Dunham Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-22153

Dunham Funds

(Exact name of registrant as specified in charter)

6256 Greenwich Dr. Ste. 550, San Diego, CA 92122

(Address of principal executive offices) (Zip code)

Timothy Burdick

Ultimus Fund Solutions LLC., 4221 N 203^rd St., Suite 100, Elkhorn, NE 68022

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 10/31

Date of reporting period: 4/30/24

Item 1. Reports to Stockholders.

April 30, 2024	SEMI - ANNUAL REPORT
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.	BOND FUNDS Dunham Corporate/Government Bond Fund Dunham Floating Rate Bond Fund Dunham High-Yield Bond Fund Dunham International Opportunity Bond Fund U.S. VALUE FUNDS Dunham Large Cap Value Fund Dunham Small Cap Value Fund U.S. GROWTH FUNDS Dunham Focused Large Cap Growth Fund Dunham Small Cap Growth Fund INTERNATIONAL EQUITY FUNDS Dunham Emerging Markets Stock Fund Dunham International Stock Fund ALTERNATIVE FUNDS Dunham Dynamic Macro Fund Dunham Long/Short Credit Fund Dunham Monthly Distribution Fund Dunham Real Estate Stock Fund Dunham U.S. Enhanced Market Fund
	Investment Adviser:
	Dunham  & Associates Investment Counsel, Inc. P.O. Box 910309 San Diego, California 92191

This Semi-Annual Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those preceded by, followed by or that include the words “believes”, “expects”, “anticipates” or similar expressions. Such statements should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Each Fund makes no commitments to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements. In addition, prospective purchasers of the Funds should consider carefully the information set forth herein and the applicable fund’s prospectus. Other factors and assumptions not identified above may also have been involved in the derivation of these forward-looking statements, and the failure of these other assumptions to be realized may also cause actual results to differ materially from those projected.

Shareholder Letter (Unaudited)

Dear Fellow Shareholders:

As the Federal Open Market Committee (Fed) is quarrelling with the timing of pivoting toward easing monetary policy, market participants across the spectrum of bonds to stocks have seen much of their overall price movement impacted as the rhetoric shifts. The timing and magnitude of interest rate decreases changed from the beginning of this fiscal year when many market participants expected multiple rate decreases in 2024, to now many participants expecting only one decrease. As the Fed has reiterated that its timing on rate decreases is dependent on economic data improving, particularly on inflation cooling to its target rate, economic releases and their interpretation have been even more impactful to bond and equity price movements.

While investors anticipate the path to long-term average interest rates, the yield curve has remained inverted. With short-term interest rates higher than intermediate-term and long-term interest rates, the discussion of a potential recession has continued. However, the markets do not appear to be pricing in such an adverse outcome, with the S&P 500 Index setting a new all-time high as recent as March. Clearly, greed and euphoria can drive markets upward just as easily as fear and market contagion can see dramatic declines. The VIX Index, also known as the market’s fear-gauge, remained fairly low for most of the six-month period, near levels not seen since before the 2020 pandemic. This indicated that concern for volatility in the markets was relatively low, despite the Fed still struggling to rein in inflation while simultaneously avoiding a recession.

Even if the Fed clarifies its timing and magnitude for interest rate cuts, US markets will still face another uncertainty – who will win the US election. While over the long-term the political party in power may have little impact on market performance, this uncertainty and the direction of important factors such as tax regulations may coincide with some additional volatility. Outside of the United States, other central banks are also working to navigate their own economies to avoid recessions or even promote the next wave of growth. It is unlikely that all of these efforts will be successful, which may result in meaningful dispersion between countries and asset classes. We believe that it is important to maintain a diverse array of tools to navigate this environment and to avoid emotional investing decisions.

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

Sincerely,

Jeffrey A. Dunham
President
Dunham & Associates
April 30, 2024

1

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

Asset Class Recap

Over the first half of the fiscal year, ended April 30, 2024, investment grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index rose 5.0 percent. During the period, strong economic reports on the labor market and sticky inflation led to unpredictable interest rates and mostly positive returns in the fixed income markets. Leaving the Federal Reserve (“Fed”) with a challenging decision on their rate cut path. To begin the year market participants priced in the possibility of six 25 basis point rate cuts in 2024. Now as the Feds tone around inflation has evolved the likelihood of rate reductions at that pace have diminished, adversely impacting those who leaned into duration and made the decision to heavily weight U.S. Treasuries on the longer end of the curve during the most recent fiscal quarter. However, the bond rally that took place in November and December was enough to keep most fixed income markets in positive territory. For the six-month period, U.S. longer dated maturities, as measured by ICE BofA current 30-Year US Treasury Index increased 6.6 percent. While the shorter dated 2-year US Treasuries with less interest rate volatility rose only 1.9 percent for the fiscal quarter, as measured by the ICE BofA current 2-Year US Treasury Index. However High Yield bonds, as measured by the ICE BofA US High Yield Index increased 8.9 percent during the period. Showing that investors who hung on to the more risky but higher coupon paying investments were rewarded for it.

Allocation Review

More than half of the U.S. investment-grade bonds in the benchmark index are represented by Treasury and agency mortgage-backed securities. Just those two sectors alone make up nearly 68 percent of the index. So, the majority of returns in the benchmark are dictated by U.S. government related securities, and agency MBS. Far less performance is reflected from investment grade corporate debt, and non-agency mortgage-backed securities. For the period, the Funds slight overweight to investment grade corporate debt positively contributed to the Funds relative performance from both an allocation and security selection standpoint. Another sector that outperformed for the period was the exposure to corporate high-yield bonds. The Sub-Adviser’s roughly 5 percent overweight to the sector enhanced Fund performance. The Funds exposure to U.S. Treasuries was another sector that contributed to positive relative performance. The largest detractors from Fund performance came from the exposure to asset backed securities. Much of the negative contribution was due to the duration exposure the Fund had within this sector relative to the benchmark.

Holdings Insights

Treasuries, specifically with longer dated maturities, outperformed for the period, as rates decreased. The same goes for the two 5 and 6 percent Freddie Mac mortgage pools, as spreads tightened from an attractive basis versus U.S Treasury alternatives. One specific position that positively contributed to the Fund’s performance was Broward County FL Water & Sewer Utility Revenue 4.00%, due 10/01/2047 (115117NJ8) (holding weight**: 0.21 percent), a municipal bond which rose 16.7 percent from a price return perspective, in addition to duration, municipals have rallied since the October lows. Another investment grade corporate bond that outperformed was Bank of America Corporation 2.687%, due 04/22/2032 (06051GJT7) (holding weight*: 0.45 percent). Bank of America 2032 bonds spreads tightened over the six-month period, from 179 basis points to 112 basis points. The credit performance was likely due to net interest margins improving with rising rates, and unlike some of their peers, Bank of America did not have deposit pressure during the Silicon Valley Bank (SBV) (not held) failure. Over the period the holding increased 7.9 percent. Lastly, MDC Holdings Inc. 3.966%, due 08/06/2061 (552676AV0) (holding weight**: 0.46 percent) increased 23.3 percent, after a Japanese homebuilder announced an offering to acquire MDC.

When looking at individual holdings, Del Monte Foods, Inc. Floating Rate, due 05/16/2029 (BL3847425) (holding weight*: 0.08 percent) acted as a detractor to Fund performance. For the period the position fell 12.7 percent, after Del Monte Foods reported weak earnings, and has been facing cost inflation. Additionally, the demand for their products have started to normalize since the pandemic. Roche Holdings, Inc. 5.218%, due 03/08/2054 (771196CM2) (holding weight*: 0.18 percent) was another position that underperformed, falling 4.8 percent. This bonds decline was largely due to the duration impact, and because the Sub-Adviser entered the position in March, they did not receive a full half year of coupon payments to provide any meaningful offset for returns. Similarly, Northen Natural Gas Company 5.625%, due 02/01/2054 (665501AN2) (holding weight*: 0.21 percent) was down 4.5 percent, mostly because of unfortunate timing, right before long term rates started rising.

Sub-Adviser Outlook

The Sub-Adviser recognizes that rate cuts are on the horizon this year, but patience is key, modestly adding to duration throughout the period and making sure the Fund is fairly compensated for the duration risk assumed. The Sub-Adviser believes valuations in the investment-grade corporate bond space may not currently fully reflect the risks and volatility that may persist. Interest rates remain the main story as fundamentals and valuations may not be revisited as performance drivers until there is a better sense for the timing and severity of the Federal Reserve’s interest rate decisions. As yields are currently near 10-year highs, there have been more discussions about how both high quality and low-quality companies may refinance their debt that is maturing over the next year. The Sub-Adviser is optimistic that it can capitalize on dislocated valuations during spikes in volatility within the fixed income markets.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 04/30/2024.

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

2

Dunham Corporate/Government Bond Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	5.94%	0.58%	0.41%	1.12%
Class A with Load 4.50%	1.00%	(4.15)%	(0.75)%	0.40%
Class A without load	5.73%	0.33%	0.16%	0.87%
Class C	5.52%	(0.16)%	(0.34)%	0.37%
Bloomberg US Aggregate Bond Index (a)	4.97%	(1.47)%	(0.16)%	1.20%
Morningstar Intermediate Core Plus Bond Category (b)	5.83%	(0.13)%	0.25%	1.41%

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

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Corporate Bonds	32.2	%
Asset Backed Securities	31.0	%
U.S. Government & Agencies	24.0	%
Term Loans	6.6	%
Short-Term Investments	2.4	%
Collateral for Securities Loaned	1.8	%
Non U.S. Government & Agencies	1.8	%
Municipal Bonds	0.2	%
Common Stocks	0.0	%
Total	100.0	%

*    Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

3

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares						Fair Value
		COMMON STOCKS — 0.0%(a)
		HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%(a)
	436	Endo, Inc.				$	12,418
		TOTAL COMMON STOCKS (Cost $24,533)					12,418
Principal Amount ($)			Spread	Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES — 31.5%
		AUTO LOAN — 7.4%
	220,000	American Credit Acceptance Receivables Trust Series 2022-1 D(b)		2.4600	03/13/28		214,771
	230,000	AmeriCredit Automobile Receivables Trust Series 2020-3 C		1.0600	08/18/26		224,742
	446,000	Arivo Acceptance Auto Loan Receivables Trust Series 1A B(b)		6.8700	06/17/30		443,387
	155,000	Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(b)		2.3600	03/20/26		151,428
	317,000	CarNow Auto Receivables Trust Series 2023-1A C(b)		7.2400	09/15/26		316,710
	225,000	Carvana Auto Receivables Trust Series 2021-P3 B		1.4200	08/10/27		202,238
	54,844	Carvana Auto Receivables Trust Series 2021-N1 C		1.3000	01/10/28		52,052
	68,395	Carvana Auto Receivables Trust Series 2021-N2 C		1.0700	03/10/28		64,214
	410,000	Carvana Auto Receivables Trust Series 2023-N1 C(b)		5.9200	07/10/29		406,908
	330,000	Carvana Auto Receivables Trust Series 2023-N4 C(b)		6.5900	02/11/30		334,688
	495,000	Carvana Auto Receivables Trust Series 2024-N1 B(b)		5.6300	05/10/30		492,654
	115,732	CPS Auto Receivables Trust Series 2019-D E(b)		3.8600	10/15/25		115,601
	430,000	CPS Auto Receivables Trust Series 2024-A C(b)		5.7400	04/15/30		427,196
	302,000	Credit Acceptance Auto Loan Trust Series 1A A(b)		5.6800	03/15/34		300,549
	529,000	DT Auto Owner Trust Series 2023-1A B(b)		5.1900	10/16/28		525,259
	195,000	DT Auto Owner Trust Series 2023-3A C(b)		6.4000	05/15/29		193,162
	410,000	Exeter Automobile Receivables Trust Series 2023-1A B		5.7200	04/15/27		409,534
	500,000	Exeter Automobile Receivables Trust Series 2024-2A C		5.7400	05/15/29		496,636
	229,231	FHF Trust Series 2023-1A A2(b)		6.5700	06/15/28		230,043
	84,306	Flagship Credit Auto Trust Series 2020-4 C(b)		1.2800	02/16/27		83,016
	330,000	Flagship Credit Auto Trust Series 2024-1 C(b)		5.7900	02/15/30		327,545
	180,000	Foursight Capital Automobile Receivables Trust Series 2022-1 B(b)		2.1500	05/17/27		174,078
	315,000	Foursight Capital Automobile Receivables Trust Series 2023-1 A3(b)		5.3900	12/15/27		313,001
	417,035	GLS Auto Receivables Issuer Trust Series 2019-4A D(b)		4.0900	08/17/26		416,178
	345,000	Hertz Vehicle Financing III, LLC Series 2022-1A C(b)		2.6300	06/25/26		332,107
	239,144	LAD Auto Receivables Trust Series 2022-1A A(b)		5.2100	06/15/27		238,474
	339,000	LAD Auto Receivables Trust Series 2023-4A C(b)		6.7600	03/15/29		343,711

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

4

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.5% (Continued)
		AUTO LOAN — 7.4% (Continued)
	81,776	Lendbuzz Securitization Trust Series 2022-1A A(b)		4.2200	05/17/27	$	80,512
	425,000	Lendbuzz Securitization Trust Series 2024-2A A2(b)		5.9900	05/15/29		424,995
	231,744	Lobel Financial Corporation Series 1 A(b)		6.9700	07/15/26		232,121
	318,000	Merchants Fleet Funding, LLC Series 1A A(b)		7.2100	05/20/36		319,351
	140,000	OneMain Direct Auto Receivables Trust Series 2021-1A B(b)		1.2600	07/14/28		129,348
	164,443	Santander Drive Auto Receivables Trust Series 2020-2 D		2.2200	09/15/26		163,705
	20,149	Santander Drive Auto Receivables Trust Series 2021-3 C		0.9500	09/15/27		20,112
	370,000	Santander Drive Auto Receivables Trust Series 2023-1 B		4.9800	02/15/28		366,958
	195,000	Santander Drive Auto Receivables Trust Series 2022-5 C		4.7400	10/15/28		192,295
	276,000	SBNA Auto Receivables Trust Series 2024-A C(b)		5.5900	01/15/30		271,871
	362,000	Tricolor Auto Securitization Trust Series 2023-1 B(b)		6.8400	11/16/26		362,649
	307,679	United Auto Credit Securitization Trust Series 2023-1 B(b)		5.9100	07/10/28		307,263
	146,000	Veros Auto Receivables Trust Series 2022-1 B(b)		4.3900	08/16/27		144,905
	230,251	Westlake Automobile Receivables Trust Series 2022-1A B(b)		2.7500	03/15/27		229,418
	446,000	Westlake Automobile Receivables Trust Series 1A B(b)		5.5500	11/15/27		442,883
	415,000	Westlake Automobile Receivables Trust Series 2023-1A C(b)		5.7400	08/15/28		411,322
							11,929,590
		CLO — 0.3%
	515,000	GoldentTree Loan Management US CLO 1 Ltd. Series 9A AR(b),(c)	TSFR3M + 1.500%	6.8250	04/20/37		515,739
		COLLATERALIZED MORTGAGE OBLIGATIONS — 12.6%
	720,224	AJAX Mortgage Loan Trust Series 2021-A A1(b),(d)		1.0650	09/25/65		622,010
	69,558	Angel Oak Mortgage Trust Series 2020-R1 A2(b),(d)		1.2470	12/26/24		64,387
	59,574	Angel Oak Mortgage Trust Series 2021-8 A1(b),(d)		1.8200	11/25/66		50,687
	112,013	Angel Oak Mortgage Trust Series 2022-5 A1(b),(e)		4.5000	05/25/67		107,725
	90,832	Angel Oak Mortgage Trust Series 2023-1 A1(b),(e)		4.7500	09/26/67		87,292
	76,468	Arroyo Mortgage Trust Series 2019-1 A1(b),(d)		3.8050	01/25/49		71,288
	80,641	Arroyo Mortgage Trust Series 2019-2 A1(b),(d)		3.3470	04/25/49		75,767
	229,123	Bunker Hill Loan Depositary Trust Series 2019-2 A1(b),(e)		2.8790	07/25/49		214,757
	31,469	Chase Mortgage Finance Corporation Series 2016-SH2 M2(b),(d)		3.7500	02/25/44		27,749
	40,895	Chase Mortgage Finance Corporation Series 2016-SH1 M2(b),(d)		3.7500	04/25/45		36,232
	351,061	CIM TRUST Series 2022-R2 A1(b),(d)		3.7500	12/25/61		319,429
	56,662	COLT Funding, LLC Series 2021-3R A1(b),(d)		1.0510	12/25/64		49,002
	1,413,147	COLT Mortgage Loan Trust Series 2022-4 A1(b),(d)		4.3010	03/25/67		1,353,328

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

5

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.5% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 12.6% (Continued)
	617,220	COLT Mortgage Loan Trust Series 2022-5 A1(b),(d)		4.5500	04/25/67	$	601,067
	995,523	COLT Mortgage Loan Trust Series 2023-4 A1(b),(e)		7.1630	10/25/68		1,003,209
	129,116	CSMC Trust Series 2020-RPL4 A1(b),(d)		2.0000	01/25/60		111,542
	18,969	CSMC Trust Series 2020-NQM1 A1(b),(e)		1.2080	05/25/65		17,142
	248,663	Deephaven Residential Mortgage Trust Series 2022-1 A1(b),(d)		2.2050	01/25/67		220,298
	293,011	Ellington Financial Mortgage Trust Series 2019-2 A3(b),(d)		3.0460	11/25/59		274,036
	20,916	Flagstar Mortgage Trust Series 2017-1 1A3(b),(d)		3.5000	03/25/47		18,482
	8,326	Galton Funding Mortgage Trust Series 2018-1 A23(b),(d)		3.5000	11/25/57		7,273
	244,155	Imperial Fund Mortgage Trust Series 2022-NQM3 A1(b),(e)		4.3800	05/25/67		232,667
	18,645	JP Morgan Mortgage Trust Series 2017-5 A1(b),(d)		4.2570	12/15/47		18,656
	801,610	JP Morgan Mortgage Trust Series 2017-4 A3(b),(d)		3.5000	11/25/48		698,826
	100,000	METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1(b),(d)		3.4700	04/25/55		85,720
	27,550	METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A(b),(d)		3.7500	04/25/58		26,598
	558,463	MFA Trust Series 2022-INV2 A1(b),(e)		4.9500	07/25/57		541,706
	1,166,570	MFA Trust Series 2022-INV1 A1(b),(e)		3.9070	04/25/66		1,105,318
	703,319	MFA Trust Series 2022-NQM2 A1(b),(e)		4.0000	05/25/67		657,923
	195,334	Mill City Mortgage Loan Trust Series 2017-3 M2(b),(d)		3.2500	01/25/61		177,929
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2(b),(d)		3.5000	10/25/69		173,692
	159,422	New Residential Mortgage Loan Trust Series 2022-RTL1 A1F(b)		4.3360	12/25/26		158,780
	131,776	New Residential Mortgage Loan Trust Series 2014-3A AFX3(b),(d)		3.7500	11/25/54		121,196
	137,298	New Residential Mortgage Loan Trust Series 2016-3A B1(b),(d)		4.0000	09/25/56		126,230
	33,115	New Residential Mortgage Loan Trust Series 2016-4A A1(b),(d)		3.7500	11/25/56		30,264
	641,474	New Residential Mortgage Loan Trust Series 2017-2A A3(b),(d)		4.0000	03/25/57		597,991
	453,167	New Residential Mortgage Loan Trust Series 2018-1A A1A(b),(d)		4.0000	12/25/57		423,640
	35,410	New Residential Mortgage Loan Trust Series 2021-NQ2R A1(b),(d)		0.9410	09/25/58		31,951
	215,000	New Residential Mortgage Loan Trust Series 2019-RPL2 M2(b),(d)		3.7500	02/25/59		182,127
	688,784	New Residential Mortgage Loan Trust Series 2022-NQM2 A1(b),(d)		3.0790	03/27/62		614,665
	425,223	NYMT Loan Trust Series 2024-CP1 A1(b)		3.7500	02/25/68		385,055
	824,385	OBX Trust Series 2023-NQM9 A1(b),(e)		7.1590	10/25/63		835,782
	435,917	OBX Trust Series 2024-NQM3 A1(b),(e)		6.1290	12/25/63		435,844
	92,248	Palisades Mortgage Loan Trust Series 2021-RTL1 A1(b),(e)		3.4870	06/25/26		92,254
	28,304	Provident Funding Mortgage Loan Trust Series 2019-1 A2(b),(d)		3.0000	12/25/49		23,360
	800,044	PRPM, LLC Series 2024-RPL1 A1(b),(d)		4.2000	12/25/64		760,630
	551,512	RCKT Mortgage Trust Series 2023-CES1 A1A(b),(d)		6.5150	06/25/43		550,529

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

6

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.5% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 12.6% (Continued)
	51,673	RCKT Mortgage Trust Series 2020-1 A1(b),(d)		3.0000	02/25/50	$	42,651
	296	Residential Mortgage Loan Trust Series 2019-2 A1(b),(d)		2.9130	05/25/59		295
	41,067	Residential Mortgage Loan Trust Series 2020-1 A1(b),(d)		2.3760	01/26/60		39,186
	60,352	Starwood Mortgage Residential Trust Series 2020-1 A1(b),(d)		2.2750	02/25/50		56,348
	707,897	Towd Point Mortgage Trust Series 2017-1 A2(b),(d)		3.5000	10/25/56		693,584
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1(b),(c)	TSFR1M + 1.714%	7.0310	05/25/58		277,966
	365,000	Towd Point Mortgage Trust Series 2021-1 A2(b),(d)		2.7500	11/25/61		288,023
	507,935	Towd Point Mortgage Trust Series 2024-1 A1(b),(d)		4.2120	03/25/64		502,131
	65,822	Verus Securitization Trust Series 2019-INV2 A1(b),(d)		3.9130	07/25/59		63,334
	135,545	Verus Securitization Trust Series 2020-1 A1(b),(e)		3.4170	01/25/60		128,921
	572,618	Verus Securitization Trust Series 2022-6 A1(b),(e)		4.9100	06/25/67		557,114
	498,995	Verus Securitization Trust Series 2022-6 A3(b),(e)		4.9100	06/25/67		479,114
	925,389	Verus Securitization Trust Series 2022-7 A1(b),(e)		5.1520	07/25/67		911,519
	1,506,236	Verus Securitization Trust Series 2023-1 A1(b),(e)		5.8500	12/25/67		1,492,461
	457,704	Verus Securitization Trust Series 2023-8 A1(b),(e)		6.2590	12/25/68		456,503
	150,006	Wells Fargo Mortgage Backed Securities Series 2020-4 A1(b),(d)		3.0000	07/25/50		123,571
							20,534,756
		CREDIT CARD — 0.4%
	400,000	Discover Card Execution Note Trust Series A2 A		4.9300	06/15/28		396,148
	316,000	Mercury Financial Credit Card Master Trust Series 2023-1A A(b)		8.0400	09/20/27		318,877
							715,025
		NON AGENCY CMBS — 2.6%
	111,238	Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(b),(d)		2.0680	05/25/50		101,086
	280,000	BBCMS Mortgage Trust Series 2018-TALL(b),(c)	TSFR1M + 0.919%	6.2400	03/15/37		266,367
	160,000	Benchmark Mortgage Trust Series 2023-B38 A2		5.6260	04/15/56		156,634
	610,000	BPR Trust Series 2022-OANA A(b),(c)	TSFR1M + 1.898%	7.2190	04/15/37		613,604
	360,000	BX Trust Series 2022-CLS A(b)		5.7600	10/13/27		354,081
	445,000	BX Trust Series 2019-OC11 B(b)		3.6050	12/09/41		388,242
	410,000	BX Trust Series 2019-OC11 D(b),(d)		4.0750	12/09/41		354,845
	280,000	COMM Mortgage Trust Series 2013-300P A1(b)		4.3530	08/10/30		258,955
	150,000	COMM Mortgage Trust Series 2020-CBM B(b)		3.0990	02/10/37		144,253
	191,994	Extended Stay America Trust Series 2021-ESH C(b),(c)	TSFR1M + 1.814%	7.1350	07/15/38		191,818
	305,000	GCT Commercial Mortgage Trust Series 2021-GCT A(b),(c)	TSFR1M + 0.914%	6.2350	02/15/38		256,058
	419,000	JP Morgan Chase Commercial Mortgage Securities Series C13 E(b),(d)		3.9860	01/15/46		371,234

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

7

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.5% (Continued)
		NON AGENCY CMBS — 2.6% (Continued)
	325,000	MIRA Trust Series 2023-Mile A(b)		6.7550	06/06/28	$	331,256
	364,000	ORL Trust Series 2023-GLKS A(b),(c)	TSFR1M + 2.350%	7.6710	10/15/28		365,894
	62,000	WFRBS Commercial Mortgage Trust Series 2014-C24 AS		3.9310	11/15/47		59,866
							4,214,193
		OTHER ABS — 7.1%
	382,635	ACHV A.B.S TRUST Series 2024-1PL A(b)		5.9000	04/25/31		382,032
	336,000	Affirm Asset Securitization Trust Series 2023-B A(b)		6.8200	09/15/28		339,593
	1,530,305	American Homes 4 Rent Series 2015-SFR1 A(b)		3.4670	04/17/52		1,496,632
	220,000	American Homes 4 Rent Trust Series 2015-SFR2 C(b)		4.6910	10/17/45		215,153
	175,000	AMSR Trust Series 2020-SFR1 B(b)		2.1200	04/17/37		168,325
	250,000	AMSR Trust Series 2020-SFR2 C(b)		2.5330	07/17/37		238,902
	100,000	AMSR Trust Series 2020-SFR2 D(b)		3.2820	07/17/37		96,130
	341,356	Amur Equipment Finance Receivables XII, LLC Series 1A A2(b)		6.0900	12/20/29		342,562
	38,401	Aqua Finance Trust Series 2017-A A(b)		3.7200	11/15/35		38,334
	49,057	Aqua Finance Trust Series 2019-A A(b)		3.1400	07/16/40		45,994
	189,896	Aqua Finance Trust Series 2019-A C(b)		4.0100	07/16/40		172,056
	270,000	Aqua Finance Trust Series 2020-AA B(b)		2.7900	07/17/46		244,716
	220,000	CCG Receivables Trust Series 2021-1 C(b)		0.8400	06/14/27		217,329
	103,437	CF Hippolyta, LLC Series 2020-1 A1(b)		1.6900	07/15/60		97,003
	285,706	CLI Funding VI, LLC Series 2020-1A A(b)		2.0800	09/18/45		254,361
	30,725	Corevest American Finance Trust Series 2020-1 A1(b)		1.8320	03/15/50		30,031
	100,000	Corevest American Finance Trust Series 2019-3 C(b)		3.2650	10/15/52		86,703
	135,448	Corevest American Finance Trust Series 2020-4 A(b)		1.1740	12/15/52		126,636
	393,381	Dext A.B.S, LLC Series 2023-1 A2(b)		5.9900	03/15/32		390,058
	262,708	Elara HGV Timeshare Issuer, LLC Series 2023-A A(b)		6.1600	02/25/38		263,686
	130,000	FirstKey Homes Trust Series 2021-SFR1 D(b)		2.1890	08/17/28		117,846
	375,000	FirstKey Homes Trust Series 2020-SFR2 B(b)		1.5670	10/19/37		350,551
	32,137	Foundation Finance Trust Series 2019-1A A(b)		3.8600	11/15/34		32,011
	334,419	Foundation Finance Trust Series 2023-2A A(b)		6.5300	06/15/49		336,933
	63,115	HIN Timeshare Trust Series 2020-A C(b)		3.4200	10/09/39		59,331
	129,025	Jersey Mike’s Funding Series 2019-1A A2(b)		4.4330	02/15/50		122,415
	733,550	Kubota Credit Owner Trust Series 2023-1A A2(b)		5.4000	02/17/26		732,697
	40,733	MVW, LLC Series 2020-1A A(b)		1.7400	10/20/37		38,080
	278,145	MVW, LLC Series 2023-1A B(b)		5.4200	10/20/40		274,070

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

8

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 31.5% (Continued)
		OTHER ABS — 7.1% (Continued)
	265,000	Octane Receivables Trust Series 2023-1A C(b)		6.3700	09/20/29	$	262,743
	320,181	PowerPay Issuance Trust Series 2024-1A A(b)		6.5300	02/18/39		317,417
	265,000	Progress Residential Series 2021-SFR3 D(b)		2.2880	05/17/26		242,190
	201,000	Progress Residential Series 2021-SFR1 C(b)		1.5550	04/17/38		183,813
	577,415	Progress Residential Trust Series 2020-SFR1 A(b)		1.7320	04/17/37		555,469
	550,000	Progress Residential Trust Series 2020-SFR2 E(b)		5.1150	06/17/37		539,754
	480,000	Purchasing Power Funding Series A B(b)		6.4300	08/15/28		477,053
	220,434	Regional Management Issuance Trust Series 2021-1 A(b)		1.6800	03/17/31		214,353
	30,614	Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(b)		2.3200	07/20/37		29,419
	212,194	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B(b)		6.2800	04/20/40		214,739
	200,625	Taco Bell Funding, LLC Series 2016-1A A23(b)		4.9700	05/25/46		196,863
	200,000	Tricon American Homes Trust Series 2020-SFR2 D(b)		2.2810	11/17/27		174,491
	165,000	Tricon American Homes Trust Series 2019-SFR1 C(b)		3.1490	03/17/38		155,963
	160,000	Tricon Residential Trust Series 2021-SFR1 B(b)		2.2440	07/17/38		147,080
	460,000	Verizon Master Trust Series 1 A1A		5.0000	12/20/28		457,256
							11,478,773
		RESIDENTIAL MORTGAGE — 1.1%
	72,378	Ajax Mortgage Loan Trust Series 2019-D A1(b),(e)		2.9560	09/25/65		66,720
	104,605	Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1(b),(e)		5.2400	09/27/60		103,432
	135,000	Towd Point Mortgage Trust Series 2016-4 B1(b),(d)		4.0150	07/25/56		125,392
	115,000	Towd Point Mortgage Trust Series 2017-1 M1(b),(d)		3.7500	10/25/56		109,087
	460,000	Towd Point Mortgage Trust Series 2017-4 A2(b),(d)		3.0000	06/25/57		412,436
	160,000	Towd Point Mortgage Trust Series 2017-6 A2(b),(d)		3.0000	10/25/57		145,571
	140,000	Towd Point Mortgage Trust Series 2018-6 A1B(b),(d)		3.7500	03/25/58		130,045
	300,000	Towd Point Mortgage Trust Series 2018-6 A2(b),(d)		3.7500	03/25/58		260,718
	255,000	Towd Point Mortgage Trust Series 2019-2 A2(b),(d)		3.7500	12/25/58		220,536
	235,000	Towd Point Mortgage Trust Series 2019-4 A2(b),(d)		3.2500	10/25/59		202,643
	33,845	VCAT, LLC Series 2021-NPL2 A1(b),(e)		5.1150	03/27/51		33,199
							1,809,779
		TOTAL ASSET BACKED SECURITIES (Cost $52,374,155)					51,197,855

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

9

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7%
		AEROSPACE & DEFENSE — 0.4%
	200,000	Boeing Company (The)		5.8050	05/01/50	$	177,022
	303,000	Boeing Company (The)		5.9300	05/01/60		265,236
	185,000	TransDigm, Inc.(b)		6.6250	03/01/32		184,835
							627,093
		APPAREL & TEXTILE PRODUCTS — 0.2%
	260,000	Tapestry, Inc.		7.8500	11/27/33		271,701
		ASSET MANAGEMENT — 2.3%
	235,000	Apollo Debt Solutions BDC(b)		6.9000	04/13/29		232,985
	435,000	BlackRock Funding, Inc.		5.2500	03/14/54		411,204
	157,000	Blackstone Private Credit Fund		2.6250	12/15/26		142,550
	65,000	Blackstone Private Credit Fund(b)		7.3000	11/27/28		66,820
	128,000	Blue Owl Credit Income Corporation		4.7000	02/08/27		121,026
	120,000	Blue Owl Credit Income Corporation(b)		6.6500	03/15/31		115,546
	555,000	Blue Owl Finance, LLC(b)		3.1250	06/10/31		456,018
	410,000	Brookfield Finance, Inc.		6.3500	01/05/34		421,672
	125,000	Charles Schwab Corporation (The)(c)	SOFRRATE + 2.010%	6.1360	08/24/34		126,761
	305,000	Charles Schwab Corporation (The)(c)	H15T10Y + 3.079%	4.0000	03/01/69		248,636
	250,000	Drawbridge Special Opportunities Fund, L.P. /(b)		3.8750	02/15/26		235,765
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises		5.2500	05/15/27		201,959
	340,000	Nuveen, LLC(b)		5.8500	04/15/34		335,406
	355,000	UBS Group A.G.(b),(c)	H15T1Y + 2.400%	4.9880	08/05/33		331,787
	35,000	UBS Group A.G.(b),(c)	H15T5Y + 4.758%	9.2500	05/13/72		38,501
	294,000	United Airlines Class A Pass Through Trust Series 2023-1(f)		5.8000	07/15/36		293,142
							3,779,778
		AUTOMOTIVE — 0.3%
	70,000	Ford Motor Company		4.7500	01/15/43		55,073
	200,000	Ford Motor Credit Company, LLC		6.8000	05/12/28		204,181
	190,000	Nissan Motor Acceptance Company, LLC(b)		7.0500	09/15/28		195,207
							454,461
		BANKING — 5.1%
	287,000	Banco de Credito del Peru S.A.(b),(c)	H15T5Y + 3.000%	3.1250	07/01/30		272,976
	290,000	Banco de Credito e Inversiones S.A.(c)	H15T5Y + 4.944%	8.7500	02/08/74		297,402

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

10

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		BANKING — 5.1% (Continued)
	200,000	Banco Mercantil del Norte S.A.(b),(c)	H15T10Y + 5.034%	6.6250	01/24/70	$	176,090
	920,000	Bank of America Corporation(c)	SOFRRATE + 1.320%	2.6870	04/22/32		758,548
	390,000	Bank of America Corporation(c)	H15T5Y + 1.200%	2.4820	09/21/36		304,919
	400,000	Barclays plc(c)	H15T1Y + 3.500%	7.4370	11/02/33		432,959
	200,000	BBVA Bancomer S.A.(b),(c)	H15T5Y + 2.650%	5.1250	01/18/33		182,804
	250,000	BPCE S.A.(b),(c)	SOFRRATE + 2.590%	7.0030	10/19/34		263,226
	280,000	Citigroup, Inc.(c)	TSFR3M + 1.600%	3.9800	03/20/30		259,350
	320,000	Citigroup, Inc.(c)	SOFRRATE + 2.338%	6.2700	11/17/33		328,632
	229,000	Citigroup, Inc.(c)	SOFRRATE + 2.661%	6.1740	05/25/34		227,476
	250,000	Citizens Bank NA		2.2500	04/28/25		241,389
	185,000	Citizens Financial Group, Inc.(c)	SOFRRATE + 2.010%	5.8410	01/23/30		181,101
	250,000	Fifth Third Bancorp(c)	SOFRRATE + 1.660%	4.3370	04/25/33		221,373
	280,000	Huntington Bancshares, Inc.		2.5500	02/04/30		233,480
	710,000	JPMorgan Chase & Company(d)		1.9530	02/04/32		563,857
	420,000	JPMorgan Chase & Company(c),(f)	SOFRRATE + 2.580%	5.7170	09/14/33		418,054
	82,000	JPMorgan Chase & Company Series HH(c)	SOFRRATE + 3.125%	4.6000	08/01/68		80,567
	390,000	KeyCorporation(c)	SOFRRATE + 2.420%	6.4010	03/06/35		383,701
	310,000	NatWest Group plc(c)	H15T5Y + 2.200%	6.4750	06/01/34		311,321
	375,000	Societe Generale S.A.(b),(c)	H15T1Y + 2.100%	6.0660	01/19/35		366,520
	200,000	Texas Capital Bancshares, Inc.(c)	H15T5Y + 3.150%	4.0000	05/06/31		178,440
	285,000	Toronto-Dominion Bank (The)(c)	H15T5Y + 4.075%	8.1250	10/31/82		293,732
	90,000	Truist Financial Corporation(c)	SOFRRATE + 1.922%	5.7110	01/24/35		87,376
	400,000	Truist Financial Corporation(c)	H15T10Y + 4.349%	5.1000	03/01/69		365,734
	280,000	Wells Fargo & Company(c)	SOFRRATE + 2.100%	4.8970	07/25/33		262,961
	285,000	Wells Fargo & Company(c)	SOFRRATE + 2.060%	6.4910	10/23/34		296,747
	330,000	Wells Fargo & Company Series BB(c)	H15T5Y + 3.453%	3.9000	03/15/69		312,869
							8,303,604

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

11

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		BEVERAGES — 0.1%
	150,000	Central American Bottling Corp / CBC Bottling(b)		5.2500	04/27/29	$	140,193
		BIOTECH & PHARMA — 0.8%
	113,000	Amgen, Inc.(f)		5.2500	03/02/33		110,560
	258,000	Amgen, Inc.		5.6500	03/02/53		247,820
	45,000	Par Pharmaceutical, Inc.(b),(g)		7.5000	04/01/27		—
	315,000	Roche Holdings, Inc.(b)		5.2180	03/08/54		300,387
	155,000	Royalty Pharma plc		2.1500	09/02/31		121,517
	195,000	Royalty Pharma plc		3.3500	09/02/51		119,598
	120,000	Teva Pharmaceutical Finance Netherlands III BV		3.1500	10/01/26		111,400
	265,000	Utah Acquisition Sub, Inc.		3.9500	06/15/26		254,119
	681	Viatris, Inc.(b)		2.3000	06/22/27		612
	155,000	Viatris, Inc.(f)		4.0000	06/22/50		101,447
							1,367,460
		CABLE & SATELLITE — 0.2%
	14,000	CCO Holdings, LLC / CCO Holdings Capital(b),(f)		6.3750	09/01/29		12,933
	180,000	CCO Holdings, LLC / CCO Holdings Capital(b)		4.7500	03/01/30		149,984
	45,000	CCO Holdings, LLC / CCO Holdings Capital(b)		4.5000	08/15/30		36,598
	200,000	CSC Holdings, LLC(b)		11.7500	01/31/29		177,747
							377,262
		CHEMICALS — 0.5%
	235,000	Bayport Polymers, LLC(b)		5.1400	04/14/32		208,202
	189,000	INEOS Quattro Finance 2 plc(b)		3.3750	01/15/26		179,275
	200,000	INEOS Quattro Finance 2 plc(b),(f)		9.6250	03/15/29		211,537
	130,000	Windsor Holdings III, LLC(b)		8.5000	06/15/30		135,734
							734,748
		COMMERCIAL SUPPORT SERVICES — 0.0%(a)
	10,000	GFL Environmental, Inc.(b)		6.7500	01/15/31		10,085
		CONTAINERS & PACKAGING — 0.5%
	380,000	Berry Global, Inc.(b)		5.6500	01/15/34		367,237
	435,000	Smurfit Kappa Treasury ULC(b)		5.7770	04/03/54		417,589
							784,826

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

12

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		ELEC & GAS MARKETING & TRADING — 0.2%
	380,000	New York State Electric & Gas Corporation(b)		5.8500	08/15/33	$	381,168
		ELECTRIC UTILITIES — 2.5%
	380,000	Black Hills Corporation		6.1500	05/15/34		379,700
	355,000	CMS Energy Corporation(c)	H15T5Y + 4.116%	4.7500	06/01/50		321,080
	450,000	Electricite de France S.A.(b)		6.9000	05/23/53		472,214
	235,000	Enel Finance International N.V.(b)		7.5000	10/14/32		258,188
	260,000	Entergy Texas, Inc.		5.8000	09/01/53		255,480
	330,000	Exelon Corporation		5.6000	03/15/53		313,003
	188,000	National Rural Utilities Cooperative Finance(c)	TSFR3M + 3.172%	8.5010	04/30/43		187,492
	384,000	NRG Energy, Inc.(b)		7.0000	03/15/33		400,590
	365,000	PacifiCorporation		5.8000	01/15/55		337,060
	403,000	Puget Energy, Inc.		2.3790	06/15/28		354,492
	404,000	Southern Company (The)(c)	H15T5Y + 2.915%	3.7500	09/15/51		370,775
	245,000	Vistra Corporation(b),(c)	H15T5Y + 6.930%	8.0000	04/15/70		247,766
	220,000	Vistra Operations Company, LLC(b)		6.8750	04/15/32		219,593
							4,117,433
		ELECTRICAL EQUIPMENT — 0.1%
	285,000	Vontier Corporation		2.9500	04/01/31		233,573
		ENGINEERING & CONSTRUCTION — 0.3%
	140,000	Global Infrastructure Solutions, Inc.(b)		7.5000	04/15/32		134,444
	398,000	Sempra Infrastructure Partners, L.P.(b)		3.2500	01/15/32		321,524
							455,968
		FOOD — 0.3%
	300,000	Pilgrim’s Pride Corporation		6.2500	07/01/33		298,738
	130,000	Post Holdings, Inc.		6.2500	02/15/32		128,814
							427,552
		GAS & WATER UTILITIES — 0.3%
	260,000	Brooklyn Union Gas Company (The)(b)		4.8660	08/05/32		236,131
	255,000	KeySpan Gas East Corporation(b)		5.9940	03/06/33		251,758
							487,889
		HEALTH CARE FACILITIES & SERVICES — 1.1%
	290,000	Catalent Pharma Solutions, Inc.(b)		3.5000	04/01/30		276,179

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

13

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 1.1% (Continued)
	458,000	CVS Health Corporation		5.8750	06/01/53	$	436,668
	185,000	HCA, Inc.		5.5000	06/01/33		179,831
	345,000	HCA, Inc.		5.2500	06/15/49		298,346
	116,000	HCA, Inc.		6.0000	04/01/54		110,639
	145,000	Icon Investments Six DAC		6.0000	05/08/34		145,107
	465,000	Universal Health Services, Inc.		2.6500	01/15/32		370,253
							1,817,023
		HOME & OFFICE PRODUCTS — 0.2%
	275,000	Newell Brands, Inc.(f)		6.3750	09/15/27		269,646
		HOME CONSTRUCTION — 0.5%
	410,000	Ashton Woods USA, LLC / Ashton Woods Finance(b)		4.6250	04/01/30		366,807
	494,000	Meritage Homes Corporation(b)		3.8750	04/15/29		448,289
							815,096
		INDUSTRIAL SUPPORT SERVICES — 0.2%
	405,000	Ashtead Capital, Inc.(b)		5.5000	08/11/32		388,375
		INSTITUTIONAL FINANCIAL SERVICES — 1.7%
	260,000	Bank of New York Mellon Corporation (The)(c)	SOFRINDX + 2.074%	5.8340	10/25/33		264,363
	345,000	Bank of New York Mellon Corporation (The)(c)	H15T5Y + 4.358%	4.7000	09/20/68		337,905
	285,000	Goldman Sachs Group, Inc. (The)(c)	SOFRRATE + 1.090%	1.9920	01/27/32		225,094
	310,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36		321,881
	225,000	Morgan Stanley Series F		3.1250	07/27/26		213,817
	395,000	Morgan Stanley		6.3750	07/24/42		426,134
	215,000	Northern Trust Corporation(d)		3.3750	05/08/32		198,927
	340,000	Northern Trust Corporation(f)		6.1250	11/02/32		349,944
	220,000	State Street Corporation(c)	SOFRRATE + 1.726%	4.1640	08/04/33		198,789
	175,000	State Street Corporation(c)	H15T5Y + 2.613%	6.7000	03/15/74		175,550
							2,712,404
		INSURANCE — 2.5%
	200,000	Allianz S.E.(b),(c)	H15T5Y + 3.232%	6.3500	09/06/53		205,715
	320,000	Allstate Corporation (The)(c)	TSFR3M + 3.200%	8.5070	08/15/53		320,069

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

14

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		INSURANCE — 2.5% (Continued)
	425,000	Aon North America, Inc.		5.7500	03/01/54	$	411,458
	410,000	Ascot Group Ltd.(b)		4.2500	12/15/30		333,276
	85,000	Athene Holding Ltd.		6.2500	04/01/54		82,733
	391,000	Corebridge Financial, Inc.(c)	H15T5Y + 3.846%	6.8750	12/15/52		387,370
	198,000	Global Atlantic Fin Company(b)		7.9500	06/15/33		214,357
	105,000	Global Atlantic Fin Company(b)		6.7500	03/15/54		101,866
	45,000	HUB International Ltd.(b)		7.2500	06/15/30		45,691
	175,000	Liberty Mutual Group, Inc.(b),(c)	H15T5Y + 3.315%	4.1250	12/15/51		159,701
	168,000	Lincoln National Corporation(c)	TSFR3M + 2.302%	7.6260	04/20/67		125,225
	325,000	MetLife, Inc.(c)	H15T5Y + 3.576%	3.8500	03/15/69		311,378
	126,000	MetLife, Inc.(c)	TSFR3M + 3.221%	5.8750	09/15/66		123,053
	335,000	Nippon Life Insurance Company(b),(c)	H15T5Y + 2.954%	6.2500	09/13/53		336,320
	30,000	Panther Escrow Issuer, LLC(b)		7.1250	06/01/31		30,180
	104,000	Prudential Financial, Inc.(c)	H15T5Y + 3.162%	5.1250	03/01/52		96,110
	210,000	Prudential Financial, Inc.(c)	H15T5Y + 2.848%	6.7500	03/01/53		214,543
	45,000	Prudential Financial, Inc.(c)	H15T5Y + 2.404%	6.5000	03/15/54		44,434
	160,000	Sammons Financial Group, Inc.(b)		6.8750	04/15/34		157,939
	415,000	Willis North America, Inc.		5.9000	03/05/54		398,378
							4,099,796
		LEISURE FACILITIES & SERVICES — 0.0%(a)
	20,000	Royal Caribbean Cruises Ltd.(b)		6.2500	03/15/32		19,752
		MACHINERY — 0.7%
	580,000	Regal Rexnord Corporation(b)		6.4000	04/15/33		584,899
	515,000	Veralto Corporation(b)		5.4500	09/18/33		505,713
							1,090,612
		MEDICAL EQUIPMENT & DEVICES — 0.9%
	570,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30		492,173
	293,000	Illumina, Inc.(f)		2.5500	03/23/31		236,224
	65,000	Medline Borrower, L.P./Medline Co-Issuer, Inc.(b)		6.2500	04/01/29		64,776
	450,000	Smith & Nephew plc		5.4000	03/20/34		434,166
	350,000	Zimmer Biomet Holdings, Inc.(f)		3.5500	03/20/30		311,362
							1,538,701

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

15

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		METALS & MINING — 0.7%
	115,000	Alliance Resource Operating Partners, L.P. /(b)		7.5000	05/01/25	$	114,897
	255,000	Corp Nacional del Cobre de Chile(b)		5.9500	01/08/34		247,628
	140,000	FMG Resources August Pty Ltd. Series 2006(b)		5.8750	04/15/30		134,717
	295,000	Glencore Funding, LLC(b)		2.8500	04/27/31		244,719
	240,000	Glencore Funding, LLC(b)		5.6340	04/04/34		232,327
	215,000	Teck Resources Ltd.		6.1250	10/01/35		214,761
							1,189,049
		OIL & GAS PRODUCERS — 3.6%
	540,000	BP Capital Markets plc(c)	H15T5Y + 4.398%	4.8750	12/22/00		506,118
	130,000	Civitas Resources, Inc.(b)		8.7500	07/01/31		138,056
	150,000	Columbia Pipelines Operating Company, LLC(b)		6.0360	11/15/33		150,543
	165,000	Columbia Pipelines Operating Company, LLC(b)		6.5440	11/15/53		170,263
	35,000	Columbia Pipelines Operating Company, LLC(b)		6.7140	08/15/63		36,105
	95,000	CrownRock, L.P. / CrownRock Finance, Inc.(b)		5.0000	05/01/29		93,705
	425,000	Diamondback Energy, Inc.		5.9000	04/18/64		406,151
	125,000	DT Midstream, Inc.(b)		4.1250	06/15/29		113,703
	205,000	Ecopetrol S.A.		8.8750	01/13/33		209,918
	275,000	Enbridge, Inc.(c),(f)	H15T5Y + 4.418%	7.6250	01/15/83		274,479
	25,000	Encino Acquisition Partners Holdings, LLC(b)		8.7500	05/01/31		25,473
	120,000	Energy Transfer, L.P.(c)	H15T5Y + 5.306%	7.1250	05/15/69		115,605
	175,000	Energy Transfer, L.P.(c)	H15T5Y + 5.694%	6.5000	11/15/69		170,247
	80,000	EQM Midstream Partners, L.P.(b)		6.3750	04/01/29		79,313
	425,000	Flex Intermediate Holdco, LLC(b)		3.3630	06/30/31		338,188
	225,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		233,172
	475,000	KazMunayGas National Company JSC(b)		5.7500	04/19/47		394,323
	320,000	Kinder Morgan, Inc.		7.7500	01/15/32		354,350
	50,000	NGL Energy Partners, L.P.(b)		8.1250	02/15/29		50,846
	80,000	NGL Energy Partners, L.P.(b)		8.3750	02/15/32		81,347
	360,000	Northern Natural Gas Company(b)		5.6250	02/01/54		344,682
	185,000	Occidental Petroleum Corporation(f)		6.1250	01/01/31		187,892
	200,000	Pertamina Persero PT(b)		6.4500	05/30/44		201,394
	365,000	Petroleos Mexicanos		6.5000	03/13/27		342,097
	185,000	Petroleos Mexicanos		7.6900	01/23/50		129,051
	335,000	Reliance Industries Ltd.(b)		2.8750	01/12/32		275,979

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

16

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		OIL & GAS PRODUCERS — 3.6% (Continued)
	95,000	Venture Global Calcasieu Pass, LLC(b)		3.8750	08/15/29	$	84,420
	315,000	Western Midstream Operating, L.P.		5.2500	02/01/50		267,557
							5,774,977
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	210,000	Nabors Industries Ltd.(b),(f)		7.2500	01/15/26		208,855
		REAL ESTATE INVESTMENT TRUSTS — 1.3%
	310,000	EPR Properties		4.7500	12/15/26		297,467
	108,000	GLP Capital, L.P. / GLP Financing II, Inc.		3.2500	01/15/32		88,476
	405,000	GLP Capital, L.P. / GLP Financing II, Inc.		6.7500	12/01/33		415,431
	25,000	MPT Operating Partnership, L.P. / MPT Finance(f)		4.6250	08/01/29		18,737
	355,000	Sabra Health Care, L.P.		3.2000	12/01/31		285,502
	390,000	Safehold GL Holdings, LLC		6.1000	04/01/34		377,536
	75,000	Service Properties Trust		4.9500	02/15/27		68,968
	205,000	VICI Properties, L.P.		4.9500	02/15/30		194,605
	165,000	VICI Properties, L.P.		5.1250	05/15/32		153,450
	150,000	VICI Properties, L.P. / VICI Note Company, Inc.(b)		4.1250	08/15/30		133,821
							2,033,993
		REAL ESTATE OWNERS & DEVELOPERS — 0.1%
	275,000	Ontario Teachers’ Cadillac Fairview Properties(b)		2.5000	10/15/31		217,637
		RETAIL - DISCRETIONARY — 0.5%
	175,000	Beacon Roofing Supply, Inc.(b)		6.5000	08/01/30		174,839
	175,000	BlueLinx Holdings, Inc.(b),(f)		6.0000	11/15/29		166,059
	405,000	Hertz Corporation (The)(b)		4.6250	12/01/26		313,385
	105,000	PetSmart, Inc. / PetSmart Finance Corporation(b),(f)		7.7500	02/15/29		100,045
							754,328
		SOFTWARE — 0.3%
	90,000	Consensus Cloud Solutions, Inc.(b)		6.5000	10/15/28		78,894
	105,000	Helios Software Holdings, Inc. / ION Corporate(b)		8.7500	05/01/29		105,241
	115,000	Oracle Corporation		6.2500	11/09/32		119,358
	188,000	Oracle Corporation		5.5500	02/06/53		173,068
	75,000	Oracle Corporation		3.8500	04/01/60		49,915
							526,476

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

17

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		SPECIALTY FINANCE — 1.3%
	330,000	AerCap Ireland Capital DAC / AerCap Global		3.3000	01/30/32	$	275,731
	470,000	American Express Company(c)	SOFRRATE + 1.930%	5.6250	07/28/34		460,098
	235,000	Aviation Capital Group, LLC(b)		3.5000	11/01/27		216,368
	210,000	Avolon Holdings Funding Ltd.(b)		4.3750	05/01/26		202,315
	472,000	Capital One Financial Corporation(d)		2.3590	07/29/32		358,690
	210,000	Fortress Transportation and Infrastructure(b)		7.0000	05/01/31		211,419
	225,000	GGAM Finance Ltd.(b)		6.8750	04/15/29		225,614
	150,000	Synchrony Financial		4.8750	06/13/25		147,518
	67,000	Synchrony Financial		3.7000	08/04/26		63,282
							2,161,035
		TECHNOLOGY HARDWARE — 0.2%
	189,000	Dell International, LLC / EMC Corporation		8.1000	07/15/36		220,715
	175,000	ViaSat, Inc.(b)		5.6250	09/15/25		168,269
							388,984
		TECHNOLOGY SERVICES — 1.4%
	140,000	Booz Allen Hamilton, Inc.(b)		3.8750	09/01/28		129,630
	400,000	Booz Allen Hamilton, Inc.(b)		4.0000	07/01/29		367,319
	485,000	CoStar Group, Inc.(b)		2.8000	07/15/30		402,579
	425,000	Gartner, Inc.(b)		3.7500	10/01/30		370,281
	320,000	Leidos, Inc.		2.3000	02/15/31		258,285
	556,000	MSCI, Inc.(b)		3.6250	09/01/30		484,541
	245,000	Science Applications International Corporation(b)		4.8750	04/01/28		231,490
							2,244,125
		TELECOMMUNICATIONS — 0.3%
	160,000	Level 3 Financing, Inc.(b)		4.2500	07/01/28		63,200
	270,000	Level 3 Financing, Inc.(b)		3.6250	01/15/29		93,164
	205,000	Sprint Capital Corporation		8.7500	03/15/32		242,247
	50,000	Sprint Spectrum Company, LLC / Sprint Spectrum(b)		4.7380	03/20/25		49,712
							448,323
		TOBACCO & CANNABIS — 0.2%
	295,000	BAT Capital Corporation		7.7500	10/19/32		327,526

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

18

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 32.7% (Continued)
		TRANSPORTATION & LOGISTICS — 0.8%
	370,803	Alaska Airlines Class A Pass Through Trust Series 2021-1(b)		4.8000	08/15/27	$	359,702
	335,000	BNSF Funding Trust I(d)		6.6130	12/15/55		331,598
	277,447	British Airways Class A Pass Through Trust Series 2021-1(b)		2.9000	03/15/35		236,092
	337,436	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		315,956
							1,243,348
		TOTAL CORPORATE BONDS (Cost $54,841,437)					53,224,855
		MUNICIPAL BONDS — 0.3%
		LOCAL AUTHORITY — 0.2%
	310,000	San Diego County Regional Airport Authority		5.5940	07/01/43		296,437
		WATER AND SEWER — 0.1%
	160,000	Santa Clara Valley Water District		2.9670	06/01/50		105,380
		TOTAL MUNICIPAL BONDS (Cost $470,000)					401,817
		NON U.S. GOVERNMENT & AGENCIES — 1.8%
		SOVEREIGN — 1.8%
	565,000	Brazilian Government International Bond		6.0000	10/20/33		540,800
	515,000	Dominican Republic International Bond(b)		4.8750	09/23/32		452,170
	250,000	Hungary Government International Bond(b)		6.2500	09/22/32		252,606
	200,000	Mexico Government International Bond		2.6590	05/24/31		162,756
	250,000	Mexico Government International Bond		6.3500	02/09/35		249,394
	200,000	Mexico Government International Bond		6.0000	05/07/36		193,248
	400,000	Panama Government International Bond		8.0000	03/01/38		408,651
	505,000	Romanian Government International Bond(b)		5.8750	01/30/29		495,405
	200,000	Serbia International Bond(b)		6.5000	09/26/33		200,272
							2,955,302
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $3,012,632)					2,955,302

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

19

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 6.7%
		AEROSPACE & DEFENSE — 0.1%
	194,145	TransDigm, Inc.(c)	TSFR1M + 2.750%	8.0590	08/24/28	$	195,336
		ASSET MANAGEMENT — 0.3%
	34,738	FinCompany I, LLC(c)	TSFR1M + 3.000%	8.3130	06/27/29		34,886
	39,900	GIP Pilot Acquisition Partners, L.P.(c)	TSFR3M + 3.000%	8.3080	09/15/30		40,149
	75,000	GTCR W Merger Sub, LLC(c)	TSFR1M + 3.000%	8.3090	09/20/30		75,352
	267,308	Wec US Holdings Ltd.(c)	TSFR1M + 2.750%	8.0770	01/20/31		267,800
							418,187
		AUTOMOTIVE — 0.1%
	214,463	Clarios Global, L.P.(c)	TSFR1M + 3.000%	8.3300	05/06/30		215,468
		BEVERAGES — 0.2%
	94,763	Pegasus Bidco BV(c)	TSFR1M + 3.750%	9.0570	07/12/29		95,178
	170,000	Triton Water Holdings, Inc.(c)	TSFR1M + 3.500%	8.9020	03/29/28		169,542
							264,720
		BIOTECH & PHARMA — 0.1%
	113,898	Perrigo Investments, LLC(c)	TSFR1M + 2.500%	7.6800	04/07/29		113,934
		CABLE & SATELLITE — 0.6%
	215,000	Cogeco Communications USA II, L.P.(c)	TSFR1M + 3.250%	8.5800	09/18/30		210,085
	244,381	CSC Holdings, LLC(c)	TSFR1M + 4.500%	9.8250	01/18/28		236,482
	263,461	Directv Financing, LLC(c)	TSFR1M + 5.365%	10.6950	08/02/29		263,918
	205,000	Virgin Media Bristol, LLC(c)	TSFR1M + 2.500%	7.9400	01/04/28		201,489
							911,974
		CHEMICALS — 0.4%
	158,534	INEOS US Finance, LLC(c)	TSFR1M + 3.750%	9.1800	11/08/27		159,284
	128,992	Innophos Holdings, Inc.(c)	TSFR1M + 3.250%	8.6950	02/04/27		129,141
	114,138	LSF11 A5 HoldCo, LLC(c)	TSFR1M + 4.350%	9.6770	10/15/28		114,594
	60,000	Lummus Technology Holdings V, LLC(c)	TSFR1M + 3.615%	8.9450	12/31/29		60,284
	54,724	Nouryon USA, LLC(c)	TSFR1M + 4.100%	9.4190	04/03/28		54,938
	164,176	Windsor Holdings III, LLC(c)	TSFR1M + 4.000%	9.3190	08/01/30		165,797
							684,038
		COMMERCIAL SUPPORT SERVICES — 0.2%
	166,978	Brightview Landscapes, LLC(c)	TSFR1M + 3.250%	8.3130	04/22/29		167,527

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

20

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 6.7% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.2% (Continued)
	102,764	CHG Healthcare Services, Inc.(c)	TSFR1M + 3.500%	8.6950	09/30/28	$	103,102
	69,825	CHG Healthcare Services, Inc.(c)	TSFR3M + 3.750%	9.0800	09/30/28		70,261
							340,890
		CONSTRUCTION MATERIALS — 0.1%
	160,000	Quikrete Holdings, Inc.(c)	TSFR1M + 2.500%	7.8290	03/18/31		160,286
		CONTAINERS & PACKAGING — 0.1%
	170,000	TricorBraun Holdings, Inc.(c)	TSFR1M + 3.365%	7.3210	01/29/28		168,399
		ELECTRIC UTILITIES — 0.1%
	58,672	Generation Bridge Northeast, LLC(c)	TSFR1M + 4.250%	8.8260	08/07/29		59,015
	15,000	Generation Bridge Northeast, LLC(c)	TSFR1M + 3.500%	8.8260	08/22/29		15,087
	40,000	Vistra Operations Company, LLC(c)	TSFR1M + 2.750%	8.0790	03/20/31		40,168
							114,270
		ENGINEERING & CONSTRUCTION — 0.1%
	200,000	Pike Corporation(c)	TSFR1M + 3.000%	8.4420	12/21/27		200,991
		ENTERTAINMENT CONTENT — 0.2%
	247,455	Univision Communications, Inc.(c)	TSFR1M + 3.250%	8.6950	03/24/26		247,933
		FOOD — 0.3%
	54,863	Chobani, LLC(c)	TSFR1M + 3.750%	9.0750	10/25/27		55,231
	173,246	Del Monte Foods, Inc.(c)	TSFR1M + 4.250%	9.6800	05/16/29		148,038
	266,703	Froneri US, Inc.(c)	TSFR1M + 2.250%	7.6800	01/30/27		267,292
							470,561
		GAS & WATER UTILITIES — 0.0%(a)
	35,000	NGL Energy Operating, LLC(c)	TSFR1M + 4.500%	9.8300	01/27/31		35,188
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	325,000	DaVita, Inc.(c)	TSFR1M + 2.000%	7.3210	05/06/31		323,528
	300,000	Phoenix Guarantor, Inc.(c)	TSFR1M + 3.365%	8.5770	02/13/31		298,242
	29,924	Phoenix Newco, Inc.(c)	TSFR1M + 3.250%	8.6920	08/11/28		30,053
	45,000	Radnet Management, Inc.(c)	TSFR1M + 2.500%	7.8230	04/10/31		44,979

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

21

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 6.7% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 0.4% (Continued)
						$	696,802
		HOME CONSTRUCTION — 0.0%(a)
	15,000	MIWD Holdco II, LLC(c)	TSFR1M + 3.600%	8.8250	03/21/31		15,088
		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	160,084	Citadel Securities, L.P.(c)	TSFR1M + 2.250%	7.5770	07/29/30		160,585
		INSURANCE — 0.1%
	44,888	Acrisure, LLC(c)	TSFR1M + 4.500%	9.8300	10/20/30		45,140
	150,000	Truist Insurance Holdings, LLC(c)	TSFR1M + 3.250%	8.5680	03/24/31		150,493
							195,633
		INTERNET MEDIA & SERVICES — 0.1%
	201,036	Uber Technologies, Inc.(c)	TSFR1M + 2.750%	8.0790	03/03/30		202,607
		LEISURE FACILITIES & SERVICES — 0.8%
	5,000	Alterra Mountain Company(c)	TSFR1M + 3.250%	9.1730	05/31/30		5,033
	59,400	Caesars Entertainment, Inc.(c)	TSFR1M + 3.250%	8.6630	01/26/30		59,597
	25,000	Caesars Entertainment, Inc.(c)	TSFR1M + 2.750%	8.0660	01/24/31		25,066
	95,380	Carnival Corporation(c)	TSFR1M + 3.000%	8.3190	08/08/27		95,991
	165,000	Entain plc(c)	TSFR1M + 2.750%	8.0660	10/31/29		165,747
	194,513	Flutter Financing BV(c)	TSFR1M + 2.250%	7.6590	11/18/30		195,103
	35,000	Hilton Grand Vacations Borrower, LLC(c)	TSFR1M + 2.850%	8.0770	01/10/31		35,113
	95,000	Hilton Worldwide Finance, LLC(c)	TSFR1M + 2.100%	7.4290	11/09/30		95,319
	39,400	Light & Wonder International, Inc.(c)	TSFR1M + 2.850%	8.0710	04/16/29		39,537
	154,613	Ontario Gaming GTA, L.P.(c)	TSFR1M + 4.250%	9.5590	07/20/30		155,643
	153,058	Scientific Games Holdings, L.P.(c)	SOFRRATE + 3.500%	8.5560	02/04/29		153,309
	249,008	UFC Holdings, LLC(c)	TSFR1M + 2.750%	8.3360	04/29/26		249,856
							1,275,314
		MACHINERY — 0.2%
	63,096	Alliance Laundry Systems, LLC(c)	TSFR3M + 3.500%	8.9250	09/30/27		63,415
	123,731	Filtration Group Corporation(c)	TSFR1M + 3.500%	8.9450	10/19/28		124,203
	69,855	Standard Industries, Inc.(c)	TSFR1M + 2.500%	7.6930	08/06/28		70,117
	118,734	Titan Acquisition Ltd.(c)	TSFR1M + 5.000%	10.3350	02/01/29		119,488

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

22

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 6.7% (Continued)
		MACHINERY — 0.2% (Continued)
						$	377,223
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	193,373	Medline Borrower, L.P.(c)	TSFR1M + 2.750%	8.0770	10/23/28		194,102
		METALS & MINING — 0.0%(a)
	49,788	Arsenal AIC Parent, LLC(c)	TSFR1M + 3.750%	9.0800	08/19/30		50,223
		OIL & GAS PRODUCERS — 0.2%
	153,010	Freeport LNG Investments LLLP(c)	TSFR3M + 3.500%	9.0790	11/17/28		152,366
	97,111	Oryx Midstream Services Permian Basin, LLC(c)	TSFR1M + 3.615%	8.4360	10/05/28		97,545
	75,000	WhiteWater DBR HoldCo, LLC(c)	TSFR1M + 2.750%	8.0520	02/18/31		75,172
							325,083
		PUBLISHING & BROADCASTING — 0.1%
	94,000	Century DE Buyer, LLC(c)	TSFR3M + 4.000%	9.3170	09/27/30		94,517
		REAL ESTATE INVESTMENT TRUSTS — 0.1%
	239,400	Iron Mountain, Inc.(c)	TSFR1M + 2.250%	7.5800	01/31/31		239,200
		RETAIL - DISCRETIONARY — 0.3%
	39,900	84 Lumber Company(c)	TSFR1M + 2.850%	8.1770	11/18/30		40,118
	85,000	Peer Holding III BV(c)	TSFR1M + 3.250%	8.5590	10/19/30		85,407
	152,646	PetSmart, Inc.(c)	TSFR1M + 3.750%	9.1800	01/29/28		150,738
	134,311	SRS Distribution, Inc.(c)	TSFR1M + 3.500%	8.9450	05/20/28		135,432
							411,695
		SOFTWARE — 0.6%
	290,167	Applied Systems, Inc.(c)	TSFR1M + 3.500%	8.8090	02/07/31		292,670
	25,000	Camelot US Acquisition, LLC(c)	TSFR1M + 2.750%	8.0770	01/31/31		25,078
	132,608	CCC Intelligent Solutions, Inc.(c)	TSFR1M + 2.500%	7.6920	09/17/28		132,856
	184,073	Central Parent, Inc.(c)	TSFR3M + 4.000%	9.3090	07/06/29		185,035
	69,816	Ellucian Holdings, Inc.(c)	TSFR1M + 3.600%	8.9300	10/26/29		70,140
	14,963	Epicor Software Corporation(c)	TSFR1M + 3.750%	9.0770	07/31/27		15,070
	50,477	Open Text Corporation(c)	TSFR1M + 2.850%	8.1770	01/31/30		50,681
	191,130	UKG, Inc.(c)	TSFR1M + 3.600%	8.8140	01/31/31		192,226
							963,756

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

23

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 6.7% (Continued)
		TECHNOLOGY SERVICES — 0.4%
	122,577	Blackhawk Network Holdings, Inc.(c)	TSFR1M + 5.000%	10.3270	02/26/29	$	123,234
	64,083	Dun & Bradstreet Corporation (The)(c)	TSFR1M + 2.750%	8.0820	01/18/29		64,310
	85,000	KBR, Inc.(c)	TSFR1M + 2.100%	7.5800	01/10/31		85,354
	68,180	NAB Holdings, LLC(c)	SOFRRATE + 3.000%	8.2090	11/18/28		68,211
	242,985	Peraton Corporation(c)	TSFR1M + 3.750%	9.1800	02/24/28		243,376
							584,485
		TELECOMMUNICATIONS — 0.2%
	202,412	Cincinnati Bell, Inc.(c)	SOFRRATE + 3.250%	8.6800	11/17/28		202,602
	128,986	Eagle Broadband Investments, LLC(c)	TSFR1M + 3.115%	8.5710	11/12/27		128,461
							331,063
		TRANSPORTATION & LOGISTICS — 0.1%
	99,742	Brown Group Holding, LLC(c)	TSFR1M + 2.500%	8.1800	04/22/28		99,936
	45,500	Mileage Plus Holdings, LLC(c)	TSFR3M + 5.250%	10.7330	06/25/27		46,770
	30,049	SkyMiles IP Ltd.(c)	TSFR1M + 3.750%	9.0680	09/16/27		31,029
							177,735
		TOTAL TERM LOANS (Cost $10,774,289)					10,837,286
		U.S. GOVERNMENT & AGENCIES — 24.4%
		AGENCY FIXED RATE — 5.7%
	6,577	Fannie Mae Pool 735061		6.0000	11/01/34		6,666
	9,401	Fannie Mae Pool 866009		6.0000	03/01/36		9,528
	60,433	Fannie Mae Pool 938574		5.5000	09/01/36		60,184
	23,486	Fannie Mae Pool 310041		6.5000	05/01/37		24,661
	10,199	Fannie Mae Pool 962752		5.0000	04/01/38		9,939
	13,621	Fannie Mae Pool 909175		5.5000	04/01/38		13,565
	35,554	Fannie Mae Pool 909220		6.0000	08/01/38		35,986
	43,361	Fannie Mae Pool AS7026		4.0000	04/01/46		39,746
	73,898	Fannie Mae Pool BJ9260		4.0000	04/01/48		67,501
	668,110	Fannie Mae Pool MA4805		4.5000	11/01/52		616,791
	852,826	Fannie Mae Pool FS4438		5.0000	11/01/52		808,931
	649,044	Fannie Mae Pool MA4980		6.0000	04/01/53		644,102

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

24

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 24.4% (Continued)
		AGENCY FIXED RATE — 5.7% (Continued)
	572,329	Fannie Mae Pool MA5072	5.5000	06/01/53	$	555,807
	62,822	Freddie Mac Gold Pool G01980	5.0000	12/01/35		61,440
	9,830	Freddie Mac Gold Pool G05888	5.5000	10/01/39		9,803
	328,537	Freddie Mac Pool SB8269	6.0000	10/01/38		329,940
	2,172,796	Freddie Mac Pool SD2026	5.0000	11/01/52		2,060,627
	619,847	Freddie Mac Pool SD3238	5.5000	12/01/52		603,215
	2,258,613	Freddie Mac Pool SD8309	6.0000	03/01/53		2,240,030
	1,025,767	Freddie Mac Pool SD8343	6.0000	07/01/53		1,017,186
						9,215,648
		U.S. TREASURY BONDS — 1.7%
	1,040,000	United States Treasury Bond	2.8750	05/15/49		738,725
	1,440,000	United States Treasury Bond	2.0000	02/15/50		837,788
	2,500,000	United States Treasury Bond	1.3750	08/15/50		1,219,238
						2,795,751
		U.S. TREASURY NOTES — 17.0%
	365,000	United States Treasury Note	4.3750	08/31/28		359,340
	370,000	United States Treasury Note	4.0000	01/31/29		358,430
	485,000	United States Treasury Note	0.8750	11/15/30		381,938
	540,000	United States Treasury Note	2.8750	05/15/32		474,420
	2,110,000	United States Treasury Note	3.8750	08/15/33		1,980,598
	3,560,000	United States Treasury Note	4.0000	02/15/34		3,370,597
	2,045,000	United States Treasury Note	1.8750	02/15/51		1,141,006
	1,135,000	United States Treasury Note	1.8750	11/15/51		629,038
	310,000	United States Treasury Note	2.8750	05/15/52		217,993
	5,925,000	United States Treasury Note	4.0000	11/15/52		5,188,887
	3,405,000	United States Treasury Note	3.6250	02/15/53		2,780,262
	3,920,000	United States Treasury Note	3.6250	05/15/53		3,201,461
	730,000	United States Treasury Note	4.1250	08/15/53		653,236
	2,575,000	United States Treasury Note	4.7500	11/15/53		2,559,711
	4,875,000	United States Treasury Note	4.2500	02/15/54		4,460,244
						27,757,161
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $46,642,298)				39,768,560

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

25

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 4.3%
		COLLATERAL FOR SECURITIES LOANED - 1.9%
	3,054,056	Mount Vernon Liquid Assets Portfolio, LLC, 5.43%(h)(i)	$	3,054,056
		MONEY MARKET FUNDS - 2.4%
	3,921,595	Fidelity Government Portfolio, Class I, 5.19%(h)		3,921,595
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,975,651)		6,975,651
		TOTAL INVESTMENTS - 101.7% (Cost $175,114,995)	$	165,373,744
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)%		(2,712,195	)
		NET ASSETS - 100.0%	$	162,661,549

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
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

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

26

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

(a)	Percentage rounds to less than 0.1%.
(b)	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, 2024 the total market value of 144A securities is $71,164,827 or 43.8% of net assets.
(c)	Variable rate security; the rate shown represents the rate on April 30, 2024.
(d)	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.
(e)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2024.
(f)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,980,493 at April 30, 2024.
(g)	Represents issuer in default on interest payments; non-income producing security.
(h)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(i)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

27

Dunham Floating Rate Bond Fund (Unaudited)

Message from the Sub-Adviser (PineBridge Investments, LLC)

Asset Class Recap

The U.S. Federal Reserve’s decision to keep rates unchanged in its final meeting of 2023 and its first meeting of 2024, along with ongoing disinflation, spurred optimism that interest rates have hit a plateau and inflation is easing towards its 2 percent target. Economic data reported during the fiscal quarter proved resilient, adding to mounting evidence that the Federal Reserve is capable of engineering a soft landing. In response, risk assets surged higher, and U.S. Treasury Yields declined. Over the first fiscal quarter, the yield on the 10-year U.S. Treasury declined 101 basis points to 3.91 percent, and the more Fed sensitive 2 year U.S. Treasury fell 88 basis points to 4.20 percent. However, over the most recent fiscal quarter the yield on the 10-year U.S. Treasury added 76 basis points to 4.68 percent, and the 2-year U.S. Treasury jumped 83 basis points to 5.04 percent. inflation measures showed a lack of progress toward the Federal Reserve’s long-term target. The Consumer Price Index topped forecasts for the March period, up 3.5 percent on an annualized basis versus expectations for 3.4 percent and higher than the reading of 3.2 percent for February. Treasury rates were also bolstered by comments from officials at the Federal Reserve implying rates could remain higher for longer. With futures pushing back the timetable for rate cuts further, the largest price declines for loans were concentrated among lower rated credits struggling with elevated interest burdens. Floating rate bonds, as measured by the Morningstar LSTA US Leveraged Loan 100 Index, securitized asset pools, known as collateralized loan obligations (CLO), as measured by the Palmer Square CLO Debt Index, increased 3.6 percent and 6.2 percent, respectively, over the six month period, but underperformed high-yield bonds, as measured by the ICE BofA U.S. Cash Pay High-Yield Index, which added 8.4 percent.

Allocation Review

The Fund continued to primarily hold floating rate securities, which was predominately comprised of bank loans and CLOs. In aggregate, the Fund held approximately 91 percent in these two categories, with close to 11 percent allocated to CLOs and 80 percent allocated to bank loans. The Fund’s allocation to CLOs meaningfully contributed to Fund performance over the most recent fiscal quarter amid a supportive technical environment, while the loan exposure slightly detracted. In terms of demand, institutional loan issuance was stable in most recent fiscal quarter as familiar trends carried over from the first quarter. Higher loan prices continued to facilitate opportunistic transactions including repricings and refinancings, which accounted for the majority of new issuance. While M&A and LBO activity remained muted, dividend recapitalizations provided one source of net loan supply. Demand continued to outstrip net loan supply in April. CLO issuance increased slightly versus the prior month supported by healthy demand for the asset class, while retail loan funds saw another month of net inflows in excess of $1 billion. The Fund also had approximately 9 percent allocated to fixed coupon high-yield corporate bonds, which also contributed to Fund performance over the fiscal quarter. The Fund’s largest credit quality overweight was in the single-B space, as the Fund had nearly a 72 percent exposure versus 67 percent in the Morningstar LSTA US Leveraged Loan 100 Index. Elsewhere on the credit quality range, the Fund maintained a slightly higher allocation to CCC-rated securities versus the index and the Fund’s exposure to BBB-rated bank loans was the largest underweight versus the benchmark index, as the Fund had less than 4 percent allocated to BBB-rated loans, and the benchmark index had nearly 7 percent. The largest sector overweights were in the media and entertainment, and materials sectors, while the largest underweights were to the software and services and telecommunications sectors. The Fund did not have any exposure to derivatives during the six-month period that meaningfully affected performance.

Holdings Insights

The largest exposure within the Fund was the allocation to variable rate securities, and some of the best-performing positions over the fiscal quarter were from this allocation. For example, the position in Icebox Holdco III, Inc. Floating Rate, Due 12/15/2029 (BL3791557) (holding weight*: 0.14 percent) a provider of HVAC building products added 7.7 percent over the six-month period. Another loan that positively contributed to Fund performance was Team Health Holdings, Inc. Floating Rate, Due 02/17/2027, a U.S. physician practice. Over the fiscal quarter, the price of this loan increased 21.6 percent after the company refinanced its remaining $1.16 billion senior secured term loan due in February 2024. Within the exposure to CLOs, the positions in the THL Credit Wind River 2019-3 Clo Ltd. Floating Rate, Due 04/15/2031 (97314GAC5) (holding weight*: 1.33 percent), a CLO securitization backed by primarily broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests, and the Benefit Street Partners Clo XII Ltd. Floating Rate, Due 10/15/2030 (08179JAA4) (holding weight*: 1.66 percent), a CLO managed by Benefit Street Partners, positively contributed to Fund performance. Over the six-month period, these positions rose in price by 13.3 percent and 8.5percent, respectively. The Fund also received positive contributions from the fixed coupon high-yield corporate bond exposures. This includes Hawaiian Miles Loyalty Ltd. 5.75%, Due 01/20/2026 (41984LAA5) (holding weight*: 0.23 percent), a commercial U.S. airline headquartered in Honolulu. This credit rose 29.4 percent following reports that the airline was bought for $1.9 billion.

Although many of the bank loans within the Fund rose during the period, some of the positions within the asset class meaningfully detracted from Fund performance. This included Telesat, LLC Floating Rate, Due 12/06/2026 (BL3219120) (holding weight*: 0.30 percent), a global satellite operator, detracted from Fund performance. This credit rebounded to close the previous fiscal year following a selloff amid a credit downgrade. However, this credit once again came under pressure over the first half of the fiscal year as the satellite operator reported a surprise decline in revenues. Over the first half of the fiscal year, this credit sold off 26 percent. Another poor-performing variable rate credit within the Fund was the J.P. Intermediate B, LLC Floating Rate, Due 11/20/2027 (BL4371623) (holding weight*: 0.11 percent), a company that produces plant-based dietary supplements. Over the fiscal quarter, the price of this loan fell 66.3 percent.

Sub-Adviser Outlook

The Sub-Adviser is confident that the outlook for the leveraged loan market remains stable with supportive fundamentals and technicals. Corporate earnings for the first quarter have generally been in line with expectations, supported by better-than-feared economic growth. Faced with the headwind from higher interest burdens, companies have continued to emphasize liability management and cost rationalization, which has helped to bolster balance sheets. The Sub-Adviser believes that defaults within the loan market should continue at a measured pace, but absent a sharper economic downturn, distressed activity will be concentrated among lower-quality issuers struggling with over-levered capital structures. The Sub-Adviser is confident that technicals will remain supportive for loan prices as high financing costs limit M&A and LBO activity, throttling net loan supply, while demand for loans continues to grow amid steady new CLO issuance. A higher for longer rate environment has the potential to support higher relative loan yields, while the lack of duration risk for the asset class offers a hedge against further rate volatility.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 1/31/2024.

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

28

Dunham Floating Rate Bond Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	6.18%	11.54%	3.75%	3.30%
Class A with Load 4.50%	1.20%	6.29%	2.54%	2.57%
Class A without load	5.93%	11.27%	3.49%	3.05%
Class C	5.67%	10.59%	2.97%	2.54%
Morningstar LSTA US Leveraged Loan 100 Index (a)	5.89%	11.52%	4.82%	4.15%
Morningstar Bank Loan Category (b)	6.04%	10.86%	3.81%	3.47%

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

(a) The Morningstar LSTA US Leveraged Loan 100 Index is designed to measure the performance of the 100 largest facilities in the US leveraged loan market. Underpinned by PitchBook | LCD data, the index brings transparency to the performance, activity, and key characteristics of the most tradeable loans in the market

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Term Loans	76.1	%
Asset Backed Securities	10.4	%
Corporate Bonds	7.5	%
Short-Term Investment	3.1	%
Collateral for Securities Loaned	2.9	%
Warrant	0.0	%
Right	0.0	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

29

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 10.9%
		CLO — 10.9%
	1,500,000	Apidos CLO XX Series 2015-20A DR(a),(b)	US0003M + 5.700%	11.2890	07/16/31	$	1,483,941
	1,540,000	Atrium IX Series 9A ER(a),(b)	US0003M + 6.450%	12.0490	05/28/30		1,522,576
	2,000,000	Benefit Street Partners Clo XII Ltd. Series 2017-12A D(a),(b)	US0003M + 6.410%	12.0000	10/15/30		2,002,440
	1,250,000	Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E(a),(b)	US0003M + 4.700%	10.2860	11/28/30		1,260,991
	1,000,000	Neuberger Berman CLO XXII Ltd. Series 22A D2R2(a),(b)	TSFR3M + 4.750%	—	04/15/38		1,005,000
	4,000,000	Rockford Tower CLO 2020-1 Ltd. Series 1A D1R(a),(b)	TSFR3M + 4.600%	9.9250	01/20/36		4,024,173
	1,750,000	THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(a),(b)	US0003M + 6.750%	12.3400	04/15/31		1,605,469
							12,904,590
		TOTAL ASSET BACKED SECURITIES (Cost $12,886,532)					12,904,590
Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 7.8%
		CABLE & SATELLITE — 0.4%
	330,000	Altice Financing S.A.(a),(c)		5.7500	08/15/29		246,004
	500,000	CSC Holdings, LLC(a)		5.7500	01/15/30		219,998
							466,002
		COMMERCIAL SUPPORT SERVICES — 0.4%
	450,000	Deluxe Corporation(a)		8.0000	06/01/29		405,259
		FOOD — 0.3%
	509,000	HLF Financing Sarl, LLC / Herbalife International,(a),(c)		4.8750	06/01/29		299,481
		LEISURE FACILITIES & SERVICES — 0.4%
	502,000	NCL Corporation Ltd.(a),(c)		7.7500	02/15/29		513,926
		METALS & MINING — 0.2%
	168,000	Mineral Resources Ltd.(a)		9.2500	10/01/28		176,405
	36,000	Mineral Resources Ltd.(a)		8.5000	05/01/30		36,922
							213,327
		OIL & GAS PRODUCERS — 1.5%
	505,000	Comstock Resources, Inc.(a),(c)		5.8750	01/15/30		460,456
	350,000	Delek Logistics Partners, L.P. / Delek Logistics(a)		8.6250	03/15/29		353,923
	494,000	ITT Holdings, LLC(a)		6.5000	08/01/29		446,350

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

30

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 7.8% (Continued)
		OIL & GAS PRODUCERS — 1.5% (Continued)
	450,000	Strathcona Resources Ltd.(a)	6.8750	08/01/26	$	449,041
						1,709,770
		OIL & GAS SERVICES & EQUIPMENT — 0.4%
	450,000	Nabors Industries Ltd.(a),(c)	7.5000	01/15/28		427,543
		REAL ESTATE INVESTMENT TRUSTS — 0.3%
	514,000	Service Properties Trust(c)	4.3750	02/15/30		389,167
		REAL ESTATE OWNERS & DEVELOPERS — 0.3%
	458,000	Kennedy-Wilson, Inc.	4.7500	03/01/29		376,709
		RETAIL - DISCRETIONARY — 0.1%
	144,000	Kohl’s Corporation(c)	4.6250	05/01/31		118,986
		SOFTWARE — 0.3%
	380,000	Helios Software Holdings, Inc. / ION Corporate(a)	4.6250	05/01/28		334,210
		SPECIALTY FINANCE — 1.4%
	505,000	Apollo Commercial Real Estate Finance, Inc.(a)	4.6250	06/15/29		418,610
	387,000	Bread Financial Holdings, Inc.(a)	9.7500	03/15/29		402,915
	236,000	Burford Capital Global Finance, LLC(a)	6.8750	04/15/30		229,065
	200,000	Burford Capital Global Finance, LLC(a)	9.2500	07/01/31		208,806
	500,000	Cobra AcquisitionCo, LLC(a),(c)	6.3750	11/01/29		415,113
						1,674,509
		TECHNOLOGY HARDWARE — 0.3%
	520,000	Viasat, Inc.(a),(c)	7.5000	05/30/31		367,914
		TECHNOLOGY SERVICES — 0.4%
	475,000	ION Trading Technologies Sarl(a)	5.7500	05/15/28		434,328
	45,000	Mobius Merger Sub, Inc.(a)	9.0000	06/01/30		44,448
						478,776
		TELECOMMUNICATIONS — 0.6%
	500,000	Altice France S.A.(a),(c)	5.5000	10/15/29		327,885
	464,000	Sable International Finance Ltd.(a)	5.7500	09/07/27		443,400

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

31

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 7.8% (Continued)
		TELECOMMUNICATIONS — 0.6% (Continued)
						$	771,285
		TRANSPORTATION & LOGISTICS — 0.2%
	301,631	Hawaiian Brand Intellectual Property Ltd. /(a),(c)		5.7500	01/20/26		283,209
		WHOLESALE - CONSUMER STAPLES — 0.3%
	571,000	C&S Group Enterprises, LLC(a)		5.0000	12/15/28		440,495
		TOTAL CORPORATE BONDS (Cost $10,380,598)					9,270,568
Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2%
		ADVERTISING & MARKETING — 0.2%
	287,863	Planet US Buyer, LLC(b)	TSFR1M + 3.498%	8.8140	01/31/31		289,496
		AEROSPACE & DEFENSE — 1.4%
	629,832	Dynasty Acquisition Company, Inc.(b)	TSFR1M + 3.505%	8.8210	08/24/28		633,554
	728,227	Spirit AeroSystems, Inc.(b)	TSFR1M + 4.247%	9.5630	11/23/27		733,463
	242,847	Standard Aero Ltd.(b)	TSFR1M + 3.505%	8.8210	08/24/28		244,282
							1,611,299
		ASSET MANAGEMENT — 2.5%
	1,174,850	Advisor Group Holdings, Inc.(b)	TSFR1M + 4.511%	9.8270	08/10/28		1,183,391
	675,782	Hightower Holding, LLC(b)	US0001M + 4.155%	9.5860	04/21/28		680,009
	1,084,889	Nexus Buyer, LLC(b)	US0001M + 3.750%	9.1770	11/08/26		1,085,567
							2,948,967
		AUTOMOTIVE — 0.5%
	623,393	PAI Holdco, Inc.(b)	US0001M + 3.894%	9.3240	10/28/27		581,626
		BEVERAGES — 0.7%
	833,909	Pegasus Bidco BV(b)	TSFR1M + 3.741%	9.0570	07/12/29		837,562
		BIOTECH & PHARMA — 0.3%
	313,401	Endo Finance Holdings, Inc.(b)	TSFR1M + 4.508%	9.8240	04/23/31		312,970

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

32

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		CABLE & SATELLITE — 2.6%
	598,485	Altice Financing S.A.(b)	TSFR1M + 4.998%	10.3140	10/31/27	$	545,121
	1,179,904	CSC Holdings, LLC(b)	US0003M + 4.236%	9.8250	07/17/25		1,141,763
	650,000	UPC Financing Partnership(b)	US0001M + 3.000%	8.4350	01/31/29		648,619
	650,000	Virgin Media Bristol, LLC(b)	US0001M + 3.250%	8.6980	01/10/29		641,469
							2,976,972
		CHEMICALS — 2.4%
	650,000	AIP RD Buyer Corporation(b)	TSFR1M + 5.003%	10.3180	12/26/28		653,656
	691,346	Consolidated Energy Finance S.A.(b)	TSFR1M + 4.511%	9.8270	11/08/30		670,606
	985,181	Groupe Solmax, Inc.(b)	US0001M + 4.750%	10.1920	07/23/28		972,635
	568,985	Windsor Holdings III, LLC(b)	TSFR1M + 4.003%	9.3190	08/01/30		574,604
							2,871,501
		COMMERCIAL SUPPORT SERVICES — 6.9%
	598,465	Allied Universal Holdco, LLC(b)	US0001M + 3.750%	9.1800	05/05/28		599,588
	768,164	Amentum Government Services Holdings, LLC(b)	SOFRRATE + 4.000%	9.3150	02/07/29		770,883
	1,170,000	APX Group, Inc.(b)	US0001M + 2.500%	10.7500	07/01/28		1,173,089
	263,432	CHG Healthcare Services, Inc.(b)	TSFR1M + 3.764%	9.0800	09/30/28		265,079
	1,020,686	Creative Artists Agency, LLC(b)	TSFR1M + 3.264%	8.5800	11/27/28		1,025,437
	487,934	Fleet US Bidco, Inc.(b)	TSFR1M + 3.264%	8.5800	02/03/31		490,373
	1,121,462	Garda World Security Corporation(b)	TSFR1M + 4.267%	9.5830	02/01/29		1,127,657
	224,872	Groundworks, LLC(b)	TSFR1M + 3.508%	8.8240	03/06/31		225,544
	676,443	PG Investment Company 59 Sarl(b)	TSFR1M + 3.497%	8.8120	02/24/31		679,683
	35,472	Ryan, LLC(b)	TSFR1M + 4.514%	9.8250	11/09/30		35,761
	336,987	Ryan, LLC(b)	TSFR1M + 4.509%	9.8300	11/09/30		339,725
	895,630	Sotheby’s(b)	US0001M + 4.500%	10.0760	01/15/27		876,598
	605,263	WestJet Loyalty, L.P.(b)	TSFR1M + 3.111%	9.0480	02/01/31		607,121
							8,216,538
		CONSTRUCTION MATERIALS — 2.1%
	859,357	Foley Products Company, LLC(b)	SOFRRATE + 4.750%	10.2090	02/10/29		863,473
	874,638	Quikrete Holdings, Inc.(b)	TSFR1M + 2.249%	7.5650	03/26/29		876,514
	703,916	US Silica Company(b)	TSFR1M + 4.013%	9.3290	03/17/30		707,186
							2,447,173

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

33

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		CONSUMER SERVICES — 1.5%
	725,800	KUEHG Corporation(b)	TSFR1M + 4.500%	9.8160	06/12/30	$	729,090
	1,430	Mckissock Investment Holdings, LLC(b)	SOFRRATE + 5.000%	10.4760	03/04/29		1,432
	594,338	Prometric Holdings, Inc.(b)	TSFR1M + 5.376%	10.6920	01/29/28		596,071
	484,643	Spring Education Group, Inc.(b)	TSFR1M + 4.494%	9.8090	09/29/30		487,522
							1,814,115
		CONTAINERS & PACKAGING — 3.0%
	1,169,403	Clydesdale Acquisition Holdings, Inc.(b)	TSFR1M + 4.250%	9.1050	03/30/29		1,175,771
	910,045	LABL, Inc.(b)	US0001M + 5.000%	10.4270	10/22/28		892,586
	651,322	Patriot Container Corporation(b)	US0003M + 3.750%	9.1770	03/16/25		626,591
	276,742	SupplyOne, Inc.(b)	TSFR1M + 4.263%	9.5790	03/27/31		277,953
	580,533	Trident TPI Holdings, Inc.(b)	US0001M + 4.000%	9.5710	09/17/28		581,883
							3,554,784
		E-COMMERCE DISCRETIONARY — 0.5%
	534,039	CNT Holdings I Corporation(b)	US0001M + 3.500%	8.8170	10/16/27		536,525
		ELECTRIC UTILITIES — –%(d)
	635,000	Texas Competitive Electric Holdings Company, LLC /(e)		—	11/22/49		—
		ELECTRICAL EQUIPMENT — 1.0%
	661,659	Icebox Holdco III, Inc.(b)	US0001M + 3.750%	9.0710	12/22/28		661,659
	179,825	Icebox Holdco III, Inc.(b)	US0001M + 6.750%	12.3210	12/15/29		175,329
	317,234	TK Elevator US Newco, Inc.(b)	TSFR1M + 3.506%	8.8220	04/11/30		318,919
							1,155,907
		ENGINEERING & CONSTRUCTION — 1.0%
	1,170,000	USIC Holdings, Inc.(b)	US0001M + 3.500%	9.0640	05/14/28		1,170,924
		ENTERTAINMENT CONTENT — 1.4%
	599,627	NEP Group, Inc.(b)	TSFR1M + 3.376%	8.6920	08/19/26		568,446
	1,106,279	Univision Communications, Inc.(b)	TSFR1M + 4.243%	9.5590	06/10/29		1,109,183
							1,677,629
		FOOD — 1.0%
	511,752	HLF Financing Sarl, LLC(b)	TSFR1M + 6.763%	12.0790	04/05/29		479,839

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

34

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		FOOD — 1.0% (Continued)
	638,978	Upfield USA Corporation(b)	TSFR1M + 4.758%	10.0740	01/03/28	$	639,508
							1,119,347
		GAS & WATER UTILITIES — 0.1%
	121,526	NGL Energy Operating, LLC(b)	TSFR1M + 4.514%	9.8300	01/27/31		122,179
		HEALTH CARE FACILITIES & SERVICES — 4.3%
	870,767	Bella Holding Company, LLC(b)	US0001M + 3.750%	9.1770	04/01/28		871,795
	387,086	Charlotte Buyer, Inc.(b)	TSFR3M + 5.243%	10.5710	02/11/28		389,383
	869,593	Corgi BidCo, Inc.(b)	TSFR1M + 4.994%	10.3090	09/20/29		872,106
	500,000	LifePoint Health, Inc.(b)	TSFR1M + 4.753%	10.0690	11/16/28		502,670
	785,123	Milano Acquisition Corporation(b)	US0001M + 4.000%	9.4090	08/17/27		751,021
	343,092	Outcomes Group Holdings, Inc.(b)	TSFR1M + 4.263%	9.5790	04/02/31		344,593
	987,762	Phoenix Newco, Inc.(b)	US0001M + 3.250%	8.6920	08/11/28		992,025
	470,074	Team Health Holdings, Inc.(b)	SOFRRATE + 5.250%	10.5630	02/17/27		413,245
							5,136,838
		HOME & OFFICE PRODUCTS — 0.3%
	299,612	AI Aqua Merger Sub, Inc.(b)	TSFR1M + 4.261%	9.5770	07/30/28		301,485
		INDUSTRIAL INTERMEDIATE PROD — 0.3%
	393,848	Crosby US Acquisition Corporation(b)	TSFR1M + 4.011%	9.3270	08/13/29		397,129
		INSTITUTIONAL FINANCIAL SERVICES — 0.5%
	598,430	Ascensus Holdings, Inc.(b)	US0001M + 3.629%	8.9450	08/02/28		598,804
		INSURANCE — 4.3%
	468,518	Alliant Holdings Intermediate, LLC(b)	TSFR1M + 3.511%	8.8270	11/06/30		470,907
	451,256	Asurion, LLC(b)	US0001M + 3.250%	8.6920	12/18/26		442,075
	655,394	Asurion, LLC(b)	US0001M + 3.250%	8.6920	07/28/27		638,282
	855,000	Asurion, LLC(b)	US0001M + 5.250%	10.6920	01/29/28		781,928
	365,000	Asurion, LLC(b)	US0001M + 5.250%	10.6920	01/14/29		330,097
	547,686	BroadStreet Partners, Inc.(b)	TSFR1M + 3.764%	9.0800	01/26/29		550,309
	336,831	Hyperion Refinance Sarl(b)	TSFR1M + 3.511%	9.3270	03/24/30		338,865

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

35

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		INSURANCE — 4.3% (Continued)
	248,307	Hyperion Refinance Sarl(b)	TSFR1M + 4.011%	8.8270	02/03/31	$	249,411
	919,037	Sedgwick Claims Management Services, Inc.(b)	TSFR1M + 3.761%	9.0770	02/17/28		923,868
	305,516	Truist Insurance Holdings, LLC(b)	TSFR1M + 3.252%	8.5680	03/24/31		306,519
							5,032,261
		INTERNET MEDIA & SERVICES — 0.9%
	598,454	Arches Buyer, Inc.(b)	TSFR1M + 3.364%	8.6800	12/06/27		579,213
	506,864	Pug, LLC(b)	TSFR1M + 4.759%	10.0750	03/12/30		507,972
							1,087,185
		LEISURE FACILITIES & SERVICES — 5.0%
	637,761	Aimbridge Acquisition Company, Inc.(b)	US0003M + 3.750%	9.1950	02/01/26		620,222
	559,536	BCPE Grill Parent, Inc.(b)	TSFR1M + 3.379%	10.0770	09/21/30		557,387
	491,349	Carnival Corporation(b)	US0001M + 3.250%	8.6950	10/08/28		493,960
	831,998	Dave & Buster’s, Inc.(b)	TSFR1M + 3.309%	8.6250	06/29/29		835,929
	598,465	Hilton Grand Vacations Borrower, LLC(b)	TSFR1M + 2.626%	7.9420	08/02/28		600,075
	597,481	Motion Finco Sarl(b)	TSFR1M + 3.755%	9.0710	11/30/29		597,556
	596,773	Ontario Gaming GTA, L.P.(b)	TSFR1M + 4.243%	9.5590	07/20/30		600,750
	856,968	Playa Resorts Holding BV(b)	TSFR1M + 3.263%	8.5790	11/22/28		861,545
	735,202	Wok Holdings, Inc.(b)	US0003M + 6.250%	11.7130	03/01/26		729,001
							5,896,425
		LEISURE PRODUCTS — 0.6%
	730,986	Varsity Brands Holding Company, Inc.(b)	US0003M + 3.500%	10.4450	12/15/24		736,241
		MACHINERY — 0.9%
	731,303	Alliance Laundry Systems, LLC(b)	US0001M + 3.500%	8.9250	09/30/27		735,008
	361,346	STS Operating, Inc.(b)	TSFR1M + 4.104%	9.4200	03/17/31		364,959
							1,099,967
		MEDICAL EQUIPMENT & DEVICES — 0.9%
	508,190	Medline Borrower, L.P.(b)	TSFR1M + 2.761%	8.0770	10/23/28		510,106
	500,601	Sotera Health Holdings, LLC(b)	TSFR1M + 3.763%	9.0790	12/11/26		502,794
							1,012,900
		METALS & MINING — 0.5%
	597,169	Arsenal AIC Parent, LLC(b)	TSFR1M + 3.764%	9.0800	08/19/30		602,394

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

36

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		OIL & GAS PRODUCERS — 3.4%
	598,500	CQP Holdco, L.P.(b)	TSFR3M + 2.974%	8.3020	12/31/30	$	600,918
	1,102,941	EG America, LLC(b)	TSFR1M + 6.351%	11.6670	02/07/28		1,087,781
	1,158,083	M6 ETX Holdings II Midco, LLC(b)	TSFR1M + 4.611%	9.9270	08/11/29		1,161,436
	1,176,109	Medallion Midland Acquisition, L.P.(b)	TSFR1M + 3.514%	8.8300	10/18/28		1,182,360
							4,032,495
		OIL & GAS SERVICES & EQUIPMENT — –%(d)
	1,140	Paragon Offshore Finance Company(b)	USM0003M +0.000%	—	07/15/22		—
		PUBLISHING & BROADCASTING — 0.7%
	994,616	Sinclair Television Group, Inc.(b)	TSFR1M + 3.750%	9.1800	04/13/29		770,310
		REAL ESTATE INVESTMENT TRUSTS — 0.9%
	1,172,639	Claros Mortgage Trust, Inc.(b)	TSFR1M + 4.613%	9.9290	08/09/26		1,043,649
		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	504,821	Greystar Real Estate Partners, LLC(b)	TSFR1M + 3.260%	8.5760	08/21/30		506,714
		REAL ESTATE SERVICES — 0.5%
	591,154	Cushman & Wakefield US Borrower, LLC(b)	TSFR1M + 3.755%	9.0710	01/31/30		594,109
		RETAIL - DISCRETIONARY — 3.7%
	1,266,824	Hertz Corporation (The)(b)	US0001M + 3.250%	8.6920	06/14/28		1,169,170
	1,047,798	JP Intermediate B, LLC(b)	TSFR1M + 5.758%	11.0740	11/20/27		127,307
	1,262,853	LBM Acquisition, LLC(b)	US0001M + 3.750%	9.1770	12/18/27		1,266,010
	1,009,976	Park River Holdings, Inc.(b)	US0003M + 3.220%	8.8100	01/22/28		999,059
	758,943	Petco Health & Wellness Company, Inc.(b)	US0001M + 3.250%	8.8210	02/25/28		659,116
	160,090	Wand NewCompany 3, Inc.(b)	TSFR1M + 3.764%	9.0800	01/20/31		161,322
							4,381,984
		SOFTWARE — 11.7%
	393,469	Applied Systems, Inc.(b)	TSFR1M + 3.493%	8.8090	02/07/31		396,863

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

37

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		SOFTWARE — 11.7% (Continued)
	1,124,968	athenahealth, Inc.(b)	SOFRRATE + 3.500%	8.5800	01/27/29	$	1,124,620
	1,170,350	Barracuda Networks, Inc.(b)	TSFR1M + 4.497%	9.8130	08/15/29		1,172,268
	1,149,433	Central Parent, Inc.(b)	TSFR1M + 3.994%	9.3090	07/06/29		1,155,444
	274,606	Cloud Software Group, Inc.(b)	TSFR1M + 4.613%	9.9290	03/19/31		274,640
	917,147	Condor Merger Sub, Inc.(b)	SOFRRATE + 4.000%	9.1770	02/03/29		920,334
	591,176	Corel, Inc.(b)	TSFR3M + 5.115%	10.4430	07/02/26		585,339
	650,654	Cotiviti, Inc.(b)	TSFR1M + 3.255%	8.5710	02/24/31		652,008
	584,772	Dcert Buyer, Inc.(b)	US0003M + 4.000%	9.3300	08/08/26		584,046
	600,000	Dcert Buyer, Inc.(b)	US0001M + 7.000%	12.3300	02/16/29		543,939
	1,035,603	Ellucian Holdings, Inc.(b)	TSFR1M + 3.614%	8.9300	10/26/29		1,040,413
	559,719	Epicor Software Corporation(b)	US0001M + 3.250%	8.6920	07/31/27		562,842
	522,550	Genesys Cloud Services Holdings II, LLC(b)	TSFR1M + 3.511%	8.8270	12/01/27		525,581
	211,661	Helios Software Holdings, Inc.(b)	US0001M + 3.750%	9.2020	03/11/28		211,581
	1,163,225	Proofpoint, Inc.(b)	US0001M + 3.250%	8.6950	06/10/28		1,169,588
	623,086	Rackspace Finance, LLC(b)	TSFR1M + 2.870%	8.1860	05/15/28		294,022
	761,111	RealPage, Inc.(b)	US0001M + 3.250%	8.4450	02/18/28		734,788
	395,000	TIBCO Software, Inc.(b)	TSFR3M + 4.581%	9.9090	03/30/29		395,596
	768,556	UKG, Inc.(b)	TSFR1M + 3.498%	8.8140	01/31/31		772,964
	730,532	VS Buyer, LLC(b)	TSFR1M + 3.253%	8.5690	04/04/31		733,519
							13,850,395
		SPECIALTY FINANCE — 0.8%
	215,719	Apollo Commercial Real Estate Finance, Inc.(b)	US0001M + 3.500%	8.9450	03/11/28		210,326
	805,336	Fly Funding II Sarl(b)	US0003M + 1.740%	7.3300	08/09/25		786,040
							996,366
		TECHNOLOGY HARDWARE — 1.5%
	718,152	VeriFone Systems, Inc.(b)	US0003M +4.000%	9.5850	08/20/25		650,954
	1,198,712	Viasat, Inc.(b)	SOFRRATE + 4.500%	9.8270	02/24/29		1,151,795
							1,802,749
		TECHNOLOGY SERVICES — 4.4%
	455,000	Acuris Finance Us, Inc.(b)	US0001M + 4.000%	9.4980	02/04/28		455,994
	364,636	Ahead DB Holdings, LLC(b)	TSFR1M + 4.243%	9.5590	01/24/31		367,234
	175,050	ION Trading Finance Ltd.(b)	US0001M + 4.750%	10.1520	03/26/28		175,306

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

38

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 80.2% (Continued)
		TECHNOLOGY SERVICES — 4.4% (Continued)
	460,998	MoneyGram International, Inc.(b)	TSFR1M + 5.525%	10.8410	06/01/30	$	458,693
	1,200,250	MPH Acquisition Holdings, LLC(b)	US0001M + 4.250%	9.8550	08/17/28		1,115,140
	1,166,559	Peraton Corporation(b)	US0001M + 3.750%	9.1800	02/24/28		1,168,431
	1,154,282	Sitel Worldwide Corporation(b)	US0001M + 3.750%	9.1950	07/29/28		865,712
	579,651	Verscend Holding Corporation(b)	US0001M + 4.000%	9.4450	08/27/25		580,375
							5,186,885
		TELECOMMUNICATIONS — 2.0%
	832,994	Altice France S.A.(b)	TSFR1M + 5498%	10.8140	01/09/26		628,132
	450,000	Altice France S.A.(b)	TSFR1M + 5.498%	10.8140	08/31/28		339,329
	880,804	CCI Buyer, Inc.(b)	US0001M + 4.000%	9.3020	12/12/27		881,355
	180,363	Lorca Co-Borrower, LLC(b)	TSFR1M + 3.501%	8.8170	04/17/31		181,716
	701,429	Telesat, LLC(b)	US0001M + 2.750%	8.3550	12/06/26		357,876
							2,388,408
		TRANSPORTATION & LOGISTICS — 2.6%
	217,927	Air Canada(b)	TSFR1M + 2.517%	7.8330	03/14/31		219,698
	539,955	American Airlines, Inc.(b)	TSFR1M + 3.459%	8.7750	05/29/29		542,544
	1,172,506	Kenan Advantage Group, Inc. (The)(b)	TSFR1M + 3.764%	9.0800	01/19/29		1,174,393
	650,000	PODS, LLC(b)	US0001M + 3.000%	8.2170	03/19/28		627,250
	379,136	United Airlines, Inc.(b)	TSFR1M + 2.760%	8.0760	02/17/31		381,209
	81,303	WestJet Airlines Ltd.(b)	TSFR1M + 3.732%	8.4270	10/08/26		81,512
							3,026,606
		TOTAL TERM LOANS (Cost $96,582,763)					94,727,813

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.0%(d)
		NON-LISTED RIGHT - 0.0% (d)
	10,588	TRA Rights	11/22/2049	$	—		14,294
		TOTAL RIGHT (Cost $17,470)					14,294

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

39

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Expiration Date	Exercise Price		Fair Value
		WARRANT — 0.0%(d)
		PUBLISHING & BROADCASTING - 0.0% (d)
	14,905	iHeartMedia, Inc.	05/02/2039	$	0.00	$	27,947
		TOTAL WARRANT (Cost $287,609)					27,947
		SHORT-TERM INVESTMENTS — 6.3%
		MONEY MARKET FUNDS - 3.3%
	3,893,667	Fidelity Government Portfolio, CLASS I, 5.19%(f)					3,893,667
		COLLATERAL FOR SECURITIES LOANED - 3.0%
	3,562,248	Mount Vernon Liquid Assets Portfolio, LLC, 5.43%(f),(f)					3,562,248
		TOTAL SHORT-TERM INVESTMENTS (Cost $7,455,915)					7,455,915
		TOTAL INVESTMENTS - 105.2% (Cost $127,610,887)				$	124,401,127
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.2)%					(6,192,668	)
		NET ASSETS - 100.0%				$	118,208,459

LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
SOFRRATE	United States SOFR Secured Overnight Financing Rate
TSFR1M	TSFR1M
TSFR3M	TSFR3M
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month

(a)	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, 2024 the total market value of 144A securities is 21,290,296 or 18.0% of net assets.
(b)	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.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $3,849,684 at April 30, 2024.
(d)	Percentage rounds to less than 0.1%.
(e)	Represents issuer in default on interest payments; non-income producing security.
(f)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(g)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

40

Dunham High-Yield Bond Fund (Unaudited)

Message from the Sub-Adviser (PineBridge Investments, LLC)

Asset Class Recap

Following weakness in the final month of the previous fiscal year, markets reversed course in November, with both U.S. Treasury rates and credit spreads rallying. Bullish investor sentiment resulted from better -than-expected declines in inflation data, positive economic and issuer fundamentals, and a directionally dovish Federal Reserve (“Fed”) narrative. This continued and accelerated into December, as the Fed strengthened its pivot language, with Chair Powell’s press conference incorporating more reminders of its dual mandate. This unexpected pull forward in the Fed’s assessment of inflation from sticky to mission accomplished, subject only to a couple more months of confirmation, altered the conditions under which rate cuts could occur. Previously, rate cut expectations appeared conditioned on economic weakening, with an unspoken condition that labor markets soften alongside a decline in inflation. Given the recent disinflation, particularly in once-sticky core inflation thought to be driven most by tight labor markets, the new tone sounded like rate cuts no longer require job weakness as long as the disinflation trend continues. Spreads on high-yield bonds widened marginally during January, and U.S. Treasury rates drifted a bit higher. However, the high-yield asset class was flat from a total return standpoint as the income component was equally offset by higher rates and wider spreads. A continuation of moderating inflation, along with resilient growth data and the narrative from the late January Federal Reserve meeting, led investors to anticipate an initial rate cut commencing around the middle of 2024. High-yield bonds generated positive total returns in February and March as the benefit of spread compression more than offset the impact of higher Treasury rates. While the Fed indicated that it believes cuts will likely be appropriate at some point this year, sticky inflation, alongside strong growth and a resilient consumer, resulted in a more hawkish narrative. In April, the high-yield asset class experienced the largest negative total return since October 2023. Negative total returns were mostly due to higher Treasury rates, with credit spreads only slightly wider. A stronger-than- expected retail sales report, a higher -than-expected Consumer Price Index (CPI), and positive labor market data all combined to move U.S. Treasury rates higher across all maturities on the curve. Market expectations for the Fed’s first rate cut moved out to the fourth quarter of 2024, whereas a summer rate cut was priced in at the end of March. Over the six-month period ended April 30, 2024, high- yield bonds, as measured by the Bloomberg U.S. High-Yield Ba/B 2% Issuer Cap Index, rose 8.5 percent.

Allocation Review

Over the six -month period, both security selection and sector allocation contributed to positive Fund performance. From a sector allocation standpoint, an overweight allocation to the asset managers and other financial companies contributed to performance, while an overweight allocation to the energy sector and cash meaningfully detracted from Fund performance. From a security selection standpoint, security selection in the consumer cyclical, and technology sectors contributed to Fund performance, offsetting the slight decline from consumer non- cyclical and energy sectors. The Fund maintained an approximate 11 percent allocation to CCC-rated bonds, contributing to relative performance as the ICE BofA CCC and Lower U.S. Cash Pay High-Yield Index added 12.2 percent. Additionally, the Fund’s nearly 16 percent relative underweight to BB-rated bonds contributed performance, as the ICE BofA BB U.S. Cash Pay High-Yield Index increased 8.2 percent during the six-month period.

Holdings Insights

One of the top performing credits over the fiscal period was Glatfelter Corporation 4.75%, Due 11/15/2029 (377320AA4) (holding weight*: 0.37 percent), a global manufacturer of engineered materials. During the most recent fiscal quarter, it was reported that Glatfelter Corporation and Barry Global Group Inc. (BERY) (not held) entered into a definitive agreement to spin off and merge the majority of its healthcare segment with Glatfelter Corporation. Executives of the companies speculate the combined company will become a global leader in the specialty material space. The transaction is expected to close in the second half of 2024, pending shareholder approval. Over the most recent fiscal quarter, this credit rose 17.6 percent, and over the first six months of the fiscal year, it jumped 31.7 percent. HawaiianMiles Loyalty Ltd. 5.75%, Due 01/20/2026 (41984LAA5) (holding weight*: 0.89 percent) was one of the largest detractors to Fund performance to close the previous fiscal year. Hawaiian Holdings, the parent of Hawaiian Airlines, expressed confidence that the company was on pace to surpass revenue expectations, but the tragic wildfires that destroyed portions of West Maui reversed the positive trend. After these fires in August, the state of Hawaii discouraged all non-essential travel to West Maui. Also weighing on the credit over the period were reduced forecasts for available seat miles due to engine issues on some of their planes. However, this credit rebounded to begin the fiscal year by surging 31 percent over the first half of the fiscal year and 1.2 percent over the most recent fiscal quarter, thanks to reports that Hawaiian Airlines will merge with a competitor. The merged company would continue to operate both airlines with independent brands but combine their operating platforms in an attempt to increase efficiency and reduce costs. Another credit that positively contributed to Fund performance was GrubHub Holdings, Inc. 5.5%, Due 07/01/2027, a meal delivery service. Over the first half of the fiscal year, this credit jumped 24.8 percent.

One of the largest detractors from positive Fund performance over the most recent fiscal quarter and first half of the fiscal year was HLF Financing Sarl, LLC / Herbalife International, Inc. 4.875%, Due 06/01/2029 (40390DAC9) (holding weight*: 0.45 percent), an American multinational multi-level marketing corporation that develops and sells dietary supplements. Early in the fiscal year this credit came under pressure following a disappointing earnings report and continued to face headwinds in the most recent fiscal quarter as investors reacted poorly to news that the company was floating hundreds of millions of dollars of new debt securities. Over the fiscal quarter, this credit tumbled 10.1 percent. Another credit that adversely impacted performance over the fiscal period was Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.125%, Due 04/1/2029 (89668QAF5) (holding weight*: 0.45 percent), a specialty material solutions provider. Over the first half of the fiscal year this credit tumbled 35.9 percent as the corporate family rating was downgraded by a global credit rating agency which identified the company’s weak credit metrics and expected negative free cash follow as rationale for the action.

Sub-Adviser Outlook

The Sub-Adviser believes that the market is pricing in soft to no landing with little material probability of a hard landing. It also believes bottom-up indicators suggest a solid employment picture, rising but low consumer credit stress, and normalization of supply chains. The Sub-Adviser’s fundamental economic outlook has not materially altered based on recent economic data, as it is in the camp that market expectations regarding Fed easing were overly optimistic. Amid robust economic data, spreads were relatively unchanged during the most recent fiscal quarter and continue to be at the tighter end of the range, while all-in yields remain attractive, moving back above 8 percent. The macroeconomic outlook continues to be resilient enough to support the Sub-Adviser’s stable default outlook when compared with 2023. The Sub-Adviser believes that high-yield investors are becoming increasingly wary of any situations where liability management exercises seem likely, as distressed exchanges are becoming more common than outright bankruptcies. Given overall spread levels, it is difficult for the Sub-Adviser to consider the asset class cheap. However, the Sub-Adviser believes that high-yield remains an attractive carry proposition within the broader fixed-income world, given the strong credit fundamentals. Increased dispersion has also led to attractive opportunities at the individual issuer and security level.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

41

Dunham High-Yield Bond Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	8.81%	10.37%	4.09%	3.71%
Class A with Load 4.50%	3.85%	5.14%	2.88%	4.17%
Class A without load	8.69%	10.10%	3.83%	4.44%
Class C	8.47%	9.62%	3.31%	4.11%
Bloomberg U.S. High-Yield Ba/B 2% Issuer Cap Index (a)	8.47%	8.26%	3.82%	4.30%
Morningstar High-Yield Bond Category (b)	8.30%	8.36%	2.97%	3.21%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including the cost of underlying funds, are 1.24% for Class N, 1.99% for Class C and 1.49% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Collateral for Securities Loaned	18.8	%
B2	16.9	%
Other/Not Rated	14.0	%
BA3	13.2	%
B1	10.5	%
BA2	8.8	%
B3	7.2	%
CAA1	4.9	%
BA1	2.8	%
Caa2	1.6	%
BAA3	1.3	%
	100.0	%

*    Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

42

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 1.1%
		OIL & GAS SERVICES & EQUIPMENT - 1.1%
	50	Hi-Crush(a) , (g)	$	1,752,550
		TOTAL COMMON STOCKS (Cost $1,196,933)		1,752,550

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9%
		AEROSPACE & DEFENSE — 0.3%
	493,000	Rolls-Royce plc(b)		5.7500	10/15/27		488,740
		ASSET MANAGEMENT — 0.2%
	415,000	AG Issuer, LLC(b)		6.2500	03/01/28		402,041
		AUTOMOTIVE — 1.1%
	440,000	Ford Motor Credit Company, LLC		4.9500	05/28/27		425,047
	953,000	Ford Motor Credit Company, LLC		7.3500	11/04/27		985,627
	300,000	ZF North America Capital, Inc.(b)		6.8750	04/23/32		303,573
							1,714,247
		BIOTECH & PHARMA — 1.1%
	450,000	Organon Finance 1, LLC(b)		4.1250	04/30/28		410,253
	589,000	Organon Finance 1, LLC(b),(c)		5.1250	04/30/31		509,684
	400,000	Teva Pharmaceutical Finance Netherlands III BV		5.1250	05/09/29		379,698
	425,000	Teva Pharmaceutical Finance Netherlands III BV		7.8750	09/15/29		448,093
							1,747,728
		CABLE & SATELLITE — 4.8%
	1,090,000	Altice Financing S.A.(b)		5.0000	01/15/28		861,047
	525,000	Altice Financing S.A.(b)		5.7500	08/15/29		391,370
	593,000	Block Communications, Inc.(b),(c)		4.8750	03/01/28		513,400
	1,160,000	Cable One, Inc.(b),(c)		4.0000	11/15/30		887,187
	378,000	CCO Holdings, LLC / CCO Holdings Capital(b)		5.0000	02/01/28		344,726
	825,000	CCO Holdings, LLC / CCO Holdings Capital(b)		5.3750	06/01/29		729,704
	210,000	CCO Holdings, LLC / CCO Holdings Capital(b),(c)		6.3750	09/01/29		194,001
	450,000	CSC Holdings, LLC(b)		11.7500	01/31/29		399,931
	775,000	CSC Holdings, LLC(b)		5.7500	01/15/30		340,997
	1,045,000	CSC Holdings, LLC(b),(c)		4.6250	12/01/30		455,101

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

43

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		CABLE & SATELLITE — 4.8% (Continued)
	1,240,000	Sirius XM Radio, Inc.(b),(c)		4.0000	07/15/28	$	1,108,325
	130,000	Sirius XM Radio, Inc.(b),(c)		3.8750	09/01/31		104,703
	935,000	UPC Broadband Finco BV(b)		4.8750	07/15/31		813,632
	680,000	Virgin Media Finance plc(b),(c)		5.0000	07/15/30		557,759
							7,701,883
		CHEMICALS — 2.1%
	965,000	Consolidated Energy Finance S.A.(b)		5.6250	10/15/28		816,514
	435,000	Methanex Corporation		5.1250	10/15/27		417,963
	711,000	Minerals Technologies, Inc.(b)		5.0000	07/01/28		675,063
	775,000	Olympus Water US Holding Corporation(b)		9.7500	11/15/28		823,240
	421,000	Trinseo Materials Operating SCA / Trinseo(b)		5.1250	04/01/29		108,591
	528,000	Windsor Holdings III, LLC(b)		8.5000	06/15/30		551,289
							3,392,660
		COMMERCIAL SUPPORT SERVICES — 4.5%
	935,000	Allied Universal Holdco, LLC / Allied Universal(b)		4.6250	06/01/28		841,019
	255,000	Covanta Holding Corporation(b)		4.8750	12/01/29		223,727
	312,000	Covanta Holding Corporation		5.0000	09/01/30		269,880
	1,400,000	Deluxe Corporation(b)		8.0000	06/01/29		1,260,805
	1,075,000	Enviri Corporation(b)		5.7500	07/31/27		1,006,847
	505,000	Garda World Security Corporation(b),(c)		9.5000	11/01/27		504,131
	1,167,000	Garda World Security Corporation(b)		6.0000	06/01/29		1,031,852
	650,000	Prime Security Services Borrower, LLC / Prime(b)		5.7500	04/15/26		642,781
	518,000	Sotheby’s(b)		7.3750	10/15/27		483,276
	350,000	Sotheby’s/Bidfair Holdings, Inc.(b)		5.8750	06/01/29		292,254
	830,000	TriNet Group, Inc.(b)		3.5000	03/01/29		728,486
							7,285,058
		CONSTRUCTION MATERIALS — 0.6%
	328,000	Standard Industries, Inc.(b)		4.7500	01/15/28		309,667
	724,000	Standard Industries, Inc.(b)		3.3750	01/15/31		593,422
							903,089
		CONSUMER SERVICES — 1.1%
	1,030,000	PROG Holdings, Inc.(b)		6.0000	11/15/29		951,578
	901,000	Upbound Group, Inc.(b),(c)		6.3750	02/15/29		865,784
							1,817,362

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

44

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		CONTAINERS & PACKAGING — 2.9%
	1,014,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh(b),(c)		3.2500	09/01/28	$	879,554
	600,000	Clydesdale Acquisition Holdings, Inc.(b)		6.6250	04/15/29		599,009
	775,000	Clydesdale Acquisition Holdings, Inc.(b),(c)		8.7500	04/15/30		750,028
	479,000	Crown Americas, LLC(c)		5.2500	04/01/30		457,051
	507,000	LABL, Inc.(b)		5.8750	11/01/28		451,811
	629,000	LABL, Inc.(b)		9.5000	11/01/28		629,475
	582,000	Mauser Packaging Solutions Holding Company(b),(c)		7.8750	08/15/26		585,935
	465,000	Silgan Holdings, Inc.		4.1250	02/01/28		434,565
							4,787,428
		ELECTRIC UTILITIES — 3.7%
	703,000	Calpine Corporation(b)		5.0000	02/01/31		637,751
	582,000	Calpine Corporation(b)		3.7500	03/01/31		504,020
	670,000	Clearway Energy Operating, LLC(b)		3.7500	01/15/32		555,441
	365,000	NextEra Energy Operating Partners, L.P.(b)		4.5000	09/15/27		340,334
	1,350,000	NextEra Energy Operating Partners, L.P.(b),(c)		7.2500	01/15/29		1,369,583
	1,290,000	NRG Energy Inc(b),(c)		3.6250	02/15/31		1,093,862
	555,000	NRG Energy, Inc.(b)		5.2500	06/15/29		525,491
	310,000	Vistra Operations Company, LLC(b)		5.0000	07/31/27		296,601
	560,000	Vistra Operations Company, LLC(b)		7.7500	10/15/31		574,680
							5,897,763
		ENGINEERING & CONSTRUCTION — 0.6%
	1,105,000	VM Consolidated, Inc.(b),(c)		5.5000	04/15/29		1,037,185
		ENTERTAINMENT CONTENT — 1.7%
	850,000	Banijay Entertainment S.A.SU(b)		8.1250	05/01/29		870,176
	449,000	Paramount Global(c),(d)	H15T5Y + 3.999%	6.3750	03/30/62		415,631
	1,060,000	Univision Communications, Inc.(b)		6.6250	06/01/27		1,024,164
	421,000	Univision Communications, Inc.(b),(c)		7.3750	06/30/30		403,711
							2,713,682
		FOOD — 0.7%
	270,000	Herbalife Nutrition Ltd. / HLF Financing, Inc.(b)		7.8750	09/01/25		259,456
	1,190,000	HLF Financing Sarl, LLC / Herbalife International(b)		4.8750	06/01/29		700,163
	209,000	Land O’Lakes Capital Trust I(b)		7.4500	03/15/28		205,683
							1,165,302

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

45

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		FORESTRY, PAPER & WOOD PRODUCTS — 0.4%
	686,000	Glatfelter Corporation(b)		4.7500	11/15/29	$	577,039
		HEALTH CARE FACILITIES & SERVICES — 0.7%
	575,000	Molina Healthcare Inc 3.875% 11/15/2030(b),(c)		3.8750	11/15/30		499,183
	622,000	Select Medical Corporation(b)		6.2500	08/15/26		622,666
							1,121,849
		HOME CONSTRUCTION — 0.4%
	361,000	Mattamy Group Corporation(b)		5.2500	12/15/27		345,482
	355,000	Mattamy Group Corporation(b)		4.6250	03/01/30		318,335
							663,817
		HOUSEHOLD PRODUCTS — 0.3%
	525,000	Edgewell Personal Care Company(b)		4.1250	04/01/29		475,564
		INDUSTRIAL SUPPORT SERVICES — 0.3%
	452,000	EquipmentShare.com, Inc.(b)		8.6250	05/15/32		461,553
		INSTITUTIONAL FINANCIAL SERVICES — 0.4%
	716,000	Jane Street Group / JSG Finance, Inc.(b)		7.1250	04/30/31		721,830
		INSURANCE — 1.9%
	1,050,000	Howden UK Refinance plc / Howden UK Refinance 2(b)		7.2500	02/15/31		1,037,374
	719,000	Jones Deslauriers Insurance Management, Inc.(b)		8.5000	03/15/30		739,914
	345,000	NMI Holdings, Inc.(b)		7.3750	06/01/25		347,046
	520,000	Panther Escrow Issuer, LLC(b)		7.1250	06/01/31		523,112
	450,000	Ryan Specialty Group, LLC(b)		4.3750	02/01/30		413,264
							3,060,710
		INTERNET MEDIA & SERVICES — 0.5%
	927,000	GrubHub Holdings, Inc.(b)		5.5000	07/01/27		829,001
		LEISURE FACILITIES & SERVICES — 9.7%
	425,000	Brinker International, Inc.(b)		5.0000	10/01/24		423,248
	570,000	Caesars Entertainment, Inc.(b),(c)		4.6250	10/15/29		509,003
	111,000	Caesars Entertainment, Inc.(b),(c)		6.5000	02/15/32		109,494
	1,297,000	Carnival Corporation(b),(c)		5.7500	03/01/27		1,271,245

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

46

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		LEISURE FACILITIES & SERVICES — 9.7% (Continued)
	967,000	Carnival Corporation(b),(c)		6.0000	05/01/29	$	937,632
	470,000	Carnival Corporation(b),(c)		10.5000	06/01/30		511,396
	1,040,000	CEC Entertainment Company, LLC(b)		6.7500	05/01/26		1,026,941
	1,075,000	Fertitta Entertainment, LLC / Fertitta(b),(c)		6.7500	01/15/30		937,584
	663,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)		5.0000	06/01/29		604,842
	555,000	Hilton Grand Vacations Borrower Escrow, LLC /(b)		4.8750	07/01/31		484,032
	338,000	Melco Resorts Finance Ltd.(b)		5.7500	07/21/28		313,722
	729,000	Melco Resorts Finance Ltd.(b),(c)		5.3750	12/04/29		650,313
	710,000	NCL Corporation Ltd.(b)		3.6250	12/15/24		699,317
	187,000	NCL Corporation Ltd.(b)		5.8750	03/15/26		183,568
	1,086,000	NCL Corporation Ltd.(b),(c)		7.7500	02/15/29		1,111,800
	765,000	Ontario Gaming GTA, L.P.(b),(c)		8.0000	08/01/30		783,467
	510,000	Raising Cane’s Restaurants, LLC(b)		9.3750	05/01/29		547,710
	603,000	Royal Caribbean Cruises Ltd.(b)		4.2500	07/01/26		579,557
	126,000	Royal Caribbean Cruises Ltd.(b)		5.5000	04/01/28		122,761
	1,160,000	SeaWorld Parks & Entertainment, Inc.(b),(c)		5.2500	08/15/29		1,076,825
	515,000	Station Casinos, LLC(b)		6.6250	03/15/32		505,029
	1,100,000	Studio City Finance Ltd.(b)		5.0000	01/15/29		932,879
	270,000	Travel + Leisure Company(b)		4.5000	12/01/29		243,362
	424,000	Wyndham Destinations, Inc.		6.0000	04/01/27		419,185
	890,000	Wynn Macau Ltd.(b),(c)		5.1250	12/15/29		788,015
							15,772,927
		MEDICAL EQUIPMENT & DEVICES — 0.6%
	1,007,000	Medline Borrower, L.P.(b)		3.8750	04/01/29		904,782
	55,000	Medline Borrower, L.P./Medline Co-Issuer, Inc.(b)		6.2500	04/01/29		54,810
							959,592
		METALS & MINING — 2.6%
	575,000	Cleveland-Cliffs, Inc.(b),(c)		4.6250	03/01/29		532,914
	1,120,000	FMG Resources August 2006 Pty Ltd.(b)		4.3750	04/01/31		987,238
	410,000	Hudbay Minerals, Inc.(b),(c)		6.1250	04/01/29		401,764
	305,000	Mineral Resources Ltd.(b)		8.1250	05/01/27		308,483
	500,000	Mineral Resources Ltd.(b)		9.2500	10/01/28		525,015
	574,000	Mineral Resources Ltd.(b)		8.5000	05/01/30		588,706
	586,000	Taseko Mines Ltd.(b)		8.2500	05/01/30		595,819

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

47

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		METALS & MINING — 2.6% (Continued)
	255,000	Warrior Met Coal, Inc.(b),(c)		7.8750	12/01/28	$	259,121
							4,199,060
		OIL & GAS PRODUCERS — 13.2%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream(b)		5.7500	01/15/28		564,247
	340,000	Antero Resources Corporation(b),(c)		5.3750	03/01/30		323,521
	820,000	Baytex Energy Corporation(b)		7.3750	03/15/32		828,808
	195,000	Civitas Resources, Inc.(b)		8.3750	07/01/28		203,661
	162,000	Civitas Resources, Inc.(b)		8.6250	11/01/30		172,588
	445,000	Civitas Resources, Inc.(b)		8.7500	07/01/31		472,578
	815,000	Comstock Resources, Inc.(b),(c)		6.7500	03/01/29		777,198
	470,000	Comstock Resources, Inc.(b),(c)		5.8750	01/15/30		428,544
	234,000	Crescent Energy Finance, LLC(b)		9.2500	02/15/28		247,337
	500,000	Crescent Energy Finance, LLC(b)		7.6250	04/01/32		502,500
	885,000	Delek Logistics Partners, L.P. / Delek Logistics(b)		8.6250	03/15/29		894,918
	100,000	Earthstone Energy Holdings, LLC(b)		8.0000	04/15/27		102,751
	446,000	Earthstone Energy Holdings, LLC(b)		9.8750	07/15/31		493,581
	45,000	EQM Midstream Partners, L.P.(b)		7.5000	06/01/27		45,881
	80,000	EQM Midstream Partners, L.P.		5.5000	07/15/28		77,981
	222,000	EQM Midstream Partners, L.P.(b)		7.5000	06/01/30		232,973
	550,000	Genesis Energy, L.P. / Genesis Energy Finance		8.2500	01/15/29		558,319
	674,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		698,479
	1,322,000	Harvest Midstream I, L.P.(b)		7.5000	09/01/28		1,326,829
	331,000	Harvest Midstream I, L.P.(b)		7.5000	05/15/32		331,728
	630,000	HF Sinclair Corporation(b)		5.0000	02/01/28		604,612
	1,034,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)		5.7500	02/01/29		994,262
	290,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)		6.0000	02/01/31		277,897
	1,241,000	Howard Midstream Energy Partners, LLC(b)		6.7500	01/15/27		1,225,631
	282,000	Howard Midstream Energy Partners, LLC(b)		8.8750	07/15/28		295,892
	769,000	Independence Energy Finance, LLC(b)		7.2500	05/01/26		782,942
	1,810,000	ITT Holdings, LLC(b)		6.5000	08/01/29		1,635,409
	610,000	Murphy Oil USA, Inc.		4.7500	09/15/29		568,380
	114,000	NGL Energy Partners, L.P.(b)		8.1250	02/15/29		115,929
	805,000	NGL Energy Partners, L.P.(b)		8.3750	02/15/32		818,551
	152,000	NuStar Logistics, L.P.		5.7500	10/01/25		151,261

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

48

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		OIL & GAS PRODUCERS — 13.2% (Continued)
	379,000	NuStar Logistics, L.P.(c)		6.3750	10/01/30	$	375,083
	335,000	Southwestern Energy Company		5.3750	03/15/30		318,795
	1,104,000	Strathcona Resources Ltd.(b)		6.8750	08/01/26		1,101,647
	340,000	Sunoco, L.P.(b)		7.2500	05/01/32		346,873
	355,000	Talos Production, Inc.(b)		9.0000	02/01/29		375,196
	555,000	Talos Production, Inc.(b)		9.3750	02/01/31		592,264
	831,000	Venture Global Calcasieu Pass, LLC(b)		3.8750	08/15/29		738,453
	821,000	Vital Energy, Inc.(b)		7.8750	04/15/32		833,521
							21,437,020
		OIL & GAS SERVICES & EQUIPMENT — 2.3%
	491,000	Archrock Partners, L.P. / Archrock Partners(b)		6.8750	04/01/27		490,284
	779,304	Atlas Energy Solutions, Inc.		5.0000	01/31/26		711,505
	571,000	Kodiak Gas Services, LLC(b)		7.2500	02/15/29		576,667
	240,000	Nabors Industries Ltd.(b),(c)		7.5000	01/15/28		228,023
	759,000	Nabors Industries, Inc.(b)		7.3750	05/15/27		753,847
	375,000	Nabors Industries, Inc.(b)		9.1250	01/31/30		387,394
	1,235,000	Valaris Ltd.(b)		8.3750	04/30/30		1,272,378
							4,420,098
		PUBLISHING & BROADCASTING — 0.5%
	740,000	Belo Corporation		7.7500	06/01/27		754,730
		REAL ESTATE INVESTMENT TRUSTS — 1.7%
	905,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b),(c)		3.3750	06/15/26		844,268
	335,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b),(c)		8.0000	06/15/27		344,223
	500,000	HAT Holdings I, LLC / HAT Holdings II, LLC(b),(c)		3.7500	09/15/30		415,330
	450,000	Service Properties Trust		4.7500	10/01/26		419,213
	379,000	Service Properties Trust		5.5000	12/15/27		358,145
	385,000	Service Properties Trust(c)		4.9500	10/01/29		314,985
							2,696,164
		REAL ESTATE OWNERS & DEVELOPERS — 1.2%
	613,000	Greystar Real Estate Partners, LLC(b)		7.7500	09/01/30		631,643
	1,278,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		1,051,166
	419,000	Kennedy-Wilson, Inc.(c)		4.7500	02/01/30		332,257
							2,015,066

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

49

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		REAL ESTATE SERVICES — 0.6%
	844,000	Cushman & Wakefield US Borrower, LLC(b)		6.7500	05/15/28	$	833,044
	61,000	Cushman & Wakefield US Borrower, LLC(b)		8.8750	09/01/31		63,359
							896,403
		RENEWABLE ENERGY — 0.8%
	808,000	Atlantica Sustainable Infrastructure plc(b)		4.1250	06/15/28		733,261
	554,000	EnerSys(b)		4.3750	12/15/27		520,758
	95,000	EnerSys(b)		6.6250	01/15/32		94,727
							1,348,746
		RETAIL - CONSUMER STAPLES — 0.6%
	440,000	Albertsons Companies Inc / Safeway Inc / New(b)		4.6250	01/15/27		422,356
	506,000	Albertsons Companies Inc / Safeway Inc / New(b)		5.8750	02/15/28		496,334
							918,690
		RETAIL - DISCRETIONARY — 3.6%
	575,000	Avis Budget Car Rental, LLC / Avis Budget Finance,(b),(c)		5.3750	03/01/29		513,167
	970,000	Hertz Corporation (The)(b)		4.6250	12/01/26		750,577
	567,000	Ken Garff Automotive, LLC(b),(c)		4.8750	09/15/28		528,889
	1,283,000	Kohl’s Corporation		4.6250	05/01/31		1,060,130
	1,142,000	LBM Acquisition, LLC(b),(c)		6.2500	01/15/29		1,049,666
	364,000	Metis Merger Sub, LLC(b)		6.5000	05/15/29		338,252
	1,274,000	Park River Holdings, Inc.(b)		6.7500	08/01/29		1,096,248
	425,000	Specialty Building Products Holdings, LLC / SBP(b)		6.3750	09/30/26		420,868
							5,757,797
		SEMICONDUCTORS — 0.3%
	520,000	Entegris Escrow Corporation(b)		5.9500	06/15/30		506,935
		SOFTWARE — 3.3%
	740,000	Capstone Borrower, Inc.(b)		8.0000	06/15/30		746,244
	485,000	Central Parent, Inc. / Central Merger Sub, Inc.(b)		7.2500	06/15/29		490,796
	189,000	Central Parent, LLC / CDK Global II, LLC / CDK(b)		8.0000	06/15/29		194,609
	1,260,000	Condor Merger Sub, Inc.(b)		7.3750	02/15/30		1,168,549
	850,000	Helios Software Holdings, Inc. / ION Corporate(b)		4.6250	05/01/28		747,575
	164,000	NortonLifeLock, Inc.(b)		6.7500	09/30/27		164,675
	231,000	NortonLifeLock, Inc.(b),(c)		7.1250	09/30/30		233,742

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

50

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		SOFTWARE — 3.3% (Continued)
	34,000	Open Text Corporation(b)		3.8750	02/15/28	$	31,108
	436,000	Open Text Corporation(b)		3.8750	12/01/29		382,044
	757,000	Picard Midco, Inc.(b)		6.5000	03/31/29		718,005
	903,240	Rackspace Finance, LLC(b)		3.5000	05/15/28		430,078
							5,307,425
		SPECIALTY FINANCE — 9.7%
	455,000	AerCap Global Aviation Trust(b),(d)	US0003M + 4.300%	6.5000	06/15/45		452,768
	495,000	AerCap Holdings N.V.(d)	H15T5Y + 4.535%	5.8750	10/10/79		489,679
	675,000	Aircastle Ltd.(b),(d)	H15T5Y + 4.410%	5.2500	09/15/71		641,135
	900,000	Ally Financial, Inc.(c)		6.7000	02/14/33		881,437
	1,505,000	Apollo Commercial Real Estate Finance, Inc.(b)		4.6250	06/15/29		1,247,542
	795,000	Avolon Holdings Funding Ltd.(b)		6.3750	05/04/28		801,292
	127,000	Bread Financial Holdings, Inc.(b)		7.0000	01/15/26		127,983
	1,444,000	Bread Financial Holdings, Inc.(b)		9.7500	03/15/29		1,503,382
	660,000	Burford Capital Global Finance, LLC(b)		6.2500	04/15/28		635,705
	370,000	Burford Capital Global Finance, LLC(b)		9.2500	07/01/31		386,291
	1,500,000	Cobra AcquisitionCo, LLC(b),(c)		6.3750	11/01/29		1,245,338
	900,000	Credit Acceptance Corporation(b)		9.2500	12/15/28		955,363
	430,000	Enova International, Inc.(b)		8.5000	09/15/25		429,253
	585,000	Enova International, Inc.(b)		11.2500	12/15/28		621,305
	512,000	FirstCash, Inc.(b)		4.6250	09/01/28		473,507
	229,000	FirstCash, Inc.(b)		5.6250	01/01/30		216,346
	330,000	FirstCash, Inc.(b)		6.8750	03/01/32		325,936
	465,000	Genworth Mortgage Holdings, Inc.(b)		6.5000	08/15/25		464,919
	209,000	goeasy Ltd.(b)		4.3750	05/01/26		200,394
	750,000	goeasy Ltd.(b)		7.6250	07/01/29		754,728
	501,000	Ladder Capital Finance Holdings LLLP / Ladder(b)		4.2500	02/01/27		464,304
	1,024,000	LFS Topco, LLC(b),(c)		5.8750	10/15/26		952,559
	387,000	OneMain Finance Corporation(c)		5.3750	11/15/29		358,350
	1,075,000	Pattern Energy Operations, L.P. / Pattern Energy(b)		4.5000	08/15/28		962,419
							15,591,935

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

51

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		STEEL — 0.6% (Continued)
	433,000	Allegheny Technologies, Inc.		4.8750	10/01/29	$	403,669
	95,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		80,032
	477,000	Commercial Metals Company		3.8750	02/15/31		415,583
							899,284
		TECHNOLOGY HARDWARE — 2.6%
	725,000	Imola Merger Corporation(b)		4.7500	05/15/29		667,809
	850,000	NCR Corporation(b)		5.1250	04/15/29		781,939
	700,000	Seagate HDD Cayman		4.0910	06/01/29		636,613
	1,005,000	TTM Technologies, Inc.(b),(c)		4.0000	03/01/29		899,735
	1,600,000	Viasat, Inc.(b),(c)		7.5000	05/30/31		1,132,044
							4,118,140
		TECHNOLOGY SERVICES — 2.7%
	868,000	Acuris Finance US, Inc. / Acuris Finance S.A.RL(b)		5.0000	05/01/28		788,204
	1,255,000	Ahead DB Holdings, LLC(b),(c)		6.6250	05/01/28		1,141,623
	460,000	GTCR W-2 Merger Sub, LLC(b)		7.5000	01/15/31		475,123
	880,000	ION Trading Technologies Sarl(b)		5.7500	05/15/28		804,649
	700,000	Mobius Merger Sub, Inc.(b)		9.0000	06/01/30		691,419
	620,000	MPH Acquisition Holdings, LLC(b)		5.7500	11/01/28		456,096
							4,357,114
		TELECOMMUNICATIONS — 3.6%
	2,485,000	Altice France S.A.(b),(c)		5.5000	10/15/29		1,629,589
	1,300,000	C&W Senior Financing DAC(b)		6.8750	09/15/27		1,232,465
	442,000	Cogent Communications Group, Inc.(b)		7.0000	06/15/27		436,804
	652,000	Connect Finco S.A.RL / Connect US Finco, LLC(b)		6.7500	10/01/26		632,081
	1,190,000	Iliad Holding S.A.SU(b),(c)		7.0000	10/15/28		1,164,554
	760,000	Telesat Canada / Telesat, LLC(b)		4.8750	06/01/27		346,415
	425,000	Vmed O2 UK Financing I plc(b)		7.7500	04/15/32		419,731
							5,861,639
		TRANSPORTATION & LOGISTICS — 3.5%
	765,000	Air Canada(b),(c)		3.8750	08/15/26		726,431
	725,000	American Airlines, Inc.(b),(c)		7.2500	02/15/28		730,870
	510,000	American Airlines, Inc.(b)		8.5000	05/15/29		532,882

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

52

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.9% (Continued)
		TRANSPORTATION & LOGISTICS — 3.5% (Continued)
	1,270,000	Cargo Aircraft Management, Inc.(b),(c)		4.7500	02/01/28	$	1,149,483
	1,487,419	Hawaiian Brand Intellectual Property Ltd. /(b),(c)		5.7500	01/20/26		1,396,578
	271,000	United Airlines, Inc.(b)		4.3750	04/15/26		260,780
	835,000	United Airlines, Inc.(b)		4.6250	04/15/29		771,469
							5,568,493
		WHOLESALE - CONSUMER STAPLES — 1.5%
	2,208,000	C&S Group Enterprises, LLC(b)		5.0000	12/15/28		1,703,348
	285,000	Performance Food Group, Inc.(b)		5.5000	10/15/27		276,312
	435,000	Performance Food Group, Inc.(b)		4.2500	08/01/29		390,166
							2,369,826
		TOTAL CORPORATE BONDS (Cost $158,724,687)					154,722,615
		SHORT-TERM INVESTMENTS — 22.9%
		MONEY MARKET FUND – 0.4%
	609,634	First American Government Obligations Fund, Class Z, 5.18%(e)					609,634
		COLLATERAL FOR SECURITIES LOANED – 22.50%
	36,283,870	Mount Vernon Liquid Assets Portfolio, LLC, 5.43%((e), (f)					36,283,870
		TOTAL SHORT-TERM INVESTMENTS (Cost $36,893,504)					36,893,504
		TOTAL INVESTMENTS - 119.9% (Cost $196,815,124)				$	193,368,669
		LIABILITIES IN EXCESS OF OTHER ASSETS - (19.9)%					(32,108,011	)
		NET ASSETS - 100.0%				$	161,260,658

LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
US0003M	ICE LIBOR USD 3 Month

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

53

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

(a)	Non-income producing security.
(b)	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, 2024 the total market value of 144A securities is 139,054,082 or 86.2% of net assets.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $35,426,507 at April 30, 2024.
(d)	Variable rate security; the rate shown represents the rate on April 30, 2024.
(e)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(f)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
(g)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 1.1% of net assets. The total value of these securities is $1,752,550.

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

54

Dunham International Opportunity Bond Fund (Unaudited)

Message from the Sub-Adviser (Virtus Fixed Income Advisers, LLC)

Asset Class Recap

After being outpaced in the first fiscal quarter by the 13.3 percent rally in foreign equities, as measured by the MSCI All Country World ex US Index (net), the second fiscal quarter resulted in foreign equities gaining even more ground against foreign bonds. In the second fiscal quarter, foreign equities rose 3.8 percent while foreign bonds, as measured by the Bloomberg Global Aggregate Bond ex US Index Hedged, decreased 0.2 percent. When combining both fiscal quarters, foreign equities boasted an overall return of 17.7 percent while foreign bonds had increased 5.0 percent. When comparing foreign bonds to US investment-grade bonds, as measured by the Bloomberg US Aggregate Bond Index, foreign bonds made up nearly all of their relative losses in the second fiscal quarter, as US investment-grade bonds ended the six-month period up 5.0 percent, as well. Developed market government and investment-grade corporate bonds continued to be meaningfully affected by both the US Treasury yield curve as well as the actions of their own central banks. In the most recent fiscal quarter, the US Federal Open Market Committee has communicated that it will eventually reduce interest rates, but generally stubborn inflation and a lack of substantial deterioration in the strength of the US economy has allowed the US Federal Open Market Committee to delay these rate reductions. Foreign central banks have also shifted hawkish stances to be more accommodative in order to help rebound from or avoid local recessions, although their aggressiveness in rate reductions have been tempered by the recent lack of urgency in US rate cuts. The general delay in easing monetary policies resulted in higher risk bond categories such as foreign high-yield bonds, as measured by the Bloomberg Pan-European High-Yield Total Return Index Unhedged, and emerging market debt, as measured by the Bloomberg Emerging Markets USD Aggregate Total Return Index Unhedged, having a muted to slightly negative second fiscal quarter. During the second fiscal quarter, foreign high-yield bonds declined 0.9 percent while emerging market debt rose 0.4 percent. Over the six-month period ended April 30, 2024, these two foreign bond sectors rose 9.1 percent and 9.6 percent, respectively.

Allocation Review

The Fund’s exposure to emerging markets debt increased since the beginning of the fiscal year from close to 45 percent to over 51 percent. This increase coincided with the outperformance of emerging markets debt over developed markets in the first fiscal quarter as well as outperformance in the second fiscal quarter. Within the emerging market debt allocation, the Fund had an approximate 28 percent allocation to emerging market corporate bonds and 25 percent allocation to emerging market hard currency debt, which were the best performing exposures within the Fund during the second fiscal quarter. The Fund’s exposure to high-yield bonds slightly decreased from approximately 55 percent to 53 percent. The high-yield exposure was split across developed market countries and emerging markets, so some of the high-yield allocation was affected by the emerging market debt exposure’s tailwind. The Fund continued to have a lower overall duration than the benchmark index, ending the most recent fiscal quarter with a duration nearly 0.9 years shorter than the benchmark index. This is slightly tighter than the duration difference at the beginning of the fiscal year. The Fund’s significantly higher exposure to high- yield debt and emerging markets bonds versus the benchmark generally results in a lower duration due to the yield premium generally offered along with the higher risk associated with those bond categories. However, the Sub-Adviser uses futures contracts on major developed market bond indices to quickly dial up or down long-term bond exposure in order to maintain an overall duration target for the Fund. These futures contracts provided mixed results over the fiscal period due to the Sub-Adviser taking both long and short positions in various foreign government bond contracts to manage the overall duration of the Fund close to 6.0 years.

Holdings Insights

Within developed markets, the Fund continued to hold multiple bonds from the same issuer, including Altice France Holding S.A. 8%, due 5/15/2027 (BMPRSJ4) (holding weight*: 0.05 percent), Altice France S.A. 2.125%, due 2/15/2025 144A (BK4GQX8) (holding weight*: 0.15 percent), and Altice France S.A. 2.125%, due 2/15/2025 REGS (BL974Q2) (holding weight*: 0.15 percent). Altice France S.A. is a multinational telecommunications and mass media company. During the second fiscal quarter, the holding company debt of Altice France Holding S.A. plummeted 38.8 percent while the Altice France S.A. bonds maturing early next year only declined 5.2 percent and 5.1 percent, respectively. This brought the six-month performance of the holding company down to a negative 38.0 percent and the short-term bonds’ six-month performance to a negative 2.9 percent and 2.6 percent, respectively. The Fund also continued to hold Grifols S.A. 3.2%, due 5/01/2025 (BZ1DYH7) (holding weight*: 0.18 percent), a Spanish multinational pharmaceutical and chemical manufacturer. Although the Spain Government Bond 2.7%, due 10/31/2048 (BFX1703) (holding weight*: 0.34 percent) declined 0.8 percent over the second fiscal quarter, the performance over the six-month period was still a positive 5.7 percent. The Grifols bond increased 5.3 percent over the second fiscal quarter, bringing its performance since the start of the fiscal year up to 14.0 percent. One of the Fund’s largest individual government bond holdings continued to be the Italy Buoni Poliennali Del Tesoro 2.8%, due 12/01/2028 (BF2F3M0) (holding weight*: 1.21 percent), which decreased 0.7 percent during the second fiscal quarter, but still finished the six-month period up 4.7 percent.

As the energy sector experienced some tailwinds over the fiscal quarter, some of the stronger performing holdings in the Fund were found in the energy sector. Despite having its headquarters in Ireland, Tullow Oil Plc 7%, due 3/1/2025 (899415AE3) (holding weight*: 1.01 percent), is an independent oil and gas exploration and production company with its primary operations in West Africa. In addition, the Fund held PDVSA 9%, due 11/17/21 (P7807HAP0) (holding weight*: 0.21 percent), the Venezuelan state-owned oil and natural gas company. During the second fiscal quarter, the Tullow Oil Plc bond rose 4.0 percent, bringing its six-month performance to 27.6 percent. However, the PDVSA bonds surged 19.7 percent during the second fiscal quarter, offsetting poor performance in the first fiscal quarter, resulting in a positive 3.6 percent over the six-month period. Another contributor to Fund performance over the period was the Pakistan Government International Bond 6%, due 4/8/2026 (695847AS2) (holding weight*: 0.39 percent), which jumped 17.9 percent in the second fiscal quarter, compounding its strong performance in the first fiscal quarter to result in a 71.2 percent return over the six-month period ended April 30, 2024. The Sub-Adviser continued to implement a duration management strategy that included shorting US Treasury futures such as the CBOT 10 Year US Treasury Note 6/18/2024 (TYM4 COM) (holding notional weight*: -7.87 percent). As US Treasuries tumbled with the less aggressive US rate-cutting outlook, the position rallied since this position was established during the second fiscal quarter and contributed nearly 0.2 percent to the overall Fund performance. Similarly, the long position in the Eurex 10 Year Euro BUND Future 6/6/2024 (RXM4 COM) (holding notional weight*: 9.88 percent) detracted approximately the same amount from Fund performance.

Sub-Adviser Outlook

The Sub-Adviser continues to closely monitor how global central banks, including the United States, attempt to control inflation while mitigating local recessions. As investor expectations around central bank activity change as new data is released, the Sub-Adviser is seeking to capitalize on opportunities that may arise in the bond market. The Sub-Adviser has attempted to keep its exposure to duration closer to the benchmark index while it also pursues a significantly higher exposure to high-yield bonds and debt issued by emerging markets companies and governments. Therefore, meaningful volatility may continue in the foreign bond market, as well as the Fund, but the Sub-Adviser believes that retaining the flexibility to invest in both emerging and developed markets, as well as both corporate bonds and sovereign debt, will allow the Fund to take advantage of opportunities as volatility brings dispersion across sectors and regions.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

55

Dunham International Opportunity Bond Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	8.93%	9.24%	0.51%	(0.68)%
Class A with Load 4.50%	3.94%	4.22%	(0.61)%	(1.37)%
Class A without load	8.89%	9.08%	0.30%	(0.91)%
Class C	8.61%	8.53%	(0.21)%	(1.40)%
Bloomberg Global Aggregate Bond ex-US Index Hedged (a)	3.92%	(3.56)%	(2.88)%	(1.77)%
Morningstar Global Bond Category (b)	4.86%	(0.63)%	(1.07)%	0.06%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.69% for Class N, 2.44% for Class C and 1.94% for Class A. Class A shares are subject to a sales load of 4.50% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Netherlands	10.2	%
United States	9.7	%
Great Britain	9.3	%
Mexico	5.5	%
Spain	5.1	%
France	4.0	%
Italy	3.4	%
Germany	3.2	%
Turkey	3.1	%
Cayman Islands	3.0	%
Other Countries	43.5	%
Total	100.0	%

*    Based on total value of investments as of April 20, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

56

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 0.0%(a)
		RESIDENTIAL MORTGAGE — 0.0%(a)
	10,417 EUR	Fondo de Titulizacion de Activos Santander Series 2 A(d)	EUR003M + 0.150%	4.0540	01/18/49	$	10,964
		TOTAL ASSET BACKED SECURITIES (Cost $11,047)					10,964
		CORPORATE BONDS — 66.0%
		AEROSPACE & DEFENSE — 0.3%
	200,000 EUR	Airbus S.E.		2.3750	04/07/32		198,824
		APPAREL & TEXTILE PRODUCTS — 0.3%
	200,000 EUR	Kering S.A.		3.8750	09/05/35		213,326
		ASSET MANAGEMENT — 1.0%
	5,000 USD	Blue Owl Credit Income Corporation(c)		6.6500	03/15/31		4,814
	200,000 USD	Huarong Finance II Company Ltd.		4.8750	11/22/26		190,250
	300,000 EUR	JAB Holdings BV		1.0000	12/20/27		290,220
	171,000 USD	MDGH GMTN RSC Ltd.(c)		5.8750	05/01/34		175,707
							660,991
		AUTOMOTIVE — 3.2%
	200,000 GBP	Aston Martin Capital Holdings Ltd.(c)		10.3750	03/31/29		249,616
	300,000 EUR	Daimler A.G.		0.7500	02/08/30		278,107
	310,000 EUR	Grupo Antolin-Irausa S.A.		3.3750	04/30/26		307,518
	120,000 EUR	Grupo Antolin-Irausa S.A.		3.5000	04/30/28		100,781
	200,000 USD	Hyundai Capital America(c)		3.0000	02/10/27		185,982
	100,000 USD	Hyundai Capital America(c)		6.5000	01/16/29		103,012
	176,000 USD	Iochpe-Maxion Austria GmbH / Maxion Wheels de(c)		5.0000	05/07/28		157,403
	225,000 USD	Nissan Motor Acceptance Company, LLC(c)		7.0500	09/15/28		231,167
	169,000 USD	Uzauto Motors AJ(c)		4.8500	05/04/26		157,846
	200,000 EUR	Volkswagen International Finance N.V.		1.8750	03/30/27		202,401
	100,000 EUR	ZF Finance GmbH		3.7500	09/21/28		102,591
							2,076,424
		BANKING — 8.7%
	223,000 USD	Access Bank plc(c)		6.1250	09/21/26		207,390

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

57

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		BANKING — 8.7% (Continued)
	250,000 EUR	AIB Group PLC		2.2500	07/03/25	$	262,621
	300,000 EUR	Banco Bilbao Vizcaya Argentaria S.A.		3.5000	02/10/27		316,856
	92,000 USD	Banco Davivienda S.A.(c),(d)	H15T10Y + 5.097%	6.6500	04/22/71		64,515
	139,000 USD	Banco Davivienda S.A.(d)	H15T10Y + 5.097%	6.6500	04/22/71		97,474
	622,000 USD	Banco Mercantil del Norte S.A.(c),(d)	H15T5Y + 4.967%	6.7500	09/27/68		616,433
	225,000 USD	Banco Mercantil del Norte S.A.(c),(d)	H15T5Y + 4.643%	5.8750	11/24/71		210,082
	200,000 USD	Banco Santander S.A.(d)	H15T1Y + 2.000%	4.1750	03/24/28		190,249
	273,000 USD	Bancolombia S.A.(d)	H15T5Y + 2.944%	4.6250	12/18/29		263,739
	350,000 USD	Barclays plc		5.0880	06/20/30		330,126
	354,000 USD	BBVA Bancomer S.A.(c),(d)	H15T5Y + 2.650%	5.1250	01/18/33		323,562
	250,000 USD	BPCE S.A.(c),(d)	SOFRRATE + 2.100%	5.9750	01/18/27		249,556
	200,000 EUR	CaixaBank S.A.		4.2500	09/06/30		219,752
	225,000 EUR	Cooperatieve Rabobank UA		1.3750	02/03/27		229,672
	270,000 USD	Deutsche Bank A.G.(d)	SOFRRATE + 1.219%	2.3110	11/16/27		245,606
	100,000 USD	HSBC Holdings PLC(d)	SOFRRATE + 1.290%	1.5890	05/24/27		91,613
	240,000 USD	HSBC Holdings PLC(d)	SOFRRATE + 1.187%	2.8040	05/24/32		195,878
	200,000 EUR	Intesa Sanpaolo SpA		5.1250	08/29/31		228,489
	250,000 EUR	Natwest Group PLC		1.7500	03/02/26		262,082
	220,000 USD	NatWest Group plc(d)	H15T5Y + 2.200%	6.4750	06/01/34		220,938
	300,000 USD	Societe Generale S.A.(c),(d)	H15T1Y + 1.300%	2.8890	06/09/32		241,531
	150,000 USD	Standard Chartered PLC(c),(d)	H15T1Y + 2.580%	6.2960	07/06/34		152,964
	150,000 USD	Standard Chartered PLC(c),(d)	H15T5Y + 2.300%	3.2650	02/18/36		123,800
	159,000 USD	Yapi ve Kredi Bankasi A/S(c),(e)		9.2500	10/16/28		168,963
	95,000 USD	Yapi ve Kredi Bankasi A/S(c),(d)	H15T5Y + 5.278%	9.2500	01/17/34		97,415
							5,611,306
		BEVERAGES — 1.3%
	375,000 EUR	Anheuser-Busch InBev S.A./NV		1.1500	01/22/27		376,931
	200,000 USD	Bacardi Ltd. / Bacardi-Martini BV(c)		5.2500	01/15/29		194,687
	250,000 EUR	Diageo Capital BV		1.5000	06/08/29		243,648
							815,266
		BIOTECH & PHARMA — 2.9%
	300,000 EUR	Bayer A.G.		1.3750	07/06/32		255,721

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

58

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		BIOTECH & PHARMA — 2.9% (Continued)
	250,000 GBP	GlaxoSmithKline Capital PLC		1.2500	10/12/28	$	270,107
	100,000 EUR	Grifols S.A.		3.2000	05/01/25		106,464
	110,000 EUR	Grifols S.A.		3.2000	05/01/25		117,110
	100,000 EUR	Grifols S.A.		2.2500	11/15/27		94,001
	300,000 EUR	Mylan N.V.		3.1250	11/22/28		308,619
	300,000 USD	Royalty Pharma plc		3.3000	09/02/40		211,613
	200,000 EUR	Takeda Pharmaceutical Company Ltd.		1.0000	07/09/29		187,893
	245,000 EUR	Teva Pharmaceutical Finance Netherlands II BV		7.8750	09/15/31		301,435
							1,852,963
		CABLE & SATELLITE — 0.7%
	200,000 EUR	Altice Financing S.A.		4.2500	08/15/29		168,849
	300,000 EUR	United Group BV		3.1250	02/15/26		310,124
							478,973
		CHEMICALS — 2.4%
	200,000 EUR	BASF S.E.		3.7500	06/29/32		214,035
	191,000 USD	Braskem Netherlands Finance BV(c),(e)		4.5000	01/10/28		170,697
	100,000 EUR	INEOS Quattro Finance 1 PLC		3.7500	07/15/26		103,732
	190,000 EUR	INEOS Quattro Finance 1 PLC(c)		3.7500	07/15/26		197,091
	200,000 EUR	Nobian Finance BV(c)		3.6250	07/15/26		207,513
	100,000 EUR	Nobian Finance BV		3.6250	07/15/26		103,756
	89,000 USD	OCP S.A.(c)		7.5000	05/02/54		86,655
	462,000 USD	Sasol Financing USA, LLC		4.3750	09/18/26		435,475
							1,518,954
		CONSTRUCTION MATERIALS — 1.5%
	450,000 USD	Cemex S.A.B. de C.V.(c),(d)	H15T5Y + 4.534%	5.1250	09/08/69		433,027
	200,000 EUR	Holcim Finance Luxembourg S.A.		0.5000	09/03/30		175,186
	365,000 USD	Sisecam UK plc(c)		8.2500	05/02/29		371,771
							979,984
		CONTAINERS & PACKAGING — 1.1%
	200,000 EUR	Ardagh Metal Packaging Finance USA, LLC / Ardagh		3.0000	09/01/29		172,193
	100,000 GBP	Ardagh Packaging Finance plc / Ardagh Holdings		4.7500	07/15/27		61,546
	240,000 USD	Smurfit Kappa Treasury ULC(c)		5.2000	01/15/30		234,472
	200,000 EUR	Trivium Packaging Finance BV		3.7500	08/15/26		208,912
							677,123

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

59

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		ELEC & GAS MARKETING & TRADING — 0.5%
	350,000 EUR	Orsted A/S		1.5000	11/26/29	$	334,133
		ELECTRIC UTILITIES — 6.2%
	260,000 USD	Adani Electricity Mumbai Ltd.(c)		3.9490	02/12/30		215,044
	400,000 USD	Adani Green Energy Ltd.		4.3750	09/08/24		396,300
	91,000 USD	Adani Green Energy UP Ltd. / Prayatna Developers(c)		6.7000	03/12/42		83,959
	105,225 USD	Adani Renewable Energy RJ Ltd./Kodangal Solar(c)		4.6250	10/15/39		85,303
	144,000 USD	Adani Transmission Step-One Ltd.(c)		4.0000	08/03/26		134,209
	89,610 USD	Clean Renewable Power Mauritius Pte Ltd.(c)		4.2500	03/25/27		82,542
	24,000 USD	Comision Federal de Electricidad		3.8750	07/26/33		18,907
	250,000 USD	Enel Finance International N.V.(c)		5.5000	06/15/52		222,564
	300,000 USD	Engie S.A.(c)		5.2500	04/10/29		296,200
	285,000 USD	Eskom Holdings SOC Ltd.(c)		7.1250	02/11/25		283,689
	97,000 USD	Eskom Holdings SOC Ltd.(c)		8.4500	08/10/28		95,725
	287,560 USD	Greenko Dutch BV(c)		3.8500	03/29/26		268,869
	200,000 EUR	Iberdrola Finanzas S.A.		1.0000	03/07/25		208,501
	126,385 USD	JSW Hydro Energy Ltd.		4.1250	05/18/31		110,393
	292,887 USD	Minejesa Capital BV(c)		4.6250	08/10/30		274,182
	20,000 USD	Minejesa Capital BV(c)		5.6250	08/10/37		17,340
	368,916 USD	Mong Duong Finance Holdings BV(c)		5.1250	05/07/29		352,215
	110,000 USD	MSU Energy S.A. / UGEN S.A. / UENSA S.A.(c)		6.8750	02/01/25		85,366
	500,000 EUR	National Grid PLC		0.1630	01/20/28		467,787
	300,000 EUR	Naturgy Finance BV		1.5000	01/29/28		296,958
	8,000 USD	Perusahaan Perseroan Persero PT Perusahaan Listrik		3.3750	02/05/30		7,033
	33,000 USD	Star Energy Geothermal Darajat II / Star Energy(c)		4.8500	10/14/38		29,388
							4,032,474
		ELECTRICAL EQUIPMENT — 1.2%
	300,000 GBP	Siemens Financieringsmaatschappij N.V.		1.0000	02/20/25		362,665
	198,900 EUR	TK Elevator Holdco GmbH		6.6250	07/15/28		202,725
	200,000 EUR	Vertical Midco GmbH		4.3750	07/15/27		204,900
							770,290
		ENGINEERING & CONSTRUCTION — 1.0%
	405,000 USD	ATP Tower Holdings, LLC / Andean Tower Partners(c)		4.0500	04/27/26		376,965
	193,000 USD	IHS Holding Ltd.(c)		6.2500	11/29/28		167,224

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

60

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		ENGINEERING & CONSTRUCTION — 1.0% (Continued)
	112,000 USD	IHS Netherlands Holdco BV(c)		8.0000	09/18/27	$	105,812
							650,001
		ENTERTAINMENT CONTENT — 0.5%
	260,000 GBP	Pinewood Finco plc(c)		6.0000	03/27/30		316,235
		FOOD — 0.4%
	200,000 EUR	Danone S.A.		3.0710	09/07/32		206,507
	96,000 USD	Minerva Luxembourg S.A.(c)		4.3750	03/18/31		78,166
							284,673
		HEALTH CARE FACILITIES & SERVICES — 0.8%
	250,000 EUR	Catalent Pharma Solutions, Inc.		2.3750	03/01/28		253,804
	250,000 USD	Icon Investments Six DAC		5.8490	05/08/29		250,000
							503,804
		HOUSEHOLD PRODUCTS — 0.5%
	300,000 EUR	Unilever Finance Netherlands BV		1.7500	03/25/30		294,031
		INDUSTRIAL INTERMEDIATE PROD — 0.4%
	262,000 USD	HTA Group Ltd./Mauritius(c)		7.0000	12/18/25		261,856
		INDUSTRIAL SUPPORT SERVICES — 0.5%
	200,000 GBP	Motability Operations Group plc		5.6250	01/24/54		252,703
	87,920 EUR	Techem Verwaltungsgesellschaft 674 mbH		6.0000	07/30/26		94,059
							346,762
		INSTITUTIONAL FINANCIAL SERVICES — 0.4%
	150,000 USD	Nomura Holdings, Inc.		1.6530	07/14/26		137,172
	150,000 USD	Nomura Holdings, Inc.		2.1720	07/14/28		130,103
							267,275
		INSURANCE — 0.7%
	200,000 EUR	Allianz S.E.		3.0990	07/06/47		206,844
	25,000 USD	Nippon Life Insurance Company(c),(d)	H15T5Y + 2.954%	6.2500	09/13/53		25,099
	250,000 EUR	NN Group N.V.		1.6250	06/01/27		250,869
							482,812

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

61

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		INTERNET MEDIA & SERVICES — 1.1%
	250,000 EUR	Booking Holdings, Inc.		4.5000	11/15/31	$	280,540
	210,000 USD	Prosus N.V.(c)		3.0610	07/13/31		168,376
	223,000 USD	Prosus N.V.		3.0610	07/13/31		178,799
	150,000 USD	Prosus N.V.(c)		3.8320	02/08/51		91,499
							719,214
		LEISURE FACILITIES & SERVICES — 2.1%
	200,000 EUR	Accor S.A.		7.2500	10/11/73		234,508
	228,000 GBP	CPUK Finance Ltd.		4.8750	08/28/25		280,231
	148,000 USD	Melco Resorts Finance Ltd.		5.7500	07/21/28		137,370
	10,000 USD	Sands China Ltd.		4.8750	06/18/30		9,009
	333,000 USD	Sands China Ltd.		3.7500	08/08/31		272,374
	73,000 USD	Studio City Finance Ltd.(c)		6.0000	07/15/25		72,184
	384,000 USD	Studio City Finance Ltd.(c)		5.0000	01/15/29		325,660
							1,331,336
		MACHINERY — 0.4%
	250,000 EUR	Smiths Group plc		2.0000	02/23/27		253,891
		MEDICAL EQUIPMENT & DEVICES — 0.8%
	300,000 EUR	Medtronic Global Holdings SCA		0.7500	10/15/32		258,745
	275,000 USD	Smith & Nephew plc		5.4000	03/20/34		265,323
							524,068
		METALS & MINING — 2.0%
	6,000 USD	Corp Nacional del Cobre de Chile(c)		5.9500	01/08/34		5,827
	62,000 USD	Corp Nacional del Cobre de Chile(c)		6.4400	01/26/36		62,112
	98,000 USD	Freeport Indonesia PT		5.3150	04/14/32		92,823
	7,000 USD	Freeport Indonesia PT(c)		6.2000	04/14/52		6,575
	300,000 EUR	Glencore Capital Finance DAC		1.1250	03/10/28		288,678
	200,000 USD	Glencore Funding, LLC(c)		5.6340	04/04/34		193,606
	20,000 USD	Indika Energy Capital IV Pte Ltd.(c)		8.2500	10/22/25		20,162
	75,000 USD	Indika Energy Capital IV Pte Ltd.		8.2500	10/22/25		75,609
	64,000 USD	Indika Energy Tbk P.T.(c)		8.7500	05/07/29		63,221
	26,000 USD	Indonesia Asahan Aluminium Persero PT(c)		5.8000	05/15/50		23,080
	314,123 USD	Samarco Mineracao S.A.(c)		9.0000	06/30/31		286,814
	89,880 USD	Vedanta Resources Finance II plc		13.8750	12/09/28		81,844

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

62

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		METALS & MINING — 2.0% (Continued)
	84,000 USD	WE Soda Investments Holding plc(c)		9.5000	10/06/28	$	86,934
							1,287,285
		OIL & GAS PRODUCERS — 10.8%
	328,000 USD	3R Lux S.A.RL(c)		9.7500	02/05/31		346,122
	59,000 USD	Abu Dhabi Crude Oil Pipeline, LLC(c)		3.6500	11/02/29		54,421
	78,000 USD	AI Candelaria Spain S.A.(c)		5.7500	06/15/33		60,396
	728,000 USD	AI Candelaria Spain S.A.		5.7500	06/15/33		563,695
	37,950 USD	AI Candelaria Spain SLU(c)		7.5000	12/15/28		36,561
	442,000 USD	Energean Israel Finance Ltd.		4.8750	03/30/26		416,795
	250,000 EUR	Exxon Mobil Corporation		0.5240	06/26/28		238,125
	271,000 USD	Geopark Ltd.(c)		5.5000	01/17/27		243,792
	337,000 USD	Gran Tierra Energy, Inc.(c),(e)		9.5000	10/15/29		317,265
	200,000 USD	KazMunayGas National Company JSC		3.5000	04/14/33		160,288
	54,000 USD	KazMunayGas National Company JSC(c)		5.7500	04/19/47		44,828
	128,000 USD	KazMunayGas National Company JSC(c)		6.3750	10/24/48		114,173
	536,000 USD	Kosmos Energy Ltd.		7.7500	05/01/27		521,778
	89,000 USD	Leviathan Bond Ltd.		6.1250	06/30/25		86,779
	56,000 USD	Leviathan Bond Ltd.		6.5000	06/30/27		52,683
	362,236 USD	MC Brazil Downstream Trading S.A.RL		7.2500	06/30/31		314,071
	150,000 USD	Medco Maple Tree Pte Ltd.(c)		8.9600	04/27/29		153,730
	1,015,000 USD	PDVSA(b)		9.0000	11/17/21		135,563
	76,000 USD	Petroleos del Peru S.A.		4.7500	06/19/32		56,998
	77,000 USD	Petroleos Mexicanos		8.7500	06/02/29		74,394
	73,000 USD	Petroleos Mexicanos		5.9500	01/28/31		57,636
	298,000 USD	Petroleos Mexicanos		6.6250	06/15/35		220,371
	13,000 USD	Petroleos Mexicanos		6.6250	06/15/38		8,950
	194,000 USD	Petroleos Mexicanos		6.7500	09/21/47		123,960
	243,000 USD	Petroleos Mexicanos		6.9500	01/28/60		154,752
	78,000 USD	Qatar Petroleum(c)		2.2500	07/12/31		63,539
	753,000 USD	SierraCol Energy Andina, LLC(c)		6.0000	06/15/28		652,542
	350,000 USD	TotalEnergies Capital S.A.		5.4880	04/05/54		340,583
	88,000 USD	Tullow Oil plc		7.0000	03/01/25		85,786
	673,000 USD	Tullow Oil PLC(c)		7.0000	03/01/25		656,064
	267,000 USD	YPF S.A.(c)		8.5000	07/28/25		260,256

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

63

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		OIL & GAS PRODUCERS — 10.8% (Continued)
	334,000 USD	YPF S.A.(c)		9.5000	01/17/31	$	337,867
							6,954,763
		OIL & GAS SERVICES & EQUIPMENT — 1.6%
	450,755 USD	MV24 Capital BV(c)		6.7480	06/01/34		414,966
	764,333 USD	Poinsettia Finance Ltd.		6.6250	06/17/31		640,835
							1,055,801
		PUBLISHING & BROADCASTING — 0.7%
	200,000 EUR	Bertelsmann S.E. & Company KGaA		3.5000	05/29/29		211,703
	250,000 EUR	Informa PLC		2.1250	10/06/25		260,099
							471,802
		REAL ESTATE OWNERS & DEVELOPERS — 1.3%
	700,000 USD	China SCE Group Holdings Ltd.(b)		7.0000	05/02/25		34,125
	200,000 USD	Country Garden Holdings Company Ltd.		4.8000	08/06/30		13,500
	400,000 USD	Longfor Group Holdings Ltd.		3.9500	09/16/29		240,170
	330,000 USD	MAF Global Securities Ltd.(d)	H15T5Y + 3.539%	6.3750	09/20/70		326,265
	250,000 USD	Theta Capital Pte Ltd.		6.7500	10/31/26		205,313
							819,373
		REIT — 0.4%
	230,000 GBP	Iron Mountain UK plc		3.8750	11/15/25		279,938
		RENEWABLE ENERGY — 1.0%
	535,000 USD	Aydem Yenilenebilir Enerji A/S(c)		7.7500	02/02/27		517,773
	102,000 USD	Investment Energy Resources Ltd.(c)		6.2500	04/26/29		97,738
							615,511
		RETAIL - CONSUMER STAPLES — 0.3%
	200,000 EUR	Carrefour S.A.		4.3750	11/14/31		221,428
		RETAIL - DISCRETIONARY — 1.5%
	200,000 EUR	Avis Budget Finance plc(c)		7.0000	02/28/29		211,085
	150,000 EUR	Avis Budget Finance plc		7.2500	07/31/30		158,251
	200,000 GBP	Marks & Spencer plc		3.7500	05/19/26		240,422
	391,000 USD	Movida Europe S.A.(c)		7.8500	04/11/29		366,429
							976,187

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

64

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 66.0% (Continued)
		SPECIALTY FINANCE — 0.5%
	390,000 USD	AerCap Ireland Capital DAC / AerCap Global		3.3000	01/30/32	$	325,864
		STEEL — 1.1%
	163,000 USD	JSW Steel Ltd.		3.9500	04/05/27		150,328
	855,000 USD	Metinvest BV(c)		7.7500	10/17/29		565,711
							716,039
		TECHNOLOGY HARDWARE — 0.4%
	250,000 USD	Flex Ltd.		4.8750	06/15/29		239,713
		TECHNOLOGY SERVICES — 0.5%
	338,000 USD	Sixsigma Networks Mexico S.A. de CV(c)		7.5000	05/02/25		321,577
		TELECOMMUNICATIONS — 1.5%
	100,000 EUR	Altice France Holding S.A.(c)		8.0000	05/15/27		32,291
	100,000 EUR	Altice France S.A.(c)		2.1250	02/15/25		95,588
	100,000 EUR	Altice France S.A.		2.1250	02/15/25		95,588
	16,000 USD	Millicom International Cellular S.A.(c)		4.5000	04/27/31		13,375
	87,000 USD	Network i2i Ltd.(d)	H15T5Y + 4.274%	5.6500	04/15/71		86,719
	300,000 EUR	Orange S.A.		2.0000	01/15/29		301,287
	200,000 EUR	Telefonica Emisiones S.A.		2.5920	05/25/31		199,932
	190,000 USD	VF Ukraine PAT via VFU Funding plc(c)		6.2000	02/11/25		150,360
							975,140
		TOBACCO & CANNABIS — 0.5%
	165,000 USD	BAT Capital Corporation		4.3900	08/15/37		135,482
	150,000 USD	BAT Capital Corporation		7.0810	08/02/53		157,182
							292,664
		TRANSPORTATION & LOGISTICS — 1.0%
	200,000 EUR	Abertis Infraestructuras S.A.		2.3750	09/27/27		203,669
	6,000 USD	DP World PLC(c)		4.7000	09/30/49		4,790
	463,000 USD	Grupo Aeromexico S.A.B. de C.V.(c)		8.5000	03/17/27		454,502
							662,961
		TOTAL CORPORATE BONDS (Cost $45,145,597)					42,673,035

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

65

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 27.1%
		GOVERNMENT GUARANTEED — 0.0%(a)
	22,400 USD	Brazil Minas SPE via State of Minas Gerais(c)	5.3330	02/15/28	$	22,061
		LOCAL AUTHORITY — 0.4%
	150,000 CAD	Province of British Columbia Canada	3.2000	06/18/44		87,300
	250,000 CAD	Province of Ontario Canada	2.8000	06/02/48		132,250
	89,335 USD	Provincia de Buenos Aires/Government Bonds(g)	5.2500	09/01/37		39,642
						259,192
		NON U.S. TREASURY — 6.0%
	860,000 AUD	Australia Government Bond	1.2500	05/21/32		441,047
	620,000 BRL	Brazil Notas do Tesouro Nacional Serie F	0.0000	01/01/31		114,547
	550,000 CAD	Canadian Government Bond	2.2500	06/01/29		372,015
	115,200,000 COP	Colombian TES	7.5000	08/26/26		27,986
	382,300,000 COP	Colombian TES	6.0000	04/28/28		85,083
	880,000,000 IDR	Indonesia Treasury Bond	8.7500	05/15/31		58,589
	612,000,000 IDR	Indonesia Treasury Bond	8.2500	05/15/36		40,743
	76,000 EUR	Ireland Government Bond	5.4000	03/13/25		82,377
	50,000 EUR	Ireland Government Bond	0.9000	05/15/28		49,543
	130,000 EUR	Ireland Government Bond	1.3000	05/15/33		121,561
	750,000 EUR	Italy Buoni Poliennali Del Tesoro	2.8000	12/01/28		781,363
	640,000 EUR	Italy Buoni Poliennali Del Tesoro(c)	2.4500	09/01/33		613,562
	180,000 EUR	Italy Buoni Poliennali Del Tesoro	5.0000	08/01/39		210,127
	235,000 EUR	Italy Buoni Poliennali Del Tesoro	5.0000	09/01/40		274,280
	680,000 MXN	Mexican Bonos	7.7500	05/29/31		35,208
	720,000 MXN	Mexican Bonos	8.5000	11/18/38		37,284
	1,860,000 MXN	Mexican Bonos	7.7500	11/13/42		87,726
	170,000 EUR	Spain Government Bond	4.2000	01/31/37		194,433
	250,000 EUR	Spain Government Bond	2.7000	10/31/48		220,130
						3,847,604
		SOVEREIGN — 20.2%
	143,000 USD	Angolan Government International Bond(c)	8.7500	04/14/32		129,750
	177,000 USD	Angolan Government International Bond(c)	9.3750	05/08/48		150,958
	51,000 USD	Angolan Government International Bond(c)	9.1250	11/26/49		42,563
	790,000 USD	Argentine Republic Government International Bond(g)	0.7500	07/09/30		458,998

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

66

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 27.1% (Continued)
		SOVEREIGN — 20.2% (Continued)
	97,000 USD	Argentine Republic Government International Bond(g)	3.6250	07/09/35	$	44,749
	200,000 USD	Bahrain Government International Bond	6.7500	09/20/29		199,461
	112,000 USD	Bahrain Government International Bond(c)	5.6250	09/30/31		103,488
	60,000 USD	Bahrain Government International Bond(c)	5.2500	01/25/33		52,340
	283,000 USD	Bahrain Government International Bond(c)	5.6250	05/18/34		248,688
	73,000 USD	Bahrain Government International Bond(c)	7.5000	02/12/36		72,701
	26,000 USD	Bermuda Government International Bond(c)	4.7500	02/15/29		24,912
	550,000 BRL	Brazilian Government International Bond	10.2500	01/10/28		107,161
	39,000 USD	Brazilian Government International Bond	4.5000	05/30/29		36,368
	35,000 USD	Brazilian Government International Bond	6.2500	03/18/31		34,768
	230,000 USD	Brazilian Government International Bond	6.0000	10/20/33		220,149
	35,000 USD	Brazilian Government International Bond	5.0000	01/27/45		26,452
	269,000 USD	Brazilian Government International Bond	4.7500	01/14/50		190,261
	299,000 USD	Brazilian Government International Bond	7.1250	05/13/54		286,201
	5,000 USD	Chile Government International Bond	2.7500	01/31/27		4,644
	8,000 USD	Chile Government International Bond	2.4500	01/31/31		6,680
	9,000 USD	Chile Government International Bond	4.9500	01/05/36		8,400
	4,000 USD	Chile Government International Bond	3.1000	05/07/41		2,813
	3,000 USD	Chile Government International Bond	4.3400	03/07/42		2,502
	71,000 USD	Chile Government International Bond	3.8600	06/21/47		52,799
	4,000 USD	Chile Government International Bond	3.1000	01/22/61		2,352
	100,000 EUR	Colombia Government International Bond	3.8750	03/22/26		105,491
	60,000 USD	Colombia Government International Bond	4.5000	03/15/29		54,008
	55,000 USD	Colombia Government International Bond	3.0000	01/30/30		44,338
	77,000 USD	Colombia Government International Bond	7.5000	02/02/34		75,947
	55,000 USD	Colombia Government International Bond	8.0000	11/14/35		55,650
	32,000 USD	Colombia Government International Bond	6.1250	01/18/41		26,377
	173,000 USD	Colombia Government International Bond	4.1250	02/22/42		110,669
	66,000 USD	Colombia Government International Bond	5.6250	02/26/44		49,827
	238,000 USD	Colombia Government International Bond	5.0000	06/15/45		164,946
	33,000 USD	Colombia Government International Bond	5.2000	05/15/49		22,871
	131,000 USD	Colombia Government International Bond	3.8750	02/15/61		71,154
	85,000 USD	Costa Rica Government International Bond(c)	6.5500	04/03/34		86,294
	46,000 USD	Dominican Republic International Bond	5.5000	02/22/29		43,880

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

67

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 27.1% (Continued)
		SOVEREIGN — 20.2% (Continued)
	43,000 USD	Dominican Republic International Bond(c)	4.5000	01/30/30	$	38,556
	178,000 USD	Dominican Republic International Bond	4.8750	09/23/32		156,284
	236,000 USD	Dominican Republic International Bond(c)	4.8750	09/23/32		207,207
	82,000 USD	Dominican Republic International Bond(c)	7.4500	04/30/44		83,706
	41,000 USD	Dominican Republic International Bond	6.5000	02/15/48		37,598
	114,000 USD	Dominican Republic International Bond	5.8750	01/30/60		93,202
	80,000 USD	Ecuador Government International Bond(c),(h)	0.0000	07/31/30		43,787
	44,000 USD	Ecuador Government International Bond(c),(g)	6.0000	07/31/30		31,058
	694,000 USD	Ecuador Government International Bond(g)	6.0000	07/31/30		489,876
	2,000 USD	Ecuador Government International Bond(g)	3.5000	07/31/35		1,103
	15,000 USD	Ecuador Government International Bond(g)	2.5000	07/31/40		7,710
	9,000 USD	Egypt Government International Bond(c)	8.8750	05/29/50		7,101
	1,244,000 USD	Egypt Government International Bond(c)	7.5000	02/16/61		850,709
	117,000 USD	El Salvador Government International Bond	6.3750	01/18/27		104,193
	49,000 USD	El Salvador Government International Bond	8.2500	04/10/32		39,430
	50,000 USD	El Salvador Government International Bond	7.6500	06/15/35		36,309
	113,000 USD	Ethiopia International Bond(c)	6.6250	12/11/24		80,053
	44,000 USD	Export-Import Bank of India	2.2500	01/13/31		35,500
	24,000 USD	Export-Import Bank of India	5.5000	01/18/33		23,561
	2,000 USD	Finance Department Government of Sharjah(c)	4.0000	07/28/50		1,247
	12,333 USD	Gabon Government International Bond(c)	6.3750	12/12/24		12,238
	62,000 USD	Gabon Government International Bond(c)	6.9500	06/16/25		59,886
	11,000 USD	Ghana Government International Bond(c)	6.3750	02/11/27		5,326
	263,000 USD	Ghana Government International Bond(c)	10.7500	10/14/30		172,278
	92,000 USD	Ghana Government International Bond(c)	8.6250	04/07/34		44,988
	18,000 USD	Ghana Government International Bond(c)	8.9500	03/26/51		8,746
	303,000 USD	Guatemala Government Bond	6.1250	06/01/50		266,724
	94,000 USD	Hazine Mustesarligi Varlik Kiralama A/S(c)	8.5090	01/14/29		99,036
	98,000 USD	Hungary Government International Bond(c)	6.1250	05/22/28		99,155
	30,000 USD	Hungary Government International Bond(c)	6.2500	09/22/32		30,313
	36,000 USD	Hungary Government International Bond(c)	5.5000	03/26/36		33,669
	14,000 USD	Indonesia Government International Bond	4.5500	01/11/28		13,587
	5,000 USD	Indonesia Government International Bond	4.6500	09/20/32		4,712
	146,000 USD	Indonesia Government International Bond	4.8500	01/11/33		139,696

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

68

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 27.1% (Continued)
		SOVEREIGN — 20.2% (Continued)
	6,000 USD	Indonesia Government International Bond	4.2000	10/15/50	$	4,757
	250,000 USD	Iraq International Bond	5.8000	01/15/28		234,168
	100,000 EUR	Ivory Coast Government International Bond(c)	5.8750	10/17/31		96,646
	24,000 USD	Ivory Coast Government International Bond(c)	8.2500	01/30/37		23,004
	100,000 EUR	Ivory Coast Government International Bond	6.6250	03/22/48		83,733
	58,000 USD	Jordan Government International Bond(c)	7.7500	01/15/28		57,965
	123,000 USD	Jordan Government International Bond(c)	7.5000	01/13/29		121,473
	80,000 USD	Jordan Government International Bond(c)	7.3750	10/10/47		68,437
	20,000 USD	Kazakhstan Government International Bond(c)	6.5000	07/21/45		21,940
	194,000 USD	Kenya Government International Bond(c)	8.0000	05/22/32		177,631
	509,000 USD	Lebanon Government International Bond(b)	6.1000	10/04/22		33,390
	72,000 USD	Lebanon Government International Bond(b)	6.4000	05/26/23		4,716
	156,000 USD	Lebanon Government International Bond(b)	6.1500	06/19/23		10,234
	11,000 USD	Magyar Export-Import Bank Zrt(c)	6.1250	12/04/27		11,003
	11,000 USD	Mexico Government International Bond	4.7500	04/27/32		10,103
	32,000 USD	Mexico Government International Bond	4.8750	05/19/33		29,298
	105,000 USD	Mexico Government International Bond	6.3500	02/09/35		104,746
	112,000 USD	Mexico Government International Bond	4.7500	03/08/44		89,250
	1,000 USD	Mexico Government International Bond	6.3380	05/04/53		934
	19,000 USD	Mexico Government International Bond	3.7710	05/24/61		11,595
	35,000 USD	Nigeria Government International Bond(c)	6.5000	11/28/27		32,506
	128,000 USD	Nigeria Government International Bond(c)	6.1250	09/28/28		113,201
	270,000 USD	Nigeria Government International Bond(c)	7.8750	02/16/32		236,975
	20,000 USD	Nigeria Government International Bond(c)	7.3750	09/28/33		16,661
	200,000 USD	Nigeria Government International Bond	7.6250	11/28/47		149,118
	331,000 USD	Oman Government International Bond(c)	7.3750	10/28/32		357,715
	31,000 USD	Oman Government International Bond(c)	6.5000	03/08/47		30,196
	283,000 USD	Pakistan Government International Bond(c)	6.0000	04/08/26		255,507
	13,000 USD	Panama Government International Bond	3.8750	03/17/28		11,729
	118,000 USD	Panama Government International Bond	2.2520	09/29/32		81,998
	26,000 USD	Panama Government International Bond	8.0000	03/01/38		26,562
	41,000 USD	Papua New Guinea Government International Bond(c)	8.3750	10/04/28		38,889
	184,000 USD	Paraguay Government International Bond	2.7390	01/29/33		145,038
	34,000 USD	Paraguay Government International Bond(c)	3.8490	06/28/33		28,798

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

69

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 27.1% (Continued)
		SOVEREIGN — 20.2% (Continued)
	2,000 USD	Peruvian Government International Bond	2.3920	01/23/26	$	1,891
	78,000 USD	Peruvian Government International Bond	2.7830	01/23/31		64,943
	130,000 USD	Peruvian Government International Bond	3.0000	01/15/34		102,310
	28,000 USD	Philippine Government International Bond	2.4570	05/05/30		23,727
	2,000 USD	Philippine Government International Bond	1.6480	06/10/31		1,559
	2,000 USD	Philippine Government International Bond	6.3750	01/15/32		2,109
	98,000 USD	Philippine Government International Bond	5.0000	07/17/33		94,819
	4,000 USD	Philippine Government International Bond	2.9500	05/05/45		2,642
	1,000 USD	Philippine Government International Bond	4.2000	03/29/47		797
	2,000 USD	Philippine Government International Bond	5.9500	10/13/47		2,036
	16,000 USD	Qatar Government International Bond(c)	3.7500	04/16/30		14,955
	10,000 USD	Qatar Government International Bond(c)	4.4000	04/16/50		8,316
	124,286 USD	Republic of Angola Via Avenir Issuer II Ireland	6.9270	02/19/27		119,579
	75,000 USD	Republic of Armenia International Bond(c)	3.6000	02/02/31		59,580
	53,000 USD	Republic of Kenya Government International Bond(c)	7.0000	05/22/27		51,268
	195,000 PLN	Republic of Poland Government Bond	7.5000	07/25/28		51,526
	425,000 PLN	Republic of Poland Government Bond	6.0000	10/25/33		106,880
	6,000 USD	Republic of Poland Government International Bond	5.7500	11/16/32		6,118
	41,000 USD	Republic of Poland Government International Bond	4.8750	10/04/33		39,167
	4,047,000 ZAR	Republic of South Africa Government Bond	8.5000	01/31/37		160,813
	46,000 USD	Republic of South Africa Government International	4.3000	10/12/28		41,054
	344,000 USD	Republic of South Africa Government International	5.8750	04/20/32		306,665
	72,000 USD	Republic of South Africa Government International	6.3000	06/22/48		55,439
	56,000 USD	Republic of South Africa Government International	5.7500	09/30/49		39,734
	277,000 USD	Republic of South Africa Government International	7.3000	04/20/52		234,669
	29,000 USD	Republic of Uzbekistan Bond(c)	3.9000	10/19/31		23,218
	8,000 EUR	Romanian Government International Bond	2.3750	04/19/27		8,149
	1,000 USD	Romanian Government International Bond(c)	6.6250	02/17/28		1,014
	51,000 USD	Romanian Government International Bond(c)	7.1250	01/17/33		52,769
	59,000 USD	Romanian Government International Bond(c)	6.3750	01/30/34		57,807
	2,000 EUR	Romanian Government International Bond	4.1250	03/11/39		1,771
	30,000 USD	Saudi Government International Bond(c)	4.3750	04/16/29		28,856
	13,000 USD	Saudi Government International Bond(c)	5.5000	10/25/32		13,077
	35,000 USD	Saudi Government International Bond(c)	2.2500	02/02/33		27,309

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

70

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 27.1% (Continued)
		SOVEREIGN — 20.2% (Continued)
	156,000 USD	Saudi Government International Bond(c)	4.8750	07/18/33	$	149,634
	2,000 USD	Saudi Government International Bond(c)	4.6250	10/04/47		1,644
	1,000 USD	Saudi Government International Bond(c)	5.0000	04/17/49		867
	48,000 USD	Sri Lanka Government International Bond	6.3500	06/28/24		27,247
	395,000 USD	Sri Lanka Government International Bond(c)	7.8500	03/14/29		223,812
	259,000 USD	Turkey Government International Bond	9.8750	01/15/28		284,785
	171,000 USD	Turkey Government International Bond	9.3750	03/14/29		185,624
	75,000 USD	Turkey Government International Bond	9.1250	07/13/30		80,900
	207,000 USD	Turkey Government International Bond	5.7500	05/11/47		153,708
	326,000 USD	Turkiye Government International Bond	7.6250	05/15/34		322,780
	136,000 USD	Ukraine Government International Bond(f)	0.0000	09/01/27		38,840
	56,000 USD	Ukraine Government International Bond(c)(f)	7.7500	09/01/27		15,993
	455,000 USD	Ukraine Government International Bond(c)(f)	7.7500	09/01/28		128,583
	139,000 USD	Ukraine Government International Bond(c)(f)	7.3750	09/25/34		34,924
	7,000 USD	Uruguay Government International Bond	4.3750	01/23/31		6,733
	425,000 USD	Venezuela Government International Bond(b)	0.0000	08/05/31		92,133
						13,054,843
		SUPRANATIONAL — 0.5%
	13,000,000 INR	European Bank for Reconstruction & Development	6.3000	10/26/27		151,906
	200,000 EUR	European Investment Bank	1.1250	09/15/36		170,106
						322,012
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $18,742,584)				17,505,712

Shares
		SHORT-TERM INVESTMENTS — 3.1%
		COLLATERAL FOR SECURITIES LOANED - 0.5%
	315,470	Mount Vernon Liquid Assets Portfolio, LLC, 5.43%(i)(j)	315,470
		MONEY MARKET FUNDS - 2.6%
	1,677,064	Fidelity Government Portfolio, Class I, 5.19%(i)	1,677,064
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,992,534)	1,992,534

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

71

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

	Fair Value
TOTAL INVESTMENTS - 96.2% (Cost $65,891,762)	$	62,182,245
OTHER ASSETS IN EXCESS OF LIABILITIES- 3.8%		2,451,556
NET ASSETS - 100.0%	$	64,633,760

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(k)		Value and Unrealized Depreciation
	64	Eurex 10 Year Euro BUND Future	06/06/2024	$	8,886,764	$	(148,259	)
	6	Eurex 30 Year Euro BUXL Future	06/06/2024		825,705		(25,908	)
	25	Long Gilt Future	06/26/2024		2,992,265		(56,254	)
	7	TSE Japanese 10 Year Bond Futures	06/13/2024		6,413,589		(68,911	)
		TOTAL FUTURES CONTRACTS				$	(299,332	)
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(k)		Value and Unrealized Appreciation
	51	CBOT 10 Year US Treasury Note	06/18/2024	$	5,479,313	$	134,273
	16	CBOT 5 Year US Treasury Note	06/28/2024		1,675,875		32,250
	4	CBOT US Treasury Bond Futures	06/18/2024		455,250		17,094
	13	Euro-BTP Italian Bond Futures	06/06/2024		1,623,474		2,330
		TOTAL FUTURES CONTRACTS				$	185,947

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency(l)	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread	Maturity Date	Notional Value(k)		Fair Value			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.EM SERIES 41	To Buy Quarterly	Citibank	1.00%	177	6/20/2029	$	2,330,000	$	74,887		$	69,061		$	5,826
ITRAXX EUROPE CROSSOVER SERIES 41	To Sell Quarterly	Citibank	5.00%	318	6/20/2029		1,770,000		(156,131	)		(161,390	)		5,259
TOTAL								$	(81,244	)	$	(92,329	)	$	11,085

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

72

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Brazilian Real	05/03/2024	JP Morgan Chase		35,000	$	6,740	$	34
Japanese Yen	05/07/2024	Citi Capital Markets		25,380,000		161,056		(6,995	)
Euro	05/08/2024	Citi Capital Markets		270,000		288,286		(2,590	)
Australian Dollar	05/22/2024	Citi Capital Markets		560,000		362,974		3,265
Japanese Yen	05/22/2024	JP Morgan Chase		47,800,000		304,059		(6,737	)
Euro	07/19/2024	Barclay		493,534		528,666		(660	)
					$	1,651,781	$	(13,683	)
To Sell:
Brazilian Real	05/03/2024	JP Morgan Chase		35,000	$	6,740	$	294
Euro	05/07/2024	Barclay		98,256		104,906		1,112
Euro	05/07/2024	JP Morgan Chase		5,151,539		5,500,212		43,788
Brazilian Real	07/02/2024	JP Morgan Chase		35,000		6,700		(30	)
Australian Dollar	07/19/2024	Citi Capital Markets		703,800		456,937		(5,129	)
British Pound	07/19/2024	JP Morgan Chase		1,393,300		1,741,893		(7,044	)
Canadian Dollar	07/19/2024	JP Morgan Chase		863,100		627,753		(3,039	)
Euro	07/19/2024	JP Morgan Chase		12,979,938		13,903,935		(42,459	)
Japanese Yen	07/19/2024	Citi Capital Markets		45,107,899		289,480		6,271
					$	22,638,556	$	(6,236	)
Total							$	(19,919	)

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 Appreciation/ (Depreciation)
To Buy:	To Sell:
British Pound	Euro	5/2/2024	JP Morgan Chase		199,952		234,128		249,868		(249,923	)	$	(55	)
Japanese Yen	Euro	5/20/2024	JP Morgan Chase		80,149,006		490,000		509,670		(523,444	)		(13,774	)
Euro	British Pound	5/22/2024	JP Morgan Chase		390,000		333,400		416,653		(416,676	)		(23	)
Euro	British Pound	5/29/2024	Citi Capital Markets		366,000		312,871		391,125		(391,033	)		92
British Pound	Euro	7/19/2024	Barclay		5,800		6,769		7,251		(7,251	)		—
Euro	British Pound	7/19/2024	Barclay		264,143		227,817		282,947		(284,814	)		(1,867	)
Euro	British Pound	7/19/2024	JP Morgan Chase		1,173,395		1,005,752		1,256,925		(1,257,383	)		(458	)
					82,548,296		2,610,737	$	3,114,439	$	3,130,524		$	(16,085	)
Total													$	(16,085	)

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

73

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

A/S	- Anonim Sirketi
LLC	- Limited Liability Company
LTD	- Limited Company
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
PT	- Perseroan Terbatas
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
SA de CV	- Sociedad Anonima de Capital Variable
EUR003M	Euribor 3 Month
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
EUR	Euro
GBP	British Pound
IDR	Indonesia Rupiah
INR	Indian Rupee
MXN	Mexican Peso
PLN	Polish Zloty
USD	US Dollars
ZAR	South African Rand

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

74

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

(a)	Percentage rounds to less than 0.1%.
(b)	Represents issuer in default on interest payments; non-income producing security.
(c)	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, 2024 the total market value of 144A securities is $23,507,963 or 36.4% of net assets.
(d)	Variable rate security; the rate shown represents the rate on April 30, 2024.
(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $307,033 at April 30, 2024.
(f)	Non-income producing security.
(g)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2024.
(h)	Zero coupon bond.
(i)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(j)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
(k)	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.
(l)	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.

75

Dunham Large Cap Value Fund (Unaudited)
Message from the Sub-Adviser (Great Lakes Advisors. LLC)

Asset Class Recap

Large cap value stocks continued the positive momentum for the first half of the fiscal year which, despite investors having to digest the notion that the Federal Reserve may be further away from rate cuts than anticipated. Although at a high level inflation has trended downward, monthly CPI data has shown some surprises along the way. Reminding investors that there may be a much bumpier road to the Fed’s 2 percent target, reiterating the idea that the 5.25-5.50 percent Fed Funds Rate could remain unchanged for the entire year. However, market sentiment seems as if investors do not believe for that to be the case. U.S. equities continue to march forward, as resilient corporate profits, innovation around artificial intelligence, and enthusiasm surrounding weight loss drugs have all been reasons provided by bullish investors to support higher valuation multiples in the public markets. Additionally, upward revised GDP growth and the potential for multiple rate cuts may have supported investor confidence in the economy during the period. Large cap value stocks, as measured by the Russell 1000 Value Index, increased 18.4 percent, underperforming their large cap growth counterparts, as measured by Russell 1000 Growth Index, which rose 23.6 percent, for the fiscal period.

Allocation Review

The Sub-Adviser’s investment philosophy is centered on the belief that alpha generation is driven by bottom-up stock selection, rather than taking large sector bets. With that being said, every sector finished positive for the fiscal 6-month period and the spread in returns between the top performing sector, producer durables, and the bottom performing sector, healthcare, was over 17 percent. Thus, the Fund’s slight Underweight to producer durables detracted from the Fund’s relative performance. Since the healthcare sector did not outpace the benchmark as a whole, the Sub-Adviser’s almost 4 percent overweight also detracted from Fund performance from an allocation perspective. The most significant factor that influenced the Fund’s positive relative performance was the Sub-Adviser’s security selection within the technology sector. Exposure to a few securities outside the benchmark enhanced the technology sector’s contribution to Fund performance. However, poor security selection within the energy sector had a negative impact on the Fund’s performance. Additionally, the consumer discretionary sector positively contributed to Fund performance, as strong security selection and a slight underweight both aided relative performance. Similarly, security selection within the financial services and producer durables sectors were both meaningful contributors relatively speaking. On the contrary, poor security selection within the utilities sector acted as a detriment to the Fund’s performance.

Holdings Insight

Within the technology sector, one outperforming position was Micron Technology Inc. (MU) (holding weight*: 1.81 percent), one of the largest semiconductor companies in the world, that specializes in memory and storage chips. Over the fiscal period, MU gained 69.3 percent, partially aided by stronger than expected earnings and optimistic forward guidance, lifted by demand for hardware components essential for artificial intelligence. Another position that contributed to relative Fund performance was Quanta Services, Inc. (PWR) (holding weight*: 1.76 percent), a company that designs, installs, repairs, and maintains network infrastructure across North America and abroad. PWR increased 54.8 percent for the six-month period. Quanta has had greater earnings stability recently, partly due to their focus on smaller projects with less cost associated than when it had prioritized larger scale infrastructure plans. The company is also a beneficiary of rising investment in the US electrical grid. META Platforms, Inc. (META) (holding weight*: 1.47 percent), increased 42.9 percent for the fiscal period. Meta operates as a social technology company that builds applications and technologies that help people connect. Their shares rallied after the company reported profits significantly above expectations. The beat was led by advertising revenue, and the continuation to operate at a leaner cost structure. Investors may see this as an opportunity for the business to grow at a faster pace.

One underperforming position over the fiscal period was Schlumberger N.V. (SLB) (holding weight*: 1.12 percent), a global oilfield services company that fell 13.8 percent, which may have been induced by investors having higher expectations for SLB and their ability to capitalize on the increase in crude oil prices, unfortunately the company did not deliver. The stock also sold off in January after a Saudi Arabian oil company mentioned it was backing away from plans to increase oil production, adversely effecting SLB which provides the equipment essential for oil drilling. Air Products and Chemicals, Inc. (APD) (holding weight*: 0.99 percent), a global company that produces and distributes specialty gases and industrial atmospheric was down 15.2 percent during the period. This decline was driven by weakness in global demand for helium, in particularly China. While there remains, some risk associated with the company’s exposure to bigger projects, the Sub-Adviser believes the stock price is largely discounted from the business intrinsic value. Another position that acted as a detractor from Fund performance was UnitedHealth Group, Inc. (UNH) (holding weight*: 1.28 percent), a leading US health insurer offering a variety of plans and services to group and individual customers nationwide. Recent declines stemmed from a plethora of bad news throughout industry peers and UNH during the period. There were reports that the Department of Justice was opening an antitrust probe into one of UnitedHealth Groups subsidiaries and their physician practices. There was also a scare in the market after a large competitor in the health insurance space surprised investors with an update on elevated utilization within the Medicare channel. UNH fell 9.0 percent throughout the first half of the fiscal year.

Sub-Adviser Outlook

The Sub-Adviser is cautiously optimistic about the opportunity set for the remainder of 2024. The Sub-Adviser believes that the rally in U.S. equity markets off the October 2023 lows acts as a reminder about the dangers of attempted market timing. Corporate earnings have proven resilient and are projected to keep climbing in 2024. Add in the potential for Fed easing, and market momentum may continue to push forward. That being said, investors must recognize that market sentiment can change abruptly, especially given today’s geopolitical and economic circumstances, which also include an upcoming election cycle in the U.S. The Sub-Adviser views that managing a diversified portfolio with a focus on individual security selection is the best way to generate consistent alpha over a full-market cycle. Moving forward, the Sub-Adviser is confident that avoiding landmines is key to positive relative performance. Therefore, ignoring the noise and focusing on corporate fundamentals is critical in identifying companies that exhibit attractive valuations and are resilient enough to navigate the complex environment.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

76

Dunham Large Cap Value Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	20.27%	14.21%	9.01%	7.96%
Class A with Load 5.75%	13.26%	7.35%	7.46%	7.05%
Class A without Load	20.15%	13.92%	8.74%	7.69%
Class C	19.71%	13.10%	7.93%	6.89%
Russell 1000 Value Index (a)	18.42%	13.42%	8.60%	8.43%
Morningstar Large Cap Value Category (b)	18.02%	14.41%	9.05%	8.28%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.04% for Class N, 2.04% for Class C and 1.29% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Banking	7.1	%
Oil & Gas Producers	7.1	%
Medical Equipment & Devices	6.7	%
Biotech & Pharma	6.4	%
Insurance	5.5	%
Collateral For Securities Loaned	4.0	%
Health Care Facilities & Services	3.8	%
Semiconductors	3.7	%
Electric Utilities	3.3	%
Others	52.4	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

77

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.8%
		AEROSPACE & DEFENSE - 3.0%
	9,115	L3Harris Technologies, Inc.	$	1,951,066
	26,518	Raytheon Technologies Corporation		2,692,107
				4,643,173
		ASSET MANAGEMENT - 1.7%
	3,373	BlackRock, Inc.		2,545,401
		AUTOMOTIVE - 0.9%
	31,506	General Motors Company		1,402,962
		BANKING - 7.4%
	80,588	Bank of America Corporation		2,982,562
	26,030	JPMorgan Chase & Company		4,990,993
	16,649	Truist Financial Corporation		625,170
	45,223	Wells Fargo & Company		2,682,628
				11,281,353
		BIOTECH & PHARMA - 6.7%
	9,633	AbbVie, Inc.		1,566,711
	5,367	Amgen, Inc.		1,470,236
	33,955	Bristol-Myers Squibb Company		1,491,983
	11,644	Johnson & Johnson		1,683,606
	30,749	Merck & Company, Inc.		3,973,386
				10,185,922
		CHEMICALS - 2.8%
	6,412	Air Products and Chemicals, Inc.		1,515,412
	23,487	Corteva, Inc.		1,271,351
	21,724	DuPont de Nemours, Inc.		1,574,990
				4,361,753
		CONSTRUCTION MATERIALS - 2.4%
	3,726	Martin Marietta Materials, Inc.		2,187,423
	8,525	Owens Corning		1,433,990
				3,621,413
		CONSUMER SERVICES - 0.7%
	14,412	Service Corp International		1,033,485

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

78

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.6%
	12,343	Honeywell International, Inc.	$	2,378,866
		ELECTRIC UTILITIES - 3.4%
	23,432	Duke Energy Corporation(a)		2,302,428
	42,979	NextEra Energy, Inc.		2,878,304
				5,180,732
		ELECTRICAL EQUIPMENT - 1.4%
	32,530	Johnson Controls International PLC		2,116,727
		ENGINEERING & CONSTRUCTION - 1.8%
	10,378	Quanta Services, Inc.		2,683,336
		ENTERTAINMENT CONTENT - 2.7%
	38,551	Fox Corporation, Class A(a)		1,195,466
	25,736	Walt Disney Company (The)		2,859,269
				4,054,735
		FOOD - 2.5%
	37,529	Mondelez International, Inc., A		2,699,836
	18,818	Tyson Foods, Inc., Class A		1,141,312
				3,841,148
		HEALTH CARE FACILITIES & SERVICES - 4.0%
	9,937	Cencora, Inc.		2,375,440
	25,384	CVS Health Corporation		1,718,751
	4,032	UnitedHealth Group, Inc.		1,950,278
				6,044,469
		HOUSEHOLD PRODUCTS - 1.9%
	17,457	Procter & Gamble Company (The)		2,848,982
		INDUSTRIAL REIT - 0.7%
	11,177	Prologis, Inc.		1,140,613
		INFRASTRUCTURE REIT - 1.2%
	9,998	American Tower Corporation, A		1,715,258

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

79

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.1%
	16,505	Bank of New York Mellon Corporation (The)	$	932,367
	17,964	Intercontinental Exchange, Inc.		2,313,045
				3,245,412
		INSURANCE - 5.7%
	7,575	Berkshire Hathaway, Inc., Class B(b)		3,005,230
	23,185	Hartford Financial Services Group, Inc. (The)		2,246,395
	11,185	Prudential Financial, Inc.		1,235,719
	10,327	Travelers Companies, Inc. (The)		2,190,976
				8,678,320
		INTERNET MEDIA & SERVICES - 3.0%
	14,396	Alphabet, Inc., Class A(b)		2,343,381
	5,216	Meta Platforms, Inc., Class A		2,243,767
				4,587,148
		LEISURE FACILITIES & SERVICES - 1.0%
	9,908	Darden Restaurants, Inc.(a)		1,519,986
		MACHINERY - 2.9%
	5,145	Caterpillar, Inc.		1,721,363
	5,078	Parker-Hannifin Corporation		2,767,053
				4,488,416
		MEDICAL EQUIPMENT & DEVICES - 7.0%
	31,365	Abbott Laboratories		3,323,748
	53,624	Avantor, Inc.(b)		1,299,310
	7,578	Becton Dickinson and Company		1,777,799
	4,336	Stryker Corporation(a)		1,459,064
	5,007	Thermo Fisher Scientific, Inc.		2,847,581
				10,707,502
		METALS & MINING - 1.3%
	38,704	Freeport-McMoRan, Inc.		1,932,878
		OIL & GAS PRODUCERS - 7.4%
	21,660	ConocoPhillips		2,720,929
	15,509	EOG Resources, Inc.		2,049,204
	42,181	Exxon Mobil Corporation		4,988,747

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

80

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		OIL & GAS PRODUCERS - 7.4% (Continued)
	10,053	Phillips 66	$	1,439,690
				11,198,570
		OIL & GAS SERVICES & EQUIPMENT - 1.1%
	36,066	Schlumberger N.V.		1,712,414
		RESIDENTIAL REIT - 0.9%
	22,043	Equity LifeStyle Properties, Inc.		1,328,972
		RETAIL - CONSUMER STAPLES - 1.0%
	9,805	Target Corporation		1,578,409
		RETAIL - DISCRETIONARY - 1.3%
	8,654	Lowe’s Companies, Inc.		1,973,025
		SELF-STORAGE REIT - 1.0%
	6,134	Public Storage		1,591,466
		SEMICONDUCTORS - 3.9%
	1,739	Broadcom, Inc.		2,261,170
	24,354	Micron Technology, Inc.		2,751,027
	12,738	ON Semiconductor Corporation(a),(b)		893,698
				5,905,895
		SOFTWARE - 2.7%
	4,665	Microsoft Corporation		1,816,224
	20,534	Oracle Corporation		2,335,743
				4,151,967
		SPECIALTY FINANCE - 1.0%
	6,637	American Express Company		1,553,257
		TECHNOLOGY HARDWARE - 1.2%
	5,545	Motorola Solutions, Inc.		1,880,587
		TECHNOLOGY SERVICES - 2.6%
	23,666	PayPal Holdings, Inc.(b)		1,607,395

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

81

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		TECHNOLOGY SERVICES - 2.6% (Continued)
	5,567	S&P Global, Inc.	$	2,314,925
				3,922,320
		TELECOMMUNICATIONS - 1.1%
	43,875	Verizon Communications, Inc.		1,732,624
		TRANSPORTATION & LOGISTICS - 2.8%
	64,703	CSX Corporation		2,149,434
	27,548	Delta Air Lines, Inc.		1,379,328
	15,058	Knight-Swift Transportation Holdings, Inc.		696,131
				4,224,893
		TOTAL COMMON STOCKS (Cost $98,942,340)		148,994,389
		SHORT-TERM INVESTMENTS — 6.3%
		COLLATERAL FOR SECURITIES LOANED - 4.1%
	6,306,761	Mount Vernon Liquid Assets Portfolio, LLC, 5.43% (Cost $6,306,761)(c)(d)		6,306,761
		MONEY MARKET FUNDS - 2.2%
	3,351,243	Invesco Treasury Portfolio, Institutional Class, 5.23% (Cost $3,351,243)(c)		3,351,243
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,658,004)		9,658,004
		TOTAL INVESTMENTS - 104.1% (Cost $108,600,344)	$	158,652,393
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%		(6,277,574	)
		NET ASSETS - 100.0%	$	152,374,819

LLC	- Limited Liability Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust

(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $6,115,111 at April 30, 2024
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(d)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

82

Dunham Small Cap Value Fund (Unaudited)
Message from the Sub-Adviser (Boston Partners Global Investors, Inc.)

Asset Class Recap

After investor excitement regarding future interest rate cuts provided a substantially positive backdrop for small cap value stocks since the start of the fiscal year, the prospect of multiple rate cuts dwindled along with the anticipated date of the first cut and stocks generally declined off of their highs. Small cap value stocks, as measured by the Russell 2000 Value Index, surged 26.1 percent before finishing the six-month period that ended April 30, 2024 up 18.1 percent. When considering only the second fiscal quarter, small cap value stocks increased 0.9 percent. Small cap growth stocks, as measured by the Russell 2000 Growth Index, had increased as high as 31.4 percent before ending the same six-month period up 21.3 percent, outpacing their small value counterparts by 3.2 percent. However, small cap value stocks slipped behind their large cap value counterparts, as measured by the Russell 1000 Value Index. Small cap value stocks underperformed large cap value stocks by 3.3 percent during the second fiscal quarter and underperformed large cap value stocks by 0.3 percent since the start of the fiscal year.

Allocation Review

During the second fiscal quarter, the Sub-Adviser to the Fund changed. This resulted in a change in the approach from the previous Sub-Adviser, which attempted to match the Fund’s sector allocation to the benchmark index, where the new Sub-Adviser’s decisions on stock selection could result in meaningful differences between the Fund’s sector allocation and that of the benchmark index. The Sub-Adviser change occurred at the start of April, which saw all sectors drop into negative territory with dispersion between the best and worst performing sector being relatively muted when compared to previous periods. Therefore, the significant underweight in the financial services sector within the Fund versus the benchmark index had little impact, which was similar for the large overweight to the producer durables sector. During the six-month period ended April 30, 2024, the best performing sector within the benchmark index was materials and processing while the worst performing sector was consumer staples. The dispersion in performance between the best-performing sector and worst-performing sector during the six-month period was over 33 percent. However, in April the dispersion between best and worst-performing sectors was less than 7 percent. Therefore, similar to previous fiscal quarters, the Sub-Advisers’ stock selection within each of the small cap value sectors had a greater impact on the Fund’s relative performance over the fiscal period.

Holdings Insights

Primarily due to the change in the Fund’s Sub-Adviser, very few holdings were held for the entire second fiscal quarter, let alone the entire six-month period ended April 30, 2024. However, when considering the holding that were retained for the entire six-month period, those included financial services holdings such as Essent Group Ltd. (ESNT) (holding weight*: 0.61 percent), a holding company that through its subsidiaries offers private mortgage insurance and title insurance, AXIS Capital Holdings Ltd. (AXS) (holding weight*: 0.37 percent), a professional and property insurance provider, and Independent Bank Corporation (IBCP) (holding weight*: 0.54 percent), a regional bank holding company. As the sector in the benchmark index increased nearly 16 percent since the start of the fiscal year, individual holding returns less than that generally detracted from relative Fund performance. For example, despite ESNT and AXS increasing 13.3 percent and 9.1 percent, respectively, both of these holdings detracted from relative performance during the fiscal six-month period. Conversely, as IBCP surged 27.0 percent over the same six-month period, it was one of the stronger contributors to relative performance. The Fund also continued to hold Plymouth Industrial REIT Inc. (PLYM) (holding weight*: 0.89 percent), an owner and operator of distribution centers and warehouses. PLYM only increased 6.8 percent since the start of the fiscal year, which resulted in it being one of the largest relative detractors among the holdings held for the entire period.

The Fund continued to hold Spire, Inc. (SR) (holding weight*: 0.72 percent), a natural gas company that operates in Alabama, Mississippi, and Missouri, JELD-WEN Holding, Inc. (JELD) (holding weight*: 0.50 percent), a manufacturer of windows and doors, and LiveRamp Holdings, Inc. (RAMP) (holding weight*: 1.01 percent), a software-as-a-service company that specializes in data onboarding. Despite returning 13.8 percent and underperforming the benchmark as a whole, SR was one of the stronger performers within the utilities sector, which only increased 5.4 percent over the six-month period. However, the materials and processing sector was the strongest performing sector in the benchmark index, surging nearly 30 percent since the start of the fiscal year. The single holding that the Fund maintained for the entire period was JELD, which increased 80.9 percent, making it one of the best performers within the Fund and contributing positively against the benchmark index. RAMP increased 16.1 percent over the fiscal six-month period, which was less than the technology sector’s return, detracting from relative performance, despite increasing double-digits.

Sub-Adviser Outlook

The new Sub-Adviser completed the implementation of its strategy and approach in April. The updated Fund allocation includes a larger exposure to smaller capitalization stocks within the small cap universe. The Sub-Adviser believes that despite some of the additional risks inherent in the smaller capitalization names, it is confident that it may benefit on average from what it believes are meaningful discounts in valuation. The Sub-Adviser primarily focuses on bottom-up stock selection, attempting to identify small cap value stocks that are trading at a relative discount to their intrinsic value and peers and have an identified catalyst that the Sub-Adviser believes may help the stock to realize its valuation difference. In addition, the new Sub-Adviser has increased the number of holdings within the Fund, diversifying some of the idiosyncratic risk that may be more prevalent in a concentrated stock portfolio.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

83

Dunham Small Cap Value Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	17.20%	15.22%	5.79%	6.54%
Class A with Load 5.75%	10.30%	8.34%	4.29%	5.65%
Class A without load	17.05%	14.94%	5.53%	6.28%
Class C	16.57%	14.11%	4.74%	5.48%
Russell 2000 Value Index (a)	18.09%	14.03%	5.96%	6.45%
Morningstar Small Cap Value Category (b)	17.61%	15.72%	7.97%	6.66%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.35% for Class N, 2.35% for Class C and 1.60% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Banking	9.0	%
Transportation & Logistics	8.4	%
Engineering & Construction	5.1	%
Oil & Gas Services & Equipment	4.4	%
Software	4.5	%
Specialty Finance	4.1	%
Insurance	4.0	%
Retail Reit	3.7	%
Electrical Equipment	3.2	%
Other	53.8	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

84

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6%
		AEROSPACE & DEFENSE - 1.3%
	12,082	Embraer S.A. - ADR(a)	$	308,695
	25,078	Leonardo DRS, Inc.(a)		539,679
	1,915	Moog, Inc., Class A		304,619
				1,152,993
		APPAREL & TEXTILE PRODUCTS - 1.1%
	25,249	Gildan Activewear, Inc.		875,130
		AUTOMOTIVE - 0.7%
	3,671	Gentherm, Inc.(a)		185,642
	20,137	Goodyear Tire & Rubber Company (The)(a)		240,839
	29,006	Motorcar Parts of America, Inc.(a)		164,754
				591,235
		BANKING - 9.0%
	20,911	Capital Bancorp, Inc.		405,673
	18,233	Capital City Bank Group, Inc.		483,539
	11,913	Dime Community Bancshares, Inc.		216,817
	9,334	Esquire Financial Holdings, Inc.		439,258
	30,756	First BanCorporation		530,541
	33,052	First Commonwealth Financial Corporation		435,956
	16,801	First Foundation, Inc.		92,069
	17,226	Horizon Bancorp, Inc.		197,754
	17,562	Independent Bank Corporation		435,713
	25,453	Investar Holding Corporation		424,556
	17,322	MVB Financial Corporation		311,276
	13,985	National Bank Holdings Corporation, Class A		457,729
	13,739	Northeast Bank		710,582
	13,380	OceanFirst Financial Corporation		197,489
	16,346	OFG Bancorp		590,255
	6,595	Popular, Inc.		560,510
	22,606	Premier Financial Corporation		438,104
	8,710	Webster Financial Corporation		381,759
				7,309,580
		BIOTECH & PHARMA - 1.2%
	8,568	Halozyme Therapeutics, Inc.(a)		326,441

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

85

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		BIOTECH & PHARMA - 1.2% (Continued)
	30,193	Innoviva, Inc.(a)	$	456,216
	7,435	Pacira BioSciences, Inc.(a)		195,169
				977,826
		CHEMICALS - 2.6%
	3,485	Ashland, Inc.		332,225
	39,374	Ecovyst, Inc.(a)		371,297
	9,685	Huntsman Corporation		231,084
	99,629	Rayonier Advanced Materials, Inc.(a)		371,616
	48,957	Tronox Holdings PLC, Class A		831,780
				2,138,002
		COMMERCIAL SUPPORT SERVICES - 3.1%
	8,930	ABM Industries, Inc.		390,241
	70,735	ADT, Inc.		459,778
	395,428	Aqua Metals, Inc.(a)		185,456
	18,662	Resources Connection, Inc.		206,215
	8,740	SP Plus Corporation(a)		446,264
	6,675	Stericycle, Inc.(a)		298,573
	9,928	V2X, Inc.(a)		482,302
				2,468,829
		CONSTRUCTION MATERIALS - 0.3%
	7,131	Summit Materials, Inc., Class A(a)		277,396
		CONSUMER SERVICES - 0.5%
	6,011	Stride, Inc.(a)		401,234
		E-COMMERCE DISCRETIONARY - 0.6%
	12,222	Overstock.com, Inc.(a)		246,029
	4,701	Wayfair, Inc., Class A(a)		235,755
				481,784
		ELECTRIC UTILITIES - 1.8%
	10,094	ALLETE, Inc.		597,766
	13,521	Portland General Electric Company		584,513
	6,251	Unitil Corporation		318,426
				1,500,705

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

86

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		ELECTRICAL EQUIPMENT - 3.2%
	12,054	Allient, Inc.	$	354,267
	1,747	Argan, Inc.		105,274
	565	Atkore International Group, Inc.		99,045
	199,778	Babcock & Wilcox Enterprises, Inc.(a)		203,774
	20,479	Bloom Energy Corporation, Class A(a)		227,931
	2,363	Generac Holdings, Inc.(a)		321,273
	955	Mesa Laboratories, Inc.		101,306
	25,319	Mirion Technologies, Inc.(a)		275,218
	10,767	nLight, Inc.(a)		122,636
	15,732	SMART Global Holdings, Inc.(a)		287,424
	96,169	SmartRent, Inc.(a)		223,112
	16,059	Stoneridge, Inc.(a)		240,564
				2,561,824
		ENGINEERING & CONSTRUCTION - 5.1%
	10,871	Arcosa, Inc.		826,412
	12,438	Bowman Consulting Group Ltd.(a)		404,111
	10,120	Fluor Corporation(a)		408,140
	3,372	Frontdoor, Inc.(a)		103,487
	7,866	KBR, Inc.		510,818
	2,811	MasTec, Inc.(a)		249,308
	105,817	Orion Group Holdings, Inc.(a)		752,358
	17,809	Tutor Perini Corporation(a)		296,164
	6,871	VSE Corporation		536,418
				4,087,216
		ENTERTAINMENT CONTENT - 0.6%
	51,687	Reservoir Media, Inc.(a)		462,599
		FOOD - 1.6%
	47,789	Nomad Foods Ltd.		863,069
	11,212	TreeHouse Foods, Inc.(a)		421,011
				1,284,080
		GAS & WATER UTILITIES - 1.0%
	10,405	RGC Resources, Inc.		214,551

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

87

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		GAS & WATER UTILITIES - 1.0% (Continued)
	9,379	Spire, Inc.	$	579,529
				794,080
		HEALTH CARE FACILITIES & SERVICES - 3.0%
	15,373	Joint Corporation (The)(a)		183,554
	22,655	Pennant Group, Inc. (The)(a)		473,716
	104,184	Quipt Home Medical Corporation(a)		375,062
	9,472	Tenet Healthcare Corporation(a)		1,063,610
	36,178	Viemed Healthcare, Inc.(a)		296,298
				2,392,240
		HOME CONSTRUCTION - 1.1%
	19,619	JELD-WEN Holding, Inc.(a)		402,190
	17,652	Landsea Homes Corporation(a)		203,881
	2,139	Masonite International Corporation(a)		283,524
				889,595
		INDUSTRIAL INTERMEDIATE PROD - 1.0%
	33,002	Hillman Solutions Corporation(a)		315,499
	34,523	Janus International Group, Inc.(a)		497,477
				812,976
		INDUSTRIAL REIT - 0.9%
	34,533	Plymouth Industrial REIT, Inc.		721,050
		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	98,130	BGC Group, Inc., Class A		768,358
	38,899	Perella Weinberg Partners LP		580,373
				1,348,731
		INSURANCE - 4.0%
	4,898	Axis Capital Holdings Ltd.		300,394
	35,675	Fidelis Insurance Holdings Ltd.		662,842
	4,337	Hanover Insurance Group, Inc. (The)		563,029
	15,418	Kemper Corporation		899,023
	12,922	NMI Holdings, Inc., Class A(a)		398,773
	26,591	Tiptree, Inc.		423,595
				3,247,656

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

88

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		INTERNET MEDIA & SERVICES - 1.2%
	33,796	Cars.com, Inc.(a)	$	564,732
	130,110	TrueCar, Inc.(a)		343,490
	17,850	Vivid Seats, Inc.(a)		93,891
				1,002,113
		LEISURE FACILITIES & SERVICES - 1.5%
	20,262	Bowlero Corporation		238,079
	44,395	Carrols Restaurant Group, Inc.		422,639
	3,767	Dave & Buster’s Entertainment, Inc.(a)		201,158
	26,137	Denny’s Corporation(a)		209,619
	22,035	El Pollo Loco Holdings, Inc.(a)		187,738
				1,259,233
		LEISURE PRODUCTS - 0.3%
	35,527	Clarus Corporation		224,886
		MACHINERY - 2.3%
	10,308	Cadre Holdings, Inc.		343,772
	9,941	CECO Environmental Corporation(a)		214,924
	13,316	Enovis Corporation(a)		735,444
	6,443	Manitowoc Company, Inc. (The)(a)		77,960
	66,468	Ranpak Holdings Corporation(a)		481,228
				1,853,328
		MEDICAL EQUIPMENT & DEVICES - 1.5%
	55,027	Harvard Bioscience, Inc.(a)		210,203
	32,656	Orthofix Medical, Inc.(a)		424,529
	1,495	Teleflex, Inc.		312,081
	17,361	Zimvie, Inc.(a)		263,887
				1,210,700
		METALS & MINING - 3.0%
	283,298	Arizona Sonoran Copper Company, Inc.(a)		292,198
	58,353	Capstone Copper Corporation(a)		403,924
	19,998	Constellium S.E.(a)		393,761
	33,271	ERO Copper Corporation(a)		678,395
	68,611	Lithium Americas Argentina Corporation(a)		347,858

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

89

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		METALS & MINING - 3.0% (Continued)
	3,799	Warrior Met Coal, Inc.	$	259,662
				2,375,798
		MORTGAGE FINANCE - 0.5%
	40,976	AGNC Investment Corporation		374,930
		OFFICE REIT - 0.8%
	35,238	Equity Commonwealth(a)		659,656
		OIL & GAS PRODUCERS - 1.8%
	8,625	Antero Resources Corporation(a)		293,336
	120,384	Kosmos Energy Ltd.(a)		682,577
	146,352	Saturn Oil & Gas, Inc.(a)		283,828
	4,086	SM Energy Company		198,130
				1,457,871
		OIL & GAS SERVICES & EQUIPMENT - 4.4%
	13,685	Atlas Energy Solutions, Inc.		303,944
	18,720	Kodiak Gas Services, Inc.		508,810
	24,354	Matrix Service Company(a)		274,226
	21,602	Natural Gas Services Group, Inc.(a)		476,972
	37,473	Ranger Energy Services, Inc.		368,734
	26,448	Select Water Solutions, Inc., Class A		244,380
	46,953	TETRA Technologies, Inc.(a)		201,428
	21,826	Thermon Group Holdings, Inc.(a)		696,904
	2,695	Tidewater, Inc.(a)		247,536
	3,126	Valaris Ltd.(a)		203,378
				3,526,312
		RENEWABLE ENERGY - 0.2%
	84,383	Broadwind, Inc.(a)		178,892
		RESIDENTIAL REIT - 0.7%
	33,144	UMH Properties, Inc.		527,652
		RETAIL - DISCRETIONARY - 1.1%
	28,331	Driven Brands Holdings, Inc.(a)		405,984

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

90

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		RETAIL - DISCRETIONARY - 1.1% (Continued)
	16,592	PetIQ, Inc.(a)	$	270,781
	11,369	Savers Value Village, Inc.(a)		187,816
				864,581
		RETAIL REIT - 3.6%
	36,467	Alpine Income Property Trust, Inc.		544,452
	38,413	Brixmor Property Group, Inc.		848,928
	26,072	CTO Realty Growth, Inc.		452,349
	21,359	Getty Realty Corporation		578,829
	31,544	NETSTREIT Corporation		531,516
				2,956,074
		SEMICONDUCTORS - 1.0%
	2,765	Silicon Motion Technology Corporation - ADR		204,085
	16,589	Tower Semiconductor Ltd.(a)		545,280
				749,365
		SOFTWARE - 4.4%
	143,928	Augmedix, Inc.(a)		390,045
	28,998	Clarivate PLC(a)		196,027
	9,944	Consensus Cloud Solutions, Inc.(a)		115,748
	50,889	Immersion Corporation		369,963
	431,442	Kaltura, Inc.(a)		530,674
	48,447	ON24, Inc.		319,266
	41,845	OneSpan, Inc.(a)		452,763
	9,804	Phreesia, Inc.(a)		203,335
	7,320	Verint Systems, Inc.(a)		221,650
	70,890	Vimeo, Inc.(a)		254,495
	74,655	VTEX(a)		553,940
				3,607,906
		SPECIALTY FINANCE - 4.1%
	12,083	Air Lease Corporation		607,050
	9,248	Essent Group Ltd.		489,867
	52,082	EZCORP, Inc., Class A(a)		571,860
	2,139	Federal Agricultural Mortgage Corporation, Class C		398,132
	3,420	First American Financial Corporation		183,209
	3,838	FirstCash Holdings, Inc.		433,617

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

91

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		SPECIALTY FINANCE - 4.1% (Continued)
	19,685	International Money Express, Inc.(a)	$	398,228
	3,216	Stewart Information Services Corporation		199,424
				3,281,387
		STEEL - 2.6%
	66,748	Algoma Steel Group, Inc.		510,622
	4,727	Commercial Metals Company		254,029
	13,001	Metallus, Inc.(a)		267,301
	11,444	Northwest Pipe Company(a)		362,203
	18,287	Stelco Holdings, Inc.		530,113
	7,538	Universal Stainless & Alloy Products, Inc.(a)		197,119
				2,121,387
		TECHNOLOGY HARDWARE - 1.4%
	33,538	Harmonic, Inc.(a)		360,198
	61,932	PlayAGS, Inc.(a)		547,479
	22,398	RADCOM Ltd.(a)		197,102
				1,104,779
		TECHNOLOGY SERVICES - 2.1%
	2,898	ICF International, Inc.		418,152
	25,516	LiveRamp Holdings, Inc.(a)		819,319
	35,935	Pagseguro Digital Ltd, Class A(a)		447,391
				1,684,862
		TELECOMMUNICATIONS - 1.2%
	173,383	8x8, Inc.(a)		383,176
	17,193	DigitalBridge Group, Inc.		282,653
	44,900	Ooma, Inc.(a)		316,994
				982,823
		TRANSPORTATION & LOGISTICS - 8.3%
	53,358	Ardmore Shipping Corporation		893,746
	6,804	Covenant Logistics Group, Inc.		307,473
	53,919	DHT Holdings, Inc.		615,755
	62,358	Frontier Group Holdings, Inc.(a)		376,642
	9,681	Knight-Swift Transportation Holdings, Inc.		447,553
	49,974	Radiant Logistics, Inc.(a)		246,872
	21,874	RXO, Inc.(a)		413,637

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

92

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 94.6% (Continued)
		TRANSPORTATION & LOGISTICS - 8.3% (Continued)
	10,757	Scorpio Tankers, Inc.	$	756,863
	52,109	Star Bulk Carriers Corporation		1,267,290
	28,158	Sun Country Airlines Holdings, Inc.(a)		374,783
	12,092	Teekay Tankers Ltd., Class A		704,601
	7,986	Universal Logistics Holdings, Inc.		356,814
				6,762,029
		TRANSPORTATION EQUIPMENT - 0.8%
	3,192	Allison Transmission Holdings, Inc.		234,772
	12,195	Blue Bird Corporation(a)		401,886
				636,658
		WHOLESALE - CONSUMER STAPLES - 0.2%
	6,793	Grocery Outlet Holding Corporation(a)		176,414
		WHOLESALE - DISCRETIONARY - 0.2%
	15,798	Hudson Technologies, Inc.(a)		156,716
		TOTAL COMMON STOCKS (Cost $80,233,823)		76,513,113
		SHORT-TERM INVESTMENTS — 5.4%
		MONEY MARKET FUNDS - 5.4%
	4,356,298	Fidelity Government Portfolio, CLASS I, 5.19% (Cost $4,356,298)(b)		4,356,298
		TOTAL INVESTMENTS - 100.0% (Cost $84,590,121)	$	80,869,411
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%		32,620
		NET ASSETS - 100.0%	$	80,902,031

ADR	- American Depositary Receipt
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of April 30, 2024.

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

93

Dunham Focused Large Cap Growth Fund (Unaudited)

Message from the Sub-Adviser (The Ithaka Group, LLC)

Asset Class Recap

Large cap growth stocks, as measured by the Russell 1000 growth Index, experienced a robust rally to start the fiscal year , rallying 18.7 percent in the first fiscal quarter, but then increased a modest 4.1 percent in the second fiscal quarter. The initial rally was primarily fueled by the anticipation of multiple rate cuts from the Federal Reserve. However, this excitement was tempered in the second fiscal quarter as inflation readings remained higher than desired. Therefore, fewer and fewer rate cuts were anticipated as investors began to view strong economic readings as additional reasons why the Federal Reserve may justify its higher-for-longer stance. Large cap growth stocks slightly lagged versus their large cap value counterparts, as measured by the Russell 1000 Value Index, as large cap value stocks rose 4.2 percent in the second fiscal quarter. This brought the total outperformance of large cap growth versus large cap value to 5.1 percent since the start of the fiscal year.

Allocation Review

The less extreme performance experienced in the second fiscal quarter corresponded with a less pronounced sector dispersion within large cap growth stocks. The spread between the best-performing and worst-performing sectors was approximately 9.5 percent, which was nearly half of the 18 percent spread seen in the first fiscal quarter. When only considering sectors that on average comprise more than one percent of the benchmark index, the dispersion between the best and worst performing sector in the second fiscal quarter dropped to only 4.9 percent. The technology sector, the largest sector within the index, was the best performing sector for the six-month period, when considering sectors representing more than one percent on average of the benchmark index. The Fund continued to have a significant underweight to this sector relative to the benchmark index, which slightly detracted from relative performance. Helping to offset the adverse effect of being underweight the technology sector was the Sub-Adviser’s stock selection outperforming the benchmark sector return. This resulted in this exposure being the second-largest contributor to relative performance over the six-month period. The Fund’s overweight to the consumer discretionary sector detracted from relative performance, while positive stock selection within that sector resulted in the consumer discretionary sector being the largest contributor to relative performance.

Holdings Insights

Some of the largest detractors from Fund performance over the fiscal quarter came from the technology sector, which was the best performing sector in the benchmark index during the previous fiscal quarter. This included holdings such as ServiceNow, Inc. (NOW) (holding weight*: 6.90 percent), a leading provider in the cloud base solutions that manage and automate workflow services for global enterprises. NOW decreased approximately 9.4 percent during the second fiscal quarter. However, NOW had increased nearly 31 percent in the previous fiscal quarter, so its overall performance since the start of the fiscal year was a positive 19.2 percent. Another detractor in the technology sector during the most recent fiscal quarter was Adobe Inc. (ADBE) (holding weight*: 2.93 percent), a company primarily focused on licensing software for graphic design and publishing, as well as business processes. ADBE plummeted nearly 25.1 percent as the company released earnings that did not exceed estimates by as much as expected and the company also discussed how some of its segments with an artificial intelligence focus were not seeing the customer adoption it had anticipated. This substantial decline brought overall performance of ADBE to a negative 13.0 percent when measured since the start of the fiscal year. Conversely, one of the strongest performers in the Fund during the second fiscal quarter was Nvidia Corp. (NVDA) (holding weight*: 7.71 percent), the company that is now primarily known for its chips, systems, and software that are used for artificial intelligence. NVDA surged another 40.4 percent in the most recent fiscal quarter and this substantial increase brought its overall performance since the start of the fiscal year to 111.9 percent.

A detractor from the Funds’ performance in the previous fiscal quarter was The Trade Desk, Inc. (TTD) (holding weight*: 1.22 percent). TTD offers a cloud-based ad-buying platform that empowers advertising agencies and service providers to manage data driven digital advertising. After TTD declined 3.5 percent in the previous fiscal quarter, it jumped 21.1 percent in the most recent fiscal quarter. This strong performance brought the overall performance since the beginning of the fiscal year to 16.8 percent. A holding that struggled across both fiscal quarters was also in the consumer discretionary sector. Lululemon Athletica, Inc. (LULU) (holding weight*: 2.02 percent), an apparel company for yoga, running, training, other athleisure, and business clothing, had increased 15.3 percent in the first fiscal quarter, detracting from relative performance as the benchmark index had increased more than that. However, LULU dropped 20.5 percent in the second fiscal quarter as concerns regarding the outlook for China sales spooked investors. This brought the overall performance since the start of the fiscal year to a negative 8.4 percent.

Sub-Adviser Outlook

The Sub-Adviser maintains a concentrated portfolio of holdings, which may result in large variations in the Fund performance compared to the benchmark index’s performance, especially in short-term time periods. The Fund continues to hold what the Sub-Adviser believes to be the strongest growth stocks, primarily focusing on free-cash-flow and fundamental factors that traditionally support long-term growth. The Fund continues to hold an array of stocks ranging from cloud-based technologies to brick-and-mortar retailers. The Sub-Adviser is optimistic that remaining concentrated in the Fund’s number of holdings will prove to be more impactful to the Fund’s outperformance relative to its benchmark index over the long term than the impact of sector weightings.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024

94

Dunham Focused Large Cap Growth Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	28.80%	34.57%	13.15%	14.15%
Class A with Load 5.75%	21.22%	26.52%	11.54%	13.19%
Class A without load	28.63%	34.24%	12.87%	13.86%
Class C	28.13%	33.22%	12.02%	13.01%
Russell 1000 Growth Index (a)	23.56%	31.80%	16.46%	15.48%
Morningstar Large Cap Growth Category (b)	24.98%	31.59%	13.54%	9.96%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including the cost of underlying funds, are 1.23% for Class N, 2.23% for Class C and 1.48% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Technology	57.3	%
Consumer Discretionary	16.7	%
Health Care	9.8	%
Communications	8.3	%
Collateral For Securities Loaned	3.8	%
Financials	2.3	%
Short-Term Investment	1.8	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

95

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 98.2%
		ADVERTISING & MARKETING - 1.2%
	27,116	Trade Desk, Inc. (The), Class A(a)	$	2,246,561
		ASSET MANAGEMENT - 2.3%
	37,097	Blackstone, Inc.		4,325,881
		E-COMMERCE DISCRETIONARY - 11.0%
	91,918	Amazon.com, Inc.(a)		16,085,650
	2,839	MercadoLibre, Inc.(a)		4,141,249
				20,226,899
		HEALTH CARE FACILITIES & SERVICES - 1.2%
	5,776	Medpace Holdings, Inc.(a)		2,243,110
		INTERNET MEDIA & SERVICES - 7.4%
	12,194	Meta Platforms, Inc., Class A		5,245,493
	8,959	Netflix, Inc.(a)		4,933,184
	52,046	Uber Technologies, Inc.(a)		3,449,088
				13,627,765
		LEISURE FACILITIES & SERVICES - 4.4%
	2,577	Chipotle Mexican Grill, Inc.(a)		8,142,289
		MEDICAL EQUIPMENT & DEVICES - 9.0%
	8,259	Align Technology, Inc.(a)		2,332,176
	45,417	DexCom, Inc.(a)		5,785,672
	12,089	Insulet Corporation(a)		2,078,583
	17,414	Intuitive Surgical, Inc.(a)		6,453,976
				16,650,407
		RETAIL - DISCRETIONARY - 2.0%
	10,333	Lululemon Athletica, Inc.(a)		3,726,080
		SEMICONDUCTORS - 15.4%
	33,314	Advanced Micro Devices, Inc.(a)		5,276,271
	6,897	ASML Holding N.V. - ADR		6,017,426
	43,178	Marvell Technology, Inc.		2,845,862

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

96

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		SEMICONDUCTORS - 15.4% (Continued)
	16,491	NVIDIA Corporation	$	14,248,554
				28,388,113
		SOFTWARE - 30.2%
	11,708	Adobe, Inc.(a)		5,418,814
	12,557	Cadence Design Systems, Inc.(a)		3,461,086
	6,155	Intuit, Inc.		3,850,691
	34,880	Microsoft Corporation		13,579,831
	10,689	Palo Alto Networks, Inc.(a)		3,109,323
	28,314	Salesforce, Inc.		7,614,767
	18,382	ServiceNow, Inc.(a)		12,744,792
	8,222	Snowflake, Inc.(a)		1,276,054
	23,489	Veeva Systems, Inc., Class A(a)		4,663,976
				55,719,334
		TECHNOLOGY HARDWARE - 3.7%
	40,099	Apple, Inc.		6,830,063
		TECHNOLOGY SERVICES - 10.4%
	26,501	Mastercard, Inc., Class A		11,957,251
	26,628	Visa, Inc., Class A(b)		7,152,546
				19,109,797
		TOTAL COMMON STOCKS (Cost $75,356,350)		181,236,299
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 5.9%
		COLLATERAL FOR SECURITIES LOANED – 4.0%
	7,315,177	Mount Vernon Liquid Assets Portfolio, LLC, 5.43% (Cost $7,315,177) (c)(d)		7,315,177

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

97

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 5.9% (Continued)
		MONEY MARKET FUND – 1.9%
	3,487,243	STIT - Treasury Obligations Portfolio, 5.18% (Cost $3,487,243) (c)	$	3,487,243
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,802,420)		10,802,420
		TOTAL INVESTMENTS - 104.1% (Cost $86,158,770)	$	192,038,719
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%		(7,564,617	)
		NET ASSETS - 100.0%	$	184,474,102

ADR	- American Depositary Receipt
ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company

(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,080,828 at April 30, 2024
(c)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(d)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

98

Dunham Small Cap Growth Fund (Unaudited)

Message from the Sub-Adviser (Pier Capital, LLC)

Asset Class Recap

For the first half of the fiscal year, which ended April 30, 2024, small cap growth stocks, as measured by the Russell 2000 Growth Index increased 21.3 percent, outperforming the broader market, as measured by the S&P 500 Index. For the six-month period the small cap growth space was highly volatile, due to their sensitivity to interest rate movements. Right off the bat the asset class got off to a hot start. From October through December the index was up over 22 percent, and at its peak in late March the Index climbed to about 31 percent during the period. From the highs, small cap growth stocks reversed course and gave back some of the returns to close the first half of the fiscal year. It’s likely that the rhetoric around Federal Reserve policy and interest rate cuts in 2024 may continue to be a driving factor for small cap stocks. Many can agree that the worst scenario is off the table, and the data suggests that consumers are in good shape. Earnings season was also strong for the period, and investors saw signs of optimism particularly in growth areas like artificial intelligence, consumer discretionary and the health care sectors.

Allocation Review

Near the top of the pack in terms of relative performance was the consumer discretionary, and the consumer staples sectors. The Sub-Adviser’s effective security selection within both sectors helped contribute to the Fund’s performance. The Sub-Adviser’s decision to overweight consumer discretionary and underweight consumer staples also positively contributed to relative performance from an allocation perspective. Additionally, having no exposure to the real estate and utilities sectors helped the Fund’s performance, as both sectors were outpaced by the benchmarks total return. The largest detractor from the Fund’s performance was the exposure to information technology, a slight underweight to technology was overshadowed by poor security selection. Most of the negative relative performance within the technology sector was fueled by the Fund having zero exposure to two specific companies that will be rebalanced out of the benchmark in June. The Sub-Adviser’s current portfolio construction parameters and client investment policies do not allow for these specific stocks to be held, considering both companies had market caps far above the weighted average market cap of the small cap growth universe. Lastly, the financial and healthcare sectors were two more areas where security selection detracted from the Fund’s relative performance for the first half of the fiscal year.

Holdings Insight

One of the best performing positions within the Fund was Sweetgreen, Inc. (SG) (holding weight*: 1.35 percent), a restaurant and lifestyle brand that serves healthy food at scale. Over the fiscal period, SG gained 117.5 percent, aided by the company adopting a new business plan and continuing to invest in new restaurant locations. Additionally, SG reported sales that have increased by double digits every year since 2021. Another holding that was a positive contributor to the Fund’s relative performance came from the consumer discretionary sector. Boot Barn Holdings, Inc. (BOOT) (holding weight*: 1.41 percent), a company that operates retail stores selling western and work-related footwear, apparel, and accessories domestically. BOOT increased 53.2 percent for the period, which may have been a result of a resurgence in the popularity of western apparel that’s flooded social media platforms. Not only was BOOT’s revenue growth strong, but the profit margins on this growth have increased as well. The Sub-Adviser believes the company is becoming more profitable as it grows. In terms of relative performance Fusion Pharmaceuticals, Inc (FUSN) (holding weight**: 1.03 percent) was one of the top performing companies within the Fund. FUSN operates as a biopharmaceutical company that develops novel targeted alpha therapeutics and radiopharmaceuticals for the diagnosis and treatment of chemotherapy resistant cancers. During the period FUSN was up 359.4 percent. This performance came after the stock skyrocketed in March when Fusion agreed to be acquired by AstraZeneca (AZN) (not held) at a 97 percent premium to the share price the day of the announcement. The Sub-Adviser locked in the gain and exited the position on the news of the transaction.

One of the worst performing positions over the fiscal period came from the technology sector. Aehr Test Systems (AEHR) (holding weight*: 0.51 percent), a company that develops, manufactures, and sells systems designed to reduce the cost of testing memory devices, specifically in the global electric vehicle manufacturing chain. After a considerable run up last summer, AEHR fell 49.2 percent for the six-month period, which may have been caused by an industry wide slow in demand for EVs. None the less vehicle electrification is not coming to an end and AEHR should continue to benefit from optimism surrounding the EV market in the future. Another detractor from Fund performance was Inari Medical, Inc. (NARI) (holding weight*: 0.56 percent), which designs and manufactures a variety of medical devices. The position declined 38.5 percent for the period ending April 30. The slump came after NARI disclosed that it received a civil investigation demand from the US Department of Justice related to certain payments to healthcare professionals. Lastly, Array Technologies, Inc. (ARRY) (holding weight*: 1.14 percent) was down 28.8 percent for the fiscal period. The company designs and manufactures solar tracking systems. The stock’s decline was largely due to reported earnings that missed analysts’ expectations and issued full year guidance below estimates. However, ARRY has significant short interest which is typically a bullish indicator.

Sub-Adviser Outlook

The Sub-Adviser is optimistic that the U.S. economy is beginning to normalize. The U.S. continued to add new jobs, wages were rising, and the housing market appears stable. However geopolitical risks, inflation, and an upcoming election may continue to be headwinds for equity markets in the future. Some businesses may be substantially impacted if there happens to be a minor slip throughout 2024. The Sub-Adviser will continue to navigate the market with these factors in mind and seek out companies with compelling products and/or services with strong value propositions. Current themes in the portfolio remain largely unchanged.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 04/30/2024.

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

99

Dunham Small Cap Growth Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	19.24%	10.90%	7.03%	9.61%
Class A with Load 5.75%	12.26%	4.28%	5.50%	8.68%
Class A without load	19.10%	10.61%	6.75%	9.33%
Class C	18.62%	9.79%	5.96%	8.52%
Russell 2000 Growth Index (a)	21.31%	12.39%	5.04%	7.60%
Morningstar Small Cap Growth Category (b)	19.49%	12.26%	6.54%	8.09%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including the cost of underlying funds, are 1.56% for Class N, 2.56% for Class C and 1.81% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Collateral for Securities Loaned	25.3	%
Technology	22.9	%
Health Care	13.0	%
Consumer Discretionary	11.5	%
Industrials	10.7	%
Consumer Staples	4.4	%
Financials	4.4	%
Short-Term Investment	2.8	%
Energy	2.4	%
Communications	1.6	%
Materials	1.0	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

100

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.0%
		ADVERTISING & MARKETING - 1.0%
	9,014	Trade Desk, Inc. (The), Class A(a),(b)	$	746,810
		AEROSPACE & DEFENSE - 1.1%
	12,929	Hexcel Corporation		830,171
		APPAREL & TEXTILE PRODUCTS - 2.5%
	8,426	Crocs, Inc.(a)		1,047,942
	40,073	Levi Strauss & Company, Class A(b)		850,349
				1,898,291
		BANKING - 1.9%
	9,545	Pinnacle Financial Partners, Inc.(b)		732,102
	31,373	Seacoast Banking Corporation of Florida		723,775
				1,455,877
		BEVERAGES - 1.0%
	31,314	Vita Coco Company, Inc. (The)(a),(b)		759,051
		BIOTECH & PHARMA - 7.6%
	11,440	Crinetics Pharmaceuticals, Inc.(a)		501,301
	16,671	Denali Therapeutics, Inc.(a)		257,400
	21,542	Halozyme Therapeutics, Inc.(a)		820,751
	7,883	Immunocore Holdings plc - ADR(a),(b)		465,727
	6,727	Intra-Cellular Therapies, Inc.(a)		483,066
	50,773	Maravai LifeSciences Holdings, Inc.(a)		416,339
	25,423	Neumora Therapeutics, Inc.(a),(b)		231,095
	5,013	Prothena Corp plc(a)		101,964
	29,486	Roivant Sciences Ltd.(a),(b)		321,397
	9,686	Structure Therapeutics, Inc. - ADR(a)		382,016
	6,282	TransMedics Group, Inc.(a),(b)		591,325
	12,457	Vaxcyte, Inc.(a)		754,271
	5,927	Viking Therapeutics, Inc.(a),(b)		471,671
				5,798,323
		COMMERCIAL SUPPORT SERVICES - 1.2%
	4,376	FTI Consulting, Inc.(a)		935,720

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

101

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		CONSTRUCTION MATERIALS - 1.4%
	6,749	Advanced Drainage Systems, Inc.(b)	$	1,059,593
		CONSUMER SERVICES - 0.8%
	39,287	Universal Technical Institute, Inc.(a)		597,948
		E-COMMERCE DISCRETIONARY - 0.8%
	18,814	Global-e Online Ltd.(a),(b)		630,833
		ELECTRICAL EQUIPMENT - 3.6%
	35,467	Bloom Energy Corporation, Class A(a)		394,748
	16,219	BWX Technologies, Inc.		1,553,293
	11,335	Camtek Ltd.(b)		917,795
				2,865,836
		ENGINEERING & CONSTRUCTION - 2.1%
	5,760	Exponent, Inc.(b)		529,402
	3,204	Installed Building Products, Inc.(b)		755,278
	8,105	WillScott Mobile Mini Holding(a),(b)		299,561
				1,584,241
		FOOD - 0.2%
	3,235	BellRing Brands, Inc.(a)		178,475
		HEALTH CARE FACILITIES & SERVICES - 4.1%
	12,863	Option Care Health, Inc.(a)		384,475
	11,159	Progyny, Inc.(a),(b)		357,758
	25,739	RadNet, Inc.(a)		1,248,341
	19,903	SI-BONE, Inc.(a),(b)		283,817
	35,142	Surgery Partners, Inc.(a),(b)		876,793
				3,151,184
		HOME CONSTRUCTION - 2.6%
	22,291	AZEK Company, Inc. (The)(a)		1,017,361
	5,231	Century Communities, Inc.		414,923
	7,010	Skyline Champion Corporation(a)		525,680
				1,957,964

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

102

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		HOUSEHOLD PRODUCTS - 1.9%
	5,360	elf Beauty, Inc.(a),(b)	$	871,161
	4,850	Inter Parfums, Inc.		564,443
				1,435,604
		INDUSTRIAL SUPPORT SERVICES - 2.9%
	5,451	Applied Industrial Technologies, Inc.		998,896
	5,943	Herc Holdings, Inc.		850,027
	2,159	SiteOne Landscape Supply, Inc.(a),(b)		338,726
				2,187,649
		INSTITUTIONAL FINANCIAL SERVICES - 4.0%
	6,022	Evercore Partners, Inc., Class A		1,092,993
	7,311	HOULIHAN LOKEY, INC.(b)		932,079
	10,179	Tradeweb Markets, Inc., CLASS A		1,035,306
				3,060,378
		INTERNET MEDIA & SERVICES - 1.1%
	25,902	Pinterest, Inc., Class A(a)		866,422
		LEISURE FACILITIES & SERVICES - 5.9%
	16,634	Dutch Bros, Inc.(a),(b)		468,413
	79,015	Lindblad Expeditions Holdings, Inc.(a)		579,970
	70,175	OneSpaWorld Holdings Ltd.(a),(b)		892,626
	46,392	Sweetgreen, Inc.(a),(b)		1,042,429
	5,968	Texas Roadhouse, Inc.		959,535
	1,736	Wingstop, Inc.		667,995
				4,610,968
		LEISURE PRODUCTS - 1.0%
	2,420	Axon Enterprise, Inc.(a)		759,057
		MACHINERY - 3.5%
	20,257	Flowserve Corporation		955,321
	6,387	Lindsay Corporation		741,850
	5,271	MSA Safety, Inc.		950,888
				2,648,059
		MEDICAL EQUIPMENT & DEVICES - 5.9%
	117,346	Adaptive Biotechnologies Corporation(a)		307,447

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

103

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.9% (Continued)
	61,777	Alphatec Holdings, Inc.(a)	$	779,625
	11,575	Inari Medical, Inc.(a),(b)		432,211
	19,214	Inmode Ltd.(a),(b)		330,289
	3,175	Lantheus Holdings, Inc.(a),(b)		211,265
	27,855	Quanterix Corporation(a)		449,023
	4,694	Repligen Corporation(a),(b)		770,754
	25,018	Stevanato Group SpA(b)		701,504
	1,590	West Pharmaceutical Services, Inc.		568,393
				4,550,511
		OIL & GAS PRODUCERS - 0.8%
	3,946	Cheniere Energy, Inc.		622,758
		OIL & GAS SERVICES & EQUIPMENT - 1.2%
	37,186	TechnipFMC plc		952,705
		RENEWABLE ENERGY - 1.2%
	71,612	Array Technologies, Inc.(a),(b)		883,692
		RETAIL - CONSUMER STAPLES - 2.4%
	12,731	Ollie’s Bargain Outlet Holdings, Inc.(a)		931,145
	13,677	Sprouts Farmers Market, Inc.(a),(b)		903,092
				1,834,237
		RETAIL - DISCRETIONARY - 2.7%
	10,645	Boot Barn Holdings, Inc.(a),(b)		1,133,373
	8,784	Freshpet, Inc.(a)		931,719
				2,065,092
		SEMICONDUCTORS - 7.1%
	33,021	Aehr Test Systems(a)		395,592
	3,632	Astera Labs, Inc.(a),(b)		307,848
	4,169	Axcelis Technologies, Inc.(a),(b)		431,575
	19,930	FormFactor, Inc.(a)		888,680
	8,146	Lattice Semiconductor Corporation(a)		558,816
	1,197	Monolithic Power Systems, Inc.(b)		801,188
	4,625	Onto Innovation, Inc.(a),(b)		857,891

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

104

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		SEMICONDUCTORS - 7.1% (Continued)
	12,102	Power Integrations, Inc.	$	807,445
	4,559	SiTime Corporation(a),(b)		406,298
				5,455,333
		SOFTWARE - 16.3%
	3,863	Appfolio, Inc., Class A(a)		876,051
	12,509	Blackline, Inc.(a)		726,147
	25,766	Calix, Inc.(a)		714,491
	17,045	Confluent, Inc., Class A(a)		479,305
	24,751	DoubleVerify Holdings, Inc.(a),(b)		725,204
	14,812	Dynatrace, Inc.(a)		671,132
	9,722	Five9, Inc.(a),(b)		559,696
	13,611	Gitlab, Inc.(a)		714,169
	20,149	JFrog Ltd.(a)		803,542
	2,796	Monday.com Ltd.(a)		529,367
	1,441	MongoDB, Inc.(a),(b)		526,224
	28,872	Privia Health Group, Inc.(a),(b)		531,245
	7,795	Procore Technologies, Inc.(a)		533,334
	22,338	Q2 Holdings, Inc.(a),(b)		1,147,950
	14,567	Rapid7, Inc.(a),(b)		652,602
	9,926	Smartsheet, Inc., Class A(a)		375,501
	17,286	Varonis Systems, Inc.(a)		756,263
	2,143	Veeva Systems, Inc., Class A(a)		425,514
	25,499	Vertex, Inc., CLASS A(a),(b)		742,786
				12,490,523
		TECHNOLOGY HARDWARE - 1.7%
	9,696	Celestica, Inc.(a)		420,128
	4,963	Fabrinet(a),(b)		858,946
				1,279,074
		TECHNOLOGY SERVICES - 5.0%
	27,378	ExlService Holdings, Inc.(a)		793,962
	18,744	LiveRamp Holdings, Inc.(a)		601,870
	10,594	MAXIMUS, Inc.		850,486
	2,229	MSCI, Inc.		1,038,246

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

105

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 97.0% (Continued)
		TECHNOLOGY SERVICES - 5.0% (Continued)
	8,897	Shift4 Payments, Inc.(a),(b)	$	514,780
				3,799,344
		WHOLESALE - CONSUMER STAPLES - 0.5%
	15,178	Grocery Outlet Holding Corporation(a)		394,173
		TOTAL COMMON STOCKS (Cost $62,395,611)		74,345,896
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 38.0%
		COLLATERAL FOR SECURITIES LOANED – 34.2%
	26,187,377	Mount Vernon Liquid Assets Portfolio, LLC, 5.43% (c),(d)		26,187,377
		MONEY MARKET FUND – 3.8%
	2,948,914	Fidelity Government Portfolio, CLASS I, 5.19% (b),(c)		2,948,914
		TOTAL SHORT-TERM INVESTMENTS (Cost $29,136,291)		29,136,291
		TOTAL INVESTMENTS - 135.0% (Cost $91,531,902)	$	103,482,187
		LIABILITIES IN EXCESS OF OTHER ASSETS - (35.0)%		(26,828,917	)
		NET ASSETS - 100.0%	$	76,653,270

ADR	- American Depositary Receipt
LLC	- Limited Liability Company
LTD	- Limited Company
MSCI	- Morgan Stanley Capital International
PLC	- Public Limited Company

(a)	Non-income producing security.
(b)	Security was purchased with cash received as collateral for securities on loan at April 30, 2024. Total collateral had a value of $25,081,474 at April 30, 2024.
(c)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(d)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

106

Dunham Emerging Markets Stock Fund (Unaudited)

Message from the Sub-Adviser (NS Partners Ltd.)

Asset Class Recap

Markets cheered encouraging inflation data globally and prospects that central banks have reached the end of their hiking cycle in the first fiscal quarter of the year. Contributions from country constituents were widespread and diverse. Within Asia, equity markets in Taiwan and Korea surged thanks to a rally in the technology sector and continued enthusiasm surrounding artificial intelligence (“AI”) and its potential impact on the global economy. India gained strongly against a backdrop of moderating inflation and a strong showing for the ruling Bharatiya Janata Party in crucial state elections. Equity markets in South America also had a constructive quarter, with particular strength coming from Brazil amid signs of falling inflation and the central bank’s decision to reduce interest rates. From a detractor standpoint, the Chinese equity market continued to struggle. The People’s Bank of China announced numerous stimulus measures throughout the fiscal quarter. However, investors were underwhelmed with the scale of these rescue packages. Over the most recent fiscal quarter, emerging market equities continued to march higher as a rebound in China helped drive gains in the asset class. Although issues with the country’s property market persisted, authorities continued to reaffirm support to tackle the crisis. Investors also reacted positively to encouraging economic data. Specifically, the countries grew an above consensus 5.3 percent year over year, while purchasing manager indexes showed expansion in both manufacturing and services in April. Peruvian equities also rallied in response to currency and monetary policy easing. However, elsewhere in Latin America, Mexican and Brazilian equity markets declined as both currencies weakened versus the U.S. Dollar. Over the most recent fiscal quarter ended April 30, 2024, emerging markets stocks, as measured by the MSCI Emerging Markets Index Net, added 15.4 percent, underperforming international developed markets, as measured by the MSCI EAFE Index Net, as it increased 18.6 percent over the fiscal quarter.

Allocation Review

Over the first six months of the fiscal year, stock selection positively contributed to Fund performance. The Fund experienced positive contributions from stock selection within India, South Korea, and Taiwan. These positive results outweighed the slight detraction from poor relative stock selection within China, Mexico, and Greece. Conversely, the Fund’s country allocation detracted from Fund performance. The Fund benefited from an underweight to China, India, and gulf markets. However, these positive contributions were not enough to override the adverse impact from the exposure to Indonesia, Thailand, and Hong Kong. Throughout the six-month period, the Sub-Adviser reduced the exposure to China and took profits within India and increased the exposure to Taiwan and added to Indonesian stocks.

Holdings Insights

Some of the largest contributors to positive Fund performance came from Indian Securities. This includes Varun Beverages (VBL IN) (holding weight*: 2.85 percent), a company that manufactures bottles and distributes beverages, as it rose 15 percent over the most recent fiscal quarter and 62.6 percent over the first half of the fiscal year. The Sub-Adviser believes that Varun continues to sustain market leadership and has reported impressive revenue growth well ahead of peers. A further boost to the share price came on news that the company would buy South Africa’s The Beverage Company. The news confirms speculation that Varun was set to be rewarded by PepsiCo (PEP) (not held) for its performance in India with a new market opportunity. Varun will look to improve Pepsi’s low single-digit market share in South Africa, which the Sub-Adviser is optimistic it can achieve. Another positive contributor to positive Fund performance from India was Container Corp of India Ltd. (CCRI IN) (holding weight*: 1.11 percent), a company that supplies railway cargo and warehouse services. Over the six-month period, CCRI increased 50.3 percent. Not all positions within India contributed to Fund performance over the fiscal period. For example, HDFC Bank Ltd. (BK1N461) (holding weight*: 2.06 percent), an Indian banking and financial services company headquartered in Mumbai, rose just 2.7 percent over the six-month period as the company continues to work through a recent merger.

Technology stocks from South Korea and Taiwan were some of the largest contributors to positive Fund performance despite coming under pressure the most recent fiscal quarter. The Sub-Adviser believes these stocks were already starting to look attractive at the end of 2022, as the end of a brutal inventory de-stocking cycle for semiconductors came into view. Several stocks that the Sub-Adviser believes dominate their respective space within the semiconductor industry continued to contribute to positive Fund performance meaningfully to begin the fiscal year. This includes HPSP Company Ltd. (BPDWY61) (holding weight*: 0.59 percent), a South Korean company that manufactures and distributes semiconductor machines and equipment. The company specializes in high pressure annealing technology – the process of removing defects in advanced chips through high pressure hydrogen injections to enhance electron movement and hence performance. The Sub-Adviser believes this company is a monopoly in its niche, the only high-pressure annealing equipment provider certified by some of the world’s largest chip manufacturers. Over the first fiscal quarter, HPSP Company Ltd added 46.7 percent after surging 126.3 percent over the previous fiscal year. However, over the most recent fiscal quarter, HSPS company gave back 15.5 percent. The Fund also benefited from the exposure to Alchip Technologies Ltd. (3661 TT) (holding weight*: 0.68 percent), a fabless semiconductor company in Taiwan, and Wiwynn Corporation (6669 TT) (holding weight*: 1.34 percent), a Taiwanese designer and manufacturer of servers for large cloud customers. Over the six-month period, these positions added 18.2 percent and 54.4 percent, respectively.

China was one of the worst performing emerging markets over the six-month period thus many of the worst-performing positions within the Fund came from this exposure. For example, the multinational finance and insurance companies AIA Group Ltd. (1299 HK) (holding weight*: 1.72 percent) and Prudential plc (PRU LN) (holding weight*: 0.01 percent) gave back 14.6 percent and 14.8 percent, respectively. The Sub-Adviser is confident that these positions have the potential to be beneficiaries of regional tailwinds that will play out over the next decade. However, the Sub-Adviser believes that there is a disconnect between sentiment and fundamentals. Another position that detracted from Fund performance was Sunny Optical Technology Group Company Ltd. (2382 HK) (holding weight*: 0.49 percent), a company that engages in the design, manufacture, and sale of optical and optical devices products. Over the six-month period, this position declined 41.4 percent as the company failed to rebound as strongly as many anticipated from a disappointing previous year.

Sub-Adviser Outlook

The Sub-Adviser continues to emphasize the belief that slowing monetary data has signaled that inflation was likely to undershoot market expectations. While this is playing out, the Sub-Adviser’s view remains that the magnitude of monetary tightening risks a sharper slowdown. A preference for defensive businesses over cyclicals is therefore maintained. The Sub-Adviser believes that emerging markets will not avoid the bite of a slowdown in developed market economies. However, it views valuations in emerging markets stocks as trading below long-run averages, believes that emerging market currencies are relatively cheap (outside of South America), and believes inflation has been contained well ahead of developed market peers. The Sub-Adviser is confident that a trending decline of the U.S. Dollar would support the case for emerging markets stocks outperformance, it sees hints this may be underway. The U.S. dollar weakened sharply to close the previous fiscal year amid inflation easing towards the Federal Reserve’s target of 2 percent. Rate cuts by the Federal Reserve in 2024 could add downward pressure, allowing more emerging market central banks to begin easing and thus boosting global liquidity conditions.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

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

107

Dunham Emerging Markets Stock Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	14.36%	8.32%	1.18%	1.60%
Class A with Load 5.75%	7.66%	1.91%	(0.26)%	0.76%
Class A without load	14.20%	8.10%	0.93%	1.35%
Class C	13.80%	7.23%	0.19%	0.58%
MSCI Emerging Markets Index (net) (a)	15.40%	9.88%	1.89%	2.96%
Morningstar Diversified Emerging Markets Category (b)	14.99%	10.11%	2.49%	2.65%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.17% for Class N, 2.17% for Class C and 1.42% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
India	18.5	%
Taiwan	17.4	%
Korea	14.7	%
Hong Kong	12.3	%
United States	10.7	%
China	9.9	%
Indonesia	3.4	%
Thailand	2.8	%
Poland	2.1	%
Greece	1.9	%
Others	6.3	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

108

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		CLOSED END FUNDS — 0.9%
		MIXED ALLOCATION - 0.9%
	136,545	Vietnam Enterprise Investments Ltd.(a)	$	991,497
		TOTAL CLOSED END FUNDS (Cost $861,698)		991,497
		COMMON STOCKS — 95.5%
		APPAREL & TEXTILE PRODUCTS - 1.3%
	148,800	Shenzhou International Group Holdings Ltd.		1,462,579
		AUTOMOTIVE - 4.3%
	32,300	BYD Company Ltd.		969,766
	2,512	Hyundai Mobis Company Ltd.		409,968
	5,607	Hyundai Motor Company		1,006,126
	17,300	Kia Corp		1,462,157
	113,324	Sona Blw Precision Forgings Ltd.		846,645
				4,694,662
		BANKING - 15.3%
	122,539	Axis Bank Ltd.		1,709,517
	167,748	Banco Bradesco S.A. - ADR		452,920
	2,446,000	Bank Central Asia Tbk P.T.		1,470,742
	35,602	Bank Polska Kasa Opieki S.A.		1,474,079
	4,769,600	Bank Rakyat Indonesia Persero Tbk P.T.		1,443,775
	61,500	China Merchants Bank Company Ltd., H Shares		266,346
	370,346	FirstRand Ltd.		1,278,644
	6,200	HDFC Bank Ltd. - ADR		357,120
	125,627	HDFC Bank Ltd.		2,280,268
	210,148	Itau Unibanco Holding S.A. - ADR		1,271,396
	41,151	KB Financial Group, Inc.		2,226,507
	1,620,700	Public Bank Bhd		1,398,541
	117,820	Qatar National Bank QPSC		448,636
	249,300	SCB X PCL		711,707
				16,790,198
		BEVERAGES - 4.8%
	26,800	Eastroc Beverage Group Company Ltd.		787,889

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

109

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		BEVERAGES - 4.8% (Continued)
	19,800	Heineken Malaysia Bhd	$	96,547
	5,300	Kweichow Moutai Company Ltd.		1,242,671
	178,882	Varun Beverages Ltd.		3,162,734
				5,289,841
		E-COMMERCE DISCRETIONARY - 1.4%
	116,141	Alibaba Group Holding Ltd.		1,087,430
	89,728	Honasa Consumer Ltd.(a)		459,896
				1,547,326
		ELECTRIC UTILITIES - 3.3%
	57,780	ACEN Corporation		4,149
	1,885,300	CGN Power Company Ltd.		1,069,003
	315,100	China Yangtze Power Company Ltd., Class A		1,122,264
	183,154	JSW Energy Ltd.		1,380,644
				3,576,060
		ELECTRICAL EQUIPMENT - 0.7%
	242,528	NARI Technology Company Ltd.		784,428
		ENGINEERING & CONSTRUCTION - 2.0%
	30,976	Larsen & Toubro Ltd.		1,330,836
	20,664	Mytilineos S.A.		838,548
				2,169,384
		ENTERTAINMENT CONTENT - 0.6%
	34,490	NetEase, Inc.		646,499
		FOOD - 0.3%
	1,900,700	Monde Nissin Corporation		350,368
		HEALTH CARE FACILITIES & SERVICES - 2.7%
	293,845	Max Healthcare Institute Ltd.		2,951,289
		HOME & OFFICE PRODUCTS - 0.4%
	44,600	Midea Group Company Ltd.		428,952

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

110

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		INSURANCE - 1.7%
	260,200	AIA Group Ltd.	$	1,905,788
	4	Prudential PLC		35
				1,905,823
		INTERNET MEDIA & SERVICES - 6.9%
	110,100	Tencent Holdings Ltd.		4,831,516
	56,100	Trip.com Group Ltd. - ADR(a)		2,707,386
				7,538,902
		LEISURE FACILITIES & SERVICES - 4.5%
	203,760	Jollibee Foods Corporation		828,192
	106,093	Juniper Hotels Ltd.(a)		591,087
	675,183	Lemon Tree Hotels Ltd.(a)		1,231,113
	1,118,139	Minor International PCL		988,253
	75,432	OPAP S.A.		1,256,932
				4,895,577
		MEDICAL EQUIPMENT & DEVICES - 0.9%
	23,700	Shenzhen Mindray Bio-Medical Electronics Co.		995,159
		METALS & MINING - 1.1%
	499,500	Zijin Mining Group Company Ltd.		1,202,595
		OIL & GAS PRODUCERS - 5.2%
	376,189	Gazprom PJSC(a)(b)(c)		—
	2,498,000	PetroChina Company Ltd., H Shares		2,327,479
	113,300	Petroleo Brasileiro S.A. - ADR		1,922,701
	339,610	PTT Exploration & Production PCL		1,416,294
				5,666,474
		REAL ESTATE OWNERS & DEVELOPERS - 1.0%
	667,729	Indiabulls Real Estate Ltd.(a)		1,056,097
		RETAIL - CONSUMER STAPLES - 1.6%
	8,512	Magnit PJSC(a)(b)(c)		—
	472,337	Wal-Mart de Mexico S.A.B. de C.V.		1,760,908
				1,760,908

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

111

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		RETAIL - DISCRETIONARY - 0.8%
	216	LPP S.A.	$	832,371
		SEMICONDUCTORS - 16.5%
	8,000	Alchip Technologies Ltd.		752,786
	62,400	ASMPT Ltd.		775,483
	9,000	eMemory Technology, Inc.		603,523
	23,226	HPSP Company Ltd.		648,700
	54,000	MediaTek, Inc.		1,624,422
	19,670	SK Hynix, Inc.		2,421,520
	440,608	Taiwan Semiconductor Manufacturing Company Ltd.		10,525,574
	5,300	Taiwan Semiconductor Manufacturing Company Ltd. - ADR(d)		727,902
				18,079,910
		TECHNOLOGY HARDWARE - 11.8%
	93,099	Accton Technology Corporation		1,301,264
	84,000	Delta Electronics, Inc.		820,746
	32,000	Lotes Company Ltd.		1,398,511
	116,381	Samsung Electronics Company Ltd.		6,453,586
	111,600	Sunny Optical Technology Group Company Ltd.		539,887
	176,000	Unimicron Technology Corporation		971,048
	21,000	Wiwynn Corporation		1,490,488
				12,975,530
		TECHNOLOGY SERVICES - 1.5%
	302,833	Shanghai Baosight Software Company Ltd.		1,710,876
		TELECOMMUNICATIONS - 3.1%
	163,254	Bharti Airtel Ltd.		2,582,746
	4,487,300	Telekomunikasi Indonesia Persero Tbk P.T.		869,901
				3,452,647
		TRANSPORTATION & LOGISTICS - 1.8%
	100,201	Container Corp Of India Ltd.		1,230,115
	101,876	Spring Airlines Company Ltd.(a)		796,896
				2,027,011

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

112

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 95.5% (Continued)
		TOTAL COMMON STOCKS (Cost $85,591,733)	$	104,791,466
		PREFERRED STOCKS — 2.5%
		AUTOMOTIVE — 0.7%
	6,959	Hyundai Motor Company		793,267
		TECHNOLOGY HARDWARE — 1.8%
	40,616	Samsung Electronics Company Ltd.		1,891,821
		TOTAL PREFERRED STOCKS (Cost $2,738,932)		2,685,088
		SHORT-TERM INVESTMENTS — 3.5%
		COLLATERAL FOR SECURITIES LOANED - 0.7%
	743,074	Mount Vernon Liquid Assets Portfolio, LLC, 5.43%(e)(f)		743,074
		MONEY MARKET FUNDS - 2.8%
	3,075,820	First American Government Obligations Fund, Class X, 5.22%(f)		3,075,820
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,818,894)		3,818,894
		TOTAL INVESTMENTS - 102.4% (Cost $93,011,257)	$	112,286,945
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.4)%		(2,607,644	)
		NET ASSETS - 100.0%	$	109,679,301

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.

113

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

(a)	Non-income producing security.
(b)	The value of this security has been determined in good faith under policies of the Board of Trustees.
(c)	Illiquid security.
(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $720,623 at April 30, 2024.
(e)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
(f)	Rate disclosed is the seven day effective yield as of April 30, 2024.

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

114

Dunham International Stock Fund (Unaudited)

Message from the Sub-Adviser (Arrowstreet Capital, L.P.)

Asset Class Recap

International equity markets, as measured by the MSCI All Country World ex USA Index (Net) (referred to as the “Index”), increased 17.7 percent during the semi-annual period ending April 30, 2024. Across sectors, gains were led by information technology, industrials, and financials. While all sectors performed positively in the period, consumer staples, utilities, and energy underperformed on a relative basis. The best performing developed market countries as measured by the Index in hedged terms during the semi-annual period were The Netherlands, up 34.3 percent, and Ireland, up 31.8 percent. The worst performing developed market countries were Hong Kong, down -1.8 percent, and Portugal, up 0.8 percent. The best performing emerging market countries during the period as measured by the Index were Peru, up 49.6 percent, and Taiwan, up 34.9 percent. The worst performing emerging market countries were The Czech Republic, down -1.4 percent, and Thailand, up 1.9 percent.

Allocation Review

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

Countries contributing the most to returns relative to the Index during the semi-annual period were: Japan, in part driven by overweight positioning and positive selection within the Japanese industrials, financials and information technology baskets; and Turkey, primarily due to overweight positioning to the Turkish financials basket. Countries contributing the most to underperformance relative to the Index included: the UK, mostly as a result of overweight positioning to the UK energy basket; and Germany, largely due to overweight positioning and negative selection within the German communication services basket and negative selection within the German health care basket.

Sectors contributing the most to returns relative to the Index during the semi-annual period included: Financials, largely driven by overweight positioning to the Turkish financials basket; and information technology, largely as a result of overweight positioning to the Dutch and Taiwanese information technology baskets and positive selection paired with overweight positioning to the Japanese information technology basket. Sectors contributing the most to underperformance relative to the Index included: communication services, predominantly driven by overweight positioning and negative selection within the Chinese, German and Canadian communication services baskets; and health care primarily as a result of negative selection paired with overweight positioning to the Swiss health care basket.

Holding Insights

One position that positively contributed to Fund performance during the fiscal semi-annual period was ASML Holding N.V. (ASML NA) (holding weight*: 2.43 percent), a global developer and producer of semiconductor manufacturing equipment, specifically machines to produce chips. Another holding that outperformed was Akbank T.A.S (AKBNK TI) (holding weight*: 2.03 percent), a financial institution that offers retail and corporate banking services. ASMLNA, and AKBNKTI increased 49.7 percent and 83.9 percent, respectively, during the first half of the fiscal year. A couple of stocks that detracted from fund performance were BYD Electronic International Company Ltd. (285 HK) (holding weight*: 0.08 percent), a company that researches and develops handset components for handset manufacturers, and Equinor ASA (EQNR) (holding weight*: 0.07 percent), an energy company that develops oil, gas, wind, and solar energy projects. For the six-month period 285 HK and EQNR fell 18.4 percent and 15.1 percent respectively.

Sub-Adviser Outlook

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

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 04/30/2024.

115

Dunham International Stock Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	20.72%	18.11%	9.24%	5.95%
Class A with Load 5.75%	13.67%	11.07%	7.69%	5.06%
Class A without load	20.62%	17.85%	8.97%	5.68%
Class C	20.15%	16.94%	8.15%	4.89%
MSCI All Country World ex US Index (net) (a)	17.69%	9.33%	5.03%	3.93%
Morningstar Foreign Large Cap Blend Category (b)	16.62%	8.20%	5.17%	3.82%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 2.00% for Class N, 3.00% for Class C and 2.25% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%.The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distribution. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
United States	22.4	%
Japan	15.0	%
China	9.3	%
Germany	7.5	%
Hong Kong	6.1	%
Korea	5.6	%
Switzerland	4.7	%
Turkey	4.7	%
Netherlands	4.0	%
Other Countries	20.7	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

116

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7%
		AEROSPACE & DEFENSE - 0.0%(a)
	2,185	Leonardo SpA	$	50,228
		APPAREL & TEXTILE PRODUCTS - 0.0%(a)
	839	Gildan Activewear, Inc.		29,080
		ASSET MANAGEMENT - 2.0%
	1,289	Industrivarden A.B.		41,513
	5,515	Industrivarden A.B., C Shares		177,319
	10,707	Investor A.B.		262,262
	87,628	UBS Group A.G.(c)		2,344,055
				2,825,149
		AUTOMOTIVE - 7.9%
	5,000	Aisin Corporation		190,185
	23,857	Bayerische Motoren Werke A.G.		2,599,847
	10,835	Continental A.G.		702,403
	8,800	Fuyao Glass Industry Group Company Ltd.		52,686
	700	Honda Motor Company Ltd.		7,964
	4,244	Hyundai Mobis Company Ltd.		692,637
	1,761	Kia Corp		148,836
	22,500	Koito Manufacturing Company Ltd.		302,647
	21,100	Mazda Motor Corporation		238,845
	17,169	Mercedes-Benz Group A.G.		1,298,999
	77,900	Nissan Motor Company Ltd.		285,096
	132,737	Stellantis N.V.(c)		2,946,885
	26,400	Subaru Corporation		589,497
	37,700	Sumitomo Electric Industries Ltd.		582,714
	800	Toyota Industries Corporation		76,023
	28,300	Zhejiang Cfmoto Power Company Ltd.		545,245
				11,260,509
		BANKING - 22.8%
	8,070	ABN AMRO Bank N.V.		129,302

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

117

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		BANKING - 22.8% (Continued)
	167,000	Agricultural Bank of China Ltd., H Shares	$	74,467
	1,559,658	Akbank T.A.S.		2,870,716
	27,239	Alpha Bank AE(d)		46,008
	30,481	Banco Bilbao Vizcaya Argentaria S.A.		329,702
	209,983	Banco BPM SpA		1,379,013
	20,100	Banco Bradesco S.A.		47,767
	463,268	Banco de Chile		51,510
	9,200	Banco do Brasil S.A.		48,705
	852,850	Banco Santander Chile		38,732
	85,730	Banco Santander S.A.		417,234
	43,107	Bancolombia S.A.		371,546
	6,714	Bank Hapoalim BM		60,500
	43,009	Bank Leumi Le-Israel BM		335,225
	279,200	Bank of Beijing Company Ltd., Class A		214,933
	9,968	Bank of China Ltd. - ADR		110,944
	4,404,000	Bank of China Ltd., H Shares		1,975,142
	1,150,000	Bank of Communications Company Ltd., H Shares		828,064
	229,387	Bank of Ireland Group PLC		2,459,641
	376,800	Bank of Jiangsu Company Ltd.		420,077
	185,729	Barclays plc - ADR(c)		1,901,865
	79,615	Barclays plc		200,747
	31,712	BNK Financial Group, Inc.		190,997
	5,513	BNP Paribas S.A.		396,824
	20,483	CaixaBank S.A.		108,045
	1,240,000	China Construction Bank Corporation, H Shares		802,265
	10,900	China Merchants Bank Company Ltd.		51,430
	19,500	China Merchants Bank Company Ltd., H Shares		84,451
	350,500	China Minsheng Banking Corp Ltd., H Shares		128,241
	272,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		116,424
	11,630	Commercial International Bank - Egypt (CIB)		17,236
	360	Credicorp Ltd.		59,620
	116,851	Deutsche Bank A.G.		1,874,865
	1,861	Erste Group Bank A.G.		86,809

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

118

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		BANKING - 22.8% (Continued)
	6,555	FinecoBank Banca Fineco SpA	$	100,446
	103,982	Haci Omer Sabanci Holding A/S		296,831
	10,225	Hana Financial Group, Inc.		430,215
	55,067	Industrial & Commercial Bank of China Ltd. - ADR(c)		586,464
	1,630,000	Industrial & Commercial Bank of China Ltd., H Shares		874,048
	26,400	Industrial Bank Company Ltd.		61,321
	18,151	ING Groep N.V.		287,043
	110,337	Intesa Sanpaolo SpA		413,094
	24,441	Intesa Sanpaolo SpA - ADR		552,611
	35,286	Itau Unibanco Holding S.A. - ADR		213,480
	8,000	Japan Post Bank Company Ltd.		81,204
	15,000	Kasikornbank PCL		52,455
	12,641	KB Financial Group, Inc.		683,951
	971	Komercni banka as		35,775
	115,200	Krung Thai Bank PCL		51,939
	752,514	Lloyds Banking Group plc - ADR		1,926,435
	52,734	Nordea Bank Abp		617,357
	1,218	OTP Bank Nyrt		60,384
	11,364	Piraeus Financial Holdings S.A.(d)		45,535
	4,500	Powszechna Kasa Oszczednosci Bank Polski S.A.		66,819
	118,460	Quinenco S.A.		413,682
	445	Santander Bank Polska S.A.		60,986
	775,890	Sberbank of Russia PJSC(b)(d)(g)		—
	24,500	SCB X PCL		70,188
	2,831	Shinhan Financial Group Company Ltd.		94,884
	36,156	Skandinaviska Enskilda Banken A.B.		473,547
	3,214	Societe Generale S.A.		86,623
	60,673	Svenska Handelsbanken A.B., A Shares		520,327
	6,000	Swedbank A.B., A Shares		114,742
	3,340	Toronto-Dominion Bank (The)		198,132
	529,219	Turkiye Garanti Bankasi A/S		1,347,314
	298,298	Turkiye Is Bankasi A/S		126,279
	21,414	UniCredit SpA		786,181

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

119

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		BANKING - 22.8% (Continued)
	1,284,860,000	VTB Bank PJSC(b)(d)(g)	$	—
	2,410,939	Yapi ve Kredi Bankasi A/S		2,414,270
				32,373,609
		BIOTECH & PHARMA - 4.4%
	28,363	GSK plc - ADR(c)		1,175,363
	11,798	Novartis AG		1,145,073
	2,127	Novo Nordisk A/S		272,772
	2,500	Otsuka Holdings Company Ltd.		106,894
	12,755	Roche Holding A.G.		3,056,246
	18,300	Takeda Pharmaceutical Company Ltd.		480,971
				6,237,319
		CHEMICALS - 0.3%
	739	Brenntag S.E.		58,989
	800	Nitto Denko Corporation		66,150
	10,128	PhosAgro PJSC(b)(d)(g)		—
	3,112	Symrise A.G.		333,663
				458,802
		COMMERCIAL SUPPORT SERVICES - 0.0%(a)
	917	Adecco Group A.G.		32,079
		CONSTRUCTION MATERIALS - 1.2%
	1,100	AGC, Inc.		40,672
	6,705	CRH plc		519,101
	674	Heidelberg Materials A.G.		67,845
	13,393	Holcim A.G.		1,121,087
	0	Turkiye Sise ve Cam Fabrikalari A/S		0
				1,748,705
		DIVERSIFIED INDUSTRIALS - 1.2%
	189,000	Mitsubishi Heavy Industries Ltd.		1,689,903
		E-COMMERCE DISCRETIONARY - 0.8%
	9,552	PDD Holdings, Inc. - ADR(d)		1,195,719

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

120

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		ELECTRIC UTILITIES - 1.7%
	1,200	Chubu Electric Power Company, Inc.	$	15,403
	12,042	E.ON S.E.		159,499
	19,994	Engie S.A.(c)		347,194
	3,800	Kansai Electric Power Company, Inc. (The)		56,923
	292,100	Tokyo Electric Power Company Holdings, Inc.(d)		1,816,979
				2,395,998
		ELECTRICAL EQUIPMENT - 1.3%
	16,763	ABB Ltd.		815,139
	9,800	Fuji Electric Company Ltd.		609,610
	20,735	Hexagon A.B.		216,923
	7,600	Mitsubishi Electric Corporation		132,470
				1,774,142
		ENGINEERING & CONSTRUCTION - 1.1%
	406,600	China Railway Group Ltd.		367,263
	966,900	China State Construction Engineering Corp Ltd.		714,217
	1	Enka Insaat ve Sanayi A/S		1
	1,021,200	Metallurgical Corp of China Ltd., Class A		459,966
				1,541,447
		ENTERTAINMENT CONTENT - 0.0%(a)
	13,100	37 Interactive Entertainment Network Technology		30,093
		FOOD - 0.4%
	1,097	Salmar ASA		69,017
	741,000	WH Group Ltd.		538,585
				607,602
		GAS & WATER UTILITIES - 0.0%(a)
	2,100	Tokyo Gas Company Ltd.		47,098
		HOME & OFFICE PRODUCTS - 0.4%
	1	Arcelik A/S		5
	92,000	Gree Electric Appliances Inc of Zhuhai		533,745
	17,400	Haier Smart Home Company Ltd., H Shares		64,450
				598,200

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

121

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		HOME CONSTRUCTION - 0.0%(a)
	3,400	Sekisui Chemical Company Ltd.	$	49,464
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	13,200	Sumitomo Corporation		347,129
		INSTITUTIONAL FINANCIAL SERVICES - 1.4%
	7,100	Daiwa Securities Group, Inc.		52,179
	14,800	Haitong Securities Company Ltd.		7,069
	2,600	Japan Exchange Group, Inc.		60,895
	329,400	Nomura Holdings, Inc.		1,874,317
				1,994,460
		INSURANCE - 5.6%
	2,135	Allianz S.E.		606,030
	1,260	ASR Nederland N.V.		63,065
	12,290	Assicurazioni Generali SpA		299,734
	58,619	Aviva plc		340,376
	73,805	China Life Insurance Company Ltd., H Shares		97,195
	24,600	China Pacific Insurance Group Company Ltd., H Shares		53,900
	3,700	Dai-ichi Life Holdings, Inc.		85,698
	7,097	Hyundai Marine & Fire Insurance Company Ltd.		159,821
	14,300	Japan Post Holdings Company Ltd.		137,330
	44,100	MS&AD Insurance Group Holdings, Inc.		792,891
	26,196	NN Group N.V.		1,208,743
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		758,853
	3,712	Samsung Fire & Marine Insurance Company Ltd.		828,832
	84,600	Sompo Holdings, Inc.		1,674,278
	1,743	Swiss Re A.G.		189,471
	10,200	Tokio Marine Holdings, Inc.		322,391
	816	Zurich Insurance Group A.G.		394,978
				8,013,586
		LEISURE FACILITIES & SERVICES - 0.0%(a)
	94	Evolution A.B.		10,386

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

122

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		MACHINERY - 0.9%
	500	Disco Corporation	$	142,426
	1,800	Makita Corporation		52,113
	5,849	Sandvik A.B.		116,599
	7,000	Techtronic Industries Company Ltd.		96,735
	155,500	Tian Di Science & Technology Company Ltd.		158,992
	29,300	Yokogawa Electric Corporation		647,419
				1,214,284
		MEDICAL EQUIPMENT & DEVICES - 0.2%
	4,660	Getinge A.B., B Shares		98,111
	3,952	Koninklijke Philips N.V.(d)		104,976
	8,913	Smith & Nephew plc		107,995
				311,082
		METALS & MINING - 4.1%
	72,962	Barrick Gold Corporation(c)		1,214,087
	100	China Shenhua Energy Company Ltd.		549
	17,000	China Shenhua Energy Company Ltd., H Shares		70,558
	128,700	Huaibei Mining Holdings Company Ltd.		342,372
	96,800	Jiangxi Copper Company Ltd., Class A		349,309
	3,408	Kinross Gold Corporation		21,982
	378,500	MMC Norilsk Nickel PJSC(b)(d)(g)		—
	11,507	Norsk Hydro ASA		70,718
	394,000	Pingdingshan Tianan Coal Mining Company Ltd.		717,812
	1,994	Rio Tinto plc		134,925
	21,000	Shandong Gold Mining Company Ltd.		45,377
	570,814	Shandong Nanshan Aluminum Company Ltd.		281,273
	19,700	Sumitomo Metal Mining Company Ltd.		658,163
	1,631,100	Tongling Nonferrous Metals Group Company Ltd.		904,429
	189,700	Yunnan Copper Company Ltd.		365,756
	264,000	Zijin Mining Group Company Ltd.		575,906
				5,753,216
		OIL & GAS PRODUCERS - 10.7%
	1,918	Aker BP ASA		46,520
	89,570	BP PLC - ADR		3,472,629
	105,666	BP PLC		681,134

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

123

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		OIL & GAS PRODUCERS - 10.7% (Continued)
	991,900	China Petroleum & Chemical Corporation	$	867,412
	1,214,000	China Petroleum & Chemical Corporation, H Shares		724,635
	11,946	Enbridge, Inc.		424,737
	17,700	ENEOS Holdings, Inc.		81,779
	11,818	Eni SpA		189,864
	3,776	Equinor ASA - ADR(c)		100,404
	6,389	Equinor ASA		170,008
	2,546	Galp Energia SGPS S.A.		54,705
	87,530	Gazprom PJSC - ADR(b)(d)(g)		—
	247,390	Gazprom PJSC(b)(d)(g)		—
	37,200	Inpex Corporation		557,259
	1,059	KOC Holding A/S		7,393
	24,250	LUKOIL PJSC(b)(d)(g)		—
	3,307	MEG Energy Corporation(d)		75,208
	22,511	Motor Oil Hellas Corinth Refineries S.A.		652,646
	9,000	OMV A.G.		427,168
	1,401	Pembina Pipeline Corporation		49,293
	1,636,200	PetroChina Company Ltd., Class A		2,308,426
	1,184,100	PetroChina Company Ltd., H Shares		1,103,269
	110,900	Petroleo Brasileiro S.A.		946,556
	11,641	Petroleo Brasileiro S.A. - ADR		197,548
	11,600	PTT Exploration & Production PCL		48,376
	204,900	PTT PCL		185,121
	9,462	Repsol S.A.		148,553
	117,940	Rosneft Oil Company PJSC(b)(d)(g)		—
	6,182	Shell plc - ADR(c)		443,002
	482	SK, Inc.		57,297
	6,936	Suncor Energy, Inc.		264,644
	6,830	Tatneft PJSC(b)(d)(g)		—
	32,200	Thai Oil PCL		26,202
	11,465	TotalEnergies S.E.		832,550
				15,144,338

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

124

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 0.5%
	1,256,700	CNOOC Energy Technology & Services Ltd.	$	704,962
		RETAIL - CONSUMER STAPLES - 0.1%
	13,500	CK Hutchison Holdings Ltd.		65,566
		RETAIL - DISCRETIONARY - 0.3%
	514	Canadian Tire Corp Ltd.		49,651
	3,842	Hennes & Mauritz A.B., Class B(c)		61,072
	217,521	HLA Group Corp Ltd., Class A		273,662
	439	Pandora A/S		66,816
				451,201
		SEMICONDUCTORS - 6.8%
	17,000	ASE Technology Holding Company Ltd.		76,300
	3,941	ASML Holding N.V.		3,433,508
	1,210	ASML Holding N.V. - ADR		1,055,689
	400	Lasertec Corporation		86,284
	33,000	MediaTek, Inc.		992,703
	371,000	MLS Company Ltd.		428,396
	3,000	Realtek Semiconductor Corporation		47,217
	300	SCREEN Holdings Company Ltd.		30,954
	55,000	Taiwan Semiconductor Manufacturing Company Ltd.		1,313,881
	10,000	Tokyo Electron Ltd.		2,193,500
				9,658,432
		SOFTWARE - 1.7%
	520	Check Point Software Technologies Ltd.(d)		77,698
	108	Constellation Software, Inc.		278,033
	222	CyberArk Software Ltd.(c),(d)		53,114
	499	Descartes Systems Group, Inc. (The)(d)		46,285
	324	Nice Ltd.(d)		72,470
	1,442	Open Text Corporation		50,917
	6,857	SAP S.E.		1,238,453
	1,051	SAP S.E. - ADR(c)		190,452

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

125

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		SOFTWARE - 1.7% (Continued)
	6,517	Shopify, Inc., Class A(d)	$	457,500
				2,464,922
		SPECIALTY FINANCE - 1.2%
	1,077	AerCap Holdings N.V.(d)		90,996
	49,600	ORIX Corporation		1,015,104
	20,481	Samsung Card Company Ltd.		575,506
				1,681,606
		STEEL - 0.4%
	20,444	ArcelorMittal S.A. - ADR(c)		511,304
	2,611	ArcelorMittal S.A.		65,246
	400	Nippon Steel Corporation		8,968
				585,518
		TECHNOLOGY HARDWARE - 4.9%
	1,251,000	Acer, Inc.		1,717,362
	70,300	Anker Innovations Technology Company Ltd.		835,198
	10,100	Brother Industries Ltd.		178,662
	35,000	BYD Electronic International Company Ltd.		117,907
	103,000	Chicony Electronics Company Ltd.		636,168
	16,200	FUJIFILM Holdings Corporation		344,621
	8,642	Hisense Visual Technology Company Ltd.		33,227
	8,800	Kyocera Corporation		107,262
	42,000	Lenovo Group Ltd.		47,240
	538	LG Electronics, Inc.		35,745
	594	Logitech International S.A.		46,247
	11,700	Panasonic Holdings Corporation		102,125
	26,000	Quanta Computer Inc		203,585
	43,965	Samsung Electronics Company Ltd.		2,437,958
	17,211	Telefonaktiebolaget LM Ericsson, B Shares		87,350
	1,200	ZTE Corporation, H Shares		2,586
				6,933,243
		TECHNOLOGY SERVICES - 2.1%
	1,131	CGI, Inc.(d)		114,591
	11,851	Experian plc		478,032
	2,800	Nomura Research Institute Ltd.		67,755

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

126

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		TECHNOLOGY SERVICES - 2.1% (Continued)
	16,388	RELX plc - ADR(c)	$	675,022
	16,019	RELX plc		658,937
	6,620	Wolters Kluwer N.V.		991,302
				2,985,639
		TELECOMMUNICATIONS - 3.0%
	34,036	BT Group PLC		43,529
	2,045,100	China United Network Communications Ltd.		1,318,951
	101,175	Deutsche Telekom A.G.		2,318,043
	6,023	Tele2 A.B., B Shares		56,181
	7,402	Telenor ASA		85,228
	17,189	Vodafone Group plc - ADR(c)		144,559
	245,517	Vodafone Group plc		207,060
				4,173,551
		TRANSPORTATION & LOGISTICS - 2.3%
	25	AP Moller - Maersk A/S - Series B		36,227
	211	AP Moller - Maersk A/S - Series A		299,239
	2,282	Canadian National Railway Company		276,956
	2,888	Deutsche Post A.G.		120,950
	286,400	Eastern Air Logistics Company Ltd.		721,379
	19,900	Kawasaki Kisen Kaisha Ltd.		280,394
	17,500	Mitsui OSK Lines Ltd.		555,453
	8,500	Nippon Express Holdings Company Ltd.		434,854
	7,300	Nippon Yusen KK		207,254
	9,243	Star Bulk Carriers Corporation		224,790
	472	Svitzer A/S(d)		15,861
	1	Turk Hava Yollari AO(d)		10
	11,900	Xiamen C & D, Inc.		16,313
				3,189,680
		TRANSPORTATION EQUIPMENT - 0.3%
	4,100	Isuzu Motors Ltd.		51,960
	16,356	Volvo A.B., B Shares		416,341
				468,301

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

127

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 93.7% (Continued)
		WHOLESALE - CONSUMER STAPLES - 0.5%
	38,800	Marubeni Corporation	$	691,288
		WHOLESALE - DISCRETIONARY - 1.0%
	21,700	Toyota Tsusho Corporation		1,379,711
		TOTAL COMMON STOCKS (Cost $119,021,135)		133,167,247
		EXCHANGE-TRADED FUNDS — 0.5%
		EQUITY - 0.5%
	6,950	iShares MSCI EAFE ETF(c)		537,026
	3,577	iShares MSCI Eurozone ETF		176,203
				713,229
		TOTAL EXCHANGE-TRADED FUNDS (Cost $710,554)		713,229
		PREFERRED STOCKS — 4.8%
		AUTOMOTIVE — 1.6%
	3,364	Bayerische Motoren Werke A.G.		345,742
	4,098	Hyundai Motor Company		454,626
	1,185	Porsche Automobil Holding S.E.		60,392
	11,130	Volkswagen A.G.		1,363,819
				2,224,579
		BANKING — 0.2%
	28,800	Banco Bradesco S.A.		77,815
	31,556	Bancolombia S.A.		258,306
				336,121
		INSTITUTIONAL FINANCIAL SERVICES — 0.2%
	110,420	Mirae Asset Securities Company Ltd.		289,971

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

128

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares						Fair Value
		PREFERRED STOCKS — 4.8% (Continued)
		INSURANCE — 0.4%
	3,206	Samsung Fire & Marine Insurance Company Ltd.				$	563,779
		OIL & GAS PRODUCERS — 1.8%
	310,800	Petroleo Brasileiro S.A.					2,509,097
		TECHNOLOGY HARDWARE — 0.6%
	19,632	Samsung Electronics Company Ltd.					914,424
		TOTAL PREFERRED STOCKS (Cost $6,488,739)					6,837,971
			Expiration Date	Exercise Price
		WARRANT — 0.0%(a)
		SOFTWARE - 0.0% (a)
	108	Constellation Software Inc (Canada)	04/02/2040	$	0.00		—
		TOTAL WARRANT (Cost $0)					—
		SHORT-TERM INVESTMENTS — 7.7%
		COLLATERAL FOR SECURITIES LOANED - 7.7%
	10,915,758	Mount Vernon Liquid Assets Portfolio, LLC, 5.43%(e)(f)					10,915,758
		MONEY MARKET FUNDS - 0.0% (a)
	720	Fidelity Government Portfolio, Class I, 5.19%(e)					720
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,916,478)					10,916,478
		TOTAL INVESTMENTS - 106.7% (Cost $137,136,906)				$	151,634,925
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.7)%					(9,520,358	)
		NET ASSETS - 100.0%				$	142,114,567

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

129

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

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

(a)	Percentage rounds to less than 0.1%.
(b)	The value of this security has been determined in good faith under policies of the Board of Trustees.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $10,346,512 at April 30, 2024.
(d)	Non-income producing security.
(e)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(f)	The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
(g)	Illiquid security.

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

130

Dunham Dynamic Macro Fund (Unaudited)

Message from the Sub-Adviser (Vontobel Asset Management, Inc)

Asset Class Recap

Despite continuously stubborn inflation that remained above target levels, the hope for rate cuts later this year and a soft landing remained alive for most of the reporting period as stocks continued to climb overall and bonds managed to keep a steady hand. However, the month of April served as a reminder that adverse macroeconomic data and geopolitical tensions could swiftly disrupt portfolios as both equity and bond markets sold off. A combination of hot US inflation data and a first quarter US GDP point revealing unabated consumer demand fueled market fears for delayed monetary easing. In addition, Iran’s first-ever attack on Israel marked further escalation in the Middle East, with investors apprehensive over the prospect of a broader conflict in the region. As a result, the CBOE Volatility Index spiked, reflecting a rather slow awakening to the abnormally high geopolitical tensions and fragmentation, oil prices creeping higher, as well as reemerging inflation fears. Global equities, as measured by the MSCI All Country World Index (net), increased 19.8 percent during the six-month period ended April 30, 2024 while US equities, as measured by the S&P 500 Index, increased 21.0 percent, and foreign equities, as measured by the MSCI All Country World Index ex US (net), rose 17.7 percent. Bond markets, as measured by the Bloomberg Global Aggregate Bond Unhedged Index, increased 4.4 percent during the same time period. Broad commodities on the other hand, as measured by the S&P GSCI Commodity Dynamic Roll index, increased 2.5 percent. When looking just at the run-up from the beginning of the fiscal year through March, global equities had surged 23.8 percent and global bonds rose 7.1 percent. However, after peaking at the end of March, global equities declined 3.3 percent and global bonds slipped 2.5 percent in the final month of the most recent fiscal quarter.

Allocation Review

The Sub-Adviser utilizes a highly active allocation strategy, which involves large shifts in exposures across three broad asset classes: equities, bonds, and commodities. Early in the fiscal year, the Sub-Adviser’s equity model reversed its equity allocation reduction that had started in the summer of 2023 and rebuilt the Fund’s exposure. At the end of the first fiscal quarter, the equity allocation comprised more than 75 percent, but in the second fiscal quarter the Sub-Adviser’s models pulled back the weighting to 63 percent at the end of April. The term spread serving as a gauge of economic health was the main driver of this development as its positive contribution to the allocation slightly decreased in reaction to reemerging inflation worries against a backdrop of continued economic resilience. This indicates that the market continues to take economic strength as bad news since it might push rate cuts further out which is supported by the negative correlation between positive economic data surprises and market sentiment, where stronger data leads to increased fears of less of policy easing in the medium term. Similarly, the bond allocation model re-entered positive territory in the first fiscal quarter after a prolonged period of being underweight in government bonds, essentially buying into the narrative of the Fed pivot. However, the allocation turned negative at the beginning of March before retreating into more pronounced negative territory at the start of April finishing the period with negative 2.3 years of duration. Momentum acted as the most influential model component whereas mean reversion and carry maintained their slightly positive and negative allocation contributions, respectively. Momentum reacted to strong yield action in the market as bonds were battered once again in April by re-pricings due to changed rate cut expectations which had dwindled to an underwhelming 25 basis points cut not until December as fears of continued Fed hawkishness swept across bond markets. Mean reversion contributes positively to the allocation pointing to chances that interest rates could indeed fall again in the medium term while carry contributes negatively as most government yield curves remain flat or inverted. Directional commodity exposure remained near zero over the period due to the prevailing negative economic outlook captured by the term spread.

Holdings Insights

Within the equity exposure, the Fund continued to maintain holdings in the SPDR S&P 500 ETF Trust (SPY) (holding weight*: 9.96 percent). SPY returned 4.3 percent over the second fiscal quarter, which brought performance over the six-month period to 20.9 percent. The Fund also held the Invesco Nasdaq 100 ETF (QQQM) (holding weight*: 8.04 percent) to get exposure to the more tech-oriented side of US equities. QQQM rose 2.0 percent during the second fiscal quarter, bringing the six-month performance to 21.5 percent. Derivatives in the equity allocation primarily included futures contracts, such as the CME E-Mini Standard & Poor’s 500 Index Future 6/21/2024 (ESM4 IND) (holding notional weight*: 0.39 percent) to quickly adjust the Fund’s exposure to the United States stocks. Since this futures contract was initiated in March, the S&P 500 Index slightly decreased after the addition, resulting in a slight detraction from Fund performance. The Sub-Adviser also continued to access exposure to foreign stocks through the Franklin FTSE United Kingdom ETF (FLGB) (holding weight*: 4.09 percent), the Frankline FTSE Japan ETF (FLJP) (holding weight*: 3.58 percent), and the SPDR EURO STOXX 50 ETF (FEZ) (holding weight*: 4.59 percent). During the second fiscal quarter, FLJP, FLGB, and FEZ increased 1.7 percent, 7.0 percent, and 5.7 percent, respectively. This resulted in FLJP, FLGB, and FEZ increasing 15.1 percent, 17.3 percent, and 23.3 percent, respectively since the start of the fiscal year. The Sub-Adviser also used futures contracts on foreign stock indices, including the TSE TOPIX Future 6/13/2024 (TPM4 IND) (holding notional weight*: 18.02 percent), the Eurex EURO STOXX 50 Future 6/21/2024 (VGM4 IND) (holding notional weight*: 5.97 percent), and the FTSE 100 Index Future 6/21/2024 (Z M4 IND) (holding notional weight*: 6.61 percent). Each of these futures contracts aside from VGM4 IND generally contributed to performance since they were added to the Fund in early March. The TPM4 IND, and Z M4 IND contributed approximately 0.4 percent each since being added to the Fund while VGM4 IND slightly declined.

Sub-Adviser Outlook

The Sub-Adviser believes that 2024 will continue to be meaningfully impacted by the timing and magnitude of the Fed’s interest rate reductions. As the year progresses, all eyes are now on the June FOMC meeting and whether the Fed will keep rates steady or go for the first rate cut as it remains committed to finding a balance between economic growth and inflation. The Sub-Adviser’s risk model eerily continues to flag parallels between today and major pre-recessionary periods like the late 1980s and 2006-2007. These parallels are mainly drawn due to the currently negative term spread, the short rate trend as well as bond market volatility and point towards recessionary risks that continue to build as the effects of previous rate hikes unfold. The Sub-Adviser anticipates that US interest-rate volatility is likely to remain elevated as each new piece of economic data has the potential to alter the Fed’s stance and the market’s expectations on central-bank policy. The future equity trajectory may be decided by whether investors can look through the debate around the timing of rate cuts and focus on the mid-term prospect of a non-recessionary rate hiking cycle that may come to a conclusion soon. The Sub-Adviser’s models will continue to be driven mainly by the economic environment and momentum in bond markets as the economy continues to navigate through uncertain waters.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

131

Dunham Dynamic Macro Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	14.70%	20.39%	4.74%	3.01%
Class A with Load 4.50%	7.92%	13.13%	3.25%	2.13%
Class A without Load	14.51%	20.03%	4.48%	2.74%
Class C	14.03%	19.09%	3.69%	1.97%
Dow Jones Moderately Aggressive Portfolio Index (a)	15.86%	11.75%	6.86%	6.96%
Morningstar Tactical Allocation Category (b)	12.19%	9.36%	4.33%	3.50%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.81% for Class N, 2.81% for Class C and 2.06% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

(a) The Dow Jones Moderately Aggressive Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderately Aggressive Portfolio Index risk level is set to 80% of the Dow Jones Global Stock CMAC Index’s downside risk (past 36 months).

(b) The Morningstar Tactical Allocation Category includes funds that seek to provide capital appreciation and income by actively shifting allocations across investments. These funds have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity and the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis.

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
U.S. Treasury Notes	54.3	%
Equity	31.3	%
Government Guaranteed	3.5	%
U.S. Treasury Bills	2.4	%
Supranational	2.0	%
Other	6.5	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

132

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 30.3%
		COMMODITY - 0.1%
	1,267	iShares GSCI Commodity Dynamic Roll Strategy ETF			$	34,627
		EQUITY - 30.2%
	79,200	Franklin FTSE Japan ETF				2,319,768
	100,300	Franklin FTSE United Kingdom ETF				2,649,926
	29,800	Invesco Nasdaq 100 ETF				5,205,464
	58,800	SPDR EURO STOXX 50 ETF				2,969,400
	12,843	SPDR S&P 500 ETF Trust				6,446,929
						19,591,487
		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,001,463)				19,626,114
Principal Amount ($)			Coupon Rate (%)	Maturity
		CORPORATE BONDS — 3.9%
		GOVERNMENT GUARANTEED — 3.4%
	1,273,000	Kreditanstalt fuer Wiederaufbau	1.2500	01/31/25		1,234,167
	1,000,000	Landwirtschaftliche Rentenbank	2.0000	01/13/25		976,074
						2,210,241
		SUPRANATIONAL — 0.5%
	300,000	Asian Development Bank	4.1250	09/27/24		298,357
		TOTAL CORPORATE BONDS (Cost $2,508,141)				2,508,598
		NON U.S. GOVERNMENT & AGENCIES — 1.5%
		SUPRANATIONAL — 1.5%
	1,000,000	International Bank for Reconstruction & Development	0.3750	07/28/25		941,192
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $953,415)				941,192

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

133

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 52.3%
		U.S. TREASURY NOTES — 52.3%
	1,500,000	United States Treasury Note	2.5000	05/15/24	$	1,498,309
	2,000,000	United States Treasury Note	0.3750	07/15/24		1,979,630
	1,500,000	United States Treasury Note	3.0000	07/31/24		1,490,995
	2,000,000	United States Treasury Note	1.2500	08/31/24		1,972,825
	2,000,000	United States Treasury Note	1.5000	09/30/24		1,968,477
	1,500,000	United States Treasury Note	1.5000	10/31/24		1,471,691
	1,500,000	United States Treasury Note	1.5000	11/30/24		1,466,965
	5,000,000	United States Treasury Note	1.0000	12/15/24		4,868,361
	2,000,000	United States Treasury Note	1.1250	02/28/25		1,932,930
	1,500,000	United States Treasury Note	0.5000	03/31/25		1,437,017
	1,500,000	United States Treasury Note	0.3750	04/30/25		1,429,728
	1,500,000	United States Treasury Note	2.1250	05/15/25		1,453,169
	1,500,000	United States Treasury Note	0.2500	05/31/25		1,422,012
	1,500,000	United States Treasury Note	2.7500	06/30/25		1,458,691
	1,500,000	United States Treasury Note	2.8750	07/31/25		1,458,047
	1,500,000	United States Treasury Note	2.0000	08/15/25		1,441,113
	1,000,000	United States Treasury Note	0.2500	09/30/25		933,496
	1,500,000	United States Treasury Note	0.2500	10/31/25		1,395,117
	1,500,000	United States Treasury Note	2.8750	11/30/25		1,448,877
	1,500,000	United States Treasury Note	3.8750	01/15/26		1,469,824
						33,997,274
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $34,109,891)				33,997,274
Shares
		SHORT-TERM INVESTMENTS — 8.6%
		MONEY MARKET FUNDS - 6.3%
	4,052,348	MSILF Government Portfolio, Institutional Class, 5.21%(b)				4,052,348

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

134

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Discount Rate (%)	Maturity	Fair Value
		SHORT-TERM INVESTMENTS — 8.6% (Continued)
		U.S. TREASURY BILLS — 2.3%
	1,500,000	United States Treasury Bill(a)	5.1523	06/13/24	$	1,490,554
		TOTAL SHORT-TERM INVESTMENTS (Cost $5,543,017)				5,542,902
		TOTAL INVESTMENTS - 96.6% (Cost $57,115,927)			$	62,616,080
		OTHER ASSETS IN EXCESS OF LIABILITIES - 3.4%				2,209,667
		NET ASSETS - 100.0%			$	64,825,747

OPEN LONG FUTURES CONTRACTS
Number of Contracts	Open Long Futures Contracts	Expiration	Notional Amount(c)		Value and Unrealized Appreciation (Depreciation)
4	CME E-Mini NASDAQ 100 Index Future	06/21/2024	$	1,405,700	$	(44,028	)
1	CME E-Mini Standard & Poor’s 500 Index Future	06/21/2024		253,350		(10,738	)
74	Eurex EURO STOXX 50 Future	06/21/2024		3,868,254		(4,268	)
42	FTSE 100 Index Future	06/21/2024		4,281,981		231,873
67	TSE TOPIX (Tokyo Price Index) Future	06/13/2024		11,669,943		285,131
	TOTAL LONG FUTURES CONTRACTS				$	457,970
OPEN SHORT FUTURES CONTRACTS
Number of Contracts	Open Short Futures Contracts	Expiration	Notional Amount(c)		Value and Unrealized Appreciation (Depreciation)
70	CBOT 10 Year US Treasury Note	06/18/2024	$	7,520,624	$	93,846
19	Eurex 10 Year Euro BUND Future	06/06/2024		2,638,258		21,435
20	Euro-BTP Italian Bond Futures	06/06/2024		2,497,652		(2,920	)
34	French Government Bond Futures	06/06/2024		4,553,779		49,041
25	Long Gilt Future	06/26/2024		2,992,265		10,063
	TOTAL SHORT FUTURES CONTRACTS				$	171,465

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation
To Sell:
British Pound	05/23/2024	US Bank		2,000,000	$	2,499,564	$	22,577
Euro	05/23/2024	US Bank		2,700,000		2,884,640		25,126
Japanese Yen	05/23/2024	US Bank		350,000,000		2,226,731		135,735
					$	7,610,935	$	183,438
Total							$	183,438

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

135

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

ETF	- Exchange-Traded Fund
SPDR	- Standard & Poor’s Depositary Receipt

(a)	Zero coupon bond.
(b)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(c)	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.

136

Dunham Long/Short Credit Fund (Unaudited)

Message from the Sub-Adviser (MetLife Investment Management, LLC)

Asset Class Recap

The fiscal year began on a strong note with investment grade bonds, as measured by the Bloomberg U.S. Corporate Index, rising 10.1 percent and high yield bonds, as measured by ICE BofA U.S. Cash Pay High Yield Index, adding 8.4 percent. An increasingly dovish Federal Reserve spurred a growing chorus calling for a soft landing despite historical evidence that policy tightening impacts the economy over an uncertain timeframe. Bond issuance was muted during the fiscal quarter, further exacerbating the supply/demand imbalance that reigns supreme in credit and has driven spreads to levels that historically leave little room for outperformance. This technical environment was particularly exacerbated at the long end of the curve, where relentless buying from yield sensitive investors is met with the lowest share of issuance since 2011. However, the rally in fixed income securities slowed in the most recent fiscal quarter as rates were pressured higher on the firmer than anticipated inflation readings as well as a strong GDP print which brought the soft-landing versus higher-for-longer debate back into the forefront of investors’ minds. Issuance rebounded in the most recent fiscal quarter which pushed spreads slightly wider. Still, this issuance was met with steady demand, limiting any further technical pressures on corporate bond spreads. Over the most recent fiscal quarter, investment grade bonds gave back 2.8 percent while high-yield bonds added 0.4 percent. Over the first six months of the fiscal year, short and intermediate-term corporates underperformed their longer-dated counterparts, as the Bloomberg US Corporate 3-5 years Index gave increased 5.0 percent while the Bloomberg US Corporate 7-10 years Index surged 8.4 percent. The beta rally in high-yield credit continued, with the lowest credit quality bonds rallying the most. Over the most recent fiscal quarter ended April 30, 2024, the ICE BofA CCC & Lower US High-Yield Index jumped 12.2 percent, outperforming the ICE BofA Single-B US Cash Pay High-Yield Index which added 8.9 percent.

Allocation Review

The Fund’s core long positions were the strongest contributor to Fund performance over the first six months of the fiscal year. The exposure to the core long positions decreased from approximately 42 percent to 30 percent, helping drive down the net notional exposure of the Fund from approximately 18.8 percent to 6.2 percent. The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.34 years. This interest rate hedging strategy primarily utilizes Treasury bond futures of various maturities to maintain an overall duration exposure for the Fund. This exposure meaningfully helped the Fund avoid some of the most significant losses amid the Fed’s aggressive monetary tightening cycle, but as speculation grew around the easing of monetary policy, this exposure detracted from Fund performance as US Treasury yields fell over a percent in the first fiscal quarter of the year. However, this exposure once again contributed to Fund performance in the most recent fiscal quarter, as disappointing inflation readings prompted the yield on the 10 year U.S. Treasury to rise 76 basis points. The Sub-Adviser also continued to manage credit risk exposure with credit default swaps on broad baskets of high-yield and investment grade debt, as well as with total return swaps on the IBOXX High-Yield Bond Index. At the end of the most recent fiscal quarter, the aggregate gross notional value of these credit default swaps and total return swaps was over 38 percent of the Fund. The Fund also had exposure to strategies that are generally less reliant on the market’s trajectory, such as pairs trades, catalyst-driven investments, and opportunistic trading. During the fiscal period, these strategies in aggregate comprised close to 27 percent of the Fund, with an allocation of approximately 8 percent to opportunistic trading, 12 percent to pairs trades, and 7 percent catalyst driven trades.

Holdings Insights

The top-performing credits within the Fund were long-duration and meaningfully benefited from the decline in interest rates in the first fiscal quarter. This included the Societe Generale S.A. 7.367%, Due 01/10/2053 (83368RBT8) (holding weight*: 1.47 percent), a European leader in financial services, and JBS USA Finance, Inc. 6.5%, Due 12/01/2052 (46590XAX4) (holding weight*: 1.40 percent) a dual issuer that operates as a special purpose entity. Over the six-month period, these credits added 17.7 percent and 19.6 percent, respectively. Another strong contributor to positive Fund performance was Rockcliff Energy II LLC 5.5% Due 10/15/2029 (77289KAA3) (holding weight**: 0.45 percent), a company that focuses on natural gas production in the east Texas portion of the Haynesville Shale play. During the first fiscal quarter, it was announced that Tokyo Gas (TKGSY) (not held) announced the acquisition of Rockcliff Energy II for $2.7 billion, prompting the credit to rally 7.6 percent before being sold in mid-December. At the conclusion of the first fiscal quarter, the Sub-Adviser added the Rakuten Group, Inc. 11.25%, Due 02/15/2027 (75102WAG3) (holding weight*: 1.00 percent), a cash-back and shopping rewards company. Since being added to the Fund this credit contributed to Fund performance by rising 4.7 percent in reaction to a strong earnings report. Within the opportunistic trading strategy, the Fund benefited from the exposure to the UBS Group A.G. 9.25% Fixed until 11/13/2028 Due 05/13/2172 (902613BF4) (holding weight**: 2.08 percent). In 2023, the merger engineered by the Swiss government led to a wipeout of $17 billion of Credit Suisse AT1 bonds. In November, UBS raised $3.5 billion for its first sale of AT1 bonds since the sell off, providing further signs that confidence is returning. During the six-month period, this position increased by 1.7 percent before it was sold later in the same trading session.

The macro shorts were the largest drag on performance. For example, the Fund held the CDX NA HY 42 (CDXNAHY42) (holding notional weight*: 9.15 percent), a credit default swap on a basket of high-yield bonds, detracted from Fund performance as high-yield bonds rose 8.9 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index. Elsewhere, a hand handful of idiosyncratic credit stories detracted as well. Del Monte Foods Inc. Floating Rate Due 05/16/2029(BL3847425) (holding weight**: 0.91 percent), one of the country’s largest producer, distributor and marketer of branded processed food for the U.S. retail market detracted from Fund performance. During the first fiscal quarter, the price of this loan declined 8.4 percent prior to being sold following a disappointing earnings report. In the report, the company posted net income of $8.4 million, down from $33.3 million a year earlier. The Fund was also adversely impacted by the positions in Athene Global Funding 5.684% Due 02/23/2026 (04685A3S8) (holding weight: 1.44 percent) and Ford Otomotiv Sanayi A/S 7.125%, Due 04/25/2029 (345409AC0) (holding weight*: 1.03 percent). Since being added to the these credits rose just 0.1 percent and fell 0.1 percent, respectively.

Sub-Adviser Outlook

The Fund is focused on providing attractive risk-adjusted returns, regardless of the market environment, while significantly dampening drawdown risk. The Sub-Adviser believes that the investment grade market continues to offer attractive yields, but spreads at or near multidecade tights fail to account for even the best economic outcomes moving forward. The Sub-Adviser continues to believe that the market is priced to perfection, allowing for no missteps along the way to the much-anticipated soft landing. The Sub-Adviser sees numerous potential potholes along that path including but not limited elevated maturity walls, geopolitical risks, and sticky inflation. Record borrowing at near zero yields and mountains of stimulus have dampened the effect of restrictive monetary policy. This could spell higher yields for longer than the market previously anticipated, and issuance is up year-over-year as companies come to the realization that long term financing may be as good as it gets for some time. The Sub-Adviser views timing as the most challenging variable in the market, but the asymmetry is as significant as it can recall. The Fund’s bias to the front end of the curve and the associated yield allows the Sub-Adviser to build from that exposure and be patient to wait for a correction in spreads. The Sub-Adviser concedes that the worst-case scenario for the economy looks far less likely than it did a year ago, but it also believes there to be far too much optimism priced into spreads. The Sub-Adviser is confident that the higher quality posture and healthy liquidity in the Fund leave it well-positioned to take advantage of a more appropriately valued credit market.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

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

137

Dunham Long/Short Credit Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	2.43%	5.40%	2.53%	3.41%
Class A with Load 5.75%	(3.61)%	(0.87)%	1.09%	2.54%
Class A without load	2.31%	5.15%	2.28%	3.15%
Class C	1.94%	4.37%	1.52%	2.38%
BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% (a)	5.67%	8.39%	5.08%	4.43%
Morningstar Nontraditional Bond Category (b)	6.01%	6.11%	1.81%	1.82%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement as supplemented the Fund’s total annual operating expenses, including the cost of underlying funds, are 0.88% for Class N, 1.88% for Class C and 1.13% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Corporate Bonds	51.7	%
U.S. Government & Agencies	45.0	%
Short-Term Investment	3.3	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

138

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares						Fair Value
		COMMON STOCKS — 0.0%(a)
		TELECOMMUNICATIONS - 0.0%(a)
	10,000	NII Holdings, Inc. 144A(b),(c),(l)				$	5,700
		TOTAL COMMON STOCKS (Cost $57,730)					5,700
Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 51.5%
		ASSET MANAGEMENT — 1.3%
	2,780,000	PennantPark Investment Corporation		4.0000	11/01/26		2,571,078
		AUTOMOTIVE — 4.8%
	2,429,000	Ford Motor Credit Company, LLC		6.9500	06/10/26		2,465,886
	2,040,000	Ford Otomotiv Sanayi A/S(c)		7.1250	04/25/29		2,042,958
	2,065,000	Hyundai Capital America(c)		1.0000	09/17/24		2,026,774
	3,070,000	IHO Verwaltungs GmbH(c)		4.7500	09/15/26		2,962,426
							9,498,044
		BANKING — 21.2%
	2,500,000	ABN AMRO Bank N.V.(c),(d)	H15T1Y + 1.550%	6.5750	10/13/26		2,516,652
	1,805,000	Bank of Nova Scotia (The)(d)	H15T5Y + 4.551%	4.9000	09/04/68		1,767,960
	2,385,000	Barclays plc		3.6500	03/16/25		2,340,499
	7,265,000	BPCE S.A.(c),(d)	SOFRRATE + 2.100%	5.9750	01/18/27		7,252,080
	2,000,000	Credit Suisse A.G.		3.6250	09/09/24		1,984,292
	1,210,000	Danske Bank A/S(c),(d)	H15T1Y + 2.100%	6.4660	01/09/26		1,211,632
	3,545,000	HSBC Holdings plc(e)	SOFRRATE + 1.430%	6.7650	03/10/26		3,569,304
	2,005,000	JPMorgan Chase & Company(e)	ICE LIBOR USD 3 Month + 0.550%	6.1180	02/01/27		1,930,441
	1,080,000	Lloyds Banking Group plc(d)	H15T1Y + 3.500%	3.8700	07/09/25		1,075,469
	950,000	Mitsubishi UFJ Financial Group, Inc.(d)	H15T1Y + 1.080%	5.7190	02/20/26		948,206
	3,550,000	NatWest Group plc(d)	H15T1Y + 2.850%	7.4720	11/10/26		3,632,307
	2,920,000	Societe Generale S.A.(c)		7.3670	01/10/53		2,895,991
	4,735,000	Synchrony Bank		5.4000	08/22/25		4,676,496
	5,145,000	Wells Fargo & Company(e)	US0003M + 0.500%	6.0900	01/15/27		5,000,117
	795,000	Wells Fargo & Company		5.9500	12/01/86		782,804
							41,584,250

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

139

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 51.5% (Continued)
		CONSTRUCTION MATERIALS — 0.9%
	1,745,000	Sisecam UK plc(c)		8.6250	05/02/32	$	1,772,222
		CONSUMER SERVICES — 2.2%
	2,300,000	Grand Canyon University		4.1250	10/01/24		2,258,577
	2,300,000	Grand Canyon University		5.1250	10/01/28		2,052,566
							4,311,143
		E-COMMERCE DISCRETIONARY — 2.0%
	1,900,000	Rakuten Group, Inc.(c)		11.2500	02/15/27		1,979,762
	2,010,000	Rakuten Group, Inc.(c)		9.7500	04/15/29		1,993,719
							3,973,481
		ELECTRIC UTILITIES — 5.5%
	3,465,000	American Electric Power Company, Inc.		5.6990	08/15/25		3,455,436
	3,030,000	NextEra Energy Capital Holdings, Inc.		5.7490	09/01/25		3,032,752
	4,397,000	Vistra Operations Company, LLC(c)		4.8750	05/13/24		4,400,397
							10,888,585
		ENTERTAINMENT CONTENT — 0.7%
	1,560,000	Paramount Global		6.8750	04/30/36		1,457,339
		FOOD — 1.4%
	2,920,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA		6.5000	12/01/52		2,772,925
		INSTITUTIONAL FINANCIAL SERVICES — 4.3%
	3,515,000	Credit Suisse Group A.G.(c),(d)	SOFRRATE +3.340%	6.3730	07/15/26		3,528,265
	4,185,000	Credit Suisse Group A.G.(c)	USSW5 + 4.598%	7.5000	06/11/70		481,275
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,508,692
	2,050,000	Goldman Sachs Group, Inc. (The)(e)	SOFRRATE +0.490%	5.8060	10/21/24		2,050,977
							8,569,209
		INSURANCE — 4.3%
	2,860,000	Athene Global Funding(c)		5.6840	02/23/26		2,854,054
	2,155,000	Mutual of Omaha Insurance Company(c),(d)	US0003M + 2.640%	4.2970	07/15/54		2,117,725
	2,285,000	Ohio National Financial Services, Inc.(c)		6.8000	01/24/30		2,176,191
	1,000,000	Pacific Life Insurance Company(c)		9.2500	06/15/39		1,291,945
							8,439,915

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

140

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 51.5% (Continued)
		SPECIALTY FINANCE — 1.4%
	2,900,000	Avolon Holdings Funding Ltd.(c)		4.2500	04/15/26	$	2,789,515
		TELECOMMUNICATIONS — 1.5%
	744,000	Sprint Spectrum Company, LLC / Sprint Spectrum(c)		5.1520	03/20/28		739,289
	2,150,000	Sprint, LLC		7.1250	06/15/24		2,153,130
							2,892,419
		TOTAL CORPORATE BONDS (Cost $106,135,781)					101,520,125
Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 44.8%
		U.S. TREASURY BILLS — 44.8%
	16,995,000	United States Treasury Bill(f)		—	05/23/24		16,940,215
	24,440,000	United States Treasury Bill(f)		—	06/25/24		24,243,130
	20,155,000	United States Treasury Bill(f)		—	07/09/24		19,951,760
	10,140,000	United States Treasury Bill(f)		—	08/20/24		9,975,859
	2,800,000	United States Treasury Note		4.6250	04/30/29		2,788,188
	950,000	United States Treasury Note		4.1250	03/31/31		917,492
	2,030,000	United States Treasury Note		4.6250	04/30/31		2,020,009
	4,525,000	United States Treasury Note		4.0000	02/15/34		4,284,256
	7,365,000	United States Treasury Note(n),(o)		4.7500	11/15/53		7,321,269
							88,442,178
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $88,941,731)					88,442,178
Shares						Fair Value
		SHORT-TERM INVESTMENT — 3.3%
		MONEY MARKET FUND - 3.3%
	6,559,003	First American Government Obligations Fund, Class X, 5.22% (Cost $6,559,003)(g)					6,559,003
		TOTAL INVESTMENTS - 99.6% (Cost $201,694,245)				$	196,527,006
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%					700,289
		NET ASSETS - 100.0%				$	197,227,295

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

141

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

OPEN FUTURES CONTRACTS
Number of Contracts	Open Short Futures Contracts	Expiration	Notional Amount(h)		Value and Unrealized Appreciation
65	CBOT 10 Year US Treasury Note	06/18/2024	$	6,983,438	$	191,953
28	CBOT 5 Year US Treasury Note	06/28/2024		2,932,781		54,907
21	CBOT US Treasure Bond Futures	06/18/2024		2,390,063		105,809
94	Ultra 10-Year US Treasury Note Futures	06/18/2024		10,360,562		338,864
72	Ultra U.S. Treasury Bond Futures	06/18/2024		8,608,500		580,869
	TOTAL FUTURES CONTRACTS				$	1,272,402

CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency	Payment Frequency	Counterparty	Fixed Deal (Pay) Rate	Implied Credit Spread	Maturity Date	Notional Value			Fair Value(m)			Amortized Upfront Payments Paid/(Received)			Unrealized Appreciation/ (Depreciaton)
CDX.NA.HY SERIES 42	To Buy Quarterly	HSBC Securities	5.00%	357.32	6/20/2029	$	17,000,000			(1,111,138	)		(1,165,188	)	$	54,050
CDX.NA.IG SERIES 42	To Buy Quarterly	HSBC Securities	1.00%	53.83	6/20/2029		41,000,000			(913,606	)		(894,380	)	$	(19,226	)
DARDEN RESTAURANTS INC	To Buy Quarterly	Barclays	1.00%	45.00	6/20/2027		7,000,000			(154,524	)		(14,615	)	$	(139,909	)
DR HORTON INC	To Buy Quarterly	Barclays	1.00%	65.00	12/20/2028		3,500,000			(77,635	)		49,398		$	(127,033	)
OMNICOM GROUP	To Buy Quarterly	Barclays	1.00%	54.00	6/20/2028		5,000,000			(133,137	)		(87,954	)	$	(45,183	)
THE WALT DISNEY COMPANY	To Sell Quarterly	Barclays	1.00%	55.00	6/20/2028		(5,000,000	)		140,111			87,954		$	52,157
VERIZON COMMUNICATIONS INC(k)	To Sell Quarterly	Barclays	1.00%	89.00	6/20/2027		(7,000,000	)		111,801			2,630		$	109,171
TOTAL										(2,138,128	)		(2,022,155	)		(115,973	)

TOTAL RETURN SWAPS
Description	Frequency	Counterparty	Notional Value		Variable Rate Premium Paid	Premium Paid		Maturity Date	Unrealized Appreciation
Markit IBoxx US Dollar Liquid High Yield Index	At Maturity	Goldman Sachs	$	14,000,002	US0001M	$	0	6/20/2024	$	45,770

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

142

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

A/S	- Anonim Sirketi
LLC	- Limited Liability Company
LTD	- Limited Company
PLC	- Public Limited Company
S/A	- Société Anonyme
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0003M	ICE LIBOR USD 3 Month
USSW5	USD SWAP SEMI 30/360 5YR

(a)	Percentage rounds to less than 0.1%.
(b)	Non-income producing security.
(c)	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, 2024 the total market value of 144A securities is 47,038,572 or 23.8% of net assets.
(d)	Variable rate security; the rate shown represents the rate on April 30, 2024.
(e)	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.
(f)	Zero coupon bond.
(g)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(h)	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.
(i)	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.
(j)	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.
(k)	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.
(l)	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.
(m)	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.
(n)	All or portion of security held as collateral for Futures at 4/30/2024.
(o)	All or portion of security held as collateral for Swaps at 4/30/2024.

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

143

Dunham Monthly Distribution Fund (Unaudited)

Message from the Sub-Adviser (Grantham, Mayo, Van Otterloo & Co., LLC)

Asset Class Recap

After US equity markets, as measured by the S&P 500 Index, surged 16.0 percent in the first fiscal quarter, the second fiscal quarter saw US equities rise 4.3 percent. This brought overall performance since the start of the fiscal year to 21.0 percent. Headlines continued to revolve around the speed and magnitude of the Federal Open Market Committee’s interest rate decreases in 2024. The overall run-up in equities coincided with volatility generally subsiding through March, as measured by the Chicago Board Options Exchange’s CBOE Volatility Index (VIX). The VIX is generally referred to as the “fear gauge,” and a higher reading generally signifies more investor uncertainty. Although much of the six-month period saw the VIX ebb around the 14 range, a spike in fear during mid-April coincided with the VIX jumping to 19.2 before subsiding to 15.7 to end the second fiscal quarter. After bonds experienced a rebound in the first fiscal quarter, as the Bloomberg Global Aggregate Bond Unhedged Index increased 7.9 percent, the rate uncertainty in the second fiscal quarter resulted in a 3.2 percent decline. This brought bond performance since the start of the fiscal year down to a positive 4.4 percent. However, the merger-arbitrage asset class, as measured by the Credit Suisse Merger Arbitrage Liquid Index, had only increased 0.1 percent over the first fiscal quarter. Therefore, the greater than 0.5 percent detraction in the second fiscal quarter caused the asset class to be down 0.5 percent for the six-month period ended April 30, 2024. Mergers and acquisitions had faced a volatile 2023 primarily due to a FTC administration that has increased scrutiny of US mergers, geopolitical tensions between China and the US leading to increased concerns that Chinese regulatory approvals may be withheld for political reasons, and some high-profile failed deals in the banking sector. These concerns had not meaningfully abated as the new year commenced.

Allocation Review

The Fund primarily has exposure to a select group of merger deals. The Sub-Adviser evaluates each situation based upon its risk-reward profile using a probability-weighted basis. If the probability-weighted upside for a deal is substantial relative to the potential downside from the deal breaking, then the Sub-Adviser may add that as an opportunity for the Fund. The Fund continued to invest in both cash-only mergers and mergers where the acquirer’s stock was also a consideration in the deal. Although the deal terms including just stock or just cash or a combination of stock and cash generally do not coincide with a larger spread on a merger deal, deals that include stock of the acquirer as part of the deal consideration generally necessitate shorting the acquirer’s stock in order to effectively lock in the merger spread. In addition to merger arbitrage, the Fund had exposure to some share class arbitrage situations, where two share classes of stock from the same issuing company trade at a significantly wider spread than historical averages. The Sub-Adviser may use options to potentially manage the overall risk of the other holdings or to generate option premium income on the target companies that it also holds long. The use of derivatives, including covered call options did not have a meaningful impact on the Fund’s performance during the six-month period ended April 30, 2024. However, the short positions in the acquirer’s stock consideration in stock-for-stock mergers did have a material impact on performance.

Holdings Insights

A deal that detracted from performance during the first fiscal quarter was the all-cash acquisition of Albertsons Companies Inc. (ACI) (holding weight*: 6.92 percent) by the Kroger Co. (KR) (holding weight*: -1.97 percent). After the Washington State Attorney General filed a lawsuit against the deal, the shares dropped, resulting in a 1.7 percent loss during the first fiscal quarter. The second fiscal quarter saw the deal spread widen even further, as ACI declined another 3.3 percent. In addition, the Sub-Adviser added a short position in KR mid-March. KR increased approximately 0.7 percent since the short position was implemented, which detracted further from Fund performance. Overall, since the start of the fiscal year, ACI had declined 4.9 percent and the deal spread had widened to levels that the Sub-Adviser believes that there is more than enough compensation built-in for the risk it is taking remaining in the deal.

One of the largest contributors to Fund performance during the six-month period ended April 30, 2024 involved a deal that had a high amount of uncertainty regarding its prospects for a successful completion. The Fund had endured much of the volatility from the cash or stock acquisition of VMware LLC (VMW) (holding weight**: 4.89 percent) by Broadcom, Inc. (AVGO) (holding weight**: -3.19 percent). At the beginning of the fiscal year the spread when considering the stock terms was at 45.6 percent. However, the concerns regarding China approval finally ended when the deal successfully closed in late November 2023. This resulted in a substantial gain to the Fund as the wide spread on the deal contracted as the deal closed. From the beginning of the fiscal year through the deal close date in late November, AVGO rose 16.6 percent while VMW declined 2.2 percent. While these movements were adverse to the Fund, the sudden closing of the deal and related terms received resulted in a significant gain to the Fund.

A deal that broke in the first fiscal quarter remained as a position in the Fund in the second fiscal quarter. The stock-for-stock acquisition of Pioneer Natural Resources Company (PXD) (holding weight*: 7.96 percent) by Exxon Mobil Corp. (XOM) (holding weight*: -8.12 percent) saw the definitive merger agreement expire in January. However, in the second fiscal quarter PXD jumped 18.5 percent while XOM increased 16.1 percent, resulting in an overall gain to the Fund. When measured over the six-month period ended April 30, 2024, PXD increased 15.5 percent and XOM increased 13.8 percent, which still represented a positive overall gain to the Fund.

Sub-Adviser Outlook

Despite volatility in interest rates and the uncertainty that comes with the potential changes in administration due to the US presidential election, the Sub-Adviser continues to believe that the deal opportunity set remains robust. The Sub-Adviser continues to believe that spreads are generally providing adequate compensation for the risks presented with each deal as well as reflecting the significantly higher short-term interest rates. The Sub-Adviser anticipates that deal close rates may continue to be lower in the near-term due to slightly elevated political pressure on high-profile deals both in the US and abroad. However, it believes that there are plentiful deals that offer concessions above the risk that the Sub-Adviser assessed on the deal. Therefore, the Sub-Adviser believes that the reward for identifying successful deals, as well as deals that have a meaningful contraction from their currently significant spreads, continue to be ample. Regardless of the environment, the Sub-Adviser will continue its rigorous, bottom-up research process when selecting, monitoring, and potentially eliminating deals from the Fund.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

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

144

Dunham Monthly Distribution Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* ^ for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	2.80%	3.21%	1.47%	1.69%
Class A with Load 5.75%	(3.24)%	(2.97)%	0.02%	0.83%
Class A without load	2.67%	2.95%	1.21%	1.43%
Class C	2.28%	2.16%	0.46%	0.67%
Credit Suisse Merger Arbitrage Liquid Index (a)	(0.48)%	2.63%	3.51%	2.51%
Morningstar Event Driven Category (b)	3.09%	4.00%	3.45%	3.23%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses before any fee waiver, including the cost of underlying funds, are 2.03% for Class N, 3.03% for Class C and 2.28% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

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

(a) Effective March 1, 2023, the Benchmark Index of the Dunham Monthly Distribution Fund is the Credit Suisse Merger Arbitrage Liquid Index. Due to the discontinuation of the IQ Hedge Market Neutral Total Return Index in March 2023, the performance through April 30, 2024 is not available. The Credit Suisse Merger Arbitrage Liquid Index aims to gain broad exposure to the merger arbitrage strategy using pre-defined quantitative methodology to invest in a liquid, diversified and broadly representative set of announced merger deals.

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Energy	24.2	%
Technology	14.0	%
Materials	11.4	%
Communications	8.7	%
Consumer Staples	8.0	%
Real Estate	8.0	%
Short-Term Investment	7.7	%
Industrials	6.8	%
Collateral for Securities Loaned	5.6	%
Equity	3.8	%
Healthcare	1.8	%
Financials	0.0	%
Right	0.0	%
	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

145

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		CLOSED END FUNDS — 3.4%
		EQUITY - 3.4%
	2,468,782	Altaba, Inc.(a)	$	5,801,638
		TOTAL CLOSED END FUNDS (Cost $22,837,384)		5,801,638
Shares			Fair Value
		COMMON STOCKS — 71.8%
		ASSET MANAGEMENT - 0.0%(b)
	469,792	Pershing Square Tontine Holdings Ltd.(a)		—
		BIOTECH & PHARMA - 1.5%
	60,666	Cerevel Therapeutics Holdings, Inc.(a)		2,591,045
		CABLE & SATELLITE - 6.0%
	97,835	Liberty Broadband Corporation - Series C(a)		4,865,335
	335,012	Liberty Global Ltd.(a)		5,325,015
				10,190,350
		COMMERCIAL SUPPORT SERVICES - 4.4%
	148,680	SP Plus Corporation(a)		7,591,600
		CONTAINERS & PACKAGING - 3.9%
	140,359	Westrock Company		6,731,618
		OIL & GAS PRODUCERS - 19.2%
	84,102	Columbia Pipeline Group, Inc.(a)		—
	502,395	Equitrans Midstream Corporation(c)		6,797,404
	42,865	Hess Corporation		6,750,809
	51,282	Pioneer Natural Resources Company(c)		13,811,268
	782,351	Southwestern Energy Company(a)		5,859,809
				33,219,290

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

146

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 71.8% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 2.0%
	100,640	ChampionX Corporation	$	3,378,485
		PUBLISHING & BROADCASTING - 1.6%
	45,130	Liberty Media Corp-Liberty Formula One(a)		2,810,245
		REAL ESTATE OWNERS & DEVELOPERS - 4.1%
	65,635	McGrath RentCorporation		7,000,629
		REAL ESTATE SERVICES - 2.9%
	450,070	Tricon Residential, Inc.(c)		5,054,286
		RETAIL - CONSUMER STAPLES - 7.0%
	588,516	Albertsons Companies, Inc., Class A		12,005,727
		SEMICONDUCTORS - 4.5%
	220,752	Shinko Electric Industries Company Ltd.		7,824,412
		SOFTWARE - 3.2%
	17,020	ANSYS, Inc.(a)		5,529,458
		STEEL - 5.5%
	259,751	United States Steel Corporation		9,480,912
		TECHNOLOGY HARDWARE - 4.5%
	138,578	Altium Ltd.		5,925,336
	173,878	Vizio Holding Corporation, Class A(a),(c)		1,843,107
				7,768,443
		TELECOMMUNICATIONS - 0.0%(b)
	205,893	NII Holdings, Inc. 144A(a),(d)		72,063
		TRANSPORTATION & LOGISTICS - 1.5%
	1,025	American Airlines Group, Inc.(a),(c)		13,848
	101,283	American Airlines Group, Inc. Escrow Security(a)		1,013

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

147

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares						Fair Value
		COMMON STOCKS — 71.8% (Continued)
		TRANSPORTATION & LOGISTICS - 1.5% (Continued)
	107,292	Star Bulk Carriers Corporation				$	2,609,340
							2,624,201
		TOTAL COMMON STOCKS (Cost $109,153,940)					123,872,764
Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.6%
		ASSET MANAGEMENT - 0.0% (b)
	117,447	Pershing Square Sparc Holdings Ltd	9/29/2034	$	—		35,234
		FORESTRY, PAPER & WOOD PRODUCTS - 0.6%
	532,221	Resolute Forest Products, Inc. - CVR	12/20/2024	$	20.50		1,064,442
		MEDICAL EQUIPMENT & DEVICES - 0.0%(b)
	34,956	ABIOMED, Inc. - CVR(a)	12/20/2024	$	—		61,173
		TOTAL RIGHT (Cost $850,905)					1,160,849
Shares						Fair Value
		SHORT-TERM INVESTMENTS — 11.7%
		MONEY MARKET FUND – 6.8%
	11,687,208	Fidelity Government Portfolio, CLASS I, 5.19%(e)					11,687,208
		COLLATERAL FOR SECURITIES LOANED — 4.9%
	8,410,871	Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(e)(f)					8,410,871
		TOTAL SHORT-TERM INVESTMENTS (Cost $20,098,079)					20,098,079
		TOTAL INVESTMENTS - 87.5% (Cost $152,940,308)				$	150,933,330
		TOTAL SECURITIES SOLD SHORT -  (43.8)% (Proceeds Received $ $75,241,781)					(75,610,902	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 56.3%					97,172,845
		NET ASSETS - 100.0%				$	172,495,273

LLC	- Limited Liability Company
LTD	- Limited Company
PLC	- Public Limited Company

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

148

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $8,019,236 at April 30, 2024.
(d)	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, 2024 the total market value of 144A securities is 72,063 or 0.0% of net assets.
(e)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(f)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

149

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS — (43.8)%
			CABLE & SATELLITE - (6.1)%
	(20,600	)	Charter Communications, Inc., Class A	$	(5,272,364	)
	(315,924	)	Liberty Global Ltd., Class C		(5,171,676	)
					(10,444,040	)
			CONTAINERS & PACKAGING - (3.5)%
	(140,359	)	Smurfit Kappa Group plc		(6,105,497	)
			ENGINEERING & CONSTRUCTION - (1.6)%
	(74,068	)	WillScott Mobile Mini Holding		(2,737,553	)
			METALS & MINING - (2.0)%
	(12,263	)	Encore Wire Corporation		(3,425,792	)
			OIL & GAS PRODUCERS - (19.8)%
	(67,832	)	Chesapeake Energy Corporation		(6,096,740	)
	(43,943	)	Chevron Corporation		(7,086,688	)
	(176,041	)	EQT Corporation		(7,057,484	)
	(119,151	)	Exxon Mobil Corporation		(14,091,988	)
					(34,332,900	)
			OIL & GAS SERVICES & EQUIPMENT - (2.1)%
	(73,972	)	Schlumberger Ltd.		(3,512,191	)
			PUBLISHING & BROADCASTING - (1.6)%
	(40,285	)	Liberty Media Corp-Liberty Formula One		(2,818,741	)
			RETAIL - CONSUMER STAPLES - (2.0)%
	(61,639	)	Kroger Company (The)	$	(3,413,568	)
			SOFTWARE - (1.8)%
	(5,874	)	Synopsys, Inc.		(3,116,686	)
			TECHNOLOGY HARDWARE - (1.8)%
	(88,874	)	Juniper Networks, Inc.		(3,094,593	)

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

150

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS — (43.8)% (Continued)
			TRANSPORTATION & LOGISTICS - (1.5)%
	(107,292	)	Star Bulk Carriers Corporation	$	(2,609,341	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $75,241,781)	$	(75,610,902	)

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Japanese Yen	05/13/2024	Morgan Stanley FX		1,304,850,049	$	8,288,265	$	(554,344	)
Hong Kong Dollar	05/16/2024	Morgan Stanley FX		26,370,502		3,372,604		4,151
					$	11,660,869	$	(550,193	)
To Sell:
Japanese Yen	05/13/2024	Morgan Stanley FX		2,476,133,890	$	15,728,133	$	1,048,727
Hong Kong Dollar	05/16/2024	Morgan Stanley FX		26,370,502		3,372,604		8,190
Australian Dollar	06/27/2024	Morgan Stanley FX		9,492,595		6,159,194		57,860
					$	25,259,931	$	1,114,777
Total							$	564,584

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

151

Dunham Real Estate Stock Fund (Unaudited)

Message from the Sub-Adviser (American Assets Capital Advisers, LLC)

Asset Class Recap

Real estate stocks experienced a tumultuous period the previous fiscal year as aggressive monetary policy prompted a rally in U.S. Treasury yields. Higher interest rates are potentially a headwind for the asset class as elevated rates would likely come with increased borrowing costs for real estate companies and compress the spread many use to value these securities.. Since March 2022, the Federal Reserve raised interest rates from near zero to a range of 5.25 percent to 5.50 percent. In the previous fiscal year alone, the yield on the 10-year U.S. Treasury fell to a low of 3.31 percent before rallying over 160 basis points to 4.93 percent. Over this period, real estate stocks, as measured by the Dow Jones U.S. Real Estate Total Return Index, underperformed the broad U.S. stock market, as measured by the S&P 500 Index, which ended the fiscal year up 10.1 percent. To begin the most recent fiscal year, sentiment surrounding the asset class drastically shifted as ongoing concerns regarding the federal deficit and continuation of aggressive monetary policy abated. During the previous fiscal quarter, the Federal Reserve voted unanimously to hold rates steady and forecasted three rate cuts in 2024. Economic data also helped bolster the narrative that investors increasingly believe that the period of monetary policy tightening may have ended, and some speculate that the first rate cuts could come as soon as the first half of 2024. In the first Federal Reserve meeting of 2024, the central bank once again kept rates unchanged. However, at its conclusion, Federal Reserve Chair Jerome Powell dashed hopes of a rate cut in March, stating that he would like to see more progress on inflation. Pressure on the asset class continued in the most recent fiscal quarter due to a string of stronger than anticipated inflation readings and a more hawkish than anticipated rhetoric from numerous Federal Reserve officials. In reaction, mortgage rates rebounded, and the yield on the 10-Year US Treasury hit its highest level since October 2023. Over the first six-months of the fiscal year, real estate stocks rose 15.2 percent, underperforming the broad U.S. stock market, which added 20.21 percent.

Allocation Review

The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors, which detracted from Fund performance over the fiscal six-month period. Specifically, the Fund had no exposure to traditional apartment and office REITs, which detracted from the Fund’s relative performance, as these sectors meaningfully outperformed the benchmark. Conversely, the Fund was overweight data center and cellular tower REITs, which detracted meaningfully to the Fund’s relative performance as these REITs were some of the worst-performing REIT sectors over the most recent fiscal period. However, the negative impact form these exposures were offset by positive contributions from the off-benchmark exposure to casino and gaming, power utility companies, and specialized industrial REITs.

Holdings Insights

After being one of the strongest performing REIT sectors the previous fiscal year, data center REITs detracted from Fund performance over the most recent six-month period. Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. In reaction, data center companies such as Equinix, Inc. (EQIX) (holding weight*: 7.13 percent) and DigitalBridge Group, Inc. (DBRG) (holding weight*: 4.27 percent) surged 31.3 percent and 24.2 percent, respectively. However, over the most recent period, EQIX gave back 1.5 percent and DBRG added just 3.8 percent as stubborn inflation and a more hawkish than anticipated Federal Reserve weighed on the historically interest rate-sensitive technology sector. The Sub-Adviser’s confidence in these positions remains and attributes the declines to general market weakness and not idiosyncratic issues with the stocks. The meaningful increase in data center demand has also resulted in an exponential increase in the need for electricity, acting as a tailwind for power-related companies within the Fund. This includes FTAI Infrastructure, Inc. (FIP) (holding weight*: 8.50 percent), a company in the business of acquiring, developing, and operating assets and businesses that represent critical infrastructure for customers in the transportation and energy industries. Over the most recent six-month period, FIP surged 139.9 percent. Another position that positively contributed to Fund performance was GE Vernova, LLC (GEV) (holding weight*: 1.66 percent), an energy company that provides, among others, energy consulting, energy financial services, gas power, grid solutions, nuclear energy, power conversion, renewable energy, and steam power. Since being added to the Fund in early April, GEV rose 9.8 percent. 

Some of the worst-performing positions within the Fund came from the Industrial REIT sector. Prologis, Inc. (PLD) (holding weight*: 2.57 percent), the world’s largest industrial property company, tumbled 18.9 percent over the most recent fiscal quarter and rose just 2.7 percent over the first six months of the fiscal year after the company provided concerning guidance for the rest of 2024. In its first quarter earnings release, PLD reported better-than-anticipated revenue of $1.96 billion and earnings of $584.3 million. Still, PLD cut its annual guidance for 2024, citing slowing demand amid broader shifts in consumer spending and more stringent inventory controls by retailers and manufacturers. PLD’s CEO added that warehouse vacancy rates are up as companies are taking a more cautious approach to leasing due to high interest rates, an uncertain economic outlook, and heightened geopolitical tensions. The concerning outlook from the sector’s largest company weighed on the industry as a whole. For example, industrial real estate companies Rexford industrial Realty, Inc. (REXR) (holding weight*: 2.86 percent) rose just 0.5 percent, while Americold Realty Trust, Inc. (COLD) (holding weight*: 2.19 percent) fell 14.9 percent over the six-month period. Innovative Industrial Properties, Inc. (IIPR) (holding weight*: 5.57 percent), an industrial REIT that leases specialized real estate to state-licensed cannabis operators, jumped 49.1 percent amidst speculation that cannabis could be rescheduled ahead of the U.S. Presidential Election.

Sub-Adviser Outlook

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

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024.

152

Dunham Real Estate Stock Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return
Class N	15.17%	2.34%	(1.39)%	2.96%
Class A with Load 5.75%	8.46%	(3.77)%	(2.79)%	2.10%
Class A without load	15.03%	2.10%	(1.63)%	2.71%
Class C	14.60%	1.34%	(2.38)%	1.93%
Dow Jones U.S. Real Estate Total Return Index (a)	11.02%	(0.64)%	2.01%	5.45%
Morningstar Real Estate Category (b)	11.23%	0.11%	1.95%	4.70%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including the cost of underlying funds, are 1.08% for Class N, 2.08% for Class C and 1.33% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75% The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com

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

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

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Real Estate	53.7	%
Collateral for Securities Loaned	22.5	%
Financials	13.5	%
Consumer Discretionary	3.6	%
Communications	3.3	%
Energy	1.5	%
Industrials	1.3	%
Consumer Staples	0.6	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024. Does not include derivative holdings.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

153

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 100.4%
		ASSET MANAGEMENT - 9.7%
	4,766	Blackstone, Inc.	$	555,763
	544,124	FTAI Infrastructure, LLC		3,939,457
				4,495,220
		DATA CENTER REIT - 13.2%
	19,708	Digital Realty Trust, Inc.(a)		2,735,077
	4,647	Equinix, Inc.		3,304,529
				6,039,606
		ELECTRICAL EQUIPMENT - 1.7%
	4,990	GE Vernova, LLC(b)		767,013
		FOOD - 0.8%
	154,904	Cadiz, Inc.(a),(b)		353,181
		GAMING REIT - 1.6%
	25,799	VICI Properties, Inc.(a)		736,561
		HEALTH CARE REIT - 2.9%
	19,953	Ventas, Inc.(a)		883,519
	5,085	Welltower, Inc.(a)		484,499
				1,368,018
		INDUSTRIAL REIT - 11.1%
	24,972	Innovative Industrial Properties, Inc.(a)		2,582,106
	11,668	Prologis, Inc.		1,190,719
	30,962	Rexford Industrial Realty, Inc.		1,325,483
				5,098,308
		INFRASTRUCTURE REIT - 8.6%
	14,149	American Tower Corporation, A		2,427,402
	8,895	Crown Castle, Inc.		834,173
	4,025	SBA Communications Corporation, A		749,133
				4,010,708
		LEISURE FACILITIES & SERVICES - 4.6%
	11,117	Caesars Entertainment, Inc.(a),(b)		398,211
	28,903	MGM Resorts International(b)		1,139,934

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

154

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 100.4% (Continued)
		LEISURE FACILITIES & SERVICES - 4.6% (Continued)
	6,801	Wynn Resorts Ltd.	$	623,312
				2,161,457
		OFFICE REIT - 3.7%
	14,821	Alexandria Real Estate Equities, Inc.(a)		1,717,309
		OIL & GAS PRODUCERS - 2.0%
	34,663	New Fortress Energy, Inc.(a)		908,171
		REAL ESTATE SERVICES - 2.3%
	12,386	CBRE Group, Inc., Class A(a),(b)		1,076,220
		RESIDENTIAL REIT - 7.1%
	23,579	American Homes 4 Rent, Class A		844,128
	8,122	Equity LifeStyle Properties, Inc.(a)		489,675
	33,851	Invitation Homes, Inc.		1,157,704
	6,889	Sun Communities, Inc.(a)		766,883
				3,258,390
		RETAIL REIT - 10.3%
	141,003	Macerich Company (The)(a)		1,940,201
	19,661	Simon Property Group, Inc.		2,762,961
				4,703,162
		SELF-STORAGE REIT - 3.4%
	7,016	Extra Space Storage, Inc.		942,108
	2,579	Public Storage		669,122
				1,611,230
		SELF-STORAGE REITS - 0.7%
	8,535	CubeSmart(a)		345,155
		SPECIALTY FINANCE - 4.9%
	32,612	FTAI Aviation Ltd.		2,289,689
		SPECIALTY REITS - 7.5%
	46,128	Americold Realty Trust, Inc.		1,013,432
	15,187	Iron Mountain, Inc.		1,177,296

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

155

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 100.4% (Continued)
		SPECIALTY REITS - 7.5% (Continued)
	68,859	NewLake Capital Partners, Inc.	$	1,311,764
				3,502,492
		TELECOMMUNICATIONS - 4.3%
	120,382	DigitalBridge Group, Inc.		1,979,080
		TOTAL COMMON STOCKS (Cost $41,179,210)		46,420,970
Shares			Fair Value
		SHORT-TERM INVESTMENT — 29.1%
		COLLATERAL FOR SECURITITES LOANED - 29.1%
	13,485,006	Mount Vernon Liquid Assets Portfolio, LLC, 5.43% (Cost $13,485,006)(c)		13,485,006
		TOTAL INVESTMENTS - 129.5% (Cost $54,664,216)	$	59,905,976
		LIABILITIES IN EXCESS OF OTHER ASSETS - (29.5)%		(13,640,777	)
		NET ASSETS - 100.0%	$	46,265,199

LLC	- Limited Liability Company
LTD	- Limited Company
REIT	- Real Estate Investment Trust
(a)	Non-income producing security.
(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $13,016,867 at April 30, 2024.
(c)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(d)	The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

156

Dunham U.S. Enhanced Market Fund (Unaudited)

Message from the Sub-Adviser (PGIM Quantitative Solutions LLC)

Asset Class Recap

The U.S. equity market rallied over the first fiscal quarter as investors became increasingly optimistic that the Federal Reserve could engineer the allusive goldilocks scenario of the Federal Reserve bringing inflation down to its 2 percent target without pushing the economy into a recession. Throughout the three months, investors cheered the continued softening of the Federal Reserve’s preferred measure of inflation as prices eased in December to 2.9 percent year-over-year in December, near the Federal Reserve’s target of 2 percent. Despite tight monetary policy, the labor market remained resilient, and economic growth displayed strength. Equity markets continued to rally in the most recent fiscal quarter as investors reacted positively to encouraging fourth-quarter earnings reports. Inflation ticked up higher in the quarter, and economic data proved resilient with strong GDP growth and a resilient labor market. In response, the expected pace of monetary easing declined meaningfully from the start of the year but did little to thwart the equity rally through March. To close the most recent fiscal quarter, equity markets sold off in April as higher-than-anticipated inflation coupled with weakening economic growth sparked concern that the goldilocks scenario of the Federal Reserve engineering a soft landing may not come to fruition. Over the most recent fiscal quarter ended April 30, 2024, the U.S. equity market, as measured by the S&P 500 Index, increased 4.3 percent, while U.S. Treasury bonds, as measured by the Bloomberg US Treasury Total Return Index, gave back 3.0 percent.

Allocation Review

The Fund seeks to deliver an asymmetrical return profile by providing increasing upside in up markets, while reducing volatility and limiting drawdowns in downturns. The Sub-Adviser tactically manages the Fund’s sensitivity, as measured by Delta, to the benchmark index. The equity exposure within the Fund is primarily constructed of call options and futures on the S&P 500 in order to provide upside participation in rising equity markets and is the largest contributor to the Fund’s sensitivity to the benchmark index. To begin the most recent fiscal quarter, the Fund’s overall sensitivity of its equity exposure was 1.06. Over the fiscal quarter, the Sub-Adviser allowed the equity sensitivity to run up to 1.18 through March and settle at 1.14 to the close the fiscal quarter. This higher sensitivity meaningfully contributed to Fund performance as the equity markets rallied in the first two months of the fiscal quarter, but detracted in April as equity markets sold off. The Sub-Adviser remains cautious in its equity outlook, but it will allow the equity sensitivity to rise above its baseline if they believe risks have dissipated in the market.

Conversely, the fixed income allocation is intended to serve as a safe haven during turbulent market events and provide downside protection. Within this exposure, the Sub-Adviser typically targets 67 percent of the duration of the Bloomberg Intermediate Treasury Index. Given the duration of the index is approximately 3.8 years, the Fund’s current target duration target is approximately 2.5 years. However, over the most recent fiscal quarter the Sub-Adviser has remained risk averse regarding interest rate risk by keeping the duration low at 0.13 years. This was achieved by increasing the allocation to Treasury Bills as the inverted US yield curve indicated a higher yield at shorter maturities. Over the fiscal quarter the fixed income exposure modestly contributed to Fund performance despite the US Treasury yield curve rising over the period. Moving forward, the Sub-Adviser could potentially use yield curve normalization as a signal on when to extend duration.

Holdings Insights

In order to implement the equity allocation described above, the Fund utilized long-dated S&P 500 call options in combination with S&P 500 futures contracts in order to provide upside participation. The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal quarter as option prices were positively impacted by increases in interest rates and implied volatility, along with a decrease in the implied dividend yield, as time decay detracted value as usual. The position in the S&P 500 INDEX SPXW US 05/17/28 C4150 Flex Option (C4150280516) (holding weight*: 32.52 percent) aided the Fund in its goal of providing increasing upside in up markets. This was evident over the strong equity rally in the first two months of the fiscal quarter where the S&P 500 index added 8.6 percent. Over the fiscal quarter, this option increased 16.4 percent. The equity futures exposure also aided positive Fund performance. This included, the CME E-Mini Standard & Poor’s 500 Index Future 03/15/2024 (ESH4) (holding notional weight&**: 16.84 percent) which contributed to Fund performance over the fiscal quarter by rising 5.2 percent before being sold from the fund in early March.

Within the fixed income exposure, the Fund employs individual US Treasuries, US Treasury bond futures, and cash to provide downside protections for the Fund. Over the fiscal quarter, the yield on the 10-year US Treasury rose 76 basis points to 4.68 percent, prompting a selloff in bond markets. Within the Fund, the CBOT 5 Year US Treasury Note 06/28/2024 (FVM4) (holding notional weight*: 30.20 percent) fell 1.8 percent percent since being added to the Fund. However, the substantial exposure to cash and short term treasury helped this exposure contribute positively to positive Fund performance. For example, the United States Treasury Bill 0%, Due 05/02/2024 (912797HH3) (holding weight*: 24.60 percent) increased 0.6 percent since being added to the Fund early in the fiscal quarter.

Sub-Adviser Outlook

Investors are anxiously awaiting the start of policy rate cuts, but the Federal Reserve continues to emphasize that it will take an unhurried approach when it comes to interest rate cuts. Still, the Sub-Adviser is cautiously optimistic for the rest of 2024 and beyond as the global economy has remained resilient. The Sub-Adviser believes that the near-term U.S. growth outlook appears solid, with economic data continuing to surprise on the upside. Labor market strength is helping the economy weather the impact of the Federal Reserve’s hikes. While U.S. equity prices relative to earnings have risen, the Sub-Adviser views valuations as not excessive, and earnings outlooks remain healthy. Among large caps, performance continued to broaden in early 2024. If this trend continues, the Sub-Adviser is confident that the Index will fare well for the rest of the year. After a rally in fixed-income markets to start the fiscal year, rates spiked as the Federal Reserve’s progress towards its 2 percent target appeared to stall. The Sub-Adviser is of the belief that moving forward the outlook for bonds remains tenuous. Barring rapid economic deterioration, a sizeable duration rally seems unlikely, and rates could move higher still if inflation remains above the Fed’s 2 percent target.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2024

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

157

Dunham U.S. Enhanced Market Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The Fund’s performance figures* for each of the periods ended April 30, 2024, compared to its benchmarks:

	6 Month Return	Since Inception (5/1/23)
Class N	21.11%	20.08%
Class A with Load 5.75%	15.62%	14.43%
Class A without load	21.04%	19.83%
Class C	20.56%	18.93%
S&P 500 Total Return Index (a)	20.98%	22.71%
Morningstar Moderately Conservative Allocation Category (b)	10.40%	6.45%

* Total Returns are calculated based on traded NAVs. As disclosed in the Trust’s latest registration statement, the Fund’s total annual operating expenses, including underlying funds, are 1.61% for Class N, 2.61% for Class C and 1.86% for Class A. Class A shares are subject to a sales load of 5.75% and a deferred sales charge of up to 0.75%. The performance data quoted here represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and NAV will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated assuming reinvestment of all dividends and capital gains distributions, if any. The returns do not reflect the deductions of taxes a shareholder would pay on the redemption of Fund shares or Fund distributions. For performance information current to the most recent month-end, please call 1-800-442-4358 or visit our website www.dunham.com.

(a) The S&P 500 Total Return Index, a registered trademark of S&P Global., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

(b) The Morningstar Moderately Conservative Allocation Category is generally representative of funds seeking to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%.

Comparison of the Change in Value of a $100,000 Investment

Portfolio Composition * (Unaudited)
Short-Term Investments	46.5	%
Call Options Purchased	40.0	%
U.S. Government & Agencies	13.5	%
Total	100.0	%

*   Based on total value of investments as of April 30, 2024.

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

Please refer to the Schedule of Investments for a more detailed listing of the Fund’s holdings.

158

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 13.6%
		U.S. TREASURY NOTES — 13.6%
	16,000,000	United States Treasury Note	1.2500	09/30/28	$	13,780,625
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $14,583,285)				13,780,625
			Discount Rate (%)	Maturity
		SHORT-TERM INVESTMENTS — 46.7%
		U.S. TREASURY BILLS — 39.3%
	25,000,000	United States Treasury Bill(a)	2.6632	05/02/24		24,996,343
	15,000,000	United States Treasury Bill(a)(b)	5.1667	06/20/24		14,890,208
						39,886,551
Shares
		MONEY MARKET FUNDS - 7.4%
	7,547,974	Fidelity Government Portfolio, CLASS I, 5.19%(c)				7,547,974
		TOTAL SHORT-TERM INVESTMENTS (Cost - $47,435,319)				47,434,525

Contracts(d)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FLEX OPTIONS PURCHASED - 40.1%
		CALL OPTIONS PURCHASED - 40.1%
	200	S&P 500 INDEX	Societe Generale	05/16/2028	$	4,150	$	83,000,000	$	33,047,622
	50	S&P 500 INDEX	Societe Generale	02/28/2029		4,510		22,550,000		7,748,327
		TOTAL FLEX OPTIONS PURCHASED (Cost - $24,207,320)								40,795,949
		TOTAL INVESTMENTS - 100.4% (Cost $86,225,924)							$	102,011,099
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%								(413,893	)
		NET ASSETS - 100.0%							$	101,597,206

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

159

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

OPEN FUTURES CONTRACTS
Number of Contracts	Open Long Futures Contracts	Expiration	Notional Amount(e)		Value and Unrealized Depreciation
5	CBOT 10 Year US Treasury Note	06/18/2024	$	537,188	$	(14,815	)
225	CBOT 2 Year US Treasury Note Future	06/28/2024		45,597,656		(451,106	)
293	CBOT 5 Year US Treasury Note	06/28/2024		30,689,461		(617,907	)
54	CME E-Mini Standard & Poor’s 500 Index Future	06/21/2024		13,680,900		(335,437	)
	TOTAL FUTURES CONTRACTS				$	(1,419,265	)

(a)	Zero coupon bond.
(b)	A portion is held as collateral for futures.
(c)	Rate disclosed is the seven day effective yield as of April 30, 2024.
(d)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(e)	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.

160

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

April 30, 2024

	Dunham									Dunham
	Corporate /			Dunham			Dunham			International			Dunham
	Government			Floating Rate			High-Yield			Opportunity			Large Cap
	Bond Fund			Bond Fund			Bond Fund			Bond Fund			Value Fund
Assets:
Investments in securities, at cost	$	175,114,995		$	127,610,887		$	196,815,124		$	65,891,762		$	108,600,344
Investments in securities, at value	$	165,373,744		$	124,401,127		$	193,368,669		$	62,182,245		$	158,652,393
Cash		—			—			—			90,000			—
Foreign currency, at value (cost $0, $0, $0, $2,057,043, and $0 respectively)		—			—			—			2,045,893			—
Deposits with brokers for futures (a)		—			—			—			640,065			—
Deposits with brokers for swaps (a)		—			—			—			340,714			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—			54,856			—
Unrealized appreciation on futures		—			—			—			185,947			—
Receivable for securities sold		412,282			2,152,644			1,853,670			83,675			—
Interest and dividends receivable		1,409,836			872,574			2,768,507			893,000			187,567
Receivable for Fund shares sold		189,443			111,234			266,599			81,670			56,148
Prepaid expenses and other assets		38,475			31,742			38,482			27,848			40,420
Total Assets		167,423,780			127,569,321			198,295,927			66,625,913			158,936,528
Liabilities:
Payable for securities purchased		1,390,263			5,363,908			331,415			1,006,494			—
Payable for Fund shares redeemed		101,551			221,748			221,693			57,285			55,002
Distributions payable		3,723			10,323			10,626			5,849			—
Payable upon return of securities loaned (Market value of securities on loan $2,980,493, $3,478,863, $35,426,507, $307,033, $6,115,111 respectively)		3,054,056			3,562,248			36,283,870			315,470			6,306,761
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			90,860			—
Unrealized depreciation on futures		—			—			—			299,332			—
Premiums received on swap contracts		—			—			—			81,244			—
Payable to adviser		68,429			77,994			81,031			32,628			81,886
Payable to sub-adviser		57,135			14,529			45,847			37,124			56,178
Payable for distribution fees		7,906			6,587			19,329			1,062			13,965
Payable to related parties		36,455			38,356			29,167			40,912			32,049
Accrued expenses and other liabilities		42,713			65,169			12,291			23,893			15,868
Total Liabilities		4,762,231			9,360,862			37,035,269			1,992,153			6,561,709
Net Assets	$	162,661,549		$	118,208,459		$	161,260,658		$	64,633,760		$	152,374,819
Net Assets:
Paid in capital	$	177,855,911		$	144,588,368		$	175,566,094		$	75,700,685		$	99,490,375
Accumulated earnings (loss)		(15,194,362	)		(26,379,909	)		(14,305,436	)		(11,066,925	)		52,884,444
Net Assets	$	162,661,549		$	118,208,459		$	161,260,658		$	64,633,760		$	152,374,819
Net Asset Value Per Share
Class N Shares:
Net Assets	$	145,228,248		$	103,663,508		$	142,141,879		$	57,428,207		$	132,078,567
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		11,893,614			11,955,095			16,753,483			7,483,187			7,131,552
Net asset value, offering and redemption price per share	$	12.21		$	8.67		$	8.48		$	7.67		$	18.52
Class A Shares:
Net Assets	$	14,836,941		$	9,173,110		$	15,310,147		$	6,226,549		$	16,889,030
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		1,217,029			1,059,072			1,782,119			820,705			917,534
Net asset value and redemption price per share *	$	12.19		$	8.66		$	8.59		$	7.59		$	18.41
Front-end sales charge factor		0.9550			0.9550			0.9550			0.9550			0.9425
Offering price per share (Net asset value per share / front-end sales charge factor)	$	12.76		$	9.07		$	8.99		$	7.95		$	19.53
Class C Shares:
Net Assets	$	2,596,360		$	5,371,841		$	3,808,632		$	979,004		$	3,407,222
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		214,651			620,005			451,726			133,105			198,500
Net asset value, offering and redemption price per share	$	12.10		$	8.66		$	8.43		$	7.36		$	17.16

* 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.

161

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)

April 30, 2024

			Dunham					Dunham
	Dunham		Focused		Dunham			Emerging			Dunham
	Small Cap		Large Cap		Small Cap			Markets			International
	Value Fund		Growth Fund		Growth Fund			Stock Fund			Stock Fund
Assets:
Investments in securities, at cost	$	84,590,121	$	86,158,770	$	91,531,902		$	93,011,257		$	137,136,906
Investments in securities, at value	$	80,869,411	$	192,038,719	$	103,482,187		$	112,286,945		$	151,634,925
Foreign currency, at value (cost $0, $0, $0, $129,789 and $397,490 respectively)		—		—		—			129,789			396,312
Receivable for securities sold		427,215		—		274,120			185,355			3,384,253
Unrealized appreciation on spot contracts		—		—		—			—			896
Interest and dividends receivable		27,334		76,099		16,375			385,458			1,320,714
Receivable for Fund shares sold		27,186		360,160		28,914			37,837			94,886
Prepaid expenses and other assets		66,733		41,819		38,342			39,002			43,207
Total Assets		81,417,879		192,516,797		103,839,938			113,064,386			156,875,193
Liabilities:
Payable for securities purchased		398,083		—		875,067			1,317,362			3,459,951
Payable for Fund shares redeemed		17,081		469,335		13,963			91,559			77,312
Payable upon return of securities loaned (Market value of securities on loan $0, $7,080,828, $25,081,474, $720,623, and $10,346,512 respectively)		—		7,315,177		26,187,377			743,074			10,915,758
Accrued foreign capital gains tax on appreciated securities		—		—		—			1,074,633			—
Unrealized depreciation on futures		—		—		—			—			742
Payable to adviser		43,336		101,820		42,275			58,077			75,972
Payable to sub-adviser		25,105		74,581		19,370			15,879			110,220
Payable for distribution fees		6,141		31,798		14,580			9,232			14,269
Payable to related parties		16,253		30,793		18,250			26,922			28,031
Payable for line of credit		—		—		—			—			22,000
Accrued expenses and other liabilities		9,849		19,191		15,786			48,347			56,371
Total Liabilities		515,848		8,042,695		27,186,668			3,385,085			14,760,626
Net Assets	$	80,902,031	$	184,474,102	$	76,653,270		$	109,679,301		$	142,114,567
Net Assets:
Paid in capital	$	73,463,683	$	69,105,605	$	79,089,318		$	121,327,943		$	121,521,916
Accumulated earnings (loss)		7,438,348		115,368,497		(2,436,048	)		(11,648,642	)		20,592,651
Net Assets	$	80,902,031	$	184,474,102	$	76,653,270		$	109,679,301		$	142,114,567
Net Asset Value Per Share
Class N Shares:
Net Assets	$	70,897,367	$	153,019,405	$	65,860,978		$	94,369,283		$	123,136,585
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		4,650,919		3,919,798		3,809,353			7,024,913			6,683,316
Net asset value, offering and redemption price per share	$	15.24	$	39.04	$	17.29		$	13.43		$	18.42
Class A Shares:
Net Assets	$	8,150,063	$	22,675,188	$	8,934,638		$	13,377,238		$	14,741,363
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		547,308		603,086		564,275			1,022,436			807,128
Net asset value, and redemption price per share *	$	14.89	$	37.60	$	15.83		$	13.08		$	18.26
Front-end sales charge factor		0.9425		0.9425		0.9425			0.9425			0.9425
Offering price per share (Net asset value per share / front-end sales charge factor)	$	15.80	$	39.89	$	16.80		$	13.88		$	19.37
Class C Shares:
Net Assets	$	1,854,601	$	8,779,509	$	1,857,654		$	1,932,780		$	4,236,619
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		153,474		261,127		180,034			160,256			250,575
Net asset value, offering and redemption price per share	$	12.08	$	33.62	$	10.32		$	12.06		$	16.91

* 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 of these financial statements.

162

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

April 30, 2024

						Dunham						Dunham
	Dunham		Dunham			Monthly			Dunham			U.S. Enhanced
	Dynamic Macro		Long/Short			Distribution			Real Estate			Market
	Fund		Credit Fund			Fund			Stock Fund			Fund
Assets:
Investments in securities, at cost	$	57,115,927	$	201,694,245		$	152,940,308		$	54,664,216		$	86,225,924
Investments in securities, at value	$	62,616,080	$	196,527,006		$	150,933,330		$	59,905,976		$	102,011,099
Cash		—		660,000			7			342			—
Foreign currency, at value (cost $0, $0, $17,586, $0 and $0 respectively)		—		—			17,347			—			—
Deposits with brokers for securities sold short (a)		—		—			106,072,829			—			—
Deposit with brokers for futures (a)		1,300,192		1,033,793			—			—			1,034,398
Unrealized appreciation on futures		691,389		1,272,402			—			—			—
Unrealized appreciation on swap contracts		—		261,148			—			—			—
Premiums paid on swap contracts		—		139,982			—			—			—
Unrealized appreciation on forward foreign currency exchange contracts		183,438		—			1,118,928			—			—
Receivable for securities sold		—		1,156,820			6,585,623			—			—
Interest and dividends receivable		182,126		1,736,550			172,012			1,599			44,644
Receivable for Fund shares sold		22,587		242,832			154,265			12,714			15,064
Prepaid expenses and other assets		38,872		42,213			283,510			37,475			53,816
Total Assets		65,034,684		203,072,746			265,337,851			59,958,106			103,159,021
Liabilities:
Securities sold short (proceeds received $0, $0, $72,719,181, $0, and $0 respectively)		—		—			75,610,902			—			—
Payable for securities purchased		—		2,835,121			7,351,314			86,000			—
Payable for Fund shares redeemed		34,497		305,134			365,650			24,137			18,484
Payable upon return of securities loaned (Market value of securities on loan $0, $0 $8,019,236, $13,016,867 and $0 respectively)		—		—			8,410,871			13,485,006			—
Unrealized depreciation on forward foreign currency exchange contracts		—		—			554,344			—			—
Distributions payable		—		24,878			55,613			—			—
Premiums received on swap contracts		—		2,162,137			—			—			—
Unrealized depreciation on swap contracts		—		331,351			—			—			—
Unrealized depreciation on futures		61,954		—			—			—			1,419,265
Payable for dividend on short sales		—		—			177,397			—			—
Payable to adviser		34,228		106,749			93,873			25,536			54,675
Payable to sub-adviser		47,288		(29,107	)		103,880			32,286			24,419
Payable for distribution fees		4,478		15,301			31,289			1,647			2,583
Payable to related parties		10,802		53,227			59,085			14,879			30,966
Accrued expenses and other liabilities		15,690		40,660			28,360			23,416			11,423
Total Liabilities		208,937		5,845,451			92,842,578			13,692,907			1,561,815
Net Assets	$	64,825,747	$	197,227,295		$	172,495,273		$	46,265,199		$	101,597,206
Net Assets:
Paid in capital	$	55,806,825	$	214,404,487		$	184,977,597		$	63,990,738		$	87,485,206
Accumulated earnings (loss)		9,018,922		(17,177,192	)		(12,482,324	)		(17,725,539	)		14,112,000
Net Assets	$	64,825,747	$	197,227,295		$	172,495,273		$	46,265,199		$	101,597,206
Net Asset Value Per Share
Class N Shares:
Net Assets	$	55,664,828	$	177,382,872		$	140,594,357		$	39,877,279		$	90,856,895
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		4,647,319		20,130,640			4,886,602			3,215,177			5,460,913
Net asset value, offering and redemption price per share	$	11.98	$	8.81		$	28.77		$	12.40		$	16.64
Class A Shares:
Net Assets	$	8,026,488	$	17,081,496		$	19,220,550		$	4,516,945		$	10,203,722
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		679,324		1,943,584			707,828			361,942			613,901
Net asset value, and redemption price per share *	$	11.82	$	8.79		$	27.15		$	12.48		$	16.62
Front-end sales charge factor		0.9425		0.9425			0.9425			0.9425			0.9425
Offering price per share (Net asset value per share / front-end sales charge factor)	$	12.54	$	9.33		$	28.81		$	13.24		$	17.63
Class C Shares:
Net Assets	$	1,134,431	$	2,762,927		$	12,680,366		$	1,870,975		$	536,589
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		103,457		328,962			674,761			165,845			32,396
Net asset value, offering and redemption price per share	$	10.97	$	8.40		$	18.79		$	11.28		$	16.56

* For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase.

(a) See Section 2.k. in the notes for the breakout by counterparty.

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

163

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2024

	Dunham								Dunham
	Corporate /			Dunham			Dunham		International			Dunham
	Government			Floating Rate			High-Yield		Opportunity			Large Cap
	Bond Fund			Bond Fund			Bond Fund		Bond Fund			Value Fund
Investment Income:
Interest income	$	3,935,096		$	5,879,645		$	5,038,215	$	1,937,878		$	83,203
Dividend income		—			—			376,871		—			1,566,266
Securities lending income - net		5,611			2,885			35,665		4,053			8,897
Less: Foreign withholding taxes		(149	)		—			—		(804	)		—
Total Investment Income		3,940,558			5,882,530			5,450,751		1,941,127			1,658,366
Operating Expenses:
Investment advisory fees		368,591			347,665			419,366		179,054			481,978
Sub-advisory fees		221,154			162,244			223,662		134,291			222,452
Sub-advisory performance fees		72,804			(100,454	)		51,151		61,787			(6,048	)
Distribution fees- Class A Shares		19,513			13,062			14,062		8,378			22,495
Distribution fees- Class C Shares		9,587			20,697			19,001		3,558			17,193
Administration fees		91,240			49,175			60,565		73,340			32,263
Custodian fees		25,151			29,385			4,088		22,108			4,811
Registration fees		25,712			24,989			25,814		21,183			26,734
Transfer agent fees		18,744			21,627			17,924		14,220			21,775
Printing and postage expense		11,847			11,946			10,262		6,799			15,413
Professional fees		11,925			11,263			11,611		9,485			12,015
Fund accounting fees		10,953			8,204			10,375		4,438			11,041
Chief Compliance Officer fees		5,018			3,978			4,380		1,951			4,845
Trustees’ fees		3,522			2,938			3,229		1,730			3,566
Third party administrative servicing fees		2,247			2,313			2,715		2,094			4,323
Insurance expense		915			1,061			812		375			1,217
Interest expense		—			3,879			—		—			362
Miscellaneous expenses		3,497			6,442			3,323		2,197			12,911
Total Operating Expenses		902,420			620,414			882,340		546,988			889,346
Less: Fees paid indirectly		—			—			—		—			(189	)
Net Operating Expenses		902,420			620,414			882,340		546,988			889,157
Net Investment Income		3,038,138			5,262,116			4,568,411		1,394,139			769,209
Realized and Unrealized Gain (Loss) on Investments, Futures, Swap Contracts and Forward Foreign Currency Exchange Contracts:
Net realized gain (loss) from:
Investments		(1,067,546	)		(1,978,968	)		141,594		276,813			3,686,185
Futures		—			—			—		137,522			—
Swap contracts		—			—			—		(291,340	)		—
Forward foreign currency exchange contracts		—			—			—		(112,081	)		—
Net realized gain (loss)		(1,067,546	)		(1,978,968	)		141,594		10,914			3,686,185
Net change in unrealized appreciation (depreciation) on:
Investments		5,109,734			3,664,035			5,481,113		3,332,042			22,660,368
Futures		—			—			—		45,273			—
Swap contracts		—			—			—		(15,440	)		—
Forward foreign currency exchange contracts		—			—			—		13,929			—
Net change in unrealized appreciation (depreciation)		5,109,734			3,664,035			5,481,113		3,375,804			22,660,368
Net Realized and Unrealized Gain		4,042,188			1,685,067			5,622,707		3,386,718			26,346,553
Net Increase in Net Assets Resulting From Operations	$	7,080,326		$	6,947,183		$	10,191,118	$	4,780,857		$	27,115,762

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

164

STATEMENTS OF OPERATIONS (Unaudited)(Continued)

For the Six Months Ended April 30, 2024

				Dunham						Dunham
	Dunham			Focused			Dunham			Emerging			Dunham
	Small Cap			Large Cap			Small Cap			Markets			International
	Value Fund			Growth Fund			Growth Fund			Stock Fund			Stock Fund
Investment Income:
Interest income	$	31,131		$	98,096		$	65,971		$	28,830		$	11,546
Dividend income		742,972			285,949			144,031			1,454,171			2,862,505
Securities lending income - net		10,085			8,290			22,178			2,307			16,871
Less: Foreign withholding taxes		—			(5,120	)		(3,229	)		(206,410	)		(339,020	)
Total Investment Income		784,188			387,215			228,951			1,278,898			2,551,902
Operating Expenses:
Investment advisory fees		236,042			597,715			235,497			346,873			438,492
Sub-advisory fees		163,414			321,847			181,151			240,143			438,492
Sub-advisory performance fees		69,180			126,041			49,123			(184,429	)		205,631
Distribution fees- Class A Shares		9,741			31,768			11,518			17,657			19,672
Distribution fees- Class C Shares		9,371			42,309			9,420			9,231			20,426
Registration fees		24,857			24,701			25,024			26,348			26,068
Administration fees		21,575			37,976			20,781			36,947			55,290
Transfer agent fees		15,754			24,444			16,127			18,003			20,417
Professional fees		9,738			12,689			9,718			14,180			11,639
Printing and postage expense		6,483			16,958			7,277			8,535			10,117
Fund accounting fees		5,458			13,678			5,447			7,951			10,039
Third party administrative servicing fees		4,019			10,922			5,779			2,862			6,464
Custodian fees		3,457			4,979			5,494			69,846			55,464
Chief Compliance Officer fees		2,259			5,652			2,220			3,549			4,410
Trustees’ fees		1,663			4,157			1,630			2,629			3,259
Interest expense		556			3,239			160			8,823			5,945
Insurance expense		483			1,343			559			865			1,002
Miscellaneous expenses		4,870			15,410			6,986			5,724			4,853
Total Operating Expenses		588,920			1,295,828			593,911			635,737			1,337,680
Less: Fees paid indirectly		(15,400	)		(2,187	)		(3,020	)		—			—
Net Operating Expenses		573,520			1,293,641			590,891			635,737			1,337,680
Net Investment Income (Loss)		210,668			(906,426	)		(361,940	)		643,161			1,214,222
Realized and Unrealized Gain (Loss) on Investments and Forward Foreign Currency Exchange Contracts
Net realized gain (loss) from:
Investments		11,526,754			12,206,537			3,995,720			(3,792,813	)		5,194,831
Foreign capital gains tax		—			—			—			(307,333	)		—
Foreign currency transactions		—			—			—			(58,324	)		4,426
Forward foreign currency exchange contracts		(1,375	)		—			—			—			—
Net realized gain (loss)		11,525,379			12,206,537			3,995,720			(4,158,470	)		5,199,257
Net change in unrealized appreciation (depreciation) on:
Investments		(1,822,985	)		31,938,314			7,203,085			18,174,071			18,603,290
Foreign currency translations		—			—			—			(3,667	)		(1,743	)
Net change in foreign capital gains tax on appreciated securities		—			—			—			(444,017	)		—
Net change in unrealized appreciation (depreciation)		(1,822,985	)		31,938,314			7,203,085			17,726,387			18,601,547
Net Realized and Unrealized Gain		9,702,394			44,144,851			11,198,805			13,567,917			23,800,804
Net Increase in Net Assets Resulting From Operations	$	9,913,062		$	43,238,425		$	10,836,865		$	14,211,078		$	25,015,026

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

165

STATEMENTS OF OPERATIONS (Unaudited)(Continued)

For the Six Months Ended April 30, 2024

	Dunham			Dunham			Dunham			Dunham			Dunham
	Dynamic Macro			Long/Short			Monthly			Real Estate			U.S. Enhanced
	Fund			Credit Fund			Distribution Fund			Stock Fund			Market Fund
Investment Income:
Interest income	$	824,996		$	5,312,133		$	2,211,352		$	5,108		$	1,467,570
Dividend income		175,905			—			1,345,917			985,665			—
Securities lending income - net		—			751			12,680			32,172			—
Less: Foreign withholding taxes		—			—			(30,966	)		(5,506	)		—
Total Investment Income		1,000,901			5,312,884			3,538,983			1,017,439			1,467,570
Operating Expenses:
Investment advisory fees		177,999			613,512			558,250			194,868			308,297
Sub-advisory fees		164,307			566,319			515,308			134,909			237,151
Sub-advisory performance fees		84,067			(562,867	)		(96,663	)		9,530			(95,241	)
Distribution fees- Class A Shares		9,495			24,600			26,150			9,018			13,562
Distribution fees- Class C Shares		5,199			13,735			63,986			10,239			1,927
Registration fees		26,925			27,982			28,360			26,302			37,969
Administration fees		22,380			48,268			41,270			20,475			29,869
Printing and postage expense		21,864			20,054			31,485			7,634			11,940
Transfer agent fees		13,823			28,671			24,345			15,473			19,107
Custodian fees		12,079			7,480			18,468			2,844			3,859
Professional fees		9,267			13,570			12,768			9,628			10,501
Fund accounting fees		4,065			14,058			12,804			4,489			7,051
Chief Compliance Officer fees		1,701			6,578			6,000			2,106			2,942
Trustees’ fees		1,548			4,598			4,146			1,568			2,432
Third party administrative servicing fees		1,497			15,866			8,017			4,014			964
Insurance expense		316			1,698			1,560			576			253
Interest expense		111			443			2,364			7,562			321
Dividend expense on short sales		—			—			999,110			—			—
Miscellaneous expenses		1,938			6,327			4,810			5,186			2,141
Total Operating Expenses		558,581			850,892			2,262,538			466,421			595,045
Less: Fees paid indirectly		—			—			—			—			—
Net Operating Expenses		558,581			850,892			2,262,538			466,421			595,045
Net Investment Income		442,320			4,461,992			1,276,445			551,018			872,525
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:
Investments		45,615			(452,300	)		(20,945,045	)		5,363,131			(121,533	)
Futures		2,424,278			560,420			—			—			877,481
Purchased options		—			—			(61,361	)		—			—
Securities sold short		—			—			18,242,893			—			—
Written options		—			—			(23,923	)		—			—
Swap contracts		—			(3,159,166	)		—			—			—
Forward foreign currency exchange contracts		(7,808	)		(1,580	)		550,050			—			—
Net realized gain (loss)		2,462,085			(3,052,626	)		(2,237,386	)		5,363,131			755,948
Net change in unrealized appreciation (depreciation) on:
Investments		3,040,746			3,995,971			7,974,369			5,329,598			371,374
Futures		1,046,129			(1,069,158	)		—			—			191,017
Purchased options		—			—			—			—			14,817,619
Securities sold short		—			—			(2,044,205	)		—			—
Written options		—			—			(224,016	)		—			—
Swap contracts		—			171,736			—			—			—
Forward foreign currency exchange contracts		37,825			—			127,797			—			—
Foreign currency transactions		(107,911	)		2,156			(239	)		—			—
Net change in unrealized appreciation (depreciation)		4,016,789			3,100,705			5,833,706			5,329,598			15,380,010
Net Realized and Unrealized Gain		6,478,874			48,079			3,596,320			10,692,729			16,135,958
Net Increase in Net Assets Resulting From Operations	$	6,921,194		$	4,510,071		$	4,872,765		$	11,243,747		$	17,008,483

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

166

STATEMENTS OF CHANGES IN NET ASSETS

	Dunham						Dunham						Dunham						Dunham						Dunham
	Corporate/Government						Floating Rate						High-Yield						International Opportunity						Large Cap
	Bond Fund						Bond Fund						Bond Fund						Bond Fund						Value Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	3,038,138		$	3,945,007		$	5,262,116		$	12,506,954		$	4,568,411		$	7,011,086		$	1,394,139		$	2,334,237		$	769,209		$	1,758,797
Net realized gain (loss) from investments, futures, swap contracts and forward foreign currency exchange contracts		(1,067,546	)		(1,727,970	)		(1,978,968	)		(3,466,656	)		141,594			(2,989,421	)		10,914			(2,613,239	)		3,686,185			7,011,704
Net change in unrealized appreciation (depreciation) on investments, futures, swap contracts and forward foreign currency exchange contracts		5,109,734			(3,871,521	)		3,664,035			6,083,676			5,481,113			3,280,143			3,375,804			4,384,620			22,660,368			(8,856,711	)
Net Increase (Decrease) in Net Assets Resulting From Operations		7,080,326			(1,654,484	)		6,947,183			15,123,974			10,191,118			7,301,808			4,780,857			4,105,618			27,115,762			(86,210	)
Distributions to Shareholders From:
Distributions From Paid In Capital:
Class N		—			—			—			—			—			—			—			(878,761	)		—			—
Class A		—			—			—			—			—			—			—			(132,413	)		—			—
Class C		—			—			—			—			—			—			—			(34,196	)		—			—
Distributions from Earnings
Class N		(2,685,244	)		(3,418,500	)		(4,603,811	)		(10,756,235	)		(3,892,679	)		(5,842,811	)		(1,320,803	)		(1,959,755	)		(6,210,651	)		(3,794,693	)
Class A		(297,452	)		(449,104	)		(459,764	)		(1,335,427	)		(462,604	)		(864,652	)		(162,711	)		(317,847	)		(934,186	)		(581,798	)
Class C		(43,173	)		(68,847	)		(233,660	)		(511,641	)		(105,417	)		(224,615	)		(21,586	)		(31,819	)		(164,686	)		(90,311	)
Total Distributions to Shareholders		(3,025,869	)		(3,936,451	)		(5,297,235	)		(12,603,303	)		(4,460,700	)		(6,932,078	)		(1,505,100	)		(3,354,791	)		(7,309,523	)		(4,466,802	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class N		41,482,062			85,924,002			16,956,263			14,943,354			50,220,205			35,422,032			13,468,312			21,882,103			17,063,091			30,929,149
Class A		2,244,268			12,358,422			500,300			1,963,446			3,149,069			5,016,239			444,481			2,974,646			994,839			4,485,014
Class C		285,044			670,748			101,306			178,813			221,167			328,853			75,481			195,360			77,971			298,461
Reinvestment of distributions
Class N		2,679,323			3,407,665			4,590,797			10,713,149			3,879,542			5,821,972			1,289,449			2,825,367			6,187,152			3,775,688
Class A		293,484			442,941			449,021			1,308,941			446,472			838,290			160,648			444,817			796,812			519,222
Class C		35,171			54,686			196,225			455,191			85,900			194,630			21,126			65,293			161,382			88,830
Cost of shares redeemed
Class N		(13,324,458	)		(22,182,300	)		(17,294,621	)		(81,879,372	)		(15,248,756	)		(24,211,972	)		(6,727,081	)		(7,912,314	)		(23,788,182	)		(56,623,785	)
Class A		(4,001,186	)		(2,811,781	)		(3,582,184	)		(12,532,360	)		(3,614,464	)		(4,043,716	)		(1,852,841	)		(1,282,486	)		(5,217,525	)		(9,309,773	)
Class C		(240,473	)		(657,209	)		(696,130	)		(1,532,552	)		(268,435	)		(800,387	)		(81,220	)		(234,057	)		(417,816	)		(1,076,840	)
Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest		29,453,235			77,207,174			1,220,977			(66,381,390	)		38,870,700			18,565,941			6,798,355			18,958,729			(4,142,276	)		(26,914,034	)
Total Increase (Decrease) in Net Assets		33,507,692			71,616,239			2,870,925			(63,860,719	)		44,601,118			18,935,671			10,074,112			19,709,556			15,663,963			(31,467,046	)
Net Assets:
Beginning of Year/Period		129,153,857			57,537,618			115,337,534			179,198,253			116,659,540			97,723,869			54,559,648			34,850,092			136,710,856			168,177,902
End of Year/Period	$	162,661,549		$	129,153,857		$	118,208,459		$	115,337,534		$	161,260,658		$	116,659,540		$	64,633,760		$	54,559,648		$	152,374,819		$	136,710,856

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

167

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Dunham						Dunham						Dunham						Dunham						Dunham
	Small Cap						Focused Large Cap						Small Cap						Emerging Markets						International
	Value Fund						Growth Fund						Growth Fund						Stock Fund						Stock Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income (loss)	$	210,668		$	344,531		$	(906,426	)	$	(1,381,427	)	$	(361,940	)	$	(736,423	)	$	643,161		$	1,306,683		$	1,214,222		$	4,041,200
Net realized gain (loss) from investments, foreign capital gain tax and forward foreign currency transactions		11,525,379			2,909,407			12,206,537			9,146,453			3,995,720			(1,292,353	)		(4,158,470	)		(10,598,570	)		5,199,257			4,463,838
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and foreign capital gains on appreciated securities		(1,822,985	)		(6,063,334	)		31,938,314			32,860,198			7,203,085			2,343,195			17,726,387			18,832,789			18,601,547			13,390,662
Net Increase (Decrease) in Net Assets Resulting From Operations		9,913,062			(2,809,396	)		43,238,425			40,625,224			10,836,865			314,419			14,211,078			9,540,902			25,015,026			21,895,700
Distributions to Shareholders From:
Distributions from Earnings
Class N		(1,827,538	)		(3,813,890	)		(3,211,843	)		—			—			—			(737,069	)		(219,990	)		(4,196,994	)		(4,237,875	)
Class A		(232,684	)		(540,756	)		(573,626	)		—			—			—			(89,559	)		—			(604,920	)		(644,994	)
Class C		(57,329	)		(200,590	)		(210,529	)		—			—			—			(2,243	)		—			(132,243	)		(140,909	)
Total Distributions to Shareholders		(2,117,551	)		(4,555,236	)		(3,995,998	)		—			—			—			(828,871	)		(219,990	)		(4,934,157	)		(5,023,778	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class N		17,384,080			17,078,435			22,548,537			30,207,484			15,886,568			12,208,288			10,088,033			12,532,986			17,083,520			13,711,427
Class A		1,972,118			2,273,093			4,808,628			5,606,611			1,242,733			2,051,036			1,008,277			1,605,848			982,427			3,920,275
Class C		66,000			104,467			1,138,453			319,448			68,581			78,820			115,750			92,954			246,781			102,782
Reinvestment of distributions
Class N		1,824,198			3,791,874			3,145,417			—			—			—			736,714			219,293			4,147,422			4,202,687
Class A		229,668			527,970			490,323			—			—			—			89,197			—			598,279			640,037
Class C		56,967			199,470			187,206			—			—			—			2,137			—			128,011			138,359
Cost of shares redeemed
Class N		(6,358,782	)		(23,304,126	)		(26,025,644	)		(85,443,042	)		(5,942,015	)		(30,639,053	)		(11,738,510	)		(22,348,250	)		(16,454,799	)		(42,308,794	)
Class A		(1,863,580	)		(3,309,853	)		(10,066,245	)		(14,228,908	)		(2,003,399	)		(5,720,420	)		(3,478,239	)		(4,439,529	)		(4,526,472	)		(10,185,017	)
Class C		(178,416	)		(622,413	)		(919,402	)		(2,781,301	)		(142,823	)		(654,933	)		(128,073	)		(573,515	)		(371,805	)		(1,037,241	)
Net Increase/(Decrease) in Net Assets From Share Transactions of Beneficial Interest		13,132,253			(3,261,083	)		(4,692,727	)		(66,319,708	)		9,109,645			(22,676,262	)		(3,304,714	)		(12,910,213	)		1,833,364			(30,815,485	)
Total Increase (Decrease) in Net Assets		20,927,764			(10,625,715	)		34,549,700			(25,694,484	)		19,946,510			(22,361,843	)		10,077,493			(3,589,301	)		21,914,233			(13,943,563	)
Net Assets:
Beginning of Year/Period		59,974,267			70,599,982			149,924,402			175,618,886			56,706,760			79,068,603			99,601,808			103,191,109			120,200,334			134,143,897
End of Year/Period	$	80,902,031		$	59,974,267		$	184,474,102		$	149,924,402		$	76,653,270		$	56,706,760		$	109,679,301		$	99,601,808		$	142,114,567		$	120,200,334

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

168

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Dunham						Dunham						Dunham						Dunham						Dunham
	Dynamic Macro						Long/Short						Monthly Distribution						Real Estate						U.S. Enhanced
	Fund						Credit Fund						Fund						Stock Fund						Market Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Period Ended*
	April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023			April 30, 2024			October 31, 2023
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	442,320		$	809,945		$	4,461,992		$	9,071,576		$	1,276,445		$	1,232,236		$	551,018		$	1,143,933		$	872,525		$	633,498
Net realized gain (loss) from investments, futures, purchased options, securities sold short, written options, swap contracts and forward foreign currency exchange contracts		2,462,085			2,643,173			(3,052,626	)		(7,034,638	)		(2,237,386	)		4,364,826			5,363,131			(18,321,372	)		755,948			(1,545,880	)
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, securities sold short, written options, swap contracts, foreign currency translations, and forward foreign currency exchange contracts		4,016,789			668,360			3,100,705			2,150,011			5,833,706			(2,588,575	)		5,329,598			9,680,323			15,380,010			(1,014,100	)
Net Increase (Decrease) in Net Assets Resulting From Operations		6,921,194			4,121,478			4,510,071			4,186,949			4,872,765			3,008,487			11,243,747			(7,497,116	)		17,008,483			(1,926,482	)
Distributions to Shareholders From:
Distributions From Paid In Capital:
Class N		—			—			—			—			—			(10,431,572	)		—			—			—			—
Class A		—			—			—			—			—			(1,808,869	)		—			—			—			—
Class C		—			—			—			—			—			(1,376,640	)		—			—			—			—
Distributions from Earnings
Class N		(1,517,530	)		—			(4,067,009	)		(9,866,831	)		(5,861,689	)		(2,262,650	)		(1,123,321	)		(424,646	)		(907,828	)		—
Class A		(264,596	)		—			(444,499	)		(1,305,598	)		(924,773	)		(388,885	)		(153,363	)		(37,364	)		(112,804	)		—
Class C		(30,252	)		—			(59,523	)		(157,322	)		(822,440	)		(287,098	)		(36,620	)		—			(2,081	)		—
Total Distributions to Shareholders		(1,812,378	)		—			(4,571,031	)		(11,329,751	)		(7,608,902	)		(16,555,714	)		(1,313,304	)		(462,010	)		(1,022,713	)		—
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class N		18,140,861			16,590,717			44,935,661			40,246,734			25,390,749			24,961,812			5,398,703			18,134,600			19,137,753			75,690,305
Class A		2,130,710			3,627,713			2,557,800			5,235,204			1,324,714			3,102,233			265,275			3,367,487			1,163,142			11,244,568
Class C		147,982			203,828			256,217			213,652			575,080			659,818			33,250			224,633			210,979			319,034
Reinvestment of distributions
Class N		1,517,095			—			3,927,197			9,443,373			5,772,253			12,504,383			1,107,239			417,757			907,118			—
Class A		263,924			—			433,055			1,260,164			831,679			1,989,305			152,733			37,172			111,997			—
Class C		29,907			—			55,437			141,610			694,232			1,415,818			35,629			—			2,081			—
Cost of shares redeemed
Class N		(4,164,812	)		(6,445,766	)		(34,719,758	)		(87,157,302	)		(30,045,923	)		(61,640,631	)		(28,194,874	)		(23,005,266	)		(11,867,479	)		(5,212,799	)
Class A		(1,961,282	)		(1,542,861	)		(8,213,699	)		(11,189,132	)		(5,986,386	)		(8,914,667	)		(5,996,787	)		(3,121,327	)		(3,360,809	)		(767,821	)
Class C		(91,944	)		(258,517	)		(431,911	)		(1,201,510	)		(1,098,827	)		(3,633,866	)		(294,032	)		(674,980	)		(34,182	)		(5,969	)
Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest		16,012,441			12,175,114			8,799,999			(43,007,207	)		(2,542,429	)		(29,555,795	)		(27,492,864	)		(4,619,924	)		6,270,600			81,267,318
Total Increase (Decrease) in Net Assets		21,121,257			16,296,592			8,739,039			(50,150,009	)		(5,278,566	)		(43,103,022	)		(17,562,421	)		(12,579,050	)		22,256,370			79,340,836
Net Assets:
Beginning of Year/Period		43,704,490			27,407,898			188,488,256			238,638,265			177,773,839			220,876,861			63,827,620			76,406,670			79,340,836			—
End of Year/Period	$	64,825,747		$	43,704,490		$	197,227,295		$	188,488,256		$	172,495,273		$	177,773,839		$	46,265,199		$	63,827,620		$	101,597,206		$	79,340,836

* The Fund commenced operations on May 1, 2023

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

169

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	11.76		$	12.01		$	14.41		$	14.44		$	14.02		$	13.06
Income (loss) from investment operations:
Net investment income*		0.26			0.45			0.22			0.19			0.28			0.36
Net realized and unrealized gain (loss)		0.44			(0.29	)		(2.38	)		(0.01	)		0.44			0.96
Total income (loss) from investment operations		0.70			0.16			(2.16	)		0.18			0.72			1.32
Less distributions:
Distributions from net investment income		(0.25	)		(0.41	)		(0.24	)		(0.21	)		(0.30	)		(0.36	)
Total distributions		(0.25	)		(0.41	)		(0.24	)		(0.21	)		(0.30	)		(0.36	)
Net asset value, end of year/period	$	12.21		$	11.76		$	12.01		$	14.41		$	14.44		$	14.02
Total return + #		5.94	%		1.23	%		(15.12	)%		1.23	%		5.17	%		10.27	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	145,228		$	111,045		$	48,744		$	78,345		$	61,209		$	42,730
Ratios of expenses to average net assets:		1.22	%		1.17	%		1.34	%		1.25	%		1.24	%		1.20	%
Ratios of net investment income to average net assets		4.29	%		3.60	%		1.67	%		1.30	%		1.99	%		2.68	%
Portfolio turnover rate (1)		20	%		29	%		35	%		59	%		75	%		76	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	11.75		$	12.00		$	14.39		$	14.42		$	14.01		$	13.04		$	11.66		$	11.91		$	14.28		$	14.31		$	13.91		$	12.95
Income (loss) from investment operations:
Net investment income*		0.24			0.41			0.19			0.15			0.25			0.33			0.21			0.34			0.13			0.08			0.18			0.26
Net realized and unrealized gain (loss)		0.44			(0.28	)		(2.37	)		(0.01	)		0.42			0.97			0.44			(0.27	)		(2.36	)		(0.01	)		0.41			0.96
Total income (loss) from investment operations		0.68			0.13			(2.18	)		0.14			0.67			1.30			0.65			0.07			(2.23	)		0.07			0.59			1.22
Less distributions:
Distributions from net investment income		(0.24	)		(0.38	)		(0.21	)		(0.17	)		(0.26	)		(0.33	)		(0.21	)		(0.32	)		(0.14	)		(0.10	)		(0.19	)		(0.26	)
Total distributions		(0.24	)		(0.38	)		(0.21	)		(0.17	)		(0.26	)		(0.33	)		(0.21	)		(0.32	)		(0.14	)		(0.10	)		(0.19	)		(0.26	)
Net asset value, end of year/period	$	12.19		$	11.75		$	12.00		$	14.39		$	14.42		$	14.01		$	12.10		$	11.66		$	11.91		$	14.28		$	14.31		$	13.91
Total return + #		5.73	%		1.00	%		(15.29	)%		0.98	%		4.84	%		10.09	%		5.52	%		0.50	%		(15.68	)%		0.49	%		4.29	%		9.53	%
Ratios/Supplemental Data:
Net assets, end of year (in 000s)	$	14,837		$	15,680		$	6,376		$	9,593		$	8,490		$	7,510		$	2,596		$	2,428		$	2,418		$	2,678		$	2,886		$	2,672
Ratios of expenses to average net assets:		1.47	%		1.42	%		1.59	%		1.50	%		1.49	%		1.45	%		1.97	%		1.92	%		2.09	%		2.00	%		1.99	%		1.95	%
Ratios of net investment income to average net assets		3.87	%		3.35	%		1.42	%		1.05	%		1.75	%		2.41	%		3.41	%		2.74	%		0.96	%		0.56	%		1.31	%		1.92	%
Portfolio turnover rate (1)		20	%		29	%		35	%		59	%		75	%		76	%		20	%		29	%		35	%		59	%		75	%		76	%

* 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.

# 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) Not annualized for periods less than one year.

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

170

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	8.55		$	8.44		$	9.18		$	8.90		$	9.36		$	9.62
Income (loss) from investment operations:
Net investment income*		0.40			0.76			0.41			0.27			0.34			0.44
Net realized and unrealized gain (loss)		0.12			0.15			(0.72	)		0.32			(0.47	)		(0.26	)
Total income (loss) from investment operations		0.52			0.91			(0.31	)		0.59			(0.13	)		0.18
Less distributions:
Distributions from net investment income		(0.40	)		(0.80	)		(0.43	)		(0.31	)		(0.33	)		(0.44	)
Total distributions		(0.40	)		(0.80	)		(0.43	)		(0.31	)		(0.33	)		(0.44	)
Net asset value, end of year/period	$	8.67		$	8.55		$	8.44		$	9.18		$	8.90		$	9.36
Total return + #		6.18	%		11.18	%		(3.46	)%		6.63	%		(1.30	)%		1.99	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	103,664		$	98,042		$	152,134		$	173,112		$	135,536		$	157,757
Ratios of expenses to average net assets (including interest expense) (1): ^		1.01	%		1.17	%		1.04	%		0.90	%		1.00	%		1.01	%
Ratios of net investment income to average net assets: ^		9.13	%		8.83	%		4.67	%		2.97	%		3.81	%		4.60	%
Portfolio turnover rate (3)		43	%		21	%		56	%		135	%		76	%		44	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	8.54		$	8.43		$	9.17		$	8.89		$	9.35		$	9.61		$	8.54		$	8.43		$	9.18		$	8.89		$	9.35		$	9.62
Income (loss) from investment operations:
Net investment income*		0.39			0.74			0.39			0.25			0.32			0.41			0.36			0.70			0.35			0.21			0.27			0.37
Net realized and unrealized gain (loss)		0.12			0.15			(0.72	)		0.32			(0.47	)		(0.25	)		0.13			0.14			(0.74	)		0.32			(0.46	)		(0.27	)
Total income (loss) from investment operations		0.51			0.89			(0.33	)		0.57			(0.15	)		0.16			0.49			0.84			(0.39	)		0.53			(0.19	)		0.10
Less distributions:
Distributions from net investment income		(0.39	)		(0.78	)		(0.41	)		(0.29	)		(0.31	)		(0.42	)		(0.37	)		(0.73	)		(0.36	)		(0.24	)		(0.27	)		(0.37	)
Total distributions		(0.39	)		(0.78	)		(0.41	)		(0.29	)		(0.31	)		(0.42	)		(0.37	)		(0.73	)		(0.36	)		(0.24	)		(0.27	)		(0.37	)
Net asset value, end of year/period	$	8.66		$	8.54		$	8.43		$	9.17		$	8.89		$	9.35		$	8.66		$	8.54		$	8.43		$	9.18		$	8.89		$	9.35
Total return + #		6.06	%		10.90	%		(3.70	)%		6.39	%		(1.56	)%		1.74	%		5.80	%		10.35	%		(4.30	)%		5.98	%		(2.06	)%		1.13	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	9,173		$	11,611		$	20,569		$	22,225		$	19,705		$	21,997		$	5,372		$	5,684		$	6,495		$	6,732		$	6,800		$	8,654
Ratios of expenses to average net assets (including interest expense) (2): ^		1.26	%		1.41	%		1.29	%		1.15	%		1.25	%		1.26	%		1.76	%		1.93	%		1.80	%		1.65	%		1.75	%		1.76	%
Ratios of net investment income to average net assets: ^		8.93	%		8.56	%		4.44	%		2.73	%		3.56	%		4.36	%		8.40	%		8.14	%		3.95	%		2.24	%		3.07	%		3.86	%
Portfolio turnover rate (3)		43	%		21	%		56	%		135	%		76	%		44	%		43	%		21	%		56	%		135	%		76	%		44	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1)	Ratios of expenses to average net assets (excluding interest expense):	1.00	%	1.08	%
(2)	Ratios of expenses to average net assets (excluding interest expense):	1.25	%	1.32	%	1.75	%	1.84	%

^ Annualized for periods less than one year.

(3) Not annualized for periods less than one year.

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

171

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	8.04		$	8.00		$	9.34		$	8.88		$	8.97		$	8.72
Income (loss) from investment operations:
Net investment income*		0.28			0.55			0.43			0.38			0.41			0.45
Net realized and unrealized gain (loss)		0.43			0.03			(1.36	)		0.46			(0.09	)		0.26
Total income (loss) from investment operations		0.71			0.58			(0.93	)		0.84			0.32			0.71
Less distributions:
Distributions from net investment income		(0.27	)		(0.54	)		(0.41	)		(0.38	)		(0.41	)		(0.46	)
Total distributions		(0.27	)		(0.54	)		(0.41	)		(0.38	)		(0.41	)		(0.46	)
Net asset value, end of year/period	$	8.48		$	8.04		$	8.00		$	9.34		$	8.88		$	8.97
Total return + #		8.81	%		7.44	%		(10.09	)%		9.54	%		3.74	%		8.42	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	142,142		$	98,539		$	81,243		$	101,951		$	83,009		$	90,262
Ratios of expenses to average net assets (including interest expense) : ^		1.21	%		1.23	%		1.19	%		1.17	%		1.14	%		1.12	%
Ratios of net investment income to average net assets: ^		6.56	%		6.71	%		4.96	%		4.07	%		4.69	%		5.12	%
Portfolio turnover rate (1)		33	%		28	%		36	%		69	%		75	%		70	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	8.14		$	8.09		$	9.44		$	8.97		$	9.06		$	8.81		$	7.99		$	7.96		$	9.29		$	8.83		$	8.92		$	8.68
Income (loss) from investment operations:
Net investment income*		0.27			0.53			0.41			0.36			0.39			0.44			0.25			0.48			0.36			0.31			0.34			0.39
Net realized and unrealized gain (loss)		0.44			0.04			(1.37	)		0.47			(0.09	)		0.25			0.43			0.03			(1.34	)		0.46			(0.09	)		0.25
Total income (loss) from investment operations		0.71			0.57			(0.96	)		0.83			0.30			0.69			0.68			0.51			(0.98	)		0.77			0.25			0.64
Less distributions:
Distributions from net investment income		(0.26	)		(0.52	)		(0.39	)		(0.36	)		(0.39	)		(0.44	)		(0.24	)		(0.48	)		(0.35	)		(0.31	)		(0.34	)		(0.40	)
Total distributions		(0.26	)		(0.52	)		(0.39	)		(0.36	)		(0.39	)		(0.44	)		(0.24	)		(0.48	)		(0.35	)		(0.31	)		(0.34	)		(0.40	)
Net asset value, end of year/period	$	8.59		$	8.14		$	8.09		$	9.44		$	8.97		$	9.06		$	8.43		$	7.99		$	7.96		$	9.29		$	8.83		$	8.92
Total return + #		8.69	%		7.22	%		(10.32	)%		9.29	%		3.44	%		8.07	%		8.47	%		6.55	%		(10.71	)%		8.79	%		2.95	%		7.55	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	15,310		$	14,543		$	12,650		$	13,592		$	12,127		$	12,336		$	3,809		$	3,577		$	3,830		$	4,746		$	4,663		$	7,497
Ratios of expenses to average net assets (including interest expense) : ^		1.46	%		1.48	%		1.44	%		1.42	%		1.39	%		1.37	%		1.96	%		1.98	%		1.94	%		1.92	%		1.89	%		1.87	%
Ratios of net investment income to average net assets: ^		6.35	%		6.46	%		4.72	%		3.82	%		4.44	%		4.87	%		5.93	%		5.94	%		4.21	%		3.32	%		3.93	%		4.37	%
Portfolio turnover rate (1)		33	%		28	%		36	%		69	%		75	%		70	%		33	%		28	%		36	%		69	%		75	%		70	%

* 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 of these financial statements.

172

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	7.22		$	6.96		$	9.18		$	9.05		$	9.43		$	8.93
Income (loss) from investment operations:
Net investment income (loss)*		0.18			0.37			0.31			0.21			0.19			(0.03	)
Net realized and unrealized gain (loss)		0.46			0.43			(2.15	)		0.15			(0.37	)		0.58
Total income (loss) from investment operations		0.64			0.80			(1.84	)		0.36			(0.18	)		0.55
Less distributions:
Distributions from net investment income		(0.19	)		(0.38	)		(0.38	)		(0.23	)		(0.11	)		(0.04	)
Distributions from net realized gains		—			—			(0.00	)		—			(0.02	)		(0.01	)
Distributions from capital		—			(0.16	)		—			—			(0.07	)		—
Total distributions		(0.19	)		(0.54	)		(0.38	)		(0.23	)		(0.20	)		(0.05	)
Net asset value, end of year/period	$	7.67		$	7.22		$	6.96		$	9.18		$	9.05		$	9.43
Total return + #		8.93	%		11.67	%		(20.52	)%		3.93	%		(1.81	)%		6.29	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	57,428		$	46,613		$	29,209		$	62,423		$	41,346		$	32,927
Ratios of expenses to average net assets (including interest expense) (1):		1.79	%		1.68	%		1.33	%		1.78	%		1.36	%		1.36	%
Ratios of net investment income (loss) to average net assets:		4.71	%		4.97	%		3.83	%		2.21	%		2.08	%		(0.30	)%
Portfolio turnover rate (3)		38	%		50	%		58	%		40	%		138	%		109	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	7.14		$	6.89		$	9.08		$	8.96		$	9.34		$	8.85		$	6.93		$	6.70		$	8.84		$	8.73		$	9.11		$	8.66
Income (loss) from investment operations:
Net investment income (loss)*		0.17			0.34			0.29			0.18			0.17			(0.05	)		0.15			0.30			0.25			0.13			0.10			(0.09	)
Net realized and unrealized gain (loss)		0.46			0.44			(2.12	)		0.14			(0.37	)		0.57			0.45			0.42			(2.07	)		0.14			(0.33	)		0.55
Total income (loss) from investment operations		0.63			0.78			(1.83	)		0.32			(0.20	)		0.52			0.60			0.72			(1.82	)		0.27			(0.23	)		0.46
Less distributions:
Distributions from net investment income		(0.18	)		(0.37	)		(0.36	)		(0.20	)		(0.09	)		(0.02	)		(0.17	)		(0.33	)		(0.32	)		(0.16	)		(0.06	)		—
Distributions from net realized gains		—			—			(0.00	)		—			(0.02	)		(0.01	)		—			—			(0.00	)		—			(0.02	)		(0.01	)
Distributions from capital		—			(0.16	)		—			—			(0.07	)		—			—			(0.16	)		—			—			(0.07	)		—
Total distributions		(0.18	)		(0.53	)		(0.36	)		(0.20	)		(0.18	)		(0.03	)		(0.17	)		(0.49	)		(0.32	)		(0.16	)		(0.15	)		(0.01	)
Net asset value, end of year/period	$	7.59		$	7.14		$	6.89		$	9.08		$	8.96		$	9.34		$	7.36		$	6.93		$	6.70		$	8.84		$	8.73		$	9.11
Total return + #		8.89	%		11.38	%		(20.62	)%		3.60	%		(2.03	)%		5.98	%		8.61	%		10.85	%		(21.01	)%		3.07	%		(2.48	)%		5.36	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	6,227		$	7,037		$	4,787		$	9,179		$	6,722		$	4,357		$	979		$	909		$	854		$	1,320		$	1,180		$	1,442
Ratios of expenses to average net assets (including interest expense) (2):		2.04	%		1.93	%		1.58	%		2.03	%		1.61	%		1.61	%		2.54	%		2.43	%		2.08	%		2.53	%		2.11	%		2.11	%
Ratios of net investment income (loss) to average net assets:		4.48	%		4.71	%		3.61	%		1.96	%		1.91	%		(0.55	)%		3.97	%		4.19	%		3.13	%		1.44	%		1.21	%		(1.05	)%
Portfolio turnover rate (3)		38	%		50	%		58	%		40	%		138	%		109	%		38	%		50	%		58	%		40	%		138	%		109	%

* The net investment income (loss) 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.

# 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):	1.79	%	1.67	%	1.32	%
(2)	Ratios of expenses to average net assets (excluding interest expense):	2.04	%	1.92	%	1.57	%	2.54	%	2.42	%	2.07	%

(3) Not annualized for periods less than one year.

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

173

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	16.23		$	16.90		$	19.59		$	13.58		$	14.96		$	14.18
Income (loss) from investment operations:
Net investment income *		0.10			0.20			0.14			0.13			0.17			0.18
Net realized and unrealized gain (loss)		3.13			(0.38	)		(1.57	)		6.03			(1.03	)		1.29
Total income (loss) from investment operations		3.23			(0.18	)		(1.43	)		6.16			(0.86	)		1.47
Less distributions:
Distributions from net investment income		(0.23	)		(0.16	)		(0.11	)		(0.15	)		(0.18	)		(0.15	)
Distributions from net realized gains		(0.71	)		(0.33	)		(1.15	)		—			(0.34	)		(0.54	)
Total distributions		(0.94	)		(0.49	)		(1.26	)		(0.15	)		(0.52	)		(0.69	)
Net asset value, end of year/period	$	18.52		$	16.23		$	16.90		$	19.59		$	13.58		$	14.96
Total return + #		20.27	%		(1.14	)%		(7.96	)%		45.69	%		(6.15	)%		11.37	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	132,079		$	115,719		$	141,436		$	129,641		$	73,557		$	61,791
Ratios of expenses to average net assets:
Before fees paid indirectly		1.15	%		1.04	%		1.26	%		1.10	%		1.24	%		1.14	%
After fees paid indirectly		1.15	%		1.04	%		1.26	%		1.10	%		1.24	%		1.14	%
Ratios of net investment income to average net assets:
Before fees paid indirectly		1.09	%		1.19	%		0.79	%		0.72	%		1.25	%		1.30	%
After fees paid indirectly		1.09	%		1.19	%		0.79	%		0.72	%		1.25	%		1.30	%
Portfolio turnover rate (1)		8	%		29	%		23	%		33	%		43	%		44	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	16.11		$	16.78		$	19.46		$	13.50		$	14.87		$	14.11		$	15.06		$	15.74		$	18.40		$	12.80		$	14.17		$	13.45
Income (loss) from investment operations:
Net investment income (loss)*		0.08			0.16			0.09			0.08			0.14			0.15			0.01			0.03			(0.04	)		(0.04	)		0.03			0.04
Net realized and unrealized gain (loss)		3.11			(0.39	)		(1.55	)		6.00			(1.03	)		1.27			2.90			(0.35	)		(1.47	)		5.69			(0.98	)		1.23
Total income (loss) from investment operations		3.19			(0.23	)		(1.46	)		6.08			(0.89	)		1.42			2.91			(0.32	)		(1.51	)		5.65			(0.95	)		1.27
Less distributions:
Distributions from net investment income		(0.18	)		(0.11	)		(0.07	)		(0.12	)		(0.14	)		(0.12	)		(0.10	)		(0.03	)		0.00			(0.05	)		(0.08	)		(0.01	)
Distributions from net realized gains		(0.71	)		(0.33	)		(1.15	)		—			(0.34	)		(0.54	)		(0.71	)		(0.33	)		(1.15	)		—			(0.34	)		(0.54	)
Total distributions		(0.89	)		(0.44	)		(1.22	)		(0.12	)		(0.48	)		(0.66	)		(0.81	)		(0.36	)		(1.15	)		(0.05	)		(0.42	)		(0.55	)
Net asset value, end of year/period	$	18.41		$	16.11		$	16.78		$	19.46		$	13.50		$	14.87		$	17.16		$	15.06		$	15.74		$	18.40		$	12.80		$	14.17
Total return + #		20.15	%		(1.41	)%		(8.18	)%		45.28	%		(6.33	)%		11.00	%		19.64	%		(2.09	)%		(8.90	)%		44.20	%		(7.05	)%		10.24	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	16,889		$	17,853		$	22,784		$	27,023		$	16,855		$	16,363		$	3,407		$	3,139		$	3,958		$	4,683		$	3,897		$	5,319
Ratios of expenses to average net assets:
Before fees paid indirectly		1.39	%		1.29	%		1.51	%		1.35	%		1.49	%		1.39	%		2.15	%		2.04	%		2.26	%		2.10	%		2.24	%		2.14	%
After fees paid indirectly		1.39	%		1.29	%		1.51	%		1.35	%		1.49	%		1.39	%		2.15	%		2.04	%		2.26	%		2.10	%		2.24	%		2.14	%
Ratios of net investment income (loss) to average net assets:
Before fees paid indirectly		0.86	%		0.94	%		0.52	%		0.47	%		1.00	%		1.05	%		0.09	%		0.19	%		(0.23	)%		(0.27	)%		0.23	%		0.30	%
After fees paid indirectly		0.86	%		0.94	%		0.52	%		0.47	%		1.00	%		1.05	%		0.09	%		0.19	%		(0.23	)%		(0.27	)%		0.23	%		0.30	%
Portfolio turnover rate (1)		8	%		29	%		23	%		33	%		43	%		44	%		8	%		29	%		23	%		33	%		43	%		44	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1) Not annualized for periods less than one year.

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

174

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	13.38		$	15.38		$	18.65		$	11.91		$	14.67		$	15.72
Income (loss) from investment operations:
Net investment income (loss) *		0.05			0.09			0.07			0.11			0.10			(0.00	)(a)
Net realized and unrealized gain (loss)		2.27			(0.92	)		(1.27	)		6.78			(2.86	)		0.65
Total income (loss) from investment operations		2.32			(0.83	)		(1.20	)		6.89			(2.76	)		0.65
Less distributions:
Distributions from net investment income		(0.09	)		(0.01	)		(0.09	)		(0.14	)		—			—
Distributions from net realized gains		(0.37	)		(1.16	)		(1.98	)		(0.01	)		—			(1.70	)
Total distributions		(0.46	)		(1.17	)		(2.07	)		(0.15	)		—			(1.70	)
Net asset value, end of year/period	$	15.24		$	13.38		$	15.38		$	18.65		$	11.91		$	14.67
Total return + #		17.20	%		(5.61	)%		(7.65	)%		58.16	%		(18.81	)%		6.15	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	70,897		$	51,360		$	59,955		$	72,651		$	42,444		$	43,564
Ratios of expenses to average net assets (including interest expense):
Before fees paid indirectly (1)		1.57	%		1.69	%		1.67	%		1.05	%		1.26	%		1.72	%
After fees paid indirectly (1)		1.53	%		1.63	%		1.61	%		1.05	%		1.17	%		1.72	%
Ratios of net investment income (loss) to average net assets: (b)
Before fees paid indirectly		0.59	%		0.53	%		0.34	%		0.67	%		0.72	%		(0.01	)%
After fees paid indirectly		0.63	%		0.60	%		0.41	%		0.67	%		0.81	%		(0.01	)%
Portfolio turnover rate (3)		129	%		95	%		83	%		87	%		135	%		85	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	13.07		$	15.07		$	18.31		$	11.70		$	14.45		$	15.55		$	10.67		$	12.60		$	15.70		$	10.05		$	12.51		$	13.81
Income (loss) from investment operations:
Net investment income (loss) *		0.03			0.05			0.03			0.08			0.07			(0.04	)		(0.02	)		(0.04	)		(0.08	)		(0.04	)		(0.02	)		(0.12	)
Net realized and unrealized gain (loss)		2.21			(0.89	)		(1.24	)		6.65			(2.82	)		0.64			1.80			(0.73	)		(1.04	)		5.72			(2.44	)		0.52
Total income (loss) from investment operations		2.24			(0.84	)		(1.21	)		6.73			(2.75	)		0.60			1.78			(0.77	)		(1.12	)		5.68			(2.46	)		0.40
Less distributions:
Distributions from net investment income		(0.05	)		—			(0.05	)		(0.11	)		—			—			—			0.00			—			(0.02	)		—			—
Distributions from net realized gains		(0.37	)		(1.16	)		(1.98	)		(0.01	)		—			(1.70	)		(0.37	)		(1.16	)		(1.98	)		(0.01	)		—			(1.70	)
Total distributions		(0.42	)		(1.16	)		(2.03	)		(0.12	)		—			(1.70	)		(0.37	)		(1.16	)		(1.98	)		(0.03	)		—			(1.70	)
Net asset value, end of year/period	$	14.89		$	13.07		$	15.07		$	18.31		$	11.70		$	14.45		$	12.08		$	10.67		$	12.60		$	15.70		$	10.05		$	12.51
Total return + #		17.05	%		(5.81	)%		(7.86	)%		57.71	%		(19.03	)%		5.85	%		16.57	%		(6.53	)%		(8.62	)%		56.55	%		(19.66	)%		5.06	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	8,150		$	6,924		$	8,331		$	12,795		$	8,955		$	9,848		$	1,855		$	1,690		$	2,314		$	2,794		$	2,064		$	2,835
Ratios of expenses to average net assets (including interest expense):
Before fees paid indirectly (2)		1.82	%		1.94	%		1.92	%		1.30	%		1.51	%		1.97	%		2.57	%		2.69	%		2.67	%		2.05	%		2.26	%		2.72	%
After fees paid indirectly (2)		1.78	%		1.88	%		1.86	%		1.30	%		1.42	%		1.97	%		2.53	%		2.63	%		2.61	%		2.05	%		2.17	%		2.72	%
Ratios of net investment income (loss) to average net assets: (b)
Before fees paid indirectly		0.36	%		0.29	%		0.12	%		0.46	%		0.46	%		(0.26	)%		(0.39	)%		-0.45	%		(0.67	)%		(0.31	)%		(0.29	)%		(1.01	)%
After fees paid indirectly		0.40	%		0.35	%		0.17	%		0.46	%		0.55	%		(0.26	)%		(0.35	)%		-0.38	%		(0.61	)%		(0.31	)%		(0.20	)%		(1.01	)%
Portfolio turnover rate (3)		129	%		95	%		83	%		87	%		135	%		85	%		129	%		95	%		83	%		87	%		135	%		85	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net 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) Represents less than $0.01 per share.

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

(1) Ratios of expenses to average net assets (excluding interest expense):

Before fees paid indirectly	1.57	%	1.68	%
After fees paid indirectly	1.53	%	1.62	%

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

Before fees paid indirectly	1.82	%	1.93	%	2.57	%	2,68	%
After fees paid indirectly	1.77	%	1.87	%	2.53	%	2.62	%

(3) Not annualized for periods less than one year.

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

175

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.

	Class N
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	31.01		$	24.57		$	43.94		$	33.67		$	24.24		$	22.50
Income (loss) from investment operations:
Net investment loss*		(0.17	)		(0.21	)		(0.20	)		(0.36	)		(0.32	)		(0.25	)
Net realized and unrealized gain (loss)		9.04			6.65			(15.89	)		11.47			10.58			3.69
Total income (loss) from investment operations		8.87			6.44			(16.09	)		11.11			10.26			3.44
Less distributions:
Distributions from net realized gains		(0.84	)		—			(3.28	)		(0.84	)		(0.83	)		(1.70	)
Total distributions		(0.84	)		—			(3.28	)		(0.84	)		(0.83	)		(1.70	)
Net asset value, end of year/period	$	39.04		$	31.01		$	24.57		$	43.94		$	33.67		$	24.24
Total return + #		28.80	%		26.21	%		(39.47	)%		33.44	%		43.39	%		17.19	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	153,019		$	121,318		$	143,425		$	156,938		$	108,816		$	74,714
Ratios of expenses to average net assets: ^
Before fee waivers and fees paid indirectly		1.33	%		1.23	%		1.01	%		1.12	%		1.30	%		1.33	%
After fee waivers and fees paid indirectly		1.32	%		1.23	%		1.01	%		1.12	%		1.30	%		1.33	%
Ratios of net investment loss to average net assets: ^
Before fee waivers and fees paid indirectly		(0.90	)%		(0.74	)%		(0.67	)%		(0.92	)%		(1.08	)%		(1.06	)%
After fee waivers and fees paid indirectly		(0.90	)%		(0.74	)%		(0.67	)%		(0.92	)%		(1.08	)%		(1.06	)%
Portfolio turnover rate (1)		3	%		17	%		9	%		27	%		17	%		28	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	29.93		$	23.77		$	42.73		$	32.84		$	23.71		$	22.11		$	26.94		$	21.56		$	39.33		$	30.51		$	22.25		$	21.00
Income (loss) from investment operations:
Net investment loss*		(0.21	)		(0.28	)		(0.28	)		(0.45	)		(0.38	)		(0.30	)		(0.31	)		(0.45	)		(0.46	)		(0.68	)		(0.55	)		(0.44	)
Net realized and unrealized gain (loss)		8.72			6.44			(15.40	)		11.18			10.34			3.60			7.83			5.83			(14.03	)		10.34			9.64			3.39
Total income (loss) from investment operations		8.51			6.16			(15.68	)		10.73			9.96			3.30			7.52			5.38			(14.49	)		9.66			9.09			2.95
Less distributions:
Distributions from net realized gains		(0.84	)		—			(3.28	)		(0.84	)		(0.83	)		(1.70	)		(0.84	)		—			(3.28	)		(0.84	)		(0.83	)		(1.70	)
Total distributions		(0.84	)		—			(3.28	)		(0.84	)		(0.83	)		(1.70	)		(0.84	)		—			(3.28	)		(0.84	)		(0.83	)		(1.70	)
Net asset value, end of year/period	$	37.60		$	29.93		$	23.77		$	42.73		$	32.84		$	23.71		$	33.62		$	26.94		$	21.56		$	39.33		$	30.51		$	22.25
Total return + #		28.63	%		25.91	%		(39.62	)%		33.13	%		43.09	%		16.84	%		28.13	%		24.95	%		(40.07	)%		32.13	%		41.97	%		16.00	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	22,675		$	21,901		$	24,711		$	37,270		$	31,205		$	24,131		$	8,780		$	6,706		$	7,483		$	13,911		$	10,414		$	8,314
Ratios of expenses to average net assets: ^
Before fee waivers and fees paid indirectly		1.58	%		1.48	%		1.26	%		1.37	%		1.55	%		1.58	%		2.33	%		2.25	%		2.01	%		2.12	%		2.30	%		2.33	%
After fee waivers and fees paid indirectly		1.57	%		1.48	%		1.26	%		1.37	%		1.55	%		1.58	%		2.32	%		2.25	%		2.01	%		2.12	%		2.30	%		2.33	%
Ratios of net investment loss to average net assets: ^
Before fee waivers and fees paid indirectly		(1.16	)%		(0.99	)%		(0.93	)%		(1.17	)%		(1.34	)%		(1.32	)%		(1.90	)%		(1.76	)%		(1.69	)%		(1.92	)%		(2.08	)%		(2.06	)%
After fee waivers and fees paid indirectly		(1.16	)%		(0.99	)%		(0.93	)%		(1.17	)%		(1.34	)%		(1.32	)%		(1.90	)%		(1.76	)%		(1.69	)%		(1.92	)%		(2.08	)%		(2.06	)%
Portfolio turnover rate (1)		3	%		17	%		9	%		27	%		17	%		28	%		3	%		17	%		9	%		27	%		17	%		28	%

* 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.

^ Annualized for periods less than one year.

(1) Not annualized for periods less than one year.

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

176

FINANCIAL HIGHLIGHTS

Dunham Small Cap Growth Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year/period.

	Class N
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	14.50		$	14.73		$	27.93		$	21.62		$	16.00		$	20.28
Income (loss) from investment operations:
Net investment loss*		(0.08	)		(0.15	)		(0.12	)		(0.38	)		(0.23	)		(0.23	)
Net realized and unrealized gain (loss) (a)		2.87			(0.08	)		(9.04	)		10.50			6.15			(0.25	)
Total income (loss) from investment operations		2.79			(0.23	)		(9.16	)		10.12			5.92			(0.48	)
Less distributions:
Distributions from net investment income		—			—			(0.19	)		(0.28	)		(0.05	)		—
Distributions from net realized gains		—			—			(3.85	)		(3.53	)		(0.25	)		(3.80	)
Total distributions		—			—			(4.04	)		(3.81	)		(0.30	)		(3.80	)
Net asset value, end of year/period	$	17.29		$	14.50		$	14.73		$	27.93		$	21.62		$	16.00
Total return + #		19.24	%		(1.56	)%		(37.42	)%		49.28	%		37.55	%		1.36	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	65,861		$	46,905		$	65,064		$	63,287		$	42,792		$	37,340
Ratios of expenses to average net assets: ^
Before fees paid indirectly		1.57	%		1.56	%		1.17	%		1.83	%		1.78	%		1.90	%
After fees paid indirectly		1.57	%		1.55	%		1.14	%		1.83	%		1.75	%		1.88	%
Ratios of net investment loss to average net assets: ^
Before fees paid indirectly		(0.94	)%		(0.99	)%		(0.72	)%		(1.47	)%		(1.34	)%		(1.36	)%
After fees paid indirectly		(0.94	)%		(0.98	)%		(0.70	)%		(1.47	)%		(1.31	)%		(1.34	)%
Portfolio turnover rate (1)		21	%		95	%		92	%		111	%		178	%		169	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
Net asset value, beginning of year/period	$	13.30		$	13.55		$	26.04		$	20.36		$	15.09		$	19.42		$	8.70		$	8.93		$	18.62		$	15.39		$	11.54		$	16.00
Income (loss) from investment operations:
Net investment loss*		(0.10	)		(0.17	)		(0.17	)		(0.42	)		(0.26	)		(0.25	)		(0.10	)		(0.19	)		(0.19	)		(0.44	)		(0.29	)		(0.29	)
Net realized and unrealized gain (loss) (a)		2.63			(0.08	)		(8.34	)		9.86			5.80			(0.28	)		1.72			(0.04	)		(5.64	)		7.33			4.39			(0.37	)
Total income (loss) from investment operations		2.53			(0.25	)		(8.51	)		9.44			5.54			(0.53	)		1.62			(0.23	)		(5.83	)		6.89			4.10			(0.66	)
Less distributions:
Distributions from net investment income		—			—			(0.13	)		(0.23	)		(0.02	)		—			—			—			(0.01	)		(0.13	)		—			—
Distributions from net realized gains		—			—			(3.85	)		(3.53	)		(0.25	)		(3.80	)		—			—			(3.85	)		(3.53	)		(0.25	)		(3.80	)
Total distributions		—			—			(3.98	)		(3.76	)		(0.27	)		(3.80	)		—			—			(3.86	)		(3.66	)		(0.25	)		(3.80	)
Net asset value, end of year/period	$	15.83		$	13.30		$	13.55		$	26.04		$	20.36		$	15.09		$	10.32		$	8.70		$	8.93		$	18.62		$	15.39		$	11.54
Total return + #		19.02	%		(1.85	)%		(37.55	)%		48.93	%		37.18	%		1.11	%		18.62	%		(2.58	)%		(37.99	)%		47.87	%		36.10	%		0.36	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	8,935		$	8,172		$	11,795		$	20,357		$	12,750		$	10,797		$	1,858		$	1,629		$	2,210		$	3,730		$	2,619		$	2,440
Ratios of expenses to average net assets: ^
Before fees paid indirectly		1.86	%		1.80	%		1.42	%		2.08	%		2.03	%		2.15	%		2.60	%		2.57	%		2.17	%		2.83	%		2.78	%		2.90	%
After fees paid indirectly		1.85	%		1.78	%		1.39	%		2.08	%		2.00	%		2.13	%		2.59	%		2.55	%		2.14	%		2.83	%		2.75	%		2.88	%
Ratios of net investment loss to average net assets: ^
Before fees paid indirectly		(1.22	)%		(1.23	)%		(0.97	)%		(1.72	)%		(1.57	)%		(1.61	)%		(1.96	)%		(2.00	)%		(1.72	)%		(2.47	)%		(2.32	)%		(2.37	)%
After fees paid indirectly		(1.21	)%		(1.21	)%		(0.95	)%		(1.72	)%		(1.54	)%		(1.59	)%		(1.95	)%		(1.99	)%		(1.70	)%		(2.47	)%		(2.29	)%		(2.35	)%
Portfolio turnover rate (1)		21	%		95	%		92	%		111	%		178	%		169	%		21	%		95	%		92	%		111	%		178	%		169	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(a) The amount of net realized and unrealized gain (loss) on investment per share for the year ended October 31, 2019 and 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 of these financial statements.

177

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	11.84		$	10.93		$	18.76		$	15.70		$	14.27		$	12.85
Income (loss) from investment operations:
Net investment income (loss) *		0.08			0.16			0.17			0.04			(0.03	)		0.19
Net realized and unrealized gain (loss)		1.62			0.78			(6.41	)		3.05			1.59			1.48
Total income (loss) from investment operations		1.70			0.94			(6.24	)		3.09			1.56			1.67
Less distributions:
Distributions from net investment income		(0.11	)		(0.03	)		(0.25	)		(0.03	)		(0.13	)		(0.25	)
Distributions from net realized gains		—			—			(1.34	)		—			—			—
Total distributions		(0.11	)		(0.03	)		(1.59	)		(0.03	)		(0.13	)		(0.25	)
Net asset value, end of year/period	$	13.43		$	11.84		$	10.93		$	18.76		$	15.70		$	14.27
Total return + #		14.36	%		8.58	%		(36.02	)%		19.67	%		10.94	%		13.29	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	94,369		$	83,931		$	85,825		$	112,290		$	70,868		$	59,931
Ratios of expenses to average net assets (including interest expense) (1):		1.14	%		1.15	%		1.03	%		1.67	%		1.86	%		1.61	%
Ratios of net investment income (loss) to average net assets		1.26	%		1.23	%		1.23	%		0.19	%		(0.19	)%		1.42	%
Portfolio turnover rate (3)		24	%		58	%		64	%		77	%		113	%		129	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	11.52		$	10.63		$	18.29		$	15.32		$	13.94		$	12.56		$	10.61		$	9.87		$	17.07		$	14.41		$	13.16		$	11.85
Income (loss) from investment operations:
Net investment income (loss)*		0.06			0.12			0.13			(0.02	)		(0.06	)		0.16			0.02			0.03			0.02			(0.15	)		(0.16	)		0.05
Net realized and unrealized gain (loss)		1.57			0.77			(6.24	)		2.99			1.54			1.44			1.44			0.71			(5.81	)		2.81			1.45			1.38
Total income (loss) from investment operations		1.63			0.89			(6.11	)		2.97			1.48			1.60			1.46			0.74			(5.79	)		2.66			1.29			1.43
Less distributions:
Distributions from net investment income		(0.07	)		—			(0.21	)		—			(0.10	)		(0.22	)		(0.01	)		—			(0.07	)		—			(0.04	)		(0.12	)
Distributions from net realized gains		—			—			(1.34	)		—			—			—			—			—			(1.34	)		—			—			—
Total distributions		(0.07	)		—			(1.55	)		—			(0.10	)		(0.22	)		(0.01	)		—			(1.41	)		—			(0.04	)		(0.12	)
Net asset value, end of year/period	$	13.08		$	11.52		$	10.63		$	18.29		$	15.32		$	13.94		$	12.06		$	10.61		$	9.87		$	17.07		$	14.41		$	13.16
Total return + #		14.20	%		8.37	%		(36.18	)%		19.39	%		10.58	%		12.98	%		13.80	%		7.50	%		(36.66	)%		18.46	%		9.78	%		12.18	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	13,377		$	13,958		$	15,367		$	21,174		$	14,864		$	12,106		$	1,933		$	1,712		$	1,999		$	3,349		$	3,005		$	3,463
Ratios of expenses to average net assets (including interest expense) (2):		1.39	%		1.40	%		1.28	%		1.92	%		2.11	%		1.86	%		2.14	%		2.15	%		2.03	%		2.67	%		2.86	%		2.61	%
Ratios of net investment income (loss) to average net assets:		0.97	%		0.97	%		0.96	%		(0.08	)%		(0.43	)%		1.17	%		0.27	%		0.23	%		0.15	%		(0.87	)%		(1.22	)%		0.41	%
Portfolio turnover rate (3)		24	%		58	%		64	%		77	%		113	%		129	%		24	%		58	%		64	%		77	%		113	%		129	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(1)	Ratios of expenses to average net assets (excluding interest expense):	1.13	%	1.13	%
(2)	Ratios of expenses to average net assets (excluding interest expense):	1.37	%	1.38	%	2.13	%	2.13	%

(3) Not annualized for periods less than one year.

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

178

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	15.86		$	14.07		$	21.10		$	15.26		$	15.51		$	15.61
Income (loss) from investment operations:
Net investment income *		0.16			0.51			0.66			0.30			0.15			0.34
Net realized and unrealized gain (loss) !		3.06			1.89			(4.87	)		5.70			(0.06	)		0.62
Total income (loss) from investment operations		3.22			2.40			(4.21	)		6.00			0.09			0.96
Less distributions:
Distributions from net investment income		(0.50	)		(0.61	)		(0.40	)		(0.15	)		(0.34	)		(0.18	)
Distributions from net realized gains		(0.16	)		—			(2.42	)		(0.01	)		—			(0.88	)
Total distributions		(0.66	)		(0.61	)		(2.82	)		(0.16	)		(0.34	)		(1.06	)
Net asset value, end of year/period	$	18.42		$	15.86		$	14.07		$	21.10		$	15.26		$	15.51
Total return + #		19.53	%		17.35	%		(23.01	)%		39.45	%		0.45	%		7.08	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	123,137		$	101,254		$	111,570		$	150,922		$	96,239		$	101,505
Ratios of expenses to average net assets (including interest expense) (1):		1.95	%		2.00	%		1.53	%		1.92	%		1.71	%		1.43	%
Ratios of net investment income to average net assets:		1.90	%		3.15	%		4.03	%		1.47	%		0.98	%		2.28	%
Portfolio turnover rate (3)		51	%		62	%		91	%		131	%		156	%		100	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	15.70		$	13.93		$	20.92		$	15.13		$	15.38		$	15.49		$	14.56		$	12.98		$	19.66		$	14.25		$	14.55		$	14.68
Income (loss) from investment operations:
Net investment income (loss)*		0.13			0.45			0.60			0.23			0.11			0.30			0.07			0.32			0.44			0.08			(0.02	)		0.18
Net realized and unrealized gain (loss) !		3.04			1.89			(4.82	)		5.68			(0.06	)		0.61			2.82			1.75			(4.50	)		5.34			(0.05	)		0.59
Total income (loss) from investment operations		3.17			2.34			(4.22	)		5.91			0.05			0.91			2.89			2.07			(4.06	)		5.42			(0.07	)		0.77
Less distributions:
Distributions from net investment income		(0.45	)		(0.57	)		(0.35	)		(0.11	)		(0.30	)		(0.14	)		(0.38	)		(0.49	)		(0.20	)		—			(0.23	)		(0.02	)
Distributions from net realized gains		(0.16	)		—			(2.42	)		(0.01	)		—			(0.88	)		(0.16	)		—			(2.42	)		(0.01	)		—			(0.88	)
Total distributions		(0.61	)		(0.57	)		(2.77	)		(0.12	)		(0.30	)		(1.02	)		(0.54	)		(0.49	)		(2.62	)		(0.01	)		(0.23	)		(0.90	)
Net asset value, end of year/period	$	18.26		$	15.70		$	13.93		$	20.92		$	15.13		$	15.38		$	16.91		$	14.56		$	12.98		$	19.66		$	14.25		$	14.55
Total return + #		19.42	%		17.00	%		(23.23	)%		39.15	%		0.24	%		6.78	%		20.15	%		16.16	%		(23.78	)%		38.04	%		(0.55	)%		6.03	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	14,741		$	15,317		$	18,638		$	26,672		$	20,938		$	22,499		$	4,237		$	3,629		$	3,936		$	5,830		$	4,754		$	6,409
Ratios of expenses to average net assets (including interest expense) (2):		2.15	%		2.25	%		1.78	%		2.17	%		1.96	%		1.68	%		2.95	%		3.00	%		2.53	%		2.92	%		2.71	%		2.43	%
Ratios of net investment income (loss) to average net assets		1.44	%		2.84	%		3.70	%		1.17	%		0.71	%		2.04	%		0.88	%		2.17	%		2.89	%		0.43	%		(0.11	)%		1.26	%
Portfolio turnover rate (3)		51	%		62	%		91	%		131	%		156	%		100	%		51	%		62	%		91	%		131	%		156	%		100	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

! 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):	1.94	%	1.99	%
(2)	Ratios of expenses to average net assets (excluding interest expense):	2.14	%	2.24	%	2.94	%	2.99	%

(3) Not annualized for periods less than one year.

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

179

FINANCIAL HIGHLIGHTS

Dunham Dynamic Macro Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year/period.

	Class N
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	10.80		$	9.73		$	11.22		$	10.00		$	10.08		$	9.53
Income (loss) from investment operations:
Net investment income (loss) *		0.10			0.22			0.03			(0.14	)		(0.00	)(a)		0.12
Net realized and unrealized gain (loss)		1.46			0.85			(1.52	)		1.44			(0.08	)		0.65
Total income (loss) from investment operations		1.56			1.07			(1.49	)		1.30			(0.08	)		0.77
Less distributions:
Distributions from net investment income		(0.18	)		—			—			(0.08	)		—			(0.17	)
Distributions from net realized gains		(0.20	)		—			—
Tax return of capital		—			—			—			—			—			(0.05	)
Total distributions		(0.38	)		—			—			(0.08	)		—			(0.22	)
Net asset value, end of year/period	$	11.98		$	10.80		$	9.73		$	11.22		$	10.00		$	10.08
Total return + #		14.70	%		11.00	%		(13.28	)%		13.05	%		(0.79	)%		8.35	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	55,665		$	35,892		$	22,330		$	21,043		$	23,680		$	32,074
Ratios of expenses to average net assets (including interest expense):		1.99	%		1.97	%		1.88	%		2.06	%		1.69	%		1.54	%
Ratios of net investment income (loss) to average net assets:		1.66	%		2.11	%		0.26	%		(1.26	)%		(0.02	)%		1.29	%
Portfolio turnover rate (1)		3	%		118	%		76	%		12	%		187	%		28	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	10.65		$	9.61		$	11.11		$	9.90		$	10.00		$	9.46		$	9.90		$	9.00		$	10.49		$	9.37		$	9.55		$	9.03
Income (loss) from investment operations:
Net investment income (loss) *		0.08			0.19			0.00	(a)		(0.16	)		(0.03	)		0.10			0.04			0.14			(0.07	)		(0.23	)		(0.10	)		0.02
Net realized and unrealized gain (loss)		1.45			0.85			(1.50	)		1.41			(0.07	)		0.64			1.34			0.76			(1.42	)		1.35			(0.08	)		0.63
Total income (loss) from investment operations		1.53			1.04			(1.50	)		1.25			(0.10	)		0.74			1.38			0.90			(1.49	)		1.12			(0.18	)		0.65
Less distributions:
Distributions from net investment income		(0.16	)		—			—			(0.04	)		—			(0.15	)		(0.11	)		—			—			—			—			(0.08	)
Distributions from net realized gains		(0.20	)		—			—												(0.20	)		—			—
Tax return of capital		—			—			—			—			—			(0.05	)		—			—			—			—			—			(0.05	)
Total distributions		(0.36	)		—			—			(0.04	)		—			(0.20	)		(0.31	)		—			—			—			—			(0.13	)
Net asset value, end of year/period	$	11.82		$	10.65		$	9.61		$	11.11		$	9.90		$	10.00		$	10.97		$	9.90		$	9.00		$	10.49		$	9.37		$	9.55
Total return + #		14.61	%		10.82	%		(13.50	)%		12.62	%		(1.00	)%		8.04	%		14.14	%		10.00	%		(14.20	)%		11.95	%		(1.88	)%		7.31	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	8,026		$	6,866		$	4,166		$	4,030		$	5,078		$	7,713		$	1,134		$	946		$	912		$	1,146		$	1,284		$	1,927
Ratios of expenses to average net assets (including interest expense):		2.24	%		2.22	%		2.13	%		2.31	%		1.94	%		1.79	%		2.99	%		2.97	%		2.88	%		3.06	%		2.69	%		2.54	%
Ratios of net investment income (loss) to average net assets:		1.47	%		1.85	%		0.04	%		(1.48	)%		(0.26	)%		1.03	%		0.72	%		1.44	%		(0.68	)%		(2.29	)%		(1.04	)%		0.20	%
Portfolio turnover rate (1)		3	%		118	%		76	%		12	%		187	%		28	%		3	%		118	%		76	%		12	%		187	%		28	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

(a) Represents less than $0.01 per share.

(1) No annualized for periods less than one year.

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

180

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	8.82		$	9.08		$	9.70		$	9.55		$	9.36		$	9.19
Income (loss) from investment operations:
Net investment income*		0.20			0.37			0.19			0.06			0.13			0.24
Net realized and unrealized gain (loss)		0.00			(0.17	)		(0.43	)		0.32			0.26			0.24
Total income (loss) from investment operations		0.20			0.20			(0.24	)		0.38			0.39			0.48
Less distributions:
Distributions from net investment income		(0.21	)		(0.37	)		(0.20	)		(0.07	)		(0.15	)		(0.31	)
Distributions from net realized gains		—			(0.09	)		(0.18	)		(0.16	)		(0.05	)		—
Total distributions		(0.21	)		(0.46	)		(0.38	)		(0.23	)		(0.20	)		(0.31	)
Net asset value, end of year/period	$	8.81		$	8.82		$	9.08		$	9.70		$	9.55		$	9.36
Total return + #		2.32	%		2.27	%		(2.57	)%		4.00	%		4.23	%		5.31	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	177,383		$	163,285		$	206,875		$	195,874		$	110,215		$	67,276
Ratios of expenses to average net assets (including interest expense) (2): ^		0.86	%		0.87	%		0.97	%		1.82	%		1.43	%		1.24	%
Ratios of net investment income to average net assets: ^		4.77	%		4.16	%		2.02	%		0.67	%		1.41	%		2.60	%
Portfolio turnover rate (1)		69	%		222	%		216	%		343	%		519	%		426	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	8.79		$	9.06		$	9.68		$	9.53		$	9.33		$	9.17		$	8.42		$	8.72		$	9.34		$	9.24		$	9.08		$	8.94
Income (loss) from investment operations:
Net investment income (loss)*		0.20			0.35			0.16			0.04			0.11			0.22			0.16			0.27			0.09			(0.03	)		0.05			0.15
Net realized and unrealized gain (loss)		0.00			(0.18	)		(0.43	)		0.32			0.26			0.22			0.00			(0.18	)		(0.41	)		0.30			0.24			0.23
Total income (loss) from investment operations		0.20			0.17			(0.27	)		0.36			0.37			0.44			0.16			0.09			(0.32	)		0.27			0.29			0.38
Less distributions:
Distributions from net investment income		(0.20	)		(0.35	)		(0.17	)		(0.05	)		(0.12	)		(0.28	)		(0.18	)		(0.30	)		(0.12	)		(0.01	)		(0.08	)		(0.24	)
Distributions from net realized gains		—			(0.09	)		(0.18	)		(0.16	)		(0.05	)		—			—			(0.09	)		(0.18	)		(0.16	)		(0.05	)		—
Total distributions		(0.20	)		(0.44	)		(0.35	)		(0.21	)		(0.17	)		(0.28	)		(0.18	)		(0.39	)		(0.30	)		(0.17	)		(0.13	)		(0.24	)
Net asset value, end of year/period	$	8.79		$	8.79		$	9.06		$	9.68		$	9.53		$	9.33		$	8.40		$	8.42		$	8.72		$	9.34		$	9.24		$	9.08
Total return + #		2.31	%		1.91	%		(2.82	)%		3.77	%		4.09	%		4.95	%		1.94	%		1.11	%		(3.45	)%		2.89	%		3.24	%		4.34	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	17,081		$	22,312		$	27,906		$	29,040		$	17,123		$	11,087		$	2,763		$	2,891		$	3,858		$	4,518		$	3,852		$	4,077
Ratios of expenses to average net assets (including interest expense) (2): ^		1.08	%		1.11	%		1.22	%		2.07	%		1.68	%		1.48	%		1.86	%		1.87	%		1.98	%		2.82	%		2.43	%		2.22	%
Ratios of net investment income (loss) to average net assets: ^		4.52	%		3.91	%		1.75	%		0.41	%		1.21	%		2.36	%		3.76	%		3.16	%		1.01	%		(0.37	)%		0.53	%		1.63	%
Portfolio turnover rate (1)		69	%		222	%		216	%		343	%		519	%		426	%		69	%		222	%		216	%		343	%		519	%		426	%

* 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.

^ Annualized for periods less than one year.

(1) Not annualized for periods less than one year.

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

181

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
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	29.20		$	31.15		$	32.18		$	32.75		$	33.88		$	34.84
Income from investment operations:
Net investment income (loss)*		0.24			0.22			(0.45	)		(0.28	)		(0.21	)		(0.13	)
Net realized and unrealized gain		0.58			0.26			0.80			0.79			0.33			1.02
Total income from investment operations		0.82			0.48			0.35			0.51			0.12			0.89
Less distributions:
Distributions from net investment income		(1.25	)		(0.41	)		—			(0.71	)		(0.30	)		—
Distributions from net realized gains		—			—			(0.25	)		—			—			—
Distributions from capital		—			(2.02	)		(1.13	)		(0.37	)		(0.95	)		(1.85	)
Total distributions		(1.25	)		(2.43	)		(1.38	)		(1.08	)		(1.25	)		(1.85	)
Net asset value, end of year/period	$	28.77		$	29.20		$	31.15		$	32.18		$	32.75		$	33.88
Total return + #		2.80	%		1.59	%		1.11	%		1.54	%		0.37	%		2.61	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	140,594		$	141,405		$	175,703		$	219,703		$	160,250		$	183,319
Ratios of expenses to average net assets (including interest expense) (1): ^
Before waivers		1.37	%		2.02	%		2.52	%		1.90	%		1.81	%		2.62	%
After waivers		1.37	%		2.02	%		2.52	%		1.90	%		1.81	%		2.62	%
Dividends/borrowings on short sales		1.16	%		0.38	%		0.39	%		0.81	%		0.69	%		1.24	%
Ratios of net investment income (loss) to average net assets: ^
Before fee waivers		1.59	%		0.72	%		(1.41	)%		(0.84	)%		(0.62	)%		(0.39	)%
After fee waivers		1.59	%		0.72	%		(1.41	)%		(0.84	)%		(0.62	)%		(0.39	)%
Portfolio turnover rate (3)		55	%		192	%		221	%		339	%		605	%		496	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
Net asset value, beginning of year/period	$	27.66		$	29.70		$	30.83		$	31.49		$	32.71		$	33.77		$	19.59		$	21.89		$	23.26		$	24.19		$	25.60		$	27.02
Income (loss) from investment operations:
Net investment income (loss)*		0.19			0.13			(0.46	)		(0.44	)		(0.30	)		(0.21	)		0.06			(0.05	)		(0.52	)		(0.55	)		(0.43	)		(0.36	)
Net realized and unrealized gain		0.55			0.26			0.71			0.86			0.33			1.00			0.39			0.18			0.53			0.70			0.27			0.79
Total income (loss) from investment operations		0.74			0.39			0.25			0.42			0.03			0.79			0.45			0.13			0.01			0.15			(0.16	)		0.43
Less distributions:
Distributions from net investment income		(1.25	)		(0.41	)		—			(0.71	)		(0.30	)		—			(1.25	)		(0.41	)		—			(0.71	)		(0.30	)		—
Distributions from net realized gains		—			—			(0.25	)		—			—			—			—			—			(0.25	)		—			—			—
Distributions from capital		—			(2.02	)		(1.13	)		(0.37	)		(0.95	)		(1.85	)		—			(2.02	)		(1.13	)		(0.37	)		(0.95	)		(1.85	)
Total distributions		(1.25	)		(2.43	)		(1.38	)		(1.08	)		(1.25	)		(1.85	)		(1.25	)		(2.43	)		(1.38	)		(1.08	)		(1.25	)		(1.85	)
Net asset value, end of year/period	$	27.15		$	27.66		$	29.70		$	30.83		$	31.49		$	32.71		$	18.79		$	19.59		$	21.89		$	23.26		$	24.19		$	25.60
Total return + #		2.67	%		1.32	%		0.83	%		1.25	%		0.10	%		2.39	%		2.28	%		0.57	%		0.05	%		0.54	%		(0.63	)%		1.63	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	19,221		$	23,339		$	28,997		$	33,155		$	33,157		$	42,052		$	12,680		$	13,030		$	16,177		$	19,311		$	23,171		$	33,913
Ratios of expenses to average net assets (including interest expense) (2): ^
Before waivers		1.61	%		2.27	%		2.77	%		2.16	%		2.06	%		2.87	%		2.37	%		3.02	%		3.52	%		2.93	%		2.81	%		3.62	%
After waivers		1.61	%		2.27	%		2.77	%		2.16	%		2.06	%		2.87	%		2.37	%		3.02	%		3.52	%		2.93	%		2.81	%		3.62	%
Dividends/borrowings on short sales		1.16	%		0.38	%		0.39	%		0.81	%		0.68	%		1.24	%		1.16	%		0.38	%		0.39	%		0.81	%		0.68	%		1.23	%
Ratios of net investment income (loss) to average net assets: ^
Before fee waivers		1.38	%		0.47	%		(1.53	)%		(1.39	)%		(0.94	)%		(0.63	)%		0.59	%		(0.29	)%		(2.32	)%		(2.28	)%		(1.74	)%		(1.38	)%
After fee waivers		1.38	%		0.47	%		(1.53	)%		(1.39	)%		(0.94	)%		(0.63	)%		0.59	%		(0.29	)%		(2.32	)%		(2.28	)%		(1.74	)%		(1.38	)%
Portfolio turnover rate (3)		55	%		192	%		221	%		339	%		605	%		496	%		55	%		192	%		221	%		339	%		605	%		496	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

! The amount of net investment income (loss) on investment per share for the year October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

(1) Ratios of expenses to average net assets (excluding dividends/borrowings on short sales):

Before fee waivers	0.20	%	1.64	%	2.13	%	1.09	%	1.13	%	1.38	%
After fee waivers	0.20	%	1.64	%	2.13	%	1.09	%	1.13	%	1.38	%

(2) Ratios of expenses to average net assets (excluding dividends/borrowings on short sales):

Before fee waivers	0.45	%	1.89	%	2.38	%	1.35	%	1.38	%	1.63	%	1.21	%	2.64	%	3.13	%	2.12	%	2.12	%	2.39	%
After fee waivers	0.45	%	1.89	%	2.38	%	1.35	%	1.38	%	1.63	%	1.21	%	2.64	%	3.13	%	2.12	%	2.12	%	2.39	%

^ Annualized for periods less than one year.

(3) Not annualized for periods less than one year.

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

182

FINANCIAL HIGHLIGHTS

Dunham Real Estate Stock Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year/period.

	Class N
	Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of year/period	$	11.01		$	12.47		$	21.36		$	17.34		$	18.68		$	15.35
Income (loss) from investment operations:
Net investment income (loss) *		0.12			0.20			0.14			(0.02	)		0.11			0.30
Net realized and unrealized gain (loss) !		1.57			(1.58	)		(7.74	)		5.52			(0.14	)		3.32
Total income (loss) from investment operations		1.69			(1.38	)		(7.60	)		5.50			(0.03	)		3.62
Less distributions:
Distributions from net investment income		(0.30	)		(0.08	)		—			—			(0.31	)		(0.29	)
Distributions from net realized gains		—			—			(1.29	)		(1.48	)		(1.00	)		—
Total distributions		(0.30	)		(0.08	)		(1.29	)		(1.48	)		(1.31	)		(0.29	)
Net asset value, end of year/period	$	12.40		$	11.01		$	12.47		$	21.36		$	17.34		$	18.68
Total return + #		15.17	%		(11.09	)%		(37.75	)%		32.81	%		(0.02	)%		24.16	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	39,877		$	53,324		$	64,414		$	91,553		$	53,647		$	42,865
Ratios of expenses to average net assets (including interest expense) : ^		1.50	%		1.07	%		1.01	%		1.37	%		1.66	%		1.15	%
Ratios of net investment income (loss) to average net assets: ^		1.90	%		1.64	%		0.85	%		(0.08	)%		0.63	%		1.81	%
Portfolio turnover rate (1)		15	%		73	%		58	%		59	%		125	%		63	%
	Class A																		Class C
	Six Months Ended			Year Ended October 31,															Six Months Ended			Year Ended October 31,
	April 30, 2024			2023			2022			2021			2020			2019			April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)																		(Unaudited)
Net asset value, beginning of year/period	$	11.06		$	12.52		$	21.48		$	17.47		$	18.81		$	15.46		$	10.01		$	11.37		$	19.78		$	16.30		$	17.69		$	14.54
Income (loss) from investment operations:
Net investment income (loss) *		0.11			0.17			0.10			(0.07	)		0.06			0.26			0.05			0.05			(0.03	)		(0.20	)		(0.06	)		0.13
Net realized and unrealized gain (loss) !		1.57			(1.58	)		(7.77	)		5.56			(0.13	)		3.35			1.43			(1.41	)		(7.09	)		5.16			(0.14	)		3.17
Total income (loss) from investment operations		1.68			(1.41	)		(7.67	)		5.49			(0.07	)		3.61			1.48			(1.36	)		(7.12	)		4.96			(0.20	)		3.30
Less distributions:
Distributions from net investment income		(0.26	)		(0.05	)		—			—			(0.27	)		(0.26	)		(0.21	)		—			—			—			(0.19	)		(0.15	)
Distributions from net realized gains		—			—			(1.29	)		(1.48	)		(1.00	)		—			—			—			(1.29	)		(1.48	)		(1.00	)		—
Total distributions		(0.26	)		(0.05	)		(1.29	)		(1.48	)		(1.27	)		(0.26	)		(0.21	)		—			(1.29	)		(1.48	)		(1.19	)		(0.15	)
Net asset value, end of year/period	$	12.48		$	11.06		$	12.52		$	21.48		$	17.47		$	18.81		$	11.28		$	10.01		$	11.37		$	19.78		$	16.30		$	17.69
Total return + #		15.03	%		(11.31	)%		(37.87	)%		32.48	%		(0.28	)%		23.81	%		14.60	%		(11.96	)%		(38.38	)%		31.50	%		(1.08	)%		22.97	%
Ratios/Supplemental Data:
Net assets, end of year/period (in 000s)	$	4,517		$	8,654		$	9,449		$	15,112		$	11,196		$	9,161		$	1,871		$	1,849		$	2,544		$	4,736		$	2,998		$	2,812
Ratios of expenses to average net assets (including interest expense) : ^		1.72	%		1.32	%		1.27	%		1.62	%		1.91	%		1.40	%		2.52	%		2.07	%		2.02	%		2.37	%		2.66	%		2.15	%
Ratios of net investment income (loss) to average net assets: ^		1.70	%		1.38	%		0.60	%		(0.33	)%		0.36	%		1.56	%		0.92	%		0.63	%		(0.19	)%		(1.07	)%		(0.36	)%		0.79	%
Portfolio turnover rate (1)		15	%		73	%		58	%		59	%		125	%		63	%		15	%		73	%		58	%		59	%		125	%		63	%

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

+ Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

! The amount of net realized and unrealized gain (loss) on investment per share for the year ended October 31, 2020 does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

^ Annualized for periods less than one year.

(1) Not annualized for periods less than one year.

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

183

FINANCIAL HIGHLIGHTS

Dunham U.S. Enhanced Market Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the period.

	Class N						Class A						Class C
	Six Months Ended			Period Ended			Six Months Ended			Period Ended			Six Months Ended			Period Ended
	April 30, 2024			10/31/2023 *			April 30, 2024			10/31/2023 *			April 30, 2024			10/31/2023 *
	(Unaudited)						(Unaudited)						(Unaudited)
Net asset value, beginning of period	$	13.88		$	14.00		$	13.86		$	14.00		$	13.81		$	14.00
Income (loss) from investment operations:
Net investment income**		0.15			0.13			0.13			0.11			0.07			0.06
Net realized and unrealized gain (loss)		2.79			(0.25	)		2.79			(0.25	)		2.78			(0.25	)
Total income (loss) from investment operations		2.94			(0.12	)		2.92			(0.14	)		2.85			(0.19	)
Less distributions:
Distributions from net investment income		(0.18	)		—			(0.16	)		—			(0.10	)		—
Total distributions		(0.18	)		—			(0.16	)		—			(0.10	)		—
Net asset value, end of period	$	16.64		$	13.88		$	16.62		$	13.86		$	16.56		$	13.81
Total return +#		21.26	%		(0.86	)%		21.11	%		(1.00	)%		20.64	%		(1.36	)%
Ratios/Supplemental Data:
Net assets, end of period (in 000s)	$	90,857		$	68,742		$	10,204		$	10,295		$	537		$	304
Ratios of expenses to average net assets: ^		1.22	%		1.41	%		1.47	%		1.66	%		2.22	%		2.41	%
Ratios of net investment income to average net assets: ^		1.87	%		1.82	%		1.65	%		1.54	%		0.87	%		0.84	%
Portfolio turnover rate (1)		0	%		0	%		0	%		0	%		0	%		0	%

* The Fund commenced operations on May 1, 2023

** The net investment income per share data was determined using the average shares outstanding throughout the period.

+ Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge.

(1) Not annualized for periods less than one year.

^ Annualized for periods less than one year.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

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

184

NOTES TO FINANCIAL STATEMENTS (Unaudited)

April 30, 2024

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.

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

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.”

185

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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

a. Security Valuation – In determining each Fund’s Net Asset Value (“NAV”) per share, equity securities for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price (“NOCP”). If no sale price is reported, the mean between the current bid and ask price is used. If market quotations are not readily available, then securities will be valued using the “fair value” procedures approved by the Board of Trustees (the“Board”). The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”) based on the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). U.S. Government and Agency securities are valued at the mean between the most recent bid and ask prices. Short-term debt instruments with a remaining maturity of more than 60 days, Debt securities including Bank Loans (other than short-term obligations) are valued each day by an independent pricing service elected by Dunham & Associates Investment Counsel, Inc. (“Dunham & Associates” or the “Adviser”) and approved by the Board using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and ask prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and ask prices may be used. Short-term debt securities with a remaining maturity of 60 days or less may be valued at amortized cost, provided such valuations represent fair value.

The Funds may invest in portfolios of open-end, closed-end investment companies and Exchange Traded Funds (“ETFs”) (the “underlying funds”). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by a Fund will not change.

Options are valued at the last reported sale price at the close of the exchange on which the security is primarily traded. If no sales are reported for the exchange-traded options, or the options are not exchange-traded, then they are valued at the mean of their most recent quoted bid and ask price.

Futures and future options are valued daily at the final settled price or, in the absence of a settled price, at the mean between the current bid and ask prices on the day of valuation.

Swap transactions are valued through an independent pricing service. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices.

Trading in securities on Far East securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (“NYSE”) is open). In addition, Far East securities trading generally, or in a particular country or countries, may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days, which are not business days in New York, and on which a Fund’s NAV is not calculated. Each Fund calculates the NAV per share, and therefore effects sales, redemptions and repurchases of its shares, as of the close of regular trading on the NYSE once on each day on which the NYSE is open. Such calculation may not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. If events that may materially affect the value of such securities occur between the time when their price is determined and the time when the Fund’s NAV is calculated, such securities may be valued at fair value as determined in good faith in accordance with procedures approved by the Board. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

Securities in which the Funds invest may be traded in markets that close before 4:00 p.m. Eastern Time (“ET”). Normally, developments that occur between the close of the foreign markets and 4:00 p.m. ET will not be reflected in a Fund’s NAV. However, management may determine that such developments are so significant that they will materially affect the value of a Fund’s securities, and the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. ET. Both Emerging Markets Stock and International Stock utilize fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange.

Securities for which current market quotations are not readily available, or for which quotations are not deemed to be representative of market values, will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its Valuation Designee based on the Trust’s Procedures. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

186

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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, 2024 for the Funds’ assets and liabilities measured at fair value:

Corporate/Government Bond
Assets	Level 1		Level 2		Level 3		Total
Common Stocks *	$	12,418	$	—	$	—	$	12,418
Asset Backed Securities *		—		51,197,855		—		51,197,855
Corporate Bonds *		—		53,224,855		—		53,224,855
Municipal Bonds *		—		401,817		—		401,817
Non U.S. Government & Agencies		—		2,955,302		—		2,955,302
Term Loans *		—		10,837,286		—		10,837,286
U.S. Government & Agencies		—		39,768,560		—		39,768,560
Short-Term Investment		3,921,595		—		—		3,921,595
Total	$	3,934,013	$	158,385,675	$	—	$	162,319,688
Collateral for Securities Loaned (a)								3,054,056
Total Assets							$	165,373,744
Floating Rate Bond
Assets	Level 1		Level 2		Level 3		Total
Asset Backed Securities		—		12,904,590		—		12,904,590
Corporate Bonds *		—		9,270,568		—		9,270,568
Term Loans *		—		94,727,813		0		94,727,813
Rights		—		14,294		—		14,294
Warrants		—		27,947		—		27,947
Short-Term Investment		3,893,667		—		—		3,893,667
Total	$	3,893,667	$	116,945,212	$	0	$	120,838,879
Collateral for Securities Loaned (a)								3,562,248
Total Assets							$	124,401,127

187

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

High-Yield Bond
Assets	Level 1		Level 2		Level 3		Total
Common Stock *	$	—	$	—	$	1,752,550	$	1,752,550
Corporate Bonds *		—		154,722,615		—		154,722,615
Short-Term Investment		609,634		—		—		609,634
Total	$	609,634	$	154,722,615	$	1,752,550	$	157,084,799
Collateral for Securities Loaned (a)								36,283,870
Total Assets							$	193,368,669
International Opportunity Bond
Assets	Level 1		Level 2		Level 3		Total
Asset Backed Securities *	$	—	$	10,964	$	—	$	10,964
Corporate Bonds *		—		42,673,035		—		42,673,035
Non U.S. Government & Agencies *		—		17,505,712		—		17,505,712
Short-Term Investment		1,677,064		—		—		1,677,064
Total	$	1,677,064	$	60,189,711	$	—	$	61,866,775
Collateral for Securities Loaned (a)								315,470
Total Assets							$	62,182,245
Assets - Derivatives
Futures Contracts	$	185,947	$	—	$	—	$	185,947
Forward Foreign Currency Exchange
Contracts		—		54,856		—		54,856
Total Asset Derivatives	$	185,947	$	54,856	$	—	$	240,803
Liabilities - Derivatives
Futures Contracts	$	299,332	$	—	$	—	$	299,332
Forward Foreign Currency Exchange
Contracts		—		90,860		—		90,860
Swap Contract		—		81,244		—		81,244
Total Liability Derivatives	$	299,332	$	172,104	$	—	$	471,436
Large Cap Value
Assets	Level 1		Level 2		Level 3		Total
Common Stocks *	$	148,994,389	$	—	$	—	$	148,994,389
Short-Term Investments		3,351,243		—		—		3,351,243
Total	$	152,345,632	$	—	$	—	$	152,345,632
Collateral for Securities Loaned (a)								6,306,761
Total Assets							$	158,652,393
Small Cap Value
Assets	Level 1		Level 2		Level 3		Total
Common Stocks *	$	76,513,113	$	—	$	—	$	76,513,113
Short-Term Investments		4,356,298		—		—		4,356,298
Total Assets	$	80,869,411	$	—	$	—	$	80,869,411
Focused Large Cap Growth
Assets	Level 1		Level 2		Level 3		Total
Common Stocks *	$	181,236,299	$	—	$	—	$	181,236,299
Short-Term Investment		3,487,243		—		—		3,487,243
Total	$	184,723,542	$	—	$	—	$	184,723,542
Collateral for Securities Loaned (a)								7,315,177
Total Assets							$	192,038,719

188

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Small Cap Growth
Assets	Level 1		Level 2		Level 3		Total
Common Stocks *	$	74,345,896	$	—	$	—	$	74,345,896
Short-Term Investment		2,948,914		—		—		2,948,914
Total	$	77,294,810	$	—	$	—	$	77,294,810
Collateral for Securities Loaned (a)								26,187,377
Total Assets							$	103,482,187
Emerging Markets
Assets	Level 1		Level 2		Level 3		Total
Closed End Fund
Equity	$	—	$	991,497	$	—	$	991,497
Total Closed End Fund		—		991,497		—		991,497
Common Stocks
Apparel & Textile Products	$	—	$	1,462,579	$	—	$	1,462,579
Automotive		—		4,694,662		—		4,694,662
Banking		2,081,436		14,708,762		—		16,790,198
Beverages		884,436		4,405,405		—		5,289,841
E-Commerce Discretionary		—		1,547,326		—		1,547,326
Electric Utilities		1,126,413		2,449,647		—		3,576,060
Electrical Equipment		—		784,428		—		784,428
Engineering & Construction		—		2,169,384		—		2,169,384
Entertainment Content		—		646,499		—		646,499
Food		—		350,368		—		350,368
Health Care Facilities & Services		—		2,951,289		—		2,951,289
Home & Office Products		—		428,952		—		428,952
Insurance		—		1,905,823		—		1,905,823
Internet Media & Services		2,707,386		4,831,516		—		7,538,902
Leisure Facilities & Services		1,848,019		3,047,558		—		4,895,577
Medical Equipment & Devices		—		995,159		—		995,159
Metals & Mining		—		1,202,595				1,202,595
Oil & Gas Producers		1,922,701		3,743,773		0		5,666,474
Real Estate Owners & Developers		—		1,056,097		—		1,056,097
Retail - Consumer Staples		1,760,908		—		0		1,760,908
Retail - Discretionary		—		832,371		—		832,371
Semiconductors		727,902		17,352,008		—		18,079,910
Technology Hardware		—		12,975,530		—		12,975,530
Technology Services		1,710,876		—		—		1,710,876
Telecommunications		—		3,452,647		—		3,452,647
Transportation & Logistics		—		2,027,011		—		2,027,011
Total Common Stocks		14,770,077		90,021,389		—		104,791,466
Preferred Stocks
Automotive	$	—	$	793,267	$	—	$	793,267
Technology Hardware		—		1,891,821		—		1,891,821
Total Preferred Stock		—		2,685,088		—		2,685,088
Short-Term Investments		3,075,820		—		—		3,075,820
Total	$	17,845,897	$	93,697,974	$	—	$	111,543,871
Collateral for Securities Loaned (a)								743,074
Total Assets							$	112,286,945

189

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

International Stock
Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	—	$	50,228	$	—	$	50,228
Apparel & Textile Products		29,080		—		—		29,080
Asset Management		1,952,264		872,885		—		2,825,149
Automotive		1,211,559		10,048,950		—		11,260,509
Banking		12,340,413		20,033,196		0		32,373,609
Biotech & Pharma		1,175,363		5,061,956		—		6,237,319
Chemicals		—		458,802		0		458,802
Commercial Support Services		—		32,079		—		32,079
Construction Materials		519,101		1,229,604		—		1,748,705
Diversifier Industrials		—		1,689,903		—		1,689,903
E-Commerce Discretionary		1,195,719		—		—		1,195,719
Electric Utilities		—		2,395,998		—		2,395,998
Electrical Equipment		—		1,774,142		—		1,774,142
Engineering & Construction		1		1,541,446		—		1,541,447
Entertainment Content		—		30,093		—		30,093
Food		—		607,602		—		607,602
Gas & Water Utilities		—		47,098		—		47,098
Home & Office Products		5		598,195		—		598,200
Home Construction		—		49,464		—		49,464
Industrial Support Services		—		347,129		—		347,129
Institutional Financial Services		—		1,994,460		—		1,994,460
Insurance		—		8,013,586		—		8,013,586
Leisure Facilities & Services		—		10,386		—		10,386
Machinery		—		1,214,284		—		1,214,284
Medical Equipment & Devices		—		311,082		—		311,082
Metals & Mining		1,585,378		4,167,838		0		5,753,216
Oil & Gas Producers		6,660,262		8,484,076		0		15,144,338
Oil & Gas Service & Equipment		—		704,962		—		704,962
Retail - Consumer Staples		—		65,566		—		65,566
Retail - Discretionary		323,313		127,888		—		451,201
Semiconductors		1,055,689		8,602,743		—		9,658,432
Software		1,153,999		1,310,923		—		2,464,922
Specialty Finance		90,996		1,590,610		—		1,681,606
Steel		511,304		74,214		—		585,518
Technology Hardware		—		6,933,243		—		6,933,243
Technology Services		789,613		2,196,026		—		2,985,639
Telecommunications		229,787		3,943,764		—		4,173,551
Transportation & Logistics		517,617		2,672,063		—		3,189,680
Transportation Equipment		—		468,301		—		468,301
Wholesale - Consumer Staples		—		691,288		—		691,288
Wholesale Discretionary		—		1,379,711		—		1,379,711
Total Common Stocks		31,341,463		101,825,784		—		133,167,247
Exchange Traded Funds		713,229		—		—		713,229
Preferred Stocks
Automotive		—		2,224,579		—		2,224,579
Banking		336,121		—		—		336,121
Institutional Financial Services		—		289,971		—		289,971
Insurance		—		563,779		—		563,779
Oil & Gas Producers		2,509,097		—		—		2,509,097
Technology Hardware		—		914,424		—		914,424
Total Preferred Stocks		2,845,218		3,992,753		—		6,837,971
Short-Term Investments		720		—		—		720
Total	$	34,900,630	$	105,818,537	$	—	$	140,719,167
Collateral for Securities Loaned (a)								10,915,758
Total Assets							$	151,634,925

190

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Dynamic Macro
Assets	Level 1			Level 2		Level 3		Total
Exchange Traded Funds *	$	19,626,114		$	—	$	—	$	19,626,114
Corporate Bonds *		—			2,508,598		—		2,508,598
Non U.S. Government & Agencies		—			941,192		—		941,192
U.S. Government & Agencies		—			33,997,274		—		33,997,274
Short-Term Investments		4,052,348			1,490,554		—		5,542,902
Total Assets	$	23,678,462		$	38,937,618	$	—	$	62,616,080
Assets - Derivatives
Futures Contracts	$	691,389		$	—	$	—	$	691,389
Foreign Currency Exchange Contracts		—			183,438		—		183,438
Total Asset Derivatives	$	691,389		$	183,438	$	—	$	874,827
Liabilities - Derivatives
Futures Contracts	$	(61,954	)	$	—	$	—	$	(61,954	)
Total Liability Derivatives	$	(61,954	)	$	—	$	—	$	(61,954	)
Long/Short Credit
Assets	Level 1			Level 2		Level 3		Total
Common Stocks *	$	—		$	—	$	5,700	$	5,700
Corporate Bonds *		—			101,520,125		—		101,520,125
U.S. Government & Agencies		—			88,442,178		—		88,442,178
Short-Term Investment		6,559,003			—		—		6,559,003
Total	$	6,559,003		$	189,962,303	$	5,700	$	196,527,006
Assets - Derivatives
Futures Contracts	$	1,272,402		$	—	$	—	$	1,272,402
Credit Default Swap Contracts		—			215,378		—		215,378
Total Return Swap Contracts		—			45,770		—		45,770
Total Asset Derivatives	$	1,272,402		$	261,148	$	—	$	1,533,550
Liabilities - Derivatives
Credit Default Swap Contracts	$	—		$	331,351	$	—	$	331,351
Total Liability Derivatives	$	—		$	331,351	$	—	$	331,351
Monthly Distribution
Assets	Level 1			Level 2		Level 3		Total
Closed-End Fund	$	—		$	—	$	5,801,638	$	5,801,638
Common Stocks *		123,800,701			—		72,063		123,872,764
Rights		—			—		1,160,849		1,160,849
Short-Term Investment		11,687,208			—		—		11,687,208
Total	$	135,487,909		$	—	$	7,034,550	$	142,522,459
Collateral for Securities Loaned (a)									8,410,871
Total Assets								$	150,933,330
Liabilities
Securities Sold Short	$	75,610,902		$	—	$	—	$	75,610,902
Total Liabilities	$	75,610,902		$	—	$	—	$	75,610,902
Assets - Derivatives
Forward Foreign Currency Exchange Contracts	$	—		$	1,114,777	$	—	$	1,114,777
Total Asset Derivatives	$	—		$	1,114,777	$	—	$	1,114,777
Liabilities - Derivatives
Forward Foreign Currency Exchange Contracts	$	—		$	550,193	$	—	$	550,193
Total Liability Derivatives	$	—		$	550,193	$	—	$	550,193

191

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Real Estate Stock
Assets	Level 1			Level 2		Level 3		Total
Common Stocks *	$	15,341,795		$	—	$	—	$	15,341,795
REITs *		31,079,175			—		—		31,079,175
Short-Term Investment		—			—		—		—
Total	$	46,420,970		$	—	$	—	$	46,420,970
Collateral for Securities Loaned (a)									13,485,006
Total Assets								$	59,905,976
U.S. Enhanced Market
Assets	Level 1			Level 2		Level 3		Total
U.S. Government & Agencies	$	—		$	13,780,625	$	—	$	13,780,625
Short-Term Investments		7,547,974			39,886,551		—		47,434,525
Purchased Options		—			40,795,949		—		40,795,949
Total Assets	$	7,547,974		$	94,463,125	$	—	$	102,011,099
Liabilities - Derivatives
Futures Contracts	$	(1,419,265	)	$	—	$	—	$	(1,419,265	)
Total Liability Derivatives	$	(1,419,265	)	$	—	$	—	$	(1,419,265	)

* 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.

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

	Beginning				Change in											Net
	balance		Total		unrealized									Net		transfers		Ending
	October 31,		realized		appreciation/					Net				transfers		(out) of		balance
	2023		gain/(loss)		(depreciation)			Conversion		Purchases		Net Sales		into Level 3		Level 3		April 30, 2024
Floating Rate Bond
Term Loans	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—
High-Yield Bond
Common Stock		3,189,000		1,666,251		(3,102,701	)		—		—		—		—		—		1,752,550
Emerging Markets
Magnit PJSC		—		—		—			—		—		—		—		—		—
Gazprom PJSC		—		—		—			—		—		—		—		—		—
International Stock
Sberbank of Russia PJSC		—		—		—			—		—		—		—		—		—
PhosAgro PJSC		—		—		—			—		—		—		—		—		—
Tatneft PJSC		—		—		—			—		—		—		—		—		—
Gazprom PJSC		—		—		—			—		—		—		—		—		—
LUKOIL PJSC		—		—		—			—		—		—		—		—		—
Rosneft Oil Company PJSC		—		—		—			—		—		—		—		—		—
VTB Bank PJSC		—		—		—			—		—		—		—		—		—
MMC Norilsk Nickel PJSC		—		—		—			—		—		—		—		—		—
Gazprom PJSC - ADR		—		—		—			—		—		—		—		—		—
Long/Short Credit
Common Stock		5,700		—		—			—		—		—		—		—		5,700
Preferred Stock		—		—		—			—		—		—		—		—		—
Monthly Distribution
Closed End Fund		5,678,199				123,439			—		—		—		—		—		5,801,638
Common Stock		142,532		—		(72,069	)		—		—		—		—		—		70,463
Rights		1,125,615		—		(43,556	)		—		17,617		—		—		—		1,099,676

192

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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

Investments in Securities:								Impact to valuation
							Input	from an increase
			Fair Value		Valuation Techniques	Unobservable Input	Range	in input
Floating Rate Bond
	Term Loans
	Texas Competitive Electric Holdings Company		$	—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	Paragon Offshore Finance Company			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
Total Fair Value Securities			$	—
High-Yield Bond
	Common Stock
		Hi-Crush	$	1,752,550	Prior Transaction Analysis (a)	Remaining equity from reorganization	100%	NA
Total Fair Value Securities			$	1,752,550
(a) During the period ended April 30, 2024 the Fund changes its valuation technique from a market comparable companies to a prior transaction approach.
Emerging Markets
	Common Stock
	Magnit PJSC		$	—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	Gazprom PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
Total Fair Value Securities			$	—
International Stock
	Common Stock
	Sberbank of Russia PJSC		$	—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	PhosAgro PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	Tatneft PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	Gazprom PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	LUKOIL PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	Rosneft Oil Company PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	VTB Bank PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	MMC Norilsk Nickel PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
	Gazprom PJSC			—	Market Approach	Discount for lack of marketability (DLOM)	100%	NA
Total Fair Value Securities			$	—
Long/Short Credit
	Common Stock
		NII Holdings, Inc.	$	5,700	Broker Quote	Indicative Value	$0.57	Increase
Total Fair Value Securities			$	5,700
Monthly Distribution
	Closed End Fund
		Altaba, Inc.		5,801,638	Broker Quote	Indicative Value	$2.30	Increase
	Common Stock
		NII Holdings, Inc.		72,063	Broker Quote	Indicative Value	$0.35	Increase
		Pershing Tontine Holdings, Ltd.		—	Broker Quote	Indicative Value	$0.15	Increase
	Rights
		ABIOMED, Inc. - CVR		61,173	Broker Quote	Indicative Value	$1.75	Increase
		Pershing Sqare Sparc Holdings Ltd.		35,234	Broker Quote	Indicative Value	$2.00	Increase
		Resolute Forest Products, Inc. - CVR	$	1,064,442	Broker Quote	Indicative Value	$2.00	Increase
Total Fair Value Securities			$	7,034,550

b. Foreign Currency Translations – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments, are translated into U.S. dollars using the prevailing exchange rates at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received and are included with the net realized and unrealized gain or loss on investment securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

193

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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.

d. Options – Dynamic Macro, Monthly Distribution, and U.S. Enhanced Market are subject to stock market risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

A Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio. When a Fund writes an option, there is no taxable event and an amount equal to the premium received is recorded by that Fund as a liability. The liability is thereafter valued to reflect the current value of the option. If the option is not exercised and expires, or if a Fund effects a closing purchase transaction, the Fund realizes a gain (or loss in the case of a closing purchase transaction where the cost to close the transaction exceeds the original premium received), and the liability related to the option is extinguished. Any such gain or loss generally is a short -term capital gain or loss for federal income tax purposes. If a call option that a Fund has written on any equity security is exercised, that Fund will realize a capital gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a put option that a Fund has written on an equity security is exercised, the amount of the premium originally received reduces the cost of the security that a Fund purchases upon exercise of the option. When a Fund writes a put option, that Fund must deposit cash or liquid securities into a segregated account equal to the put option’s exercise value (number of shares times strike price).

A Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in that Fund’s portfolio. If such a decline occurs, the put options will permit that Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by that Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to that Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to that Fund, the benefits realized by that Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities.

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 maintain these balances with a high quality financial institution.

f. Swap Agreements – International Opportunity Bond, Long/Short Credit and Monthly Distribution may enter into interest rate, index, total return, credit default and currency exchange rate swap agreements in attempts to obtain a particular desired return at a lower cost to the Fund than if the Fund has invested directly in an instrument that yielded that desired return. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Funds segregate liquid securities having a value at least equal to the amount of its current obligation under any swap transaction.

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

194

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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.

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.

i. Short Sales – The Funds may sell a security that it does not own in anticipation of a decline in the fair value of that security. When the Company sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Company sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Company is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. The Company’s borrowing agreements with broker-dealers are not subject to master netting or similar agreements or collateral agreements.

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, 2024:

	Location on the Statements of Assets and Liabilities
Derivatives Investment Type	Asset Derivatives	Liability Derivatives
Equity/Currency/Commodity	Investments in securities	Option contracts written
Interest Rate/Credit Risk Contracts	Unrealized appreciation on futures	Unrealized depreciation on futures
	Unrealized appreciation on swap contracts	Unrealized depreciation on swap contracts
	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following table sets forth the fair value of each Fund’s derivative contracts by primary risk exposure as of April 30, 2024:

Asset Derivatives Investment Value
	Equity		Currency		Interest Rate		Credit Risk		Total at
	Contracts		Contracts		Contracts		Contracts		April 30, 2024
International Opportunity Bond
Forward Foreign Currency Exchange Contracts	$	—	$	54,856	$	—	$	—	$	54,856
Futures Contracts		—		—		185,947		—		185,947
Dynamic Macro
Futures Contracts	$	517,003	$	—	$	174,386	$	—	$	691,389
Forward Foreign Currency Exchange Contracts		—		183,438		—		—		183,438
Long/Short Credit
Futures Contracts	$	—	$	—	$	1,272,402	$	—	$	1,272,402
Credit Default Swap Contracts		—		—		—		215,378		215,378
Total Return Swap Contracts		45,770		—		—		—		45,770
Monthly Distribution
Forward Foreign Currency Exchange Contracts	$	—	$	1,118,928	$	—	$	—	$	1,118,928
U.S. Enhanced Market Flex Options	$	40,795,949	$	—	$	—	$	—	$	40,795,949

195

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Liability Derivatives Investment Value
	Equity		Currency		Interest Rate		Credit Risk		Total at
	Contracts		Contracts		Contracts		Contracts		April 30, 2024
International Opportunity Bond
Forward Foreign Currency Exchange Contracts	$	—	$	90,860	$	—	$	—	$	90,860
Futures Contracts		—		—		299,332		—		299,332
Credit Default Swap Contract		—		—		—		81,244		81,244
Dynamic Macro
Forward Foreign Currency Contracts	$	—	$	—	$	—	$	—	$	—
Futures Contracts		59,035		—		2,919		—		61,954
Long/Short Credit
Credit Default Swap Contracts	$	—	$	—	$	—	$	331,351	$	331,351
Monthly Distribution
Forward Foreign Currency Exchange Contracts	$	—	$	554,344	$	—	$	—	$	554,344
U.S. Enhanced Market Futures Contracts	$	335,437	$	—	$	1,083,828	$	—	$	1,419,265

The following is a summary of the location of derivative investments of each Fund in the Statements of Operations for the six months April 30, 2024.

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Currency/Commodity/ Interest Rate/Credit Risk Contracts	Net realized gain (loss) from: Futures, 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

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, 2024:

Realized gain (loss) on derivatives recognized in the Statements of Operations
	Equity			Currency			Interest Rate			Credit Risk			Total at
Derivative Investment type	Contracts			Contracts			Contracts			Contracts			April 30, 2024
International Opportunity Bond
Futures Contracts	$	—		$	—		$	137,522		$	—		$	137,522
Forward Foreign Currency Exchange Contracts		—			(112,081	)		—			—			(112,081	)
Credit Default Swap Contracts		—			—			—			(291,340	)		(291,340	)
Small Cap Value
Forward Foreign Currency Contracts	$	—		$	(1,375	)	$	—		$	—		$	(1,375	)
Dynamic Macro
Forward Foreign Currency Contracts	$	—		$	(7,808	)	$	—		$	—		$	(7,808	)
Futures Contracts		2,380,752			—			43,526			—			2,424,278
Long/Short Credit
Futures Contracts	$	—		$	—		$	560,420		$	—		$	560,420
Credit Default Swap Contracts		—			—			—			(2,143,586	)		(2,143,586	)
Total Return Swap Contracts		(1,015,580	)		—			—			—			(1,015,580	)
Monthly Distribution
Forward Foreign Currency Exchange Contracts	$	—		$	550,050		$	—		$	—		$	550,050
Purchased Options		(61,361	)		—			—			—			(61,361	)
Written Options		(23,923	)		—			—			—			(23,923	)
U.S. Enhanced Market
Futures Contracts	$	1,314,514		$	—		$	(437,033	)	$	—		$	877,481

196

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations
	Equity			Currency		Interest Rate			Credit Risk			Total at
Derivative Investment type	Contracts			Contracts		Contracts			Contracts			April 30, 2024
International Opportunity Bond
Futures Contracts	$	—		$	—	$	45,273		$	—		$	45,273
Credit Default Swap Contracts		—			—		—			(15,440	)		(15,440	)
Forward Foreign Currency Exchange Contracts		—			13,929		—			—			13,929
Dynamic Macro
Forward Foreign Currency Contracts	$	—		$	37,825	$	—		$	—		$	37,825
Futures Contracts		919,812			—		126,317			—			1,046,129
Long/Short Credit
Futures Contracts	$	—		$	—	$	(1,069,158	)		—		$	(1,069,158	)
Credit Default Swap Contracts		—			—		—			367,031			367,031
Total Return Swap Contracts		(195,295	)		—		—			—			(195,295	)
Monthly Distribution
Forward Foreign Currency Exchange Contracts	$	—		$	127,797	$	—		$	—		$	127,797
Written Options		(457,136	)		—		—			—			(457,136	)
U.S. Enhanced Market
Futures Contracts	$	843,402		$	—	$	(652,385	)	$	—		$	191,017
Purchased Options		14,817,619			—		—			—			14,817,619

The average notional value of the derivative instruments for the six months ended April 30, 2024 based on quarter end positions is disclosed below:

Average Notional Value
	Long		Short		Purchased		Written		Total Return		Credit Default		Credit Default		Forward Foreign
	Futures		Futures		Options		Options		Swaps - Long		Swaps - Long		Swaps - Short		Currency Contracts
International Opportunity Bond	$	19,617,178	$	9,541,088	$	—	$	—	$	—	$	4,635,000	$	—		27,297,766
Dynamic Macro		26,544,734		20,202,578		—		—		—		—		—		7,526,136
Long/Short Credit		—		32,708,094		—		—		14,000,000		73,415,000		12,000,000		—
Monthly Distribution (1)		—		—		—		1,124,193		—		—		—		37,581,607
U.S. Enhanced Market		88,080,090		—		105,550,000		—		—		—		—		—

(1) Monthly Distribution held purchased options during the period but not at quarter end.

k. Offsetting of Financial Assets & Liabilities and Derivative Assets & Liabilities – International Opportunity Bond, Dynamic Macro, Long/Short Credit, and Monthly Distribution policies are to recognize a gross asset or liability equal to the unrealized amounts on 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, 2024.

International Opportunity Bond
										Gross Amounts Not Offset in the
										Statements of Assets &
Assets:										Liabilities
					Amounts
		Gross			Offset in the		Net Amounts of
		Amounts of			Statements of		Assets Presented in						Cash
		Recognized			Assets &		the Statements of			Financial			Collateral
Description	Counterparty	Assets			Liabilities		Assets & Liabilities			Instruments			Received (1)		Net Amount
Forward Foreign Currency Exchange Contracts	Barclays	$	1,112		$	—	$	1,112		$	(1,112	)			$	—
	Citi Capital Markets		9,628			—		9,628			(9,628	)		—		—
	JP Morgan Chase		44,116			—		44,116			(44,116	)		—		—
Total		$	54,856		$	—	$	54,856		$	(54,856	)	$	—	$	—
										Gross Amounts Not Offset in the
										Statements of Assets &
Liabilities:										Liabilities
					Gross
					Amounts
		Gross			Offset in the		Net Amounts of
		Amounts of			Statements of		Liabilities Presented						Cash
		Recognized			Assets &		in the Statements of			Financial			Collateral
Description	Counterparty	Liabilities			Liabilities		Assets & Liabilities			Instruments			Pledged (1)		Net Amount
Forward Foreign Currency Exchange Contracts	Barclays	$	(2,527	)	$	—	$	(2,527	)	$	1,112		$	—	$	(1,415	)
	Citi Capital Markets		(14,714	)		—		(14,714	)		9,628			—		(5,086	)
	JP Morgan Chase		(73,619	)		—		(73,619	)		44,116			—		(29,503	)
Credit Default Swap	Citibank		(81,244	)		—		(81,244	)		81,244			—		—
Total		$	(172,104	)	$	—	$	(172,104	)	$	136,100		$	—	$	(36,004	)

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

197

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Dynamic Macro
								Gross Amounts Not Offset in the
								Statements of Assets &
Assets:								Liabilities
		Gross		Gross Amounts		Net Amounts of
		Amounts of		Offset in the		Assets Presented in				Cash
		Recognized		Statements of		the Statements of		Financial		Collateral
Description	Counterparty	Assets		Assets & Liabilities		Assets & Liabilities		Instruments		Received (1)		Net Amount
Forward Foreign Exchange Contracts	US Bank	$	183,438	$	—	$	183,438	$	—	$	—	$	183,438
Total		$	183,438	$	—	$	183,438	$	—	$	—	$	183,438
								Gross Amounts Not Offset in the
Liabilities:								Statements of Assets &
		Gross		Gross Amounts		Net Amounts of
		Amounts of		Offset in the		Liabilities Presented				Cash
		Recognized		Statements of		in the Statements of		Financial		Collateral
Description	Counterparty	Liabilities		Assets & Liabilities		Assets & Liabilities		Instruments		Pledged (1)		Net Amount
Forward Foreign Exchange Contracts	US Bank	$	—	$	—	$	—	$	—	$	—	$	—
Total		$	—	$	—	$	—	$	—	$	—	$	—

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

Long/Short Credit
										Gross Amounts Not Offset in the
Assets:										Statements of Assets & Liabilities
					Gross Amounts		Net Amounts of
		Gross Amounts of			Offset in the		Assets Presented in
		Recognized			Statements of		the Statements of			Financial			Cash Collateral
Description	Counterparty	Assets			Assets & Liabilities		Assets & Liabilities			Instruments			Received		Net Amount
Credit Default Swaps	Barclays	$	161,328		$	—	$	161,328		$	(161,328	)	$	—	$	—
Credit Default Swaps	HSBC		54,050			—		54,050			(54,050	)		—		—
Total Return Swap	Goldman Sachs		45,770			—		45,770			—			—		45,770
Total		$	261,148		$	—	$	261,148		$	(215,378	)	$	—	$	45,770
										Gross Amounts Not Offset in the
Liabilities:										Statements of Assets & Liabilities
					Gross Amounts		Net Amounts of
		Gross Amounts of			Offset in the		Liabilities Presented
		Recognized			Statements of		in the Statements of			Financial			Cash Collateral
Description	Counterparty	Liabilities			Assets & Liabilities		Assets & Liabilities			Instruments (1)			Pledged(1)		Net Amount
Credit Default Swaps	Barclays	$	(312,125	)	$	—	$	(312,125	)	$	215,378		$	—	$	(96,747	)
Credit Default Swaps	HSBC		(19,226	)		—		(19,226	)		—			—		(19,226	)
Total		$	(331,351	)	$	—	$	(331,351	)	$	215,378		$	—	$	(115,973	)

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

198

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Monthly Distribution Fund
										Gross Amounts Not Offset in the
										Statements of Assets &
Assets:										Liabilities
					Gross
					Amounts
		Gross			Offset in the		Net Amounts of
		Amounts of			Statements of		Assets Presented in						Cash
		Recognized			Assets &		the Statements of			Financial			Collateral
Description	Counterparty	Assets			Liabilities		Assets & Liabilities			Instruments			Received		Net Amount
Forward Foreign Currency Exchange Contracts	US Bank	$	1,118,928		$	—	$	1,118,928		$	(554,344	)	$	—	$	564,584
Total		$	1,118,928		$	—	$	1,118,928		$	(554,344	)	$	—	$	564,584
										Gross Amounts Not Offset in the
										Statements of Assets &
Liabilities:										Liabilities
					Gross
		Gross			Amounts		Net Amounts of
		Amounts of			Offset in the		Liabilities Presented						Cash
		Recognized			Statements of		in the Statements of			Financial			Collateral
Description	Counterparty	Liabilities			Assets &		Assets & Liabilities			Instruments (1)			Pledged		Net Amount
Forward Foreign Currency Exchange Contracts	US Bank	$	(554,344	)	$	—	$	(554,344	)	$	554,344		$	—	$	—
Total		$	(554,344	)	$	—	$	(554,344	)	$	554,344		$	—	$	—

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

l. Deposits with Broker for Futures, Options and Swaps

Fund	Derivative Type	Broker	Deposit with Broker
International Opportunity Bond	Swaps	Citibank	$	340,714
	Futures	Barclays		640,065
Dynamic Macro	Futures	Morgan Stanley		1,300,192
Monthly Distribution	Securities Sold Short	JP Morgan		106,072,829
U.S. Enhanced Market	Futures	SG Americas Securities, LLC		1,034,398

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.

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.

199

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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 $1,074,633 as of April 30, 2024, on Emerging Markets as shown on the Statement of Assets and Liabilities. For the six months ended April 30, 2024, Emerging Markets recorded net change in unrealized depreciation on Accrued Foreign Capital Gains Tax on Appreciated Securities of $444,017 as shown on the Statement of Operations.

p. Foreign Tax Reclaims —The Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history.

q. Federal Income Taxes – It is each Fund’s policy to continue to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and gains, if any, to its shareholders and therefore, no provision for federal income tax has been made. Each Fund is treated as a separate taxpayer for federal income tax purposes. The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in the open tax years of 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 and California. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.

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.

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.

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 and which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

3. PRINCIPAL INVESTMENT RISKS

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.

200

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

Certain Funds may invest in collateralized mortgage obligations which are secured by groups of individual mortgages, but are similar to a conventional bond where the investor looks only to the issuer for payment of principal and interest. Although the obligations are recourse obligations to the issuer, the issuer typically has no significant assets, other than assets pledged as collateral for the obligations, and the market value of the collateral, which is sensitive to interest rate movements, may affect the market value of the obligations. A public market for a particular collateralized mortgage obligation may or may not develop and thus, there can be no guarantee of liquidity of an investment in such obligations.

The risk in writing a call option is that a Fund may forgo the opportunity of profit if the market value of the underlying security increases and the option is exercised, although any potential loss is reduced by the amount of option premium received. The risk in writing a put option is that a Fund may be called on to pay the exercise price of the option for a security that has decreased (potentially to zero) in market price, although any potential loss is reduced by the amount of option premium received. Generally, option transactions also involve risks concerning liquidity of the options market. An illiquid market for an option may limit a Fund’s ability to write options or enter closing transactions. As the options written by the Funds are traded on a national exchange, counterparty and credit risk are limited to the failure of the exchange on which the options are traded.

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.

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.

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

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.

201

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

		Adviser’s	Sub-Adviser’s
	Management Fee	Portion	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%

* Prior to April 1,2024, the Sub-Adviser’s portion for Small Cap Value was 0.10% – 0.80% and the Management fee range was 0.75% to 1.45%

** Prior to January 31, 2023, the Sub-Adviser’s portion for Dynamic Macro was 0.40% – 1.10% and the Management fee range was 1.05% to 1.75%

Each Fund’s Sub-Advisory Fulcrum Fee is calculated daily using an annual base Sub-Advisory fee of a specified amount of the average daily net assets of the Fund (the “Base Fee”), adjusted by the Fund’s Class N share performance relative to the Fund’s benchmark (the “Performance Fee”). Depending on a Fund’s net performance versus its benchmark, the Sub-Adviser will receive a fee adjustment in accordance with a formula that equates a percentage of out- or under-performance to a percentage of fee increases or decreases, respectively. In addition, some Fulcrum Fees employ a “null zone” around the base fee, whereby small differences in performance versus the benchmark will not trigger a fee increase or decrease. During the first 12 months of the Fulcrum Fee arrangement, the Performance Fee is calculated daily from inception date of the agreement to the calculation date and is applied to the average daily net assets of the Funds during the calculation period. After the initial 12 months, the Performance Fee is calculated on a daily basis based on comparative performance over a rolling 12-month period.

Depending on the particular Sub-Advisory Agreement, the Performance Fee can adjust the Base Fee up or down by as much as 100% of the Base Fee, such that the Sub-Advisory fee can vary anywhere from 0.00% (the “Minimum Fee”) to twice the Base Fee (the “Maximum Fee”). However, because each such Sub-Advisory Agreement requires that the Sub-Adviser only be paid out the monthly Minimum Fee during the first year, the Sub-Adviser, in most cases, will receive less compensation until the end of the first year. At the end of the first 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.

202

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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

Fund	Sub-Adviser	Benchmark	Base Fee	Null Zone	Minimum Fee	Maximum 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 Yeld 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.	Russell2000 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 A ll 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	Metlif e Investment Advisors, LLC	Bof A Merrill Lynch US 3-month Treasury BillPLUS 300 bps (3.00%) Index	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%

* Effective April 1, 2024, Boston Partners Global Investors, Inc. replaced Ziegler Capital Management, LLC as sub-adviser.

b. Administration, Fund Accounting and Transfer Agency Fees – Ultimus Fund Services, LLC (“UFS” or the “Administrator”) serves as the administrator, fund accountant and transfer agent for the Funds. For providing administration services, UFS receives from each Fund a monthly fee based on the combined average daily net assets at the following annual rates; 0.07% on the first $250 million of average net assets; 0.05% on average net assets between $250 million and $500 million; 0.03% on average net assets between $500 million and $1 billion; and 0.01% on average net assets over $1 billion. Such fees are subject to an annual minimum of $400,000 in total for the entire Trust. For providing fund accounting services, UFS receives from the Trust a minimum annual fee of $262,500. For providing transfer agent services, UFS receives from the Trust a minimum annual fee of $214,000 plus a per account charge for 75,000 or more accounts.

Blu Giant, LLC, (“Blu Giant”), an affiliate of UFS, provides EDGAR conversion and filing services as well as some print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds. An individual from UFS serves as an officer for the Trust and receives no additional compensation from the Trust for serving in that role.

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.

203

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

	Distributor Sales Charges		12b-1 and Shareholder Service
Fund	Class A		Class A		Class C
Corporate/Government Bond	$	124	$	19,513	$	9,587
Floating Rate Bond		1,152		13,062		20,697
High-Yield Bond		4,863		19,001		14,062
International Opportunity Bond		52		8,378		3,558
Large Cap Value		16,427		22,495		17,193
Small Cap Value		291		9,741		9,371
Focused Large Cap Grow th		36,617		31,768		42,309
Small Cap Grow th		4,923		11,518		9,420
Emerging Markets Stock		183		17,657		9,231
International Stock		4,366		19,672		20,426
Dynamic Macro		2,802		9,495		5,199
Long/Short Credit		170		24,600		13,735
Monthly Distribution		1,767		26,150		63,986
Real Estate Stock		78		9,018		10,239
U.S. Enhanced Market		14,309		13,562		1,927

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 $136,500 per annum, effective January 1, 2024, 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.

e. Commission Recapture – During the year ended October 31, 2023, certain Funds had portfolio trades executed with a certain brokers pursuant to a commission recapture agreement under which the brokers returned a portion of the Fund’s brokerage commissions on the Fund’s behalf. Such amounts, under such commission recapture agreement, are included in Commission Recapture in the Funds’ Statements of Operations and will be paid directly by the brokers for the expenses of the Fund. For the six months ended April 30, 2024, the amounts received by the Administrator on behalf of certain participating Funds under this arrangement were: Large Cap Value - $189, Small Cap Value - $15,400, Focused Large Cap Growth - $2,187 and Small Cap Growth - $3,020.

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, 2024 were as follows:

	Purchases		Sale Proceeds				Proceeds of
	(excluding U.S.		(excluding U.S.		Purchases of		U.S.
	Government		Government		U.S. Government		Government
Fund	Securities)		Securities)		Securities		Securities
Corporate/Government Bond	$	50,356,541	$	25,040,497	$	13,008,574	$	4,283,141
Floating Rate Bond		49,984,731		48,469,134		—		—
High-Yield Bond		81,058,308		44,733,962		—		—
International Opportunity Bond		26,630,091		20,809,623		—		—
Large Cap Value		11,835,802		22,988,361		—		—
Small Cap Value		99,757,985		92,727,062		—		—
Focused Large Cap Growth		8,519,486		21,038,256		—		—
Small Cap Growth		34,668,581		26,914,965		—		—
Emerging Markets Stock		25,791,841		30,942,601		—		—
International Stock		68,600,295		70,756,918		—		—
Dynamic Macro		642,572		1,546,086		22,186,055		—
Long/Short Credit		79,948,492		84,580,494		88,038,402		86,741,957
Monthly Distribution		176,152,661		188,997,544		—		—
Real Estate Stock		26,788,797		53,970,178		—		—
U.S. Enhanced Market		—		—		—		3,495,000

204

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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, 2024, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Corporate/Government Bond	$	175,120,570	$	746,865	$	(10,493,691	)		(9,746,826	)
Floating Rate Bond		127,610,958		1,401,520		(4,611,351	)		(3,209,831	)
High-Yield Bond		196,233,178		2,342,664		(5,207,173	)		(2,864,509	)
International Opportunity Bond		66,295,053		1,396,198		(5,509,006	)		(4,112,808	)
Large Cap Value		109,808,612		51,565,788		(2,722,007	)		48,843,781
Small Cap Value		85,050,449		971,856		(5,152,894	)		(4,181,038	)
Focused Large Cap Growth		86,734,254		106,275,074		(970,609	)		105,304,465
Small Cap Growth		93,447,136		14,495,734		(4,460,683	)		10,035,051
Emerging Markets Stock		94,826,243		24,164,548		(6,703,846	)		17,460,702
International Stock		137,342,192		27,146,431		(12,853,698	)		14,292,733
Dynamic Macro		57,174,382		5,766,377		(324,679	)		5,441,698
Long/Short Credit		199,620,320		16,753,039		(19,846,353	)		(3,093,314	)
Monthly Distribution		92,805,429		92,141,109		(35,670,499	)		56,470,610
Real Estate Stock		56,635,971		5,884,579		(2,614,574	)		3,270,005
U.S. Enhanced Market		86,386,653		17,847,164		(2,222,718	)		15,624,446

7. SHARES OF BENEFICIAL INTEREST

Following is a summary of shareholder transactions for each Fund for the six months ended April 30, 2024 and the year or period ended October 31, 2023, respectively:

For the six months ended April 30, 2024:

	Class N Shares										Class A Shares
								Net Increase										Net Increase
			Distributions					(Decrease) in					Distributions					(Decrease) in
Fund	Issued		Reinvested		Redeemed			Shares			Issued		Reinvested		Redeemed			Shares
Corporate/Government Bond		3,321,540		215,472		(1,082,376	)		2,454,636			179,826		23,632		(321,345	)		(117,887	)
Floating Rate Bond		1,939,337		527,864		(1,983,690	)		483,511			57,533		51,696		(410,159	)		(300,930	)
High-Yield Bond		5,851,703		454,707		(1,805,110	)		4,501,300			362,229		51,713		(418,316	)		(4,374	)
International Opportunity Bond		1,741,695		167,333		(878,056	)		1,030,972			58,310		21,088		(243,770	)		(164,372	)
Large Cap Value		946,058		354,159		(1,298,635	)		1,582			55,536		45,846		(291,924	)		(190,541	)
Small Cap Value		1,112,138		114,729		(414,086	)		812,782			126,971		14,769		(124,272	)		17,468
Focused Large Cap Growth		586,690		86,105		(665,189	)		7,606			125,365		13,922		(267,959	)		(128,672	)
Small Cap Growth		915,155		—		(340,916	)		574,239			77,226		—		(127,294	)		(50,068	)
Emerging Markets Stock		772,595		56,845		(893,567	)		(64,127	)		79,436		7,063		(275,937	)		(189,438	)
International Stock		976,161		244,110		(922,844	)		297,427			56,988		35,485		(260,779	)		(168,306	)
Dynamic Macro		1,548,330		134,375		(359,438	)		1,323,267			183,074		23,670		(172,149	)		34,595
Long/Short Credit		5,098,090		446,500		(3,937,368	)		1,607,222			290,962		49,391		(934,624	)		(594,271	)
Monthly Distribution		864,145		197,077		(1,017,570	)		43,652			47,923		30,011		(213,899	)		(135,965	)
Real Estate Stock		424,091		82,753		(2,133,155	)		(1,626,311	)		20,880		11,339		(452,682	)		(420,463	)
U.S. Enhanced Market		1,172,151		57,340		(720,820	)		508,671			70,508		7,079		(206,217	)		(128,630	)

205

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

	Class C Shares
								Net Increase
			Distributions					(Decrease) in
Fund	Issued		Reinvested		Redeemed			Shares
Corporate/Government Bond		23,128		2,855		(19,641	)		6,342
Floating Rate Bond		11,586		22,577		(79,714	)		(45,551	)
High-Yield Bond		25,940		10,135		(31,800	)		4,275
International Opportunity Bond		10,179		2,858		(11,034	)		2,003
Large Cap Value		4,615		9,931		(24,473	)		(9,926	)
Small Cap Value		5,276		4,503		(14,735	)		(4,956	)
Focused Large Cap Growth		33,562		5,930		(27,327	)		12,165
Small Cap Growth		6,470		—		(13,796	)		(7,326	)
Emerging Markets Stock		9,632		183		(10,983	)		(1,168	)
International Stock		15,659		8,185		(22,462	)		1,382
Dynamic Macro		13,590		2,885		(8,643	)		7,831
Long/Short Credit		30,463		6,607		(51,353	)		(14,283	)
Monthly Distribution		30,056		35,870		(56,410	)		9,516
Real Estate Stock		2,865		2,918		(24,636	)		(18,853	)
U.S. Enhanced Market		12,416		132		(2,143	)		10,405

For the year ended October 31, 2023:

	Class N Shares										Class A Shares
								Net Increase										Net Increase
			Distributions					(Decrease) in					Distributions					(Decrease) in
Fund	Issued		Reinvested		Redeemed			Shares			Issued		Reinvested		Redeemed			Shares
Corporate/Government Bond		6,898,325		276,210		(1,793,384	)		5,381,151			995,330		35,959		(227,788	)		803,501
Floating Rate Bond		1,738,044		1,251,679		(9,545,806	)		(6,556,083	)		229,242		153,139		(1,462,856	)		(1,080,475	)
High-Yield Bond		4,355,382		716,354		(2,973,916	)		2,097,820			611,292		101,927		(489,820	)		223,399
International Opportunity Bond		2,944,432		385,341		(1,072,807	)		2,256,966			405,192		61,358		(176,069	)		290,481
Large Cap Value		1,840,350		227,314		(3,306,912	)		(1,239,248	)		270,379		31,430		(551,770	)		(249,961	)
Small Cap Value		1,229,854		275,973		(1,567,185	)		(61,358	)		168,025		39,254		(230,370	)		(23,091	)
Focused Large Cap Growth		1,003,326		—		(2,928,161	)		(1,924,835	)		192,982		—		(500,632	)		(307,650	)
Small Cap Growth		771,041		—		(1,951,527	)		(1,180,486	)		142,264		—		(398,210	)		(255,946	)
Emerging Markets Stock		985,653		17,990		(1,769,508	)		(765,865	)		131,240		—		(365,268	)		(234,028	)
International Stock		853,229		280,741		(2,675,842	)		(1,541,872	)		247,057		43,071		(652,385	)		(362,257	)
Dynamic Macro		1,643,416		—		(615,507	)		1,027,910			361,323		—		(149,941	)		211,382
Long/Short Credit		4,492,137		1,060,875		(9,810,139	)		(4,257,127	)		585,972		141,966		(1,270,437	)		(542,499	)
Monthly Distribution		825,558		415,344		(2,038,847	)		(797,945	)		107,999		69,529		(309,937	)		(132,409	)
Real Estate Stock		1,510,456		35,859		(1,869,673	)		(323,358	)		279,543		3,169		(255,094	)		27,618
U.S. Enhanced Market*		5,305,898		—		(353,657	)		4,952,241			794,752		—		(52,221	)		742,531

* The Fund commenced operations on May 1, 2023

	Class C Shares
								Net Increase
			Distributions					(Decrease) in
Fund	Issued		Reinvested		Redeemed			Shares
Corporate/Government Bond		54,446		4,469		(53,678	)		5,237
Floating Rate Bond		20,848		53,193		(178,580	)		(104,539	)
High-Yield Bond		40,857		24,119		(98,922	)		(33,946	)
International Opportunity Bond		27,437		9,277		(33,091	)		3,623
Large Cap Value		18,774		5,716		(67,485	)		(42,995	)
Small Cap Value		9,134		18,051		(52,302	)		(25,117	)
Focused Large Cap Growth		12,586		—		(110,712	)		(98,126	)
Small Cap Growth		8,488		—		(68,712	)		(60,224	)
Emerging Markets Stock		8,257		—		(49,487	)		(41,230	)
International Stock		7,053		9,976		(70,992	)		(53,963	)
Dynamic Macro		21,404		—		(27,066	)		(5,662	)
Long/Short Credit		24,781		16,605		(140,703	)		(99,317	)
Monthly Distribution		31,690		68,596		(173,909	)		(73,623	)
Real Estate Stock		20,211		—		(59,166	)		(38,955	)
U.S. Enhanced Market*		22,393		—		(402	)		21,991

* The Fund commenced operations on May 1, 2023

206

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

8. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of dividends paid during the year ended October 31, 2023 and October 31, 2022 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
10/31/2023	Income		Capital Gains		Capital		Total
Corporate/Government Bond *	$	3,933,944	$	—	$	—	$	3,933,944
Floating Rate Bond *		12,599,686		—		—		12,599,686
High-Yield Bond *		6,930,206		—		—		6,930,206
International Opportunity Bond*		2,308,959		—		1,042,993		3,351,952
Large Cap Value		2,639,617		1,827,185		—		4,466,802
Small Cap Value		279,389		4,275,847		—		4,555,236
Focused Large Cap Growth		—		—		—		—
Small Cap Growth		—		—		—		—
Emerging Markets Stock		219,990		—		—		219,990
International Stock		5,023,778		—		—		5,023,778
Dynamic Macro		—		—		—		—
Long/Short Credit *		9,181,165		2,144,449		—		11,325,614
Monthly Distribution *		2,926,993		—		13,617,081		16,544,074
Real Estate Stock		462,010		—		—		462,010
U.S. Enhanced Market		—		—		—		—
For fiscal year ended	Ordinary		Long-Term		Return of
10/31/2022	Income		Capital Gains		Capital		Total
Corporate/Government Bond **	$	1,283,066	$	—	$	—	$	1,283,066
Floating Rate Bond **		9,317,486		—		—		9,317,486
High-Yield Bond **		5,031,200		—		—		5,031,200
International Opportunity Bond **		2,626,747		22,444		—		2,649,191
Large Cap Value		3,915,866		6,478,567		—		10,394,433
Small Cap Value		8,413,359		1,402,225		—		9,815,584
Focused Large Cap Growth		—		16,249,986		219		16,250,205
Small Cap Growth		7,792,974		6,672,424		—		14,465,398
Emerging Markets Stock		10,055,268		1,701,647		52,753		11,809,668
International Stock		15,859,343		9,039,564		—		24,898,907
Dynamic Macro		—		—		—		—
Long/Short Credit **		4,824,117		4,459,491		—		9,283,608
Monthly Distribution **		—		2,080,414		8,864,457		10,944,871
Real Estate Stock		4,858,847		1,798,209		—		6,657,056

* 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.

207

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

As of each of the Fund’s tax year-ended October 31, 2023, the components of distributable earnings on a tax basis were as follows:

	Undistributed		Undistributed					Capital Loss			Other			Unrealized			Total
	Ordinary		Long-Term					Carry			Book/Tax			Appreciation/			Accumulated
Fund	Income		Capital Gains		Late Year Loss			Forwards			Differences			(Depreciation)			Earnings/(Deficits)
Corporate/Government Bond	$	54,253		—	$	—		$	(4,443,144	)	$	(3,368	)	$	(14,856,560	)	$	(19,248,819	)
Floating Rate Bond		13,560		—		—			(21,158,993	)		(10,558	)		(6,873,866	)		(28,029,857	)
High-Yield Bond		368,954		—		—			(12,053,321	)		(5,865	)		(8,345,622	)		(20,035,854	)
International Opportunity Bond		—		—		—			(6,806,374	)		(3,167	)		(7,533,141	)		(14,342,682	)
Large Cap Value		3,258,713		3,636,079		—			—			—			26,183,413			33,078,205
Small Cap Value		273,601		1,727,289		—			—			—			(2,358,053	)		(357,163	)
Focused Large Cap Growth		—		3,994,933		(1,235,014	)		—			—			73,366,151			76,126,070
Small Cap Growth		—		—		(710,397	)		(15,394,482	)		—			2,831,966			(13,272,913	)
Emerging Markets Stock		430,001		—		—			(24,116,290	)		—			(1,344,560	)		(25,030,849	)
International Stock		3,596,449		1,249,298		—			—			—			(4,333,965	)		511,782
Dynamic Macro		1,810,095		—		—			—			—			2,100,011			3,910,106
Long/Short Credit		255,842		—		—			(7,884,720	)		(28,729	)		(9,458,625	)		(17,116,232	)
Monthly Distribution		—		—		—			—			(435,581	)		(9,310,606	)		(9,746,187	)
Real Estate Stock		953,581		—		—			(28,194,904	)		1,644,934			(2,059,593	)		(27,655,982	)
U.S. Enhanced Market		686,210		—		—			(1,385,151	)		—			(1,174,829	)		(1,873,770	)

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 the tax deferral of losses on straddles and tax adjustments for accrued dividend payable.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows: Dunham Focused Large Cap Growth Fund incurred and elected to defer such late year losses of $1,235,014. Dunham Small Cap Growth Fund incurred and elected to defer such late year losses of $710,397.

At October 31, 2023, the following Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:

							Capital Loss Carry
Fund	Short-Term		Long-Term		Total		Forward Utilized
Corporate/Government Bond	$	2,050,313	$	2,392,831	$	4,443,144	$	—
Floating Rate Bond		3,904,112		17,254,881		21,158,993		—
High-Yield Bond		3,914,697		8,138,624		12,053,321		—
International Opportunity Bond		1,776,438		5,029,936		6,806,374		—
Large Cap Value		—		—		—		—
Small Cap Value		—		—		—		—
Focused Large Cap Growth		—		—		—		5,341,162
Small Cap Growth		14,473,460		921,022		15,394,482		—
Emerging Markets Stock		17,908,006		6,208,284		24,116,290		—
International Stock		—		—		—		2,486,969
Dynamic Macro		—		—		—		1,866,721
Long/Short Credit		6,160,293		1,724,427		7,884,720		—
Monthly Distribution		—		—		—		—
Real Estate Stock		16,157,665		12,037,239		28,194,904		—
U.S. Enhanced Market		554,060		831,091		1,385,151		—

208

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

During the fiscal year ended October 31, 2023, 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, 2023, as follows:

	Paid
	In			Accumulated
Fund	Capital			Earnings (Loss)
Corporate/Government Bond	$	—		$	—
Floating Rate Bond		—			—
High-Yield Bond		—			—
International Opportunity Bond		—			—
Large Cap Value		1,207,566			(1,207,566	)
Small Cap Value		802,519			(802,519	)
Focused Large Cap Growth		(1,055,663	)		1,055,663
Small Cap Growth		(377,665	)		377,665
Emerging Markets Stock		—			—
International Stock		599,728			(599,728	)
Dynamic Macro		90,328			(90,328	)
Long/Short Credit		—			—
Monthly Distribution		126,741			(126,741	)
Real Estate Stock		—			—
U.S. Enhanced Market		(52,712	)		52,712

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, 2023 and October 31, 2022, were as follows:

For fiscal year ended
10/31/2023	Foreign Taxes Paid		Foreign Source Income
Emerging Markets Stock	$	0.98	$	0.12
International Stock	$	0.09	$	0.54
For fiscal year ended
10/31/2022	Foreign Taxes Paid		Foreign Source Income
Emerging Markets Stock	$	0.02	$	0.04
International Stock	$	0.08	$	0.72

209

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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%. Prior to 9/20/2023, interest on borrowings was payable on an annual basis at a rate of Prime less 0.50%. The Uncommitted Line is not a “committed” line of credit, which is to say that the Bank is not obligated to lend money to a Fund. Accordingly, it is possible that a Fund may wish to borrow money for a temporary or emergency purpose but may not be able to do so. Based only on the days borrowed, the average amount of borrowings outstanding was as follows:

	Average Borrowing		Largest Outstanding
Fund	Outstanding		Balance		Loan Outstanding		Average Borrowing Rate
Corporate/Government Bond	$	124,500	$	303,000	$	—	7.50%
Floating Rate Bond		2,300,000		2,300,000		—	7.50%
High-Yield Bond		—		—		—	0.00%
International Opportunity Bond		—		—		—	0.00%
Large Cap Value		—		—		—	0.00%
Small Cap Value		239,800		362,000		—	7.50%
Focused Large Cap Grow th		3,371,750		4,650,000		—	7.50%
Small Cap Grow th		—		—		—	0.00%
Emerging Markets Stock		711,345		1,829,000		—	7.50%
International Stock		511,660		4,650,000		22,000	7.50%
Dynamic Macro		—		—		—	0.00%
Long/Short Credit		—		—		—	0.00%
Monthly Distribution		924,500		1,693,000		—	6.95%
Real Estate Stock		516,975		9,244,000		92,000	7.50%
U.S. Enhanced Market		528,000		528,000		—	7.50%

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. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Borrower fails to return them. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. The remaining contractual maturity of those transactions are overnight and continuous. As of April 30, 2024 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.

210

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

	Market Value of		Market Value of
Fund	Loaned Securities		Collateral
Corporate/Government Bond	$	2,980,493	$	3,054,056
Floating Rate Bond		3,478,863		3,562,248
High-Yield Bond		35,426,507		36,283,870
International Opportunity Bond		307,033		315,470
Large Cap Value		6,115,111		6,306,761
Small Cap Value		—		—
Focused Large Cap Growth		7,080,828		7,315,177
Small Cap Growth		25,081,474		26,187,377
Emerging Markets Stock		720,623		743,074
International Stock		10,346,512		10,915,758
Dynamic Macro		—		—
Long/Short Credit		—		—
Monthly Distribution		8,019,236		8,410,871
Real Estate Stock		13,016,867		13,485,006
U.S. Enhanced Market		—		—

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%.

211

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

The below table shows the collateral held by each Fund at the six months ended April 30, 2024.

										Gross Amounts Not Offset in the
										Statement of Assets & Liabilities
					Gross Amounts		Net Amounts of
		Gross Amounts			Offset in the		Liabilities Presented in
		of Recognized			Statement of Assets &		the Statement of Assets			Financial		Cash Collateral
Description	Counterparty	Liabilities			Liabilities		& Liabilities			Instruments		Pledged		Net Amount
Corporate/Government Bond
Liabilities
Securities Loaned	US Bank	$	(3,054,056	)	$	—	$	(3,054,056	)	$	3,054,056	$	—	$	—
Floating Rate Bond
Liabilities
Securities Loaned	US Bank	$	(3,562,248	)	$	—	$	(3,562,248	)	$	3,562,248	$	—	$	—
High-Yield Bond
Liabilities
Securities Loaned	US Bank	$	(36,283,870	)	$	—	$	(36,283,870	)	$	36,283,870	$	—	$	—
International Opportunity Bond
Liabilities
Securities Loaned	US Bank	$	(315,470	)	$	—	$	(315,470	)	$	315,470	$	—	$	—
Large Cap Value
Liabilities
Securities Loaned	US Bank	$	(6,306,761	)	$	—	$	(6,306,761	)	$	6,306,761	$	—	$	—
Focused Large Cap Growth
Liabilities
Securities Loaned	US Bank	$	(7,315,177	)	$	—	$	(7,315,177	)	$	7,315,177	$	—	$	—
Small Cap Growth
Liabilities
Securities Loaned	US Bank	$	(26,187,377	)	$	—	$	(26,187,377	)	$	26,187,377	$	—	$	—
Emerging Markets Stock
Liabilities
Securities Loaned	US Bank	$	(743,074	)	$	—	$	(743,074	)	$	743,074	$	—	$	—
International Stock
Liabilities
Securities Loaned	US Bank	$	(10,915,758	)	$	—	$	(10,915,758	)	$	10,915,758	$	—	$	—
Monthly Distribution
Liabilities
Securities Loaned	US Bank	$	(8,410,871	)	$	—	$	(8,410,871	)	$	8,410,871	$	—	$	—
Real Estate Stock
Liabilities
Securities Loaned	US Bank	$	(13,485,006	)	$	—	$	(13,485,006	)	$	13,485,006	$	—	$	—

12. RECENT REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

212

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

April 30, 2024

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.

213

ADDITIONAL INFORMATION (Unaudited)

April 30, 2024

Dunham Funds
15(c) Board Considerations

December 18–19, 2023

I. Background

On December 18–19, 2023, 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:

Funds	Sub-Advisory Agreement
Dunham Corporate/Government Bond Fund	Virtus Fixed Income Advisers, LLC
[Dunham Dynamic Macro Fund N/A]	[Vontobel Asset Management, Inc. is not up for renewal at this time]
Dunham Emerging Markets Stock Fund	NS Partners Ltd.
Dunham Floating Rate Bond Fund	PineBridge Investments LLC
[Dunham Focused Large Cap Growth Fund N/A]	[The Ithaka Group, LLC is not up for renewal at this time]
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 N/A]	[Great Lakes Advisors, LLC is not up for renewal at this time]
Dunham Long/Short Credit Fund (formerly Dunham Appreciation & Income 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	Ziegler Capital Management, LLC
[Dunham U.S. Enhanced Market Fund N/A]	[PGIM Quantitative Solutions, LLC is not up for renewal at this time]

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

214

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

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.

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, 2023. 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

215

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

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.

● 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 (formerly Dunham Appreciation & Income Fund): The Board noted that the advisory fee was lower than the average of the Peer Group and equal to the average of the Morningstar category, and concluded that the overall expense ratio was in a reasonable range.

216

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

● 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.

● 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.

217

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

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 Peer Group average and Morningstar category average over the one-, five-, and ten-year periods, but noted that the Fund outperformed its benchmark index for the one-, and five-year periods. The Board concluded that the services Virtus 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, include 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 and Morningstar category average for the five-year period and the benchmark index for the one-and five-year periods, but noted that the Fund outperformed its Peer Group average and Morningstar category average for the one-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 PineBridge began to manage the Fund. The Board concluded that the services PineBridge 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 outperformed its Peer Group average and Morningstar Category average for the one-, five-, and ten-year periods and the benchmark index for the one-and five-year periods, but noted that the Fund had underperformed its benchmark index for the ten-year period. The Board further considered that the Fund had outperformed its Peer Group average, Morningstar category average, and benchmark index 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 November 4, 2013). The Board observed that the Fund underperformed its benchmark index for the five-year period, but noted that the Fund outperformed its Peer Group average and Morningstar category average for the one-and five-year periods and outperformed its benchmark index for the one-year period. The Board further considered that the Fund had outperformed its Peer Group average and Morningstar category average and underperformed its 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 outperformed its Peer Group average, Morningstar Category average, and benchmark index for the one-, five-, and ten-year periods. The Board further considered that the Fund had outperformed its Peer Group average, Morningstar

218

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

category average, and benchmark index since Arrowstreet began to manage the Fund. The Board concluded that the services Arrowstreet 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 Peer Group average and Morningstar category average for the one-year period and its benchmark index for the one-, five-, and ten-year periods, but noted that the Fund outperformed its Peer Group average and Morningstar category average for the five-and ten-year periods. The Board further considered that the Fund had outperformed its Peer Group average and Morningstar category average and underperformed its 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 relevant periods, include 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 Peer Group average, Morningstar category average, and benchmark index over the relevant periods, include 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 outperformed its Peer Group average, Morningstar category average, and benchmark index over the relevant periods, include since Pier began to manage the Fund. The Board concluded that the services Pier provided were satisfactory.

● Dunham Small Cap Value Fund: The Board noted that Ziegler Capital Management LLC (“ZCM”), or a predecessor firm, has served as the Fund’s sub-adviser since July 1, 2013 (while the Fund’s inception date is December 10, 2004). The Board observed that the Fund underperformed its Peer Group average and Morningstar Category average for the one-and five-year periods, but noted that the Fund outperformed its benchmark index for the one-and five-year periods. The Board further considered that the Fund had outperformed its Peer Group average and benchmark index and underperformed its Morningstar category average since ZCM began to manage the Fund. The Board concluded that the services ZCM 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

219

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

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.

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.

220

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

Dunham Small Cap Value Fund

15(c) Board Considerations

March 13, 2024

I. Background

On March 13, 2024, the Board of Trustees (the “Board”) of Dunham Funds (the “Trust”), a Delaware business trust, met to consider, among other things, a new sub-advisory agreement (the “Sub-Advisory Agreement”) with Boston Partners Global Investors, Inc. (“Boston Partners”) on behalf of the Dunham Small Cap Value Fund (the “Fund”). The Sub-Advisory Agreement would take effect on or about April 1, 2024.

In considering the Sub-Advisory Agreement, the Independent Trustees had requested and reviewed materials that Dunham & Associates Investment Counsel, Inc. (the “Adviser”) and Boston Partners provided prior to and during the meeting. The Independent Trustees also had reviewed a memorandum from Fund counsel that addressed their fiduciary duties pertaining to the new Sub-Advisory Agreement and the factors they should consider in evaluating the Sub-Advisory Agreement.

Among other information, the Adviser and Boston Partners provided information to assist the Independent Trustees in assessing the nature, extent and quality of services provided, information comparing the investment performance, sub-advisory fees and operating expense ratio of the Fund to other funds, information about estimated profitability and/or financial condition and compliance and regulatory matters. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved. In considering the approval of the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

II. Sub-Advisory Agreement

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between the Fund and Boston Partners, the Board considered the nature, extent and quality of services Boston Partners would provide under the Sub-Advisory Agreement. The Board reviewed the background of the investment professionals that would service the Fund, and Boston Partners’ reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters. The Board noted that Boston Partners was founded in 1995 as an investment firm, and that its predecessor firm was founded in 1970.

The Board concluded that the services that Boston Partners would provide should be satisfactory.

221

ADDITIONAL INFORMATION (Unaudited)(Continued)

April 30, 2024

Performance. The Board considered the performance of other investment strategies managed by Boston Partners. The Board concluded that the services that Boston Partners would provide should be satisfactory.

Sub -Advisory Fees and Economies of Scale. The Board considered the Fund’s sub-advisory fee schedule and noted the fees charged to comparable portfolios, if any, that Boston Partners managed. The Board considered that the fee schedule was negotiated between the Adviser and Boston Partners, an unaffiliated third party.

The Board reviewed the operation of the performance fee and the impact on fees and expenses based on various performance results. They discussed the unique nature of the performance fee, which results in higher fees when Boston Partners delivers results, and how performance fees should be integrated into their analysis.

The Board confirmed its belief that performance fees help ensure that any significant fee adjustments are attributable to Boston Partners’ skill, rather than to random performance fluctuations, and the performance fee aligns Boston Partners’ interest with those of Fund shareholders.

The Board also noted the Fund will pay a “fulcrum fee” consisting of: a “base fee” of 45 basis points (“bps”) (0.45%) annually; and a “performance fee” at a rate that will vary by up to +/- 25 bps (0.25%). The performance fee will be added to or subtracted from the base fee to arrive at the total fulcrum fee. The comparative index will be the Russell 2000® Value Index over the applicable measurement period. The Board concluded that Boston Partners’ fees were in a reasonable range.

The Board reviewed the relevance of economies of scale in the context of a sub-adviser that receives a performance-based fee. The Board agreed that the Adviser had successfully negotiated a favorable base fee with Boston Partners, 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 Boston Partners would not be in the best interests of Fund shareholders at this time.

Profitability and Fallout Benefits. The Board considered any information provided regarding Boston Partners’ estimated profitability from providing sub-advisory services to the Fund. The Board noted that the sub-advisory fee schedule was negotiated between the Adviser and Boston Partners, an unaffiliated third party. The Board reviewed materials provided regarding any additional benefits that Boston Partners would receive.

Conclusion. Based on all the information considered and the conclusions reached, the Board determined that the terms of the Sub-Advisory Agreement for the Fund are fair and reasonable, and that the approval of the Sub-Advisory Agreement is in the best interests of the Fund.

222

DUNHAM FUNDS’ EXPENSES (Unaudited)

Example

Shareholders of mutual funds will pay (1) transitional costs, such as sales load, and (2) ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual-Ending Account Value” shown is derived from the Fund’s actual return, and the “Actual-Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Actual-Expenses Paid During Period”.

Hypothetical Examples for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical-Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			Actual		Hypothetical
	Fund’s	Beginning	Ending		Ending
	Annualized	Account	Account	Expenses	Account	Expenses
	Expense	Value	Value	Paid During	Value	Paid During
	Ratio	11/01/23	4/30/24	Period*	4/30/24	Period*
Class N:
Corporate/Government Bond Fund	1.18%	$1,000.00	$1,059.40	$6.06	$1,018.98	$5.94
Floating Rate Bond Fund	1.01%	$1,000.00	$1,061.80	$5.19	$1,019.83	$5.08
High-Yield Bond Fund	1.21%	$1,000.00	$1,088.10	$6.30	$1,018.83	$6.09
International Opportunity Bond Fund	1.79%	$1,000.00	$1,089.30	$9.30	$1,015.96	$8.98
Large Cap Value Fund	1.14%	$1,000.00	$1,202.70	$6.24	$1,019.20	$5.72
Small Cap Value Fund	1.52%	$1,000.00	$1,172.00	$8.18	$1,017.33	$7.60
Focused Large Cap Growth Fund	1.32%	$1,000.00	$1,288.00	$7.54	$1,018.28	$6.65
Small Cap Growth Fund	1.57%	$1,000.00	$1,192.40	$8.54	$1,017.08	$7.85
Emerging Markets Stock Fund	1.14%	$1,000.00	$1,143.60	$6.08	$1,019.19	$5.73
International Stock Fund	1.92%	$1,000.00	$1,207.20	$10.55	$1,015.31	$9.63
Dynamic Macro Fund	1.98%	$1,000.00	$1,147.00	$10.58	$1,015.01	$9.93
Long/Short Credit Fund	0.86%	$1,000.00	$1,024.30	$4.35	$1,020.57	$4.34
Monthly Distribution Fund	1.37%	$1,000.00	$1,028.00	$6.89	$1,018.07	$6.86
Real Estate Stock Fund	1.50%	$1,000.00	$1,151.70	$8.00	$1,017.43	$7.50
U.S. Enhanced Market Fund	1.22%	$1,000.00	$1,211.10	$6.72	$1,018.79	$6.13
Class A:
Corporate/Government Bond Fund	1.43%	$1,000.00	$1,057.30	$7.33	$1,017.74	$7.19
Floating Rate Bond Fund	1.26%	$1,000.00	$1,059.30	$6.47	$1,018.58	$6.34
High-Yield Bond Fund	1.46%	$1,000.00	$1,086.90	$7.60	$1,017.58	$7.35
International Opportunity Bond Fund	2.04%	$1,000.00	$1,088.90	$10.62	$1,014.70	$10.24
Large Cap Value Fund	1.38%	$1,000.00	$1,201.50	$7.55	$1,018.00	$6.92
Small Cap Value Fund	1.77%	$1,000.00	$1,170.50	$9.53	$1,016.08	$8.86
Focused Large Cap Growth Fund	1.57%	$1,000.00	$1,286.30	$8.95	$1,017.03	$7.90
Small Cap Growth Fund	1.85%	$1,000.00	$1,191.00	$10.06	$1,015.68	$9.26
Emerging Markets Stock Fund	1.38%	$1,000.00	$1,142.00	$7.37	$1,017.98	$6.95
International Stock Fund	2.17%	$1,000.00	$1,206.20	$11.91	$1,014.07	$10.87
Dynamic Macro Fund	2.23%	$1,000.00	$1,145.10	$11.91	$1,013.76	$11.18
Long/Short Credit Fund	1.08%	$1,000.00	$1,023.10	$5.45	$1,019.48	$5.44
Monthly Distribution Fund	1.61%	$1,000.00	$1,026.70	$8.11	$1,016.86	$8.07
Real Estate Stock Fund	1.72%	$1,000.00	$1,150.30	$9.22	$1,016.29	$8.64
U.S. Enhanced Market Fund	1.46%	$1,000.00	$1,210.40	$8.01	$1,017.62	$7.31

223

DUNHAM FUNDS’ EXPENSES (Unaudited) (Continued)

			Actual		Hypothetical
	Fund’s	Beginning	Ending		Ending
	Annualized	Account	Account	Expenses	Account	Expenses
	Expense	Value	Value	Paid During	Value	Paid During
	Ratio	11/01/23	4/30/24	Period*	4/30/24	Period*
Class C:
Corporate/Government Bond Fund	1.93%	$1,000.00	$1,055.20	$9.88	$1,015.25	$9.68
Floating Rate Bond Fund	1.76%	$1,000.00	$1,056.70	$9.02	$1,016.09	$8.84
High-Yield Bond Fund	1.96%	$1,000.00	$1,084.70	$10.18	$1,015.10	$9.84
International Opportunity Bond Fund	2.54%	$1,000.00	$1,086.10	$13.19	$1,012.22	$12.72
Large Cap Value Fund	2.14%	$1,000.00	$1,197.10	$11.68	$1,014.23	$10.71
Small Cap Value Fund	2.52%	$1,000.00	$1,165.70	$13.58	$1,012.32	$12.62
Focused Large Cap Growth Fund	2.32%	$1,000.00	$1,281.30	$13.18	$1,013.31	$11.63
Small Cap Growth Fund	2.59%	$1,000.00	$1,186.20	$14.07	$1,011.99	$12.95
Emerging Markets Stock Fund	2.14%	$1,000.00	$1,138.00	$11.38	$1,014.22	$10.72
International Stock Fund	2.92%	$1,000.00	$1,201.50	$15.99	$1,010.34	$14.60
Dynamic Macro Fund	2.98%	$1,000.00	$1,140.30	$15.87	$1,010.03	$14.90
Long/Short Credit Fund	1.86%	$1,000.00	$1,019.40	$9.36	$1,015.59	$9.34
Monthly Distribution Fund	2.37%	$1,000.00	$1,022.80	$11.92	$1,013.08	$11.87
Real Estate Stock Fund	2.52%	$1,000.00	$1,146.00	$13.43	$1,012.34	$12.60
U.S. Enhanced Market Fund	2.21%	$1,000.00	$1,205.60	$12.14	$1,013.85	$11.09

* Expenses Paid During Period are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days and divided by 366 (to reflect the number of days in the six month period ending April 30, 2024).

224

NOTICE OF PRIVACY POLICY & PRACTICES

Privacy Notice

FACTS	WHAT DO DUNHAM FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■         Social Security number and wire transfer instructions ■         account transactions and transaction history ■         investment experience and purchase history When you are no longer a customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Dunham Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do Dunham Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For non-affiliates to market to you	No	We don’t share

Questions?   Call (800) 442-4358 or go to www.dunham.com

225

Definitions What we do
How do Dunham Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We permit only authorized parties and affiliates (as permitted by law) who have signed an agreement (which protects your personal information) with us to have access to customer information.
How do Dunham Funds collect my personal information?	We collect your personal information, for example, when you ■     open and account or deposit money ■     direct us to buy securities or direct us to sell your securities ■     seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
	Federal law gives you the right to limit only ■     sharing for affiliates’ everyday business purposes-information about your creditworthiness ■     affiliates from using your information to market to you ■     sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■     Our affiliates include financial companies, such as Dunham & Associates Investment Counsel, Inc., Dunham Trust Company.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■     Dunham Funds do not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■     Dunham Funds do not jointly market.

226

How to Obtain Proxy Voting Information

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling (888)-3DUNHAM (338-6426) or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain 1^st and 3^rd 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).

227

P.O. Box 910309

San Diego, California 92191

(800) 442-4358

Distributed by Dunham & Associates Investment Counsel, Inc. Member FINRA/SIPC

THIS REPORT AND FINANCIAL STATEMENTS CONTAINED HEREIN ARE NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF FUTURE RESULTS, OR INVESTMENT ADVICE. FURTHER, THERE IS NO ASSURANCE THAT CERTAIN SECURITIES WILL REMAIN IN OR OUT OF EACH FUND’S PORTFOLIO.

THE FIGURES IN THIS REPORT REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. THE PRINCIPAL VALUE OF AN INVESTMENT AND INVESTMENT RETURN WILL FLUCTUATE SO THAT AN INVESTOR’S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.

DUNHAM-SA24

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. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Funds. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not Applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not required for semi-annual reports.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Dunham Funds

By (Signature and Title)

/s/ Jeffrey Dunham

Jeffrey Dunham, Principal Executive Officer/President

Date 7/8/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Jeffrey Dunham

Jeffrey Dunham, Principal Executive Officer/President

Date 7/8/2024

By (Signature and Title)

/s/ Denise Iverson

Denise Iverson, Principal Financial Officer/Treasurer

Date 7/8/2024