 4418018 | - | 4418018 |
| U.S. Government & Agencies | - | 37662009 | - | 37662009 |
| Short-Term Investments | 14463152 | - | - | 14463152 |
| Total | $41392357 | $42080027 | $- | $83472384 |
| Collateral for Securities Loaned (a) |  |  |  | 11669140 |
| Total Assets |  |  |  | $95141524 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $659828 | $- | $- | $659828 |
| Forward Foreign Currency Exchange Contracts | - | 59463 | - | 59463 |
| Total Asset Derivatives | $659828 | $59463 | $- | $719291 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $6380 | $- | $- | $6380 |
| Forward Foreign Currency Exchange Contracts | - | 679557 | - | 679557 |
| Total Liability Derivatives | $6380 | $679557 | $- | $685937 |

---

**Long/Short Credit**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $- | $- | $5700 | $5700 |
| Corporate Bonds \* | - | 103109581 | - | 103109581 |
| Municipal Bonds \* | - | 2499180 | - | 2499180 |
| Non-U.S. Government & Agencies | - | 2189563 | - | 2189563 |
| U.S. Government & Agencies | - | 104537863 | - | 104537863 |
| Short-Term Investment | 7225683 | - | - | 7225683 |
| Total | $7225683 | $212336187 | $5700 | $219567570 |
| Collateral for Securities Loaned (a) |  |  |  | 6631390 |
| Total Assets |  |  |  | $226198960 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | $11390 | $- | $- | $11390 |
| Credit Default Swap Contracts | - | 160366 | - | 160366 |
| Total Return Swap Contracts | - | 55624 | - | 55624 |
| Total Asset Derivatives | $11390 | $215990 | $- | $227380 |
| Liabilities - Derivatives |  |  |  |  |
| Futures Contracts | $413975 | $- | $- | $413975 |
| Credit Default Swap Contracts | $- | $809112 | $- | $809112 |
| Total Liability Derivatives | $413975 | $809112 | $- | $1223087 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**Monthly Distribution**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Closed-End Fund | $- | $- | $3703173 | $3703173 |
| Common Stocks \* | 170848118 | - | 72063 | 170920181 |
| Rights | - | - | 889496 | 889496 |
| Purchased Options | 336660 | - | - | 336660 |
| Short-Term Investment | 24019732 | - | - | 24019732 |
| Total | $195204510 | $- | $4664732 | $199869242 |
| Collateral for Securities Loaned (a) |  |  |  | 19011252 |
| Total Assets |  |  |  | $218880494 |
| Liabilities |  |  |  |  |
| Securities Sold Short \* | $52065563 | $- | $- | $52065563 |
| Total Liabilities | $52065563 | $- | $- | $52065563 |
| Assets - Derivatives |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $- | $37681 | $- | $37681 |
| Total Asset Derivatives | $- | $37681 | $- | $37681 |
| Liabilities - Derivatives |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $- | $1184977 | $- | $1184977 |
| Written Options | $3091912 | $- | $- | $3091912 |
| Total Liability Derivatives | $3091912 | $1184977 | $- | $4276889 |

---

**Real Estate Stock**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \* | $13352730 | $- | $- | $13352730 |
| REITs \* | 36805915 | - | - | 36805915 |
| Short-Term Investment | 627465 | - | - | 627465 |
| Total | $50786110 | $- | $- | $50786110 |
| Collateral for Securities Loaned (a) |  |  |  | 2246134 |
| Total Assets |  |  |  | $53032244 |

---

**U.S. Enhanced Market**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| U.S. Government & Agencies | $- | $64531654 | $- | $64531654 |
| Purchased Options | - | 28449671 | - | 28449671 |
| Short-Term Investments | 28091383 | - | - | 28091383 |
| Total Assets | $28091383 | $92981325 | $- | $121072708 |
| Assets - Derivatives |  |  |  |  |
| Futures Contracts | 1553880 | - | - | 1553880 |
| Total Asset Derivatives | $1553880 | $- | $- | $1553880 |

---

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

(a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> balance<br> October 31,<br> 2024** | **Total<br> realized gain/<br> (loss)** | **Change in unrealized appreciation/ (depreciation)** | **Amortization** | **Net<br> Purchases** | **Net Sales** | **Net<br> transfers into<br> Level 3** | **Net<br> transfers<br> (out) of<br> Level 3** | **Ending<br> balance<br> April 30,<br> 2025** |
| Floating Rate Bond |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loans | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| High-Yield Bond |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | 186400 |  | 98300 |  |  |  |  |  | 284700 |
| &nbsp;&nbsp;&nbsp;Corporate Bond | 726312 | (3819) | (651665) |  |  | (3649) |  |  | 67179 |
| Emerging Markets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |  |  |
| International Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |  |  |
| Long/Short Credit |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | 5700 |  |  |  |  |  |  |  | 5700 |
| Monthly Distribution |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed End Fund | 3456295 |  | 246878 |  |  |  |  |  | 3703173 |
| &nbsp;&nbsp;&nbsp;Common Stock | 72063 |  |  |  |  |  |  |  | 72063 |
| &nbsp;&nbsp;&nbsp;Rights | 1160849 |  | (271353) |  |  |  |  |  | 889496 |

---

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investments in Securities:** |<br>**Fair Value** | <br>**Valuation Techniques** | <br>**Unobservable Input** | <br>**Input<br> Range** | **Impact to valuation**<br>**from an increase <br> in input** |
| Floating Rate Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loans | $- | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| Total Fair Value Securities | $- |  |  |  |  |
| High-Yield Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $284700 | Enterprise Value | Multiples | 1x | Increase |
| &nbsp;&nbsp;&nbsp;Corporate Bond | 67179 | Discounted Cash Flow | Discount Rate | 14.5% | Decrease |
| Total Fair Value Securities | $351879 |  |  |  |  |
| Emerging Markets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $- | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| Total Fair Value Securities | $- |  |  |  |  |
| International Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $- | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| Total Fair Value Securities | $- |  |  |  |  |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $5700 | Broker Quote | Indicative Value | $0.57 | Increase |
| Total Fair Value Securities | $5700 |  |  |  |  |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed End Fund | $3703173 | Broker Quote | Indicative Value | $1.50 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock | 72063 | Broker Quote | Indicative Value | $0.35 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock |  | Market Approach | Discount for lack of marketability (DLOM) | 100% | NA |
| &nbsp;&nbsp;&nbsp;Common Stock |  | Market Approach | Residual Value | 100% | NA |
| &nbsp;&nbsp;&nbsp;Rights | 889496 | Broker Quote | Indicative Value | $0.65-$1.60 | Decrease |
| Total Fair Value Securities | $4664732 |  |  |  |  |

---

&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.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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.

&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. These Funds may purchase call and put options. In addition, Enhanced Market may purchase options (including FLEX Options).

*Call Options*. When a Fund writes an option, there is no taxable event and an amount equal to the premium received is recorded by that Fund as a liability. The liability is thereafter valued to reflect the current value of the option. If the option is not exercised and expires, or if a Fund effects a closing purchase transaction, the Fund realizes a gain (or loss in the case of a closing purchase transaction where the cost to close the transaction exceeds the original premium received), and the liability related to the option is extinguished. Any such gain or loss generally is a short-term capital gain or loss for federal income tax purposes. If a call option that a Fund has written on any equity security is exercised, that Fund will realize a capital gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a put option that a Fund has written on an equity security is exercised, the amount of the premium originally received reduces the cost of the security that a Fund purchases upon exercise of the option. When a Fund writes a put option, that Fund must deposit cash or liquid securities into a segregated account equal to the put option's exercise value (number of shares times strike price).

*Put Options*. If such a decline occurs, the put options will permit that Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by that Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to that Fund. In addition, if the price of the security in connection with which an option was purchased moves in a direction favorable to that Fund, the benefits realized by that Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities.

*FLEX Options*. Enhanced Market gains equity exposure through investments in S&P 500 Index options (including FLEX Options) and futures, but does not invest directly in equity securities as part of its investment strategy. FLEX Options are customized index option contracts traded on an exchange. The Fund may experience substantial downside from specific FLEX Option positions, and certain FLEX Option positions may expire worthless. In addition, the Fund's FLEX Option holdings are subject to the following risks:

● Valuation Risk. The value of the FLEX Options will be affected by, among others, changes in the value of the relevant index, changes in the actual and implied volatility of the index, and the remaining time until the options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the index (although they generally move in the same direction).

● Liquidity Risk. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options.

● Counterparty Risk. The FLEX Options are issued and guaranteed for settlement by the Options Clearing Corporation (the "OCC"). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional standardized exchange-traded options.

● Correlation Risk. The value of the FLEX Options positions is not anticipated to increase or decrease at the same rate as the index, and it is possible they may move in different directions, and as a result, the Fund's NAV may not increase or decrease at the same rate as the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. Cash –** The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds may maintain cash balances, which, at times, may exceed federally insured limits. The Funds may also hold cash balances with brokers which accounts are not federally insured. The Funds maintain these balances with a high quality financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f. Swap Agreements** – International Opportunity Bond, Long/Short Credit and Monthly Distribution may enter into interest rate, index, total return, credit default and currency exchange rate swap agreements in attempts to obtain a particular desired return at a lower cost to the Fund than if the Fund has invested directly in an instrument that yielded that desired return. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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 positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund's potential for loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h. Futures Contracts** – International Opportunity Bond, Dynamic Macro, Long/Short Credit, and U.S. Enhanced Market are subject to equity risk, interest rate risk and forward currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, and foreign exchange rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Funds were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Funds would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Funds segregate cash having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Short Sales** – The Funds may sell a security that it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is obligated to pay over any dividends and accrued interest on borrowed securities. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. The Fund's borrowing agreements with broker-dealers are not subject to master netting or similar agreements or collateral agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j. Impact of Derivatives on the Statements of Assets and Liabilities and Statements of Operations** – The following is a summary of the location of derivative investments of each Fund in the Statement of Assets and Liabilities as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| **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;Interest Rate/Credit Risk Contracts | Unrealized appreciation on futures | Unrealized depreciation on futures |
|  | Unrealized appreciation on swap contracts | Unrealized depreciation on swap contracts |
| | Unrealized appreciation on forward foreign currency exchange contracts | Unrealized depreciation on forward foreign currency exchange contracts |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

The following table sets forth the fair value of each Fund's derivative contracts by primary risk exposure as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** | **Asset Derivatives Investment Value** |
| | **Equity<br> Contracts** | **Currency<br> Contracts** | **Interest Rate<br> Contracts** | **Credit Risk<br> Contracts** | **Total at** **<br> April 30,<br> 2025** |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $148791 | $- | $- | $148791 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 263411 |  | 263411 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | - | - | - | 31961 | 31961 |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $167328 | $- | $492500 | $- | $659828 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | - | 59463 | - | - | 59463 |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $- | $- | $11390 | $- | $11390 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | 160366 | 160366 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | 55624 | - | - | - | 55624 |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $37681 | $- | $- | $37681 |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $28449671 | $- | $- | $- | $28449671 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 148709 | - | 1405171 | - | 1553880 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** | **Liability Derivatives Investment Value** |
| | **Equity<br> Contracts** | **Currency<br> Contracts** | **Interest Rate<br> Contracts** | **Credit Risk<br> Contracts** | **Total at<br> April 30,<br> 2025** |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $1187111 | $- | $- | $1187111 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | - | - | 332101 | - | 332101 |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $679557 | $- | $- | $679557 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 6380 | - | - | - | 6380 |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $- | $413975 | $- | $- | $413975 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | $- | $- | $- | $809112 | $809112 |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $1184977 | $- | $- | $1184977 |
| &nbsp;&nbsp;&nbsp;Written Options | $3091912 | $- | $- | $- | $3091912 |

---

The following is a summary of the location of derivative investments of each Fund in the Statements of Operations for the six months ended April 30, 2025.

---

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

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

The following is a summary of each Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment type** | **Equity<br> Contracts** | **Currency<br> Contracts** | **Interest Rate<br> Contracts** | **Credit Risk<br> Contracts** | **Total at<br> April 30,<br> 2025** |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $- | $- | $(523124) | $- | $(523124) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | 650319 |  |  | 650319 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | - | - | - | 32466 | 32466 |
| Small Cap Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $- | $(5020) | $- | $- | $(5020) |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $- | $446086 | $- | $- | $446086 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 2324143 | - | (639153) | - | 1684990 |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $- | $- | $1873082 | $- | $1873082 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | 97267 | 97267 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | (271593) | - | - | - | (271593) |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $968712 | $- | $- | $968712 |
| &nbsp;&nbsp;&nbsp;Written Options | 862840 | - | - | - | 862840 |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(154118) | $- | $(2623261) | $- | $(2777379) |
| &nbsp;&nbsp;&nbsp;Purchased Options | 9924947 | - | - | - | 9924947 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | &nbsp;&nbsp;&nbsp;**Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | &nbsp;&nbsp;&nbsp;**Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | &nbsp;&nbsp;&nbsp;**Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | &nbsp;&nbsp;&nbsp;**Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | &nbsp;&nbsp;&nbsp;**Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment type** | **Equity<br> Contracts** | **Currency<br> Contracts** | **Interest Rate<br> Contracts** | **Credit Risk<br> Contracts** | **Total at<br> April 30,<br> 2025** |
| International Opportunity Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $- | $- | $27759 | $- | $27759 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | 20034 | 20034 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | - | (1423732) | - | - | (1423732) |
| Dynamic Macro |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $- | $(863347) | $- | $- | $(863347) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (97523) | - | 471529 | - | 374006 |
| Long/Short Credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $- | $- | $(1739886) |  | $(1739886) |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | (468958) | (468958) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | (62831) | - | - | - | (62831) |
| Monthly Distribution |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | $- | $(1542479) | $- | $- | $(1542479) |
| &nbsp;&nbsp;&nbsp;Written Options | (471482) | - | - | - | (471482) |
| U.S. Enhanced Market |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $127087 | $- | $3495939 | $- | $3623026 |
| &nbsp;&nbsp;&nbsp;Purchased Options | (14734660) | - | - | - | (14734660) |

---

The average notional value of the derivative instruments for the six months April 30, 2025 based on quarter end positions is disclosed below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | **Long<br> Futures** | **Short<br> Futures** | **Purchased<br> Options** | **Written<br> Options** | **Total Return<br> Swaps - Long** | **Credit Default<br> Swaps - Long** | **Credit Default<br> Swaps - Short** | **Forward Foreign<br> Currency Contracts** |
| International Opportunity Bond | $25521818 | $18686421 | $- | $- | $- | $7041373 | $625000 | 35982095 |
| Dynamic Macro | 30185505 | 12479870 |  |  |  |  |  | 12595056 |
| Long/Short Credit |  | 34105398 |  |  | 14000000 | 72500000 | 14500000 |  |
| Monthly Distribution (1) |  |  |  | 4546063 |  |  |  | 41683243 |
| U.S. Enhanced Market | 111060735 | - | 142862500 | - | - | - | - | - |

---

(1) Monthly
 Distribution held purchased options during the period but not at quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k. Offsetting of Financial Assets & Liabilities and Derivative Assets & Liabilities** – International Opportunity Bond, Dynamic Macro, Long/Short Credit, Monthly Distribution and U.S. Enhanced Market policies are to recognize a gross asset or liability equal to the unrealized amounts on forward foreign currency exchange contracts, swaps and written options. The futures held by the Funds are not subject to offsetting. The following table shows additional information regarding the offsetting of assets and liabilities at April 30, 2025.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | |
|  **International Opportunity Bond**<br> **Assets:**<br>**Description** | <br>**Counterparty** |<br>**Gross<br> Amounts of Recognized<br> Assets** |<br>**Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** |<br>**Net Amounts of<br> Assets Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received (1)** |<br>**Net Amount** |
| Forward Foreign Currency Exchange Contracts | Barclays | $58290 | $- | $58290 | $(58290) |  | $- |
|  | Citi Capital Markets | 21270 |  | 21270 | (21270) |  |  |
|  | Citibank | 383 |  | 383 | (383) |  |  |
|  | JP Morgan Chase | 68848 |  | 68848 | (68848) |  |  |
| Credit Default Swap Citibank |  | 31961 | - | 31961 | (31961) | - | - |
| Total |  | $180752 | $- | $180752 | $(180752) | $- | $- |
| **Liabilities:** |  |  |  |  | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** |  |
| **Description** | **Counterparty** | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial <br>Instruments** | **Cash<br> Collateral<br> Pledged (1)** | **Net Amount** |
| Forward Foreign Currency Exchange Contracts | Barclays | $(394858) | $- | $(394858) | $58290 | $- | $(336568) |
|  | Citi Capital Markets | (4194) |  | (4194) | 21270 |  | 17076 |
|  | Citibank | (3512) |  | (3512) | 383 |  | (3129) |
|  | JP Morgan Chase | (784547) |  | (784547) | 68848 |  | (715699) |
| Credit Default Swap Citibank |  | - | - | - | 31961 | - | - |
| Total |  | $(1187111) | $- | $(1187111) | $180752 | $- | $(1038320) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | |
|  **Dynamic Macro**<br> **Assets:**<br>**Description** | <br>**Counterparty** |<br>**Gross<br> Amounts of<br> Recognized<br> Assets** |<br>**Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** |<br>**Net Amounts of<br> Assets Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received (1)** |<br>**Net Amount** |
| Forward Foreign Exchange Contracts | US Bank | $59463 | $- | $59463 | $(15945) | $- | $43518 |
| Total |  | $59463 | $- | $59463 | $(15945) | $- | $43518 |
| **Liabilities:** |  |  |  |  | **Gross Amounts Not Offset<br> in the Statements of<br> Assets &** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets &** |  |
| **Description** | **Counterparty** | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial <br>Instruments** | **Cash<br> Collateral<br> Pledged (1)** | **Net Amount** |
| Forward Foreign Exchange Contracts | US Bank | $(679557) | $- | $(679557) | $679557 | $- | $- |
| Total |  | $(679557) | $- | $(679557) | $679557 | $- | $- |

---

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | |
|  **Long/Short Credit**<br> **Assets:**<br>**Description** | <br>**Counterparty** |<br>**Gross<br> Amounts of<br> Recognized<br> Assets** |<br>**Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** |<br>**Net Amounts of<br> Assets Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received (1)** |<br>**Net Amount** |
| Credit Default Swaps | HSBC | $160366 | $- | $160366 | $- | $- | $160366 |
| Total Return Swap | Goldman Sachs | 55624 | - | 55624 | - | - | 55624 |
| Total |  | $215990 | $- | $215990 | $- | $- | $215990 |
| **Liabilities:** |  |  |  |  | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** |  |
| **Description** | **Counterparty** | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial <br>Instruments** | **Cash<br> Collateral<br> Pledged (1)** | **Net Amount** |
| Credit Default Swaps | Barclays | $(171981) | $- | $(171981) | $171981 | $- |  |
| Credit Default Swaps | HSBC | (637131) | - | (637131) | 637131 | - | - |
| Total |  | $(809112) | $- | $(809112) | $809112 | $- | - |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | |
|  **Monthly Distribution Fund**<br> **Assets:**<br>**Description** | <br>**Counterparty** |<br>**Gross<br> Amounts of<br> Recognized<br> Assets** |<br>**Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** |<br>**Net Amounts of<br> Assets Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received (1)** |<br>**Net Amount** |
| Forward Foreign Currency Exchange Contracts | Morgan Stanley FX | $37627 | $- | $37627 | $- | $- | $37627 |
| Forward Foreign Currency Exchange Contracts | US Bank | 54 | - | 54 | - | - | 54 |
| Total |  | $37681 | $- | $37681 | $- | $- | $37681 |
| **Liabilities:** |  |  |  |  | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** |  |
| **Description** | **Counterparty** | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial <br>Instruments** | **Cash<br> Collateral<br> Pledged (1)** | **Net Amount** |
| Forward Foreign Currency Exchange Contracts | Morgan Stanley FX | $(1184977) | $- | $(1184977) | $1184977 | $- | $- |
| Written Options | Morgan Stanley | (3091912) | - | (3091912) | - | 3091912 | - |
| Total |  | $(4276889) | $- | $(4276889) | $1184977 | $3091912 | $- |

---

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | **Gross Amounts Not Offset<br> in the Statements of<br> Assets & Liabilities** | |
|  **U.S. Enhanced Market**<br> **Assets:**<br>**Description** | <br>**Counterparty** |<br>**Gross<br> Amounts of<br> Recognized<br> Assets** |<br>**Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets &<br> Liabilities** |<br>**Net Amounts of<br> Assets Presented<br> in the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received (1)** |<br>**Net Amount** |
| Purchased Options | Societe Generale | $28449671 | $- | $28449671 | $- | $- | $28449671 |
| Total |  | $28449671 | $- | $28449671 | $- | $- | $28449671 |

---

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

&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 | Swaps | Citibank | $1548306 |
|  | Futures | Barclays | 808453 |
| Dynamic Macro | Futures | Morgan Stanley | 1095750 |
| Long/Short Credit | Swaps | HSBC | 1447224 |
|  | Futures | HSBC | 63875 |
| Monthly Distribution | Securities Sold Short | JP Morgan | 79844858 |

---

&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.

&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 $765,825 as of April 30, 2025, on Emerging Markets as shown on the Statement of Assets and Liabilities. For the six months ended April 30, 2025, Emerging Markets recorded net change in unrealized appreciation on Accrued Foreign Capital Gains Tax on Appreciated Securities of $121,987 as shown on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**p. Foreign Tax Reclaims –** The Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Funds will record a receivable for such tax refunds based on several factors including an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**q. Income Taxes** – It is each Fund's policy to continue to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and gains, if any, to its shareholders and therefore, no provision for federal income tax has been made. Each Fund is treated as a separate taxpayer for federal income tax purposes. The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in the open tax years of 2021 to 2023 and expected to be taken in tax year 2024 and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the above open tax years. The Funds identify their major tax jurisdiction as U.S. Federal. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**r. Distributions to Shareholders** – It is each Fund's policy to distribute its respective net investment income and net capital gains, if any, annually except for Corporate/Government Bond, Floating Rate Bond, High-Yield Bond, International Opportunity Bond, Long/Short Credit, and Monthly Distribution which will distribute their respective net investment income, if any, monthly. Distributions of net investment income and net capital gains are determined in accordance with income tax regulations which may differ from GAAP. Differences in dividends from net investment income per share between the classes are due to service and distribution related expenses. Dividends and distributions to shareholders are recorded on ex-date. Monthly Distribution's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions (including any return of capital) is not fixed but is expected to be at or near the level of the prime interest rate ("Prime Rate"). Additionally, Monthly Distribution's distribution policy is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of Monthly Distribution's current net asset value per share. Shareholders receiving periodic payments from Monthly Distribution may be under the impression that they are receiving net income. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from Monthly Distribution is net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**s. Real Estate Investment Trusts** – Real Estate Stock invests primarily in REITs. Distributions from REITs may be characterized as dividends, capital gains, and/or return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**t. Indemnification** – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**3.** **PRINCIPAL INVESTMENT RISKS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Concentration of Risk** – Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of larger capitalization companies or the market averages in general and therefore may involve greater risk than investing in larger capitalization companies.

The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region. Investments in lower grade debt securities are subject to special risks, including greater price volatility and a greater risk of loss of principal and interest.

Certain Funds may invest in collateralized mortgage obligations which are secured by groups of individual mortgages, but are similar to a conventional bond where the investor looks only to the issuer for payment of principal and interest. Although the obligations are recourse obligations to the issuer, the issuer typically has no significant assets, other than assets pledged as collateral for the obligations, and the market value of the collateral, which is sensitive to interest rate movements, may affect the market value of the obligations. A public market for a particular collateralized mortgage obligation may or may not develop and thus, there can be no guarantee of liquidity of an investment in such obligations.

The risk in writing a call option is that a Fund may forgo the opportunity of profit if the market value of the underlying security increases and the option is exercised, although any potential loss is reduced by the amount of option premium received. The risk in writing a put option is that a Fund may be called on to pay the exercise price of the option for a security that has decreased (potentially to zero) in market price, although any potential loss is reduced by the amount of option premium received. Generally, option transactions also involve risks concerning liquidity of the options market. An illiquid market for an option may limit a Fund's ability to write options or enter

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

closing transactions. As the options written by the Funds are traded on a national exchange, counterparty and credit risk are limited to the failure of the exchange on which the options are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Natural Disaster/Epidemic Risk** – Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. For example, the novel coronavirus (COVID -19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Emerging Markets Risk** – Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Foreign Investing Risk** – Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability, and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Management Fees** – Dunham & Associates serves as each Fund's investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, Dunham & Associates, subject to the supervision of the Board and in conformity with the stated policies of the Funds, manages the operations of the Funds. The Adviser, subject to the review and approval of the Board, selects Sub-Advisers for each Fund and supervises and monitors the performance of each Sub-Adviser. As compensation for its services, each Fund pays the Adviser a fixed fee, accrued daily and paid monthly, based on each Fund's respective average daily net assets. The Adviser has entered into a Sub-Advisory Agreement with each Sub-Adviser and the Trust, on behalf of each Fund. Under the Sub-Advisory Agreements, each Fund pays the Sub-Adviser a "Fulcrum Fee." A Fulcrum Fee is a performance fee whereby the Sub-Adviser is rewarded when out-performing, or is penalized when under-performing, a Fund's benchmark index. As a result of the Fulcrum Fee arrangement, the total annual management fee for a Fund will have a range as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
| | **Management<br> Fee** | **Adviser's**<br> **Portion** | **Sub-Adviser's**<br> **Portion** |
| Corporate/Government Bond | 0.65% – 0.95% | 0.50% | 0.15% – 0.45% |
| Floating Rate Bond | 0.78% – 0.98% | 0.60% | 0.18% – 0.38% |
| High-Yield Bond | 0.82% – 1.02% | 0.60% | 0.22% – 0.42% |
| International Opportunity Bond | 0.80% – 1.30% | 0.60% | 0.20% – 0.70% |
| Large Cap Value | 0.75% – 1.15% | 0.65% | 0.10% – 0.50% |
| Small Cap Value \* | 0.85% – 1.35% | 0.65% | 0.20% – 0.70% |
| Focused Large Cap Growth | 0.85% – 1.15% | 0.65% | 0.20% – 0.50% |
| Small Cap Growth | 0.65% – 1.65% | 0.65% | 0.00% – 1.00% |
| Emerging Markets Stock | 0.70% – 1.50% | 0.65% | 0.05% – 0.85% |
| International Stock | 0.95% – 1.65% | 0.65% | 0.30% – 1.00% |
| Dynamic Macro | 0.90% – 1.60% | 0.65% | 0.25% – 0.95% |
| Long/Short Credit | 0.70% – 1.80% | 0.65% | 0.05% – 1.15% |
| Monthly Distribution | 0.87% – 1.63% | 0.65% | 0.22% – 0.98% |
| Real Estate Stock | 0.80% – 1.40% | 0.65% | 0.15% – 0.75% |
| U.S. Enhanced Market | 0.95% – 1.35% | 0.65% | 0.30% – 0.70% |

---

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.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

Depending on the particular Sub-Advisory Agreement, the Performance Fee can adjust the Base Fee up or down by as much as 100% of the Base Fee, such that the Sub-Advisory fee can vary anywhere from 0.00% (the "Minimum Fee") to twice the Base Fee (the "Maximum Fee"). However, because each such Sub-Advisory Agreement requires that the Sub-Adviser only be paid out the monthly Minimum Fee during the first year, the Sub-Adviser, in most cases, will receive less compensation until the end of the first year. At the end of the first year of the agreement, the Sub-Adviser will be paid a lump sum that reflects the accrued Fulcrum Fee over the year, less any Minimum Fees paid out during the first year. Therefore, in the first year, the Fulcrum Fee methodology has three elements: 1) daily calculation of the Performance Fee and daily accrual of the Fulcrum Fee; 2) monthly payment of the Minimum Fee only (if any); and 3) a lump sum payment at the end of the initial 12-month period of the accrued Fulcrum Fee less the Minimum Fee.

By virtue of using average daily net assets over a "rolling" 12-month period for purposes of calculating the Performance Fee while using average daily net assets for the most recent month for purposes of calculating the Base Fee, the actual total Fulcrum Fee paid by the Fund to the Sub-Adviser may be higher or lower than the maximum or minimum annual rates described above if the average daily net assets do not remain constant during the rolling 12-month period. If the Fund is significantly underperforming versus the Index and the Fund's net assets have declined significantly, the monthly total Fulcrum Fee can be a negative number (although the performance fee 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Benchmark** | **Base Fee** | **Null**<br> **Zone** | **Minimum**<br> **Fee** | **Maximum**<br> **Fee** |
| Corporate/Government Bond | Virtus Fixed Income Advisers, LLC | Bloomberg US Aggregate Bond Index | 0.30% | +/- 0.15% | 0.15% | 0.45% |
| Floating Rate Bond | PineBridge Investments LLC | Morningstar/LSTA U.S. Leveraged Loan 100 Index | 0.28% | +/- 0.00% | 0.18% | 0.38% |
| High-Yield Bond | PineBridge Investments LLC | Bloomberg U.S. Corporate High Yield Bond Ba/B 2% Issuer Capped Index | 0.32% | +/- 0.00% | 0.22% | 0.42% |
| International Opportunity Bond | Virtus Fixed Income Advisers, LLC | Bloomberg Global ex US Aggregate Bond Index (Hedged) | 0.45% | +/- 0.00% | 0.20% | 0.70% |
| Large Cap Value | Great Lakes Advisors, LLC. | Russell 1000 Value Total Return Index | 0.30% | +/- 0.00% | 0.10% | 0.50% |
| Small Cap Value | Boston Partners Global Investors, Inc. | Russell 2000 Value Total Return Index | 0.45% | +/- 0.00% | 0.20% | 0.70% |
| Focused Large Cap Growth | The Ithaka Group, LLC | Russell 1000 Growth Total Return Index | 0.35% | +/- 0.00% | 0.20% | 0.50% |
| Small Cap Growth | Pier Capital, LLC | Russell 2000 Growth Total Return Index | 0.50% | +/- 0.20% | 0.00% | 1.00% |
| Emerging Markets Stock | NS Partners Ltd. | MSCI Emerging Markets Index (Net) | 0.45% | +/- 0.00% | 0.05% | 0.85% |
| International Stock | Arrow street Capital L.P. | MSCI All Country World Index ex USA (Net) | 0.65% | +/- 0.20% | 0.30% | 1.00% |
| Dynamic Macro | Vontobel Asset Management, Inc. | Dow Jones Moderately Aggressive Portfolio Index | 0.60% | +/- 0.00% | 0.25% | 0.95% |
| Long/Short Credit | Metlife Investment Advisors, LLC | BofA Merrill Lynch US 3-month Treasury Bill Index PLUS 300 bps (3.00%) | 0.60% | +/- 0.00% | 0.05% | 1.15% |
| Monthly Distribution | Grantham, Mayo, Van Otterloo & Co., LLC | Credit Suisse Merger Arbitrage Liquid Index | 0.60% | +/- 0.00% | 0.22% | 0.98% |
| Real Estate Stock | American Assets Capital Advisers, LLC | Dow Jones U.S. Real Estate Total Return Index | 0.45% | +/- 0.00% | 0.15% | 0.75% |
| U.S. Enhanced Market | PGIM Quantitative Solutions LLC | S&P 500 Total Return Index | 0.50% | +/- 0.00% | 0.30% | 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Administration, Fund Accounting and Transfer Agency Fees** – Ultimus Fund Services, LLC ("UFS" or the "Administrator") serves as the administrator, fund accountant and transfer agent for the Funds. For providing administration services, UFS receives from each Fund a monthly fee based on the combined average daily net assets at the following annual rates; 0.07% on the first $250 million of average net assets; 0.05% on average net assets between $250 million and $500 million; 0.03% on average net assets between $500 million and $1 billion; and 0.01% on average net assets over $1 billion. Such fees are subject to an annual minimum of $400,000 in total for the entire Trust. For providing fund accounting services, UFS receives from the Trust a minimum annual fee of $262,500. For providing transfer agent services, UFS receives from the Trust a minimum annual fee of $214,000 plus a per account charge for 75,000 or more accounts.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

Blu Giant, LLC, ("Blu Giant"), an affiliate of UFS, provides EDGAR conversion and filing services as well as some print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds. An individual from UFS serves as an officer for the Trust and receives no additional compensation from the Trust for serving in that role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Distributor** – The Distributor of the Funds is Dunham & Associates (the "Distributor"). The Funds have adopted an Amended and Restated Rule 12b-1 Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act for Class A and Class C shares. The Plan for Class A shares authorizes the Funds to pay distribution fees to the Distributor or other entities on a monthly basis at an annualized rate of up to 0.25% of the average daily net assets attributable to Class A shares. The Plan for Class C shares authorizes the Funds to pay distribution fees at the annualized rate of 0.75% for the equity Funds and 0.50% for the fixed income Funds and shareholder servicing fees at the annualized rate of 0.25% to the Distributor or other entities on a monthly basis based on the average daily net assets attributable to Class C shares. Class N shares do not pay distribution fees or shareholder servicing fees.

---

| | | | |
|:---|:---|:---|:---|
| | **Distributor Sales Charges** | **12b-1 and Shareholder Service** | **12b-1 and Shareholder Service** |
| <br>**Fund** | **Class A** | **Class A** | **Class C** |
| Corporate/Government Bond | $3042 | $17049 | $9265 |
| Floating Rate Bond | 351 | 11089 | 18242 |
| High-Yield Bond | 1373 | 15976 | 11917 |
| International Opportunity Bond | 769 | 5821 | 2833 |
| Large Cap Value | 22076 | 20803 | 17243 |
| Small Cap Value | 1097 | 10698 | 9145 |
| Focused Large Cap Growth | 12648 | 23668 | 44770 |
| Small Cap Growth | 4931 | 10393 | 9345 |
| Emerging Markets Stock | 330 | 15930 | 9781 |
| International Stock | 1798 | 17239 | 19575 |
| Dynamic Macro | 2069 | 11052 | 7936 |
| Long/Short Credit | 642 | 18263 | 11121 |
| Monthly Distribution | 983 | 24510 | 55460 |
| Real Estate Stock | 118 | 5418 | 8511 |
| U.S. Enhanced Market | 1308 | 12547 | 3683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Trustees' Fees** – The Board has approved the following Trustee compensation schedule: Each Trustee who is not an interested person of the Trust will receive $6,250 for each Board meeting attended in-person; $2,500 for all electronically-attended Board meetings; $1,000 for in-person committee meetings and $500 for telephonic committee meetings, unless the committee meeting is on the same day as a Board meeting, in which case the Trustee will not be compensated for the committee meeting. The Funds also reimburse each such Trustee for travel and other expenses incurred in attending meetings of the Board.

With the exception of the Trust's Chief Compliance Officer as discussed below, officers of the Trust and Trustees who are interested persons of the Trust do not receive any compensation from the Trust or any other Funds managed by the Adviser. The Trust has agreed to pay the Adviser a fee in the amount of $154,500 per annum, effective January 1, 2025, including an annual discretionary bonus as may be awarded as compensation for providing an officer or employee of the Adviser to serve as Chief Compliance Officer for the Funds (each Fund bearing its pro rata share of the fee), plus the cost of reasonable expenses related to the performance of the Chief Compliance Officer's duties, including travel expenses, and may compensate the Adviser for the time of other officers or employees of the Adviser who serve in other compliance capacities for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. Commission Recapture –** During the six months ended April 30, 2025, certain Funds had portfolio trades executed with a broker pursuant to a commission recapture agreement under which the broker returned a portion of the Fund's brokerage commissions on the Fund's behalf. Such amounts, under such commission recapture agreement, are included in Fees paid indirectly in the Funds' Statements of Operations and will be paid directly by the broker for the expenses of the Fund. For the six months ended April 30, 2025, the amounts received by the Administrator on behalf of certain participating Funds under this arrangement were: Large Cap Value - $506, Focused Large Cap Growth - $1,783 and Small Cap Growth - $3,427.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases<br> (excluding<br> U.S. Government<br> Securities)** | **Sale Proceeds<br> (excluding<br> U.S. Government<br> Securities)** | **Purchases of<br> U.S. Government<br> Securities** | **Proceeds of<br> U.S. Government<br> Securities** |
| Corporate/Government Bond | $55709918 | $58171253 | $15338676 | $8900196 |
| Floating Rate Bond | 97731430 | 71503911 |  |  |
| High-Yield Bond | 39794411 | 66108573 |  |  |
| International Opportunity Bond | 22876544 | 31191942 |  |  |
| Large Cap Value | 40603897 | 14933930 |  |  |
| Small Cap Value | 64301254 | 54249477 |  |  |
| Focused Large Cap Growth | 49233116 | 32082719 |  |  |
| Small Cap Growth | 55350112 | 47105238 |  |  |
| Emerging Markets Stock | 62609419 | 51140578 |  |  |
| International Stock | 115457557 | 114149926 |  |  |
| Dynamic Macro | 14290201 | 15235893 | 22146535 | 21500000 |
| Long/Short Credit | 64214219 | 44515052 | 82473889 | 82109308 |
| Monthly Distribution | 303293947 | 307776870 |  |  |
| Real Estate Stock | 18038854 | 9453535 |  |  |
| U.S. Enhanced Market | 21943292 | 30847160 | - | - |

---

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Corporate/Government Bond | $214849547 | $1734384 | $(5397634) | (3663250) |
| Floating Rate Bond | 180553484 | 523505 | (6282922) | (5759417) |
| High-Yield Bond | 201345309 | 2350695 | (4995285) | (2644590) |
| International Opportunity Bond | 66042534 | 1756307 | (4349428) | (2593121) |
| Large Cap Value | 128580611 | 55331741 | (3754374) | 51577367 |
| Small Cap Value | 116737748 | 6204605 | (12083668) | (5879063) |
| Focused Large Cap Growth | 106694870 | 99912662 | (3211421) | 96701241 |
| Small Cap Growth | 95230852 | 8743117 | (4926268) | 3816849 |
| Emerging Markets Stock | 112894796 | 28831267 | (6058892) | 22772375 |
| International Stock | 158716971 | 26978686 | (14167985) | 12810701 |
| Dynamic Macro | 87665329 | 8746145 | (1236596) | 7509549 |
| Long/Short Credit | 197413676 | 49931688 | (21146404) | 28785284 |
| Monthly Distribution | 216288707 | 30999673 | (30065177) | 934496 |
| Real Estate Stock | 49584961 | 7209083 | (3761800) | 3447283 |
| U.S. Enhanced Market | 121159764 | 21542 | (108598) | (87056) |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**7.** **SHARES OF BENEFICIAL INTEREST** 

Following is a summary of shareholder transactions for each Fund for the six months ended April 30, 2025 and for the year ended October 31, 2024:

For the six months ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| <br>**Fund** | **Issued** | **Distributions<br> Reinvested** | **Redeemed** | **Net Increase<br> (Decrease)<br> in Shares** | **Issued** | **Distributions<br> Reinvested** | **Redeemed** | **Net Increase<br> (Decrease)<br> in Shares** |
| Corporate/Government Bond | 4036915 | 344595 | (3520713) | 860797 | 69070 | 22066 | (146913) | (55777) |
| Floating Rate Bond | 5355021 | 631283 | (2986165) | 3000139 | 220575 | 38185 | (126457) | 132303 |
| High-Yield Bond | 3577125 | 662849 | (6844732) | (2604758) | 36516 | 42481 | (362299) | (283302) |
| International Opportunity Bond | 1357472 | 225631 | (2597626) | (1014523) | 17107 | 15102 | (152694) | (120485) |
| Large Cap Value | 2330861 | 360805 | (868218) | 1823448 | 85819 | 34189 | (86494) | 33514 |
| Small Cap Value | 1913643 | 724596 | (1042592) | 1595647 | 21353 | 74566 | (90548) | 5371 |
| Focused Large Cap Growth | 1523959 | 410590 | (730253) | 1204296 | 86688 | 54111 | (131819) | 8980 |
| Small Cap Growth | 1480668 |  | (845873) | 634795 | 91184 |  | (96220) | (5036) |
| Emerging Markets Stock | 2432112 | 10152 | (1067145) | 1375119 | 51771 |  | (142915) | (91144) |
| International Stock | 2210070 | 909870 | (1848089) | 1271851 | 68742 | 99726 | (228153) | (59685) |
| Dynamic Macro | 1527879 | 255108 | (1094234) | 688753 | 17785 | 32277 | (155129) | (105067) |
| Long/Short Credit | 4058577 | 530614 | (5423130) | (833939) | 36015 | 33776 | (253666) | (183875) |
| Monthly Distribution | 1311521 | 266118 | (1675273) | (97634) | 27082 | 26651 | (107211) | (53478) |
| Real Estate Stock | 1070253 | 24389 | (335743) | 758899 | 36218 | 1852 | (38363) | (293) |
| U.S. Enhanced Market | 2611287 | 1779863 | (787789) | 3603361 | 94149 | 191611 | (67533) | 218227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| <br>**Fund** | **Issued** | **Distributions<br> Reinvested** | **Redeemed** | **Net Increase<br> (Decrease)<br> in Shares** |
| Corporate/Government Bond | 139603 | 3495 | (22693) | 120405 |
| Floating Rate Bond | 25996 | 16693 | (43727) | (1038) |
| High-Yield Bond | 10729 | 8776 | (39055) | (19550) |
| International Opportunity Bond | 3112 | 2323 | (20258) | (14823) |
| Large Cap Value | 17966 | 8678 | (18094) | 8550 |
| Small Cap Value | 17271 | 23746 | (15424) | 25593 |
| Focused Large Cap Growth | 18353 | 34410 | (90122) | (37359) |
| Small Cap Growth | 17091 |  | (19012) | (1921) |
| Emerging Markets Stock | 8185 |  | (14998) | (6813) |
| International Stock | 6346 | 30949 | (42174) | (4879) |
| Dynamic Macro | 22290 | 6166 | (17929) | 10527 |
| Long/Short Credit | 37234 | 4910 | (28481) | 13663 |
| Monthly Distribution | 19624 | 30863 | (70545) | (20058) |
| Real Estate Stock | 5922 | 121 | (18031) | (11988) |
| U.S. Enhanced Market | 14922 | 13825 | (9407) | 19340 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

For the year ended October 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class N Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| <br>**Fund** | **Issued** | **Distributions<br> Reinvested** | **Redeemed** | **Net Increase<br> (Decrease)<br> in Shares** | **Issued** | **Distributions<br> Reinvested** | **Redeemed** | **Net Increase<br> (Decrease)<br> in Shares** |
| Corporate/Government Bond | 7763525 | 506167 | (2744175) | 5525517 | 211025 | 47082 | (468869) | (210762) |
| Floating Rate Bond | 5871088 | 1123883 | (3582594) | 3412377 | 95751 | 95009 | (545706) | (354946) |
| High-Yield Bond | 12293561 | 1063911 | (4360912) | 8996560 | 412088 | 99875 | (705305) | (193342) |
| International Opportunity Bond | 4453526 | 376129 | (2341376) | 2488279 | 76550 | 39053 | (418810) | (303207) |
| Large Cap Value | 1991606 | 354159 | (2820022) | (474257) | 97426 | 45846 | (435698) | (292426) |
| Small Cap Value | 2563810 | 114729 | (1179168) | 1499371 | 225659 | 14770 | (213671) | 26758 |
| Focused Large Cap Growth | 1049454 | 86348 | (1578022) | (442220) | 147242 | 13922 | (384163) | (222999) |
| Small Cap Growth | 1480668 |  | (845873) | 634795 | 91184 |  | (96220) | (5036) |
| Emerging Markets Stock | 1985923 | 56845 | (2073983) | (31215) | 184403 | 7063 | (429859) | (238393) |
| International Stock | 2191458 | 244110 | (2232244) | 203324 | 93461 | 35485 | (359032) | (230086) |
| Dynamic Macro | 3073952 | 134375 | (1060078) | 2148249 | 358723 | 23670 | (259091) | 123302 |
| Long/Short Credit | 11505580 | 953961 | (6878124) | 5581417 | 368132 | 88712 | (1230646) | (773802) |
| Monthly Distribution | 3287473 | 436180 | (1700463) | 2023190 | 141909 | 59065 | (297648) | (96674) |
| Real Estate Stock | 736424 | 82753 | (2907854) | (2088677) | 32816 | 11339 | (517384) | (473229) |
| U.S. Enhanced Market | 1889659 | 57340 | (2265729) | (318730) | 91405 | 7079 | (329549) | (231065) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| <br>**Fund** | **Issued** | **Distributions<br> Reinvested** | **Redeemed** | **Net Increase<br> (Decrease)<br> in Shares** |
| Corporate/Government Bond | 28881 | 6259 | (53898) | (18758) |
| Floating Rate Bond | 18757 | 43676 | (159352) | (96919) |
| High-Yield Bond | 34876 | 19480 | (120332) | (65976) |
| International Opportunity Bond | 12562 | 5424 | (41200) | (23214) |
| Large Cap Value | 18552 | 9931 | (47887) | (19404) |
| Small Cap Value | 20324 | 4503 | (37618) | (12791) |
| Focused Large Cap Growth | 41674 | 5930 | (48242) | (638) |
| Small Cap Growth | 17091 |  | (19012) | (1921) |
| Emerging Markets Stock | 30258 | 183 | (29936) | 505 |
| International Stock | 31603 | 8185 | (50209) | (10421) |
| Dynamic Macro | 65885 | 2884 | (26393) | 42376 |
| Long/Short Credit | 40072 | 12480 | (129125) | (76573) |
| Monthly Distribution | 19624 | 30863 | (70545) | (20058) |
| Real Estate Stock | 9419 | 2918 | (51886) | (39549) |
| U.S. Enhanced Market | 25583 | 132 | (7714) | 18001 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of dividends paid during the periods ended October 31, 2024, and October 31, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 10/31/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Corporate/Government Bond \* | $7041458 | $- | $- | $7041458 |
| Floating Rate Bond \* | 11062135 |  |  | 11062135 |
| High-Yield Bond \* | 10273842 |  |  | 10273842 |
| International Opportunity Bond \* | 3094524 |  | 239688 | 3334212 |
| Large Cap Value | 3672385 | 3637138 |  | 7309523 |
| Small Cap Value | 390035 | 1727516 |  | 2117551 |
| Focused Large Cap Growth |  | 4006806 |  | 4006806 |
| Small Cap Growth |  |  |  |  |
| Emerging Markets Stock | 828871 |  |  | 828871 |
| International Stock | 3684674 | 1249483 |  | 4934157 |
| Dynamic Macro | 1812378 |  |  | 1812378 |
| Long/Short Credit \* | 9573461 |  |  | 9573461 |
| Monthly Distribution \* | 4446643 |  | 11790468 | 16237111 |
| Real Estate Stock | 1313304 |  |  | 1313304 |
| U.S. Enhanced Market | 1022713 |  |  | 1022713 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 10/31/2023** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Corporate/Government Bond \* | $3933944 | $- | $- | $3933944 |
| Floating Rate Bond \* | 12599686 |  |  | 12599686 |
| High-Yield Bond \* | 6930206 |  |  | 6930206 |
| International Opportunity Bond \* | 2308959 |  | 1042993 | 3351952 |
| Large Cap Value | 2639617 | 1827185 |  | 4466802 |
| Small Cap Value \* | 279389 | 4275847 |  | 4555236 |
| Focused Large Cap Growth \* |  |  |  |  |
| Small Cap Growth |  |  |  |  |
| Emerging Markets Stock | 219990 |  |  | 219990 |
| International Stock | 5023778 |  |  | 5023778 |
| Dynamic Macro |  |  |  |  |
| Long/Short Credit \* | 9181165 | 2144449 |  | 11325614 |
| Monthly Distribution \* | 2926993 |  | 13617081 | 16544074 |
| Real Estate Stock | 462010 |  |  | 462010 |
| U.S. Enhanced Market |  |  |  |  |

---

\* 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 (Unaudited)(Continued)**

April 30, 2025

As of each of the Fund's tax year-ended October 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **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 | $27702 | $- | $- | $(7091209) | $(2249) | $(3735315) | $(10801071) |
| Floating Rate Bond | 184683 |  |  | (23463616) | (7654) | (3463635) | (26750222) |
| High-Yield Bond | 436896 |  |  | (11914232) | (9275) | 598383 | (10888228) |
| International Opportunity Bond |  |  |  | (6463454) | (7826) | (2506955) | (8978235) |
| Large Cap Value | 1991837 | 5760415 |  |  |  | 59043398 | 66795650 |
| Small Cap Value | 8418763 | 3534863 |  |  |  | 2125246 | 14078872 |
| Focused Large Cap Growth |  | 21228742 | (1415402) |  |  | 114813503 | 134626843 |
| Small Cap Growth |  |  | (453725) | (6040905) |  | 13233936 | 6739306 |
| Emerging Markets Stock | 71565 |  |  | (25618163) |  | 19850377 | (5696221) |
| International Stock | 5382065 | 11822796 |  |  |  | 5549282 | 22754143 |
| Dynamic Macro | 3197286 | 216703 |  |  |  | 7641262 | 11055251 |
| Long/Short Credit |  |  |  | (13076346) | (17220) | (3948792) | (17042358) |
| Monthly Distribution |  |  |  | (366351) | (47302) | (428506) | (842159) |
| Real Estate Stock | 178922 |  |  | (18581864) | 1644934 | 7083605 | (9674403) |
| U.S. Enhanced Market | 12493904 | 16967758 |  |  |  | (313891) | 29147771 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income and accumulated net realized gain from security transactions are primarily attributable to the tax deferral of losses on wash sales, the mark-to-market treatment of open forward foreign currency, swap and 1256 futures and options contracts, and adjustments for partnerships, perpetual bonds, debt modification, passive foreign investment companies, C Corporation return of capital distributions and dividend payable. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) for the Funds. In addition, the amount listed under other book/tax differences are primarily attributable to tax adjustments for accrued dividends payable.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows: Dunham Focused Large Cap Growth Fund and Dunham Small Cap Growth Fund incurred and elected to defer such late year losses of $1,415,402 and $453,725.

At October 31, 2024, the following Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** | **Capital Loss Carry<br> Forward Utilized** |
| Corporate/Government Bond | $1762411 | $5328798 | $7091209 | $- |
| Floating Rate Bond | 3688614 | 19775002 | 23463616 |  |
| High-Yield Bond | 2261062 | 9653170 | 11914232 | 139089 |
| International Opportunity Bond | 1097614 | 5365840 | 6463454 | 342920 |
| Large Cap Value |  |  |  |  |
| Small Cap Value |  |  |  |  |
| Focused Large Cap Growth |  |  |  |  |
| Small Cap Growth | 6040905 |  | 6040905 | 9350981 |
| Emerging Markets Stock | 19231863 | 6386300 | 25618163 |  |
| International Stock |  |  |  |  |
| Dynamic Macro |  |  |  |  |
| Long/Short Credit | 9464623 | 3611723 | 13076346 |  |
| Monthly Distribution |  | 366351 | 366351 |  |
| Real Estate Stock | 12617059 | 5964805 | 18581864 | 9658621 |
| U.S. Enhanced Market |  |  |  | 1385151 |

---

During the fiscal year ended October 31, 2024, 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 book/tax treatment of non-deductible expenses, net operating losses, distributions in excess, the use of tax equalization credits and adjustments for prior year tax returns resulted in reclassification for the tax year ended October 31, 2024, as follows:

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid In<br> Capital** | **Accumulated**<br> **Earnings (Loss)** |
| Corporate/Government Bond | $- | $- |
| Floating Rate Bond |  |  |
| High-Yield Bond |  |  |
| International Opportunity Bond | 19 | (19) |
| Large Cap Value | 1914741 | (1914741) |
| Small Cap Value | 1197003 | (1197003) |
| Focused Large Cap Growth | 2510166 | (2510166) |
| Small Cap Growth | (309585) | 309585 |
| Emerging Markets Stock |  |  |
| International Stock | 2780007 | (2780007) |
| Dynamic Macro | 394980 | (394980) |
| Long/Short Credit | (57408) | 57408 |
| Monthly Distribution | (9443) | 9443 |
| Real Estate Stock | (2639) | 2639 |
| U.S. Enhanced Market |  |  |

---

Net assets were unaffected by the above reclassifications.

**9.** **FOREIGN TAX CREDIT (Unaudited)** 

The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended October 31, 2024 and October 31, 2023, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended<br> 10/31/2024** | **Foreign <br> Taxes Paid** | **Foreign <br> Source Income** |
| Emerging Markets Stock | $0.15 | $0.03 |
| International Stock | $0.09 | $0.51 |

---

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| | | |
|:---|:---|:---|
| **For fiscal year ended<br> 10/31/2023** | **Foreign <br> Taxes Paid** | **Foreign <br> Source Income** |
| Emerging Markets Stock | $0.98 | $0.12 |
| International Stock | $0.09 | $0.54 |

---

**10.** **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 1%. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to a Fund. Accordingly, it is possible that a Fund may wish to borrow money for a temporary or emergency purpose but may not be able to do so. Based only on the days borrowed, the average amount of borrowings outstanding was as follows:

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average Borrowing<br> Outstanding** | **Largest Outstanding<br> Balance** | **Loan <br> Outstanding** | **Average <br> Borrowing Rate** |
| Corporate/Government Bond | $3665857 | $8274000 | $– | 6.50% |
| Floating Rate Bond | 601800 | 932000 | – | 6.50% |
| High-Yield Bond | 3678500 | 4685000 | – | 6.50% |
| International Opportunity Bond | 1882333 | 4539000 | – | 6.50% |
| Large Cap Value | 3644000 | 3644000 | – | 6.50% |
| Small Cap Value | 427000 | 427000 | – | 6.50% |
| Focused Large Cap Growth | 3135400 | 11649000 | – | 6.51% |
| Small Cap Growth | 3486000 | 6954000 | – | 6.50% |
| Emerging Markets Stock | 1214367 | 3815000 | – | 6.61% |
| International Stock | 994500 | 14865000 | – | 6.56% |
| Dynamic Macro |  |  | – | 0.00% |
| Long/Short Credit | 409000 | 601000 | – | 6.50% |
| Monthly Distribution |  |  | – | 0.00% |
| Real Estate Stock | 115821 | 863000 | – | 6.78% |
| U.S. Enhanced Market |  |  | – | 0.00% |

---

The interest expense for all the Funds listed is included in interest expense on the Statement of Operations.

**11.** **SECURITIES LENDING** 

The Funds have entered into a Securities Lending Agreement ("Agreement") with the Bank. Each participating Fund can lend their securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. 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. The Funds have the right under the Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Funds could experience delays or losses on recovery. Additionally, the Funds are subject to the risk of loss from investments that it makes with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of April 30, 2025, the below table shows the securities loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were overcollateralized. This cash is invested in the Mount Vernon Liquid Assets Portfolio.

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| | | |
|:---|:---|:---|
| **Fund** | **Market Value of<br> Loaned Securities** | **Market Value of<br> Collateral** |
| Corporate/Government Bond | $2662207 | $2733018 |
| Floating Rate Bond | 5420195 | 5564337 |
| High-Yield Bond | 28784922 | 29544825 |
| International Opportunity Bond | 998201 | 1024611 |
| Large Cap Value | 2723248 | 2761892 |
| Small Cap Value | 11789907 | 12257583 |
| Focused Large Cap Growth | 3073502 | 3137940 |
| Small Cap Growth | 18848682 | 19566902 |
| Emerging Markets Stock | 2122969 | 2154027 |
| International Stock | 12540982 | 12941519 |
| Dynamic Macro | 11387077 | 11669140 |
| Long/Short Credit | 6462840 | 6631390 |
| Monthly Distribution | 18378764 | 19011252 |
| Real Estate Stock | 2107282 | 2246134 |
| U.S. Enhanced Market | - | - |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

April 30, 2025

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%.

**12.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2025, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

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| | |
|:---|:---|
| **Fund** | **Dunham Trust<br> Company** |
| Corporate/Government Bond | 88.9% |
| Floating Rate Bond | 92.2% |
| High-Yield Bond | 92.8% |
| International Opportunity Bond | 92.7% |
| Large Cap Value | 88.9% |
| Small Cap Value | 91.8% |
| Focused Large Cap Growth | 77.3% |
| Small Cap Growth | 82.7% |
| Emerging Markets Stock | 93.8% |
| International Stock | 77.9% |
| Dynamic Macro | 92.4% |
| Long/Short Credit | 84.3% |
| Monthly Distribution | 87.8% |
| Real Estate Stock | 83.2% |
| U.S. Enhanced Market | 91.5% |

---

**13.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

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| |
|:---|
| **ADDITIONAL INFORMATION** |
| April 30, 2025 |

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**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

At the meeting held on December 16, 2024 shareholders of record of the Dunham Funds at the close of business on October 4, 2024, voted to approve the following proposal:

To elect four trustees to the Board of Trustees of the Trust:

---

| | | |
|:---|:---|:---|
| | **FOR** | **WITHHOLD** |
| Paul A. Rosinack | 65,753,474 shares | 290,201 shares |
| Michael J. Torvinen | 65,861,041 shares | 182,634 shares |
| Ray McKewon | 65,883,139 shares | 160,536 shares |
| Jeffrey A. Dunham | 65,825,973 shares | 217,702 shares |

---

**Remuneration Paid to Directors, Officers and Others**

Refer to the Statement of Operations and Notes to the Financials note 4(d) included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Refer to Additional Information included herein

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)** |
| April 30, 2025 |

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**Dunham Funds**

**15(** **c) Board Considerations**

**<u>December 16</u>**<u>–**17, 2024**</u>

**I.** **Background** 

On December 16–17, 2024, the Board of Trustees (the "Board") of Dunham Funds (the "Trust"), a Delaware business trust, met to consider, among other things, (i) the renewal of the Investment Advisory Agreement between the Trust and Dunham & Associates Investment Counsel, Inc. (the "Adviser") and (ii) the renewal of the sub-advisory agreements with various sub-advisers for certain series (the "Funds"). The investment advisory agreement and the sub-advisory agreements collectively are referred to as the "Advisory Agreements." The Funds and the relevant sub-advisers with sub-advisory agreements up for approval and/or renewal include:

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| | |
|:---|:---|
| **Funds** | **Sub-Advisory Agreement** |
| Dunham Corporate/Government Bond Fund | Virtus Fixed Income Advisers, LLC |
| Dunham Dynamic Macro Fund | Vontobel Asset Management, Inc. |
| Dunham Emerging Markets Stock Fund | NS Partners Ltd. |
| Dunham Floating Rate Bond Fund | PineBridge Investments LLC |
| Dunham Focused Large Cap Growth Fund | The Ithaka Group, LLC |
| Dunham High-Yield Bond Fund | PineBridge Investments LLC |
| Dunham International Opportunity Bond Fund | Virtus Fixed Income Advisers, LLC |
| Dunham International Stock Fund | Arrowstreet Capital, Limited Partnership |
| Dunham Large Cap Value Fund | Great Lakes Advisors, LLC |
| Dunham Long/Short Credit Fund | MetLife Investment Advisors, LLC |
| Dunham Monthly Distribution Fund | Grantham, Mayo, Van Otterloo & Co. LLC |
| Dunham Real Estate Stock Fund | American Assets Capital Advisers LLC |
| Dunham Small Cap Growth Fund | Pier Capital, LLC |
| [Dunham Small Cap Value Fund N/A] | [Boston Partners Global Investors, Inc. is not up for renewal at this time] |
| Dunham U.S. Enhanced Market Fund | PGIM Quantitative Solutions, LLC |

---

The Independent Trustees had requested and reviewed materials the Adviser and the sub-advisers provided prior to and during the meetings and had reviewed a memorandum from Fund counsel that reviewed their fiduciary duties pertaining to renewal of investment management and sub-advisory agreements and the factors they should consider in evaluating the Advisory Agreements.

Among other information, the Adviser and the sub-advisers provided information to assist the Independent Trustees in assessing the nature, extent and quality of services provided, information comparing the investment performance, advisory fees and operating expense ratio of each 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 each Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreements.

The Independent Trustees and Fund counsel met in executive sessions to consider the renewal of the Advisory Agreements. The Board also received information about the Funds throughout the year in connection with the regular quarterly Board meetings from the Adviser and various Fund sub-advisers.

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

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Based upon its review, the Board concluded that it was in the best interests of each Fund that the Advisory Agreements be renewed. In considering the renewal of the Advisory Agreements, 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.** **Investment Advisory Agreement** 

***Nature, Extent and Quality of Services*.** In considering the renewal of the Investment Advisory Agreement with the Adviser, the Board considered the nature, extent and quality of services that the Adviser provided to the Funds, including the Adviser's personnel and resources and the Adviser's criteria for reviewing a sub-adviser's performance. The Board reviewed the services the Adviser provided in serving as investment adviser, including the backgrounds of the personnel providing the investment management services and compliance staff. They also reviewed information provided regarding risk management, compliance and regulatory matters. The Board concluded that the services the Adviser provided were satisfactory.

***Performance*.** The Board reviewed performance information the Adviser provided for Class N of each Fund compared to the performance of (a) funds in a peer group (the "Peer Group") (which is a relevant sub-set of funds in a Fund's Morningstar category), (b) a Morningstar category average and (c) a benchmark index for the one, five and ten year periods or since a Fund's inception, as applicable, and for the period since commencement of a sub-adviser's overseeing of a Fund, ended September 30, 2024. The Board considered that the Adviser had delegated day-to-day portfolio management of each Fund's strategy to a sub-adviser and noted the ongoing oversight activities the Adviser performed, including review of returns on a relative and absolute basis, evaluation of brokerage execution quality and yearly compliance reviews. The Board concluded that the Adviser appropriately had reviewed and monitored each sub-adviser's investment performance.

***Advisory Fee*.** The Board reviewed each Fund's advisory fee and expense ratio, taking into account the Fund's average net assets, and reviewed information comparing the advisory fee and expense ratio to those of the Peer Group and a Morningstar category. The Board discussed that, while the advisory fees do not necessarily have to be the lowest compared to the Peer Groups, it is their duty to evaluate whether the advisory fees are reasonable. The Board noted that the Adviser's fees range from 0.50% to 0.65%, which, when combined with the sub-adviser fees, can be higher than the Peer Group averages when a Fund is performing well. The Board concluded that the Adviser's fee ranges are applied reasonably based on the nature of a Fund (*i.e.*, bond vs. equity, or alternative vs. traditional). The Board observed that currently five Funds are considered "alternative" and generally require enhanced oversight compared to more traditional asset classes. The Board discussed the level of work involved in the Adviser's oversight of the Funds, the Adviser's ongoing quantitative and qualitative analysis of each sub-adviser, and the other services that the Adviser provides to the Funds.

The Board also noted:

● *Dunham Corporate/Government Bond Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

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● *Dunham Dynamic Macro Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham Emerging Markets Stock Fund*: The Board noted that the advisory fee was lower than the average of the Peer Group and the Morningstar category, and concluded that the overall expense ratio was in a reasonable range.

● *Dunham Floating Rate Bond Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham Focused Large Cap Growth Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham High-Yield Bond Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham International Opportunity Bond Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham International Stock Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham Large Cap Value Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham Long/Short Credit Fund*: The Board noted that the advisory fee was lower than the average of the Peer Group and the Morningstar category, and concluded that the overall expense ratio was in a reasonable range.

● *Dunham Monthly Distribution Fund:* The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham Real Estate Stock Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

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● *Dunham Small Cap Growth Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham Small Cap Value Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

● *Dunham U.S. Enhanced Market Fund*: The Board noted that the advisory fee was higher than the average of the Peer Group and the Morningstar category; however, the overall expense ratio was in a reasonable range.

In light of the nature, quality and extent of services the Adviser provided, the Board concluded that each Fund's advisory fee was reasonable.

***Economies of Scale*.** The Board considered the extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of Fund investors. The Board noted that breakpoints may be an appropriate way for the Adviser to share its economies of scale if a Fund experiences substantial asset growth; however, the Board recognized that no Fund had yet reached an asset level where the Adviser could realize significant economies of scale. The Board observed that economies of scale will be considered in the future as Fund asset levels grow.

***Profitability.*** The Board also reviewed the estimated profitability of the Adviser with respect to each Fund. The Board concluded that the estimated profitability of the Adviser in connection with the management of each Fund was reasonable, and at a level to adequately incentivize the Adviser to continue to provide high quality services.

***Fallout Benefits.*** Because of its relationship with the Funds, the Adviser and its affiliates may receive certain benefits. The Board reviewed materials provided by the Adviser as to any such benefits.

**III.** **Sub-Advisory Agreements** 

***Nature, Extent and Quality of Services*.** In considering the renewal of the sub-advisory agreement, as applicable, between each Fund and the Fund's respective sub-adviser, the Board considered the nature, extent and quality of services the sub-adviser provided under the sub-advisory agreement. The Board reviewed the services the sub-adviser provided, the background of the investment professionals servicing the Fund, and the sub-adviser's reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters.

***Performance.*** The Board reviewed each Fund's total return compared to the average total returns of the Fund's Peer Group and Morningstar category averages and benchmark index. The Board also noted:

● *Dunham Corporate/Government Bond Fund:* The Board noted that Virtus Fixed Income Advisers, LLC ("Virtus"), or a predecessor firm, has served as the Fund's sub-adviser since December 10, 2004 (the inception date of the Fund). The Board observed that the Fund underperformed its Morningstar category average over the one-, five-, and ten-year periods, but noted that the Fund

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

outperformed its Peer Group and benchmark index for the one-, and five-year periods. The Board concluded that the services Virtus provided were satisfactory.

● *Dunham Dynamic Macro Fund:* The Board noted that Vontobel Asset Management, Inc. ("Vontobel") has served as the Fund's sub-adviser since February 1, 2023 (while the Fund's inception date is April 30, 2010). The Board observed that the Fund underperformed its Peer Group average, Morningstar category average, and benchmark index over the one-, five-, and ten-year periods, but noted that the Fund had outperformed its Peer Group average, Morningstar category average, and benchmark index since Vontobel began managing the Fund. The Board concluded that the services Vontobel provided were satisfactory.

● *Dunham Emerging Markets Stock Fund*: The Board noted that NS Partners Ltd. ("NS Partners") has served as the Fund's sub-adviser since April 1, 2019 (while the Fund's inception date is December 10, 2004). The Board observed that the Fund underperformed its Peer Group average, Morningstar category average, and benchmark index over the relevant periods, including since NS Partners began to manage the Fund. The Board concluded that the services NS Partners provided were satisfactory.

● *Dunham Floating Rate Bond Fund:* The Board noted that PineBridge Investments LLC ("PineBridge") has served as the Fund's sub-adviser since October 1, 2021 (while the Fund's inception date is November 4, 2013). The Board observed that the Fund underperformed its Peer Group average, Morningstar category average, and benchmark index for the five- and ten-year periods, but noted that the Fund outperformed its Peer Group average and Morningstar category average and equal to the benchmark index for the one-year period. The Board further considered that the Fund had outperformed its Peer Group average and Morningstar category average since PineBridge began to manage the Fund. The Board concluded that the services PineBridge provided were satisfactory.

● *Dunham Focused Large Cap Growth Fund*: The Board noted that The Ithaka Group, LLC ("Ithaka") has served as the Fund's sub-adviser since December 8, 2011 (the inception date of the Fund). The Board observed that the Fund underperformed its benchmark index for the one-, five-, and ten-year periods, but noted that it outperformed its Peer Group average and Morningstar category average for the one-, five-, and ten-year periods *.* The Board concluded that the services Ithaka provided were satisfactory.

● *Dunham High-Yield Bond Fund*: The Board noted that PineBridge has served as the Fund's sub-adviser since July 1, 2017 (while the Fund's inception date is July 1, 2005). The Board observed that Fund underperformed its Peer Group average, Morningstar Category average, and benchmark index for the one-year period and its Morningstar category average and benchmark index for the ten-year period, but noted that it outperformed its Peer Group average, Morningstar Category average, and benchmark index for the five-year period. The Board further considered that the Fund had outperformed its Peer Group average and Morningstar category average since PineBridge began to manage the Fund. The Board concluded that the services PineBridge provided were satisfactory.

● *Dunham International Opportunity Bond Fund:* The Board noted that Virtus, or a predecessor firm, has served as the Fund's sub-adviser since January 1, 2020 (while the Fund's inception date was

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

November 4, 2013). The Board observed that the Fund underperformed its Morningstar category average and benchmark index for the ten-year period, but noted that the Fund outperformed its Peer Group average, Morningstar category average, and benchmark index for the one- and five-year periods. The Board further considered that the Fund had outperformed its Peer Group average, Morningstar category average, and benchmark index since Virtus began to manage the Fund. The Board concluded that the services Virtus provided were satisfactory.

● *Dunham International Stock Fund*: The Board noted that Arrowstreet Capital, Limited Partnership ("Arrowstreet") has served as the Fund's sub-adviser since July 1, 2008 (while the Fund's inception date is December 10, 2004). The Board observed that Fund underperformed its Peer Group average and benchmark index for the one-year period, but noted that the Fund outperformed its Peer Group average, Morningstar Category average, and benchmark index for the five- and ten-year periods and its Morningstar Category average for the one-year period. The Board concluded that the services Arrowstreet provided were satisfactory.

● *Dunham Large Cap Value Fund*: The Board noted that Great Lakes Advisors, LLC ("Great Lakes"), or a predecessor firm, has served as the Fund's sub-adviser since July 1, 2015 (while the Fund's inception date is December 10, 2004). The Board observed the Fund had underperformed its Peer Group average and Morningstar Category average for the five-year period and underperformed its Peer Group average, Morningstar Category average, and benchmark index for the ten-year period, but noted that it outperformed its Peer Group average, Morningstar Category average, and benchmark index for the one-year period. The Board concluded that the services Great Lakes provided were satisfactory.

● *Dunham Long/Short Credit Fund*: The Board noted that MetLife Investment Management, LLC ("MetLife") has served as the Fund's sub-adviser since July 1, 2018 (while the Fund's inception date is December 10, 2004). The Board observed that the Fund underperformed its Morningstar category average for the one- and five-year periods, its Peer Group average for the one-year period, and benchmark index for the one-, five-, and ten-year periods, but noted that the Fund outperformed its Peer Group average for the five- and ten-year periods, and its Morningstar category average for the ten-year period. The Board further considered that the Fund had outperformed its Peer Group average and underperformed its Morningstar category average and benchmark index since MetLife began to manage the Fund. The Board concluded that the services MetLife provided were satisfactory.

● *Dunham Monthly Distribution Fund*: The Board noted Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has served as the Fund's sub-adviser since April 1, 2021 (while the Fund's inception date is September 29, 2008). The Board observed that the Fund underperformed its Peer Group average, Morningstar category average, and benchmark index over the one-, five- and ten-year periods, including since GMO began to manage the Fund. The Board concluded that the services GMO provided were satisfactory.

● *Dunham Real Estate Stock Fund*: The Board noted that American Assets Capital Advisers LLC ("AACA") has served as the Fund's sub-adviser since January 1, 2020 (while the Fund's inception date is December 10, 2004). The Board observed that the Fund underperformed its Morningstar category average and benchmark index over the one-, five-, and ten-year periods and its Peer Group average for the five- and ten-year periods, but noted that the Fund outperformed its Peer

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

Group average for the one-year period. The Board further considered that the Fund underperformed its Peer Group average, Morningstar category average, and benchmark index since AACA began to manage the Fund. The Board concluded that the services AACA provided were satisfactory.

● *Dunham Small Cap Growth Fund*: The Board noted that Pier Capital, LLC ("Pier") has served as the Fund's sub-adviser since December 10, 2004 (the inception date of the Fund). The Board observed that the Fund underperformed its Morningstar category average and benchmark index over the one-year period, but noted that the Fund outperformed its Peer Group average, Morningstar category average, and benchmark index over the five- and ten-year periods and its Peer Group average over the one-year period. The Board concluded that the services Pier provided were satisfactory.

● *Dunham US Enhanced Market Fund*: The Board noted that PGIM Quantitative Solutions, LLC ("PGIM") has served as the Fund's sub-adviser since May 1, 2023 (the inception date of the Fund). The Board observed that the Fund underperformed its benchmark index for the since inception period, but noted that it outperformed its Peer Group average, Morningstar category average, and benchmark index over the one-year period and its Peer Group average and Morningstar category average for the since inception period. The Board concluded that the services PGIM provided were satisfactory.

***Sub-Advisory Fees and Economies of Scale.*** The Board considered each Fund's sub-advisory fee schedule and noted the fees charged to comparable portfolios, if any, that the sub-adviser managed. The Board noted that the fee schedule was negotiated between the Adviser and each sub-adviser, an unaffiliated third party.

The Board considered the base fee paid to each sub-adviser when the performance of a Fund is equal to that of a specific index plus or minus a "null" zone. The Board also reviewed the operation of the performance fee and the impact on fees and expenses based on various performance results. The Board recognized the unique nature of a performance fee, which results in higher fees when a sub-adviser delivers positive results, and how performance fees should be integrated into their analysis. The Board noted information that the Adviser provided regarding the specific benchmark index used to compute each sub-adviser's performance fee, how performance adjustments are calculated, and why each Fund's N-share class (as the class with the most assets) is used for performance calculations.

The Board confirmed its belief that performance fees help ensure that any significant fee adjustments are attributable to a sub-adviser's skill, rather than to random performance fluctuations, and the performance fee aligns a sub-adviser's interest with those of Fund shareholders. The Board concluded that each sub-adviser's fees were in a reasonable range.

The Board reviewed the relevance of economies of scale in the context of a sub-adviser that receives a performance-based fee. The Board agreed that the Adviser successfully had negotiated a favorable base fee with each 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 any of the sub-advisers would not be in the best interests of Fund shareholders at this time.

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| |
|:---|
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

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***Profitability and Fallout Benefits.*** The Board considered information provided regarding each sub-adviser's estimated profitability from providing sub-advisory services to its respective Fund. The Board noted that the sub-advisory fee schedule was negotiated between the Adviser and each sub-adviser, an unaffiliated third party. The Board reviewed materials provided as to any additional benefits each sub-adviser receives.

**IV.** **All Agreements** 

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the approval and/or continuation of the Advisory Agreements, as applicable, are in the best interests of each Fund.

**How to Obtain Proxy Voting Information**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling (888)-3DUNHAM (338-6426), by accessing the Funds' website at www.dunham.com or by referring to the Securities and Exchange Commission's ("SEC") website at http:// www.sec.gov.

**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).

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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.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures.** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99.CERT](dunham_ex99cert.htm)

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](dunham_ex99-906cert.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.

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| | |
|:---|:---|
| (Registrant) | Dunham Funds |
| By (Signature and Title) | /s/ Jeffrey Dunham |
|  | Jeffrey Dunham, Principal Executive Officer/President |

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Date <u>7/8/2025</u> <br>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Jeffrey Dunham |
|  | Jeffrey Dunham, Principal Executive Officer/President |

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Date <u>7/8/2025</u> <br>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Christine Zhou |
|  | Christine Zhou, Principal Financial Officer/Treasurer |

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Date <u>7/8/2025</u>

## Ex-99.Cert

**Exhibit 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; International Opportunity Bond Fund; and U.S. Enhanced Market Fund.

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) d isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 7/8/25 | /s/ Jeffrey Dunham |
|  |  | Jeffrey Dunham<br> President |

---

I, Christine Zhou,certify that:

1. I have reviewed this report on Form N-CSR of Monthly Distribution
Fund; Corporate/Government Bond Fund; High-Yield Bond Fund; Dynamic Macro Fund; Long/Short Credit Fund; Large Cap Value Fund; Focused
Large Cap Growth Fund; Real Estate Stock Fund; International Stock Fund; Small Cap Value Fund; Small Cap Growth Fund; Emerging Markets
Stock Fund; Floating Rate Bond Fund; International Opportunity Bond Fund; and U.S. Enhanced Market Fund.

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) d isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 7/8/25 | /s/ Christine Zhou |
|  |  | Christine Zhou, Principal Financial<br> Officer/Treasurer |

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## Exhibit 99.906

**EX-99.906 CERT**

**CERTIFICATION**

Jeffrey Dunham, President, and Christine Zhou, Treasurer of Monthly Distribution Fund; Corporate/Government Bond Fund; High-Yield Bond Fund; Dynamic Macro Fund; Long/Short Credit Fund; Large Cap Value Fund; Focused Large Cap Growth Fund; Real Estate Stock Fund; International Stock Fund; Small Cap Value Fund; Small Cap Growth Fund; Emerging Markets Stock Fund; Floating Rate Bond Fund, International Opportunity Bond Fund and U.S. Enhanced Market Fund.

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with
the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer/Treasurer |
| Dunham Funds | Dunham Funds. |
| /s/ Jeffrey Dunham | /s/ Christine Zhou |
| Jeffrey Dunham | Christine Zhou |

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Date: <u>7/8/2025</u> Date: <u>7/8/2025</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.