| 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 203rd 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: 10/31/24
Item 1. Reports to Stockholders.
0001420040df:C000059512Memberoef:MaterialsSectorMember2024-10-310001420040df:Russell2000GrowthTotalReturn2835AdditionalIndexMember2024-10-31
Dunham Corporate/Government Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/corpgov/. You can also request this information by contacting us at 1-800-442-4358. This report describes change to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $147 | 1.39% |
How did the Fund perform during the reporting period?
Sector allocation positively contributed to relative Fund performance over the fiscal year. The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to corporate high-yield credit positively impacted relative performance from an allocation perspective. The largest detractor was the slight underweight to agency mortgage-backed securities, as that sector outperformed the overall index.
Credit selection positively contributed to relative Fund performance over the fiscal year. The Fund’s top two sectors from a credit selection standpoint were investment-grade corporate debt and asset-backed securities. Security selection within high-yield bank loans and non-agency residential mortgage-backed securities acted as a relative detractor to Fund performance for the fiscal year.
The Fund’s duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year. The Fund's slight underweight to duration exposure relative to the benchmark index has generally detracted from Fund performance, as yields have declined over the fiscal year. Although the Sub-Adviser is confident in the duration exposure considering the high amount of interest rate volatility over the last fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Corporate/Government Bond Fund - Class A | Dunham Corporate/Government Bond Fund - Class A- with load | Bloomberg U.S. Aggregate Bond Index | Morningstar Intermediate Core Plus Bond Category |
|---|
| 10/31/14 | $10,000 | $9,547 | $10,000 | $10,000 |
| 10/31/15 | $10,004 | $9,551 | $10,196 | $10,164 |
| 10/31/16 | $10,388 | $9,918 | $10,641 | $10,718 |
| 10/31/17 | $10,541 | $10,064 | $10,737 | $11,024 |
| 10/31/18 | $10,207 | $9,745 | $10,517 | $10,905 |
| 10/31/19 | $11,229 | $10,720 | $11,727 | $12,118 |
| 10/31/20 | $11,780 | $11,247 | $12,453 | $12,913 |
| 10/31/21 | $11,896 | $11,358 | $12,393 | $13,189 |
| 10/31/22 | $10,078 | $9,621 | $10,450 | $11,112 |
| 10/31/23 | $10,178 | $9,718 | $10,487 | $11,288 |
| 10/31/24 | $11,307 | $10,796 | $11,593 | $12,687 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Corporate/Government Bond Fund | | | |
| Class A Without Load | 11.09% | 0.14% | 1.24% |
| Class A With Load | 6.13% | -0.78% | 0.77% |
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Morningstar Intermediate Core Plus Bond Category | 12.39% | 0.92% | 2.41% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $204,566,524 |
| Number of Portfolio Holdings | 577 |
| Total Advisory Fee | $1,463,270 |
| Portfolio Turnover | 53% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 27.8% |
| Common Stocks | 0.0% |
| Corporate Bonds | 30.5% |
| Money Market Funds | 7.6% |
| Non U.S. Government & Agencies | 2.2% |
| Term Loans | 6.1% |
| U.S. Government & Agencies | 25.8% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.7% |
| Sovereign | 2.4% |
| Health Care | 2.8% |
| Consumer Discretionary | 2.9% |
| Technology | 3.0% |
| Industrials | 3.3% |
| Utilities | 3.4% |
| CMBS | 3.7% |
| Energy | 4.4% |
| Money Market Funds | 7.9% |
| MBS Passthrough | 9.2% |
| ABS | 11.5% |
| Financials | 12.1% |
| CMO | 13.4% |
| U.S. Treasury Obligations | 17.8% |
| Other Sectors | 6.9% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 2.9% |
| United States Treasury Note, 4.250%, 02/15/54 | 2.3% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.8% |
| United States Treasury Bond, 1.375%, 08/15/50 | 1.5% |
| United States Treasury Note, 3.625%, 02/15/53 | 1.4% |
| United States Treasury Note, 3.625%, 05/15/53 | 1.1% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.1% |
| Freddie Mac Pool, 6.000%, 03/01/53 | 1.0% |
| Fannie Mae Pool, 4.000%, 03/01/53 | 1.0% |
| Freddie Mac Pool, 5.000%, 11/01/52 | 1.0% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Effective March 1, 2024, the Dunham Corporate/ Government Bond Fund changed its investment strategy to invest up to 15% of its assets in derivative instruments, such as swaps (including credit default swap indices and single name credit default swaps), and forward and futures contracts, including interest rate futures. The Fund also may hold foreign exchange derivatives (including currency forwards of both developed and emerging market countries). These instruments may be used to reduce foreign currency risk and/or to enhance returns.
Dunham Corporate/Government Bond Fund - Class A (DACGX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/corpgov/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Corporate/Government Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/corpgov/. You can also request this information by contacting us at 1-800-442-4358. This report describes change to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $199 | 1.89% |
How did the Fund perform during the reporting period?
Sector allocation positively contributed to relative Fund performance over the fiscal year. The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to corporate high-yield credit positively impacted relative performance from an allocation perspective. The largest detractor was the slight underweight to agency mortgage-backed securities, as that sector outperformed the overall index.
Credit selection positively contributed to relative Fund performance over the fiscal year. The Fund’s top two sectors from a credit selection standpoint were investment-grade corporate debt and asset-backed securities. Security selection within high-yield bank loans and non-agency residential mortgage-backed securities acted as a relative detractor to Fund performance for the fiscal year.
The Fund’s duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year. The Fund's slight underweight to duration exposure relative to the benchmark index has generally detracted from Fund performance, as yields have declined over the fiscal year. Although the Sub-Adviser is confident in the duration exposure considering the high amount of interest rate volatility over the last fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Corporate/Government Bond Fund - Class C | Bloomberg U.S. Aggregate Bond Index | Morningstar Intermediate Core Plus Bond Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $9,955 | $10,196 | $10,164 |
| Oct-2016 | $10,281 | $10,641 | $10,718 |
| Oct-2017 | $10,381 | $10,737 | $11,024 |
| Oct-2018 | $10,000 | $10,517 | $10,905 |
| Oct-2019 | $10,954 | $11,727 | $12,118 |
| Oct-2020 | $11,423 | $12,453 | $12,913 |
| Oct-2021 | $11,479 | $12,393 | $13,189 |
| Oct-2022 | $9,679 | $10,450 | $11,112 |
| Oct-2023 | $9,727 | $10,487 | $11,288 |
| Oct-2024 | $10,752 | $11,593 | $12,687 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Corporate/Government Bond Fund | 10.54% | -0.37% | 0.73% |
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Morningstar Intermediate Core Plus Bond Category | 12.39% | 0.92% | 2.41% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $204,566,524 |
| Number of Portfolio Holdings | 577 |
| Total Advisory Fee | $1,463,270 |
| Portfolio Turnover | 53% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 27.8% |
| Common Stocks | 0.0% |
| Corporate Bonds | 30.5% |
| Money Market Funds | 7.6% |
| Non U.S. Government & Agencies | 2.2% |
| Term Loans | 6.1% |
| U.S. Government & Agencies | 25.8% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.7% |
| Sovereign | 2.4% |
| Health Care | 2.8% |
| Consumer Discretionary | 2.9% |
| Technology | 3.0% |
| Industrials | 3.3% |
| Utilities | 3.4% |
| CMBS | 3.7% |
| Energy | 4.4% |
| Money Market Funds | 7.9% |
| MBS Passthrough | 9.2% |
| ABS | 11.5% |
| Financials | 12.1% |
| CMO | 13.4% |
| U.S. Treasury Obligations | 17.8% |
| Other Sectors | 6.9% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 2.9% |
| United States Treasury Note, 4.250%, 02/15/54 | 2.3% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.8% |
| United States Treasury Bond, 1.375%, 08/15/50 | 1.5% |
| United States Treasury Note, 3.625%, 02/15/53 | 1.4% |
| United States Treasury Note, 3.625%, 05/15/53 | 1.1% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.1% |
| Freddie Mac Pool, 6.000%, 03/01/53 | 1.0% |
| Fannie Mae Pool, 4.000%, 03/01/53 | 1.0% |
| Freddie Mac Pool, 5.000%, 11/01/52 | 1.0% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Effective March 1, 2024, the Dunham Corporate/ Government Bond Fund changed its investment strategy to invest up to 15% of its assets in derivative instruments, such as swaps (including credit default swap indices and single name credit default swaps), and forward and futures contracts, including interest rate futures. The Fund also may hold foreign exchange derivatives (including currency forwards of both developed and emerging market countries). These instruments may be used to reduce foreign currency risk and/or to enhance returns.
Dunham Corporate/Government Bond Fund - Class C (DCCGX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/corpgov/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Corporate/Government Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/corpgov/. You can also request this information by contacting us at 1-800-442-4358. This report describes change to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $121 | 1.14% |
How did the Fund perform during the reporting period?
Sector allocation positively contributed to relative Fund performance over the fiscal year. The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to corporate high-yield credit positively impacted relative performance from an allocation perspective. The largest detractor was the slight underweight to agency mortgage-backed securities, as that sector outperformed the overall index.
Credit selection positively contributed to relative Fund performance over the fiscal year. The Fund’s top two sectors from a credit selection standpoint were investment-grade corporate debt and asset-backed securities. Security selection within high-yield bank loans and non-agency residential mortgage-backed securities acted as a relative detractor to Fund performance for the fiscal year.
The Fund’s duration exposure has acted as a headwind to relative Fund performance throughout the fiscal year. The Fund's slight underweight to duration exposure relative to the benchmark index has generally detracted from Fund performance, as yields have declined over the fiscal year. Although the Sub-Adviser is confident in the duration exposure considering the high amount of interest rate volatility over the last fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Corporate/Government Bond Fund - Class N | Bloomberg U.S. Aggregate Bond Index | Morningstar Intermediate Core Plus Bond Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $100,360 | $101,956 | $101,637 |
| Oct-2016 | $104,464 | $106,412 | $107,177 |
| Oct-2017 | $106,257 | $107,372 | $110,236 |
| Oct-2018 | $103,146 | $105,167 | $109,048 |
| Oct-2019 | $113,734 | $117,272 | $121,183 |
| Oct-2020 | $119,610 | $124,527 | $129,134 |
| Oct-2021 | $121,085 | $123,932 | $131,888 |
| Oct-2022 | $102,781 | $104,496 | $111,118 |
| Oct-2023 | $104,048 | $104,868 | $112,879 |
| Oct-2024 | $115,960 | $115,928 | $126,866 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Corporate/Government Bond Fund | 11.45% | 0.39% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Morningstar Intermediate Core Plus Bond Category | 12.39% | 0.92% | 2.41% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $204,566,524 |
| Number of Portfolio Holdings | 577 |
| Total Advisory Fee | $1,463,270 |
| Portfolio Turnover | 53% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 27.8% |
| Common Stocks | 0.0% |
| Corporate Bonds | 30.5% |
| Money Market Funds | 7.6% |
| Non U.S. Government & Agencies | 2.2% |
| Term Loans | 6.1% |
| U.S. Government & Agencies | 25.8% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.7% |
| Sovereign | 2.4% |
| Health Care | 2.8% |
| Consumer Discretionary | 2.9% |
| Technology | 3.0% |
| Industrials | 3.3% |
| Utilities | 3.4% |
| CMBS | 3.7% |
| Energy | 4.4% |
| Money Market Funds | 7.9% |
| MBS Passthrough | 9.2% |
| ABS | 11.5% |
| Financials | 12.1% |
| CMO | 13.4% |
| U.S. Treasury Obligations | 17.8% |
| Other Sectors | 6.9% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 2.9% |
| United States Treasury Note, 4.250%, 02/15/54 | 2.3% |
| United States Treasury Note, 4.000%, 11/15/52 | 1.8% |
| United States Treasury Bond, 1.375%, 08/15/50 | 1.5% |
| United States Treasury Note, 3.625%, 02/15/53 | 1.4% |
| United States Treasury Note, 3.625%, 05/15/53 | 1.1% |
| United States Treasury Note, 4.000%, 07/31/29 | 1.1% |
| Freddie Mac Pool, 6.000%, 03/01/53 | 1.0% |
| Fannie Mae Pool, 4.000%, 03/01/53 | 1.0% |
| Freddie Mac Pool, 5.000%, 11/01/52 | 1.0% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Effective March 1, 2024, the Dunham Corporate/ Government Bond Fund changed its investment strategy to invest up to 15% of its assets in derivative instruments, such as swaps (including credit default swap indices and single name credit default swaps), and forward and futures contracts, including interest rate futures. The Fund also may hold foreign exchange derivatives (including currency forwards of both developed and emerging market countries). These instruments may be used to reduce foreign currency risk and/or to enhance returns.
Dunham Corporate/Government Bond Fund - Class N (DNCGX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/corpgov/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Dynamic Macro Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $241 | 2.21% |
How did the Fund perform during the reporting period?
The lower equity exposure broadly detracted from relative performance. The Fund generally maintained a 70 percent average exposure to equities during the fiscal year. Given the strong performance in general of global equities, this lower average exposure detracted from relative performance.
Having both long and short exposure to bonds provided mixed results, but overall slightly detracted. The Fund had material shifts in bond exposure during the fiscal year, ranging from short exposure and a negative overall interest rate sensitivity to a positive exposure and a positive interest rate sensitivity. Outside of providing some positive benefits to the Fund in the first fiscal quarter, this exposure broadly slightly detracted from Fund performance in each of the other three fiscal quarters.
The commodity exposure remained near zero, neither detracting nor contributing. The Sub-Adviser’s signals did not identify that it should generate a positive allocation towards commodities, which meant that the allocation remained near zero during the fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Dynamic Macro Fund - Class A | Dunham Dynamic Macro Fund - Class A- with load | MSCI ACWI Net | Dow Jones Moderately Aggressive Portfolio Index | Morningstar Tactical Allocation Category |
|---|
| 10/31/14 | $10,000 | $9,426 | $10,000 | $10,000 | $10,000 |
| 10/31/15 | $10,134 | $9,552 | $9,997 | $10,054 | $9,844 |
| 10/31/16 | $9,845 | $9,279 | $10,201 | $10,457 | $10,137 |
| 10/31/17 | $10,455 | $9,854 | $12,568 | $12,403 | $11,530 |
| 10/31/18 | $9,773 | $9,211 | $12,503 | $12,448 | $11,457 |
| 10/31/19 | $10,559 | $9,952 | $14,078 | $13,890 | $12,401 |
| 10/31/20 | $10,453 | $9,853 | $14,766 | $14,452 | $12,610 |
| 10/31/21 | $11,772 | $11,096 | $20,270 | $18,918 | $15,997 |
| 10/31/22 | $10,183 | $9,598 | $16,225 | $15,522 | $13,819 |
| 10/31/23 | $11,285 | $10,636 | $17,929 | $16,303 | $14,111 |
| 10/31/24 | $13,349 | $12,582 | $23,808 | $20,524 | $17,155 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Dynamic Macro Fund | | | |
| Class A Without Load | 18.29% | 4.80% | 2.93% |
| Class A With Load | 11.49% | 3.57% | 2.32% |
| Dow Jones Moderately Aggressive Portfolio Index | 25.89% | 8.12% | 7.46% |
| Morningstar Tactical Allocation Category | 21.58% | 6.71% | 5.55% |
| MSCI ACWI Net | 32.79% | 11.08% | 9.06% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $78,677,152 |
| Number of Portfolio Holdings | 44 |
| Total Advisory Fee | $895,300 |
| Portfolio Turnover | 47% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Corporate Bonds | 3.6% |
| Exchange-Traded Funds | 34.4% |
| Money Market Funds | 10.9% |
| Non U.S. Government & Agencies | 3.8% |
| U.S. Government & Agencies | 47.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 2.1% |
| Government Guaranteed | 3.5% |
| Supranational | 3.7% |
| Money Market Funds | 10.7% |
| Equity | 33.7% |
| U.S. Treasury Obligations | 46.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| SPDR S&P 500 ETF Trust | 9.7% |
| Invesco Nasdaq 100 ETF | 9.1% |
| Franklin FTSE Japan ETF | 6.5% |
| SPDR EURO STOXX 50 ETF | 4.3% |
| Franklin FTSE United Kingdom ETF | 4.0% |
| United States Treasury Note, 1.000%, 12/15/24 | 3.8% |
| United States Treasury Note, 1.125%, 02/28/25 | 3.5% |
| United States Treasury Note, 1.500%, 11/30/24 | 3.2% |
| United States Treasury Note, 1.125%, 01/15/25 | 3.2% |
| United States Treasury Note, 2.750%, 06/30/25 | 3.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Dynamic Macro Fund - Class A (DAAVX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Dynamic Macro Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $318 | 2.93% |
How did the Fund perform during the reporting period?
The lower equity exposure broadly detracted from relative performance. The Fund generally maintained a 70 percent average exposure to equities during the fiscal year. Given the strong performance in general of global equities, this lower average exposure detracted from relative performance.
Having both long and short exposure to bonds provided mixed results, but overall slightly detracted. The Fund had material shifts in bond exposure during the fiscal year, ranging from short exposure and a negative overall interest rate sensitivity to a positive exposure and a positive interest rate sensitivity. Outside of providing some positive benefits to the Fund in the first fiscal quarter, this exposure broadly slightly detracted from Fund performance in each of the other three fiscal quarters.
The commodity exposure remained near zero, neither detracting nor contributing. The Sub-Adviser’s signals did not identify that it should generate a positive allocation towards commodities, which meant that the allocation remained near zero during the fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Dynamic Macro Fund - Class C | MSCI ACWI Net | Dow Jones Moderately Aggressive Portfolio Index | Morningstar Tactical Allocation Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $10,063 | $9,997 | $10,054 | $9,844 |
| Oct-2016 | $9,706 | $10,201 | $10,457 | $10,137 |
| Oct-2017 | $10,231 | $12,568 | $12,403 | $11,530 |
| Oct-2018 | $9,485 | $12,503 | $12,448 | $11,457 |
| Oct-2019 | $10,168 | $14,078 | $13,890 | $12,401 |
| Oct-2020 | $9,987 | $14,766 | $14,452 | $12,610 |
| Oct-2021 | $11,170 | $20,270 | $18,918 | $15,997 |
| Oct-2022 | $9,592 | $16,225 | $15,522 | $13,819 |
| Oct-2023 | $10,552 | $17,929 | $16,303 | $14,111 |
| Oct-2024 | $12,384 | $23,808 | $20,524 | $17,155 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Dynamic Macro Fund | 17.36% | 4.02% | 2.16% |
| Dow Jones Moderately Aggressive Portfolio Index | 25.89% | 8.12% | 7.46% |
| Morningstar Tactical Allocation Category | 21.58% | 6.71% | 5.55% |
| MSCI ACWI Net | 32.79% | 11.08% | 9.06% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $78,677,152 |
| Number of Portfolio Holdings | 44 |
| Total Advisory Fee | $895,300 |
| Portfolio Turnover | 47% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Corporate Bonds | 3.6% |
| Exchange-Traded Funds | 34.4% |
| Money Market Funds | 10.9% |
| Non U.S. Government & Agencies | 3.8% |
| U.S. Government & Agencies | 47.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 2.1% |
| Government Guaranteed | 3.5% |
| Supranational | 3.7% |
| Money Market Funds | 10.7% |
| Equity | 33.7% |
| U.S. Treasury Obligations | 46.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| SPDR S&P 500 ETF Trust | 9.7% |
| Invesco Nasdaq 100 ETF | 9.1% |
| Franklin FTSE Japan ETF | 6.5% |
| SPDR EURO STOXX 50 ETF | 4.3% |
| Franklin FTSE United Kingdom ETF | 4.0% |
| United States Treasury Note, 1.000%, 12/15/24 | 3.8% |
| United States Treasury Note, 1.125%, 02/28/25 | 3.5% |
| United States Treasury Note, 1.500%, 11/30/24 | 3.2% |
| United States Treasury Note, 1.125%, 01/15/25 | 3.2% |
| United States Treasury Note, 2.750%, 06/30/25 | 3.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Dynamic Macro Fund - Class C (DCAVX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Dynamic Macro Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $212 | 1.94% |
How did the Fund perform during the reporting period?
The lower equity exposure broadly detracted from relative performance. The Fund generally maintained a 70 percent average exposure to equities during the fiscal year. Given the strong performance in general of global equities, this lower average exposure detracted from relative performance.
Having both long and short exposure to bonds provided mixed results, but overall slightly detracted. The Fund had material shifts in bond exposure during the fiscal year, ranging from short exposure and a negative overall interest rate sensitivity to a positive exposure and a positive interest rate sensitivity. Outside of providing some positive benefits to the Fund in the first fiscal quarter, this exposure broadly slightly detracted from Fund performance in each of the other three fiscal quarters.
The commodity exposure remained near zero, neither detracting nor contributing. The Sub-Adviser’s signals did not identify that it should generate a positive allocation towards commodities, which meant that the allocation remained near zero during the fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Dynamic Macro Fund - Class N | MSCI ACWI Net | Dow Jones Moderately Aggressive Portfolio Index | Morningstar Tactical Allocation Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $101,658 | $99,968 | $100,536 | $98,441 |
| Oct-2016 | $99,067 | $102,015 | $104,565 | $101,366 |
| Oct-2017 | $105,492 | $125,685 | $124,026 | $115,296 |
| Oct-2018 | $98,756 | $125,034 | $124,477 | $114,569 |
| Oct-2019 | $106,999 | $140,777 | $138,894 | $124,005 |
| Oct-2020 | $106,150 | $147,657 | $144,522 | $126,095 |
| Oct-2021 | $119,892 | $202,702 | $189,174 | $159,968 |
| Oct-2022 | $104,064 | $162,247 | $155,221 | $138,185 |
| Oct-2023 | $115,507 | $179,286 | $163,029 | $141,106 |
| Oct-2024 | $136,915 | $238,080 | $205,241 | $171,552 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Dynamic Macro Fund | 18.53% | 5.05% | 3.19% |
| Dow Jones Moderately Aggressive Portfolio Index | 25.89% | 8.12% | 7.46% |
| Morningstar Tactical Allocation Category | 21.58% | 6.71% | 5.55% |
| MSCI ACWI Net | 32.79% | 11.08% | 9.06% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $78,677,152 |
| Number of Portfolio Holdings | 44 |
| Total Advisory Fee | $895,300 |
| Portfolio Turnover | 47% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Corporate Bonds | 3.6% |
| Exchange-Traded Funds | 34.4% |
| Money Market Funds | 10.9% |
| Non U.S. Government & Agencies | 3.8% |
| U.S. Government & Agencies | 47.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 2.1% |
| Government Guaranteed | 3.5% |
| Supranational | 3.7% |
| Money Market Funds | 10.7% |
| Equity | 33.7% |
| U.S. Treasury Obligations | 46.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| SPDR S&P 500 ETF Trust | 9.7% |
| Invesco Nasdaq 100 ETF | 9.1% |
| Franklin FTSE Japan ETF | 6.5% |
| SPDR EURO STOXX 50 ETF | 4.3% |
| Franklin FTSE United Kingdom ETF | 4.0% |
| United States Treasury Note, 1.000%, 12/15/24 | 3.8% |
| United States Treasury Note, 1.125%, 02/28/25 | 3.5% |
| United States Treasury Note, 1.500%, 11/30/24 | 3.2% |
| United States Treasury Note, 1.125%, 01/15/25 | 3.2% |
| United States Treasury Note, 2.750%, 06/30/25 | 3.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Dynamic Macro Fund - Class N (DNAVX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Emerging Markets Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/emergingmarket/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $164 | 1.49% |
How did the Fund perform during the reporting period?
Emerging markets outperformed foreign developed markets over the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, underperforming emerging markets, as measured by the MSCI Emerging Markets TR Index, which rallied 25.3 percent.
Security selection detracted from Fund performance over the fiscal year. The Fund benefited from strong security selection within Taiwan, Brazil, and India. However, it was not enough to offset the adverse impact of security selection in China due to meaningful stimulus prompting an indiscriminate beta rally in the country.
Country allocation also detracted from Fund performance. The positive impact from allocation in Brazil, India, and Gulf markets was outweighed by the exposure to Thailand, Hong Kong, and a small position to cash.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Emerging Markets Stock Fund - Class A | Dunham Emerging Markets Stock Fund - Class A- with load | MSCI Emerging Markets Index | MSCI ACWI ex USA Index | Morningstar Diversified Emerging Markets Category |
|---|
| 10/31/14 | $10,000 | $9,426 | $10,000 | $10,000 | $10,000 |
| 10/31/15 | $8,206 | $7,735 | $8,547 | $9,532 | $8,691 |
| 10/31/16 | $8,767 | $8,263 | $9,339 | $9,554 | $9,544 |
| 10/31/17 | $11,165 | $10,524 | $11,809 | $11,812 | $11,930 |
| 10/31/18 | $9,074 | $8,552 | $10,331 | $10,838 | $10,453 |
| 10/31/19 | $10,252 | $9,663 | $11,556 | $12,060 | $11,928 |
| 10/31/20 | $11,346 | $10,694 | $12,509 | $11,745 | $12,737 |
| 10/31/21 | $13,544 | $12,766 | $14,631 | $15,228 | $15,591 |
| 10/31/22 | $8,631 | $8,135 | $10,091 | $11,463 | $10,945 |
| 10/31/23 | $9,363 | $8,825 | $11,181 | $12,847 | $12,301 |
| 10/31/24 | $11,224 | $10,579 | $14,012 | $15,973 | $15,241 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Emerging Markets Stock Fund | | | |
| Class A Without Load | 19.88% | 1.83% | 1.16% |
| Class A With Load | 13.01% | 0.63% | 0.56% |
| Morningstar Diversified Emerging Markets Category | 23.91% | 5.02% | 4.30% |
| MSCI ACWI ex USA Index | 24.33% | 5.78% | 4.79% |
| MSCI Emerging Markets Index | 25.31% | 3.93% | 3.43% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $115,054,605 |
| Number of Portfolio Holdings | 88 |
| Total Advisory Fee | $933,929 |
| Portfolio Turnover | 70% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.1% |
| Real Estate | 0.6% |
| Mixed Allocation | 0.9% |
| Materials | 2.0% |
| Energy | 2.5% |
| Money Market Funds | 2.7% |
| Health Care | 4.3% |
| Consumer Staples | 4.6% |
| Utilities | 4.7% |
| Industrials | 6.5% |
| Communications | 12.0% |
| Consumer Discretionary | 15.0% |
| Financials | 23.0% |
| Technology | 25.3% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Closed End Funds | 0.8% |
| Common Stocks | 95.3% |
| Money Market Funds | 2.6% |
| Preferred Stocks | 1.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 11.8% |
| Tencent Holdings Ltd. | 6.2% |
| Alibaba Group Holding Ltd. | 3.5% |
| Samsung Electronics Company Ltd. | 3.2% |
| Trip.com Group Ltd. - ADR | 2.7% |
| Max Healthcare Institute Ltd. | 2.7% |
| Bharti Airtel Ltd. | 2.3% |
| Bank Central Asia Tbk P.T. | 2.2% |
| HDFC Bank Ltd. | 2.1% |
| Bank Rakyat Indonesia Persero Tbk P.T. | 2.1% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.1% |
| Other Countries | 15.7% |
| Korea (Republic Of) | 3.2% |
| Philippines | 3.4% |
| Brazil | 4.0% |
| Indonesia | 4.8% |
| South Korea | 5.1% |
| Taiwan Province Of China | 5.2% |
| Taiwan | 13.0% |
| Cayman Islands | 14.7% |
| China | 15.1% |
| India | 19.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Emerging Markets Stock Fund - Class A (DAEMX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Emerging Markets Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/emergingmarket/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $245 | 2.24% |
How did the Fund perform during the reporting period?
Emerging markets outperformed foreign developed markets over the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, underperforming emerging markets, as measured by the MSCI Emerging Markets TR Index, which rallied 25.3 percent.
Security selection detracted from Fund performance over the fiscal year. The Fund benefited from strong security selection within Taiwan, Brazil, and India. However, it was not enough to offset the adverse impact of security selection in China due to meaningful stimulus prompting an indiscriminate beta rally in the country.
Country allocation also detracted from Fund performance. The positive impact from allocation in Brazil, India, and Gulf markets was outweighed by the exposure to Thailand, Hong Kong, and a small position to cash.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Emerging Markets Stock Fund - Class C | MSCI Emerging Markets Index | MSCI ACWI ex USA Index | Morningstar Diversified Emerging Markets Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $8,140 | $8,547 | $9,532 | $8,691 |
| Oct-2016 | $8,637 | $9,339 | $9,554 | $9,544 |
| Oct-2017 | $10,917 | $11,809 | $11,812 | $11,930 |
| Oct-2018 | $8,804 | $10,331 | $10,838 | $10,453 |
| Oct-2019 | $9,876 | $11,556 | $12,060 | $11,928 |
| Oct-2020 | $10,842 | $12,509 | $11,745 | $12,737 |
| Oct-2021 | $12,843 | $14,631 | $15,228 | $15,591 |
| Oct-2022 | $8,127 | $10,091 | $11,463 | $10,945 |
| Oct-2023 | $8,745 | $11,181 | $12,847 | $12,301 |
| Oct-2024 | $10,406 | $14,012 | $15,973 | $15,241 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Emerging Markets Stock Fund | 18.99% | 1.05% | 0.40% |
| Morningstar Diversified Emerging Markets Category | 23.91% | 5.02% | 4.30% |
| MSCI ACWI ex USA Index | 24.33% | 5.78% | 4.79% |
| MSCI Emerging Markets Index | 25.31% | 3.93% | 3.43% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $115,054,605 |
| Number of Portfolio Holdings | 88 |
| Total Advisory Fee | $933,929 |
| Portfolio Turnover | 70% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.1% |
| Real Estate | 0.6% |
| Mixed Allocation | 0.9% |
| Materials | 2.0% |
| Energy | 2.5% |
| Money Market Funds | 2.7% |
| Health Care | 4.3% |
| Consumer Staples | 4.6% |
| Utilities | 4.7% |
| Industrials | 6.5% |
| Communications | 12.0% |
| Consumer Discretionary | 15.0% |
| Financials | 23.0% |
| Technology | 25.3% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Closed End Funds | 0.8% |
| Common Stocks | 95.3% |
| Money Market Funds | 2.6% |
| Preferred Stocks | 1.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 11.8% |
| Tencent Holdings Ltd. | 6.2% |
| Alibaba Group Holding Ltd. | 3.5% |
| Samsung Electronics Company Ltd. | 3.2% |
| Trip.com Group Ltd. - ADR | 2.7% |
| Max Healthcare Institute Ltd. | 2.7% |
| Bharti Airtel Ltd. | 2.3% |
| Bank Central Asia Tbk P.T. | 2.2% |
| HDFC Bank Ltd. | 2.1% |
| Bank Rakyat Indonesia Persero Tbk P.T. | 2.1% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.1% |
| Other Countries | 15.7% |
| Korea (Republic Of) | 3.2% |
| Philippines | 3.4% |
| Brazil | 4.0% |
| Indonesia | 4.8% |
| South Korea | 5.1% |
| Taiwan Province Of China | 5.2% |
| Taiwan | 13.0% |
| Cayman Islands | 14.7% |
| China | 15.1% |
| India | 19.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Emerging Markets Stock Fund - Class C (DCEMX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Emerging Markets Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/emergingmarket/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $137 | 1.24% |
How did the Fund perform during the reporting period?
Emerging markets outperformed foreign developed markets over the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, underperforming emerging markets, as measured by the MSCI Emerging Markets TR Index, which rallied 25.3 percent.
Security selection detracted from Fund performance over the fiscal year. The Fund benefited from strong security selection within Taiwan, Brazil, and India. However, it was not enough to offset the adverse impact of security selection in China due to meaningful stimulus prompting an indiscriminate beta rally in the country.
Country allocation also detracted from Fund performance. The positive impact from allocation in Brazil, India, and Gulf markets was outweighed by the exposure to Thailand, Hong Kong, and a small position to cash.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Emerging Markets Stock Fund - Class N | MSCI Emerging Markets Index | MSCI ACWI ex USA Index | Morningstar Diversified Emerging Markets Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $82,210 | $85,468 | $95,324 | $86,907 |
| Oct-2016 | $88,071 | $93,388 | $95,537 | $95,444 |
| Oct-2017 | $112,459 | $118,090 | $118,121 | $119,295 |
| Oct-2018 | $91,570 | $103,310 | $108,384 | $104,533 |
| Oct-2019 | $103,739 | $115,559 | $120,598 | $119,282 |
| Oct-2020 | $115,086 | $125,093 | $117,447 | $127,373 |
| Oct-2021 | $137,718 | $146,310 | $152,285 | $155,909 |
| Oct-2022 | $88,026 | $100,914 | $114,630 | $109,454 |
| Oct-2023 | $95,669 | $111,814 | $128,465 | $123,006 |
| Oct-2024 | $115,030 | $140,118 | $159,726 | $152,406 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Emerging Markets Stock Fund | 20.24% | 2.09% | 1.41% |
| Morningstar Diversified Emerging Markets Category | 23.91% | 5.02% | 4.30% |
| MSCI ACWI ex USA Index | 24.33% | 5.78% | 4.79% |
| MSCI Emerging Markets Index | 25.31% | 3.93% | 3.43% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $115,054,605 |
| Number of Portfolio Holdings | 88 |
| Total Advisory Fee | $933,929 |
| Portfolio Turnover | 70% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.1% |
| Real Estate | 0.6% |
| Mixed Allocation | 0.9% |
| Materials | 2.0% |
| Energy | 2.5% |
| Money Market Funds | 2.7% |
| Health Care | 4.3% |
| Consumer Staples | 4.6% |
| Utilities | 4.7% |
| Industrials | 6.5% |
| Communications | 12.0% |
| Consumer Discretionary | 15.0% |
| Financials | 23.0% |
| Technology | 25.3% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Closed End Funds | 0.8% |
| Common Stocks | 95.3% |
| Money Market Funds | 2.6% |
| Preferred Stocks | 1.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 11.8% |
| Tencent Holdings Ltd. | 6.2% |
| Alibaba Group Holding Ltd. | 3.5% |
| Samsung Electronics Company Ltd. | 3.2% |
| Trip.com Group Ltd. - ADR | 2.7% |
| Max Healthcare Institute Ltd. | 2.7% |
| Bharti Airtel Ltd. | 2.3% |
| Bank Central Asia Tbk P.T. | 2.2% |
| HDFC Bank Ltd. | 2.1% |
| Bank Rakyat Indonesia Persero Tbk P.T. | 2.1% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.1% |
| Other Countries | 15.7% |
| Korea (Republic Of) | 3.2% |
| Philippines | 3.4% |
| Brazil | 4.0% |
| Indonesia | 4.8% |
| South Korea | 5.1% |
| Taiwan Province Of China | 5.2% |
| Taiwan | 13.0% |
| Cayman Islands | 14.7% |
| China | 15.1% |
| India | 19.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Emerging Markets Stock Fund - Class N (DNEMX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Floating Rate Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/floatingratebond/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $136 | 1.29% |
|---|
How did the Fund perform during the reporting period?
The allocation to securitized asset pools, known as collateralized loan obligations (CLO), contributed meaningfully to positive Fund performance. CLOs within the Fund rallied amid a supportive technical environment.
The overweight to CCC rated credits contributed to Fund performance. The Fund maintained a higher allocation to CCC-rated securities versus the benchmark index. This exposure benefited the Fund as CCC rated securities rallied over the fiscal year.
Security selection within the loan allocation detracted from Fund Performance. Contributors within the loan allocation were broad-based over the fiscal year, however idiosyncratic overweight positions, such as positions in a cable provider and call center operator, weighed on Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Floating Rate Bond Fund - Class A | Dunham Floating Rate Bond Fund - Class A- with load | Bloomberg U.S. Aggregate Bond Index | Morningstar LSTA US Leveraged Loan 100 Index | Morningstar Bank Loan Category |
|---|
| 10/31/14 | $10,000 | $9,545 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $10,016 | $9,561 | $10,196 | $9,843 | $10,109 |
|---|
| 10/31/16 | $10,468 | $9,992 | $10,641 | $10,512 | $10,776 |
|---|
| 10/31/17 | $10,849 | $10,356 | $10,737 | $10,977 | $11,383 |
|---|
| 10/31/18 | $11,149 | $10,643 | $10,517 | $11,435 | $11,896 |
|---|
| 10/31/19 | $11,331 | $10,816 | $11,727 | $11,828 | $12,255 |
|---|
| 10/31/20 | $11,154 | $10,647 | $12,453 | $12,009 | $12,340 |
|---|
| 10/31/21 | $11,893 | $11,352 | $12,393 | $12,859 | $13,386 |
|---|
| 10/31/22 | $11,439 | $10,919 | $10,450 | $12,551 | $13,019 |
|---|
| 10/31/23 | $12,701 | $12,124 | $10,487 | $14,051 | $14,467 |
|---|
| 10/31/24 | $14,019 | $13,382 | $11,593 | $15,534 | $16,099 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Floating Rate Bond Fund | | | |
|---|
| Class A Without Load | 10.37% | 4.35% | 3.44% |
|---|
| Class A With Load | 5.44% | 3.39% | 2.96% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| Morningstar Bank Loan Category | 11.28% | 5.61% | 4.88% |
|---|
| Morningstar LSTA US Leveraged Loan 100 Index | 10.55% | 5.60% | 4.50% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $142,344,370 |
|---|
| Number of Portfolio Holdings | 231 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $970,346 |
|---|
| Portfolio Turnover | 80% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 8.6% |
| Corporate Bonds | 8.9% |
| Money Market Funds | 14.0% |
| Right | 0.0% |
| Term Loans | 68.5% |
| Warrant | 0.0% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.6% |
| Utilities | 1.1% |
| Real Estate | 2.2% |
| Consumer Staples | 2.4% |
| Energy | 4.4% |
| Health Care | 5.4% |
| Materials | 5.7% |
| CLO | 9.5% |
| Communications | 10.3% |
| Financials | 10.3% |
| Industrials | 12.1% |
| Technology | 14.2% |
| Money Market Funds | 15.5% |
| Consumer Discretionary | 17.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Institutional Class | 12.4% |
| Mount Vernon Liquid Assets Portfolio | 3.1% |
| Rockford Tower CLO 2020-1 Ltd., D1R | 2.8% |
| Bristol Park CLO LTD, ER | 1.4% |
| Silver Point Clo 5 Ltd., D2 | 1.3% |
| THL Credit Wind River 2019-3 Clo Ltd., E2R | 1.1% |
| Atrium IX, ER | 1.1% |
| Apidos CLO XX, DR | 1.1% |
| LBM Acquisition, LLC | 0.9% |
| Osaic Holdings, Inc. | 0.8% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Floating Rate Bond Fund - Class A (DAFRX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/floatingratebond/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Floating Rate Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/floatingratebond/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $188 | 1.79% |
|---|
How did the Fund perform during the reporting period?
The allocation to securitized asset pools, known as collateralized loan obligations (CLO), contributed meaningfully to positive Fund performance. CLOs within the Fund rallied amid a supportive technical environment.
The overweight to CCC rated credits contributed to Fund performance. The Fund maintained a higher allocation to CCC-rated securities versus the benchmark index. This exposure benefited the Fund as CCC rated securities rallied over the fiscal year.
Security selection within the loan allocation detracted from Fund Performance. Contributors within the loan allocation were broad-based over the fiscal year, however idiosyncratic overweight positions, such as positions in a cable provider and call center operator, weighed on Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Floating Rate Bond Fund - Class C | Bloomberg U.S. Aggregate Bond Index | Morningstar LSTA US Leveraged Loan 100 Index | Morningstar Bank Loan Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $9,977 | $10,196 | $9,843 | $10,109 |
|---|
| Oct-2016 | $10,364 | $10,641 | $10,512 | $10,776 |
|---|
| Oct-2017 | $10,696 | $10,737 | $10,977 | $11,383 |
|---|
| Oct-2018 | $10,938 | $10,517 | $11,435 | $11,896 |
|---|
| Oct-2019 | $11,073 | $11,727 | $11,828 | $12,255 |
|---|
| Oct-2020 | $10,845 | $12,453 | $12,009 | $12,340 |
|---|
| Oct-2021 | $11,493 | $12,393 | $12,859 | $13,386 |
|---|
| Oct-2022 | $11,012 | $10,450 | $12,551 | $13,019 |
|---|
| Oct-2023 | $12,152 | $10,487 | $14,051 | $14,467 |
|---|
| Oct-2024 | $13,345 | $11,593 | $15,534 | $16,099 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Floating Rate Bond Fund | 9.82% | 3.80% | 2.93% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| Morningstar Bank Loan Category | 11.28% | 5.61% | 4.88% |
|---|
| Morningstar LSTA US Leveraged Loan 100 Index | 10.55% | 5.60% | 4.50% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $142,344,370 |
|---|
| Number of Portfolio Holdings | 231 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $970,346 |
|---|
| Portfolio Turnover | 80% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 8.6% |
| Corporate Bonds | 8.9% |
| Money Market Funds | 14.0% |
| Right | 0.0% |
| Term Loans | 68.5% |
| Warrant | 0.0% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.6% |
| Utilities | 1.1% |
| Real Estate | 2.2% |
| Consumer Staples | 2.4% |
| Energy | 4.4% |
| Health Care | 5.4% |
| Materials | 5.7% |
| CLO | 9.5% |
| Communications | 10.3% |
| Financials | 10.3% |
| Industrials | 12.1% |
| Technology | 14.2% |
| Money Market Funds | 15.5% |
| Consumer Discretionary | 17.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Institutional Class | 12.4% |
| Mount Vernon Liquid Assets Portfolio | 3.1% |
| Rockford Tower CLO 2020-1 Ltd., D1R | 2.8% |
| Bristol Park CLO LTD, ER | 1.4% |
| Silver Point Clo 5 Ltd., D2 | 1.3% |
| THL Credit Wind River 2019-3 Clo Ltd., E2R | 1.1% |
| Atrium IX, ER | 1.1% |
| Apidos CLO XX, DR | 1.1% |
| LBM Acquisition, LLC | 0.9% |
| Osaic Holdings, Inc. | 0.8% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Floating Rate Bond Fund - Class C (DCFRX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/floatingratebond/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Floating Rate Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/floatingratebond/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $107 | 1.02% |
|---|
How did the Fund perform during the reporting period?
The allocation to securitized asset pools, known as collateralized loan obligations (CLO), contributed meaningfully to positive Fund performance. CLOs within the Fund rallied amid a supportive technical environment.
The overweight to CCC rated credits contributed to Fund performance. The Fund maintained a higher allocation to CCC-rated securities versus the benchmark index. This exposure benefited the Fund as CCC rated securities rallied over the fiscal year.
Security selection within the loan allocation detracted from Fund Performance. Contributors within the loan allocation were broad-based over the fiscal year, however idiosyncratic overweight positions, such as positions in a cable provider and call center operator, weighed on Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Floating Rate Bond Fund - Class N | Bloomberg U.S. Aggregate Bond Index | Morningstar LSTA US Leveraged Loan 100 Index | Morningstar Bank Loan Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $100,513 | $101,956 | $98,428 | $101,092 |
|---|
| Oct-2016 | $105,276 | $106,412 | $105,122 | $107,762 |
|---|
| Oct-2017 | $109,388 | $107,372 | $109,772 | $113,826 |
|---|
| Oct-2018 | $112,689 | $105,167 | $114,348 | $118,964 |
|---|
| Oct-2019 | $114,809 | $117,272 | $118,282 | $122,546 |
|---|
| Oct-2020 | $113,304 | $124,527 | $120,093 | $123,398 |
|---|
| Oct-2021 | $121,089 | $123,932 | $128,591 | $133,862 |
|---|
| Oct-2022 | $116,762 | $104,496 | $125,512 | $130,186 |
|---|
| Oct-2023 | $129,821 | $104,868 | $140,515 | $144,669 |
|---|
| Oct-2024 | $143,795 | $115,928 | $155,342 | $160,992 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Floating Rate Bond Fund | 10.76% | 4.61% | 3.70% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| Morningstar Bank Loan Category | 11.28% | 5.61% | 4.88% |
|---|
| Morningstar LSTA US Leveraged Loan 100 Index | 10.55% | 5.60% | 4.50% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $142,344,370 |
|---|
| Number of Portfolio Holdings | 231 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $970,346 |
|---|
| Portfolio Turnover | 80% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 8.6% |
| Corporate Bonds | 8.9% |
| Money Market Funds | 14.0% |
| Right | 0.0% |
| Term Loans | 68.5% |
| Warrant | 0.0% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.6% |
| Utilities | 1.1% |
| Real Estate | 2.2% |
| Consumer Staples | 2.4% |
| Energy | 4.4% |
| Health Care | 5.4% |
| Materials | 5.7% |
| CLO | 9.5% |
| Communications | 10.3% |
| Financials | 10.3% |
| Industrials | 12.1% |
| Technology | 14.2% |
| Money Market Funds | 15.5% |
| Consumer Discretionary | 17.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Institutional Class | 12.4% |
| Mount Vernon Liquid Assets Portfolio | 3.1% |
| Rockford Tower CLO 2020-1 Ltd., D1R | 2.8% |
| Bristol Park CLO LTD, ER | 1.4% |
| Silver Point Clo 5 Ltd., D2 | 1.3% |
| THL Credit Wind River 2019-3 Clo Ltd., E2R | 1.1% |
| Atrium IX, ER | 1.1% |
| Apidos CLO XX, DR | 1.1% |
| LBM Acquisition, LLC | 0.9% |
| Osaic Holdings, Inc. | 0.8% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Floating Rate Bond Fund - Class N (DNFRX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/floatingratebond/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Focused Large Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $178 | 1.46% |
|---|
How did the Fund perform during the reporting period?
The exposure to “large capitalization” stocks with a “growth” style contributed positively to Fund performance over the fiscal year. Large cap growth companies broadly outpaced other styles and capitalizations as large growth stocks increased nearly 8 percent more than small cap growth stocks over the 12-month period ended October 31, 2024.
Stock selection provided mixed results over the fiscal year. The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.
The Fund had no direct exposure to stocks in the materials, real estate, utilities, or energy sectors, which generally contributed positively to relative performance. The Fund did not have holdings directly in any of these sectors, which generally increased less than the Fund or benchmark as a whole, so this helped relative performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Focused Large Cap Growth Fund - Class A | Dunham Focused Large Cap Growth Fund - Class A- with load | S&P 500® Index | Russell 1000® Growth Index | Morningstar Large Cap Growth Category |
|---|
| 10/31/14 | $10,000 | $9,425 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $11,268 | $10,619 | $10,520 | $10,918 | $10,813 |
|---|
| 10/31/16 | $10,610 | $9,999 | $10,994 | $11,167 | $10,945 |
|---|
| 10/31/17 | $12,869 | $12,129 | $13,593 | $14,485 | $14,012 |
|---|
| 10/31/18 | $15,054 | $14,188 | $14,591 | $16,037 | $15,371 |
|---|
| 10/31/19 | $17,588 | $16,577 | $16,681 | $18,779 | $17,773 |
|---|
| 10/31/20 | $25,167 | $23,719 | $18,301 | $24,266 | $22,393 |
|---|
| 10/31/21 | $33,504 | $31,577 | $26,155 | $34,752 | $31,590 |
|---|
| 10/31/22 | $20,229 | $19,065 | $22,334 | $26,204 | $22,832 |
|---|
| 10/31/23 | $25,471 | $24,006 | $24,599 | $31,170 | $26,203 |
|---|
| 10/31/24 | $36,589 | $34,485 | $33,950 | $44,812 | $37,344 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Focused Large Cap Growth Fund | | | |
|---|
| Class A Without Load | 43.65% | 15.78% | 13.85% |
|---|
| Class A With Load | 35.37% | 14.41% | 13.18% |
|---|
| Morningstar Large Cap Growth Category | 42.50% | 16.01% | 14.08% |
|---|
Russell 1000® Growth Index | 43.77% | 19.00% | 16.18% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $182,127,424 |
|---|
| Number of Portfolio Holdings | 30 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,880,684 |
|---|
| Portfolio Turnover | 11% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -2.7% |
| Consumer Staples | 1.0% |
| Financials | 3.1% |
| Money Market Funds | 3.3% |
| Health Care | 8.2% |
| Communications | 13.4% |
| Consumer Discretionary | 14.4% |
| Technology | 59.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 9.0% |
| ServiceNow, Inc. | 8.3% |
| Amazon.com, Inc. | 8.0% |
| Microsoft Corporation | 7.0% |
| Mastercard, Inc. - Class A | 6.2% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Intuitive Surgical, Inc. | 4.4% |
| Apple, Inc. | 4.3% |
| Salesforce, Inc. | 3.9% |
| Netflix, Inc. | 3.7% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Focused Large Cap Growth Fund - Class A (DAFGX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Focused Large Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $266 | 2.20% |
|---|
How did the Fund perform during the reporting period?
The exposure to “large capitalization” stocks with a “growth” style contributed positively to Fund performance over the fiscal year. Large cap growth companies broadly outpaced other styles and capitalizations as large growth stocks increased nearly 8 percent more than small cap growth stocks over the 12-month period ended October 31, 2024.
Stock selection provided mixed results over the fiscal year. The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.
The Fund had no direct exposure to stocks in the materials, real estate, utilities, or energy sectors, which generally contributed positively to relative performance. The Fund did not have holdings directly in any of these sectors, which generally increased less than the Fund or benchmark as a whole, so this helped relative performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Focused Large Cap Growth Fund - Class C | S&P 500® Index | Russell 1000® Growth Index | Morningstar Large Cap Growth Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $11,193 | $10,520 | $10,918 | $10,813 |
|---|
| Oct-2016 | $10,458 | $10,994 | $11,167 | $10,945 |
|---|
| Oct-2017 | $12,595 | $13,593 | $14,485 | $14,012 |
|---|
| Oct-2018 | $14,621 | $14,591 | $16,037 | $15,371 |
|---|
| Oct-2019 | $16,959 | $16,681 | $18,779 | $17,773 |
|---|
| Oct-2020 | $24,078 | $18,301 | $24,266 | $22,393 |
|---|
| Oct-2021 | $31,822 | $26,155 | $34,752 | $31,590 |
|---|
| Oct-2022 | $19,071 | $22,334 | $26,204 | $22,832 |
|---|
| Oct-2023 | $23,830 | $24,599 | $31,170 | $26,203 |
|---|
| Oct-2024 | $33,975 | $33,950 | $44,812 | $37,344 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Focused Large Cap Growth Fund | 42.57% | 14.91% | 13.01% |
|---|
| Morningstar Large Cap Growth Category | 42.50% | 16.01% | 14.08% |
|---|
Russell 1000® Growth Index | 43.77% | 19.00% | 16.18% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $182,127,424 |
|---|
| Number of Portfolio Holdings | 30 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,880,684 |
|---|
| Portfolio Turnover | 11% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -2.7% |
| Consumer Staples | 1.0% |
| Financials | 3.1% |
| Money Market Funds | 3.3% |
| Health Care | 8.2% |
| Communications | 13.4% |
| Consumer Discretionary | 14.4% |
| Technology | 59.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 9.0% |
| ServiceNow, Inc. | 8.3% |
| Amazon.com, Inc. | 8.0% |
| Microsoft Corporation | 7.0% |
| Mastercard, Inc. - Class A | 6.2% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Intuitive Surgical, Inc. | 4.4% |
| Apple, Inc. | 4.3% |
| Salesforce, Inc. | 3.9% |
| Netflix, Inc. | 3.7% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Focused Large Cap Growth Fund - Class C (DCFGX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Focused Large Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $146 | 1.20% |
|---|
How did the Fund perform during the reporting period?
The exposure to “large capitalization” stocks with a “growth” style contributed positively to Fund performance over the fiscal year. Large cap growth companies broadly outpaced other styles and capitalizations as large growth stocks increased nearly 8 percent more than small cap growth stocks over the 12-month period ended October 31, 2024.
Stock selection provided mixed results over the fiscal year. The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.
The Fund had no direct exposure to stocks in the materials, real estate, utilities, or energy sectors, which generally contributed positively to relative performance. The Fund did not have holdings directly in any of these sectors, which generally increased less than the Fund or benchmark as a whole, so this helped relative performance.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Focused Large Cap Growth Fund - Class N | S&P 500® Index | Russell 1000® Growth Index | Morningstar Large Cap Growth Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $113,058 | $105,200 | $109,180 | $108,130 |
|---|
| Oct-2016 | $106,657 | $109,943 | $111,672 | $109,447 |
|---|
| Oct-2017 | $129,770 | $135,925 | $144,850 | $140,122 |
|---|
| Oct-2018 | $152,144 | $145,911 | $160,367 | $153,705 |
|---|
| Oct-2019 | $178,294 | $166,814 | $187,795 | $177,734 |
|---|
| Oct-2020 | $255,656 | $183,012 | $242,665 | $223,928 |
|---|
| Oct-2021 | $341,237 | $261,550 | $347,518 | $315,899 |
|---|
| Oct-2022 | $206,559 | $223,335 | $262,040 | $228,321 |
|---|
| Oct-2023 | $260,700 | $245,988 | $311,698 | $262,034 |
|---|
| Oct-2024 | $375,456 | $339,505 | $448,117 | $373,435 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Focused Large Cap Growth Fund | 44.02% | 16.06% | 14.14% |
|---|
| Morningstar Large Cap Growth Category | 42.50% | 16.01% | 14.08% |
|---|
Russell 1000® Growth Index | 43.77% | 19.00% | 16.18% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $182,127,424 |
|---|
| Number of Portfolio Holdings | 30 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,880,684 |
|---|
| Portfolio Turnover | 11% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -2.7% |
| Consumer Staples | 1.0% |
| Financials | 3.1% |
| Money Market Funds | 3.3% |
| Health Care | 8.2% |
| Communications | 13.4% |
| Consumer Discretionary | 14.4% |
| Technology | 59.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 9.0% |
| ServiceNow, Inc. | 8.3% |
| Amazon.com, Inc. | 8.0% |
| Microsoft Corporation | 7.0% |
| Mastercard, Inc. - Class A | 6.2% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Intuitive Surgical, Inc. | 4.4% |
| Apple, Inc. | 4.3% |
| Salesforce, Inc. | 3.9% |
| Netflix, Inc. | 3.7% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Focused Large Cap Growth Fund - Class N (DNFGX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham High Yield Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/highyield/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $153 | 1.43% |
|---|
How did the Fund perform during the reporting period?
From a sector selection standpoint, the Fund positively benefited from the Sub-Adviser's ability to have off-benchmark sector weights for the fiscal year. An overweight allocation to cash and an underweight allocation to consumer non-cyclical were the largest detractors. Meanwhile, underweight allocations to capital goods and the communication sectors contributed to Fund performance.
Overall security selection acted as a detractor to relative Fund performance over the fiscal year. Technology, capital goods, and consumer cyclical credits were the most notable contributors to performance, while energy and consumer non-cyclical credits detracted from relative performance.
The Fund's exposure to CCC-rated credits generally contributed positively to relative performance over the fiscal year. The Fund’s approximate 12 percent relative overweight to CCC-rated credits positively contributed to Fund performance, as that specific credit quality outperformed the broader high-yield asset class.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham High Yield Bond Fund - Class A | Dunham High Yield Bond Fund - Class A- with load | Bloomberg U.S. Aggregate Bond Index | ICE BofA High Yield U.S. Corporates Cash Pay Index | Morningstar High-Yield Bond Category |
|---|
| 10/31/14 | $10,000 | $9,551 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $9,812 | $9,372 | $10,196 | $9,799 | $9,913 |
|---|
| 10/31/16 | $10,324 | $9,861 | $10,641 | $10,788 | $10,725 |
|---|
| 10/31/17 | $11,131 | $10,631 | $10,737 | $11,775 | $11,685 |
|---|
| 10/31/18 | $11,016 | $10,521 | $10,517 | $11,872 | $11,803 |
|---|
| 10/31/19 | $11,918 | $11,383 | $11,727 | $12,865 | $12,753 |
|---|
| 10/31/20 | $12,328 | $11,774 | $12,453 | $13,198 | $13,026 |
|---|
| 10/31/21 | $13,473 | $12,868 | $12,393 | $14,595 | $14,454 |
|---|
| 10/31/22 | $11,993 | $11,455 | $10,450 | $12,942 | $12,961 |
|---|
| 10/31/23 | $12,954 | $12,373 | $10,487 | $13,703 | $13,796 |
|---|
| 10/31/24 | $14,806 | $14,142 | $11,593 | $15,951 | $15,945 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham High Yield Bond Fund | | | |
|---|
| Class A Without Load | 14.29% | 4.44% | 4.00% |
|---|
| Class A With Load | 9.20% | 3.47% | 3.53% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 16.41% | 4.39% | 4.78% |
|---|
| Morningstar High-Yield Bond Category | 15.57% | 4.57% | 4.78% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $201,274,690 |
|---|
| Number of Portfolio Holdings | 280 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,557,329 |
|---|
| Portfolio Turnover | 57% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 0.1% |
| Corporate Bonds | 78.6% |
| Money Market Funds | 21.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -21.3% |
| Common Stocks | 0.1% |
| Real Estate | 2.8% |
| Consumer Staples | 3.4% |
| Utilities | 4.0% |
| Health Care | 4.0% |
| Industrials | 7.3% |
| Materials | 9.3% |
| Technology | 10.2% |
| Communications | 12.1% |
| Financials | 12.1% |
| Energy | 13.8% |
| Consumer Discretionary | 16.3% |
| Money Market Funds | 25.9% |
Credit Quality Allocation (% of total investments)
| B2 | 20.2% |
| Collateral for Securities Loaned | 18.1% |
| BA3 | 14.7% |
| B1 | 9.9% |
| BA2 | 9.7% |
| B3 | 9.7% |
| CAA1 | 5.7% |
| BA1 | 4.5% |
| Other/Not Rated | 3.6% |
| CAA2 | 2.6% |
| BAA3 | 1.3% |
The ratings indicated are from Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. Credit quality is subject to change and may have changed since the date specified.
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham High Yield Bond Fund - Class A (DAHYX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/highyield/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham High Yield Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/highyield/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $206 | 1.93% |
|---|
How did the Fund perform during the reporting period?
From a sector selection standpoint, the Fund positively benefited from the Sub-Adviser's ability to have off-benchmark sector weights for the fiscal year. An overweight allocation to cash and an underweight allocation to consumer non-cyclical were the largest detractors. Meanwhile, underweight allocations to capital goods and the communication sectors contributed to Fund performance.
Overall security selection acted as a detractor to relative Fund performance over the fiscal year. Technology, capital goods, and consumer cyclical credits were the most notable contributors to performance, while energy and consumer non-cyclical credits detracted from relative performance.
The Fund's exposure to CCC-rated credits generally contributed positively to relative performance over the fiscal year. The Fund’s approximate 12 percent relative overweight to CCC-rated credits positively contributed to Fund performance, as that specific credit quality outperformed the broader high-yield asset class.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham High Yield Bond Fund - Class C | Bloomberg U.S. Aggregate Bond Index | ICE BofA High Yield U.S. Corporates Cash Pay Index | Morningstar High-Yield Bond Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $9,753 | $10,196 | $9,799 | $9,913 |
|---|
| Oct-2016 | $10,206 | $10,641 | $10,788 | $10,725 |
|---|
| Oct-2017 | $10,967 | $10,737 | $11,775 | $11,685 |
|---|
| Oct-2018 | $10,810 | $10,517 | $11,872 | $11,803 |
|---|
| Oct-2019 | $11,627 | $11,727 | $12,865 | $12,753 |
|---|
| Oct-2020 | $11,969 | $12,453 | $13,198 | $13,026 |
|---|
| Oct-2021 | $13,021 | $12,393 | $14,595 | $14,454 |
|---|
| Oct-2022 | $11,524 | $10,450 | $12,942 | $12,961 |
|---|
| Oct-2023 | $12,388 | $10,487 | $13,703 | $13,796 |
|---|
| Oct-2024 | $14,091 | $11,593 | $15,951 | $15,945 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham High Yield Bond Fund | 13.75% | 3.92% | 3.49% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 16.41% | 4.39% | 4.78% |
|---|
| Morningstar High-Yield Bond Category | 15.57% | 4.57% | 4.78% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $201,274,690 |
|---|
| Number of Portfolio Holdings | 280 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,557,329 |
|---|
| Portfolio Turnover | 57% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 0.1% |
| Corporate Bonds | 78.6% |
| Money Market Funds | 21.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -21.3% |
| Common Stocks | 0.1% |
| Real Estate | 2.8% |
| Consumer Staples | 3.4% |
| Utilities | 4.0% |
| Health Care | 4.0% |
| Industrials | 7.3% |
| Materials | 9.3% |
| Technology | 10.2% |
| Communications | 12.1% |
| Financials | 12.1% |
| Energy | 13.8% |
| Consumer Discretionary | 16.3% |
| Money Market Funds | 25.9% |
Credit Quality Allocation (% of total investments)
| B2 | 20.2% |
| Collateral for Securities Loaned | 18.1% |
| BA3 | 14.7% |
| B1 | 9.9% |
| BA2 | 9.7% |
| B3 | 9.7% |
| CAA1 | 5.7% |
| BA1 | 4.5% |
| Other/Not Rated | 3.6% |
| CAA2 | 2.6% |
| BAA3 | 1.3% |
The ratings indicated are from Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. Credit quality is subject to change and may have changed since the date specified.
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham High Yield Bond Fund - Class C (DCHYX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/highyield/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham High Yield Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/highyield/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $126 | 1.17% |
|---|
How did the Fund perform during the reporting period?
From a sector selection standpoint, the Fund positively benefited from the Sub-Adviser's ability to have off-benchmark sector weights for the fiscal year. An overweight allocation to cash and an underweight allocation to consumer non-cyclical were the largest detractors. Meanwhile, underweight allocations to capital goods and the communication sectors contributed to Fund performance.
Overall security selection acted as a detractor to relative Fund performance over the fiscal year. Technology, capital goods, and consumer cyclical credits were the most notable contributors to performance, while energy and consumer non-cyclical credits detracted from relative performance.
The Fund's exposure to CCC-rated credits generally contributed positively to relative performance over the fiscal year. The Fund’s approximate 12 percent relative overweight to CCC-rated credits positively contributed to Fund performance, as that specific credit quality outperformed the broader high-yield asset class.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham High Yield Bond Fund - Class N | Bloomberg U.S. Aggregate Bond Index | ICE BofA High Yield U.S. Corporates Cash Pay Index | Morningstar High-Yield Bond Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $98,369 | $101,956 | $97,985 | $99,133 |
|---|
| Oct-2016 | $103,676 | $106,412 | $107,885 | $107,246 |
|---|
| Oct-2017 | $112,166 | $107,372 | $117,745 | $116,852 |
|---|
| Oct-2018 | $111,266 | $105,167 | $118,718 | $118,026 |
|---|
| Oct-2019 | $120,637 | $117,272 | $128,646 | $127,525 |
|---|
| Oct-2020 | $125,149 | $124,527 | $131,975 | $130,259 |
|---|
| Oct-2021 | $137,089 | $123,932 | $145,954 | $144,543 |
|---|
| Oct-2022 | $122,176 | $104,496 | $129,425 | $129,614 |
|---|
| Oct-2023 | $132,425 | $104,868 | $137,026 | $137,962 |
|---|
| Oct-2024 | $151,807 | $115,928 | $159,512 | $159,446 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham High Yield Bond Fund | 14.64% | 4.70% | 4.26% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 16.41% | 4.39% | 4.78% |
|---|
| Morningstar High-Yield Bond Category | 15.57% | 4.57% | 4.78% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $201,274,690 |
|---|
| Number of Portfolio Holdings | 280 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,557,329 |
|---|
| Portfolio Turnover | 57% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 0.1% |
| Corporate Bonds | 78.6% |
| Money Market Funds | 21.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -21.3% |
| Common Stocks | 0.1% |
| Real Estate | 2.8% |
| Consumer Staples | 3.4% |
| Utilities | 4.0% |
| Health Care | 4.0% |
| Industrials | 7.3% |
| Materials | 9.3% |
| Technology | 10.2% |
| Communications | 12.1% |
| Financials | 12.1% |
| Energy | 13.8% |
| Consumer Discretionary | 16.3% |
| Money Market Funds | 25.9% |
Credit Quality Allocation (% of total investments)
| B2 | 20.2% |
| Collateral for Securities Loaned | 18.1% |
| BA3 | 14.7% |
| B1 | 9.9% |
| BA2 | 9.7% |
| B3 | 9.7% |
| CAA1 | 5.7% |
| BA1 | 4.5% |
| Other/Not Rated | 3.6% |
| CAA2 | 2.6% |
| BAA3 | 1.3% |
The ratings indicated are from Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. Credit quality is subject to change and may have changed since the date specified.
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham High Yield Bond Fund - Class N (DNHYX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/highyield/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham International Opportunity Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $213 | 1.99% |
How did the Fund perform during the reporting period?
The high exposure to emerging markets debt substantially contributed to relative performance. The Fund maintained nearly half of its exposure to the debt of emerging market countries’ governments and of companies domiciled in emerging markets. In general, these strongly outperformed over the fiscal year.
Maintaining a shorter duration generally hurt relative performance. The Fund continued to have an average duration approximately 1 year less than the benchmark index. This resulted in a detraction in relative performance as rates broadly declined during the fiscal year.
The exposure to Pan-European High-Yield Bonds benefited relative performance. The Fund’s exposure to Pan-European High-Yield broadly aided relative performance as many European countries were able to reduce interest rates and avoid recessions, which broadly benefited this asset class that bears a high amount of credit risk, which is generally most sensitive to recessionary environments.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham International Opportunity Bond Fund - Class A | Dunham International Opportunity Bond Fund - Class A- with load | Bloomberg Global Aggregate ex USD | Morningstar Global Bond Category |
|---|
| 10/31/14 | $10,000 | $9,554 | $10,000 | $10,000 |
| 10/31/15 | $9,235 | $8,823 | $9,326 | $9,716 |
| 10/31/16 | $9,676 | $9,244 | $9,930 | $10,311 |
| 10/31/17 | $9,720 | $9,287 | $10,055 | $10,740 |
| 10/31/18 | $9,301 | $8,886 | $9,845 | $10,627 |
| 10/31/19 | $9,857 | $9,418 | $10,617 | $11,526 |
| 10/31/20 | $9,658 | $9,227 | $11,144 | $12,112 |
| 10/31/21 | $10,006 | $9,559 | $10,922 | $12,227 |
| 10/31/22 | $7,942 | $7,588 | $8,236 | $10,034 |
| 10/31/23 | $8,846 | $8,452 | $8,450 | $10,395 |
| 10/31/24 | $10,127 | $9,675 | $9,181 | $11,494 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham International Opportunity Bond Fund | | | |
| Class A Without Load | 14.47% | 0.54% | 0.13% |
| Class A With Load | 9.27% | -0.38% | -0.33% |
| Bloomberg Global Aggregate ex USD | 8.65% | -2.87% | -0.85% |
| Morningstar Global Bond Category | 10.57% | -0.06% | 1.40% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $76,612,772 |
| Number of Portfolio Holdings | 455 |
| Total Advisory Fee | $837,775 |
| Portfolio Turnover | 77% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 0.0% |
| Corporate Bonds | 63.2% |
| Money Market Funds | 9.5% |
| Non U.S. Government & Agencies | 27.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.4% |
| Supranational | 0.7% |
| Consumer Staples | 1.7% |
| Real Estate | 2.0% |
| Health Care | 3.5% |
| Communications | 3.7% |
| Industrials | 6.0% |
| Utilities | 6.5% |
| Non U.S. Treasury | 7.0% |
| Consumer Discretionary | 7.0% |
| Materials | 7.1% |
| Money Market Funds | 9.4% |
| Financials | 10.7% |
| Energy | 13.6% |
| Sovereign | 18.8% |
| Other Sectors | 0.9% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Australia Government Bond, 1.250%, 05/21/32 | 1.2% |
| Italy Buoni Poliennali Del Tesoro, 2.800%, 12/01/28 | 1.1% |
| SierraCol Energy Andina, LLC, 6.000%, 06/15/28 | 1.0% |
| Egypt Government International Bond, 7.625%, 05/29/32 | 1.0% |
| Poinsettia Finance Ltd., 6.625%, 06/17/31 | 0.9% |
| Tullow Oil PLC, 7.000%, 03/01/25 | 0.8% |
| Italy Buoni Poliennali Del Tesoro, 2.450%, 09/01/33 | 0.8% |
| Sasol Financing USA, LLC, 4.375%, 09/18/26 | 0.8% |
| Turkiye Government International Bond, 7.625%, 05/15/34 | 0.7% |
| Argentine Republic Government International Bond, 0.750%, 07/09/30 | 0.7% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham International Opportunity Bond Fund - Class A (DAIOX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham International Opportunity Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $266 | 2.49% |
How did the Fund perform during the reporting period?
The high exposure to emerging markets debt substantially contributed to relative performance. The Fund maintained nearly half of its exposure to the debt of emerging market countries’ governments and of companies domiciled in emerging markets. In general, these strongly outperformed over the fiscal year.
Maintaining a shorter duration generally hurt relative performance. The Fund continued to have an average duration approximately 1 year less than the benchmark index. This resulted in a detraction in relative performance as rates broadly declined during the fiscal year.
The exposure to Pan-European High-Yield Bonds benefited relative performance. The Fund’s exposure to Pan-European High-Yield broadly aided relative performance as many European countries were able to reduce interest rates and avoid recessions, which broadly benefited this asset class that bears a high amount of credit risk, which is generally most sensitive to recessionary environments.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham International Opportunity Bond Fund - Class C | Bloomberg Global Aggregate ex USD | Morningstar Global Bond Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $9,189 | $9,326 | $9,716 |
| Oct-2016 | $9,574 | $9,930 | $10,311 |
| Oct-2017 | $9,567 | $10,055 | $10,740 |
| Oct-2018 | $9,115 | $9,845 | $10,627 |
| Oct-2019 | $9,604 | $10,617 | $11,526 |
| Oct-2020 | $9,366 | $11,144 | $12,112 |
| Oct-2021 | $9,654 | $10,922 | $12,227 |
| Oct-2022 | $7,625 | $8,236 | $10,034 |
| Oct-2023 | $8,453 | $8,450 | $10,395 |
| Oct-2024 | $9,629 | $9,181 | $11,494 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham International Opportunity Bond Fund | 13.91% | 0.05% | -0.38% |
| Bloomberg Global Aggregate ex USD | 8.65% | -2.87% | -0.85% |
| Morningstar Global Bond Category | 10.57% | -0.06% | 1.40% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $76,612,772 |
| Number of Portfolio Holdings | 455 |
| Total Advisory Fee | $837,775 |
| Portfolio Turnover | 77% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 0.0% |
| Corporate Bonds | 63.2% |
| Money Market Funds | 9.5% |
| Non U.S. Government & Agencies | 27.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.4% |
| Supranational | 0.7% |
| Consumer Staples | 1.7% |
| Real Estate | 2.0% |
| Health Care | 3.5% |
| Communications | 3.7% |
| Industrials | 6.0% |
| Utilities | 6.5% |
| Non U.S. Treasury | 7.0% |
| Consumer Discretionary | 7.0% |
| Materials | 7.1% |
| Money Market Funds | 9.4% |
| Financials | 10.7% |
| Energy | 13.6% |
| Sovereign | 18.8% |
| Other Sectors | 0.9% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Australia Government Bond, 1.250%, 05/21/32 | 1.2% |
| Italy Buoni Poliennali Del Tesoro, 2.800%, 12/01/28 | 1.1% |
| SierraCol Energy Andina, LLC, 6.000%, 06/15/28 | 1.0% |
| Egypt Government International Bond, 7.625%, 05/29/32 | 1.0% |
| Poinsettia Finance Ltd., 6.625%, 06/17/31 | 0.9% |
| Tullow Oil PLC, 7.000%, 03/01/25 | 0.8% |
| Italy Buoni Poliennali Del Tesoro, 2.450%, 09/01/33 | 0.8% |
| Sasol Financing USA, LLC, 4.375%, 09/18/26 | 0.8% |
| Turkiye Government International Bond, 7.625%, 05/15/34 | 0.7% |
| Argentine Republic Government International Bond, 0.750%, 07/09/30 | 0.7% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham International Opportunity Bond Fund - Class C (DCIOX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham International Opportunity Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $187 | 1.74% |
How did the Fund perform during the reporting period?
The high exposure to emerging markets debt substantially contributed to relative performance. The Fund maintained nearly half of its exposure to the debt of emerging market countries’ governments and of companies domiciled in emerging markets. In general, these strongly outperformed over the fiscal year.
Maintaining a shorter duration generally hurt relative performance. The Fund continued to have an average duration approximately 1 year less than the benchmark index. This resulted in a detraction in relative performance as rates broadly declined during the fiscal year.
The exposure to Pan-European High-Yield Bonds benefited relative performance. The Fund’s exposure to Pan-European High-Yield broadly aided relative performance as many European countries were able to reduce interest rates and avoid recessions, which broadly benefited this asset class that bears a high amount of credit risk, which is generally most sensitive to recessionary environments.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham International Opportunity Bond Fund - Class N | Bloomberg Global Aggregate ex USD | Morningstar Global Bond Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $92,576 | $93,263 | $97,155 |
| Oct-2016 | $97,229 | $99,296 | $103,106 |
| Oct-2017 | $97,883 | $100,547 | $107,400 |
| Oct-2018 | $93,901 | $98,449 | $106,268 |
| Oct-2019 | $99,804 | $106,170 | $115,263 |
| Oct-2020 | $98,000 | $111,437 | $121,119 |
| Oct-2021 | $101,853 | $109,219 | $122,268 |
| Oct-2022 | $80,948 | $82,364 | $100,342 |
| Oct-2023 | $90,397 | $84,499 | $103,952 |
| Oct-2024 | $103,727 | $91,807 | $114,939 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham International Opportunity Bond Fund | 14.75% | 0.77% | 0.37% |
| Bloomberg Global Aggregate ex USD | 8.65% | -2.87% | -0.85% |
| Morningstar Global Bond Category | 10.57% | -0.06% | 1.40% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $76,612,772 |
| Number of Portfolio Holdings | 455 |
| Total Advisory Fee | $837,775 |
| Portfolio Turnover | 77% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Asset Backed Securities | 0.0% |
| Corporate Bonds | 63.2% |
| Money Market Funds | 9.5% |
| Non U.S. Government & Agencies | 27.3% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.4% |
| Supranational | 0.7% |
| Consumer Staples | 1.7% |
| Real Estate | 2.0% |
| Health Care | 3.5% |
| Communications | 3.7% |
| Industrials | 6.0% |
| Utilities | 6.5% |
| Non U.S. Treasury | 7.0% |
| Consumer Discretionary | 7.0% |
| Materials | 7.1% |
| Money Market Funds | 9.4% |
| Financials | 10.7% |
| Energy | 13.6% |
| Sovereign | 18.8% |
| Other Sectors | 0.9% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Australia Government Bond, 1.250%, 05/21/32 | 1.2% |
| Italy Buoni Poliennali Del Tesoro, 2.800%, 12/01/28 | 1.1% |
| SierraCol Energy Andina, LLC, 6.000%, 06/15/28 | 1.0% |
| Egypt Government International Bond, 7.625%, 05/29/32 | 1.0% |
| Poinsettia Finance Ltd., 6.625%, 06/17/31 | 0.9% |
| Tullow Oil PLC, 7.000%, 03/01/25 | 0.8% |
| Italy Buoni Poliennali Del Tesoro, 2.450%, 09/01/33 | 0.8% |
| Sasol Financing USA, LLC, 4.375%, 09/18/26 | 0.8% |
| Turkiye Government International Bond, 7.625%, 05/15/34 | 0.7% |
| Argentine Republic Government International Bond, 0.750%, 07/09/30 | 0.7% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham International Opportunity Bond Fund - Class N (DNIOX )
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham International Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalstock/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $242 | 2.16% |
How did the Fund perform during the reporting period?
Developed markets underperformed emerging markets over the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, rallied 25.3 percent.
Countries contributing the most to returns relative to the Index during the fiscal year were: The Netherlands, mainly because of overweight positioning to the Dutch information technology basket; and Japan, mainly because of the overweight positioning plus positive selection within the Japanese financials basket. Negative selection coupled with underweight positioning to the UK materials basket also detracted from value added; and Australia, mainly due to underweight positioning to the Australian financials and real estate baskets.
Sectors contributing the most to returns relative to the Index during the fiscal year included: Financials, primarily because of overweight positioning plus positive selection within the Chinese, Japanese and Turkish financials baskets. Overweight positioning to the Korean and Italian financials baskets additionally contributed to sector-level effects. Sectors detracting the most relative to the Index included: energy, largely due to overweight positioning coupled with negative selection within the UK energy basket.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham International Stock Fund - Class A | Dunham International Stock Fund - Class A- with load | MSCI ACWI ex USA Index | Morningstar Foreign Large Cap Blend Category |
|---|
| 10/31/14 | $10,000 | $9,422 | $10,000 | $10,000 |
| 10/31/15 | $9,568 | $9,015 | $9,532 | $9,955 |
| 10/31/16 | $9,547 | $8,996 | $9,554 | $9,873 |
| 10/31/17 | $11,736 | $11,058 | $11,812 | $12,219 |
| 10/31/18 | $10,871 | $10,243 | $10,838 | $11,304 |
| 10/31/19 | $11,608 | $10,938 | $12,060 | $12,561 |
| 10/31/20 | $11,635 | $10,963 | $11,745 | $12,093 |
| 10/31/21 | $16,191 | $15,256 | $15,228 | $16,051 |
| 10/31/22 | $12,413 | $11,696 | $11,463 | $12,290 |
| 10/31/23 | $14,544 | $13,703 | $12,847 | $14,004 |
| 10/31/24 | $18,061 | $17,018 | $15,973 | $17,255 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham International Stock Fund | | | |
| Class A Without Load | 24.19% | 9.24% | 6.09% |
| Class A With Load | 17.03% | 7.96% | 5.46% |
| Morningstar Foreign Large Cap Blend Category | 23.22% | 6.56% | 5.61% |
| MSCI ACWI ex USA Index | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $143,325,896 |
| Number of Portfolio Holdings | 323 |
| Total Advisory Fee | $2,210,700 |
| Portfolio Turnover | 134% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -5.5% |
| Equity | 0.5% |
| Real Estate | 0.6% |
| Consumer Staples | 1.4% |
| Utilities | 1.9% |
| Consumer Discretionary | 5.0% |
| Materials | 5.0% |
| Energy | 5.8% |
| Communications | 6.2% |
| Money Market Funds | 6.2% |
| Health Care | 7.7% |
| Industrials | 12.3% |
| Technology | 17.6% |
| Financials | 35.3% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 90.8% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 5.9% |
| Preferred Stocks | 2.8% |
| Warrant | 0.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.7% |
| ABB Ltd. | 2.1% |
| Deutsche Telekom A.G. | 2.0% |
| Allianz S.E. | 1.7% |
| Kinross Gold Corporation | 1.6% |
| ING Groep N.V. | 1.6% |
| Novartis A.G. - ADR | 1.5% |
| Bank of Ireland Group PLC | 1.5% |
| BNP Paribas S.A. | 1.5% |
| Bank of China Ltd. - H Shares | 1.5% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -5.5% |
| Other Countries | 13.9% |
| Taiwan Province Of China | 2.2% |
| Cayman Islands | 2.3% |
| Brazil | 2.8% |
| France | 3.0% |
| Italy | 3.5% |
| Taiwan | 4.3% |
| United Kingdom | 4.7% |
| Korea (Republic Of) | 4.9% |
| Netherlands | 5.3% |
| Germany | 6.1% |
| United States | 6.7% |
| Switzerland | 6.8% |
| Canada | 7.2% |
| Japan | 15.7% |
| China | 16.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham International Stock Fund - Class A (DAINX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalstock/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham International Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalstock/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $325 | 2.91% |
How did the Fund perform during the reporting period?
Developed markets underperformed emerging markets over the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, rallied 25.3 percent.
Countries contributing the most to returns relative to the Index during the fiscal year were: The Netherlands, mainly because of overweight positioning to the Dutch information technology basket; and Japan, mainly because of the overweight positioning plus positive selection within the Japanese financials basket. Negative selection coupled with underweight positioning to the UK materials basket also detracted from value added; and Australia, mainly due to underweight positioning to the Australian financials and real estate baskets.
Sectors contributing the most to returns relative to the Index during the fiscal year included: Financials, primarily because of overweight positioning plus positive selection within the Chinese, Japanese and Turkish financials baskets. Overweight positioning to the Korean and Italian financials baskets additionally contributed to sector-level effects. Sectors detracting the most relative to the Index included: energy, largely due to overweight positioning coupled with negative selection within the UK energy basket.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham International Stock Fund - Class C | MSCI ACWI ex USA Index | Morningstar Foreign Large Cap Blend Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $9,494 | $9,532 | $9,955 |
| Oct-2016 | $9,405 | $9,554 | $9,873 |
| Oct-2017 | $11,472 | $11,812 | $12,219 |
| Oct-2018 | $10,551 | $10,838 | $11,304 |
| Oct-2019 | $11,180 | $12,060 | $12,561 |
| Oct-2020 | $11,125 | $11,745 | $12,093 |
| Oct-2021 | $15,365 | $15,228 | $16,051 |
| Oct-2022 | $11,695 | $11,463 | $12,290 |
| Oct-2023 | $13,596 | $12,847 | $14,004 |
| Oct-2024 | $16,750 | $15,973 | $17,255 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham International Stock Fund | 23.20% | 8.42% | 5.29% |
| Morningstar Foreign Large Cap Blend Category | 23.22% | 6.56% | 5.61% |
| MSCI ACWI ex USA Index | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $143,325,896 |
| Number of Portfolio Holdings | 323 |
| Total Advisory Fee | $2,210,700 |
| Portfolio Turnover | 134% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -5.5% |
| Equity | 0.5% |
| Real Estate | 0.6% |
| Consumer Staples | 1.4% |
| Utilities | 1.9% |
| Consumer Discretionary | 5.0% |
| Materials | 5.0% |
| Energy | 5.8% |
| Communications | 6.2% |
| Money Market Funds | 6.2% |
| Health Care | 7.7% |
| Industrials | 12.3% |
| Technology | 17.6% |
| Financials | 35.3% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 90.8% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 5.9% |
| Preferred Stocks | 2.8% |
| Warrant | 0.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.7% |
| ABB Ltd. | 2.1% |
| Deutsche Telekom A.G. | 2.0% |
| Allianz S.E. | 1.7% |
| Kinross Gold Corporation | 1.6% |
| ING Groep N.V. | 1.6% |
| Novartis A.G. - ADR | 1.5% |
| Bank of Ireland Group PLC | 1.5% |
| BNP Paribas S.A. | 1.5% |
| Bank of China Ltd. - H Shares | 1.5% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -5.5% |
| Other Countries | 13.9% |
| Taiwan Province Of China | 2.2% |
| Cayman Islands | 2.3% |
| Brazil | 2.8% |
| France | 3.0% |
| Italy | 3.5% |
| Taiwan | 4.3% |
| United Kingdom | 4.7% |
| Korea (Republic Of) | 4.9% |
| Netherlands | 5.3% |
| Germany | 6.1% |
| United States | 6.7% |
| Switzerland | 6.8% |
| Canada | 7.2% |
| Japan | 15.7% |
| China | 16.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham International Stock Fund - Class C (DCINX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalstock/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham International Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalstock/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $214 | 1.91% |
How did the Fund perform during the reporting period?
Developed markets underperformed emerging markets over the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 23.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, rallied 25.3 percent.
Countries contributing the most to returns relative to the Index during the fiscal year were: The Netherlands, mainly because of overweight positioning to the Dutch information technology basket; and Japan, mainly because of the overweight positioning plus positive selection within the Japanese financials basket. Negative selection coupled with underweight positioning to the UK materials basket also detracted from value added; and Australia, mainly due to underweight positioning to the Australian financials and real estate baskets.
Sectors contributing the most to returns relative to the Index during the fiscal year included: Financials, primarily because of overweight positioning plus positive selection within the Chinese, Japanese and Turkish financials baskets. Overweight positioning to the Korean and Italian financials baskets additionally contributed to sector-level effects. Sectors detracting the most relative to the Index included: energy, largely due to overweight positioning coupled with negative selection within the UK energy basket.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham International Stock Fund - Class N | MSCI ACWI ex USA Index | Morningstar Foreign Large Cap Blend Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $95,904 | $95,324 | $99,551 |
| Oct-2016 | $95,959 | $95,537 | $98,729 |
| Oct-2017 | $118,197 | $118,121 | $122,194 |
| Oct-2018 | $109,830 | $108,384 | $113,041 |
| Oct-2019 | $117,610 | $120,598 | $125,611 |
| Oct-2020 | $118,140 | $117,447 | $120,931 |
| Oct-2021 | $164,829 | $152,285 | $160,512 |
| Oct-2022 | $126,656 | $114,630 | $122,901 |
| Oct-2023 | $148,844 | $128,465 | $140,043 |
| Oct-2024 | $185,239 | $159,726 | $172,552 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham International Stock Fund | 24.45% | 9.51% | 6.36% |
| Morningstar Foreign Large Cap Blend Category | 23.22% | 6.56% | 5.61% |
| MSCI ACWI ex USA Index | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $143,325,896 |
| Number of Portfolio Holdings | 323 |
| Total Advisory Fee | $2,210,700 |
| Portfolio Turnover | 134% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -5.5% |
| Equity | 0.5% |
| Real Estate | 0.6% |
| Consumer Staples | 1.4% |
| Utilities | 1.9% |
| Consumer Discretionary | 5.0% |
| Materials | 5.0% |
| Energy | 5.8% |
| Communications | 6.2% |
| Money Market Funds | 6.2% |
| Health Care | 7.7% |
| Industrials | 12.3% |
| Technology | 17.6% |
| Financials | 35.3% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 90.8% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 5.9% |
| Preferred Stocks | 2.8% |
| Warrant | 0.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.7% |
| ABB Ltd. | 2.1% |
| Deutsche Telekom A.G. | 2.0% |
| Allianz S.E. | 1.7% |
| Kinross Gold Corporation | 1.6% |
| ING Groep N.V. | 1.6% |
| Novartis A.G. - ADR | 1.5% |
| Bank of Ireland Group PLC | 1.5% |
| BNP Paribas S.A. | 1.5% |
| Bank of China Ltd. - H Shares | 1.5% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -5.5% |
| Other Countries | 13.9% |
| Taiwan Province Of China | 2.2% |
| Cayman Islands | 2.3% |
| Brazil | 2.8% |
| France | 3.0% |
| Italy | 3.5% |
| Taiwan | 4.3% |
| United Kingdom | 4.7% |
| Korea (Republic Of) | 4.9% |
| Netherlands | 5.3% |
| Germany | 6.1% |
| United States | 6.7% |
| Switzerland | 6.8% |
| Canada | 7.2% |
| Japan | 15.7% |
| China | 16.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham International Stock Fund - Class N (DNINX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalstock/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Large Cap Value Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $167 | 1.44% |
How did the Fund perform during the reporting period?
The exposure to “large capitalization” stocks with a “value” style contributed positively to Fund performance over the fiscal year. Large cap value companies within the financial services, producer durables, and Utility sectors broadly outpaced sectors like healthcare, technology, and consumer discretionary.
Stock selection provided mixed results over the fiscal year. The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.
Individual positions that positively/negatively impacted relative Fund performance. Quanta Services Inc. (PWR) (holding weight*: 1.62 percent), positively contributed to Fund performance, as the position gained 80.7 percent over the fiscal year. Schlumberger N.V. (SLB) (holding weight*: 1.20 percent), negatively contributed to Fund performance, as the position lost 26.3 percent over the fiscal year.
* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2024.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Large Cap Value Fund - Class A | Dunham Large Cap Value Fund - Class A- with load | S&P 500® Index | Russell 1000® Value Index | Morningstar Large Cap Value Category |
|---|
| 10/31/14 | $10,000 | $9,423 | $10,000 | $10,000 | $10,000 |
| 10/31/15 | $10,115 | $9,531 | $10,520 | $10,053 | $10,168 |
| 10/31/16 | $10,260 | $9,667 | $10,994 | $10,693 | $10,688 |
| 10/31/17 | $12,063 | $11,367 | $13,593 | $12,595 | $12,909 |
| 10/31/18 | $12,279 | $11,570 | $14,591 | $12,977 | $13,440 |
| 10/31/19 | $13,629 | $12,842 | $16,681 | $14,432 | $14,844 |
| 10/31/20 | $12,766 | $12,029 | $18,301 | $13,340 | $13,843 |
| 10/31/21 | $18,547 | $17,476 | $26,155 | $19,178 | $20,002 |
| 10/31/22 | $17,030 | $16,047 | $22,334 | $17,836 | $19,254 |
| 10/31/23 | $16,790 | $15,821 | $24,599 | $17,860 | $19,528 |
| 10/31/24 | $22,189 | $20,908 | $33,950 | $23,392 | $25,520 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Large Cap Value Fund | | | |
| Class A Without Load | 32.16% | 10.24% | 8.30% |
| Class A With Load | 24.58% | 8.94% | 7.65% |
| Morningstar Large Cap Value Category | 30.69% | 11.45% | 9.82% |
Russell 1000® Value Index | 30.98% | 10.14% | 8.87% |
S&P 500® Index | 38.02% | 15.27% | 13.00% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $155,862,173 |
| Number of Portfolio Holdings | 76 |
| Total Advisory Fee | $1,545,700 |
| Portfolio Turnover | 23% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.0% |
| Utilities | 3.4% |
| Real Estate | 4.2% |
| Consumer Discretionary | 4.3% |
| Consumer Staples | 5.1% |
| Money Market Funds | 5.6% |
| Materials | 6.2% |
| Communications | 6.4% |
| Energy | 7.9% |
| Technology | 11.1% |
| Industrials | 14.2% |
| Health Care | 16.8% |
| Financials | 18.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.5% |
| Exxon Mobil Corporation | 2.9% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Bank of America Corporation | 2.0% |
| Blackrock, Inc. | 2.0% |
| Parker-Hannifin Corporation | 1.9% |
| RTX Corporation | 1.9% |
| AbbVie, Inc. | 1.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Large Cap Value Fund - Class A (DALVX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/largecapvalue/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Large Cap Value Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $253 | 2.19% |
How did the Fund perform during the reporting period?
The exposure to “large capitalization” stocks with a “value” style contributed positively to Fund performance over the fiscal year. Large cap value companies within the financial services, producer durables, and Utility sectors broadly outpaced sectors like healthcare, technology, and consumer discretionary.
Stock selection provided mixed results over the fiscal year. The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.
Individual positions that positively/negatively impacted relative Fund performance. Quanta Services Inc. (PWR) (holding weight*: 1.62 percent), positively contributed to Fund performance, as the position gained 80.7 percent over the fiscal year. Schlumberger N.V. (SLB) (holding weight*: 1.20 percent), negatively contributed to Fund performance, as the position lost 26.3 percent over the fiscal year.
* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2024.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Large Cap Value Fund - Class C | S&P 500® Index | Russell 1000® Value Index | Morningstar Large Cap Value Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $10,038 | $10,520 | $10,053 | $10,168 |
| Oct-2016 | $10,105 | $10,994 | $10,693 | $10,688 |
| Oct-2017 | $11,794 | $13,593 | $12,595 | $12,909 |
| Oct-2018 | $11,911 | $14,591 | $12,977 | $13,440 |
| Oct-2019 | $13,131 | $16,681 | $14,432 | $14,844 |
| Oct-2020 | $12,202 | $18,301 | $13,340 | $13,843 |
| Oct-2021 | $17,596 | $26,155 | $19,178 | $20,002 |
| Oct-2022 | $16,030 | $22,334 | $17,836 | $19,254 |
| Oct-2023 | $15,694 | $24,599 | $17,860 | $19,528 |
| Oct-2024 | $20,581 | $33,950 | $23,392 | $25,520 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Large Cap Value Fund | 31.14% | 9.40% | 7.48% |
| Morningstar Large Cap Value Category | 30.69% | 11.45% | 9.82% |
Russell 1000® Value Index | 30.98% | 10.14% | 8.87% |
S&P 500® Index | 38.02% | 15.27% | 13.00% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $155,862,173 |
| Number of Portfolio Holdings | 76 |
| Total Advisory Fee | $1,545,700 |
| Portfolio Turnover | 23% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.0% |
| Utilities | 3.4% |
| Real Estate | 4.2% |
| Consumer Discretionary | 4.3% |
| Consumer Staples | 5.1% |
| Money Market Funds | 5.6% |
| Materials | 6.2% |
| Communications | 6.4% |
| Energy | 7.9% |
| Technology | 11.1% |
| Industrials | 14.2% |
| Health Care | 16.8% |
| Financials | 18.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.5% |
| Exxon Mobil Corporation | 2.9% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Bank of America Corporation | 2.0% |
| Blackrock, Inc. | 2.0% |
| Parker-Hannifin Corporation | 1.9% |
| RTX Corporation | 1.9% |
| AbbVie, Inc. | 1.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Large Cap Value Fund - Class C (DCLVX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/largecapvalue/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Large Cap Value Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $138 | 1.19% |
How did the Fund perform during the reporting period?
The exposure to “large capitalization” stocks with a “value” style contributed positively to Fund performance over the fiscal year. Large cap value companies within the financial services, producer durables, and Utility sectors broadly outpaced sectors like healthcare, technology, and consumer discretionary.
Stock selection provided mixed results over the fiscal year. The Fund holds a concentrated amount of stocks, and this resulted in the performance for the Fund within each sector to be significantly different from the benchmark – some positive and some negative, but overall very similar performance.
Individual positions that positively/negatively impacted relative Fund performance. Quanta Services Inc. (PWR) (holding weight*: 1.62 percent), positively contributed to Fund performance, as the position gained 80.7 percent over the fiscal year. Schlumberger N.V. (SLB) (holding weight*: 1.20 percent), negatively contributed to Fund performance, as the position lost 26.3 percent over the fiscal year.
* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 10/31/2024.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Large Cap Value Fund - Class N | S&P 500® Index | Russell 1000® Value Index | Morningstar Large Cap Value Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $101,409 | $105,200 | $100,530 | $101,681 |
| Oct-2016 | $103,169 | $109,943 | $106,934 | $106,884 |
| Oct-2017 | $121,571 | $135,925 | $125,948 | $129,093 |
| Oct-2018 | $123,974 | $145,911 | $129,770 | $134,396 |
| Oct-2019 | $138,072 | $166,814 | $144,321 | $148,437 |
| Oct-2020 | $129,574 | $183,012 | $133,403 | $138,428 |
| Oct-2021 | $188,776 | $261,550 | $191,776 | $200,016 |
| Oct-2022 | $173,748 | $223,335 | $178,357 | $192,542 |
| Oct-2023 | $171,764 | $245,988 | $178,596 | $195,281 |
| Oct-2024 | $227,543 | $339,505 | $233,918 | $255,197 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Large Cap Value Fund | 32.47% | 10.51% | 8.57% |
| Morningstar Large Cap Value Category | 30.69% | 11.45% | 9.82% |
Russell 1000® Value Index | 30.98% | 10.14% | 8.87% |
S&P 500® Index | 38.02% | 15.27% | 13.00% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $155,862,173 |
| Number of Portfolio Holdings | 76 |
| Total Advisory Fee | $1,545,700 |
| Portfolio Turnover | 23% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.0% |
| Utilities | 3.4% |
| Real Estate | 4.2% |
| Consumer Discretionary | 4.3% |
| Consumer Staples | 5.1% |
| Money Market Funds | 5.6% |
| Materials | 6.2% |
| Communications | 6.4% |
| Energy | 7.9% |
| Technology | 11.1% |
| Industrials | 14.2% |
| Health Care | 16.8% |
| Financials | 18.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.5% |
| Exxon Mobil Corporation | 2.9% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Bank of America Corporation | 2.0% |
| Blackrock, Inc. | 2.0% |
| Parker-Hannifin Corporation | 1.9% |
| RTX Corporation | 1.9% |
| AbbVie, Inc. | 1.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Large Cap Value Fund - Class N (DNLVX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/largecapvalue/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Long/Short Credit Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/longshortcredit/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $114 | 1.11% |
|---|
How did the Fund perform during the reporting period?
The Fund’s core long positions were the strongest contributor to Fund performance over the fiscal year. The core long positions were the largest source of positive performance over the fiscal quarter, with gains driven by short duration holdings from the financial services sector.
The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.38 years. This exposure was a headwind to positive Fund Performance as speculation grew for the sustained easing of monetary policy, but as investors hedged bets for meaningful interest rate cuts to close 2024, this exposure contributed marginally to Fund performance as US Treasury yields rose over the fiscal year.
Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year. For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 16.3 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index, over the fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Long/Short Credit Fund - Class A | Dunham Long/Short Credit Fund - Class A- with load | Bloomberg U.S. Aggregate Bond Index | Morningstar Nontraditional Bond Category | BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% |
|---|
| 10/31/14 | $10,000 | $9,427 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $9,716 | $9,159 | $10,196 | $10,016 | $10,302 |
|---|
| 10/31/16 | $9,503 | $8,958 | $10,641 | $10,516 | $10,642 |
|---|
| 10/31/17 | $10,529 | $9,925 | $10,737 | $11,114 | $11,038 |
|---|
| 10/31/18 | $11,395 | $10,741 | $10,517 | $11,260 | $11,554 |
|---|
| 10/31/19 | $11,971 | $11,285 | $11,727 | $11,859 | $12,179 |
|---|
| 10/31/20 | $12,447 | $11,733 | $12,453 | $12,136 | $12,656 |
|---|
| 10/31/21 | $12,916 | $12,175 | $12,393 | $12,880 | $13,042 |
|---|
| 10/31/22 | $12,551 | $11,831 | $10,450 | $11,936 | $13,536 |
|---|
| 10/31/23 | $12,790 | $12,057 | $10,487 | $12,539 | $14,593 |
|---|
| 10/31/24 | $13,380 | $12,613 | $11,593 | $14,034 | $15,821 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Long/Short Credit Fund | | | |
|---|
| Class A Without Load | 4.61% | 2.25% | 2.95% |
|---|
| Class A With Load | -1.44% | 1.05% | 2.35% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 8.41% | 5.37% | 4.69% |
|---|
| Morningstar Nontraditional Bond Category | 11.92% | 3.42% | 3.45% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $230,291,404 |
|---|
| Number of Portfolio Holdings | 64 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,401,654 |
|---|
| Portfolio Turnover | 274% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 0.0% |
| Corporate Bonds | 36.5% |
| Money Market Funds | 4.0% |
| Non U.S. Government & Agencies | 1.4% |
| U.S. Government & Agencies | 58.1% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 11.4% |
| Health Care | 0.7% |
| Consumer Staples | 1.0% |
| Industrials | 1.1% |
| Sovereign | 1.5% |
| Energy | 2.8% |
| Utilities | 2.8% |
| Communications | 2.9% |
| Consumer Discretionary | 3.9% |
| Money Market Funds | 4.1% |
| Financials | 22.0% |
| U.S. Treasury Obligations | 59.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 5.0% |
| United States Treasury Note | 2.6% |
| First American Government Obligations Fund, Class X | 2.3% |
| Wells Fargo & Company | 2.2% |
| Synchrony Bank | 2.1% |
| Frontier Communications Holdings, LLC | 1.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Long/Short Credit Fund - Class A (DAAIX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/longshortcredit/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Long/Short Credit Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/longshortcredit/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $192 | 1.88% |
|---|
How did the Fund perform during the reporting period?
The Fund’s core long positions were the strongest contributor to Fund performance over the fiscal year. The core long positions were the largest source of positive performance over the fiscal quarter, with gains driven by short duration holdings from the financial services sector.
The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.38 years. This exposure was a headwind to positive Fund Performance as speculation grew for the sustained easing of monetary policy, but as investors hedged bets for meaningful interest rate cuts to close 2024, this exposure contributed marginally to Fund performance as US Treasury yields rose over the fiscal year.
Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year. For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 16.3 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index, over the fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Long/Short Credit Fund - Class C | Bloomberg U.S. Aggregate Bond Index | Morningstar Nontraditional Bond Category | BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $9,647 | $10,196 | $10,016 | $10,302 |
|---|
| Oct-2016 | $9,363 | $10,641 | $10,516 | $10,642 |
|---|
| Oct-2017 | $10,295 | $10,737 | $11,114 | $11,038 |
|---|
| Oct-2018 | $11,050 | $10,517 | $11,260 | $11,554 |
|---|
| Oct-2019 | $11,529 | $11,727 | $11,859 | $12,179 |
|---|
| Oct-2020 | $11,903 | $12,453 | $12,136 | $12,656 |
|---|
| Oct-2021 | $12,260 | $12,393 | $12,880 | $13,042 |
|---|
| Oct-2022 | $11,825 | $10,450 | $11,936 | $13,536 |
|---|
| Oct-2023 | $11,955 | $10,487 | $12,539 | $14,593 |
|---|
| Oct-2024 | $12,413 | $11,593 | $14,034 | $15,821 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Long/Short Credit Fund | 3.82% | 1.49% | 2.18% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 8.41% | 5.37% | 4.69% |
|---|
| Morningstar Nontraditional Bond Category | 11.92% | 3.42% | 3.45% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $230,291,404 |
|---|
| Number of Portfolio Holdings | 64 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,401,654 |
|---|
| Portfolio Turnover | 274% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 0.0% |
| Corporate Bonds | 36.5% |
| Money Market Funds | 4.0% |
| Non U.S. Government & Agencies | 1.4% |
| U.S. Government & Agencies | 58.1% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 11.4% |
| Health Care | 0.7% |
| Consumer Staples | 1.0% |
| Industrials | 1.1% |
| Sovereign | 1.5% |
| Energy | 2.8% |
| Utilities | 2.8% |
| Communications | 2.9% |
| Consumer Discretionary | 3.9% |
| Money Market Funds | 4.1% |
| Financials | 22.0% |
| U.S. Treasury Obligations | 59.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 5.0% |
| United States Treasury Note | 2.6% |
| First American Government Obligations Fund, Class X | 2.3% |
| Wells Fargo & Company | 2.2% |
| Synchrony Bank | 2.1% |
| Frontier Communications Holdings, LLC | 1.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Long/Short Credit Fund - Class C (DCAIX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/longshortcredit/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Long/Short Credit Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/longshortcredit/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $90 | 0.88% |
|---|
How did the Fund perform during the reporting period?
The Fund’s core long positions were the strongest contributor to Fund performance over the fiscal year. The core long positions were the largest source of positive performance over the fiscal quarter, with gains driven by short duration holdings from the financial services sector.
The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.38 years. This exposure was a headwind to positive Fund Performance as speculation grew for the sustained easing of monetary policy, but as investors hedged bets for meaningful interest rate cuts to close 2024, this exposure contributed marginally to Fund performance as US Treasury yields rose over the fiscal year.
Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the fiscal year. For example, the Fund held various credit default swaps on a basket of high-yield bonds. These positions meaningfully detracted from Fund performance as high-yield bonds rose 16.3 percent, as measured by the ICE BofA U.S. Cash Pay High Yield Index, over the fiscal year.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Long/Short Credit Fund - Class N | Bloomberg U.S. Aggregate Bond Index | Morningstar Nontraditional Bond Category | BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $97,330 | $101,956 | $100,160 | $103,016 |
|---|
| Oct-2016 | $95,465 | $106,412 | $105,157 | $106,422 |
|---|
| Oct-2017 | $106,039 | $107,372 | $111,139 | $110,382 |
|---|
| Oct-2018 | $115,104 | $105,167 | $112,600 | $115,544 |
|---|
| Oct-2019 | $121,213 | $117,272 | $118,589 | $121,788 |
|---|
| Oct-2020 | $126,340 | $124,527 | $121,360 | $126,558 |
|---|
| Oct-2021 | $131,396 | $123,932 | $128,800 | $130,425 |
|---|
| Oct-2022 | $128,016 | $104,496 | $119,358 | $135,366 |
|---|
| Oct-2023 | $130,776 | $104,868 | $125,386 | $145,930 |
|---|
| Oct-2024 | $137,290 | $115,928 | $140,338 | $158,213 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Long/Short Credit Fund | 4.98% | 2.52% | 3.22% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
|---|
| BofA Merrill Lynch US 3-Month Treasury Bill Index + 3% | 8.41% | 5.37% | 4.69% |
|---|
| Morningstar Nontraditional Bond Category | 11.92% | 3.42% | 3.45% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $230,291,404 |
|---|
| Number of Portfolio Holdings | 64 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $1,401,654 |
|---|
| Portfolio Turnover | 274% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 0.0% |
| Corporate Bonds | 36.5% |
| Money Market Funds | 4.0% |
| Non U.S. Government & Agencies | 1.4% |
| U.S. Government & Agencies | 58.1% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 11.4% |
| Health Care | 0.7% |
| Consumer Staples | 1.0% |
| Industrials | 1.1% |
| Sovereign | 1.5% |
| Energy | 2.8% |
| Utilities | 2.8% |
| Communications | 2.9% |
| Consumer Discretionary | 3.9% |
| Money Market Funds | 4.1% |
| Financials | 22.0% |
| U.S. Treasury Obligations | 59.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 11.8% |
| United States Treasury Bill | 5.0% |
| United States Treasury Note | 2.6% |
| First American Government Obligations Fund, Class X | 2.3% |
| Wells Fargo & Company | 2.2% |
| Synchrony Bank | 2.1% |
| Frontier Communications Holdings, LLC | 1.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Long/Short Credit Fund - Class N (DNAIX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/longshortcredit/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Monthly Distribution Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $272 | 2.63% |
|---|
How did the Fund perform during the reporting period?
The Fund invested in a narrow group of deals, meaning that the exposure to deals in general was selective. The Fund generally has exposure to approximately 20 deals on average and allocates based upon potential upside weighed against what the Sub-Adviser sees and the potential downside. Therefore, failures or successes in any given merger deal may have a large impact on Fund performance versus if the Fund held exposure to hundreds of active deals at all times.
Some volatile and high-profile deals closed and contributed positively to Fund performance. Some mega-deals, where multi-billion dollar companies are the target of even larger acquirors were being priced as if they were likely to fail. The Sub-Adviser was able to identify a few of these during the fiscal year and the Fund benefitted as they successfully closed.
Some massive deals suffered from increased federal scrutiny and detracted from Fund performance. Over the past year, the Federal Trade Commission had significantly increased its scrutiny of certain deals, some of which the Fund held. Some of these saw their spreads widen extensively or even terminate the merger, which detracted from Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Monthly Distribution Fund - Class A | Dunham Monthly Distribution Fund - Class A- with load | S&P 500® Index | Morningstar Event Driven Category | Credit Suisse Merger Arb Liquidity Beta Index |
|---|
| 10/31/14 | $10,000 | $9,425 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $9,820 | $9,255 | $10,520 | $10,219 | $10,228 |
|---|
| 10/31/16 | $9,970 | $9,397 | $10,994 | $10,555 | $9,922 |
|---|
| 10/31/17 | $10,633 | $10,022 | $13,593 | $11,386 | $10,788 |
|---|
| 10/31/18 | $10,564 | $9,956 | $14,591 | $11,769 | $11,040 |
|---|
| 10/31/19 | $10,807 | $10,185 | $16,681 | $12,653 | $11,604 |
|---|
| 10/31/20 | $10,817 | $10,195 | $18,301 | $13,162 | $11,676 |
|---|
| 10/31/21 | $10,952 | $10,323 | $26,155 | $14,667 | $12,838 |
|---|
| 10/31/22 | $11,047 | $10,412 | $22,334 | $14,570 | $12,902 |
|---|
| 10/31/23 | $11,193 | $10,549 | $24,599 | $15,033 | $13,648 |
|---|
| 10/31/24 | $11,979 | $11,290 | $33,950 | $16,260 | $14,202 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.
For disclosure regarding the extent to which the Fund’s distribution policy resulted in distributions of capital during the reporting period ending October 31, 2024 (i.e., a return of capital), please refer to the Fund’s Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Monthly Distribution Fund | | | |
|---|
| Class A Without Load | 7.02% | 2.08% | 1.82% |
|---|
| Class A With Load | 0.86% | 0.88% | 1.22% |
|---|
| Credit Suisse Merger Arb Liquidity Beta Index | 4.06% | 4.12% | 3.57% |
|---|
| Morningstar Event Driven Category | 8.16% | 5.14% | 4.98% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $229,611,203 |
|---|
| Number of Portfolio Holdings | 45 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $2,307,370 |
|---|
| Portfolio Turnover | 209% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Closed End Funds | 2.3% |
| Common Stocks | 115.7% |
| Money Market Funds | 23.7% |
| Right | 0.8% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 28.6% |
| Communications | 6.1% |
| Equity | 1.5% |
| Consumer Discretionary | 2.2% |
| Real Estate | 2.8% |
| Energy | 17.0% |
| Utilities | 4.3% |
| Health Care | 5.3% |
| Materials | 10.6% |
| Consumer Staples | 11.5% |
| Technology | 15.4% |
| Money Market Funds | 15.5% |
| Other Sectors | 1.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Albertsons Companies, Inc. - A | 7.5% |
| Hess Corporation | 7.2% |
| United States Steel Corporation | 7.1% |
| Liberty Broadband Corporation - C - Series C | 6.1% |
| Atlantica Sustainable Infrastructure plc | 4.4% |
| Avangrid, Inc. | 4.3% |
| Marathon Oil Corporation | 4.1% |
| ANSYS, Inc. | 4.0% |
| Kellanova | 3.9% |
| HashiCorp, Inc. | 3.5% |
Short Sector Weighting (% of net assets)
| Value | Value |
|---|
| Currency Contracts | 6.0% |
| Call Options Written | -0.3% |
| Financials | -1.0% |
| Technology | -2.2% |
| Materials | -4.9% |
| Communications | -5.6% |
| Energy | -13.8% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Monthly Distribution Fund - Class A (DAMDX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Monthly Distribution Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $349 | 3.39% |
|---|
How did the Fund perform during the reporting period?
The Fund invested in a narrow group of deals, meaning that the exposure to deals in general was selective. The Fund generally has exposure to approximately 20 deals on average and allocates based upon potential upside weighed against what the Sub-Adviser sees and the potential downside. Therefore, failures or successes in any given merger deal may have a large impact on Fund performance versus if the Fund held exposure to hundreds of active deals at all times.
Some volatile and high-profile deals closed and contributed positively to Fund performance. Some mega-deals, where multi-billion dollar companies are the target of even larger acquirors were being priced as if they were likely to fail. The Sub-Adviser was able to identify a few of these during the fiscal year and the Fund benefitted as they successfully closed.
Some massive deals suffered from increased federal scrutiny and detracted from Fund performance. Over the past year, the Federal Trade Commission had significantly increased its scrutiny of certain deals, some of which the Fund held. Some of these saw their spreads widen extensively or even terminate the merger, which detracted from Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Monthly Distribution Fund - Class C | S&P 500® Index | Morningstar Event Driven Category | Credit Suisse Merger Arb Liquidity Beta Index |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $9,747 | $10,520 | $10,219 | $10,228 |
|---|
| Oct-2016 | $9,819 | $10,994 | $10,555 | $9,922 |
|---|
| Oct-2017 | $10,391 | $13,593 | $11,386 | $10,788 |
|---|
| Oct-2018 | $10,249 | $14,591 | $11,769 | $11,040 |
|---|
| Oct-2019 | $10,404 | $16,681 | $12,653 | $11,604 |
|---|
| Oct-2020 | $10,334 | $18,301 | $13,162 | $11,676 |
|---|
| Oct-2021 | $10,390 | $26,155 | $14,667 | $12,838 |
|---|
| Oct-2022 | $10,400 | $22,334 | $14,570 | $12,902 |
|---|
| Oct-2023 | $10,459 | $24,599 | $15,033 | $13,648 |
|---|
| Oct-2024 | $11,106 | $33,950 | $16,260 | $14,202 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.
For disclosure regarding the extent to which the Fund’s distribution policy resulted in distributions of capital during the reporting period ending October 31, 2024 (i.e., a return of capital), please refer to the Fund’s Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Monthly Distribution Fund | 6.19% | 1.31% | 1.05% |
|---|
| Credit Suisse Merger Arb Liquidity Beta Index | 4.06% | 4.12% | 3.57% |
|---|
| Morningstar Event Driven Category | 8.16% | 5.14% | 4.98% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $229,611,203 |
|---|
| Number of Portfolio Holdings | 45 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $2,307,370 |
|---|
| Portfolio Turnover | 209% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Closed End Funds | 2.3% |
| Common Stocks | 115.7% |
| Money Market Funds | 23.7% |
| Right | 0.8% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 28.6% |
| Communications | 6.1% |
| Equity | 1.5% |
| Consumer Discretionary | 2.2% |
| Real Estate | 2.8% |
| Energy | 17.0% |
| Utilities | 4.3% |
| Health Care | 5.3% |
| Materials | 10.6% |
| Consumer Staples | 11.5% |
| Technology | 15.4% |
| Money Market Funds | 15.5% |
| Other Sectors | 1.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Albertsons Companies, Inc. - A | 7.5% |
| Hess Corporation | 7.2% |
| United States Steel Corporation | 7.1% |
| Liberty Broadband Corporation - C - Series C | 6.1% |
| Atlantica Sustainable Infrastructure plc | 4.4% |
| Avangrid, Inc. | 4.3% |
| Marathon Oil Corporation | 4.1% |
| ANSYS, Inc. | 4.0% |
| Kellanova | 3.9% |
| HashiCorp, Inc. | 3.5% |
Short Sector Weighting (% of net assets)
| Value | Value |
|---|
| Currency Contracts | 6.0% |
| Call Options Written | -0.3% |
| Financials | -1.0% |
| Technology | -2.2% |
| Materials | -4.9% |
| Communications | -5.6% |
| Energy | -13.8% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Monthly Distribution Fund - Class C (DCMDX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Monthly Distribution Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $245 | 2.36% |
|---|
How did the Fund perform during the reporting period?
The Fund invested in a narrow group of deals, meaning that the exposure to deals in general was selective. The Fund generally has exposure to approximately 20 deals on average and allocates based upon potential upside weighed against what the Sub-Adviser sees and the potential downside. Therefore, failures or successes in any given merger deal may have a large impact on Fund performance versus if the Fund held exposure to hundreds of active deals at all times.
Some volatile and high-profile deals closed and contributed positively to Fund performance. Some mega-deals, where multi-billion dollar companies are the target of even larger acquirors were being priced as if they were likely to fail. The Sub-Adviser was able to identify a few of these during the fiscal year and the Fund benefitted as they successfully closed.
Some massive deals suffered from increased federal scrutiny and detracted from Fund performance. Over the past year, the Federal Trade Commission had significantly increased its scrutiny of certain deals, some of which the Fund held. Some of these saw their spreads widen extensively or even terminate the merger, which detracted from Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Monthly Distribution Fund - Class N | S&P 500® Index | Morningstar Event Driven Category | Credit Suisse Merger Arb Liquidity Beta Index |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $98,469 | $105,200 | $102,188 | $102,285 |
|---|
| Oct-2016 | $100,224 | $109,943 | $105,546 | $99,218 |
|---|
| Oct-2017 | $107,159 | $135,925 | $113,863 | $107,884 |
|---|
| Oct-2018 | $106,716 | $145,911 | $117,692 | $110,400 |
|---|
| Oct-2019 | $109,437 | $166,814 | $126,530 | $116,042 |
|---|
| Oct-2020 | $109,806 | $183,012 | $131,621 | $116,764 |
|---|
| Oct-2021 | $111,499 | $261,550 | $146,667 | $128,383 |
|---|
| Oct-2022 | $112,704 | $223,335 | $145,696 | $129,019 |
|---|
| Oct-2023 | $114,494 | $245,988 | $150,334 | $136,478 |
|---|
| Oct-2024 | $122,866 | $339,505 | $162,597 | $142,022 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
The Fund 's distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions is not fixed but is expected to be at or near the level of the prime interest rate.
For disclosure regarding the extent to which the Fund’s distribution policy resulted in distributions of capital during the reporting period ending October 31, 2024 (i.e., a return of capital), please refer to the Fund’s Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Monthly Distribution Fund | 7.31% | 2.34% | 2.08% |
|---|
| Credit Suisse Merger Arb Liquidity Beta Index | 4.06% | 4.12% | 3.57% |
|---|
| Morningstar Event Driven Category | 8.16% | 5.14% | 4.98% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $229,611,203 |
|---|
| Number of Portfolio Holdings | 45 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $2,307,370 |
|---|
| Portfolio Turnover | 209% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Closed End Funds | 2.3% |
| Common Stocks | 115.7% |
| Money Market Funds | 23.7% |
| Right | 0.8% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 28.6% |
| Communications | 6.1% |
| Equity | 1.5% |
| Consumer Discretionary | 2.2% |
| Real Estate | 2.8% |
| Energy | 17.0% |
| Utilities | 4.3% |
| Health Care | 5.3% |
| Materials | 10.6% |
| Consumer Staples | 11.5% |
| Technology | 15.4% |
| Money Market Funds | 15.5% |
| Other Sectors | 1.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Albertsons Companies, Inc. - A | 7.5% |
| Hess Corporation | 7.2% |
| United States Steel Corporation | 7.1% |
| Liberty Broadband Corporation - C - Series C | 6.1% |
| Atlantica Sustainable Infrastructure plc | 4.4% |
| Avangrid, Inc. | 4.3% |
| Marathon Oil Corporation | 4.1% |
| ANSYS, Inc. | 4.0% |
| Kellanova | 3.9% |
| HashiCorp, Inc. | 3.5% |
Short Sector Weighting (% of net assets)
| Value | Value |
|---|
| Currency Contracts | 6.0% |
| Call Options Written | -0.3% |
| Financials | -1.0% |
| Technology | -2.2% |
| Materials | -4.9% |
| Communications | -5.6% |
| Energy | -13.8% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Monthly Distribution Fund - Class N (DNMDX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Real Estate Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/realestate/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $193 | 1.78% |
|---|
How did the Fund perform during the reporting period?
The exposure to data center REITs meaningfully contributed to Fund performance over the fiscal year. Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. In reaction, data center companies rallied.
Off-benchmark exposures provided mixed results over the fiscal year. The exposure to casinos detracted from performance over the fiscal year, while positions related to power and energy meaningfully contributed.
The Fund’s underweight exposure to office and regional mall REITs detracted from Fund Performance. The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Real Estate Stock Fund - Class A | Dunham Real Estate Stock Fund - Class A- with load | S&P 500® Index | Dow Jones US Real Estate Index | Morningstar Real Estate Category |
|---|
| 10/31/14 | $10,000 | $9,425 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $10,485 | $9,881 | $10,520 | $10,475 | $10,646 |
|---|
| 10/31/16 | $11,071 | $10,434 | $10,994 | $11,156 | $11,330 |
|---|
| 10/31/17 | $11,446 | $10,788 | $13,593 | $12,185 | $12,110 |
|---|
| 10/31/18 | $11,362 | $10,708 | $14,591 | $12,398 | $12,272 |
|---|
| 10/31/19 | $14,068 | $13,258 | $16,681 | $15,460 | $15,279 |
|---|
| 10/31/20 | $14,028 | $13,221 | $18,301 | $13,185 | $12,696 |
|---|
| 10/31/21 | $18,585 | $17,515 | $26,155 | $19,013 | $18,956 |
|---|
| 10/31/22 | $11,546 | $10,881 | $22,334 | $15,032 | $15,128 |
|---|
| 10/31/23 | $10,240 | $9,651 | $24,599 | $13,960 | $14,224 |
|---|
| 10/31/24 | $13,874 | $13,076 | $33,950 | $18,748 | $19,085 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Real Estate Stock Fund | | | |
|---|
| Class A Without Load | 35.49% | -0.28% | 3.33% |
|---|
| Class A With Load | 27.75% | -1.45% | 2.72% |
|---|
| Dow Jones US Real Estate Index | 34.29% | 3.93% | 6.49% |
|---|
| Morningstar Real Estate Category | 34.17% | 4.55% | 6.68% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $46,725,325 |
|---|
| Number of Portfolio Holdings | 42 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $642,956 |
|---|
| Portfolio Turnover | 78% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 85.8% |
| Money Market Funds | 14.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -17.1% |
| Consumer Staples | 1.0% |
| Technology | 1.1% |
| Real Estate Investment Trust | 1.1% |
| Energy | 3.1% |
| Industrials | 4.2% |
| Communications | 4.6% |
| Financials | 7.9% |
| Consumer Discretionary | 9.3% |
| Money Market Funds | 16.6% |
| Real Estate | 68.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| American Tower Corporation - Class A | 7.5% |
| Equinix, Inc. | 6.5% |
| Prologis, Inc. | 4.9% |
| FTAI Infrastructure, LLC | 4.7% |
| MGM Resorts International | 4.4% |
| Digital Realty Trust, Inc. | 4.0% |
| Simon Property Group, Inc. | 3.9% |
| Innovative Industrial Properties, Inc. | 3.7% |
| DigitalBridge Group, Inc. | 3.6% |
| New Fortress Energy, Inc. | 3.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Real Estate Stock Fund - Class A (DAREX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/realestate/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Real Estate Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/realestate/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $256 | 2.54% |
|---|
How did the Fund perform during the reporting period?
The exposure to data center REITs meaningfully contributed to Fund performance over the fiscal year. Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. In reaction, data center companies rallied.
Off-benchmark exposures provided mixed results over the fiscal year. The exposure to casinos detracted from performance over the fiscal year, while positions related to power and energy meaningfully contributed.
The Fund’s underweight exposure to office and regional mall REITs detracted from Fund Performance. The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Real Estate Stock Fund - Class C | S&P 500® Index | Dow Jones US Real Estate Index | Morningstar Real Estate Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $10,408 | $10,520 | $10,475 | $10,646 |
|---|
| Oct-2016 | $10,906 | $10,994 | $11,156 | $11,330 |
|---|
| Oct-2017 | $11,185 | $13,593 | $12,185 | $12,110 |
|---|
| Oct-2018 | $11,017 | $14,591 | $12,398 | $12,272 |
|---|
| Oct-2019 | $13,548 | $16,681 | $15,460 | $15,279 |
|---|
| Oct-2020 | $13,403 | $18,301 | $13,185 | $12,696 |
|---|
| Oct-2021 | $17,624 | $26,155 | $19,013 | $18,956 |
|---|
| Oct-2022 | $10,861 | $22,334 | $15,032 | $15,128 |
|---|
| Oct-2023 | $9,561 | $24,599 | $13,960 | $14,224 |
|---|
| Oct-2024 | $12,862 | $33,950 | $18,748 | $19,085 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Real Estate Stock Fund | 34.52% | -1.03% | 2.55% |
|---|
| Dow Jones US Real Estate Index | 34.29% | 3.93% | 6.49% |
|---|
| Morningstar Real Estate Category | 34.17% | 4.55% | 6.68% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $46,725,325 |
|---|
| Number of Portfolio Holdings | 42 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $642,956 |
|---|
| Portfolio Turnover | 78% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 85.8% |
| Money Market Funds | 14.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -17.1% |
| Consumer Staples | 1.0% |
| Technology | 1.1% |
| Real Estate Investment Trust | 1.1% |
| Energy | 3.1% |
| Industrials | 4.2% |
| Communications | 4.6% |
| Financials | 7.9% |
| Consumer Discretionary | 9.3% |
| Money Market Funds | 16.6% |
| Real Estate | 68.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| American Tower Corporation - Class A | 7.5% |
| Equinix, Inc. | 6.5% |
| Prologis, Inc. | 4.9% |
| FTAI Infrastructure, LLC | 4.7% |
| MGM Resorts International | 4.4% |
| Digital Realty Trust, Inc. | 4.0% |
| Simon Property Group, Inc. | 3.9% |
| Innovative Industrial Properties, Inc. | 3.7% |
| DigitalBridge Group, Inc. | 3.6% |
| New Fortress Energy, Inc. | 3.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Real Estate Stock Fund - Class C (DCREX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/realestate/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Real Estate Stock Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/realestate/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $166 | 1.55% |
|---|
How did the Fund perform during the reporting period?
The exposure to data center REITs meaningfully contributed to Fund performance over the fiscal year. Demand for data centers skyrocketed amid the enthusiasm surrounding artificial intelligence. In reaction, data center companies rallied.
Off-benchmark exposures provided mixed results over the fiscal year. The exposure to casinos detracted from performance over the fiscal year, while positions related to power and energy meaningfully contributed.
The Fund’s underweight exposure to office and regional mall REITs detracted from Fund Performance. The Sub-Adviser focuses on companies with competitive advantages that it believes can increase net operating income, independent of what is happening in the economy. Given this bias, the Sub-Adviser gravitates away from cyclical sectors.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Real Estate Stock Fund - Class N | S&P 500® Index | Dow Jones US Real Estate Index | Morningstar Real Estate Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $105,131 | $105,200 | $104,757 | $106,458 |
|---|
| Oct-2016 | $111,260 | $109,943 | $111,562 | $113,299 |
|---|
| Oct-2017 | $115,233 | $135,925 | $121,856 | $121,101 |
|---|
| Oct-2018 | $114,682 | $145,911 | $123,981 | $122,720 |
|---|
| Oct-2019 | $142,391 | $166,814 | $154,609 | $152,786 |
|---|
| Oct-2020 | $142,365 | $183,012 | $131,860 | $126,955 |
|---|
| Oct-2021 | $189,069 | $261,550 | $190,141 | $189,559 |
|---|
| Oct-2022 | $117,689 | $223,335 | $150,322 | $151,275 |
|---|
| Oct-2023 | $104,641 | $245,988 | $139,610 | $142,238 |
|---|
| Oct-2024 | $142,088 | $339,505 | $187,491 | $190,851 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Real Estate Stock Fund | 35.79% | -0.04% | 3.58% |
|---|
| Dow Jones US Real Estate Index | 34.29% | 3.93% | 6.49% |
|---|
| Morningstar Real Estate Category | 34.17% | 4.55% | 6.68% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $46,725,325 |
|---|
| Number of Portfolio Holdings | 42 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $642,956 |
|---|
| Portfolio Turnover | 78% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 85.8% |
| Money Market Funds | 14.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -17.1% |
| Consumer Staples | 1.0% |
| Technology | 1.1% |
| Real Estate Investment Trust | 1.1% |
| Energy | 3.1% |
| Industrials | 4.2% |
| Communications | 4.6% |
| Financials | 7.9% |
| Consumer Discretionary | 9.3% |
| Money Market Funds | 16.6% |
| Real Estate | 68.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| American Tower Corporation - Class A | 7.5% |
| Equinix, Inc. | 6.5% |
| Prologis, Inc. | 4.9% |
| FTAI Infrastructure, LLC | 4.7% |
| MGM Resorts International | 4.4% |
| Digital Realty Trust, Inc. | 4.0% |
| Simon Property Group, Inc. | 3.9% |
| Innovative Industrial Properties, Inc. | 3.7% |
| DigitalBridge Group, Inc. | 3.6% |
| New Fortress Energy, Inc. | 3.1% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Real Estate Stock Fund - Class N (DNREX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/realestate/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $185 | 1.59% |
|---|
How did the Fund perform during the reporting period?
The exposure to fast casual restaurants meaningfully contributed to Fund performance over the fiscal year. Demand for lunch-oriented restaurants has sky-rocketed as consumers return to the workplace post covid. Despite legacy fast-food chains lacking in returns, newer faces with growth opportunities have benefitted most from rate cuts and strong profit margins.
Stock selection, or lack thereof, provided mixed results over the fiscal year. The attributions within IT services greatly detracted from performance over the fiscal year, while avoiding all but three energy companies meaningfully contributed to returns.
The Fund’s lack of exposure to materials and real estate detracted from Fund Performance. The Sub-Adviser carried no holdings in either sector throughout the fiscal year. Going forward, they emphasized that real estate looks particularly enticing following the Federal Reserve’s rate cuts, and the presidential election.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Small Cap Growth Fund - Class A | Dunham Small Cap Growth Fund - Class A- with load | S&P 500® Index | Russell 2000® Growth Index | Morningstar Small Cap Growth Category |
|---|
| 10/31/14 | $10,000 | $9,423 | $10,000 | $10,000 | $10,000 |
|---|
| 10/31/15 | $10,512 | $9,905 | $10,520 | $10,352 | $10,318 |
|---|
| 10/31/16 | $10,288 | $9,695 | $10,994 | $10,302 | $10,503 |
|---|
| 10/31/17 | $13,586 | $12,802 | $13,593 | $13,495 | $13,703 |
|---|
| 10/31/18 | $15,726 | $14,818 | $14,591 | $14,053 | $14,971 |
|---|
| 10/31/19 | $15,921 | $15,003 | $16,681 | $14,952 | $16,160 |
|---|
| 10/31/20 | $21,812 | $20,553 | $18,301 | $16,951 | $19,142 |
|---|
| 10/31/21 | $32,483 | $30,609 | $26,155 | $23,469 | $28,050 |
|---|
| 10/31/22 | $20,284 | $19,114 | $22,334 | $17,362 | $20,448 |
|---|
| 10/31/23 | $19,910 | $18,761 | $24,599 | $16,037 | $19,219 |
|---|
| 10/31/24 | $26,362 | $24,841 | $33,950 | $21,890 | $25,982 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Small Cap Growth Fund | | | |
|---|
| Class A Without Load | 32.41% | 10.61% | 10.18% |
|---|
| Class A With Load | 24.81% | 9.31% | 9.53% |
|---|
| Morningstar Small Cap Growth Category | 35.19% | 9.96% | 10.02% |
|---|
Russell 2000® Growth Index | 36.49% | 7.92% | 8.15% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $75,234,150 |
|---|
| Number of Portfolio Holdings | 109 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $804,926 |
|---|
| Portfolio Turnover | 100% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 79.8% |
| Money Market Funds | 20.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -23.0% |
| Energy | 2.8% |
| Communications | 3.8% |
| Consumer Staples | 3.8% |
| Financials | 8.4% |
| Consumer Discretionary | 14.1% |
| Industrials | 16.3% |
| Health Care | 19.2% |
| Money Market Funds | 24.8% |
| Technology | 29.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Kodiak Gas Services, Inc. | 1.6% |
| BWX Technologies, Inc. | 1.5% |
| Tradeweb Markets, Inc. - CLASS A | 1.5% |
| Pinnacle Financial Partners, Inc. | 1.5% |
| MSCI, Inc. | 1.5% |
| Herc Holdings, Inc. | 1.5% |
| Omnicell, Inc. | 1.3% |
| Moelis & Company - Class A | 1.3% |
| ExlService Holdings, Inc. | 1.3% |
| Texas Roadhouse, Inc. | 1.3% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Small Cap Growth Fund - Class A (DADGX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $269 | 2.33% |
|---|
How did the Fund perform during the reporting period?
The exposure to fast casual restaurants meaningfully contributed to Fund performance over the fiscal year. Demand for lunch-oriented restaurants has sky-rocketed as consumers return to the workplace post covid. Despite legacy fast-food chains lacking in returns, newer faces with growth opportunities have benefitted most from rate cuts and strong profit margins.
Stock selection, or lack thereof, provided mixed results over the fiscal year. The attributions within IT services greatly detracted from performance over the fiscal year, while avoiding all but three energy companies meaningfully contributed to returns.
The Fund’s lack of exposure to materials and real estate detracted from Fund Performance. The Sub-Adviser carried no holdings in either sector throughout the fiscal year. Going forward, they emphasized that real estate looks particularly enticing following the Federal Reserve’s rate cuts, and the presidential election.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Small Cap Growth Fund - Class C | S&P 500® Index | Russell 2000® Growth Index | Morningstar Small Cap Growth Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| Oct-2015 | $10,429 | $10,520 | $10,352 | $10,318 |
|---|
| Oct-2016 | $10,135 | $10,994 | $10,302 | $10,503 |
|---|
| Oct-2017 | $13,281 | $13,593 | $13,495 | $13,703 |
|---|
| Oct-2018 | $15,261 | $14,591 | $14,053 | $14,971 |
|---|
| Oct-2019 | $15,329 | $16,681 | $14,952 | $16,160 |
|---|
| Oct-2020 | $20,858 | $18,301 | $16,951 | $19,142 |
|---|
| Oct-2021 | $30,824 | $26,155 | $23,469 | $28,050 |
|---|
| Oct-2022 | $19,114 | $22,334 | $17,362 | $20,448 |
|---|
| Oct-2023 | $18,622 | $24,599 | $16,037 | $19,219 |
|---|
| Oct-2024 | $24,444 | $33,950 | $21,890 | $25,982 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Small Cap Growth Fund | 31.26% | 9.78% | 9.35% |
|---|
| Morningstar Small Cap Growth Category | 35.19% | 9.96% | 10.02% |
|---|
Russell 2000® Growth Index | 36.49% | 7.92% | 8.15% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $75,234,150 |
|---|
| Number of Portfolio Holdings | 109 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $804,926 |
|---|
| Portfolio Turnover | 100% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 79.8% |
| Money Market Funds | 20.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -23.0% |
| Energy | 2.8% |
| Communications | 3.8% |
| Consumer Staples | 3.8% |
| Financials | 8.4% |
| Consumer Discretionary | 14.1% |
| Industrials | 16.3% |
| Health Care | 19.2% |
| Money Market Funds | 24.8% |
| Technology | 29.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Kodiak Gas Services, Inc. | 1.6% |
| BWX Technologies, Inc. | 1.5% |
| Tradeweb Markets, Inc. - CLASS A | 1.5% |
| Pinnacle Financial Partners, Inc. | 1.5% |
| MSCI, Inc. | 1.5% |
| Herc Holdings, Inc. | 1.5% |
| Omnicell, Inc. | 1.3% |
| Moelis & Company - Class A | 1.3% |
| ExlService Holdings, Inc. | 1.3% |
| Texas Roadhouse, Inc. | 1.3% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Small Cap Growth Fund - Class C (DCDGX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2023 to December 31, 2024. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/. You can also request this information by contacting us at 1-800-442-4358. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $154 | 1.32% |
|---|
How did the Fund perform during the reporting period?
The exposure to fast casual restaurants meaningfully contributed to Fund performance over the fiscal year. Demand for lunch-oriented restaurants has sky-rocketed as consumers return to the workplace post covid. Despite legacy fast-food chains lacking in returns, newer faces with growth opportunities have benefitted most from rate cuts and strong profit margins.
Stock selection, or lack thereof, provided mixed results over the fiscal year. The attributions within IT services greatly detracted from performance over the fiscal year, while avoiding all but three energy companies meaningfully contributed to returns.
The Fund’s lack of exposure to materials and real estate detracted from Fund Performance. The Sub-Adviser carried no holdings in either sector throughout the fiscal year. Going forward, they emphasized that real estate looks particularly enticing following the Federal Reserve’s rate cuts, and the presidential election.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Small Cap Growth Fund - Class N | S&P 500® Index | Russell 2000® Growth Index | Morningstar Small Cap Growth Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
|---|
| Oct-2015 | $105,356 | $105,200 | $103,524 | $103,175 |
|---|
| Oct-2016 | $103,380 | $109,943 | $103,018 | $105,027 |
|---|
| Oct-2017 | $136,874 | $135,925 | $134,949 | $137,031 |
|---|
| Oct-2018 | $158,808 | $145,911 | $140,526 | $149,705 |
|---|
| Oct-2019 | $161,170 | $166,814 | $149,521 | $161,598 |
|---|
| Oct-2020 | $221,412 | $183,012 | $169,508 | $191,422 |
|---|
| Oct-2021 | $330,632 | $261,550 | $234,690 | $280,495 |
|---|
| Oct-2022 | $206,917 | $223,335 | $173,618 | $204,475 |
|---|
| Oct-2023 | $203,687 | $245,988 | $160,374 | $192,188 |
|---|
| Oct-2024 | $270,271 | $339,505 | $218,896 | $259,822 |
|---|
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Small Cap Growth Fund | 32.69% | 10.89% | 10.45% |
|---|
| Morningstar Small Cap Growth Category | 35.19% | 9.96% | 10.02% |
|---|
Russell 2000® Growth Index | 36.49% | 7.92% | 8.15% |
|---|
S&P 500® Index | 38.02% | 15.27% | 13.00% |
|---|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $75,234,150 |
|---|
| Number of Portfolio Holdings | 109 |
|---|
| Total Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $804,926 |
|---|
| Portfolio Turnover | 100% |
|---|
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 79.8% |
| Money Market Funds | 20.2% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -23.0% |
| Energy | 2.8% |
| Communications | 3.8% |
| Consumer Staples | 3.8% |
| Financials | 8.4% |
| Consumer Discretionary | 14.1% |
| Industrials | 16.3% |
| Health Care | 19.2% |
| Money Market Funds | 24.8% |
| Technology | 29.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Kodiak Gas Services, Inc. | 1.6% |
| BWX Technologies, Inc. | 1.5% |
| Tradeweb Markets, Inc. - CLASS A | 1.5% |
| Pinnacle Financial Partners, Inc. | 1.5% |
| MSCI, Inc. | 1.5% |
| Herc Holdings, Inc. | 1.5% |
| Omnicell, Inc. | 1.3% |
| Moelis & Company - Class A | 1.3% |
| ExlService Holdings, Inc. | 1.3% |
| Texas Roadhouse, Inc. | 1.3% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham Small Cap Growth Fund - Class N (DNDGX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Small Cap Value Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358. This report describes change to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $177 | 1.56% |
How did the Fund perform during the reporting period?
Sub-Adviser Change. Effective April 1, 2024, the Sub-Adviser to the Fund was replaced, transitioning from Ziegler Capital Management, LLC to Boston Partners Global Investors, Inc. 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 exposure to “small capitalization” stocks with a “value” style generally detracted from performance relative to the overall market during the fiscal year. Small cap value companies, as measured by Russell 2000 Value Index, returned 32 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 38 percent over the period. However, when looking at all value stocks across both small and large capitalization companies, small value stocks outperformed large value for the fiscal year.
Stock selection and sector allocation provided mixed results since the Sub-Adviser change. The Sub-Advisers effective security selection within the industrial sector, and relative underweight to the consumer discretionary sector positively contributed to relative performance. However, a large underweight to the financial sector and stock picking within technology hurt relative Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Small Cap Value Fund - Class A | Dunham Small Cap Value Fund - Class A- with load | S&P 500® Index | Russell 2000® Value Index | Morningstar Small Cap Value Category |
|---|
| 10/31/14 | $10,000 | $9,423 | $10,000 | $10,000 | $10,000 |
| 10/31/15 | $9,817 | $9,251 | $10,520 | $9,712 | $9,955 |
| 10/31/16 | $10,242 | $9,651 | $10,994 | $10,568 | $10,595 |
| 10/31/17 | $12,828 | $12,089 | $13,593 | $13,190 | $13,215 |
| 10/31/18 | $12,838 | $12,098 | $14,591 | $13,112 | $13,052 |
| 10/31/19 | $13,590 | $12,806 | $16,681 | $13,534 | $13,383 |
| 10/31/20 | $11,003 | $10,369 | $18,301 | $11,650 | $11,776 |
| 10/31/21 | $17,363 | $16,362 | $26,155 | $19,141 | $19,443 |
| 10/31/22 | $15,990 | $15,067 | $22,334 | $17,087 | $18,191 |
| 10/31/23 | $15,060 | $14,192 | $24,599 | $15,391 | $17,762 |
| 10/31/24 | $19,107 | $18,005 | $33,950 | $20,280 | $22,788 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Small Cap Value Fund | | | |
| Class A Without Load | 26.87% | 7.05% | 6.69% |
| Class A With Load | 19.56% | 5.79% | 6.06% |
| Morningstar Small Cap Value Category | 28.30% | 11.23% | 8.59% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.33% |
S&P 500® Index | 38.02% | 15.27% | 13.00% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $99,177,987 |
| Number of Portfolio Holdings | 207 |
| Total Advisory Fee | $868,807 |
| Portfolio Turnover | 159% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 82.3% |
| Money Market Funds | 17.7% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -16.8% |
| Consumer Staples | 1.7% |
| Utilities | 3.4% |
| Communications | 4.6% |
| Health Care | 5.4% |
| Real Estate | 5.9% |
| Energy | 6.3% |
| Consumer Discretionary | 7.5% |
| Materials | 8.7% |
| Technology | 9.9% |
| Money Market Funds | 20.7% |
| Industrials | 21.2% |
| Financials | 21.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Tenet Healthcare Corporation | 1.4% |
| Gildan Activewear, Inc. | 1.3% |
| Kemper Corporation | 1.2% |
| Northeast Bank | 1.2% |
| Star Bulk Carriers Corporation | 1.2% |
| Enovis Corporation | 1.1% |
| Clarivate PLC | 1.1% |
| Brixmor Property Group, Inc. | 1.0% |
| Arcosa, Inc. | 1.0% |
| Orion Group Holdings, Inc. | 0.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Effective April 1, 2024, Boston Partners Global Investors, Inc. replaced Ziegler Capital Management, LLC as sub-adviser to the Dunham Small Cap Value Fund. The new sub-advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70%, based on the Fund’s performance relative to the Russell 2000® Value Index, the Fund’s benchmark.
Dunham Small Cap Value Fund - Class A (DASVX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Small Cap Value Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358. This report describes change to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $262 | 2.32% |
How did the Fund perform during the reporting period?
Sub-Adviser Change. Effective April 1, 2024, the Sub-Adviser to the Fund was replaced, transitioning from Ziegler Capital Management, LLC to Boston Partners Global Investors, Inc. 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 exposure to “small capitalization” stocks with a “value” style generally detracted from performance relative to the overall market during the fiscal year. Small cap value companies, as measured by Russell 2000 Value Index, returned 32 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 38 percent over the period. However, when looking at all value stocks across both small and large capitalization companies, small value stocks outperformed large value for the fiscal year.
Stock selection and sector allocation provided mixed results since the Sub-Adviser change. The Sub-Advisers effective security selection within the industrial sector, and relative underweight to the consumer discretionary sector positively contributed to relative performance. However, a large underweight to the financial sector and stock picking within technology hurt relative Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Dunham Small Cap Value Fund - Class C | S&P 500® Index | Russell 2000® Value Index | Morningstar Small Cap Value Category |
|---|
| Oct-2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| Oct-2015 | $9,744 | $10,520 | $9,712 | $9,955 |
| Oct-2016 | $10,087 | $10,994 | $10,568 | $10,595 |
| Oct-2017 | $12,538 | $13,593 | $13,190 | $13,215 |
| Oct-2018 | $12,459 | $14,591 | $13,112 | $13,052 |
| Oct-2019 | $13,090 | $16,681 | $13,534 | $13,383 |
| Oct-2020 | $10,516 | $18,301 | $11,650 | $11,776 |
| Oct-2021 | $16,462 | $26,155 | $19,141 | $19,443 |
| Oct-2022 | $15,056 | $22,334 | $17,087 | $18,191 |
| Oct-2023 | $14,073 | $24,599 | $15,391 | $17,762 |
| Oct-2024 | $17,722 | $33,950 | $20,280 | $22,788 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Small Cap Value Fund | 25.93% | 6.25% | 5.89% |
| Morningstar Small Cap Value Category | 28.30% | 11.23% | 8.59% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.33% |
S&P 500® Index | 38.02% | 15.27% | 13.00% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $99,177,987 |
| Number of Portfolio Holdings | 207 |
| Total Advisory Fee | $868,807 |
| Portfolio Turnover | 159% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 82.3% |
| Money Market Funds | 17.7% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -16.8% |
| Consumer Staples | 1.7% |
| Utilities | 3.4% |
| Communications | 4.6% |
| Health Care | 5.4% |
| Real Estate | 5.9% |
| Energy | 6.3% |
| Consumer Discretionary | 7.5% |
| Materials | 8.7% |
| Technology | 9.9% |
| Money Market Funds | 20.7% |
| Industrials | 21.2% |
| Financials | 21.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Tenet Healthcare Corporation | 1.4% |
| Gildan Activewear, Inc. | 1.3% |
| Kemper Corporation | 1.2% |
| Northeast Bank | 1.2% |
| Star Bulk Carriers Corporation | 1.2% |
| Enovis Corporation | 1.1% |
| Clarivate PLC | 1.1% |
| Brixmor Property Group, Inc. | 1.0% |
| Arcosa, Inc. | 1.0% |
| Orion Group Holdings, Inc. | 0.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Effective April 1, 2024, Boston Partners Global Investors, Inc. replaced Ziegler Capital Management, LLC as sub-adviser to the Dunham Small Cap Value Fund. The new sub-advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70%, based on the Fund’s performance relative to the Russell 2000® Value Index, the Fund’s benchmark.
Dunham Small Cap Value Fund - Class C (DCSVX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham Small Cap Value Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358. This report describes change to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $148 | 1.30% |
How did the Fund perform during the reporting period?
Sub-Adviser Change. Effective April 1, 2024, the Sub-Adviser to the Fund was replaced, transitioning from Ziegler Capital Management, LLC to Boston Partners Global Investors, Inc. 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 exposure to “small capitalization” stocks with a “value” style generally detracted from performance relative to the overall market during the fiscal year. Small cap value companies, as measured by Russell 2000 Value Index, returned 32 percent over the fiscal year. However, this performance trailed the broader US equity markets represented by the S&P 500 Index, which returned 38 percent over the period. However, when looking at all value stocks across both small and large capitalization companies, small value stocks outperformed large value for the fiscal year.
Stock selection and sector allocation provided mixed results since the Sub-Adviser change. The Sub-Advisers effective security selection within the industrial sector, and relative underweight to the consumer discretionary sector positively contributed to relative performance. However, a large underweight to the financial sector and stock picking within technology hurt relative Fund performance.
How has the Fund performed over the last ten years?
Total Return Based on $100,000 Investment
| Dunham Small Cap Value Fund - Class N | S&P 500® Index | Russell 2000® Value Index | Morningstar Small Cap Value Category |
|---|
| Oct-2014 | $100,000 | $100,000 | $100,000 | $100,000 |
| Oct-2015 | $98,407 | $105,200 | $97,122 | $99,548 |
| Oct-2016 | $102,912 | $109,943 | $105,680 | $105,948 |
| Oct-2017 | $129,278 | $135,925 | $131,898 | $132,152 |
| Oct-2018 | $129,681 | $145,911 | $131,119 | $130,523 |
| Oct-2019 | $137,651 | $166,814 | $135,340 | $133,825 |
| Oct-2020 | $111,753 | $183,012 | $116,500 | $117,756 |
| Oct-2021 | $176,747 | $261,550 | $191,407 | $194,428 |
| Oct-2022 | $163,226 | $223,335 | $170,874 | $181,912 |
| Oct-2023 | $154,065 | $245,988 | $153,907 | $177,620 |
| Oct-2024 | $195,963 | $339,505 | $202,802 | $227,880 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | 5 Years | 10 Years |
|---|
| Dunham Small Cap Value Fund | 27.20% | 7.32% | 6.96% |
| Morningstar Small Cap Value Category | 28.30% | 11.23% | 8.59% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.33% |
S&P 500® Index | 38.02% | 15.27% | 13.00% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $99,177,987 |
| Number of Portfolio Holdings | 207 |
| Total Advisory Fee | $868,807 |
| Portfolio Turnover | 159% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 82.3% |
| Money Market Funds | 17.7% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -16.8% |
| Consumer Staples | 1.7% |
| Utilities | 3.4% |
| Communications | 4.6% |
| Health Care | 5.4% |
| Real Estate | 5.9% |
| Energy | 6.3% |
| Consumer Discretionary | 7.5% |
| Materials | 8.7% |
| Technology | 9.9% |
| Money Market Funds | 20.7% |
| Industrials | 21.2% |
| Financials | 21.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Tenet Healthcare Corporation | 1.4% |
| Gildan Activewear, Inc. | 1.3% |
| Kemper Corporation | 1.2% |
| Northeast Bank | 1.2% |
| Star Bulk Carriers Corporation | 1.2% |
| Enovis Corporation | 1.1% |
| Clarivate PLC | 1.1% |
| Brixmor Property Group, Inc. | 1.0% |
| Arcosa, Inc. | 1.0% |
| Orion Group Holdings, Inc. | 0.9% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Effective April 1, 2024, Boston Partners Global Investors, Inc. replaced Ziegler Capital Management, LLC as sub-adviser to the Dunham Small Cap Value Fund. The new sub-advisory fee is a fulcrum fee with a base or fulcrum of 45 bps (0.45%) and can range from 0.20% to 0.70%, based on the Fund’s performance relative to the Russell 2000® Value Index, the Fund’s benchmark.
Dunham Small Cap Value Fund - Class N (DNSVX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham U.S. Enhanced Market Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $184 | 1.54% |
How did the Fund perform during the reporting period?
The Fund’s higher sensitivity to the benchmark index, as measured by Delta, positively contributed to Fund performance. To begin the most recent fiscal year, the Fund’s overall sensitivity of its equity exposure was 1.03. Over the fiscal year, the Sub-Adviser allowed the equity sensitivity to rise with equity markets throughout the period, ending with a sensitivity of 1.18.
The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal year. Option prices were positively impacted by increases in interest rates and implied volatility, along with a decrease in the implied dividend yield, as time decay detracted value as usual.
The fixed income exposure detracted slightly from positive Fund performance. Throughout most of the fiscal year the Sub-Adviser has remained risk averse regarding interest rate risk by keeping the duration low at 0.13 years. However, as the Federal Reserve eased monetary policy, the Sub-Adviser increased duration to 1.28 years.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Dunham U.S. Enhanced Market Fund - Class A | Dunham U.S. Enhanced Market Fund - Class A- with load | S&P 500® Index | Morningstar Moderately Conservative Allocation Category |
|---|
| 05/01/23 | $10,000 | $9,550 | $10,000 | $10,000 |
| 10/31/23 | $9,900 | $9,454 | $10,143 | $9,672 |
| 10/31/24 | $13,793 | $13,172 | $13,999 | $11,511 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | Since Inception (May 1, 2023) |
|---|
| Dunham U.S. Enhanced Market Fund | | |
| Class A Without Load | 39.33% | 23.89% |
| Class A With Load | 33.09% | 20.14% |
| Morningstar Moderately Conservative Allocation Category | 19.01% | 9.82% |
S&P 500® Index | 38.02% | 25.11% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $99,352,055 |
| Number of Portfolio Holdings | 12 |
| Total Advisory Fee | $1,014,241 |
| Portfolio Turnover | 66% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Money Market Funds | 3.2% |
| Purchased Options | 42.3% |
| U.S. Government & Agencies | 54.5% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 42.1% |
| Money Market Funds | 3.2% |
| U.S. Treasury Obligations | 54.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| S&P 500 INDEX, 06/11/29 | 32.3% |
| United States Treasury Bill, 4.0992%, 07/10/25 | 27.4% |
| United States Treasury Note, 1.2500%, 09/30/28 | 14.4% |
| United States Treasury Bill, 4.3900%, 02/11/25 | 12.9% |
| S&P 500 INDEX, 02/28/29 | 10.2% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham U.S. Enhanced Market Fund - Class A (DASPX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham U.S. Enhanced Market Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $273 | 2.29% |
How did the Fund perform during the reporting period?
The Fund’s higher sensitivity to the benchmark index, as measured by Delta, positively contributed to Fund performance. To begin the most recent fiscal year, the Fund’s overall sensitivity of its equity exposure was 1.03. Over the fiscal year, the Sub-Adviser allowed the equity sensitivity to rise with equity markets throughout the period, ending with a sensitivity of 1.18.
The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal year. Option prices were positively impacted by increases in interest rates and implied volatility, along with a decrease in the implied dividend yield, as time decay detracted value as usual.
The fixed income exposure detracted slightly from positive Fund performance. Throughout most of the fiscal year the Sub-Adviser has remained risk averse regarding interest rate risk by keeping the duration low at 0.13 years. However, as the Federal Reserve eased monetary policy, the Sub-Adviser increased duration to 1.28 years.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Dunham U.S. Enhanced Market Fund - Class C | S&P 500® Index | Morningstar Moderately Conservative Allocation Category |
|---|
| May-2023 | $10,000 | $10,000 | $10,000 |
| Oct-2023 | $9,864 | $10,143 | $9,672 |
| Oct-2024 | $13,646 | $13,999 | $11,511 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | Since Inception (May 1, 2023) |
|---|
| Dunham U.S. Enhanced Market Fund | 38.34% | 23.00% |
| Morningstar Moderately Conservative Allocation Category | 19.01% | 9.82% |
S&P 500® Index | 38.02% | 25.11% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $99,352,055 |
| Number of Portfolio Holdings | 12 |
| Total Advisory Fee | $1,014,241 |
| Portfolio Turnover | 66% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Money Market Funds | 3.2% |
| Purchased Options | 42.3% |
| U.S. Government & Agencies | 54.5% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 42.1% |
| Money Market Funds | 3.2% |
| U.S. Treasury Obligations | 54.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| S&P 500 INDEX, 06/11/29 | 32.3% |
| United States Treasury Bill, 4.0992%, 07/10/25 | 27.4% |
| United States Treasury Note, 1.2500%, 09/30/28 | 14.4% |
| United States Treasury Bill, 4.3900%, 02/11/25 | 12.9% |
| S&P 500 INDEX, 02/28/29 | 10.2% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham U.S. Enhanced Market Fund - Class C (DCSPX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Dunham U.S. Enhanced Market Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/. You can also request this information by contacting us at 1-800-442-4358.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class N | $155 | 1.29% |
How did the Fund perform during the reporting period?
The Fund’s higher sensitivity to the benchmark index, as measured by Delta, positively contributed to Fund performance. To begin the most recent fiscal year, the Fund’s overall sensitivity of its equity exposure was 1.03. Over the fiscal year, the Sub-Adviser allowed the equity sensitivity to rise with equity markets throughout the period, ending with a sensitivity of 1.18.
The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the fiscal year. Option prices were positively impacted by increases in interest rates and implied volatility, along with a decrease in the implied dividend yield, as time decay detracted value as usual.
The fixed income exposure detracted slightly from positive Fund performance. Throughout most of the fiscal year the Sub-Adviser has remained risk averse regarding interest rate risk by keeping the duration low at 0.13 years. However, as the Federal Reserve eased monetary policy, the Sub-Adviser increased duration to 1.28 years.
How has the Fund performed since inception?
Total Return Based on $100,000 Investment
| Dunham U.S. Enhanced Market Fund - Class N | S&P 500® Index | Morningstar Moderately Conservative Allocation Category |
|---|
| May-2023 | $100,000 | $100,000 | $100,000 |
| Oct-2023 | $99,143 | $101,427 | $96,719 |
| Oct-2024 | $138,500 | $139,987 | $115,102 |
Calculations assume the reinvestment of dividends and capital gains, if any.
Average Annual Total Returns ( As of October 31, 2024)
| 1 Year | Since Inception (May 1, 2023) |
|---|
| Dunham U.S. Enhanced Market Fund | 39.70% | 24.23% |
| Morningstar Moderately Conservative Allocation Category | 19.01% | 9.82% |
S&P 500® Index | 38.02% | 25.11% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit www.dunham.com for more recent performance information.
Key Fund Statistics ( As of October 31, 2024)
| Total Net Assets | $99,352,055 |
| Number of Portfolio Holdings | 12 |
| Total Advisory Fee | $1,014,241 |
| Portfolio Turnover | 66% |
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Money Market Funds | 3.2% |
| Purchased Options | 42.3% |
| U.S. Government & Agencies | 54.5% |
What did the Fund invest in? (As of October 31, 2024)
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 42.1% |
| Money Market Funds | 3.2% |
| U.S. Treasury Obligations | 54.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| S&P 500 INDEX, 06/11/29 | 32.3% |
| United States Treasury Bill, 4.0992%, 07/10/25 | 27.4% |
| United States Treasury Note, 1.2500%, 09/30/28 | 14.4% |
| United States Treasury Bill, 4.3900%, 02/11/25 | 12.9% |
| S&P 500 INDEX, 02/28/29 | 10.2% |
Holdings, Sector Weightings and/ or Asset Weightings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
No material changes occurred during the year ended October 31, 2024.
Dunham U.S. Enhanced Market Fund - Class N (DNSPX)
Annual Shareholder Report - October 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/ ) or by calling 1-800-442-4358, including its:
Prospectus
Financial information
Holdings
Proxy voting information
Funds Distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Item 2. Code of Ethics.
| (a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (b) | For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote: |
| (1) | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
| (2) | Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; |
| (3) | Compliance with applicable governmental laws, rules, and regulations; |
| (4) | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and |
| (5) | Accountability for adherence to the code. |
During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant’s board of trustees has determined that Michael Torvinen is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Torvinen is independent for purposes of this Item 3.
(a)(2) Not Applicable
(a)(3) Not Applicable
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
| FY 2024 | $206,250 |
| FY 2023 | $192,000 |
| | |
| (b) | Audit-Related Fees There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. |
| (c) | Tax Fees The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
| FY 2024 | $45,000 |
| FY 2023 | $34,500 |
| | |
Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
| (d) | All Other Fees The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, $0 and $0 respectively. |
| | | Registrant | | | Adviser | |
| FY 2024 | | $ | 0 | | | $ | 0 | |
| FY 2023 | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| (e) | (1) | Audit Committee’s Pre-Approval Policies |
The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee is also required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant to the extent that the services are determined to have a direct impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the audit committee.
| (2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for each of the last two fiscal years are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser. |
Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.
Item 6. Schedule of Investments. The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 |
| October 31, 2024 | ANNUAL FINANCIAL STATEMENTS |
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| 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 |
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|
| |
| The financial statements contained herein are submitted for the general information of the shareholders of the Funds. PROSPECTIVE PURCHASERS OF THE FUNDS SHOULD CONSIDER CAREFULLY THE INFORMATION SET FORTH HEREIN AND THE APPLICABLE FUND’S PROSPECTUS. |
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 0.0%(a) | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 0.0%(a) | | | | |
| | 435 | | | Endo, Inc.(b) | | $ | 11,097 | |
| | | | | TOTAL COMMON STOCKS (Cost $24,323) | | | 11,097 | |
| | | | | | | | | |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | | |
| | | | | ASSET BACKED SECURITIES — 29.1% | | | | | | | | | | |
| | | | | AUTO LOAN — 4.2% | | | | | | | | | | |
| | 172,238 | | | American Credit Acceptance Receivables Trust Series 2022-1 D(c) | | | | 2.4600 | | 03/13/28 | | | 170,703 | |
| | 109,581 | | | AmeriCredit Automobile Receivables Trust Series 2020-3 C | | | | 1.0600 | | 08/18/26 | | | 108,589 | |
| | 446,000 | | | Arivo Acceptance Auto Loan Receivables Trust Series 1A B(c) | | | | 6.8700 | | 06/17/30 | | | 453,005 | |
| | 129,167 | | | Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(c) | | | | 2.3600 | | 03/20/26 | | | 128,477 | |
| | 580,000 | | | Avis Budget Rental Car Funding AESOP, LLC Series 3A A(c) | | | | 4.6200 | | 02/20/27 | | | 578,879 | |
| | 317,000 | | | CarNow Auto Receivables Trust Series 2023-1A C(c) | | | | 7.2400 | | 09/15/26 | | | 317,377 | |
| | 225,000 | | | Carvana Auto Receivables Trust Series 2021-P3 B | | | | 1.4200 | | 08/10/27 | | | 210,078 | |
| | 42,479 | | | Carvana Auto Receivables Trust Series 2021-N1 C | | | | 1.3000 | | 01/10/28 | | | 41,027 | |
| | 53,837 | | | Carvana Auto Receivables Trust Series 2021-N2 C | | | | 1.0700 | | 03/10/28 | | | 51,505 | |
| | 330,000 | | | Carvana Auto Receivables Trust Series 2023-N4 C(c) | | | | 6.5900 | | 02/11/30 | | | 339,576 | |
| | 495,000 | | | Carvana Auto Receivables Trust Series 2024-N1 B(c) | | | | 5.6300 | | 05/10/30 | | | 500,283 | |
| | 430,000 | | | CPS Auto Receivables Trust Series 2024-A C(c) | | | | 5.7400 | | 04/15/30 | | | 433,320 | |
| | 302,000 | | | Credit Acceptance Auto Loan Trust Series 1A A(c) | | | | 5.6800 | | 03/15/34 | | | 305,351 | |
| | 195,000 | | | DT Auto Owner Trust Series 2023-3A C(c) | | | | 6.4000 | | 05/15/29 | | | 195,847 | |
| | 500,000 | | | Exeter Automobile Receivables Trust Series 2024-2A C | | | | 5.7400 | | 05/15/29 | | | 506,738 | |
| | 164,966 | | | FHF Trust Series 2023-1A A2(c) | | | | 6.5700 | | 06/15/28 | | | 166,575 | |
| | 22,851 | | | Flagship Credit Auto Trust Series 2020-4 C(c) | | | | 1.2800 | | 02/16/27 | | | 22,756 | |
| | 330,000 | | | Flagship Credit Auto Trust Series 2024-1 C(c) | | | | 5.7900 | | 02/15/30 | | | 334,616 | |
| | 180,000 | | | Foursight Capital Automobile Receivables Trust Series 2022-1 B(c) | | | | 2.1500 | | 05/17/27 | | | 178,496 | |
| | 315,000 | | | Foursight Capital Automobile Receivables Trust Series 2023-1 A3(c) | | | | 5.3900 | | 12/15/27 | | | 315,207 | |
| | 345,000 | | | Hertz Vehicle Financing III, LLC Series 2022-1A C(c) | | | | 2.6300 | | 06/25/26 | | | 339,501 | |
| | 144,843 | | | LAD Auto Receivables Trust Series 2022-1A A(c) | | | | 5.2100 | | 06/15/27 | | | 145,000 | |
| | 339,000 | | | LAD Auto Receivables Trust Series 2023-4A C(c) | | | | 6.7600 | | 03/15/29 | | | 349,628 | |
| | 57,330 | | | Lendbuzz Securitization Trust Series 2022-1A A(c) | | | | 4.2200 | | 05/17/27 | | | 56,871 | |
| | 425,000 | | | Lendbuzz Securitization Trust Series 2024-2A A2(c) | | | | 5.9900 | | 05/15/29 | | | 428,957 | |
| | 66,337 | | | Lobel Financial Corporation Series 1 A(c) | | | | 6.9700 | | 07/15/26 | | | 66,468 | |
| | 242,215 | | | Merchants Fleet Funding, LLC Series 1A A(c) | | | | 7.2100 | | 05/20/36 | | | 244,829 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 29.1% (Continued) | | | | |
| | | | | AUTO LOAN — 4.2% (Continued) | | | | | | | | | | |
| | 140,000 | | | OneMain Direct Auto Receivables Trust Series 2021-1A B(c) | | | | 1.2600 | | 07/14/28 | | $ | 134,238 | |
| | 195,000 | | | Santander Drive Auto Receivables Trust Series 2022-5 C | | | | 4.7400 | | 10/15/28 | | | 194,947 | |
| | 276,000 | | | SBNA Auto Receivables Trust Series 2024-A C(c) | | | | 5.5900 | | 01/15/30 | | | 279,389 | |
| | 36,240 | | | United Auto Credit Securitization Trust Series 2023-1 B(c) | | | | 5.9100 | | 07/10/28 | | | 36,242 | |
| | 446,000 | | | Westlake Automobile Receivables Trust Series 1A B(c) | | | | 5.5500 | | 11/15/27 | | | 450,425 | |
| | 515,000 | | | Westlake Automobile Receivables Trust Series 2024-2A B(c) | | | | 5.6200 | | 03/15/30 | | | 521,125 | |
| | | | | | | | | | | | | | 8,606,025 | |
| | | | | CLO — 0.5% | | | | | | | | | | |
| | 515,000 | | | GoldenTree Loan Management US CLO 1 Ltd. Series 9A AR(c),(d) | | TSFR3M + 1.500% | | 6.1170 | | 04/20/37 | | | 517,924 | |
| | 560,000 | | | Reach A.B.S Trust Series 2024-2A B(c) | | | | 5.8400 | | 07/15/31 | | | 564,109 | |
| | | | | | | | | | | | | | 1,082,033 | |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS — 13.4% | | | | | | | | | | |
| | 582,870 | | | A&D Mortgage Trust Series 2023-NQM3 A1(c),(e) | | | | 6.7330 | | 07/25/68 | | | 587,752 | |
| | 155,000 | | | Affirm Asset Securitization Trust Series 2024-B A(c) | | | | 4.6200 | | 09/15/29 | | | 153,925 | |
| | 671,513 | | | AJAX Mortgage Loan Trust Series 2021-A A1(c),(f) | | | | 1.0650 | | 09/25/65 | | | 594,728 | |
| | 59,490 | | | Angel Oak Mortgage Trust Series 2020-R1 A2(c),(f) | | | | 1.2470 | | 12/26/24 | | | 55,921 | |
| | 484,190 | | | Angel Oak Mortgage Trust Series 2021-8 A1(c),(f) | | | | 1.8200 | | 11/25/66 | | | 422,501 | |
| | 105,666 | | | Angel Oak Mortgage Trust Series 2022-5 A1(c),(e) | | | | 4.5000 | | 05/25/67 | | | 102,940 | |
| | 856,578 | | | Angel Oak Mortgage Trust Series 2023-1 A1(c),(e) | | | | 4.7500 | | 09/26/67 | | | 845,893 | |
| | 65,897 | | | Arroyo Mortgage Trust Series 2019-1 A1(c),(f) | | | | 3.8050 | | 01/25/49 | | | 63,680 | |
| | 72,739 | | | Arroyo Mortgage Trust Series 2019-2 A1(c),(f) | | | | 3.3470 | | 04/25/49 | | | 69,841 | |
| | 500,000 | | | Arroyo Mortgage Trust Series 2020-1 A3(c) | | | | 3.3280 | | 03/25/55 | | | 444,226 | |
| | 185,745 | | | Bunker Hill Loan Depositary Trust Series 2019-2 A1(c),(e) | | | | 2.8790 | | 07/25/49 | | | 179,036 | |
| | 651,718 | | | Chase Home Lending Mortgage Trust Series 2023-RPL1 A1(c),(f) | | | | 3.5000 | | 06/25/62 | | | 597,972 | |
| | 29,519 | | | Chase Mortgage Finance Corporation Series 2016-SH2 M2(c),(f) | | | | 3.7500 | | 02/25/44 | | | 26,845 | |
| | 38,140 | | | Chase Mortgage Finance Corporation Series 2016-SH1 M2(c),(f) | | | | 3.7500 | | 04/25/45 | | | 34,398 | |
| | 332,237 | | | CIM TRUST Series 2022-R2 A1(c),(f) | | | | 3.7500 | | 12/25/61 | | | 308,594 | |
| | 44,340 | | | COLT Funding, LLC Series 2021-3R A1(c),(f) | | | | 1.0510 | | 12/25/64 | | | 39,372 | |
| | 1,332,317 | | | COLT Mortgage Loan Trust Series 2022-4 A1(c),(f) | | | | 4.3010 | | 03/25/67 | | | 1,297,607 | |
| | 898,470 | | | COLT Mortgage Loan Trust Series 2022-5 A1(c),(f) | | | | 4.5500 | | 04/25/67 | | | 881,231 | |
| | 868,580 | | | COLT Mortgage Loan Trust Series 2023-4 A1(c),(e) | | | | 7.1630 | | 10/25/68 | | | 882,969 | |
| | 429,548 | | | CSMC Trust Series 2020-RPL4 A1(c),(f) | | | | 2.0000 | | 01/25/60 | | | 380,605 | |
| | 149,295 | | | CSMC Trust Series 2020-NQM1 A1(c),(e) | | | | 2.2080 | | 05/25/65 | | | 138,108 | |
| | 232,057 | | | Deephaven Residential Mortgage Trust Series 2022-1 A1(c),(f) | | | | 2.2050 | | 01/25/67 | | | 208,891 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 29.1% (Continued) | | | | |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS — 13.4% (Continued) | | | | |
| | 239,116 | | | Ellington Financial Mortgage Trust Series 2019-2 A3(c),(f) | | | | 3.0460 | | 11/25/59 | | $ | 229,653 | |
| | 19,977 | | | Flagstar Mortgage Trust Series 2017-1 1A3(c),(f) | | | | 3.5000 | | 03/25/47 | | | 18,099 | |
| | 472,514 | | | Foundation Finance Trust Series 2024-2A A(c) | | | | 4.6000 | | 03/15/50 | | | 468,665 | |
| | 7,769 | | | Galton Funding Mortgage Trust Series 2018-1 A23(c),(f) | | | | 3.5000 | | 11/25/57 | | | 6,973 | |
| | 224,523 | | | Imperial Fund Mortgage Trust Series 2022-NQM3 A1(c),(e) | | | | 4.3800 | | 05/25/67 | | | 218,471 | |
| | 11,046 | | | JP Morgan Mortgage Trust Series 2017-5 A1(c),(f) | | | | 5.4250 | | 12/15/47 | | | 11,145 | |
| | 708,264 | | | JP Morgan Mortgage Trust Series 2017-4 A3(c),(f) | | | | 3.5000 | | 11/25/48 | | | 639,423 | |
| | 100,000 | | | Metlife Securitization Trust Series 2017-1A M1(c),(f) | | | | 3.4670 | | 04/25/55 | | | 87,682 | |
| | 23,254 | | | Metlife Securitization Trust Series 2019-1A A1A(c),(f) | | | | 3.7500 | | 04/25/58 | | | 22,763 | |
| | 746,462 | | | MFA Trust Series 2022-INV2 A1(c),(e) | | | | 4.9500 | | 07/25/57 | | | 741,746 | |
| | 1,045,926 | | | MFA Trust Series 2022-INV1 A1(c),(e) | | | | 3.9070 | | 04/25/66 | | | 1,011,753 | |
| | 667,416 | | | MFA Trust Series 2022-NQM2 A1(c),(e) | | | | 4.0000 | | 05/25/67 | | | 637,037 | |
| | 194,378 | | | Mill City Mortgage Loan Trust Series 2017-3 M2(c),(f) | | | | 3.2500 | | 01/25/61 | | | 181,675 | |
| | 199,632 | | | Mill City Mortgage Loan Trust Series 2019-1 M2(c),(f) | | | | 3.5000 | | 10/25/69 | | | 179,216 | |
| | 523,005 | | | New Residential Mortgage Loan Trust Series 2014-3A AFX3(c),(f) | | | | 3.7500 | | 11/25/54 | | | 493,694 | |
| | 127,228 | | | New Residential Mortgage Loan Trust Series 2016-3A B1(c),(f) | | | | 4.0000 | | 09/25/56 | | | 122,172 | |
| | 433,012 | | | New Residential Mortgage Loan Trust Series 2016-4A A1(c),(f) | | | | 3.7500 | | 11/25/56 | | | 404,637 | |
| | 585,973 | | | New Residential Mortgage Loan Trust Series 2017-2A A3(c),(f) | | | | 4.0000 | | 03/25/57 | | | 558,182 | |
| | 415,536 | | | New Residential Mortgage Loan Trust Series 2018-1A A1A(c),(f) | | | | 4.0000 | | 12/25/57 | | | 398,188 | |
| | 31,313 | | | New Residential Mortgage Loan Trust Series 2021-NQ2R A1(c),(f) | | | | 0.9410 | | 09/25/58 | | | 29,256 | |
| | 215,000 | | | New Residential Mortgage Loan Trust Series 2019-RPL2 M2(c),(f) | | | | 3.7500 | | 02/25/59 | | | 187,505 | |
| | 637,546 | | | New Residential Mortgage Loan Trust Series 2022-NQM2 A1(c),(f) | | | | 3.0790 | | 03/27/62 | | | 589,721 | |
| | 612,092 | | | NYMT Loan Trust Series 2022-CP1 A1(c) | | | | 2.0420 | | 07/25/61 | | | 563,132 | |
| | 400,229 | | | NYMT Loan Trust Series 2024-CP1 A1(c) | | | | 3.7500 | | 02/25/68 | | | 372,524 | |
| | 327,170 | | | OBX Trust Series 2024-HYB2 A1(c),(f) | | | | 3.6170 | | 04/25/53 | | | 320,277 | |
| | 717,419 | | | OBX Trust Series 2023-NQM9 A1(c),(e) | | | | 7.1590 | | 10/25/63 | | | 732,055 | |
| | 56,247 | | | Palisades Mortgage Loan Trust Series 2021-RTL1 A1(c),(e) | | | | 3.4870 | | 06/25/26 | | | 56,023 | |
| | 26,727 | | | Provident Funding Mortgage Loan Trust Series 2019-1 A2(c),(f) | | | | 3.0000 | | 12/25/49 | | | 22,761 | |
| | 952,063 | | | PRPM, LLC Series 2024-RPL1 A1(c),(e) | | | | 4.2000 | | 12/25/64 | | | 924,245 | |
| | 613,563 | | | RCKT Mortgage Trust Series 2023-CES1 A1A(c),(f) | | | | 6.5150 | | 06/25/43 | | | 617,569 | |
| | 862,822 | | | RCKT Mortgage Trust Series 2023-CES2 A1A(c),(f) | | | | 6.8080 | | 09/25/43 | | | 871,434 | |
| | 49,606 | | | RCKT Mortgage Trust Series 2020-1 A1(c),(f) | | | | 3.0000 | | 02/25/50 | | | 42,434 | |
| | 25,773 | | | Residential Mortgage Loan Trust Series 2020-1 A1(c),(f) | | | | 2.3760 | | 01/26/60 | | | 25,234 | |
| | 56,292 | | | Starwood Mortgage Residential Trust Series 2020-1 A1(c),(f) | | | | 2.2750 | | 02/25/50 | | | 53,628 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 29.1% (Continued) | | | | |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS — 13.4% (Continued) | | | | |
| | 787,057 | | | Starwood Mortgage Residential Trust Series 2021-5 A2(c),(f) | | | | 2.1780 | | 09/25/66 | | $ | 667,120 | |
| | 520,233 | | | Towd Point Mortgage Trust Series 2017-1 A2(c),(f) | | | | 3.5000 | | 10/25/56 | | | 513,933 | |
| | 265,000 | | | Towd Point Mortgage Trust Series 2019-HY2 M1(c),(d) | | TSFR1M + 1.714% | | 6.4520 | | 05/25/58 | | | 268,203 | |
| | 365,000 | | | Towd Point Mortgage Trust Series 2021-1 A2(c),(f) | | | | 2.7500 | | 11/25/61 | | | 299,419 | |
| | 575,097 | | | Towd Point Mortgage Trust Series 2024-1 A1(c),(f) | | | | 4.5260 | | 03/25/64 | | | 578,413 | |
| | 106,430 | | | Verus Securitization Trust Series 2020-1 A1(c),(e) | | | | 3.4170 | | 01/25/60 | | | 103,729 | |
| | 443,216 | | | Verus Securitization Trust Series 2022-4 A1(c),(e) | | | | 4.4740 | | 04/25/67 | | | 439,632 | |
| | 537,383 | | | Verus Securitization Trust Series 2022-6 A1(c),(e) | | | | 4.9100 | | 06/25/67 | | | 532,622 | |
| | 468,291 | | | Verus Securitization Trust Series 2022-6 A3(c),(e) | | | | 4.9100 | | 06/25/67 | | | 461,676 | |
| | 883,086 | | | Verus Securitization Trust Series 2022-7 A1(c),(e) | | | | 5.1520 | | 07/25/67 | | | 878,634 | |
| | 1,382,576 | | | Verus Securitization Trust Series 2023-1 A1(c),(e) | | | | 5.8500 | | 12/25/67 | | | 1,385,603 | |
| | 839,279 | | | Verus Securitization Trust Series 2023-8 A1(c),(e) | | | | 6.2590 | | 12/25/68 | | | 845,595 | |
| | 145,548 | | | Wells Fargo Mortgage Backed Securities Series 2020-4 A1(c),(f) | | | | 3.0000 | | 07/25/50 | | | 124,625 | |
| | | | | | | | | | | | | | 27,255,211 | |
| | | | | CREDIT CARD — 0.4% | | | | | | | | | | |
| | 316,000 | | | Mercury Financial Credit Card Master Trust Series 2023-1A A(c) | | | | 8.0400 | | 09/20/27 | | | 316,836 | |
| | 430,000 | | | Mercury Financial Credit Card Master Trust Series 2A A(c) | | | | 6.5600 | | 07/20/29 | | | 434,326 | |
| | | | | | | | | | | | | | 751,162 | |
| | | | | HOME EQUITY — 0.4% | | | | | | | | | | |
| | 894,610 | | | RCKT Mortgage Trust Series 2023-CES3 A1A(c),(f) | | | | 7.1130 | | 11/25/43 | | | 907,930 | |
| | | | | | | | | | | | | | | |
| | | | | NON AGENCY CMBS — 3.7% | | | | | | | | | | |
| | 94,795 | | | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(c),(f) | | | | 2.0680 | | 05/25/50 | | | 87,897 | |
| | 650,000 | | | BBCMS Mortgage Trust Series 2018-TALL(c),(d) | | TSFR1M + 0.919% | | 5.7230 | | 03/15/37 | | | 612,186 | |
| | 410,000 | | | BPR Trust Series 2022-OANA A(c),(d) | | TSFR1M + 1.898% | | 6.7020 | | 04/15/37 | | | 412,481 | |
| | 510,000 | | | BX Trust Series 2022-CLS A(c) | | | | 5.7600 | | 10/13/27 | | | 507,480 | |
| | 445,000 | | | BX Trust Series 2019-OC11 B(c) | | | | 3.6050 | | 12/09/41 | | | 406,421 | |
| | 410,000 | | | BX Trust Series 2019-OC11 D(c),(f) | | | | 4.0750 | | 12/09/41 | | | 372,221 | |
| | 470,000 | | | COMM Mortgage Trust Series 2013-300P A1(c) | | | | 4.3530 | | 08/10/30 | | | 456,860 | |
| | 150,000 | | | COMM Mortgage Trust Series 2020-CBM B(c) | | | | 3.0990 | | 02/10/37 | | | 147,940 | |
| | 367,000 | | | ELM Trust Series 2024-ELM A10(c),(f) | | | | 5.8010 | | 06/10/27 | | | 371,071 | |
| | 510,000 | | | Exeter Automobile Receivables Trust Series 2024-5A B | | | | 4.9800 | | 04/16/29 | | | 506,710 | |
| | 510,000 | | | Fashion Show Mall, LLC Series SHOW A(c),(f) | | | | 5.2740 | | 10/10/29 | | | 501,615 | |
| | 495,000 | | | GCT Commercial Mortgage Trust Series 2021-GCT A(c),(d) | | TSFR1M + 0.914% | | 5.7180 | | 02/15/38 | | | 441,957 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 29.1% (Continued) | | | | |
| | | | | NON AGENCY CMBS — 3.7% (Continued) | | | | |
| | 570,000 | | | JP Morgan Chase Commercial Mortgage Securities Series OMNI A(c),(f) | | | | 5.7970 | | 10/05/39 | | $ | 576,846 | |
| | 419,000 | | | JP Morgan Chase Commercial Mortgage Securities Series C13 E(c),(f) | | | | 3.9860 | | 01/15/46 | | | 368,951 | |
| | 458,000 | | | Legends Outlets Kansas City KS Mortgage Secured Series LGND A(c) | | | | 6.2470 | | 11/15/27 | | | 456,855 | |
| | 325,000 | | | MIRA Trust Series 2023-Mile A(c) | | | | 6.7550 | | 06/06/28 | | | 337,827 | |
| | 595,000 | | | MSSG Trust Series 2017-237P A(c) | | | | 3.3970 | | 09/13/39 | | | 550,209 | |
| | 450,000 | | | ROCK Trust Series 2024-CNTR C(c) | | | | 6.4710 | | 11/13/41 | | | 454,942 | |
| | 62,000 | | | WFRBS Commercial Mortgage Trust Series 2014-C24 AS | | | | 3.9310 | | 11/15/47 | | | 60,448 | |
| | | | | | | | | | | | | | 7,630,917 | |
| | | | | OTHER ABS — 5.5% | | | | | | | | | | |
| | 220,749 | | | ACHV A.B.S TRUST Series 2024-1PL A(c) | | | | 5.9000 | | 04/25/31 | | | 221,938 | |
| | 336,000 | | | Affirm Asset Securitization Trust Series 2023-B A(c) | | | | 6.8200 | | 09/15/28 | | | 341,073 | |
| | 175,000 | | | AMSR Trust Series 2020-SFR1 B(c) | | | | 2.1200 | | 04/17/37 | | | 172,549 | |
| | 250,000 | | | AMSR Trust Series 2020-SFR2 C(c) | | | | 2.5330 | | 07/17/37 | | | 245,614 | |
| | 42,324 | | | Aqua Finance Trust Series 2019-A A(c) | | | | 3.1400 | | 07/16/40 | | | 40,842 | |
| | 163,834 | | | Aqua Finance Trust Series 2019-A C(c) | | | | 4.0100 | | 07/16/40 | | | 157,773 | |
| | 258,417 | | | Aqua Finance Trust Series 2020-AA B(c) | | | | 2.7900 | | 07/17/46 | | | 245,142 | |
| | 510,000 | | | Aqua Finance Trust Series 2024-A B(c) | | | | 5.0600 | | 04/18/50 | | | 501,773 | |
| | 465,000 | | | CCG Receivables Trust Series 2024-1 B(c) | | | | 5.0800 | | 03/15/32 | | | 462,536 | |
| | 103,437 | | | CF Hippolyta, LLC Series 2020-1 A1(c) | | | | 1.6900 | | 07/15/60 | | | 100,229 | |
| | 263,431 | | | CLI Funding VI, LLC Series 2020-1A A(c) | | | | 2.0800 | | 09/18/45 | | | 240,726 | |
| | 2,552 | | | Corevest American Finance Trust Series 2020-1 A1(c) | | | | 1.8320 | | 03/15/50 | | | 2,540 | |
| | 100,000 | | | Corevest American Finance Trust Series 2019-3 C(c) | | | | 3.2650 | | 10/15/52 | | | 89,942 | |
| | 103,619 | | | Corevest American Finance Trust Series 2020-4 A(c) | | | | 1.1740 | | 12/15/52 | | | 100,229 | |
| | 291,833 | | | Dext A.B.S, LLC Series 2023-1 A2(c) | | | | 5.9900 | | 03/15/32 | | | 294,240 | |
| | 223,976 | | | Elara HGV Timeshare Issuer, LLC Series 2023-A A(c) | | | | 6.1600 | | 02/25/38 | | | 228,548 | |
| | 130,000 | | | FirstKey Homes Trust Series 2021-SFR1 D(c) | | | | 2.1890 | | 08/17/28 | | | 123,304 | |
| | 375,000 | | | FirstKey Homes Trust Series 2020-SFR2 B(c) | | | | 1.5670 | | 10/19/37 | | | 362,718 | |
| | 280,968 | | | Foundation Finance Trust Series 2023-2A A(c) | | | | 6.5300 | | 06/15/49 | | | 288,177 | |
| | 292,467 | | | Hilton Grand Vacations Trust Series 2024-2A A(c) | | | | 5.5000 | | 03/25/38 | | | 295,049 | |
| | 56,948 | | | HIN Timeshare Trust Series 2020-A C(c) | | | | 3.4200 | | 10/09/39 | | | 54,391 | |
| | 129,025 | | | Jersey Mike’s Funding Series 2019-1A A2(c) | | | | 4.4330 | | 02/15/50 | | | 125,872 | |
| | 34,041 | | | MVW, LLC Series 2020-1A A(c) | | | | 1.7400 | | 10/20/37 | | | 32,612 | |
| | 221,933 | | | MVW, LLC Series 2023-1A B(c) | | | | 5.4200 | | 10/20/40 | | | 222,762 | |
| | 470,000 | | | NMEF Funding, LLC Series 2024-A A2(c) | | | | 5.1500 | | 12/15/31 | | | 470,843 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 29.1% (Continued) | | | | |
| | | | | OTHER ABS — 5.5% (Continued) | | | | | | | | | | |
| | 265,000 | | | Octane Receivables Trust Series 2023-1A C(c) | | | | 6.3700 | | 09/20/29 | | $ | 266,588 | |
| | 435,000 | | | PEAC Solutions Receivables, LLC Series 2024-1A B(c) | | | | 5.7900 | | 11/20/30 | | | 441,250 | |
| | 520,000 | | | Planet Fitness Master Issuer, LLC Series 1A A2I(c) | | | | 5.7650 | | 06/05/54 | | | 522,180 | |
| | 273,743 | | | PowerPay Issuance Trust Series 2024-1A A(c) | | | | 6.5300 | | 02/18/39 | | | 277,484 | |
| | 265,000 | | | Progress Residential Series 2021-SFR3 D(c) | | | | 2.2880 | | 05/17/26 | | | 253,157 | |
| | 201,000 | | | Progress Residential Series 2021-SFR1 C(c) | | | | 1.5550 | | 04/17/38 | | | 192,496 | |
| | 480,000 | | | Purchasing Power Funding Series A B(c) | | | | 6.4300 | | 08/15/28 | | | 485,521 | |
| | 101,846 | | | Regional Management Issuance Trust Series 2021-1 A(c) | | | | 1.6800 | | 03/17/31 | | | 100,721 | |
| | 655,000 | | | Retained Vantage Data Centers Issuer, LLC Series 1A A2(c) | | | | 4.9920 | | 09/15/49 | | | 634,537 | |
| | 459,491 | | | Sierra Receivables Funding Company, LLC Series 2A A(c) | | | | 5.1400 | | 06/20/41 | | | 462,566 | |
| | 23,852 | | | Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(c) | | | | 2.3200 | | 07/20/37 | | | 23,402 | |
| | 161,091 | | | Sierra Timeshare Receivables Funding, LLC Series 2023-2A B(c) | | | | 6.2800 | | 04/20/40 | | | 162,798 | |
| | 481,875 | | | Taco Bell Funding, LLC Series 2016-1A A23(c) | | | | 4.9700 | | 05/25/46 | | | 480,116 | |
| | 200,000 | | | Tricon American Homes Trust Series 2020-SFR2 D(c) | | | | 2.2810 | | 11/17/27 | | | 181,593 | |
| | 165,000 | | | Tricon American Homes Trust Series 2019-SFR1 C(c) | | | | 3.1490 | | 03/17/38 | | | 160,054 | |
| | 160,000 | | | Tricon Residential Trust Series 2021-SFR1 B(c) | | | | 2.2440 | | 07/17/38 | | | 152,064 | |
| | 450,000 | | | TSC SPV Funding, LLC Series 1A A2(c) | | | | 6.2910 | | 08/20/54 | | | 447,803 | |
| | 460,000 | | | Verizon Master Trust Series 1 A1A | | | | 5.0000 | | 12/20/28 | | | 463,095 | |
| | | | | | | | | | | | | | 11,128,847 | |
| | | | | RESIDENTIAL MORTGAGE — 1.0% | | | | | | | | | | |
| | 63,895 | | | AJAX Mortgage Loan Trust Series 2019-D A1(c),(e) | | | | 2.9560 | | 09/25/65 | | | 60,251 | |
| | 366,431 | | | PRET, LLC Series 2024-NPL4 A1(c),(e) | | | | 6.9960 | | 07/25/54 | | | 367,619 | |
| | 135,000 | | | Towd Point Mortgage Trust Series 2016-4 B1(c),(f) | | | | 4.0190 | | 07/25/56 | | | 128,645 | |
| | 115,000 | | | Towd Point Mortgage Trust Series 2017-1 M1(c),(f) | | | | 3.7500 | | 10/25/56 | | | 111,716 | |
| | 460,000 | | | Towd Point Mortgage Trust Series 2017-4 A2(c),(f) | | | | 3.0000 | | 06/25/57 | | | 425,975 | |
| | 160,000 | | | Towd Point Mortgage Trust Series 2017-6 A2(c),(f) | | | | 3.0000 | | 10/25/57 | | | 150,013 | |
| | 140,000 | | | Towd Point Mortgage Trust Series 2018-6 A1B(c),(f) | | | | 3.7500 | | 03/25/58 | | | 133,393 | |
| | 300,000 | | | Towd Point Mortgage Trust Series 2018-6 A2(c),(f) | | | | 3.7500 | | 03/25/58 | | | 271,904 | |
| | 255,000 | | | Towd Point Mortgage Trust Series 2019-2 A2(c),(f) | | | | 3.7500 | | 12/25/58 | | | 228,660 | |
| | 235,000 | | | Towd Point Mortgage Trust Series 2019-4 A2(c),(f) | | | | 3.2500 | | 10/25/59 | | | 208,633 | |
| | 6,187 | | | VCAT, LLC Series 2021-NPL2 A1(c),(e) | | | | 5.1150 | | 03/27/51 | | | 6,184 | |
| | | | | | | | | | | | | | 2,092,993 | |
| | | | | TOTAL ASSET BACKED SECURITIES (Cost $59,874,616) | | | | | 59,455,118 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% | | | | | | | | | | |
| | | | | AEROSPACE & DEFENSE — 0.4% | | | | | | | | | | |
| | 303,000 | | | Boeing Company (The) | | | | 5.9300 | | 05/01/60 | | $ | 282,851 | |
| | 335,000 | | | L3Harris Technologies, Inc. | | | | 5.3500 | | 06/01/34 | | | 338,963 | |
| | 185,000 | | | TransDigm, Inc.(c) | | | | 6.6250 | | 03/01/32 | | | 188,609 | |
| | | | | | | | | | | | | | 810,423 | |
| | | | | ASSET MANAGEMENT — 2.0% | | | | | | | | | | |
| | 395,000 | | | Apollo Debt Solutions BDC(c) | | | | 6.9000 | | 04/13/29 | | | 403,556 | |
| | 300,000 | | | BlackRock Funding, Inc. | | | | 5.2500 | | 03/14/54 | | | 296,017 | |
| | 157,000 | | | Blackstone Private Credit Fund | | | | 2.6250 | | 12/15/26 | | | 147,913 | |
| | 160,000 | | | Blackstone Private Credit Fund(c) | | | | 7.3000 | | 11/27/28 | | | 168,087 | |
| | 128,000 | | | Blue Owl Credit Income Corporation | | | | 4.7000 | | 02/08/27 | | | 124,850 | |
| | 120,000 | | | Blue Owl Credit Income Corporation | | | | 6.6500 | | 03/15/31 | | | 120,899 | |
| | 555,000 | | | Blue Owl Finance, LLC | | | | 3.1250 | | 06/10/31 | | | 476,198 | |
| | 320,000 | | | Brookfield Finance, Inc. | | | | 6.3500 | | 01/05/34 | | | 343,001 | |
| | 215,000 | | | Charles Schwab Corporation (The)(d) | | SOFRRATE + 2.010% | | 6.1360 | | 08/24/34 | | | 228,418 | |
| | 305,000 | | | Charles Schwab Corporation (The)(d) | | H15T10Y + 3.079% | | 4.0000 | | 03/01/69 | | | 266,017 | |
| | 250,000 | | | Drawbridge Special Opportunities Fund, L.P. /(c) | | | | 3.8750 | | 02/15/26 | | | 242,317 | |
| | 334,000 | | | Hannon Armstrong Sustainable Infrastructure(c) | | | | 6.3750 | | 07/01/34 | | | 332,649 | |
| | 220,000 | | | Icahn Enterprises, L.P. / Icahn Enterprises | | | | 5.2500 | | 05/15/27 | | | 205,277 | |
| | 340,000 | | | Nuveen, LLC(c) | | | | 5.8500 | | 04/15/34 | | | 349,142 | |
| | 355,000 | | | UBS Group A.G.(c),(d),(g) | | H15T1Y + 2.400% | | 4.9880 | | 08/05/33 | | | 350,565 | |
| | 35,000 | | | UBS Group A.G.(c),(d) | | H15T5Y + 4.758% | | 9.2500 | | 05/13/72 | | | 40,605 | |
| | | | | | | | | | | | | | 4,095,511 | |
| | | | | AUTOMOTIVE — 0.4% | | | | | | | | | | |
| | 405,000 | | | Aptiv plc / Aptiv Global Financing DAC(d),(g) | | H15T5Y + 3.385% | | 6.8750 | | 12/15/54 | | | 395,290 | |
| | 70,000 | | | Ford Motor Company | | | | 4.7500 | | 01/15/43 | | | 56,818 | |
| | 200,000 | | | Ford Motor Credit Company, LLC | | | | 6.8000 | | 05/12/28 | | | 207,270 | |
| | 85,000 | | | Ford Motor Credit Company, LLC | | | | 6.0540 | | 11/05/31 | | | 85,000 | |
| | 160,000 | | | Nissan Motor Acceptance Company, LLC(c) | | | | 7.0500 | | 09/15/28 | | | 166,174 | |
| | | | | | | | | | | | | | 910,552 | |
| | | | | BANKING — 4.9% | | | | | | | | | | |
| | 232,000 | | | Banco de Credito del Peru S.A.(c),(d) | | H15T5Y + 3.000% | | 3.1250 | | 07/01/30 | | | 226,687 | |
| | 115,000 | | | Banco de Credito e Inversiones S.A.(c) | | | | 8.7500 | | 02/08/74 | | | 121,583 | |
| | 120,000 | | | Banco Mercantil del Norte S.A.(c),(d) | | H15T10Y + 5.034% | | 6.6250 | | 01/24/70 | | | 108,974 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | BANKING — 4.9% (Continued) | | | | | | | | | | |
| | 920,000 | | | Bank of America Corporation(d) | | SOFRRATE + 1.320% | | 2.6870 | | 04/22/32 | | $ | 797,949 | |
| | 450,000 | | | Bank of America Corporation(d) | | SOFRRATE + 1.913% | | 5.4250 | | 08/15/35 | | | 443,426 | |
| | 400,000 | | | Barclays plc(d),(g) | | H15T1Y + 3.500% | | 7.4370 | | 11/02/33 | | | 449,106 | |
| | 100,000 | | | BBVA Bancomer S.A.(c),(d) | | H15T5Y + 2.650% | | 5.1250 | | 01/18/33 | | | 93,356 | |
| | 420,000 | | | BPCE S.A.(c),(d) | | SOFRRATE + 2.590% | | 7.0030 | | 10/19/34 | | | 458,665 | |
| | 280,000 | | | Citigroup, Inc.(d) | | TSFR3M + 1.600% | | 3.9800 | | 03/20/30 | | | 268,549 | |
| | 320,000 | | | Citigroup, Inc.(d) | | SOFRRATE + 2.338% | | 6.2700 | | 11/17/33 | | | 340,899 | |
| | 229,000 | | | Citigroup, Inc.(d) | | SOFRRATE + 2.661% | | 6.1740 | | 05/25/34 | | | 237,409 | |
| | 505,000 | | | Citigroup, Inc.(d) | | H15T5Y + 3.417% | | 3.8750 | | 05/18/69 | | | 489,342 | |
| | 195,000 | | | Citizens Financial Group, Inc.(d) | | SOFRRATE + 1.910% | | 5.7180 | | 07/23/32 | | | 196,914 | |
| | 385,000 | | | Deutsche Bank A.G.(d) | | SOFRRATE + 2.050% | | 5.4030 | | 09/11/35 | | | 373,764 | |
| | 390,000 | | | Fifth Third Bancorp(d),(g) | | SOFRRATE + 1.660% | | 4.3370 | | 04/25/33 | | | 365,230 | |
| | 455,000 | | | Huntington Bancshares, Inc.(d) | | SOFRINDX + 1.870% | | 5.7090 | | 02/02/35 | | | 460,517 | |
| | 710,000 | | | JPMorgan Chase & Company(f) | | | | 1.9530 | | 02/04/32 | | | 594,169 | |
| | 420,000 | | | JPMorgan Chase & Company(d),(g) | | SOFRRATE + 2.580% | | 5.7170 | | 09/14/33 | | | 432,605 | |
| | 175,000 | | | JPMorgan Chase & Company(d) | | SOFRRATE + 1.810% | | 6.2540 | | 10/23/34 | | | 188,201 | |
| | 390,000 | | | KeyCorporation(d) | | SOFRRATE + 2.420% | | 6.4010 | | 03/06/35 | | | 411,752 | |
| | 395,000 | | | NatWest Group plc(d) | | H15T5Y + 2.200% | | 6.4750 | | 06/01/34 | | | 408,708 | |
| | 375,000 | | | Societe Generale S.A.(c),(d),(g) | | H15T1Y + 2.100% | | 6.0660 | | 01/19/35 | | | 381,295 | |
| | 200,000 | | | Texas Capital Bancshares, Inc.(d) | | H15T5Y + 3.150% | | 4.0000 | | 05/06/31 | | | 190,009 | |
| | 430,000 | | | Toronto-Dominion Bank (The)(d) | | H15T5Y + 4.075% | | 8.1250 | | 10/31/82 | | | 453,175 | |
| | 90,000 | | | Truist Financial Corporation(d) | | SOFRRATE + 1.922% | | 5.7110 | | 01/24/35 | | | 91,680 | |
| | 400,000 | | | Truist Financial Corporation(d) | | H15T10Y + 4.349% | | 5.1000 | | 03/01/69 | | | 390,256 | |
| | 280,000 | | | Wells Fargo & Company(d),(g) | | SOFRRATE + 2.100% | | 4.8970 | | 07/25/33 | | | 274,841 | |
| | 285,000 | | | Wells Fargo & Company(d) | | SOFRRATE + 2.060% | | 6.4910 | | 10/23/34 | | | 308,348 | |
| | 330,000 | | | Wells Fargo & Company Series BB(d) | | H15T5Y + 3.453% | | 3.9000 | | 03/15/69 | | | 319,797 | |
| | 185,000 | | | Wells Fargo & Company(d) | | H15T5Y + 2.767% | | 6.8500 | | 07/15/74 | | | 191,304 | |
| | | | | | | | | | | | | | 10,068,510 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | BIOTECH & PHARMA — 0.5% | | | | | | | | | | |
| | 198,000 | | | Amgen, Inc. | | | | 5.2500 | | 03/02/33 | | $ | 200,127 | |
| | 258,000 | | | Amgen, Inc. | | | | 5.6500 | | 03/02/53 | | | 260,080 | |
| | 45,000 | | | Par Pharmaceutical, Inc.(c),(h) | | | | 0.0000 | | 04/01/27 | | | — | |
| | 335,000 | | | Royalty Pharma plc | | | | 5.4000 | | 09/02/34 | | | 332,837 | |
| | 195,000 | | | Royalty Pharma plc | | | | 3.3500 | | 09/02/51 | | | 128,395 | |
| | 120,000 | | | Teva Pharmaceutical Finance Netherlands III BV | | | | 3.1500 | | 10/01/26 | | | 114,490 | |
| | 681 | | | Viatris, Inc.(c) | | | | 2.3000 | | 06/22/27 | | | 635 | |
| | | | | | | | | | | | | | 1,036,564 | |
| | | | | CABLE & SATELLITE — 0.4% | | | | | | | | | | |
| | 14,000 | | | CCO Holdings, LLC / CCO Holdings Capital(c) | | | | 6.3750 | | 09/01/29 | | | 13,873 | |
| | 180,000 | | | CCO Holdings, LLC / CCO Holdings Capital(c) | | | | 4.7500 | | 03/01/30 | | | 163,911 | |
| | 45,000 | | | CCO Holdings, LLC / CCO Holdings Capital(c) | | | | 4.5000 | | 08/15/30 | | | 40,230 | |
| | 200,000 | | | CSC Holdings, LLC(c) | | | | 11.7500 | | 01/31/29 | | | 195,150 | |
| | 370,000 | | | DIRECTV Holdings, LLC / DIRECTV Financing Company,(c) | | | | 5.8750 | | 08/15/27 | | | 356,707 | |
| | | | | | | | | | | | | | 769,871 | |
| | | | | CHEMICALS — 0.4% | | | | | | | | | | |
| | 340,000 | | | Bayport Polymers, LLC(c),(g) | | | | 5.1400 | | 04/14/32 | | | 324,802 | |
| | 189,000 | | | INEOS Quattro Finance 2 plc(c) | | | | 3.3750 | | 01/15/26 | | | 184,613 | |
| | 200,000 | | | INEOS Quattro Finance 2 plc(c) | | | | 9.6250 | | 03/15/29 | | | 211,858 | |
| | 130,000 | | | Windsor Holdings III, LLC(c),(g) | | | | 8.5000 | | 06/15/30 | | | 136,809 | |
| | | | | | | | | | | | | | 858,082 | |
| | | | | CONSTRUCTION MATERIALS — 0.3% | | | | | | | | | | |
| | 525,000 | | | CRH America Finance, Inc. | | | | 5.4000 | | 05/21/34 | | | 532,737 | |
| | | | | | | | | | | | | | | |
| | | | | CONTAINERS & PACKAGING — 0.7% | | | | | | | | | | |
| | 565,000 | | | Berry Global, Inc.(c) | | | | 5.6500 | | 01/15/34 | | | 564,419 | |
| | 435,000 | | | Smurfit Kappa Treasury ULC(c) | | | | 5.7770 | | 04/03/54 | | | 440,832 | |
| | 370,000 | | | Sonoco Products Company | | | | 5.0000 | | 09/01/34 | | | 354,774 | |
| | | | | | | | | | | | | | 1,360,025 | |
| | | | | ELEC & GAS MARKETING & TRADING — 0.2% | | | | | | | | | | |
| | 380,000 | | | New York State Electric & Gas Corporation(c) | | | | 5.8500 | | 08/15/33 | | | 393,017 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | ELECTRIC UTILITIES — 2.8% | | | | | | | | | | |
| | 195,000 | | | AES Corporation (The)(d) | | H15T5Y + 3.201% | | 7.6000 | | 01/15/55 | | $ | 202,173 | |
| | 485,000 | | | Black Hills Corporation | | | | 6.1500 | | 05/15/34 | | | 509,243 | |
| | 555,000 | | | CMS Energy Corporation(d) | | H15T5Y + 4.116% | | 4.7500 | | 06/01/50 | | | 534,217 | |
| | 445,000 | | | Dominion Energy, Inc.(d),(g) | | H15T5Y + 2.511% | | 7.0000 | | 06/01/54 | | | 475,798 | |
| | 450,000 | | | Electricite de France S.A.(c) | | | | 6.9000 | | 05/23/53 | | | 501,160 | |
| | 235,000 | | | Enel Finance International N.V.(c) | | | | 7.5000 | | 10/14/32 | | | 267,758 | |
| | 175,000 | | | Enel Finance International N.V.(c) | | | | 5.5000 | | 06/26/34 | | | 176,696 | |
| | 425,000 | | | Entergy Corporation(d) | | H15T5Y + 2.670% | | 7.1250 | | 12/01/54 | | | 435,656 | |
| | 260,000 | | | Entergy Texas, Inc. | | | | 5.8000 | | 09/01/53 | | | 268,403 | |
| | 330,000 | | | Exelon Corporation | | | | 5.6000 | | 03/15/53 | | | 328,285 | |
| | 15,000 | | | Lightning Power, LLC(c) | | | | 7.2500 | | 08/15/32 | | | 15,616 | |
| | 188,000 | | | National Rural Utilities Cooperative Finance(d) | | TSFR3M + 3.172% | | 7.7610 | | 04/30/43 | | | 188,026 | |
| | 384,000 | | | NRG Energy, Inc.(c) | | | | 7.0000 | | 03/15/33 | | | 416,584 | |
| | 365,000 | | | PacifiCorporation(g) | | | | 5.8000 | | 01/15/55 | | | 365,823 | |
| | 403,000 | | | Puget Energy, Inc. | | | | 2.3790 | | 06/15/28 | | | 366,530 | |
| | 404,000 | | | Southern Company (The)(d) | | H15T5Y + 2.915% | | 3.7500 | | 09/15/51 | | | 389,171 | |
| | 245,000 | | | Vistra Corporation(c),(d) | | H15T5Y + 6.930% | | 8.0000 | | 04/15/70 | | | 251,863 | |
| | | | | | | | | | | | | | 5,693,002 | |
| | | | | ELECTRICAL EQUIPMENT — 0.2% | | | | | | | | | | |
| | 385,000 | | | Vontier Corporation | | | | 2.9500 | | 04/01/31 | | | 331,246 | |
| | | | | | | | | | | | | | | |
| | | | | ENGINEERING & CONSTRUCTION — 0.2% | | | | | | | | | | |
| | 140,000 | | | Global Infrastructure Solutions, Inc.(c) | | | | 7.5000 | | 04/15/32 | | | 142,683 | |
| | 398,000 | | | Sempra Infrastructure Partners, L.P.(c) | | | | 3.2500 | | 01/15/32 | | | 331,925 | |
| | | | | | | | | | | | | | 474,608 | |
| | | | | ENTERTAINMENT CONTENT — 0.2% | | | | | | | | | | |
| | 475,000 | | | Univision Communications, Inc.(c) | | | | 6.6250 | | 06/01/27 | | | 471,732 | |
| | | | | | | | | | | | | | | |
| | | | | FOOD — 0.3% | | | | | | | | | | |
| | 410,000 | | | Pilgrim’s Pride Corporation(g) | | | | 6.2500 | | 07/01/33 | | | 426,165 | |
| | 190,000 | | | Post Holdings, Inc.(c) | | | | 6.3750 | | 03/01/33 | | | 188,442 | |
| | | | | | | | | | | | | | 614,607 | |
| | | | | GAS & WATER UTILITIES — 0.2% | | | | | | | | | | |
| | 260,000 | | | Brooklyn Union Gas Company (The)(c) | | | | 4.8660 | | 08/05/32 | | | 248,637 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | GAS & WATER UTILITIES — 0.2% (Continued) | | | | | | | | | | |
| | 255,000 | | | KeySpan Gas East Corporation(c) | | | | 5.9940 | | 03/06/33 | | $ | 262,669 | |
| | | | | | | | | | | | | | 511,306 | |
| | | | | HEALTH CARE FACILITIES & SERVICES — 1.3% | | | | | | | | | | |
| | 290,000 | | | Catalent Pharma Solutions, Inc.(c) | | | | 3.5000 | | 04/01/30 | | | 280,857 | |
| | 500,000 | | | CHS/Community Health Systems, Inc.(c) | | | | 5.2500 | | 05/15/30 | | | 436,912 | |
| | 458,000 | | | CVS Health Corporation(g) | | | | 5.8750 | | 06/01/53 | | | 441,701 | |
| | 185,000 | | | HCA, Inc. | | | | 5.5000 | | 06/01/33 | | | 185,924 | |
| | 165,000 | | | HCA, Inc. | | | | 5.2500 | | 06/15/49 | | | 149,892 | |
| | 116,000 | | | HCA, Inc. | | | | 6.0000 | | 04/01/54 | | | 116,724 | |
| | 445,000 | | | Icon Investments Six DAC(g) | | | | 6.0000 | | 05/08/34 | | | 457,145 | |
| | 359,000 | | | Universal Health Services, Inc. | | | | 2.6500 | | 01/15/32 | | | 299,311 | |
| | 280,000 | | | Universal Health Services, Inc. | | | | 5.0500 | | 10/15/34 | | | 265,805 | |
| | | | | | | | | | | | | | 2,634,271 | |
| | | | | HOME & OFFICE PRODUCTS — 0.1% | | | | | | | | | | |
| | 275,000 | | | Newell Brands, Inc.(g) | | | | 6.3750 | | 09/15/27 | | | 278,711 | |
| | | | | | | | | | | | | | | |
| | | | | HOME CONSTRUCTION — 0.4% | | | | | | | | | | |
| | 410,000 | | | Ashton Woods USA, LLC / Ashton Woods Finance(c) | | | | 4.6250 | | 04/01/30 | | | 377,896 | |
| | 554,000 | | | Meritage Homes Corporation(c) | | | | 3.8750 | | 04/15/29 | | | 517,750 | |
| | | | | | | | | | | | | | 895,646 | |
| | | | | HOUSEHOLD PRODUCTS — 0.2% | | | | | | | | | | |
| | 370,000 | | | Kronos Acquisition Holdings, Inc.(c) | | | | 8.2500 | | 06/30/31 | | | 366,692 | |
| | | | | | | | | | | | | | | |
| | | | | INDUSTRIAL SUPPORT SERVICES — 0.2% | | | | | | | | | | |
| | 405,000 | | | Ashtead Capital, Inc.(c) | | | | 5.5000 | | 08/11/32 | | | 403,938 | |
| | | | | | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 1.5% | | | | | | | | | | |
| | 165,000 | | | Bank of New York Mellon Corporation (The)(d) | | SOFRINDX + 2.074% | | 5.8340 | | 10/25/33 | | | 173,815 | |
| | 345,000 | | | Bank of New York Mellon Corporation (The)(d) | | H15T5Y + 4.358% | | 4.7000 | | 09/20/68 | | | 342,934 | |
| | 285,000 | | | Goldman Sachs Group, Inc. (The)(d) | | SOFRRATE + 1.090% | | 1.9920 | | 01/27/32 | | | 237,832 | |
| | 195,000 | | | Goldman Sachs Group, Inc. (The)(d),(g) | | SOFRRATE + 1.550% | | 5.3300 | | 07/23/35 | | | 194,969 | |
| | 310,000 | | | Goldman Sachs Group, Inc. (The) | | | | 6.4500 | | 05/01/36 | | | 335,109 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 1.5% (Continued) | | | | | | | | | | |
| | 435,000 | | | Morgan Stanley | | | | 5.2500 | | 04/21/34 | | $ | 435,767 | |
| | 185,000 | | | Morgan Stanley | | SOFRRATE + 1.880% | | 5.4240 | | 07/21/34 | | | 186,904 | |
| | 275,000 | | | Morgan Stanley(d) | | H15T5Y + 2.430% | | 5.9480 | | 01/19/38 | | | 280,231 | |
| | 215,000 | | | Northern Trust Corporation(f) | | | | 3.3750 | | 05/08/32 | | | 206,577 | |
| | 450,000 | | | State Street Corporation(d) | | SOFRRATE + 1.958% | | 6.1230 | | 11/21/34 | | | 474,866 | |
| | 175,000 | | | State Street Corporation(d) | | H15T5Y + 2.613% | | 6.7000 | | 03/15/74 | | | 180,637 | |
| | | | | | | | | | | | | | 3,049,641 | |
| | | | | INSURANCE — 1.9% | | | | | | | | | | |
| | 200,000 | | | Allianz S.E.(c),(d) | | H15T5Y + 3.232% | | 6.3500 | | 09/06/53 | | | 213,091 | |
| | 260,000 | | | Allianz S.E.(c),(d) | | H15T5Y + 2.771% | | 5.6000 | | 09/03/54 | | | 262,070 | |
| | 320,000 | | | Allstate Corporation (The)(d) | | TSFR3M + 3.200% | | 8.3180 | | 08/15/53 | | | 320,390 | |
| | 410,000 | | | Ascot Group Ltd.(c) | | | | 4.2500 | | 12/15/30 | | | 355,810 | |
| | 391,000 | | | Corebridge Financial, Inc.(d),(g) | | H15T5Y + 2.646% | | 6.3750 | | 09/15/54 | | | 390,518 | |
| | 330,000 | | | F&G Annuities & Life, Inc. | | | | 6.5000 | | 06/04/29 | | | 334,592 | |
| | 198,000 | | | Global Atlantic Fin Company(c) | | | | 7.9500 | | 06/15/33 | | | 221,190 | |
| | 105,000 | | | Global Atlantic Fin Company(c),(d) | | H15T5Y + 3.608% | | 7.9500 | | 10/15/54 | | | 109,210 | |
| | 175,000 | | | Liberty Mutual Group, Inc.(c),(d) | | H15T5Y + 3.315% | | 4.1250 | | 12/15/51 | | | 165,177 | |
| | 325,000 | | | MetLife, Inc.(d) | | H15T5Y + 3.576% | | 3.8500 | | 03/15/69 | | | 318,368 | |
| | 126,000 | | | MetLife, Inc.(d),(g) | | TSFR3M + 3.221% | | 5.8750 | | 09/15/66 | | | 127,363 | |
| | 335,000 | | | Nippon Life Insurance Company(c),(d) | | H15T5Y + 2.954% | | 6.2500 | | 09/13/53 | | | 354,673 | |
| | 104,000 | | | Prudential Financial, Inc.(d) | | H15T5Y + 3.162% | | 5.1250 | | 03/01/52 | | | 100,686 | |
| | 210,000 | | | Prudential Financial, Inc.(d) | | H15T5Y + 2.848% | | 6.7500 | | 03/01/53 | | | 223,464 | |
| | 45,000 | | | Prudential Financial, Inc.(d) | | H15T5Y + 2.404% | | 6.5000 | | 03/15/54 | | | 47,046 | |
| | 415,000 | | | Willis North America, Inc. | | | | 5.9000 | | 03/05/54 | | | 417,662 | |
| | | | | | | | | | | | | | 3,961,310 | |
| | | | | MACHINERY — 0.5% | | | | | | | | | | |
| | 580,000 | | | Regal Rexnord Corporation(g) | | | | 6.4000 | | 04/15/33 | | | 606,032 | |
| | 400,000 | | | Veralto Corporation | | | | 5.4500 | | 09/18/33 | | | 406,217 | |
| | | | | | | | | | | | | | 1,012,249 | |
| | | | | MEDICAL EQUIPMENT & DEVICES — 0.7% | | | | | | | | | | |
| | 570,000 | | | DENTSPLY SIRONA, Inc. | | | | 3.2500 | | 06/01/30 | | | 510,307 | |
| | 498,000 | | | Illumina, Inc.(g) | | | | 2.5500 | | 03/23/31 | | | 427,035 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | MEDICAL EQUIPMENT & DEVICES — 0.7% (Continued) | | | | | | | | | | |
| | 450,000 | | | Smith & Nephew plc | | | | 5.4000 | | 03/20/34 | | $ | 452,679 | |
| | | | | | | | | | | | | | 1,390,021 | |
| | | | | METALS & MINING — 0.4% | | | | | | | | | | |
| | 295,000 | | | Corp Nacional del Cobre de Chile(c) | | | | 5.9500 | | 01/08/34 | | | 300,120 | |
| | 295,000 | | | Glencore Funding, LLC(c) | | | | 2.8500 | | 04/27/31 | | | 257,874 | |
| | 240,000 | | | Glencore Funding, LLC(c) | | | | 5.6340 | | 04/04/34 | | | 243,812 | |
| | | | | | | | | | | | | | 801,806 | |
| | | | | OIL & GAS PRODUCERS — 3.9% | | | | | | | | | | |
| | 95,000 | | | 6297782, LLC(c),(g) | | | | 5.5840 | | 10/01/34 | | | 93,897 | |
| | 70,000 | | | 6297782, LLC(c) | | | | 6.1760 | | 10/01/54 | | | 69,386 | |
| | 80,000 | | | Adnoc Murban Rsc Ltd.(c) | | | | 4.5000 | | 09/11/34 | | | 76,398 | |
| | 305,000 | | | Aker BP ASA(c),(g) | | | | 5.1250 | | 10/01/34 | | | 292,023 | |
| | 305,000 | | | Aker BP ASA(c) | | | | 5.8000 | | 10/01/54 | | | 286,130 | |
| | 600,000 | | | BP Capital Markets plc(d) | | H15T5Y + 4.398% | | 4.8750 | | 12/22/00 | | | 585,412 | |
| | 130,000 | | | Civitas Resources, Inc.(c) | | | | 8.7500 | | 07/01/31 | | | 136,339 | |
| | 150,000 | | | Columbia Pipelines Operating Company, LLC(c) | | | | 6.0360 | | 11/15/33 | | | 155,395 | |
| | 165,000 | | | Columbia Pipelines Operating Company, LLC(c) | | | | 6.5440 | | 11/15/53 | | | 177,717 | |
| | 35,000 | | | Columbia Pipelines Operating Company, LLC(c) | | | | 6.7140 | | 08/15/63 | | | 38,439 | |
| | 95,000 | | | CrownRock, L.P. / CrownRock Finance, Inc.(c) | | | | 5.0000 | | 05/01/29 | | | 96,124 | |
| | 425,000 | | | Diamondback Energy, Inc. | | | | 5.9000 | | 04/18/64 | | | 412,087 | |
| | 25,000 | | | Encino Acquisition Partners Holdings, LLC(c) | | | | 8.7500 | | 05/01/31 | | | 25,686 | |
| | 120,000 | | | Energy Transfer, L.P.(d) | | H15T5Y + 5.306% | | 7.1250 | | 05/15/69 | | | 122,281 | |
| | 175,000 | | | Energy Transfer, L.P.(d) | | H15T5Y + 5.694% | | 6.5000 | | 11/15/69 | | | 174,886 | |
| | 630,000 | | | Flex Intermediate Holdco, LLC(c) | | | | 3.3630 | | 06/30/31 | | | 545,569 | |
| | 305,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 8.8750 | | 04/15/30 | | | 315,852 | |
| | 87,000 | | | KazMunayGas National Company JSC(c) | | | | 5.7500 | | 04/19/47 | | | 76,923 | |
| | 85,000 | | | Kinder Morgan Energy Partners, L.P. | | | | 6.9500 | | 01/15/38 | | | 93,213 | |
| | 50,000 | | | NGL Energy Partners, L.P.(c) | | | | 8.1250 | | 02/15/29 | | | 50,399 | |
| | 80,000 | | | NGL Energy Partners, L.P.(c) | | | | 8.3750 | | 02/15/32 | | | 80,764 | |
| | 360,000 | | | Northern Natural Gas Company(c) | | | | 5.6250 | | 02/01/54 | | | 361,619 | |
| | 360,000 | | | Occidental Petroleum Corporation(g) | | | | 5.5500 | | 10/01/34 | | | 354,593 | |
| | 260,000 | | | Occidental Petroleum Corporation | | | | 6.2000 | | 03/15/40 | | | 259,898 | |
| | 275,000 | | | Pertamina Persero PT(c) | | | | 6.4500 | | 05/30/44 | | | 293,319 | |
| | 300,000 | | | Petroleos Mexicanos | | | | 6.5000 | | 03/13/27 | | | 294,606 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | OIL & GAS PRODUCERS — 3.9% (Continued) | | | | | | | | | | |
| | 350,000 | | | Plains All American Pipeline, L.P. / PAA Finance | | | | 5.7000 | | 09/15/34 | | $ | 353,219 | |
| | 160,000 | | | Qatar Petroleum(c) | | | | 2.2500 | | 07/12/31 | | | 137,880 | |
| | 265,000 | | | Reliance Industries Ltd.(c) | | | | 2.8750 | | 01/12/32 | | | 229,160 | |
| | 300,000 | | | Saudi Arabian Oil Company(c) | | | | 5.2500 | | 07/17/34 | | | 300,587 | |
| | 110,000 | | | South Bow Canadian Infrastructure Holdings Ltd.(c),(d) | | H15T5Y + 3.667% | | 7.5000 | | 03/01/55 | | | 114,313 | |
| | 370,000 | | | Transcanada Trust(d) | | H15T5Y + 3.986% | | 5.6000 | | 03/07/82 | | | 353,651 | |
| | 95,000 | | | Venture Global Calcasieu Pass, LLC(c) | | | | 3.8750 | | 08/15/29 | | | 87,631 | |
| | 425,000 | | | Western Midstream Operating, L.P. | | | | 5.2500 | | 02/01/50 | | | 371,086 | |
| | 500,000 | | | Williams Companies, Inc. (The) | | | | 5.1500 | | 03/15/34 | | | 492,469 | |
| | | | | | | | | | | | | | 7,908,951 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT — 0.4% | | | | | | | | | | |
| | 500,000 | | | Nabors Industries, Inc.(c),(g) | | | | 7.3750 | | 05/15/27 | | | 500,740 | |
| | 260,000 | | | Noble Finance II, LLC(c) | | | | 8.0000 | | 04/15/30 | | | 263,132 | |
| | | | | | | | | | | | | | 763,872 | |
| | | | | REAL ESTATE INVESTMENT TRUSTS — 0.7% | | | | | | | | | | |
| | 500,000 | | | EPR Properties | | | | 3.6000 | | 11/15/31 | | | 440,391 | |
| | 405,000 | | | GLP Capital, L.P. / GLP Financing II, Inc. | | | | 6.7500 | | 12/01/33 | | | 433,065 | |
| | 390,000 | | | Safehold GL Holdings, LLC | | | | 6.1000 | | 04/01/34 | | | 402,520 | |
| | 75,000 | | | Service Properties Trust | | | | 4.9500 | | 02/15/27 | | | 69,923 | |
| | 165,000 | | | VICI Properties, L.P.(g) | | | | 5.1250 | | 05/15/32 | | | 161,762 | |
| | | | | | | | | | | | | | 1,507,661 | |
| | | | | RETAIL - DISCRETIONARY — 0.7% | | | | | | | | | | |
| | 175,000 | | | BlueLinx Holdings, Inc.(c) | | | | 6.0000 | | 11/15/29 | | | 169,083 | |
| | 310,000 | | | Builders FirstSource, Inc.(c) | | | | 6.3750 | | 03/01/34 | | | 312,882 | |
| | 290,000 | | | Ferguson Enterprises, Inc. | | | | 5.0000 | | 10/03/34 | | | 281,741 | |
| | 405,000 | | | Hertz Corporation (The)(c),(g) | | | | 4.6250 | | 12/01/26 | | | 306,372 | |
| | 275,000 | | | PetSmart, Inc. / PetSmart Finance Corporation(c) | | | | 7.7500 | | 02/15/29 | | | 267,218 | |
| | | | | | | | | | | | | | 1,337,296 | |
| | | | | SEMICONDUCTORS — 0.5% | | | | | | | | | | |
| | 465,000 | | | Broadcom, Inc. | | | | 5.1500 | | 11/15/31 | | | 469,071 | |
| | 200,000 | | | Broadcom, Inc. | | | | 4.8000 | | 10/15/34 | | | 193,545 | |
| | 325,000 | | | Foundry JV Holdco, LLC(c) | | | | 6.4000 | | 01/25/38 | | | 333,986 | |
| | | | | | | | | | | | | | 996,602 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | SOFTWARE — 0.3% | | | | | | | | | | |
| | 105,000 | | | Helios Software Holdings, Inc. / ION Corporate(c) | | | | 8.7500 | | 05/01/29 | | $ | 106,702 | |
| | 115,000 | | | Oracle Corporation | | | | 6.2500 | | 11/09/32 | | | 123,425 | |
| | 160,000 | | | Oracle Corporation | | | | 6.9000 | | 11/09/52 | | | 184,331 | |
| | 188,000 | | | Oracle Corporation | | | | 5.5500 | | 02/06/53 | | | 184,113 | |
| | 75,000 | | | Oracle Corporation | | | | 3.8500 | | 04/01/60 | | | 53,341 | |
| | | | | | | | | | | | | | 651,912 | |
| | | | | SPECIALTY FINANCE — 1.1% | | | | | | | | | | |
| | 235,000 | | | AerCap Ireland Capital DAC / AerCap Global | | | | 3.3000 | | 01/30/32 | | | 206,814 | |
| | 205,000 | | | AerCap Ireland Capital DAC / AerCap Global | | | | 4.9500 | | 09/10/34 | | | 197,376 | |
| | 150,000 | | | AerCap Ireland Capital DAC / AerCap Global(d) | | H15T5Y + 2.720% | | 6.9500 | | 03/10/55 | | | 154,680 | |
| | 615,000 | | | American Express Company(d) | | SOFRRATE + 1.930% | | 5.6250 | | 07/28/34 | | | 625,724 | |
| | 235,000 | | | Aviation Capital Group, LLC(c) | | | | 3.5000 | | 11/01/27 | | | 223,899 | |
| | 210,000 | | | Avolon Holdings Funding Ltd.(c) | | | | 4.3750 | | 05/01/26 | | | 206,849 | |
| | 217,000 | | | Capital One Financial Corporation(f),(g) | | | | 2.3590 | | 07/29/32 | | | 175,300 | |
| | 225,000 | | | GGAM Finance Ltd.(c) | | | | 6.8750 | | 04/15/29 | | | 230,104 | |
| | 150,000 | | | Synchrony Financial | | | | 4.8750 | | 06/13/25 | | | 149,573 | |
| | 67,000 | | | Synchrony Financial | | | | 3.7000 | | 08/04/26 | | | 65,392 | |
| | | | | | | | | | | | | | 2,235,711 | |
| | | | | TECHNOLOGY HARDWARE — 0.1% | | | | | | | | | | |
| | 175,000 | | | ViaSat, Inc.(c) | | | | 5.6250 | | 09/15/25 | | | 172,868 | |
| | | | | | | | | | | | | | | |
| | | | | TECHNOLOGY SERVICES — 1.2% | | | | | | | | | | |
| | 165,000 | | | Block, Inc.(c) | | | | 6.5000 | | 05/15/32 | | | 168,149 | |
| | 400,000 | | | Booz Allen Hamilton, Inc.(c) | | | | 4.0000 | | 07/01/29 | | | 382,322 | |
| | 570,000 | | | CoStar Group, Inc.(c) | | | | 2.8000 | | 07/15/30 | | | 497,843 | |
| | 630,000 | | | Gartner, Inc.(c),(g) | | | | 3.7500 | | 10/01/30 | | | 580,142 | |
| | 320,000 | | | Leidos, Inc. | | | | 2.3000 | | 02/15/31 | | | 272,973 | |
| | 556,000 | | | MSCI, Inc.(c) | | | | 3.6250 | | 09/01/30 | | | 509,947 | |
| | | | | | | | | | | | | | 2,411,376 | |
| | | | | TELECOMMUNICATIONS — 0.3% | | | | | | | | | | |
| | 160,000 | | | Level 3 Financing, Inc.(c) | | | | 4.2500 | | 07/01/28 | | | 133,800 | |
| | 270,000 | | | Level 3 Financing, Inc.(c),(g) | | | | 3.6250 | | 01/15/29 | | | 203,804 | |
| | 205,000 | | | Sprint Capital Corporation | | | | 8.7500 | | 03/15/32 | | | 248,128 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 31.9% (Continued) | | | | | | | | | | |
| | | | | TELECOMMUNICATIONS — 0.3% (Continued) | | | | | | | | | | |
| | 25,000 | | | Sprint Spectrum Company, LLC / Sprint Spectrum(c) | | | | 4.7380 | | 03/20/25 | | $ | 24,951 | |
| | | | | | | | | | | | | | 610,683 | |
| | | | | TOBACCO & CANNABIS — 0.6% | | | | | | | | | | |
| | 295,000 | | | BAT Capital Corporation | | | | 7.7500 | | 10/19/32 | | | 339,064 | |
| | 465,000 | | | Imperial Brands Finance plc(c) | | | | 5.8750 | | 07/01/34 | | | 470,514 | |
| | 510,000 | | | Philip Morris International, Inc. | | | | 4.9000 | | 11/01/34 | | | 498,281 | |
| | | | | | | | | | | | | | 1,307,859 | |
| | | | | TRANSPORTATION & LOGISTICS — 0.8% | | | | | | | | | | |
| | 350,774 | | | Alaska Airlines Class A Pass Through Trust Series 2021-1(c) | | | | 4.8000 | | 08/15/27 | | | 347,970 | |
| | 335,000 | | | BNSF Funding Trust I(f) | | | | 6.6130 | | 12/15/55 | | | 340,966 | |
| | 316,362 | | | British Airways Class A Pass Through Trust Series 2021-1(c) | | | | 2.9000 | | 03/15/35 | | | 280,600 | |
| | 325,689 | | | Delta Air Lines Class AA Pass Through Trust Series 2015-1 | | | | 3.6250 | | 07/30/27 | | | 315,078 | |
| | 90,000 | | | DP World plc(c) | | | | 6.8500 | | 07/02/37 | | | 99,486 | |
| | 287,431 | | | United Airlines Class A Pass Through Trust Series 2023-1 | | | | 5.8000 | | 07/15/36 | | | 296,657 | |
| | 55,000 | | | United Airlines Class AA Pass Through Trust Series 2024-1 | | | | 5.4500 | | 02/15/37 | | | 56,010 | |
| | | | | | | | | | | | | | 1,736,767 | |
| | | | | TOTAL CORPORATE BONDS (Cost $64,854,465) | | | | | | | | | 65,367,636 | |
| | | | | | | | | | | | | | | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 2.4% | | | | | | | | | | |
| | | | | SOVEREIGN — 2.4% | | | | | | | | | | |
| | 65,000 | | | Abu Dhabi Government International Bond(c) | | | | 5.0000 | | 04/30/34 | | | 66,277 | |
| | 80,000 | | | Abu Dhabi Government International Bond(c) | | | | 3.8750 | | 04/16/50 | | | 64,055 | |
| | 335,000 | | | Brazilian Government International Bond | | | | 6.0000 | | 10/20/33 | | | 332,982 | |
| | 55,000 | | | Brazilian Government International Bond | | | | 7.1250 | | 05/13/54 | | | 55,010 | |
| | 178,000 | | | Colombia Government International Bond | | | | 8.0000 | | 11/14/35 | | | 180,460 | |
| | 55,000 | | | Costa Rica Government International Bond(c) | | | | 6.5500 | | 04/03/34 | | | 57,246 | |
| | 30,000 | | | Costa Rica Government International Bond(c) | | | | 7.3000 | | 11/13/54 | | | 31,868 | |
| | 358,000 | | | Dominican Republic International Bond(c) | | | | 4.8750 | | 09/23/32 | | | 328,165 | |
| | 290,000 | | | Finance Department Government of Sharjah(c) | | | | 4.0000 | | 07/28/50 | | | 197,210 | |
| | 115,000 | | | Guatemala Government Bond(c) | | | | 6.6000 | | 06/13/36 | | | 117,228 | |
| | 80,000 | | | Hungary Government International Bond(c) | | | | 6.2500 | | 09/22/32 | | | 83,265 | |
| | 45,000 | | | Indonesia Government International Bond | | | | 4.7500 | | 09/10/34 | | | 44,059 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | | | (%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 2.4% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 2.4% (Continued) | | | | | | | | | | |
| | 100,000 | | | Ivory Coast Government International Bond(c) | | | | 8.2500 | | 01/30/37 | | $ | 99,769 | |
| | 80,000 | | | Mexico Government International Bond | | | | 6.3500 | | 02/09/35 | | | 80,487 | |
| | 175,000 | | | Mexico Government International Bond | | | | 6.0000 | | 05/07/36 | | | 170,337 | |
| | 70,000 | | | Mexico Government International Bond | | | | 6.4000 | | 05/07/54 | | | 65,771 | |
| | 95,000 | | | Morocco Government International Bond(c) | | | | 3.0000 | | 12/15/32 | | | 78,580 | |
| | 150,000 | | | Oman Government International Bond(c) | | | | 7.3750 | | 10/28/32 | | | 167,836 | |
| | 50,000 | | | Oman Government International Bond(c) | | | | 6.7500 | | 01/17/48 | | | 51,817 | |
| | 445,000 | | | Panama Government International Bond | | | | 8.0000 | | 03/01/38 | | | 470,054 | |
| | 75,000 | | | Paraguay Government International Bond(c) | | | | 6.0000 | | 02/09/36 | | | 76,905 | |
| | 125,000 | | | Philippine Government International Bond | | | | 4.7500 | | 03/05/35 | | | 122,490 | |
| | 195,000 | | | Qatar Government International Bond(c) | | | | 3.7500 | | 04/16/30 | | | 188,354 | |
| | 235,000 | | | Republic of Poland Government International Bond | | | | 4.8750 | | 10/04/33 | | | 231,615 | |
| | 115,000 | | | Republic of South Africa Government International | | | | 5.8750 | | 06/22/30 | | | 112,671 | |
| | 30,000 | | | Republic of South Africa Government International | | | | 5.6500 | | 09/27/47 | | | 23,589 | |
| | 40,000 | | | Republic of Uzbekistan International Bond(c) | | | | 6.9000 | | 02/28/32 | | | 39,442 | |
| | 395,000 | | | Romanian Government International Bond(c) | | | | 5.8750 | | 01/30/29 | | | 397,868 | |
| | 215,000 | | | Saudi Government International Bond(c) | | | | 4.8750 | | 07/18/33 | | | 213,150 | |
| | 95,000 | | | Saudi Government International Bond(c) | | | | 4.5000 | | 10/26/46 | | | 80,113 | |
| | 66,000 | | | Serbia International Bond(c) | | | | 6.5000 | | 09/26/33 | | | 69,078 | |
| | 215,000 | | | Turkiye Government International Bond | | | | 9.1250 | | 07/13/30 | | | 240,424 | |
| | 230,000 | | | Turkiye Government International Bond | | | | 7.6250 | | 05/15/34 | | | 237,452 | |
| | 70,000 | | | Turkiye Government International Bond | | | | 6.6250 | | 02/17/45 | | | 61,323 | |
| | | | | | | | | | | | | | 4,836,950 | |
| | | | | TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,901,300) | | | | | 4,836,950 | |
| | | | | | | | | | | | | | | |
| | | | | | | | Coupon Rate | | | | | |
| | | | | | Spread | | (%) | | Maturity | | | |
| | | | | TERM LOANS — 6.4% | | | | | | | | | | |
| | | | | AEROSPACE & DEFENSE — 0.3% | | | | | | | | | | |
| | 191,127 | | | Dynasty Acquisition Company, Inc.(d) | | TSFR1M + 2.250% | | 7.0090 | | 10/27/31 | | | 191,486 | |
| | 72,699 | | | Dynasty Acquisition Company, Inc.(d) | | TSFR1M + 2.250% | | 7.0090 | | 10/27/31 | | | 72,835 | |
| | 193,659 | | | TransDigm, Inc.(d) | | TSFR3M + 2.500% | | 7.1040 | | 02/28/31 | | | 194,060 | |
| | 95,000 | | | TransDigm, Inc.(d) | | TSFR3M + 2.500% | | 7.3200 | | 01/05/32 | | | 95,148 | |
| | | | | | | | | | | | | | 553,529 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 6.4% (Continued) | | | | | | | | | | |
| | | | | ASSET MANAGEMENT — 0.1% | | | | | | | | | | |
| | 176,864 | | | Wec US Holdings Ltd.(d) | | TSFR1M + 2.750% | | 7.5950 | | 01/20/31 | | $ | 177,192 | |
| | | | | | | | | | | | | | | |
| | | | | AUTOMOTIVE — 0.1% | | | | | | | | | | |
| | 119,463 | | | Clarios Global, L.P.(d) | | TSFR1M + 2.500% | | 7.3450 | | 05/06/30 | | | 119,847 | |
| | 115,000 | | | PAI Holdco, Inc.(d) | | TSFR3M + 4.012% | | 9.2640 | | 10/28/27 | | | 106,375 | |
| | | | | | | | | | | | | | 226,222 | |
| | | | | BEVERAGES — 0.1% | | | | | | | | | | |
| | 158,921 | | | Triton Water Holdings, Inc.(d) | | TSFR1M + 3.500% | | 8.1150 | | 03/29/28 | | | 159,228 | |
| | | | | | | | | | | | | | | |
| | | | | BIOTECH & PHARMA — 0.0%(a) | | | | | | | | | | |
| | 81,113 | | | Perrigo Investments, LLC(d) | | TSFR1M + 2.500% | | 7.1950 | | 04/07/29 | | | 81,417 | |
| | | | | | | | | | | | | | | |
| | | | | CABLE & SATELLITE — 0.6% | | | | | | | | | | |
| | 313,751 | | | Cogeco Communications USA II, L.P.(d) | | TSFR1M + 3.250% | | 8.0950 | | 09/18/30 | | | 310,482 | |
| | 243,144 | | | CSC Holdings, LLC(d) | | TSFR1M + 4.500% | | 9.5970 | | 01/18/28 | | | 237,891 | |
| | 251,332 | | | Directv Financing, LLC(d) | | TSFR1M + 5.365% | | 10.2100 | | 08/02/29 | | | 244,970 | |
| | 315,000 | | | Virgin Media Bristol, LLC(d) | | TSFR1M + 2.500% | | 7.7110 | | 01/04/28 | | | 306,397 | |
| | | | | | | | | | | | | | 1,099,740 | |
| | | | | CHEMICALS — 0.3% | | | | | | | | | | |
| | 223,534 | | | INEOS US Finance, LLC(d) | | TSFR1M + 3.250% | | 8.0950 | | 02/19/30 | | | 224,023 | |
| | 217,852 | | | Innophos Holdings, Inc.(d) | | TSFR1M + 3.250% | | 8.7100 | | 02/04/27 | | | 218,611 | |
| | 113,555 | | | LSF11 A5 HoldCo, LLC(d) | | TSFR1M + 3.615% | | 8.4600 | | 10/16/28 | | | 114,135 | |
| | 99,700 | | | Lummus Technology Holdings V, LLC(d) | | TSFR1M + 3.615% | | 8.4600 | | 12/31/29 | | | 99,941 | |
| | | | | | | | | | | | | | 656,710 | |
| | | | | COMMERCIAL SUPPORT SERVICES — 0.2% | | | | | | | | | | |
| | 166,978 | | | Brightview Landscapes, LLC(d) | | TSFR3M + 2.500% | | 10.0000 | | 04/20/29 | | | 167,256 | |
| | 102,237 | | | CHG Healthcare Services, Inc.(d) | | TSFR1M + 3.500% | | 8.4600 | | 09/30/28 | | | 102,567 | |
| | 169,575 | | | Prime Security Services Borrower, LLC(d) | | TSFR1M + 2.250% | | 7.1070 | | 10/15/30 | | | 169,792 | |
| | | | | | | | | | | | | | 439,615 | |
| | | | | CONSUMER SERVICES — 0.1% | | | | | | | | | | |
| | 210,000 | | | University Support Services, LLC(b),(d) | | TSFR1M + 2.750% | | 7.6700 | | 02/12/29 | | | 209,804 | |
| | | | | | | | | | | | | | | |
| | | | | CONTAINERS & PACKAGING — 0.1% | | | | | | | | | | |
| | 278,895 | | | TricorBraun Holdings, Inc.(d) | | TSFR1M + 3.365% | | 8.2100 | | 01/29/28 | | | 276,848 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 6.4% (Continued) | | | | | | | | | | |
| | | | | ELECTRIC UTILITIES — 0.2% | | | | | | | | | | |
| | 310,000 | | | Calpine Corporation(d) | | TSFR1M + 2.000% | | 7.3380 | | 01/31/31 | | $ | 309,471 | |
| | 55,000 | | | Kestrel Acquisition, LLC(d) | | TSFR1M + 3.500% | | 8.2590 | | 10/29/31 | | | 55,000 | |
| | | | | | | | | | | | | | 364,471 | |
| | | | | ELECTRICAL EQUIPMENT — 0.1% | | | | | | | | | | |
| | 194,513 | | | Gates Corporation(d) | | TSFR1M + 2.250% | | 7.0950 | | 06/04/31 | | | 195,189 | |
| | | | | | | | | | | | | | | |
| | | | | ENGINEERING & CONSTRUCTION — 0.1% | | | | | | | | | | |
| | 25,000 | | | Construction Partners, Inc.(d) | | TSFR1M + 2.500% | | 7.2590 | | 10/29/31 | | | 25,063 | |
| | 105,000 | | | Cornerstone Generation, LLC(d) | | TSFR1M + 3.250% | | 8.0540 | | 10/28/31 | | | 105,131 | |
| | | | | | | | | | | | | | 130,194 | |
| | | | | ENTERTAINMENT CONTENT — 0.1% | | | | | | | | | | |
| | 229,425 | | | Univision Communications, Inc.(d) | | TSFR1M + 3.500% | | 8.4600 | | 01/31/29 | | | 227,131 | |
| | | | | | | | | | | | | | | |
| | | | | FOOD — 0.2% | | | | | | | | | | |
| | 54,588 | | | Chobani, LLC(d) | | TSFR1M + 3.750% | | 8.5950 | | 10/25/27 | | | 54,923 | |
| | 52,527 | | | Del Monte Foods Corporation II, Inc.(d) | | TSFR3M + 4.400% | | 9.2660 | | 08/02/28 | | | 29,967 | |
| | 119,567 | | | Del Monte Foods Corporation II, Inc.(d) | | TSFR3M + 3.400% | | 10.1880 | | 08/02/28 | | | 22,419 | |
| | 60,955 | | | Del Monte Foods Corporation II, Inc.(d) | | TSFR3M + 8.150% | | 13.1660 | | 08/02/28 | | | 58,812 | |
| | 335,000 | | | Froneri US, Inc.(d) | | TSFR1M + 2.000% | | 7.2010 | | 09/18/31 | | | 333,879 | |
| | | | | | | | | | | | | | 500,000 | |
| | | | | HEALTH CARE FACILITIES & SERVICES — 0.1% | | | | | | | | | | |
| | 148,876 | | | Phoenix Guarantor, Inc.(d) | | TSFR1M + 3.365% | | 8.0950 | | 02/13/31 | | | 149,075 | |
| | 44,888 | | | Radnet Management, Inc.(d) | | TSFR1M + 2.500% | | 7.7790 | | 04/10/31 | | | 45,023 | |
| | | | | | | | | | | | | | 194,098 | |
| | | | | HOUSEHOLD PRODUCTS — 0.1% | | | | | | | | | | |
| | 175,000 | | | Kronos Acquisition Holdings, Inc.(d) | | TSFR3M + 4.000% | | 8.5840 | | 06/27/31 | | | 164,938 | |
| | | | | | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 0.3% | | | | | | | | | | |
| | 159,274 | | | Citadel Securities, L.P.(d) | | TSFR1M + 2.250% | | 7.0950 | | 07/29/30 | | | 159,448 | |
| | 415,000 | | | Citadel Securities, L.P.(b),(d) | | TSFR1M + 2.000% | | 6.7590 | | 10/24/31 | | | 415,454 | |
| | | | | | | | | | | | | | 574,902 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 6.4% (Continued) | | | | | | | | | | |
| | | | | INSURANCE — 0.2% | | | | | | | | | | |
| | 194,775 | | | Acrisure, LLC(d) | | TSFR3M + 3.250% | | 8.2110 | | 11/06/30 | | $ | 194,715 | |
| | 150,000 | | | Truist Insurance Holdings, LLC(d) | | TSFR1M + 3.250% | | 7.8540 | | 03/24/31 | | | 150,376 | |
| | | | | | | | | | | | | | 345,091 | |
| | | | | INTERNET MEDIA & SERVICES — 0.2% | | | | | | | | | | |
| | 310,000 | | | Go Daddy Operating Company, LLC(d) | | TSFR1M + 1.750% | | 6.9970 | | 08/21/31 | | | 309,371 | |
| | | | | | | | | | | | | | | |
| | | | | LEISURE FACILITIES & SERVICES — 0.5% | | | | | | | | | | |
| | 56,700 | | | Caesars Entertainment, Inc.(d) | | TSFR3M + 2.750% | | 7.5950 | | 02/06/30 | | | 56,830 | |
| | 205,000 | | | Delta 2 Lux Sarl(d) | | TSFR1M + 2.000% | | 7.2010 | | 09/10/31 | | | 205,230 | |
| | 193,538 | | | Flutter Financing BV(d) | | TSFR1M + 2.250% | | 6.6040 | | 11/18/30 | | | 193,731 | |
| | 215,000 | | | Life Time, Inc.(d) | | TSFR1M + 2.500% | | 7.3040 | | 10/22/31 | | | 215,045 | |
| | 263,058 | | | Scientific Games Holdings, L.P.(d) | | TSFR3M + 3.000% | | 7.5900 | | 04/04/29 | | | 262,288 | |
| | 162,832 | | | UFC Holdings, LLC(d) | | TSFR1M + 2.750% | | 8.2910 | | 04/29/26 | | | 163,172 | |
| | | | | | | | | | | | | | 1,096,296 | |
| | | | | MACHINERY — 0.2% | | | | | | | | | | |
| | 150,000 | | | John Bean Technologies Corporation(d) | | TSFR1M + 2.250% | | 7.1070 | | 10/09/31 | | | 150,375 | |
| | 185,000 | | | Terex Corporation(d) | | TSFR1M + 2.000% | | 6.9200 | | 10/01/31 | | | 185,259 | |
| | 118,437 | | | Titan Acquisition Ltd.(d) | | TSFR1M + 5.000% | | 10.3260 | | 02/01/29 | | | 118,719 | |
| | | | | | | | | | | | | | 454,353 | |
| | | | | MEDICAL EQUIPMENT & DEVICES — 0.2% | | | | | | | | | | |
| | 135,000 | | | Medline Borrower, L.P.(d) | | TSFR1M + 2.250% | | 7.0950 | | 10/23/28 | | | 135,138 | |
| | 192,406 | | | Medline Borrower, L.P.(d) | | TSFR1M + 2.750% | | 7.5950 | | 10/23/28 | | | 192,801 | |
| | | | | | | | | | | | | | 327,939 | |
| | | | | METALS & MINING — 0.0%(a) | | | | | | | | | | |
| | 49,539 | | | Arsenal AIC Parent, LLC(d) | | TSFR1M + 3.250% | | 8.0950 | | 08/19/30 | | | 49,725 | |
| | | | | | | | | | | | | | | |
| | | | | OIL & GAS PRODUCERS — 0.3% | | | | | | | | | | |
| | 190,000 | | | EPIC Crude Services, L.P.(d) | | TSFR3M + 3.000% | | 7.8460 | | 10/09/31 | | | 190,170 | |
| | 262,221 | | | Freeport LNG Investments LLLP(d) | | TSFR3M + 3.500% | | 9.0440 | | 11/17/28 | | | 261,135 | |
| | 39,407 | | | GIP Pilot Acquisition Partners, L.P.(d) | | TSFR1M + 2.500% | | 7.0900 | | 10/04/30 | | | 39,423 | |
| | 96,625 | | | Oryx Midstream Services Permian Basin, LLC(d) | | TSFR1M + 3.615% | | 8.2250 | | 10/05/28 | | | 96,792 | |
| | 74,813 | | | WhiteWater DBR HoldCo, LLC(d) | | TSFR1M + 2.750% | | 7.3540 | | 02/18/31 | | | 75,035 | |
| | | | | | | | | | | | | | 662,555 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 6.4% (Continued) | | | | | | | | | | |
| | | | | PUBLISHING & BROADCASTING — 0.0%(a) | | | | | | | | | | |
| | 93,530 | | | Century DE Buyer, LLC(d) | | TSFR3M + 4.000% | | 9.2550 | | 09/27/30 | | $ | 93,871 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE INVESTMENT TRUSTS — 0.1% | | | | | | | | | | |
| | 173,363 | | | Iron Mountain, Inc.(d) | | TSFR1M + 2.100% | | 6.8450 | | 01/31/31 | | | 172,605 | |
| | | | | | | | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY — 0.5% | | | | | | | | | | |
| | 280,000 | | | Belron Finance 2019, LLC(d) | | TSFR1M + 2.750% | | 7.6700 | | 10/02/31 | | | 281,399 | |
| | 235,000 | | | Burlington Coat Factory Warehouse Corporation(d) | | TSFR1M + 1.750% | | 6.5950 | | 09/19/31 | | | 235,148 | |
| | 215,000 | | | Harbor Freight Tools USA, Inc.(d) | | TSFR1M + 2.500% | | 7.3450 | | 06/05/31 | | | 210,056 | |
| | 84,575 | | | Peer Holding III BV(d) | | TSFR1M + 3.250% | | 7.8540 | | 10/19/30 | | | 84,919 | |
| | 151,861 | | | PetSmart, Inc.(d) | | TSFR1M + 3.750% | | 8.6950 | | 01/29/28 | | | 151,196 | |
| | | | | | | | | | | | | | 962,718 | |
| | | | | SEMICONDUCTORS — 0.0%(a) | | | | | | | | | | |
| | 50,000 | | | Icon Parent, Inc.(d) | | TSFR1M + 3.000% | | 8.2010 | | 09/12/31 | | | 49,711 | |
| | | | | | | | | | | | | | | |
| | | | | SOFTWARE — 0.5% | | | | | | | | | | |
| | 184,704 | | | Applied Systems, Inc.(d) | | TSFR3M + 3.000% | | 7.6040 | | 02/24/31 | | | 185,339 | |
| | 110,000 | | | Boxer Parent Company, Inc.(d) | | TSFR3M + 3.750% | | 9.0050 | | 07/03/31 | | | 109,839 | |
| | 184,073 | | | Central Parent, Inc.(d) | | TSFR3M + 3.250% | | 7.8540 | | 07/06/29 | | | 182,954 | |
| | 69,605 | | | Ellucian Holdings, Inc.(d) | | TSFR1M + 3.600% | | 8.4450 | | 10/26/29 | | | 69,977 | |
| | 215,000 | | | Thunder Generation Funding, LLC(d) | | TSFR3M + 3.000% | | 7.6100 | | 09/29/31 | | | 215,511 | |
| | 190,652 | | | UKG, Inc.(d) | | TSFR3M + 3.000% | | 7.7180 | | 02/10/31 | | | 191,084 | |
| | | | | | | | | | | | | | 954,704 | |
| | | | | TECHNOLOGY SERVICES — 0.4% | | | | | | | | | | |
| | 260,000 | | | Amazon Holdco, Inc.(d) | | TSFR1M + 2.250% | | 7.1050 | | 07/30/31 | | | 260,293 | |
| | 177,839 | | | NAB Holdings, LLC(d) | | TSFR3M + 2.750% | | 7.3540 | | 11/24/28 | | | 177,998 | |
| | 194,292 | | | Neptune Bidco US, Inc.(d) | | TSFR3M + 5.100% | | 10.4040 | | 04/11/29 | | | 180,044 | |
| | 141,969 | | | Peraton Corporation(d) | | TSFR1M + 3.750% | | 8.6950 | | 02/24/28 | | | 137,792 | |
| | | | | | | | | | | | | | 756,127 | |
| | | | | TELECOMMUNICATIONS — 0.2% | | | | | | | | | | |
| | 275,967 | | | Cincinnati Bell, Inc.(d) | | SOFRRATE + 3.250% | | 8.1950 | | 11/17/28 | | | 276,278 | |
| | 233,047 | | | Eagle Broadband Investments, LLC(d) | | TSFR3M + 3.115% | | 7.8650 | | 11/12/27 | | | 232,838 | |
| | | | | | | | | | | | | | 509,116 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 6.4% (Continued) | | | | | | | | | | |
| | | | | TRANSPORTATION & LOGISTICS — 0.0%(a) | | | | | | | | | | |
| | 25,757 | | | SkyMiles IP Ltd.(d) | | TSFR1M + 3.750% | | 9.0320 | | 09/16/27 | | $ | 26,280 | |
| | | | | TOTAL TERM LOANS (Cost $13,098,743) | | | | | | | | | 13,001,690 | |
| | | | | | | | | | | | | | | |
| | | | | U.S. GOVERNMENT & AGENCIES — 27.0% | | | | | | | | | | |
| | | | | AGENCY FIXED RATE — 9.2% | | | | | | | | | | |
| | 6,137 | | | Fannie Mae Pool 735061 | | | | 6.0000 | | 11/01/34 | | | 6,339 | |
| | 8,775 | | | Fannie Mae Pool 866009 | | | | 6.0000 | | 03/01/36 | | | 9,115 | |
| | 55,688 | | | Fannie Mae Pool 938574 | | | | 5.5000 | | 09/01/36 | | | 56,315 | |
| | 22,893 | | | Fannie Mae Pool 310041 | | | | 6.5000 | | 05/01/37 | | | 24,389 | |
| | 9,869 | | | Fannie Mae Pool 962752 | | | | 5.0000 | | 04/01/38 | | | 9,900 | |
| | 13,294 | | | Fannie Mae Pool 909175 | | | | 5.5000 | | 04/01/38 | | | 13,481 | |
| | 34,653 | | | Fannie Mae Pool 909220 | | | | 6.0000 | | 08/01/38 | | | 35,811 | |
| | 41,293 | | | Fannie Mae Pool AS7026 | | | | 4.0000 | | 04/01/46 | | | 38,889 | |
| | 69,940 | | | Fannie Mae Pool BJ9260 | | | | 4.0000 | | 04/01/48 | | | 65,556 | |
| | 1,273,609 | | | Fannie Mae Pool FS8360 | | | | 3.5000 | | 09/01/52 | | | 1,141,060 | |
| | 643,453 | | | Fannie Mae Pool MA4805 | | | | 4.5000 | | 11/01/52 | | | 612,334 | |
| | 818,284 | | | Fannie Mae Pool FS4438 | | | | 5.0000 | | 11/01/52 | | | 796,610 | |
| | 2,275,246 | | | Fannie Mae Pool FS7751 | | | | 4.0000 | | 03/01/53 | | | 2,106,175 | |
| | 606,422 | | | Fannie Mae Pool MA4980 | | | | 6.0000 | | 04/01/53 | | | 610,574 | |
| | 548,628 | | | Fannie Mae Pool MA5072 | | | | 5.5000 | | 06/01/53 | | | 543,717 | |
| | 949,744 | | | Fannie Mae Pool CB6857 | | | | 4.5000 | | 08/01/53 | | | 903,683 | |
| | 561,463 | | | Fannie Mae Pool FS6679 | | | | 6.0000 | | 12/01/53 | | | 565,306 | |
| | 1,796,700 | | | Fannie Mae Pool MA5385 | | | | 4.0000 | | 06/01/54 | | | 1,662,900 | |
| | 56,939 | | | Freddie Mac Gold Pool G01980 | | | | 5.0000 | | 12/01/35 | | | 56,952 | |
| | 8,806 | | | Freddie Mac Gold Pool G05888 | | | | 5.5000 | | 10/01/39 | | | 8,888 | |
| | 292,726 | | | Freddie Mac Pool SB8269 | | | | 6.0000 | | 10/01/38 | | | 298,399 | |
| | 2,128,853 | | | Freddie Mac Pool SD2026 | | | | 5.0000 | | 11/01/52 | | | 2,072,147 | |
| | 583,015 | | | Freddie Mac Pool SD3238 | | | | 5.5000 | | 12/01/52 | | | 578,492 | |
| | 2,116,652 | | | Freddie Mac Pool SD8309 | | | | 6.0000 | | 03/01/53 | | | 2,131,141 | |
| | 1,221,691 | | | Freddie Mac Pool SD5594 | | | | 5.5000 | | 07/01/53 | | | 1,212,182 | |
| | 974,372 | | | Freddie Mac Pool SD8343 | | | | 6.0000 | | 07/01/53 | | | 981,043 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Principal | | | | | | | Coupon Rate | | | | | |
| Amount ($) | | | | | | | (%) | | Maturity | | Fair Value | |
| | | | | U.S. GOVERNMENT & AGENCIES — 27.0% (Continued) | | | | | | | | | | |
| | | | | AGENCY FIXED RATE — 9.2% (Continued) | | | | | | | | | | |
| | 595,769 | | | Freddie Mac Pool SD8350 | | | | 6.0000 | | 08/01/53 | | $ | 600,214 | |
| | 1,929,282 | | | Freddie Mac Pool SD5856 | | | | 3.5000 | | 01/01/54 | | | 1,728,494 | |
| | | | | | | | | | | | | | 18,870,106 | |
| | | | | U.S. TREASURY BONDS — 2.1% | | | | | | | | | | |
| | 2,405,000 | | | United States Treasury Bond | | | | 1.2500 | | 05/15/50 | | | 1,210,485 | |
| | 5,850,000 | | | United States Treasury Bond | | | | 1.3750 | | 08/15/50 | | | 3,031,032 | |
| | | | | | | | | | | | | | 4,241,517 | |
| | | | | U.S. TREASURY NOTES — 15.7% | | | | | | | | | | |
| | 1,830,000 | | | United States Treasury Note | | | | 4.3750 | | 08/15/26 | | | 1,836,040 | |
| | 370,000 | | | United States Treasury Note | | | | 4.0000 | | 01/31/29 | | | 367,608 | |
| | 1,845,000 | | | United States Treasury Note | | | | 4.2500 | | 06/30/29 | | | 1,851,811 | |
| | 2,225,000 | | | United States Treasury Note | | | | 4.0000 | | 07/31/29 | | | 2,210,051 | |
| | 485,000 | | | United States Treasury Note | | | | 0.8750 | | 11/15/30 | | | 400,390 | |
| | 1,945,000 | | | United States Treasury Note | | | | 4.0000 | | 02/15/34 | | | 1,903,517 | |
| | 1,875,000 | | | United States Treasury Note | | | | 3.8750 | | 08/15/34 | | | 1,814,209 | |
| | 2,045,000 | | | United States Treasury Note | | | | 1.8750 | | 02/15/51 | | | 1,206,630 | |
| | 1,135,000 | | | United States Treasury Note | | | | 1.8750 | | 11/15/51 | | | 665,216 | |
| | 4,100,000 | | | United States Treasury Note | | | | 4.0000 | | 11/15/52 | | | 3,771,600 | |
| | 3,405,000 | | | United States Treasury Note | | | | 3.6250 | | 02/15/53 | | | 2,925,573 | |
| | 2,610,000 | | | United States Treasury Note | | | | 3.6250 | | 05/15/53 | | | 2,244,396 | |
| | 4,875,000 | | | United States Treasury Note | | | | 4.2500 | | 02/15/54 | | | 4,692,188 | |
| | 5,770,000 | | | United States Treasury Note | | | | 4.6250 | | 05/15/54 | | | 5,911,544 | |
| | 365,000 | | | United States Treasury Note | | | | 4.2500 | | 08/15/54 | | | 351,598 | |
| | | | | | | | | | | | | | 32,152,371 | |
| | | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $58,943,024) | | | | | 55,263,994 | |
| | | | | | | | | | | | | | | |
| Shares | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 7.9% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 3.4% | | | | |
| | 6,919,352 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(i),(j) | | | 6,919,352 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM CORPORATE/GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 7.9% (Continued) | | | | |
| | | | | MONEY MARKET FUNDS - 4.5% | | | | |
| | 9,300,066 | | | Fidelity Government Portfolio, Institutional Class, 4.74%(j) | | $ | 9,300,066 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $16,219,418) | | | 16,219,418 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 104.7% (Cost $217,915,889) | | $ | 214,155,903 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (4.7)% | | | (9,589,379 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 204,566,524 | |
| | | | | | | | | |
| 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 |
| | |
| (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 October 31, 2024 the total market value of 144A securities is $85,041,225 or 41.6% of net assets. |
| | |
| (d) | Variable rate security; the rate shown represents the rate on October 31, 2024. |
| | |
| (e) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2024. |
| | |
| (f) | 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. |
| | |
| (g) | All or a portion of these securities are on loan. Total loaned securities had a value of $6,754,121 at October 31, 2024. |
| | |
| (h) | Represents issuer in default on interest payments; non-income producing security. |
| | |
| (i) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $6,919,352 at October 31, 2024. |
| | |
| (j) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 9.5% | | | | | | | | | | |
| | | | | CLO — 9.5% | | | | | | | | | | |
| | 1,500,000 | | | Apidos CLO XX Series 2015-20A DR(a),(b) | | US0003M + 5.700% | | 10.6090 | | 07/16/31 | | $ | 1,504,571 | |
| | 1,540,000 | | | Atrium IX Series 9A ER(a),(b) | | US0003M + 6.450% | | 11.7730 | | 05/28/30 | | | 1,546,373 | |
| | 2,000,000 | | | Bristol Park CLO LTD Series 1A ER(a),(b) | | TSFR3M + 7.262% | | 11.9180 | | 04/15/29 | | | 1,999,194 | |
| | 1,000,000 | | | Neuberger Berman CLO XXII Ltd. Series 22A D2R2(a),(b) | | TSFR3M + 4.750% | | 9.3970 | | 04/15/38 | | | 1,010,112 | |
| | 4,000,000 | | | Rockford Tower CLO 2020-1 Ltd. Series 1A D1R(a),(b) | | TSFR3M + 4.600% | | 9.2170 | | 01/20/36 | | | 4,017,459 | |
| | 1,875,000 | | | Silver Point Clo 5 Ltd. Series 5A D2(a),(b) | | TSFR3M + 4.350% | | 9.0840 | | 10/20/37 | | | 1,882,959 | |
| | 1,750,000 | | | THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(a),(b) | | US0003M + 6.750% | | 11.6680 | | 04/15/31 | | | 1,594,896 | |
| | | | | | | | | | | | | | 13,555,564 | |
| | | | | TOTAL ASSET BACKED SECURITIES (Cost $13,575,655) | | | | | | 13,555,564 | |
| | | | | | | | | | | | | | | |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 9.8% | | | | | | | | | | |
| | | | | CABLE & SATELLITE — 0.9% | | | | | | | | | | |
| | 330,000 | | | Altice Financing S.A.(a) | | | | 5.7500 | | 08/15/29 | | | 270,305 | |
| | 401,000 | | | Cable One, Inc.(a),(c) | | | | 4.0000 | | 11/15/30 | | | 316,398 | |
| | 500,000 | | | CSC Holdings, LLC(a) | | | | 5.7500 | | 01/15/30 | | | 262,859 | |
| | 350,000 | | | Sirius XM Radio, Inc.(a),(c) | | | | 4.1250 | | 07/01/30 | | | 313,652 | |
| | | | | | | | | | | | | | 1,163,214 | |
| | | | | COMMERCIAL SUPPORT SERVICES — 0.3% | | | | | | | | | | |
| | 450,000 | | | Deluxe Corporation(a) | | | | 8.0000 | | 06/01/29 | | | 424,750 | |
| | | | | | | | | | | | | | | |
| | | | | ENTERTAINMENT CONTENT — 0.2% | | | | | | | | | | |
| | 375,000 | | | ViacomCBS, Inc.(d) | | US0003M +2.500% | | 6.2500 | | 02/28/57 | | | 336,284 | |
| | | | | | | | | | | | | | | |
| | | | | FOOD — 0.2% | | | | | | | | | | |
| | 509,000 | | | HLF Financing Sarl, LLC / Herbalife International(a) | | | | 4.8750 | | 06/01/29 | | | 354,873 | |
| | | | | | | | | | | | | | | |
| | | | | FORESTRY, PAPER & WOOD PRODUCTS — 0.2% | | | | | | | | | | |
| | 350,000 | | | Glatfelter Corporation(a) | | | | 4.7500 | | 11/15/29 | | | 314,155 | |
| | | | | | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 0.2% | | | | | | | | | | |
| | 325,000 | | | VFH Parent, LLC / Valor Co-Issuer, Inc.(a),(c) | | | | 7.5000 | | 06/15/31 | | | 333,973 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 9.8% (Continued) | | | | | | | | | | |
| | | | | LEISURE FACILITIES & SERVICES — 0.5% | | | | | | | | | | |
| | 375,000 | | | Fertitta Entertainment, LLC / Fertitta(a),(c) | | | | 6.7500 | | 01/15/30 | | $ | 341,278 | |
| | 182,000 | | | Hilton Grand Vacations Borrower Escrow, LLC (a) | | | | 4.8750 | | 07/01/31 | | | 162,770 | |
| | 300,000 | | | Studio City Finance Ltd.(a) | | | | 5.0000 | | 01/15/29 | | | 271,245 | |
| | | | | | | | | | | | | | 775,293 | |
| | | | | METALS & MINING — 0.2% | | | | | | | | | | |
| | 168,000 | | | Mineral Resources Ltd.(a),(c) | | | | 9.2500 | | 10/01/28 | | | 177,293 | |
| | 36,000 | | | Mineral Resources Ltd.(a),(c) | | | | 8.5000 | | 05/01/30 | | | 37,047 | |
| | | | | | | | | | | | | | 214,340 | |
| | | | | OIL & GAS PRODUCERS — 1.3% | | | | | | | | | | |
| | 505,000 | | | Comstock Resources, Inc.(a) | | | | 5.8750 | | 01/15/30 | | | 461,463 | |
| | 305,000 | | | Crescent Energy Finance, LLC(a) | | | | 7.3750 | | 01/15/33 | | | 296,050 | |
| | 350,000 | | | Delek Logistics Partners, L.P. / Delek Logistics(a) | | | | 8.6250 | | 03/15/29 | | | 359,378 | |
| | 494,000 | | | ITT Holdings, LLC(a) | | | | 6.5000 | | 08/01/29 | | | 456,885 | |
| | 325,000 | | | Vital Energy, Inc.(a),(c) | | | | 7.8750 | | 04/15/32 | | | 312,455 | |
| | | | | | | | | | | | | | 1,886,231 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT — 0.3% | | | | | | | | | | |
| | 450,000 | | | Nabors Industries Ltd.(a),(c) | | | | 7.5000 | | 01/15/28 | | | 428,430 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE INVESTMENT TRUSTS — 0.3% | | | | | | | | | | |
| | 400,000 | | | Service Properties Trust(c) | | | | 8.8750 | | 06/15/32 | | | 372,811 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS — 0.3% | | | | | | | | | | |
| | 458,000 | | | Kennedy-Wilson, Inc. | | | | 4.7500 | | 03/01/29 | | | 420,348 | |
| | | | | | | | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY — 0.7% | | | | | | | | | | |
| | 325,000 | | | Hertz Corporation (The)(a),(c) | | | | 4.6250 | | 12/01/26 | | | 245,855 | |
| | 394,000 | | | Kohl’s Corporation(c) | | | | 4.6250 | | 05/01/31 | | | 326,991 | |
| | 325,000 | | | Park River Holdings, Inc.(a),(c) | | | | 6.7500 | | 08/01/29 | | | 290,409 | |
| | | | | | | | | | | | | | 863,255 | |
| | | | | SOFTWARE — 0.4% | | | | | | | | | | |
| | 210,000 | | | Cloud Software Group, Inc.(a),(c) | | | | 8.2500 | | 06/30/32 | | | 216,318 | |
| | 380,000 | | | Helios Software Holdings, Inc. / ION Corporate(a) | | | | 4.6250 | | 05/01/28 | | | 348,577 | |
| | | | | | | | | | | | | | 564,895 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 9.8% (Continued) | | | | | | | | | | |
| | | | | SPECIALTY FINANCE — 1.6% | | | | | | | | | | |
| | 505,000 | | | Apollo Commercial Real Estate Finance, Inc.(a) | | | | 4.6250 | | 06/15/29 | | $ | 438,381 | |
| | 387,000 | | | Bread Financial Holdings, Inc.(a) | | | | 9.7500 | | 03/15/29 | | | 409,138 | |
| | 236,000 | | | Burford Capital Global Finance, LLC(a) | | | | 6.8750 | | 04/15/30 | | | 237,276 | |
| | 200,000 | | | Burford Capital Global Finance, LLC(a) | | | | 9.2500 | | 07/01/31 | | | 214,452 | |
| | 500,000 | | | Cobra AcquisitionCo, LLC(a),(c) | | | | 6.3750 | | 11/01/29 | | | 413,265 | |
| | 325,000 | | | Enova International, Inc.(a) | | | | 9.1250 | | 08/01/29 | | | 333,945 | |
| | 300,000 | | | LFS Topco, LLC(a),(c) | | | | 5.8750 | | 10/15/26 | | | 283,432 | |
| | | | | | | | | | | | | | 2,329,889 | |
| | | | | STEEL — 0.3% | | | | | | | | | | |
| | 485,000 | | | Cleveland-Cliffs, Inc.(a) | | | | 7.3750 | | 05/01/33 | | | 488,884 | |
| | | | | | | | | | | | | | | |
| | | | | TECHNOLOGY HARDWARE — 0.2% | | | | | | | | | | |
| | 520,000 | | | Viasat, Inc.(a),(c) | | | | 7.5000 | | 05/30/31 | | | 342,342 | |
| | | | | | | | | | | | | | | |
| | | | | TECHNOLOGY SERVICES — 0.6% | | | | | | | | | | |
| | 375,000 | | | Acuris Finance US, Inc. / Acuris Finance S.A.RL(a) | | | | 5.0000 | | 05/01/28 | | | 338,871 | |
| | 475,000 | | | ION Trading Technologies Sarl(a) | | | | 5.7500 | | 05/15/28 | | | 432,996 | |
| | 45,000 | | | Mobius Merger Sub, Inc.(a) | | | | 9.0000 | | 06/01/30 | | | 43,221 | |
| | | | | | | | | | | | | | 815,088 | |
| | | | | TELECOMMUNICATIONS — 0.7% | | | | | | | | | | |
| | 500,000 | | | Altice France S.A.(a) | | | | 5.5000 | | 10/15/29 | | | 374,942 | |
| | 300,000 | | | Iliad Holding S.A.SU(a) | | | | 8.5000 | | 04/15/31 | | | 320,804 | |
| | 350,000 | | | Sable International Finance Ltd.(a),(c) | | | | 7.1250 | | 10/15/32 | | | 352,077 | |
| | | | | | | | | | | | | | 1,047,823 | |
| | | | | WHOLESALE - CONSUMER STAPLES — 0.4% | | | | | | | | | | |
| | 571,000 | | | C&S Group Enterprises, LLC(a) | | | | 5.0000 | | 12/15/28 | | | 473,149 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL CORPORATE BONDS (Cost $14,715,839) | | | | | | | | | 13,950,027 | |
| | | | | | | | | | | | | | | |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% | | | | | | | | | | |
| | | | | ADVERTISING & MARKETING — 0.2% | | | | | | | | | | |
| | 287,143 | | | Planet US Buyer, LLC(b) | | TSFR1M + 3.948% | | 8.6040 | | 01/31/31 | | | 288,327 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | AEROSPACE & DEFENSE — 1.0% | | | | | | | | | | |
| | 472,420 | | | Dynasty Acquisition Company, Inc.(b) | | TSFR1M + 3.689% | | 8.3450 | | 08/24/28 | | $ | 473,006 | |
| | 724,530 | | | Spirit AeroSystems, Inc.(b) | | TSFR1M + 4.846% | | 9.5020 | | 11/23/27 | | | 729,240 | |
| | 182,160 | | | Standard Aero Ltd.(b) | | TSFR1M + 3.689% | | 8.3450 | | 08/24/28 | | | 182,386 | |
| | | | | | | | | | | | | | 1,384,632 | |
| | | | | APPAREL & TEXTILE PRODUCTS — 0.5% | | | | | | | | | | |
| | 684,149 | | | Varsity Brands, LLC(b) | | TSFR1M + 4.165% | | 8.8210 | | 07/28/31 | | | 682,298 | |
| | | | | | | | | | | | | | | |
| | | | | ASSET MANAGEMENT — 3.0% | | | | | | | | | | |
| | 178,722 | | | CPI Holdco B, LLC(b) | | TSFR1M + 2.398% | | 7.0540 | | 05/19/31 | | | 177,884 | |
| | 457,648 | | | Dragon Buyer, Inc.(b) | | TSFR1M + 3.689% | | 8.3460 | | 09/24/31 | | | 455,433 | |
| | 521,511 | | | Focus Financial Partners, LLC(b) | | TSFR1M + 3.591% | | 8.2470 | | 08/10/31 | | | 522,630 | |
| | 672,364 | | | Hightower Holding, LLC(b) | | TSFR1M + 4.092% | | 8.7480 | | 04/21/28 | | | 674,213 | |
| | 980,682 | | | Nexus Buyer, LLC(b) | | TSFR1M + 4.656% | | 8.8450 | | 07/18/31 | | | 979,103 | |
| | 276,592 | | | NGP XI Midstream Holdings, LLC(b) | | TSFR1M + 3.948% | | 8.6040 | | 07/21/31 | | | 277,112 | |
| | 1,171,913 | | | Osaic Holdings, Inc.(b) | | TSFR1M + 4.189% | | 8.8450 | | 08/16/28 | | | 1,173,313 | |
| | | | | | | | | | | | | | 4,259,688 | |
| | | | | AUTOMOTIVE — 1.5% | | | | | | | | | | |
| | 642,149 | | | First Brands Group, LLC(b) | | US0001M + 5.000% | | 10.5910 | | 03/24/27 | | | 626,198 | |
| | 712,820 | | | First Brands Group, LLC(b) | | TSFR1M + 5.935% | | 10.5910 | | 03/30/27 | | | 694,465 | |
| | 894,469 | | | PAI Holdco, Inc.(b) | | US0001M + 3.673% | | 9.2640 | | 10/28/27 | | | 827,385 | |
| | | | | | | | | | | | | | 2,148,048 | |
| | | | | BEVERAGES — 0.6% | | | | | | | | | | |
| | 829,729 | | | Pegasus Bidco BV(b) | | TSFR1M + 4.212% | | 8.8680 | | 07/12/29 | | | 833,185 | |
| | | | | | | | | | | | | | | |
| | | | | BIOTECH & PHARMA — 0.6% | | | | | | | | | | |
| | 893,401 | | | Endo Finance Holdings, Inc.(b) | | TSFR1M + 5.127% | | 9.7830 | | 04/23/31 | | | 895,264 | |
| | | | | | | | | | | | | | | |
| | | | | CABLE & SATELLITE — 2.9% | | | | | | | | | | |
| | 894,693 | | | Altice Financing S.A.(b) | | TSFR1M + 5.645% | | 10.3010 | | 10/31/27 | | | 814,171 | |
| | 525,000 | | | Coral-US Co-Borrower, LLC(b) | | TSFR1M + 3.555% | | 8.2110 | | 10/15/29 | | | 523,593 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | CABLE & SATELLITE — 2.9% (Continued) | | | | | | | | | | |
| | 1,173,929 | | | CSC Holdings, LLC(b) | | TSFR1M + 4.940% | | 9.5970 | | 07/17/25 | | $ | 1,148,566 | |
| | 650,000 | | | UPC Financing Partnership(b) | | US0001M + 3.000% | | 8.1360 | | 01/31/29 | | | 649,685 | |
| | 955,000 | | | Virgin Media Bristol, LLC(b) | | US0001M + 3.250% | | 8.4610 | | 01/10/29 | | | 932,386 | |
| | | | | | | | | | | | | | 4,068,401 | |
| | | | | CHEMICALS — 1.6% | | | | | | | | | | |
| | 646,750 | | | AIP RD Buyer Corporation(b) | | TSFR1M + 4.689% | | 9.3450 | | 12/26/28 | | | 649,311 | |
| | 965,752 | | | Groupe Solmax, Inc.(b) | | US0001M + 4.750% | | 9.7100 | | 07/23/28 | | | 897,923 | |
| | 212,904 | | | Olympus Water US Holding Corporation(b) | | TSFR1M + 3.448% | | 8.1040 | | 06/06/31 | | | 213,583 | |
| | 566,140 | | | Windsor Holdings III, LLC(b) | | TSFR1M + 3.805% | | 8.4610 | | 08/01/30 | | | 569,749 | |
| | | | | | | | | | | | | | 2,330,566 | |
| | | | | COMMERCIAL SUPPORT SERVICES — 5.1% | | | | | | | | | | |
| | 895,396 | | | Allied Universal Holdco, LLC(b) | | US0001M + 3.750% | | 8.6950 | | 05/05/28 | | | 894,635 | |
| | 1,015,570 | | | Creative Artists Agency, LLC(b) | | TSFR1M + 2.938% | | 7.5940 | | 09/12/31 | | | 1,017,078 | |
| | 446,053 | | | Fleet US Bidco, Inc.(b) | | TSFR1M + 2.922% | | 7.5780 | | 02/10/31 | | | 447,726 | |
| | 1,115,769 | | | Garda World Security Corporation(b) | | TSFR1M + 3.940% | | 8.5970 | | 02/01/29 | | | 1,115,770 | |
| | 608,547 | | | Groundworks, LLC(b) | | TSFR1M + 3.940% | | 8.5960 | | 03/06/31 | | | 607,849 | |
| | 674,752 | | | PG Investment Company 59 Sarl(b) | | TSFR1M + 3.448% | | 8.1040 | | 02/24/31 | | | 676,860 | |
| | 371,503 | | | Ryan, LLC(b) | | TSFR1M + 3.689% | | 8.3450 | | 11/09/30 | | | 371,156 | |
| | 35,472 | | | Ryan, LLC(b) | | TSFR1M + 5.169% | | 9.8250 | | 11/09/30 | | | 35,439 | |
| | 482,109 | | | Ryan, LLC(b) | | TSFR1M + 3.689% | | 8.3450 | | 11/14/30 | | | 481,658 | |
| | 564,887 | | | Tidal Waste & Recycling Holdings, LLC(b) | | TSFR1M + 3.764% | | 8.4200 | | 10/06/31 | | | 565,946 | |
| | 1,102,237 | | | WestJet Loyalty, L.P.(b) | | TSFR1M + 3.698% | | 8.3540 | | 02/01/31 | | | 1,103,532 | |
| | | | | | | | | | | | | | 7,317,649 | |
| | | | | CONSTRUCTION MATERIALS — 0.9% | | | | | | | | | | |
| | 853,395 | | | Foley Products Company, LLC(b) | | SOFRRATE + 4.750% | | 9.5040 | | 02/10/29 | | | 860,166 | |
| | 471,267 | | | Quikrete Holdings, Inc.(b) | | TSFR1M + 2.439% | | 7.0950 | | 03/26/29 | | | 471,833 | |
| | | | | | | | | | | | | | 1,331,999 | |
| | | | | CONSUMER SERVICES — 1.3% | | | | | | | | | | |
| | 722,171 | | | KUEHG Corporation(b) | | TSFR1M + 4.448% | | 9.1040 | | 06/12/30 | | | 724,788 | |
| | 591,366 | | | Prometric Holdings, Inc.(b) | | TSFR1M + 5.054% | | 9.7100 | | 01/31/28 | | | 595,654 | |
| | 482,214 | | | Spring Education Group, Inc.(b) | | TSFR1M + 3.948% | | 8.6040 | | 09/29/30 | | | 486,062 | |
| | | | | | | | | | | | | | 1,806,504 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | CONTAINERS & PACKAGING — 2.7% | | | | | | | | | | |
| | 474,474 | | | Berlin Packaging, LLC(b) | | TSFR1M + 3.698% | | 8.3540 | | 05/12/31 | | $ | 476,000 | |
| | 968,056 | | | Clydesdale Acquisition Holdings, Inc.(b) | | TSFR1M + 4.250% | | 8.0200 | | 03/30/29 | | | 966,787 | |
| | 905,390 | | | LABL, Inc.(b) | | US0001M + 5.000% | | 9.9450 | | 10/22/28 | | | 887,513 | |
| | 759,267 | | | SupplyOne, Inc.(b) | | TSFR1M + 4.439% | | 9.0950 | | 03/27/31 | | | 761,233 | |
| | 579,082 | | | Trident TPI Holdings, Inc.(b) | | TSFR1M + 3.948% | | 8.6040 | | 09/18/28 | | | 581,320 | |
| | | | | | | | | | | | | | 3,672,853 | |
| | | | | E-COMMERCE DISCRETIONARY — 0.4% | | | | | | | | | | |
| | 531,362 | | | CNT Holdings I Corporation(b) | | TSFR1M + 4.096% | | 8.7520 | | 10/16/27 | | | 533,222 | |
| | | | | | | | | | | | | | | |
| | | | | ELECTRIC UTILITIES — 1.0% | | | | | | | | | | |
| | 297,278 | | | Alpha Generation, LLC(b) | | TSFR1M + 2.939% | | 7.5950 | | 09/30/31 | | | 297,596 | |
| | 1,100,000 | | | Showtime Acquisition, LLC(b) | | TSFR1M + 5.372% | | 10.0280 | | 08/13/31 | | | 1,101,375 | |
| | 635,000 | | | Texas Competitive Electric Holdings Company, LLC /(e), (I) | | | | — | | 11/22/49 | | | — | |
| | | | | | | | | | | | | | 1,398,971 | |
| | | | | ELECTRICAL EQUIPMENT — 1.9% | | | | | | | | | | |
| | 658,284 | | | Icebox Holdco III, Inc.(b) | | US0001M + 3.750% | | 8.6150 | | 12/22/28 | | | 661,345 | |
| | 179,825 | | | Icebox Holdco III, Inc.(b) | | US0001M + 6.750% | | 11.6150 | | 12/15/29 | | | 181,923 | |
| | 887,588 | | | Lsf12 Crown US Commercial Bidco, LLC(b) | | TSFR1M + 4.439% | | 9.0950 | | 10/11/31 | | | 888,698 | |
| | 314,861 | | | TK Elevator US Newco, Inc.(b) | | TSFR1M + 3.932% | | 8.5880 | | 04/11/30 | | | 316,052 | |
| | 615,000 | | | Vantage Elevator Solutions(b) | | US0001M + 1.340% | | 4.2500 | | 11/10/28 | | | 592,516 | |
| | | | | | | | | | | | | | 2,640,534 | |
| | | | | ENGINEERING & CONSTRUCTION — 0.6% | | | | | | | | | | |
| | 177,261 | | | Construction Partners, Inc.(b) | | TSFR1M + 2.603% | | 7.2590 | | 10/29/31 | | | 177,704 | |
| | 648,329 | | | Osmose Utilities Services, Inc.(b) | | US0001M + 3.250% | | 8.2100 | | 06/17/28 | | | 646,420 | |
| | | | | | | | | | | | | | 824,124 | |
| | | | | ENTERTAINMENT CONTENT — 1.4% | | | | | | | | | | |
| | 900,767 | | | NEP Group, Inc.(b) | | TSFR1M + 3.459% | | 8.1150 | | 08/19/26 | | | 873,519 | |
| | 1,100,649 | | | Univision Communications, Inc.(b) | | TSFR1M + 4.198% | | 8.8540 | | 06/10/29 | | | 1,095,421 | |
| | | | | | | | | | | | | | 1,968,940 | |
| | | | | FOOD — 1.2% | | | | | | | | | | |
| | 900,355 | | | HLF Financing Sarl, LLC(b) | | TSFR1M + 6.939% | | 11.5950 | | 04/05/29 | | | 863,008 | |
| | 804,617 | | | Upfield USA Corporation(b) | | TSFR1M + 5.109% | | 9.7650 | | 01/03/28 | | | 804,742 | |
| | | | | | | | | | | | | | 1,667,750 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | GAS & WATER UTILITIES — 0.1% | | | | | | | | | | |
| | 119,164 | | | NGL Energy Operating, LLC(b) | | TSFR1M + 3.939% | | 8.5950 | | 01/27/31 | | $ | 118,841 | |
| | | | | | | | | | | | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES — 3.8% | | | | | | | | | | |
| | 866,302 | | | Bella Holding Company, LLC(b) | | US0001M + 3.750% | | 8.6950 | | 04/01/28 | | | 868,671 | |
| | 386,106 | | | Charlotte Buyer, Inc.(b) | | TSFR1M + 4.917% | | 9.5730 | | 02/11/28 | | | 389,822 | |
| | 865,201 | | | Corgi BidCo, Inc.(b) | | TSFR1M + 5.679% | | 10.3350 | | 09/20/29 | | | 822,685 | |
| | 466,286 | | | Hanger, Inc.(b) | | TSFR1M + 3.695% | | 8.3510 | | 10/16/31 | | | 467,258 | |
| | 498,750 | | | LifePoint Health, Inc.(b) | | TSFR1M + 4.917% | | 9.5730 | | 11/16/28 | | | 499,718 | |
| | 1,166,066 | | | Milano Acquisition Corporation(b) | | US0001M + 4.000% | | 8.7040 | | 08/17/27 | | | 1,123,505 | |
| | 342,235 | | | Outcomes Group Holdings, Inc.(b) | | TSFR1M + 4.439% | | 9.0950 | | 04/02/31 | | | 343,547 | |
| | 944,723 | | | Phoenix Newco, Inc.(b) | | TSFR1M + 3.189% | | 7.8450 | | 11/15/28 | | | 945,300 | |
| | | | | | | | | | | | | | 5,460,506 | |
| | | | | HOME & OFFICE PRODUCTS — 0.6% | | | | | | | | | | |
| | 797,591 | | | AI Aqua Merger Sub, Inc.(b) | | TSFR1M + 3.700% | | 8.3570 | | 07/31/28 | | | 799,916 | |
| | | | | | | | | | | | | | | |
| | | | | INDUSTRIAL INTERMEDIATE PROD — 0.3% | | | | | | | | | | |
| | 391,879 | | | Crosby US Acquisition Corporation(b) | | TSFR1M + 3.699% | | 8.3550 | | 08/16/29 | | | 394,127 | |
| | | | | | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 0.6% | | | | | | | | | | |
| | 595,290 | | | Ascensus Holdings, Inc.(b) | | US0001M + 3.804% | | 8.4600 | | 08/02/28 | | | 597,151 | |
| | 238,857 | | | Summit Acquisition, Inc.(b) | | TSFR1M + 3.939% | | 8.5950 | | 10/10/31 | | | 239,603 | |
| | | | | | | | | | | | | | 836,754 | |
| | | | | INSURANCE — 4.1% | | | | | | | | | | |
| | 467,341 | | | Alliant Holdings Intermediate, LLC(b) | | TSFR1M + 3.462% | | 8.1180 | | 09/12/31 | | | 465,750 | |
| | 652,016 | | | Asurion, LLC(b) | | US0001M + 2.950% | | 8.2100 | | 07/28/27 | | | 647,837 | |
| | 855,000 | | | Asurion, LLC(b) | | US0001M + 5.250% | | 10.2100 | | 01/29/28 | | | 826,447 | |
| | 365,000 | | | Asurion, LLC(b) | | US0001M + 5.250% | | 10.2100 | | 01/14/29 | | | 349,424 | |
| | 450,090 | | | Asurion, LLC(b) | | TSFR1M + 4.380% | | 9.0360 | | 09/19/30 | | | 445,533 | |
| | 867,547 | | | BroadStreet Partners, Inc.(b) | | TSFR1M + 3.439% | | 8.0950 | | 05/12/31 | | | 867,881 | |
| | 335,130 | | | Howden Group Holdings Ltd.(b) | | TSFR1M + 3.689% | | 8.3450 | | 04/18/30 | | | 336,666 | |
| | 247,065 | | | Hyperion Refinance Sarl(b) | | TSFR1M + 3.689% | | 8.3450 | | 02/03/31 | | | 247,986 | |
| | 916,717 | | | Sedgwick Claims Management Services, Inc.(b) | | TSFR1M + 3.596% | | 8.2520 | | 02/17/28 | | | 918,055 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | INSURANCE — 4.1% (Continued) | | | | | | | | | | |
| | 305,516 | | | Truist Insurance Holdings, LLC(b) | | TSFR1M + 3.198% | | 7.8540 | | 03/24/31 | | $ | 306,281 | |
| | 565,000 | | | USI, Inc.(b) | | TSFR1M + 2.698% | | 7.3540 | | 11/23/29 | | | 565,494 | |
| | | | | | | | | | | | | | 5,977,354 | |
| | | | | INTERNET MEDIA & SERVICES — 1.2% | | | | | | | | | | |
| | 593,814 | | | Arches Buyer, Inc.(b) | | TSFR1M + 3.539% | | 8.1950 | | 12/06/27 | | | 570,175 | |
| | 1,132,958 | | | Pug, LLC(b) | | TSFR1M + 4.939% | | 9.5950 | | 03/12/30 | | | 1,133,898 | |
| | | | | | | | | | | | | | 1,704,073 | |
| | | | | LEISURE FACILITIES & SERVICES — 5.6% | | | | | | | | | | |
| | 908,700 | | | Aimbridge Acquisition Company, Inc.(b) | | US0003M + 3.750% | | 8.7100 | | 02/01/26 | | | 786,784 | |
| | 955,726 | | | BCPE Grill Parent, Inc.(b) | | TSFR1M + 5.346% | | 10.0020 | | 09/21/30 | | | 936,210 | |
| | 491,349 | | | Carnival Corporation(b) | | TSFR1M + 2.939% | | 7.5950 | | 10/18/28 | | | 493,191 | |
| | 825,758 | | | Dave & Buster’s, Inc.(b) | | TSFR1M + 3.219% | | 7.8750 | | 06/29/29 | | | 824,626 | |
| | 446,167 | | | Dave & Buster’s, Inc.(b) | | TSFR1M + 3.559% | | 8.2150 | | 09/29/31 | | | 445,387 | |
| | 596,939 | | | Fertitta Entertainment, LLC/NV(b) | | TSFR1M + 4.190% | | 8.8470 | | 01/29/29 | | | 597,873 | |
| | 558,000 | | | GBT US III, LLC(b) | | TSFR3M + 3.623% | | 8.2790 | | 07/28/31 | | | 558,798 | |
| | 406,532 | | | Hilton Grand Vacations Borrower, LLC(b) | | TSFR1M + 2.689% | | 7.3450 | | 08/02/28 | | | 405,769 | |
| | 593,782 | | | Ontario Gaming GTA, L.P.(b) | | TSFR1M + 4.237% | | 8.8930 | | 07/20/30 | | | 594,628 | |
| | 453,644 | | | Playa Resorts Holding BV(b) | | TSFR1M + 2.933% | | 7.5950 | | 11/22/28 | | | 453,413 | |
| | 590,000 | | | Scientific Games Holdings, L.P.(b) | | TSFR1M + 2.933% | | 7.5900 | | 04/04/29 | | | 588,274 | |
| | 648,371 | | | Whatabrands, LLC(b) | | TSFR1M + 2.939% | | 7.5950 | | 08/03/28 | | | 649,036 | |
| | 731,333 | | | Wok Holdings, Inc.(b) | | US0003M + 6.250% | | 11.6520 | | 03/01/26 | | | 724,674 | |
| | | | | | | | | | | | | | 8,058,663 | |
| | | | | MACHINERY — 0.9% | | | | | | | | | | |
| | 448,608 | | | Alliance Laundry Systems, LLC(b) | | TSFR1M + 3.689% | | 8.3450 | | 08/11/31 | | | 450,073 | |
| | 858,286 | | | STS Operating, Inc.(b) | | TSFR1M + 4.289% | | 8.9450 | | 03/17/31 | | | 857,213 | |
| | | | | | | | | | | | | | 1,307,286 | |
| | | | | MEDICAL EQUIPMENT & DEVICES — 0.9% | | | | | | | | | | |
| | 505,649 | | | Medline Borrower, L.P.(b) | | TSFR1M + 2.939% | | 7.5950 | | 10/23/28 | | | 506,688 | |
| | 736,272 | | | Sotera Health Holdings, LLC(b) | | TSFR1M + 3.439% | | 8.0950 | | 05/23/31 | | | 738,345 | |
| | | | | | | | | | | | | | 1,245,033 | |
| | | | | OIL & GAS PRODUCERS — 2.4% | | | | | | | | | | |
| | 1,097,399 | | | EG America, LLC(b) | | TSFR1M + 6.436% | | 11.0920 | | 02/07/28 | | | 1,100,279 | |
| | 753,222 | | | M6 ETX Holdings II Midco, LLC(b) | | TSFR1M + 4.789% | | 9.4450 | | 08/11/29 | | | 754,635 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | OIL & GAS PRODUCERS — 2.4% (Continued) | | | | | | | | | | |
| | 771,219 | | | Medallion Midland Acquisition, L.P.(b) | | TSFR1M + 3.657% | | 8.3140 | | 10/18/28 | | $ | 772,954 | |
| | 700,000 | | | NGL Energy Operating, LLC(b) | | TSFR1M + 3.939% | | 8.5950 | | 02/03/31 | | | 698,103 | |
| | 203,575 | | | WaterBridge NDB Operating, LLC(b) | | TSFR1M + 4.947% | | 9.6030 | | 05/07/29 | | | 203,728 | |
| | | | | | | | | | | | | | 3,529,699 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT — 0.5% | | | | | | | | | | |
| | 648,375 | | | Goodnight Water Solutions Holdings, LLC(b) | | TSFR1M + 5.439% | | 10.0950 | | 06/04/29 | | | 649,996 | |
| | 1,140 | | | Paragon Offshore Finance Company(b), (I) | | US0003M + 3.750% | | — | | 07/15/22 | | | — | |
| | | | | | | | | | | | | | 649,996 | |
| | | | | PUBLISHING & BROADCASTING — 0.5% | | | | | | | | | | |
| | 989,554 | | | Sinclair Television Group, Inc.(b) | | TSFR1M + 3.750% | | 8.6950 | | 04/13/29 | | | 779,274 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE INVESTMENT TRUSTS — 0.8% | | | | | | | | | | |
| | 1,166,458 | | | Claros Mortgage Trust, Inc.(b) | | TSFR1M + 4.789% | | 9.4450 | | 08/09/26 | | | 1,122,715 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS — 0.4% | | | | | | | | | | |
| | 502,297 | | | Greystar Real Estate Partners, LLC(b) | | TSFR1M + 3.014% | | 7.6700 | | 08/21/30 | | | 504,181 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE SERVICES — 0.4% | | | | | | | | | | |
| | 591,154 | | | Cushman & Wakefield US Borrower, LLC(b) | | TSFR1M + 3.939% | | 8.5950 | | 01/31/30 | | | 592,880 | |
| | | | | | | | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY — 6.3% | | | | | | | | | | |
| | 496,904 | | | Belron Finance 2019, LLC(b) | | TSFR1M + 3.014% | | 7.6700 | | 10/02/31 | | | 499,388 | |
| | 752,000 | | | Champions Financing, Inc.(b) | | TSFR3M + 4.847% | | 9.5030 | | 02/23/29 | | | 731,696 | |
| | 523,237 | | | Gulfside Supply, Inc.(b) | | TSFR1M + 3.630% | | 8.2860 | | 05/29/31 | | | 523,956 | |
| | 925,000 | | | Harbor Freight Tools USA, Inc.(b) | | TSFR1M + 2.689% | | 7.3450 | | 06/05/31 | | | 903,730 | |
| | 1,261,368 | | | Hertz Corporation (The)(b) | | US0001M + 3.250% | | 8.4600 | | 06/14/28 | | | 1,126,187 | |
| | 1,034,700 | | | JP Intermediate B, LLC(b) | | TSFR1M + 6.358% | | 11.0140 | | 11/20/27 | | | 66,935 | |
| | 1,259,696 | | | LBM Acquisition, LLC(b) | | TSFR1M + 4.312% | | 8.9680 | | 06/06/31 | | | 1,243,319 | |
| | 1,004,767 | | | Park River Holdings, Inc.(b) | | US0003M + 4.355% | | 8.1050 | | 01/22/28 | | | 986,611 | |
| | 384,417 | | | Peer Holding III BV(b) | | TSFR1M + 2.948% | | 7.6040 | | 06/23/31 | | | 385,499 | |
| | 1,033,943 | | | Petco Health & Wellness Company, Inc.(b) | | US0001M + 3.250% | | 8.1150 | | 02/25/28 | | | 985,353 | |
| | 650,000 | | | Specialty Building Products Holdings, LLC(b) | | US0001M + 3.750% | | 7.8670 | | 10/05/28 | | | 644,829 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY — 6.3% (Continued) | | | | | | | | | | |
| | 159,690 | | | Wand NewCompany 3, Inc.(b) | | TSFR1M + 3.198% | | 7.8540 | | 01/30/31 | | $ | 159,889 | |
| | 800,000 | | | White Cap Supply Holdings, LLC(b) | | TSFR1M + 3.439% | | 8.0950 | | 10/31/29 | | | 799,284 | |
| | | | | | | | | | | | | | 9,056,676 | |
| | | | | SOFTWARE — 7.5% | | | | | | | | | | |
| | 1,119,243 | | | athenahealth, Inc.(b) | | SOFRRATE + 3.500% | | 8.0950 | | 01/27/29 | | | 1,117,492 | |
| | 537,901 | | | Boxer Parent Company, Inc.(b) | | TSFR1M + 4.349% | | 9.0050 | | 07/03/31 | | | 537,113 | |
| | 233,642 | | | Boxer Parent Company, Inc.(b) | | TSFR1M + 6.349% | | 11.0050 | | 07/06/32 | | | 230,479 | |
| | 394,013 | | | Cloud Software Group, Inc.(b) | | TSFR1M + 3.948% | | 8.6040 | | 03/29/29 | | | 394,371 | |
| | 274,606 | | | Cloud Software Group, Inc.(b) | | TSFR1M + 4.448% | | 9.1040 | | 03/19/31 | | | 274,927 | |
| | 573,529 | | | Corel, Inc.(b) | | TSFR3M + 5.501% | | 10.1570 | | 07/02/26 | | | 541,985 | |
| | 587,310 | | | Cotiviti, Inc.(b) | | TSFR1M + 3.438% | | 8.0940 | | 02/24/31 | | | 588,230 | |
| | 581,726 | | | Dcert Buyer, Inc.(b) | | US0003M + 4.000% | | 8.8450 | | 08/08/26 | | | 564,966 | |
| | 600,000 | | | Dcert Buyer, Inc.(b) | | US0001M + 7.000% | | 11.8450 | | 02/16/29 | | | 508,251 | |
| | 1,032,467 | | | Ellucian Holdings, Inc.(b) | | TSFR1M + 3.879% | | 8.4450 | | 10/26/29 | | | 1,037,996 | |
| | 635,306 | | | Epicor Software Corporation(b) | | TSFR1M + 3.915% | | 8.0950 | | 05/23/31 | | | 637,921 | |
| | 192,632 | | | PointClickCare Technologies, Inc.(b) | | TSFR1M + 3.445% | | 8.1010 | | 10/11/31 | | | 193,234 | |
| | 593,550 | | | Project Boost Purchaser, LLC(b) | | TSFR1M + 4.130% | | 8.7860 | | 07/02/31 | | | 594,983 | |
| | 758,411 | | | Proofpoint, Inc.(b) | | TSFR1M + 3.189% | | 7.8450 | | 08/31/28 | | | 759,773 | |
| | 919,903 | | | Rackspace Finance, LLC(b) | | TSFR1M + 3.326% | | 7.9820 | | 05/15/28 | | | 555,902 | |
| | 757,208 | | | RealPage, Inc.(b) | | US0001M + 3.250% | | 7.9600 | | 02/18/28 | | | 747,364 | |
| | 766,634 | | | UKG, Inc.(b) | | TSFR1M + 3.270% | | 7.9260 | | 01/31/31 | | | 768,371 | |
| | 728,705 | | | VS Buyer, LLC(b) | | TSFR1M + 3.690% | | 8.3470 | | 04/04/31 | | | 730,527 | |
| | | | | | | | | | | | | | 10,783,885 | |
| | | | | SPECIALTY FINANCE — 0.9% | | | | | | | | | | |
| | 214,607 | | | Apollo Commercial Real Estate Finance, Inc.(b) | | US0001M + 3.500% | | 8.4600 | | 03/11/28 | | | 211,924 | |
| | 1,043,814 | | | Fly Funding II Sarl(b) | | US0003M + 3.370% | | 7.1200 | | 08/09/25 | | | 1,023,480 | |
| | | | | | | | | | | | | | 1,235,404 | |
| | | | | TECHNOLOGY HARDWARE — 1.6% | | | | | | | | | | |
| | 1,214,362 | | | VeriFone Systems, Inc.(b) | | US0003M + 5.583% | | 9.3330 | | 08/20/25 | | | 1,130,875 | |
| | 1,192,612 | | | Viasat, Inc.(b) | | SOFRRATE + 4.500% | | 9.3450 | | 02/24/29 | | | 1,086,767 | |
| | | | | | | | | | | | | | 2,217,642 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | TERM LOANS — 75.8% (Continued) | | | | | | | | | | |
| | | | | TECHNOLOGY SERVICES — 3.8% | | | | | | | | | | |
| | 395,540 | | | Acuris Finance Us, Inc.(b) | | US0001M + 4.000% | | 9.4850 | | 02/04/28 | | $ | 395,509 | |
| | 363,725 | | | Ahead DB Holdings, LLC(b) | | TSFR1M + 3.448% | | 8.1040 | | 02/03/31 | | | 365,316 | |
| | 456,674 | | | Amazon Holdco, Inc.(b) | | TSFR1M + 2.449% | | 7.1050 | | 07/30/31 | | | 457,188 | |
| | 650,053 | | | Fortress Intermediate 3, Inc.(b) | | TSFR1M + 3.939% | | 8.5950 | | 05/09/31 | | | 650,190 | |
| | 689,473 | | | Indy US Holdco, LLC(b) | | TSFR1M 4.939% | | 9.5950 | | 03/06/28 | | | 688,505 | |
| | 124,705 | | | ION Trading Finance Ltd.(b) | | TSFR1M + 4.359% | | 9.0160 | | 04/03/28 | | | 124,611 | |
| | 857,691 | | | MoneyGram International, Inc.(b) | | TSFR1M + 5.019% | | 9.6760 | | 06/03/30 | | | 810,946 | |
| | 1,160,415 | | | Peraton Corporation(b) | | US0001M + 3.750% | | 8.6950 | | 02/24/28 | | | 1,126,269 | |
| | 1,148,363 | | | Sitel Worldwide Corporation(b) | | US0001M + 3.750% | | 8.7100 | | 07/29/28 | | | 727,063 | |
| | | | | | | | | | | | | | 5,345,597 | |
| | | | | TELECOMMUNICATIONS — 2.2% | | | | | | | | | | |
| | 829,755 | | | Altice France S.A.(b) | | TSFR1M + 6.145% | | 10.8010 | | 01/09/26 | | | 666,766 | |
| | 446,760 | | | Altice France S.A.(b) | | TSFR1M + 6.145% | | 10.8010 | | 08/31/28 | | | 359,003 | |
| | 876,264 | | | CCI Buyer, Inc.(b) | | US0001M + 4.000% | | 8.6040 | | 12/12/27 | | | 877,754 | |
| | 750,000 | | | Iridium Satellite, LLC(b) | | TSFR1M + 2.451% | | 7.1070 | | 09/20/30 | | | 742,410 | |
| | 179,462 | | | Lorca Co-Borrower, LLC(b) | | TSFR1M + 3.448% | | 8.1040 | | 04/17/31 | | | 179,985 | |
| | 701,429 | | | Telesat, LLC(b) | | US0001M + 2.750% | | 7.8070 | | 12/06/26 | | | 323,239 | |
| | | | | | | | | | | | | | 3,149,157 | |
| | | | | TRANSPORTATION & LOGISTICS — 2.0% | | | | | | | | | | |
| | 216,838 | | | Air Canada(b) | | TSFR1M + 2.597% | | 7.2530 | | 03/14/31 | | | 217,358 | |
| | 539,955 | | | American Airlines, Inc.(b) | | TSFR1M + 2.553% | | 7.2090 | | 05/29/29 | | | 538,605 | |
| | 946,667 | | | PODS, LLC(b) | | US0001M + 3.000% | | 8.5140 | | 03/19/28 | | | 895,300 | |
| | 891,585 | | | Third Coast Infrastructure, LLC(b) | | TSFR1M + 4.449% | | 9.1050 | | 09/20/30 | | | 884,898 | |
| | 377,240 | | | United Airlines, Inc.(b) | | TSFR1M + 3.377% | | 8.0330 | | 02/17/31 | | | 378,553 | |
| | | | | | | | | | | | | | 2,914,714 | |
| | | | | TOTAL TERM LOANS (Cost $110,190,601) | | | | | | | | | 107,837,328 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| Shares | | | | | Expiration
Date | | Exercise
Price | | | Fair Value | |
| | | | | RIGHT — 0.0%(f) | | | | | | | | | | |
| | | | | NON-LISTED RIGHT - 0.0% (f) | | | | | | | | | | |
| | 10,588 | | | TRA Rights | | 11/22/2049 | | | — | | | | 13,500 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL RIGHT (Cost $17,470) | | | | | | | | | 13,500 | |
| | | | | | | | | | | | | | | |
| Shares | | | | | Expiration
Date | | Exercise
Price | | | Fair Value | |
| | | | | WARRANT — 0.0%(f) | | | | | | | | | | |
| | | | | PUBLISHING & BROADCASTING - 0.0% (f) | | | | | | | | | | |
| | 14,905 | | | iHeartMedia, Inc. | | 05/02/2039 | | $ | 0.00 | | | $ | 24,221 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL WARRANT (Cost $287,609) | | | | | | | | | 24,221 | |
| | | | | | | | | | | | | | | |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 15.5% | | | | |
| | | | | MONEY MARKET FUND – 12.4% | | | | |
| | 17,671,445 | | | Fidelity Government Portfolio, Institutional Class, 12.4%(h) | | | 17,671,445 | |
| | | | | | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED – 3.1% | | | | |
| | 4,329,566 | | | Mount Vernon Liquid Assets Portfolio, 4.93%(g),(h) | | | 4,329,566 | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $22,001,011) | | | 22,001,011 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 110.6% (Cost $160,788,185) | | $ | 157,381,651 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (10.6)% | | | (15,037,281 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 142,344,370 | |
| | | | | | | | | |
| LLC | - Limited Liability Company |
| | |
| LP | - Limited Partnership |
| | |
| LTD | - Limited Company |
| | |
| REIT | - Real Estate Investment Trust |
| | |
| S/A | - Société Anonyme |
| | |
| TSFR1M | One Month Term Secured Overnight Financing Rate |
| | |
| TSFR3M | Three Month Term Secured Overnight Financing Rate |
| | |
| US0001M | ICE LIBOR USD 1 Month |
| | |
| US0003M | ICE LIBOR USD 3 Month |
| | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FLOATING RATE BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| (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 October 31, 2024 the total market value of 144A securities is 26,049,157 or 18.3% 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 $4,228,786 at October 31, 2024. |
| | |
| (d) | Variable rate security; the rate shown represents the rate on October 31, 2024. |
| | |
| (e) | Represents issuer in default on interest payments; non-income producing security. |
| | |
| (f) | Percentage rounds to less than 0.1%. |
| | |
| (g) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $4,329,566 at October 31, 2024. |
| | |
| (h) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (I) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 0.1% | | | | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 0.1% | | | | |
| | 50 | | | Hi-Crush(a),(g) | | $ | 186,400 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $122,249) | | | 186,400 | |
| | | | | | | | | |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% | | | | | | | | | | |
| | | | | ASSET MANAGEMENT — 0.5% | | | | | | | | | | |
| | 985,000 | | | Focus Financial Partners, LLC(b) | | | | 6.7500 | | 08/15/31 | | | 982,300 | |
| | | | | | | | | | | | | | | |
| | | | | AUTOMOTIVE — 0.2% | | | | | | | | | | |
| | 450,000 | | | ZF North America Capital, Inc.(b) | | | | 6.8750 | | 04/23/32 | | | 440,528 | |
| | | | | | | | | | | | | | | |
| | | | | BIOTECH & PHARMA — 2.2% | | | | | | | | | | |
| | 642,000 | | | Endo Finance Holdings, Inc.(b),(c) | | | | 8.5000 | | 04/15/31 | | | 686,918 | |
| | 200,000 | | | Organon & Company / Organon Foreign Debt Co-Issuer(b),(c) | | | | 7.8750 | | 05/15/34 | | | 206,662 | |
| | 450,000 | | | Organon Finance 1, LLC(b) | | | | 4.1250 | | 04/30/28 | | | 426,730 | |
| | 1,014,000 | | | Organon Finance 1, LLC(b) | | | | 5.1250 | | 04/30/31 | | | 924,585 | |
| | 985,000 | | | Perrigo Finance Unlimited Company | | | | 6.1250 | | 09/30/32 | | | 974,274 | |
| | 400,000 | | | Teva Pharmaceutical Finance Netherlands III BV(c) | | | | 5.1250 | | 05/09/29 | | | 388,770 | |
| | 775,000 | | | Teva Pharmaceutical Finance Netherlands III BV | | | | 7.8750 | | 09/15/29 | | | 837,172 | |
| | | | | | | | | | | | | | 4,445,111 | |
| | | | | CABLE & SATELLITE — 5.1% | | | | | | | | | | |
| | 2,411,000 | | | Altice Financing S.A.(b),(c) | | | | 5.0000 | | 01/15/28 | | | 2,041,036 | |
| | 534,000 | | | Altice Financing S.A.(b) | | | | 5.7500 | | 08/15/29 | | | 437,402 | |
| | 1,504,000 | | | Cable One, Inc.(b),(c) | | | | 4.0000 | | 11/15/30 | | | 1,186,688 | |
| | 378,000 | | | CCO Holdings, LLC / CCO Holdings Capital(b) | | | | 5.0000 | | 02/01/28 | | | 365,948 | |
| | 825,000 | | | CCO Holdings, LLC / CCO Holdings Capital(b) | | | | 5.3750 | | 06/01/29 | | | 788,262 | |
| | 210,000 | | | CCO Holdings, LLC / CCO Holdings Capital(b) | | | | 6.3750 | | 09/01/29 | | | 208,092 | |
| | 450,000 | | | CSC Holdings, LLC(b) | | | | 11.7500 | | 01/31/29 | | | 439,088 | |
| | 1,275,000 | | | CSC Holdings, LLC(b) | | | | 5.7500 | | 01/15/30 | | | 670,292 | |
| | 1,045,000 | | | CSC Holdings, LLC(b),(c) | | | | 4.6250 | | 12/01/30 | | | 527,122 | |
| | 1,590,000 | | | Sirius XM Radio, Inc.(b),(c) | | | | 4.0000 | | 07/15/28 | | | 1,484,298 | |
| | 580,000 | | | Sirius XM Radio, Inc.(b),(c) | | | | 3.8750 | | 09/01/31 | | | 498,799 | |
| | 1,025,000 | | | UPC Broadband Finco BV(b) | | | | 4.8750 | | 07/15/31 | | | 938,792 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | CABLE & SATELLITE — 5.1% (Continued) | | | | | | | | | | |
| | 680,000 | | | Virgin Media Finance plc(b),(c) | | | | 5.0000 | | 07/15/30 | | $ | 585,412 | |
| | | | | | | | | | | | | | 10,171,231 | |
| | | | | CHEMICALS — 2.1% | | | | | | | | | | |
| | 965,000 | | | Consolidated Energy Finance S.A.(b) | | | | 5.6250 | | 10/15/28 | | | 787,291 | |
| | 435,000 | | | Methanex Corporation | | | | 5.1250 | | 10/15/27 | | | 423,673 | |
| | 63,000 | | | Methanex Corporation | | | | 5.2500 | | 12/15/29 | | | 60,846 | |
| | 1,086,000 | | | Minerals Technologies, Inc.(b) | | | | 5.0000 | | 07/01/28 | | | 1,052,154 | |
| | 775,000 | | | Olympus Water US Holding Corporation(b) | | | | 9.7500 | | 11/15/28 | | | 823,110 | |
| | 1,097,000 | | | Trinseo Materials Operating SCA / Trinseo(b) | | | | 5.1250 | | 04/01/29 | | | 589,812 | |
| | 528,000 | | | Windsor Holdings III, LLC(b),(c) | | | | 8.5000 | | 06/15/30 | | | 555,657 | |
| | | | | | | | | | | | | | 4,292,543 | |
| | | | | COMMERCIAL SUPPORT SERVICES — 3.6% | | | | | | | | | | |
| | 475,000 | | | Allied Universal Holdco, LLC(b) | | | | 7.8750 | | 02/15/31 | | | 483,991 | |
| | 1,285,000 | | | Allied Universal Holdco, LLC / Allied Universal(b),(c) | | | | 4.6250 | | 06/01/28 | | | 1,207,763 | |
| | 255,000 | | | Covanta Holding Corporation(b) | | | | 4.8750 | | 12/01/29 | | | 238,417 | |
| | 662,000 | | | Covanta Holding Corporation | | | | 5.0000 | | 09/01/30 | | | 609,670 | |
| | 1,400,000 | | | Deluxe Corporation(b) | | | | 8.0000 | | 06/01/29 | | | 1,321,445 | |
| | 505,000 | | | Garda World Security Corporation(b) | | | | 9.5000 | | 11/01/27 | | | 505,766 | |
| | 730,000 | | | Garda World Security Corporation(b),(c) | | | | 6.0000 | | 06/01/29 | | | 684,846 | |
| | 528,000 | | | Garda World Security Corporation(b) | | | | 8.3750 | | 11/15/32 | | | 528,859 | |
| | 350,000 | | | Prime Security Services Borrower, LLC / Prime(b) | | | | 5.7500 | | 04/15/26 | | | 350,417 | |
| | 525,000 | | | Prime Security Services Borrower, LLC / Prime(b),(c) | | | | 6.2500 | | 01/15/28 | | | 524,975 | |
| | 830,000 | | | TriNet Group, Inc.(b) | | | | 3.5000 | | 03/01/29 | | | 755,942 | |
| | | | | | | | | | | | | | 7,212,091 | |
| | | | | CONSTRUCTION MATERIALS — 0.5% | | | | | | | | | | |
| | 1,174,000 | | | Standard Industries, Inc.(b) | | | | 3.3750 | | 01/15/31 | | | 1,020,228 | |
| | | | | | | | | | | | | | | |
| | | | | CONSUMER SERVICES — 0.1% | | | | | | | | | | |
| | 238,000 | | | Upbound Group, Inc.(b) | | | | 6.3750 | | 02/15/29 | | | 226,777 | |
| | | | | | | | | | | | | | | |
| | | | | CONTAINERS & PACKAGING — 2.7% | | | | | | | | | | |
| | 1,014,000 | | | Ardagh Metal Packaging Finance USA, LLC / Ardagh(b),(c) | | | | 3.2500 | | 09/01/28 | | | 914,786 | |
| | 1,405,000 | | | Clydesdale Acquisition Holdings, Inc.(b),(c) | | | | 8.7500 | | 04/15/30 | | | 1,427,967 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | CONTAINERS & PACKAGING — 2.7% (Continued) | | | | | | | | | | |
| | 529,000 | | | Crown Americas, LLC | | | | 5.2500 | | 04/01/30 | | $ | 520,638 | |
| | 507,000 | | | LABL, Inc.(b) | | | | 5.8750 | | 11/01/28 | | | 471,684 | |
| | 629,000 | | | LABL, Inc.(b),(c) | | | | 9.5000 | | 11/01/28 | | | 645,370 | |
| | 602,000 | | | Mauser Packaging Solutions Holding Company(b) | | | | 7.8750 | | 08/15/26 | | | 610,996 | |
| | 915,000 | | | Silgan Holdings, Inc. | | | | 4.1250 | | 02/01/28 | | | 874,035 | |
| | | | | | | | | | | | | | 5,465,476 | |
| | | | | ELECTRIC UTILITIES — 4.0% | | | | | | | | | | |
| | 151,000 | | | California Buyer Ltd. / Atlantica Sustainable(b) | | | | 6.3750 | | 02/15/32 | | | 149,887 | |
| | 703,000 | | | Calpine Corporation(b) | | | | 5.0000 | | 02/01/31 | | | 664,197 | |
| | 982,000 | | | Calpine Corporation(b) | | | | 3.7500 | | 03/01/31 | | | 887,827 | |
| | 1,095,000 | | | Clearway Energy Operating, LLC(b),(c) | | | | 3.7500 | | 01/15/32 | | | 971,340 | |
| | 1,925,000 | | | NextEra Energy Operating Partners, L.P.(b),(c) | | | | 7.2500 | | 01/15/29 | | | 1,982,186 | |
| | 1,715,000 | | | NRG Energy Inc(b) | | | | 3.6250 | | 02/15/31 | | | 1,520,117 | |
| | 555,000 | | | NRG Energy, Inc.(b) | | | | 5.2500 | | 06/15/29 | | | 542,593 | |
| | 310,000 | | | Vistra Operations Company, LLC(b) | | | | 5.0000 | | 07/31/27 | | | 306,134 | |
| | 885,000 | | | Vistra Operations Company, LLC(b) | | | | 7.7500 | | 10/15/31 | | | 935,453 | |
| | | | | | | | | | | | | | 7,959,734 | |
| | | | | ENGINEERING & CONSTRUCTION — 0.5% | | | | | | | | | | |
| | 1,105,000 | | | VM Consolidated, Inc.(b),(c) | | | | 5.5000 | | 04/15/29 | | | 1,070,502 | |
| | | | | | | | | | | | | | | |
| | | | | ENTERTAINMENT CONTENT — 1.7% | | | | | | | | | | |
| | 1,250,000 | | | Banijay Entertainment S.A.SU(b) | | | | 8.1250 | | 05/01/29 | | | 1,297,318 | |
| | 874,000 | | | Paramount Global(d) | | H15T5Y + 3.999% | | 6.3750 | | 03/30/62 | | | 810,004 | |
| | 421,000 | | | Univision Communications, Inc.(b),(c) | | | | 7.3750 | | 06/30/30 | | | 404,535 | |
| | 665,000 | | | Univision Communications, Inc.(b) | | | | 8.5000 | | 07/31/31 | | | 655,357 | |
| | 263,000 | | | ViacomCBS, Inc.(d) | | ICE LIBOR USD 3
Month + 3.899% | | 6.2500 | | 02/28/57 | | | 235,847 | |
| | | | | | | | | | | | | | 3,403,061 | |
| | | | | FOOD — 1.2% | | | | | | | | | | |
| | 870,000 | | | HLF Financing Sarl, LLC / Herbalife International,(b) | | | | 12.2500 | | 04/15/29 | | | 876,962 | |
| | 2,045,000 | | | HLF Financing Sarl, LLC / Herbalife International,(b) | | | | 4.8750 | | 06/01/29 | | | 1,425,768 | |
| | 209,000 | | | Land O’Lakes Capital Trust I(b) | | | | 7.4500 | | 03/15/28 | | | 206,581 | |
| | | | | | | | | | | | | | 2,509,311 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | FORESTRY, PAPER & WOOD PRODUCTS — 0.4% | | | | | | | | | | |
| | 850,000 | | | Glatfelter Corporation(b) | | | | 4.7500 | | 11/15/29 | | $ | 762,947 | |
| | | | | | | | | | | | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES — 1.2% | | | | | | | | | | |
| | 958,000 | | | Concentra Escrow Issuer Corporation(b) | | | | 6.8750 | | 07/15/32 | | | 984,481 | |
| | 950,000 | | | Molina Healthcare Inc 3.875% 11/15/2030(b),(c) | | | | 3.8750 | | 11/15/30 | | | 861,000 | |
| | 622,000 | | | Select Medical Corporation(b) | | | | 6.2500 | | 08/15/26 | | | 623,797 | |
| | | | | | | | | | | | | | 2,469,278 | |
| | | | | HOME CONSTRUCTION — 0.6% | | | | | | | | | | |
| | 361,000 | | | Mattamy Group Corporation(b) | | | | 5.2500 | | 12/15/27 | | | 356,703 | |
| | 830,000 | | | Mattamy Group Corporation(b) | | | | 4.6250 | | 03/01/30 | | | 778,493 | |
| | | | | | | | | | | | | | 1,135,196 | |
| | | | | HOUSEHOLD PRODUCTS — 0.4% | | | | | | | | | | |
| | 775,000 | | | Edgewell Personal Care Company(b) | | | | 4.1250 | | 04/01/29 | | | 724,203 | |
| | | | | | | | | | | | | | | |
| | | | | INDUSTRIAL SUPPORT SERVICES — 0.5% | | | | | | | | | | |
| | 1,009,000 | | | EquipmentShare.com, Inc.(b) | | | | 8.6250 | | 05/15/32 | | | 1,042,022 | |
| | | | | | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 1.0% | | | | | | | | | | |
| | 716,000 | | | Jane Street Group / JSG Finance, Inc.(b) | | | | 7.1250 | | 04/30/31 | | | 742,606 | |
| | 400,000 | | | Jane Street Group / JSG Finance, Inc.(b) | | | | 6.1250 | | 11/01/32 | | | 400,448 | |
| | 850,000 | | | VFH Parent, LLC / Valor Co-Issuer, Inc.(b) | | | | 7.5000 | | 06/15/31 | | | 873,467 | |
| | | | | | | | | | | | | | 2,016,521 | |
| | | | | INSURANCE — 3.0% | | | | | | | | | | |
| | 990,000 | | | Alliant Holdings Intermediate, LLC / Alliant(b) | | | | 6.5000 | | 10/01/31 | | | 981,778 | |
| | 1,000,000 | | | APH Somerset Investor 2, LLC / APH2 Somerset(b) | | | | 7.8750 | | 11/01/29 | | | 1,000,280 | |
| | 1,050,000 | | | Baldwin Insurance Group Holdings, LLC / Baldwin(b) | | | | 7.1250 | | 05/15/31 | | | 1,072,162 | |
| | 1,050,000 | | | Howden UK Refinance plc / Howden UK Refinance 2(b) | | | | 7.2500 | | 02/15/31 | | | 1,069,531 | |
| | 894,000 | | | Jones Deslauriers Insurance Management, Inc.(b) | | | | 8.5000 | | 03/15/30 | | | 947,808 | |
| | 910,000 | | | Panther Escrow Issuer, LLC(b) | | | | 7.1250 | | 06/01/31 | | | 930,737 | |
| | | | | | | | | | | | | | 6,002,296 | |
| | | | | INTERNET MEDIA & SERVICES — 0.6% | | | | | | | | | | |
| | 1,352,000 | | | GrubHub Holdings, Inc.(b) | | | | 5.5000 | | 07/01/27 | | | 1,262,933 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | LEISURE FACILITIES & SERVICES — 10.5% | | | | | | | | | | |
| | 345,000 | | | Brinker International, Inc.(b) | | | | 8.2500 | | 07/15/30 | | $ | 367,567 | |
| | 1,085,000 | | | Caesars Entertainment, Inc.(b),(c) | | | | 4.6250 | | 10/15/29 | | | 1,018,413 | |
| | 111,000 | | | Caesars Entertainment, Inc.(b) | | | | 6.5000 | | 02/15/32 | | | 112,649 | |
| | 1,872,000 | | | Carnival Corporation(b),(c) | | | | 5.7500 | | 03/01/27 | | | 1,878,629 | |
| | 1,517,000 | | | Carnival Corporation(b),(c) | | | | 6.0000 | | 05/01/29 | | | 1,520,478 | |
| | 470,000 | | | Carnival Corporation(b),(c) | | | | 10.5000 | | 06/01/30 | | | 507,316 | |
| | 1,365,000 | | | CEC Entertainment Company, LLC(b) | | | | 6.7500 | | 05/01/26 | | | 1,358,183 | |
| | 1,500,000 | | | Fertitta Entertainment, LLC / Fertitta(b),(c) | | | | 6.7500 | | 01/15/30 | | | 1,365,114 | |
| | 288,000 | | | Hilton Grand Vacations Borrower Escrow, LLC /(b),(c) | | | | 5.0000 | | 06/01/29 | | | 269,724 | |
| | 815,000 | | | Hilton Grand Vacations Borrower Escrow, LLC /(b),(c) | | | | 4.8750 | | 07/01/31 | | | 728,886 | |
| | 688,000 | | | Melco Resorts Finance Ltd.(b) | | | | 5.7500 | | 07/21/28 | | | 658,184 | |
| | 1,154,000 | | | Melco Resorts Finance Ltd.(b),(c) | | | | 5.3750 | | 12/04/29 | | | 1,059,369 | |
| | 600,000 | | | NCL Corporation Ltd.(b) | | | | 3.6250 | | 12/15/24 | | | 598,575 | |
| | 937,000 | | | NCL Corporation Ltd.(b) | | | | 5.8750 | | 03/15/26 | | | 936,414 | |
| | 1,461,000 | | | NCL Corporation Ltd.(b),(c) | | | | 7.7500 | | 02/15/29 | | | 1,549,351 | |
| | 1,140,000 | | | Ontario Gaming GTA, L.P.(b) | | | | 8.0000 | | 08/01/30 | | | 1,177,504 | |
| | 510,000 | | | Raising Cane’s Restaurants, LLC(b) | | | | 9.3750 | | 05/01/29 | | | 548,837 | |
| | 126,000 | | | Royal Caribbean Cruises Ltd.(b) | | | | 5.5000 | | 04/01/28 | | | 126,070 | |
| | 1,490,000 | | | Royal Caribbean Cruises Ltd.(b) | | | | 6.0000 | | 02/01/33 | | | 1,500,179 | |
| | 1,160,000 | | | SeaWorld Parks & Entertainment, Inc.(b) | | | | 5.2500 | | 08/15/29 | | | 1,116,184 | |
| | 894,000 | | | Station Casinos, LLC(b) | | | | 6.6250 | | 03/15/32 | | | 899,084 | |
| | 1,100,000 | | | Studio City Finance Ltd.(b) | | | | 5.0000 | | 01/15/29 | | | 994,564 | |
| | 695,000 | | | Travel + Leisure Company(b) | | | | 4.5000 | | 12/01/29 | | | 649,579 | |
| | 424,000 | | | Wyndham Destinations, Inc. | | | | 6.0000 | | 04/01/27 | | | 428,286 | |
| | | | | | | | | | | | | | 21,369,139 | |
| | | | | MEDICAL EQUIPMENT & DEVICES — 0.6% | | | | | | | | | | |
| | 1,007,000 | | | Medline Borrower, L.P.(b),(c) | | | | 3.8750 | | 04/01/29 | | | 942,965 | |
| | 180,000 | | | Medline Borrower, L.P./Medline Co-Issuer, Inc.(b) | | | | 6.2500 | | 04/01/29 | | | 183,361 | |
| | | | | | | | | | | | | | 1,126,326 | |
| | | | | METALS & MINING — 2.1% | | | | | | | | | | |
| | 1,520,000 | | | FMG Resources August 2006 Pty Ltd.(b) | | | | 4.3750 | | 04/01/31 | | | 1,388,255 | |
| | 410,000 | | | Hudbay Minerals, Inc.(b) | | | | 6.1250 | | 04/01/29 | | | 413,358 | |
| | 305,000 | | | Mineral Resources Ltd.(b) | | | | 8.1250 | | 05/01/27 | | | 307,430 | |
| | 500,000 | | | Mineral Resources Ltd.(b),(c) | | | | 9.2500 | | 10/01/28 | | | 527,658 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | METALS & MINING — 2.1% (Continued) | | | | | | | | | | |
| | 1,274,000 | | | Mineral Resources Ltd.(b),(c) | | | | 8.5000 | | 05/01/30 | | $ | 1,311,043 | |
| | 255,000 | | | Warrior Met Coal, Inc.(b) | | | | 7.8750 | | 12/01/28 | | | 265,451 | |
| | | | | | | | | | | | | | 4,213,195 | |
| | | | | OIL & GAS PRODUCERS — 10.6% | | | | | | | | | | |
| | 576,000 | | | Antero Midstream Partners, L.P. / Antero Midstream(b) | | | | 5.7500 | | 01/15/28 | | | 573,453 | |
| | 915,000 | | | Baytex Energy Corporation(b) | | | | 7.3750 | | 03/15/32 | | | 889,558 | |
| | 321,000 | | | Civitas Resources, Inc.(b) | | | | 8.3750 | | 07/01/28 | | | 332,152 | |
| | 162,000 | | | Civitas Resources, Inc.(b) | | | | 8.6250 | | 11/01/30 | | | 170,319 | |
| | 445,000 | | | Civitas Resources, Inc.(b) | | | | 8.7500 | | 07/01/31 | | | 466,699 | |
| | 815,000 | | | Comstock Resources, Inc.(b),(c) | | | | 6.7500 | | 03/01/29 | | | 781,146 | |
| | 207,000 | | | Comstock Resources, Inc.(b) | | | | 5.8750 | | 01/15/30 | | | 189,154 | |
| | 500,000 | | | Crescent Energy Finance, LLC(b) | | | | 7.6250 | | 04/01/32 | | | 494,085 | |
| | 502,000 | | | Crescent Energy Finance, LLC(b) | | | | 7.3750 | | 01/15/33 | | | 487,269 | |
| | 885,000 | | | Delek Logistics Partners, L.P. / Delek Logistics(b) | | | | 8.6250 | | 03/15/29 | | | 908,713 | |
| | 45,000 | | | EQM Midstream Partners, L.P.(b) | | | | 7.5000 | | 06/01/27 | | | 46,043 | |
| | 80,000 | | | EQM Midstream Partners, L.P. | | | | 5.5000 | | 07/15/28 | | | 79,686 | |
| | 222,000 | | | EQM Midstream Partners, L.P.(b) | | | | 7.5000 | | 06/01/30 | | | 238,925 | |
| | 550,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 8.2500 | | 01/15/29 | | | 562,035 | |
| | 899,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 8.8750 | | 04/15/30 | | | 930,987 | |
| | 120,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 7.8750 | | 05/15/32 | | | 120,182 | |
| | 1,322,000 | | | Harvest Midstream I, L.P.(b) | | | | 7.5000 | | 09/01/28 | | | 1,336,492 | |
| | 400,000 | | | Harvest Midstream I, L.P.(b) | | | | 7.5000 | | 05/15/32 | | | 409,828 | |
| | 1,034,000 | | | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | | | | 5.7500 | | 02/01/29 | | | 992,763 | |
| | 476,000 | | | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | | | | 6.0000 | | 02/01/31 | | | 451,922 | |
| | 460,000 | | | Hilcorp Energy I, L.P. / Hilcorp Finance Company(b) | | | | 7.2500 | | 02/15/35 | | | 451,583 | |
| | 282,000 | | | Howard Midstream Energy Partners, LLC(b) | | | | 8.8750 | | 07/15/28 | | | 297,753 | |
| | 760,000 | | | Howard Midstream Energy Partners, LLC(b) | | | | 7.3750 | | 07/15/32 | | | 776,668 | |
| | 2,035,000 | | | ITT Holdings, LLC(b) | | | | 6.5000 | | 08/01/29 | | | 1,882,109 | |
| | 885,000 | | | Murphy Oil USA, Inc. | | | | 4.7500 | | 09/15/29 | | | 846,606 | |
| | 114,000 | | | NGL Energy Partners, L.P.(b) | | | | 8.1250 | | 02/15/29 | | | 114,909 | |
| | 1,155,000 | | | NGL Energy Partners, L.P.(b) | | | | 8.3750 | | 02/15/32 | | | 1,166,035 | |
| | 152,000 | | | NuStar Logistics, L.P. | | | | 5.7500 | | 10/01/25 | | | 151,871 | |
| | 379,000 | | | NuStar Logistics, L.P. | | | | 6.3750 | | 10/01/30 | | | 383,366 | |
| | 1,404,000 | | | Strathcona Resources Ltd.(b) | | | | 6.8750 | | 08/01/26 | | | 1,395,276 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | OIL & GAS PRODUCERS — 10.6% (Continued) | | | | | | | | | | |
| | 340,000 | | | Sunoco, L.P.(b),(c) | | | | 7.2500 | | 05/01/32 | | $ | 354,234 | |
| | 355,000 | | | Talos Production, Inc.(b),(c) | | | | 9.0000 | | 02/01/29 | | | 365,949 | |
| | 555,000 | | | Talos Production, Inc.(b) | | | | 9.3750 | | 02/01/31 | | | 571,971 | |
| | 82,000 | | | Venture Global Calcasieu Pass, LLC(b) | | | | 3.8750 | | 08/15/29 | | | 75,640 | |
| | 1,047,000 | | | Vital Energy, Inc.(b),(c) | | | | 7.8750 | | 04/15/32 | | | 1,006,587 | |
| | 1,005,000 | | | Wildfire Intermediate Holdings, LLC(b) | | | | 7.5000 | | 10/15/29 | | | 972,249 | |
| | | | | | | | | | | | | | 21,274,217 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT — 2.5% | | | | | | | | | | |
| | 177,000 | | | Archrock Partners, L.P. / Archrock Partners(b) | | | | 6.8750 | | 04/01/27 | | | 177,587 | |
| | 795,000 | | | Archrock Partners, L.P. / Archrock Partners(b) | | | | 6.6250 | | 09/01/32 | | | 799,183 | |
| | 779,304 | | | Atlas Energy Solutions, Inc. (g) | | | | 5.0000 | | 01/31/26 | | | 726,312 | |
| | 915,000 | | | Kodiak Gas Services, LLC(b) | | | | 7.2500 | | 02/15/29 | | | 941,433 | |
| | 490,000 | | | Nabors Industries Ltd.(b),(c) | | | | 7.5000 | | 01/15/28 | | | 466,513 | |
| | 720,000 | | | Nabors Industries, Inc.(b) | | | | 7.3750 | | 05/15/27 | | | 721,065 | |
| | 1,185,000 | | | Valaris Ltd.(b),(c) | | | | 8.3750 | | 04/30/30 | | | 1,200,586 | |
| | | | | | | | | | | | | | 5,032,679 | |
| | | | | PUBLISHING & BROADCASTING — 0.4% | | | | | | | | | | |
| | 740,000 | | | Belo Corporation | | | | 7.7500 | | 06/01/27 | | | 769,337 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE INVESTMENT TRUSTS — 1.4% | | | | | | | | | | |
| | 805,000 | | | HAT Holdings I, LLC / HAT Holdings II, LLC(b) | | | | 3.3750 | | 06/15/26 | | | 777,403 | |
| | 335,000 | | | HAT Holdings I, LLC / HAT Holdings II, LLC(b) | | | | 8.0000 | | 06/15/27 | | | 351,332 | |
| | 500,000 | | | HAT Holdings I, LLC / HAT Holdings II, LLC(b),(c) | | | | 3.7500 | | 09/15/30 | | | 438,001 | |
| | 200,000 | | | Service Properties Trust | | | | 4.7500 | | 10/01/26 | | | 189,158 | |
| | 379,000 | | | Service Properties Trust | | | | 5.5000 | | 12/15/27 | | | 359,262 | |
| | 530,000 | | | Service Properties Trust(c) | | | | 8.3750 | | 06/15/29 | | | 517,357 | |
| | 230,000 | | | Service Properties Trust | | | | 8.8750 | | 06/15/32 | | | 214,366 | |
| | | | | | | | | | | | | | 2,846,879 | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS — 0.8% | | | | | | | | | | |
| | 613,000 | | | Greystar Real Estate Partners, LLC(b) | | | | 7.7500 | | 09/01/30 | | | 642,899 | |
| | 998,000 | | | Kennedy-Wilson, Inc. | | | | 4.7500 | | 03/01/29 | | | 915,955 | |
| | | | | | | | | | | | | | 1,558,854 | |
| | | | | REAL ESTATE SERVICES — 0.6% | | | | | | | | | | |
| | 1,169,000 | | | Cushman & Wakefield US Borrower, LLC(b) | | | | 6.7500 | | 05/15/28 | | | 1,176,095 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | REAL ESTATE SERVICES — 0.6% (Continued) | | | | | | | | | | |
| | 61,000 | | | Cushman & Wakefield US Borrower, LLC(b) | | | | 8.8750 | | 09/01/31 | | $ | 65,778 | |
| | | | | | | | | | | | | | 1,241,873 | |
| | | | | RENEWABLE ENERGY — 0.7% | | | | | | | | | | |
| | 808,000 | | | Atlantica Sustainable Infrastructure plc(b) | | | | 4.1250 | | 06/15/28 | | | 771,091 | |
| | 554,000 | | | EnerSys(b) | | | | 4.3750 | | 12/15/27 | | | 534,252 | |
| | 95,000 | | | EnerSys(b) | | | | 6.6250 | | 01/15/32 | | | 97,682 | |
| | | | | | | | | | | | | | 1,403,025 | |
| | | | | RETAIL - CONSUMER STAPLES — 0.5% | | | | | | | | | | |
| | 440,000 | | | Albertsons Companies Inc / Safeway Inc / New(b) | | | | 4.6250 | | 01/15/27 | | | 431,974 | |
| | 506,000 | | | Albertsons Companies Inc / Safeway Inc / New(b) | | | | 5.8750 | | 02/15/28 | | | 507,269 | |
| | | | | | | | | | | | | | 939,243 | |
| | | | | RETAIL - DISCRETIONARY — 4.8% | | | | | | | | | | |
| | 526,000 | | | Avis Budget Car Rental, LLC / Avis Budget Finance,(b),(c) | | | | 5.3750 | | 03/01/29 | | | 489,941 | |
| | 500,000 | | | Avis Budget Car Rental, LLC / Avis Budget Finance,(b),(c) | | | | 8.2500 | | 01/15/30 | | | 511,150 | |
| | 1,133,000 | | | Champions Financing, Inc.(b),(c) | | | | 8.7500 | | 02/15/29 | | | 1,144,947 | |
| | 1,656,000 | | | Hertz Corporation (The)(b),(c) | | | | 4.6250 | | 12/01/26 | | | 1,252,727 | |
| | 163,000 | | | Hertz Corporation (The)(b),(c) | | | | 12.6250 | | 07/15/29 | | | 172,991 | |
| | 1,983,000 | | | Kohl’s Corporation(c) | | | | 4.6250 | | 05/01/31 | | | 1,645,746 | |
| | 1,517,000 | | | LBM Acquisition, LLC(b),(c) | | | | 6.2500 | | 01/15/29 | | | 1,408,290 | |
| | 1,774,000 | | | Park River Holdings, Inc.(b),(c) | | | | 6.7500 | | 08/01/29 | | | 1,585,185 | |
| | 1,020,000 | | | Specialty Building Products Holdings, LLC / SBP(b) | | | | 7.7500 | | 10/15/29 | | | 1,041,189 | |
| | 392,000 | | | Victra Holdings, LLC / Victra Finance Corporation(b),(c) | | | | 8.7500 | | 09/15/29 | | | 409,547 | |
| | | | | | | | | | | | | | 9,661,713 | |
| | | | | SEMICONDUCTORS — 0.4% | | | | | | | | | | |
| | 895,000 | | | Entegris Escrow Corporation(b) | | | | 5.9500 | | 06/15/30 | | | 894,775 | |
| | | | | | | | | | | | | | | |
| | | | | SOFTWARE — 4.1% | | | | | | | | | | |
| | 1,177,000 | | | Capstone Borrower, Inc.(b) | | | | 8.0000 | | 06/15/30 | | | 1,231,050 | |
| | 480,000 | | | Cloud Software Group, Inc.(b),(c) | | | | 8.2500 | | 06/30/32 | | | 494,442 | |
| | 1,660,000 | | | Condor Merger Sub, Inc.(b),(c) | | | | 7.3750 | | 02/15/30 | | | 1,600,863 | |
| | 1,350,000 | | | Helios Software Holdings, Inc. / ION Corporate(b) | | | | 4.6250 | | 05/01/28 | | | 1,238,367 | |
| | 164,000 | | | NortonLifeLock, Inc.(b) | | | | 6.7500 | | 09/30/27 | | | 166,989 | |
| | 606,000 | | | NortonLifeLock, Inc.(b),(c) | | | | 7.1250 | | 09/30/30 | | | 627,581 | |
| | 34,000 | | | Open Text Corporation(b) | | | | 3.8750 | | 02/15/28 | | | 31,995 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | SOFTWARE — 4.1% (Continued) | | | | | | | | | | |
| | 861,000 | | | Open Text Corporation(b) | | | | 3.8750 | | 12/01/29 | | $ | 786,236 | |
| | 1,132,000 | | | Picard Midco, Inc.(b) | | | | 6.5000 | | 03/31/29 | | | 1,106,257 | |
| | 1,293,240 | | | Rackspace Finance, LLC(b) | | | | 3.5000 | | 05/15/28 | | | 763,400 | |
| | | | | | | | | | | | | | 8,047,180 | |
| | | | | SPECIALTY FINANCE — 7.7% | | | | | | | | | | |
| | 455,000 | | | AerCap Global Aviation Trust(b),(d) | | US0003M + 4.300% | | 6.5000 | | 06/15/45 | | | 454,913 | |
| | 895,000 | | | Aircastle Ltd.(b),(d) | | H15T5Y + 4.410% | | 5.2500 | | 09/15/71 | | | 882,080 | |
| | 1,375,000 | | | Ally Financial, Inc.(c) | | | | 6.7000 | | 02/14/33 | | | 1,381,379 | |
| | 1,505,000 | | | Apollo Commercial Real Estate Finance, Inc.(b) | | | | 4.6250 | | 06/15/29 | | | 1,306,462 | |
| | 127,000 | | | Bread Financial Holdings, Inc.(b) | | | | 7.0000 | | 01/15/26 | | | 127,072 | |
| | 820,000 | | | Bread Financial Holdings, Inc.(b) | | | | 9.7500 | | 03/15/29 | | | 866,908 | |
| | 660,000 | | | Burford Capital Global Finance, LLC(b) | | | | 6.2500 | | 04/15/28 | | | 659,017 | |
| | 375,000 | | | Burford Capital Global Finance, LLC(b) | | | | 6.8750 | | 04/15/30 | | | 377,027 | |
| | 370,000 | | | Burford Capital Global Finance, LLC(b) | | | | 9.2500 | | 07/01/31 | | | 396,736 | |
| | 871,000 | | | Cobra AcquisitionCo, LLC(b),(c) | | | | 6.3750 | | 11/01/29 | | | 719,908 | |
| | 900,000 | | | Credit Acceptance Corporation(b) | | | | 9.2500 | | 12/15/28 | | | 953,692 | |
| | 286,000 | | | Enova International, Inc.(b) | | | | 11.2500 | | 12/15/28 | | | 308,363 | |
| | 585,000 | | | Enova International, Inc.(b) | | | | 9.1250 | | 08/01/29 | | | 601,102 | |
| | 436,000 | | | FirstCash, Inc.(b) | | | | 4.6250 | | 09/01/28 | | | 413,510 | |
| | 229,000 | | | FirstCash, Inc.(b) | | | | 5.6250 | | 01/01/30 | | | 222,579 | |
| | 330,000 | | | FirstCash, Inc.(b) | | | | 6.8750 | | 03/01/32 | | | 334,173 | |
| | 209,000 | | | goeasy Ltd.(b) | | | | 4.3750 | | 05/01/26 | | | 208,770 | |
| | 667,000 | | | goeasy Ltd.(b),(c) | | | | 7.6250 | | 07/01/29 | | | 685,570 | |
| | 499,000 | | | goeasy Ltd.(b) | | | | 6.8750 | | 05/15/30 | | | 504,992 | |
| | 584,000 | | | Ladder Capital Finance Holdings LLLP / Ladder(b) | | | | 4.2500 | | 02/01/27 | | | 564,990 | |
| | 480,000 | | | Ladder Capital Finance Holdings LLLP / Ladder(b) | | | | 4.7500 | | 06/15/29 | | | 457,777 | |
| | 760,000 | | | LFS Topco, LLC(b),(c) | | | | 5.8750 | | 10/15/26 | | | 718,028 | |
| | 224,000 | | | OneMain Finance Corporation | | | | 6.6250 | | 05/15/29 | | | 224,000 | |
| | 387,000 | | | OneMain Finance Corporation | | | | 5.3750 | | 11/15/29 | | | 371,243 | |
| | 440,000 | | | OneMain Finance Corporation | | | | 7.5000 | | 05/15/31 | | | 450,313 | |
| | 1,325,000 | | | Pattern Energy Operations, L.P. / Pattern Energy(b) | | | | 4.5000 | | 08/15/28 | | | 1,265,105 | |
| | | | | | | | | | | | | | 15,455,709 | |
| | | | | STEEL — 1.5% | | | | | | | | | | |
| | 731,000 | | | Allegheny Technologies, Inc. | | | | 4.8750 | | 10/01/29 | | | 692,950 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | STEEL — 1.5% (Continued) | | | | | | | | | | |
| | 295,000 | | | Cleveland-Cliffs, Inc. | | | | 5.8750 | | 06/01/27 | | $ | 295,035 | |
| | 950,000 | | | Cleveland-Cliffs, Inc.(b),(c) | | | | 7.0000 | | 03/15/32 | | | 950,685 | |
| | 265,000 | | | Cleveland-Cliffs, Inc.(b) | | | | 7.3750 | | 05/01/33 | | | 267,123 | |
| | 95,000 | | | Cleveland-Cliffs, Inc. | | | | 6.2500 | | 10/01/40 | | | 87,161 | |
| | 777,000 | | | Commercial Metals Company | | | | 3.8750 | | 02/15/31 | | | 698,139 | |
| | | | | | | | | | | | | | 2,991,093 | |
| | | | | TECHNOLOGY HARDWARE — 2.2% | | | | | | | | | | |
| | 286,000 | | | EquipmentShare.com, Inc.(b) | | | | 8.0000 | | 03/15/33 | | | 288,864 | |
| | 725,000 | | | Imola Merger Corporation(b) | | | | 4.7500 | | 05/15/29 | | | 693,944 | |
| | 248,000 | | | NCR Corporation(b) | | | | 5.1250 | | 04/15/29 | | | 237,818 | |
| | 700,000 | | | Seagate HDD Cayman | | | | 4.0910 | | 06/01/29 | | | 660,794 | |
| | 1,330,000 | | | TTM Technologies, Inc.(b),(c) | | | | 4.0000 | | 03/01/29 | | | 1,244,675 | |
| | 1,234,000 | | | Viasat, Inc.(b),(c) | | | | 7.5000 | | 05/30/31 | | | 812,404 | |
| | 615,000 | | | ViaSat, Inc.(b),(c) | | | | 5.6250 | | 04/15/27 | | | 574,892 | |
| | | | | | | | | | | | | | 4,513,391 | |
| | | | | TECHNOLOGY SERVICES — 3.5% | | | | | | | | | | |
| | 868,000 | | | Acuris Finance US, Inc. / Acuris Finance S.A.RL(b) | | | | 5.0000 | | 05/01/28 | | | 784,372 | |
| | 1,255,000 | | | Ahead DB Holdings, LLC(b),(c) | | | | 6.6250 | | 05/01/28 | | | 1,219,398 | |
| | 635,000 | | | Block, Inc.(b) | | | | 6.5000 | | 05/15/32 | | | 647,119 | |
| | 730,000 | | | Fortress Intermediate 3, Inc.(b) | | | | 7.5000 | | 06/01/31 | | | 759,747 | |
| | 910,000 | | | GTCR W-2 Merger Sub, LLC(b) | | | | 7.5000 | | 01/15/31 | | | 958,724 | |
| | 880,000 | | | ION Trading Technologies Sarl(b) | | | | 5.7500 | | 05/15/28 | | | 802,184 | |
| | 415,000 | | | ION Trading Technologies Sarl(b) | | | | 9.5000 | | 05/30/29 | | | 422,005 | |
| | 1,070,000 | | | Mobius Merger Sub, Inc.(b) | | | | 9.0000 | | 06/01/30 | | | 1,027,692 | |
| | 495,000 | | | Shift4 Payments, LLC / Shift4 Payments Finance(b) | | | | 6.7500 | | 08/15/32 | | | 508,107 | |
| | | | | | | | | | | | | | 7,129,348 | |
| | | | | TELECOMMUNICATIONS — 4.3% | | | | | | | | | | |
| | 2,910,000 | | | Altice France S.A.(b) | | | | 5.5000 | | 10/15/29 | | | 2,182,161 | |
| | 1,036,000 | | | C&W Senior Financing DAC(b) | | | | 6.8750 | | 09/15/27 | | | 1,028,022 | |
| | 442,000 | | | Cogent Communications Group, Inc.(b) | | | | 7.0000 | | 06/15/27 | | | 446,907 | |
| | 490,000 | | | Cogent Communications Group, Inc. / Cogent(b) | | | | 7.0000 | | 06/15/27 | | | 493,191 | |
| | 600,000 | | | Connect Finco S.A.RL / Connect US Finco, LLC(b),(c) | | | | 9.0000 | | 09/15/29 | | | 570,714 | |
| | 1,515,000 | | | Iliad Holding S.A.SU(b) | | | | 7.0000 | | 10/15/28 | | | 1,536,473 | |
| | 548,000 | | | Iliad Holding S.A.SU(b) | | | | 8.5000 | | 04/15/31 | | | 586,002 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 95.3% (Continued) | | | | | | | | | | |
| | | | | TELECOMMUNICATIONS — 4.3% (Continued) | | | | | | | | | | |
| | 554,000 | | | Sable International Finance Ltd.(b),(c) | | | | 7.1250 | | 10/15/32 | | $ | 557,288 | |
| | 1,245,000 | | | Telesat Canada / Telesat, LLC(b),(c) | | | | 4.8750 | | 06/01/27 | | | 550,970 | |
| | 739,000 | | | Vmed O2 UK Financing I plc(b) | | | | 7.7500 | | 04/15/32 | | | 740,808 | |
| | | | | | | | | | | | | | 8,692,536 | |
| | | | | TRANSPORTATION & LOGISTICS — 2.7% | | | | | | | | | | |
| | 1,215,000 | | | Air Canada(b) | | | | 3.8750 | | 08/15/26 | | | 1,176,339 | |
| | 725,000 | | | American Airlines, Inc.(b),(c) | | | | 7.2500 | | 02/15/28 | | | 737,484 | |
| | 810,000 | | | American Airlines, Inc.(b) | | | | 8.5000 | | 05/15/29 | | | 851,750 | |
| | 1,270,000 | | | Cargo Aircraft Management, Inc.(b),(c) | | | | 4.7500 | | 02/01/28 | | | 1,215,914 | |
| | 271,000 | | | United Airlines, Inc.(b) | | | | 4.3750 | | 04/15/26 | | | 266,207 | |
| | 1,235,000 | | | United Airlines, Inc.(b),(c) | | | | 4.6250 | | 04/15/29 | | | 1,182,666 | |
| | | | | | | | | | | | | | 5,430,360 | |
| | | | | WHOLESALE - CONSUMER STAPLES — 1.3% | | | | | | | | | | |
| | 1,925,000 | | | C&S Group Enterprises, LLC(b) | | | | 5.0000 | | 12/15/28 | | | 1,595,116 | |
| | 285,000 | | | Performance Food Group, Inc.(b) | | | | 5.5000 | | 10/15/27 | | | 282,789 | |
| | 835,000 | | | Performance Food Group, Inc.(b) | | | | 4.2500 | | 08/01/29 | | | 782,417 | |
| | | | | | | | | | | | | | 2,660,322 | |
| | | | | TOTAL CORPORATE BONDS (Cost $191,694,877) | | | | 191,865,483 | |
| | | | | | | | | | | | | | | |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 25.9% | | | | |
| | | | | MONEY MARKET FUND – 3.9% | | | | |
| | 7,767,612 | | | First American Government Obligations Fund, Class Z, 4.74%(f) | | | 7,767,612 | |
| | | | | | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED – 22.0% | | | | |
| | 44,306,422 | | | Mount Vernon Liquid Assets Portfolio, 4.93%(e),(f) | | | 44,306,422 | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $52,074,034) | | | 52,074,034 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 121.3% (Cost $243,891,160) | | $ | 244,125,917 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (21.3)% | | | (42,851,227 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 201,274,690 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM HIGH YIELD BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| LLC | - Limited Liability Company |
| | |
| LP | - Limited Partnership |
| | |
| LTD | - Limited Company |
| | |
| PLC | - Public Limited Company |
| | |
| REIT | - Real Estate Investment Trust |
| | |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| | |
| US0003M | ICE LIBOR USD 3 Month |
| | |
| (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 October 31, 2024 the total market value of 144A securities is 172,429,028 or 85.7% of net assets. |
| | |
| (c) | All or a portion of these securities are on loan. Total loaned securities had a value of $43,275,712 at October 31, 2024. |
| | |
| (d) | Variable rate security; the rate shown represents the rate on October 31, 2024. |
| | |
| (e) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $44,306,422 at October 31, 2024. |
| | |
| (f) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (g) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.5% of net assets. The total value of these securities is $912,712. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | ASSET BACKED SECURITIES — 0.0%(a) | | | | | | | | | | |
| | | | | RESIDENTIAL MORTGAGE — 0.0%(a) | | | | | | | | | | |
| | 8,277 EUR | | | Fondo de Titulizacion de Activos Santander Series 2 A(b) | | EUR003M + 0.150% | | 3.3580 | | 01/18/49 | | $ | 8,912 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL ASSET BACKED SECURITIES (Cost $8,782) | | | | | 8,912 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | CORPORATE BONDS — 62.3% | | | | | | | | | | |
| | | | | AEROSPACE & DEFENSE — 0.3% | | | | | | | | | | |
| | 200,000 EUR | | | Airbus S.E. | | | | 2.3750 | | 04/07/32 | | | 207,047 | |
| | | | | | | | | | | | | | | |
| | | | | APPAREL & TEXTILE PRODUCTS — 0.3% | | | | | | | | | | |
| | 200,000 EUR | | | Kering S.A. | | | | 3.8750 | | 09/05/35 | | | 219,933 | |
| | | | | | | | | | | | | | | |
| | | | | ASSET MANAGEMENT — 0.6% | | | | | | | | | | |
| | 5,000 USD | | | Blue Owl Credit Income Corporation | | | | 6.6500 | | 03/15/31 | | | 5,037 | |
| | 300,000 EUR | | | JAB Holdings BV | | | | 1.0000 | | 12/20/27 | | | 306,524 | |
| | 147,000 USD | | | MDGH GMTN RSC Ltd.(c) | | | | 5.8750 | | 05/01/34 | | | 155,814 | |
| | | | | | | | | | | | | | 467,375 | |
| | | | | AUTOMOTIVE — 3.8% | | | | | | | | | | |
| | 250,000 USD | | | Aptiv plc / Aptiv Global Financing DAC(b),(d) | | H15T5Y + 3.385% | | 6.8750 | | 12/15/54 | | | 244,006 | |
| | 300,000 GBP | | | Aston Martin Capital Holdings Ltd.(c) | | | | 10.3750 | | 03/31/29 | | | 376,321 | |
| | 310,000 EUR | | | Forvia S.E. | | | | 5.5000 | | 06/15/31 | | | 335,992 | |
| | 515,000 EUR | | | Grupo Antolin-Irausa S.A. | | | | 3.5000 | | 04/30/28 | | | 421,217 | |
| | 100,000 USD | | | Hyundai Capital America(c) | | | | 6.5000 | | 01/16/29 | | | 105,139 | |
| | 107,000 USD | | | Iochpe-Maxion Austria GmbH / Maxion Wheels de(c) | | | | 5.0000 | | 05/07/28 | | | 98,834 | |
| | 300,000 EUR | | | Mercedes-Benz Group A.G. | | | | 0.7500 | | 02/08/30 | | | 288,678 | |
| | 255,000 USD | | | Nissan Motor Company Ltd.(c) | | | | 4.8100 | | 09/17/30 | | | 235,457 | |
| | 250,000 EUR | | | Stellantis N.V. | | | | 4.2500 | | 06/16/31 | | | 276,442 | |
| | 138,000 USD | | | Uzauto Motors AJ(c) | | | | 4.8500 | | 05/04/26 | | | 132,050 | |
| | 200,000 EUR | | | Volkswagen International Finance N.V. | | | | 1.8750 | | 03/30/27 | | | 210,476 | |
| | 200,000 EUR | | | ZF Finance GmbH | | | | 3.7500 | | 09/21/28 | | | 207,751 | |
| | | | | | | | | | | | | | 2,932,363 | |
| | | | | BANKING — 8.0% | | | | | | | | | | |
| | 223,000 USD | | | Access Bank plc(c) | | | | 6.1250 | | 09/21/26 | | | 212,984 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | BANKING — 8.0% (Continued) | | | | | | | | | | |
| | 250,000 USD | | | ASB Bank Ltd.(c) | | | | 5.2840 | | 06/17/32 | | $ | 248,977 | |
| | 300,000 EUR | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | 3.5000 | | 02/10/27 | | | 329,214 | |
| | 92,000 USD | | | Banco Davivienda S.A.(b),(c) | | H15T10Y + 5.097% | | 6.6500 | | 04/22/71 | | | 77,178 | |
| | 139,000 USD | | | Banco Davivienda S.A.(b) | | H15T10Y + 5.097% | | 6.6500 | | 04/22/71 | | | 116,606 | |
| | 246,000 USD | | | Banco de Credito del Peru S.A.(b),(c) | | H15T5Y + 3.000% | | 3.1250 | | 07/01/30 | | | 240,366 | |
| | 218,000 USD | | | Banco de Credito e Inversiones S.A.(b),(c) | | H15T5Y + 3.767% | | 7.5000 | | 12/15/73 | | | 218,055 | |
| | 354,000 USD | | | Banco Mercantil del Norte S.A.(c) | | | | 6.6250 | | 01/24/70 | | | 321,473 | |
| | 335,000 USD | | | Banco Mercantil del Norte S.A.(b),(c) | | H15T5Y + 4.643% | | 5.8750 | | 11/24/71 | | | 324,209 | |
| | 200,000 USD | | | Banco Santander S.A. | | | | 4.1750 | | 03/24/28 | | | 196,169 | |
| | 350,000 USD | | | Barclays plc(d) | | | | 5.0880 | | 06/20/30 | | | 344,567 | |
| | 193,000 USD | | | BBVA Bancomer S.A.(b),(c) | | H15T5Y + 3.000% | | 5.3500 | | 11/12/29 | | | 192,801 | |
| | 468,000 USD | | | BBVA Bancomer S.A.(b),(c) | | H15T5Y + 2.650% | | 5.1250 | | 01/18/33 | | | 436,907 | |
| | 300,000 EUR | | | BNP Paribas S.A. | | | | 4.0950 | | 02/13/34 | | | 334,807 | |
| | 250,000 USD | | | BPCE S.A.(b),(c) | | H15T1Y + 2.791% | | 6.5080 | | 01/18/35 | | | 256,995 | |
| | 200,000 EUR | | | CaixaBank S.A. | | | | 4.2500 | | 09/06/30 | | | 228,850 | |
| | 225,000 EUR | | | Cooperatieve Rabobank UA | | | | 1.3750 | | 02/03/27 | | | 241,059 | |
| | 200,000 EUR | | | Intesa Sanpaolo SpA | | | | 5.1250 | | 08/29/31 | | | 238,145 | |
| | 250,000 EUR | | | Natwest Group PLC | | | | 1.7500 | | 03/02/26 | | | 270,664 | |
| | 395,000 USD | | | NatWest Group plc(b) | | H15T5Y + 2.200% | | 6.4750 | | 06/01/34 | | | 408,708 | |
| | 300,000 USD | | | Societe Generale S.A.(b),(c) | | H15T1Y + 1.300% | | 2.8890 | | 06/09/32 | | | 254,838 | |
| | 150,000 USD | | | Standard Chartered plc(b),(c) | | H15T1Y + 1.450% | | 5.9050 | | 05/14/35 | | | 153,859 | |
| | 150,000 USD | | | Standard Chartered PLC(b),(c) | | H15T5Y + 2.300% | | 3.2650 | | 02/18/36 | | | 131,158 | |
| | 219,000 USD | | | Yapi ve Kredi Bankasi A/S(c) | | | | 7.1250 | | 10/10/29 | | | 220,605 | |
| | 95,000 USD | | | Yapi ve Kredi Bankasi A/S(b),(c) | | H15T5Y + 5.278% | | 9.2500 | | 01/17/34 | | | 100,118 | |
| | | | | | | | | | | | | | 6,099,312 | |
| | | | | BEVERAGES — 0.3% | | | | | | | | | | |
| | 250,000 EUR | | | Diageo Capital BV | | | | 1.5000 | | 06/08/29 | | | 255,146 | |
| | | | | | | | | | | | | | | |
| | | | | BIOTECH & PHARMA — 2.6% | | | | | | | | | | |
| | 300,000 EUR | | | Bayer A.G. | | | | 1.3750 | | 07/06/32 | | | 272,422 | |
| | 250,000 GBP | | | GlaxoSmithKline Capital PLC | | | | 1.2500 | | 10/12/28 | | | 284,530 | |
| | 100,000 EUR | | | Grifols S.A. | | | | 2.2500 | | 11/15/27 | | | 103,618 | |
| | 270,000 EUR | | | Grifols S.A. | | | | 3.8750 | | 10/15/28 | | | 267,348 | |
| | 300,000 USD | | | Royalty Pharma plc | | | | 3.3000 | | 09/02/40 | | | 222,428 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | BIOTECH & PHARMA — 2.6% (Continued) | | | | | | | | | | |
| | 200,000 EUR | | | Takeda Pharmaceutical Company Ltd. | | | | 1.0000 | | 07/09/29 | | $ | 198,140 | |
| | 245,000 EUR | | | Teva Pharmaceutical Finance Netherlands II BV | | | | 7.8750 | | 09/15/31 | | | 318,564 | |
| | 300,000 EUR | | | Utah Acquisition Sub, Inc. | | | | 3.1250 | | 11/22/28 | | | 324,116 | |
| | | | | | | | | | | | | | 1,991,166 | |
| | | | | CABLE & SATELLITE — 0.2% | | | | | | | | | | |
| | 200,000 EUR | | | Altice Financing S.A. | | | | 4.2500 | | 08/15/29 | | | 180,553 | |
| | | | | | | | | | | | | | | |
| | | | | CHEMICALS — 2.3% | | | | | | | | | | |
| | 200,000 EUR | | | BASF S.E. | | | | 3.7500 | | 06/29/32 | | | 222,293 | |
| | 411,000 USD | | | Braskem Idesa S.A.PI(c),(d) | | | | 6.9900 | | 02/20/32 | | | 305,500 | |
| | 190,000 EUR | | | INEOS Quattro Finance 1 PLC(c) | | | | 3.7500 | | 07/15/26 | | | 206,386 | |
| | 200,000 EUR | | | Nobian Finance BV(c) | | | | 3.6250 | | 07/15/26 | | | 215,156 | |
| | 100,000 EUR | | | Nobian Finance BV | | | | 3.6250 | | 07/15/26 | | | 107,578 | |
| | 89,000 USD | | | OCP S.A.(c) | | | | 7.5000 | | 05/02/54 | | | 92,328 | |
| | 626,000 USD | | | Sasol Financing USA, LLC | | | | 4.3750 | | 09/18/26 | | | 605,004 | |
| | | | | | | | | | | | | | 1,754,245 | |
| | | | | CONSTRUCTION MATERIALS — 0.7% | | | | | | | | | | |
| | 200,000 EUR | | | Holcim Finance Luxembourg S.A. | | | | 0.5000 | | 09/03/30 | | | 184,133 | |
| | 365,000 USD | | | Sisecam UK plc(c) | | | | 8.2500 | | 05/02/29 | | | 374,495 | |
| | | | | | | | | | | | | | 558,628 | |
| | | | | CONTAINERS & PACKAGING — 1.1% | | | | | | | | | | |
| | 300,000 EUR | | | Ardagh Metal Packaging Finance USA, LLC / Ardagh | | | | 3.0000 | | 09/01/29 | | | 284,029 | |
| | 320,000 EUR | | | Kleopatra Finco Sarl | | | | 4.2500 | | 03/01/26 | | | 328,233 | |
| | 200,000 EUR | | | Trivium Packaging Finance BV | | | | 3.7500 | | 08/15/26 | | | 216,564 | |
| | | | | | | | | | | | | | 828,826 | |
| | | | | ELEC & GAS MARKETING & TRADING — 0.5% | | | | | | | | | | |
| | 350,000 EUR | | | Orsted A/S | | | | 1.5000 | | 11/26/29 | | | 350,525 | |
| | | | | | | | | | | | | | | |
| | | | | ELECTRIC UTILITIES — 6.1% | | | | | | | | | | |
| | 260,000 USD | | | Adani Electricity Mumbai Ltd.(c) | | | | 3.9490 | | 02/12/30 | | | 229,387 | |
| | 241,000 USD | | | Adani Green Energy UP Ltd. / Prayatna Developers(c) | | | | 6.7000 | | 03/12/42 | | | 231,485 | |
| | 218,978 USD | | | Adani Renewable Energy RJ Ltd./Kodangal Solar(c) | | | | 4.6250 | | 10/15/39 | | | 183,487 | |
| | 144,000 USD | | | Adani Transmission Step-One Ltd.(c) | | | | 4.0000 | | 08/03/26 | | | 139,319 | |
| | 86,263 USD | | | Clean Renewable Power Mauritius Pte Ltd.(c) | | | | 4.2500 | | 03/25/27 | | | 82,773 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | ELECTRIC UTILITIES — 6.1% (Continued) | | | | | | | | | | |
| | 24,000 USD | | | Comision Federal de Electricidad | | | | 3.8750 | | 07/26/33 | | $ | 19,755 | |
| | 12,000 USD | | | Comision Federal de Electricidad(c) | | | | 6.4500 | | 01/24/35 | | | 11,620 | |
| | 250,000 USD | | | Enel Finance International N.V.(c) | | | | 5.5000 | | 06/15/52 | | | 240,856 | |
| | 250,000 USD | | | Engie S.A.(c) | | | | 5.6250 | | 04/10/34 | | | 255,329 | |
| | 158,000 USD | | | Eskom Holdings SOC Ltd.(c) | | | | 8.4500 | | 08/10/28 | | | 165,400 | |
| | 216,000 USD | | | Generacion Mediterranea S.A. / Central Termica(c) | | | | 11.0000 | | 11/01/31 | | | 213,818 | |
| | 282,820 USD | | | Greenko Dutch BV(c) | | | | 3.8500 | | 03/29/26 | | | 272,638 | |
| | 200,000 EUR | | | Iberdrola Finanzas S.A. | | | | 1.0000 | | 03/07/25 | | | 215,913 | |
| | 270,774 USD | | | Minejesa Capital BV(c) | | | | 4.6250 | | 08/10/30 | | | 264,038 | |
| | 220,000 USD | | | Minejesa Capital BV(c) | | | | 5.6250 | | 08/10/37 | | | 207,412 | |
| | 421,640 USD | | | Mong Duong Finance Holdings BV(c) | | | | 5.1250 | | 05/07/29 | | | 411,640 | |
| | 290,000 USD | | | MSU Energy S.A. / UGEN S.A. / UENSA S.A.(c) | | | | 6.8750 | | 02/01/25 | | | 264,846 | |
| | 500,000 EUR | | | National Grid PLC | | | | 0.1630 | | 01/20/28 | | | 495,202 | |
| | 300,000 EUR | | | Naturgy Finance BV | | | | 1.5000 | | 01/29/28 | | | 311,158 | |
| | 8,000 USD | | | Perusahaan Perseroan Persero PT Perusahaan Listrik | | | | 3.3750 | | 02/05/30 | | | 7,340 | |
| | 33,000 USD | | | Star Energy Geothermal Darajat II / Star Energy(c) | | | | 4.8500 | | 10/14/38 | | | 31,060 | |
| | 270,000 USD | | | YPF Energia Electrica S.A.(c) | | | | 7.8750 | | 10/16/32 | | | 265,464 | |
| | 150,000 USD | | | Zorlu Enerji Elektrik Uretim A/S(c) | | | | 11.0000 | | 04/23/30 | | | 150,528 | |
| | | | | | | | | | | | | | 4,670,468 | |
| | | | | ELECTRICAL EQUIPMENT — 1.1% | | | | | | | | | | |
| | 300,000 GBP | | | Siemens Financieringsmaatschappij N.V. | | | | 1.0000 | | 02/20/25 | | | 382,115 | |
| | 198,900 EUR | | | TK Elevator Holdco GmbH | | | | 6.6250 | | 07/15/28 | | | 216,745 | |
| | 200,000 EUR | | | TK Elevator Midco GmbH | | | | 4.3750 | | 07/15/27 | | | 216,377 | |
| | | | | | | | | | | | | | 815,237 | |
| | | | | ENGINEERING & CONSTRUCTION — 2.3% | | | | | | | | | | |
| | 405,000 USD | | | ATP Tower Holdings, LLC / Andean Tower Partners(c),(d) | | | | 4.0500 | | 04/27/26 | | | 392,089 | |
| | 300,000 EUR | | | Cellnex Finance Company S.A. | | | | 2.0000 | | 02/15/33 | | | 286,582 | |
| | 350,000 USD | | | HTA Group Ltd./Mauritius(c) | | | | 7.5000 | | 06/04/29 | | | 356,766 | |
| | 371,000 USD | | | IHS Holding Ltd.(c) | | | | 5.6250 | | 11/29/26 | | | 365,044 | |
| | 193,000 USD | | | IHS Holding Ltd.(c) | | | | 6.2500 | | 11/29/28 | | | 180,699 | |
| | 180,000 USD | | | IHS Netherlands Holdco BV(c) | | | | 8.0000 | | 09/18/27 | | | 180,204 | |
| | | | | | | | | | | | | | 1,761,384 | |
| | | | | ENTERTAINMENT CONTENT — 0.4% | | | | | | | | | | |
| | 260,000 GBP | | | Pinewood Finco plc(c) | | | | 6.0000 | | 03/27/30 | | | 336,777 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | FOOD — 0.4% | | | | | | | | | | |
| | 200,000 EUR | | | Danone S.A. | | | | 3.0710 | | 09/07/32 | | $ | 214,694 | |
| | 96,000 USD | | | Minerva Luxembourg S.A.(c) | | | | 4.3750 | | 03/18/31 | | | 81,218 | |
| | | | | | | | | | | | | | 295,912 | |
| | | | | FORESTRY, PAPER & WOOD PRODUCTS — 0.2% | | | | | | | | | | |
| | 158,000 USD | | | LD Celulose International GmbH(c) | | | | 7.9500 | | 01/26/32 | | | 161,812 | |
| | | | | | | | | | | | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES — 0.6% | | | | | | | | | | |
| | 400,000 EUR | | | Catalent Pharma Solutions, Inc. | | | | 2.3750 | | 03/01/28 | | | 425,273 | |
| | | | | | | | | | | | | | | |
| | | | | HOUSEHOLD PRODUCTS — 0.4% | | | | | | | | | | |
| | 300,000 EUR | | | Unilever Finance Netherlands BV | | | | 1.7500 | | 03/25/30 | | | 308,461 | |
| | | | | | | | | | | | | | | |
| | | | | INDUSTRIAL SUPPORT SERVICES — 0.7% | | | | | | | | | | |
| | 200,000 GBP | | | Motability Operations Group plc | | | | 5.6250 | | 01/24/54 | | | 249,422 | |
| | 87,920 EUR | | | Techem Verwaltungsgesellschaft 674 mbH | | | | 6.0000 | | 07/30/26 | | | 95,986 | |
| | 160,000 EUR | | | Techem Verwaltungsgesellschaft 675 mbH(c) | | | | 5.3750 | | 07/15/29 | | | 174,897 | |
| | | | | | | | | | | | | | 520,305 | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 0.3% | | | | | | | | | | |
| | 150,000 USD | | | Nomura Holdings, Inc. | | | | 1.6530 | | 07/14/26 | | | 142,005 | |
| | 150,000 USD | | | Nomura Holdings, Inc. | | | | 2.1720 | | 07/14/28 | | | 135,211 | |
| | | | | | | | | | | | | | 277,216 | |
| | | | | INSURANCE — 1.2% | | | | | | | | | | |
| | 200,000 EUR | | | Allianz S.E. | | | | 3.0990 | | 07/06/47 | | | 215,851 | |
| | 270,000 USD | | | Allianz S.E.(c) | | | | 5.6000 | | 09/03/54 | | | 272,149 | |
| | 200,000 USD | | | Nippon Life Insurance Company(c) | | | | 6.2500 | | 09/13/53 | | | 211,745 | |
| | 250,000 EUR | | | NN Group N.V. | | | | 1.6250 | | 06/01/27 | | | 264,826 | |
| | | | | | | | | | | | | | 964,571 | |
| | | | | INTERNET MEDIA & SERVICES — 1.0% | | | | | | | | | | |
| | 250,000 EUR | | | Booking Holdings, Inc. | | | | 4.5000 | | 11/15/31 | | | 291,477 | |
| | 200,000 USD | | | Prosus N.V.(c) | | | | 3.0610 | | 07/13/31 | | | 171,092 | |
| | 127,000 USD | | | Prosus N.V. | | | | 3.0610 | | 07/13/31 | | | 108,643 | |
| | 269,000 USD | | | Prosus N.V.(c) | | | | 3.8320 | | 02/08/51 | | | 180,565 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | INTERNET MEDIA & SERVICES — 1.0% (Continued) | | | | | | | | | | |
| | | | | | | | | | | | | $ | 751,777 | |
| | | | | LEISURE FACILITIES & SERVICES — 1.8% | | | | | | | | | | |
| | 250,000 GBP | | | 888 Acquisitions Ltd.(c) | | | | 10.7500 | | 05/15/30 | | | 323,515 | |
| | 200,000 EUR | | | Accor S.A. | | | | 7.2500 | | 10/11/73 | | | 241,843 | |
| | 200,000 USD | | | Melco Resorts Finance Ltd. | | | | 5.6250 | | 07/17/27 | | | 193,846 | |
| | 106,000 USD | | | Melco Resorts Finance Ltd.(c) | | | | 5.7500 | | 07/21/28 | | | 101,406 | |
| | 148,000 USD | | | Melco Resorts Finance Ltd. | | | | 5.7500 | | 07/21/28 | | | 141,586 | |
| | 73,000 USD | | | Studio City Finance Ltd.(c) | | | | 6.0000 | | 07/15/25 | | | 73,005 | |
| | 384,000 USD | | | Studio City Finance Ltd.(c) | | | | 5.0000 | | 01/15/29 | | | 347,193 | |
| | | | | | | | | | | | | | 1,422,394 | |
| | | | | MACHINERY — 0.3% | | | | | | | | | | |
| | 250,000 EUR | | | Smiths Group plc | | | | 2.0000 | | 02/23/27 | | | 265,116 | |
| | | | | | | | | | | | | | | |
| | | | | MEDICAL EQUIPMENT & DEVICES — 0.4% | | | | | | | | | | |
| | 300,000 EUR | | | Medtronic Global Holdings SCA | | | | 0.7500 | | 10/15/32 | | | 270,536 | |
| | | | | | | | | | | | | | | |
| | | | | METALS & MINING — 2.2% | | | | | | | | | | |
| | 311,000 USD | | | Freeport Indonesia PT | | | | 5.3150 | | 04/14/32 | | | 307,202 | |
| | 300,000 EUR | | | Glencore Capital Finance DAC | | | | 1.1250 | | 03/10/28 | | | 304,156 | |
| | 200,000 USD | | | Glencore Funding, LLC(c) | | | | 5.6340 | | 04/04/34 | | | 203,177 | |
| | 26,000 USD | | | Indonesia Asahan Aluminium Persero PT(c) | | | | 5.8000 | | 05/15/50 | | | 24,868 | |
| | 328,416 USD | | | Samarco Mineracao S.A.(c) | | | | 9.0000 | | 06/30/31 | | | 312,123 | |
| | 59,536 USD | | | Vedanta Resources Finance II plc | | | | 13.8750 | | 12/09/28 | | | 60,034 | |
| | 109,000 USD | | | Vedanta Resources Finance II plc(c) | | | | 10.8750 | | 09/17/29 | | | 112,244 | |
| | 334,000 USD | | | WE Soda Investments Holding plc(c) | | | | 9.5000 | | 10/06/28 | | | 345,257 | |
| | | | | | | | | | | | | | 1,669,061 | |
| | | | | OIL & GAS PRODUCERS — 9.3% | | | | | | | | | | |
| | 388,000 USD | | | 3R Lux S.A.RL(c) | | | | 9.7500 | | 02/05/31 | | | 401,366 | |
| | 59,000 USD | | | Abu Dhabi Crude Oil Pipeline, LLC(c) | | | | 3.6500 | | 11/02/29 | | | 56,322 | |
| | 78,000 USD | | | AI Candelaria Spain S.A.(c) | | | | 5.7500 | | 06/15/33 | | | 63,019 | |
| | 486,000 USD | | | AI Candelaria Spain S.A. | | | | 5.7500 | | 06/15/33 | | | 392,655 | |
| | 35,267 USD | | | AI Candelaria Spain SLU(c) | | | | 7.5000 | | 12/15/28 | | | 34,947 | |
| | 242,000 USD | | | Energean Israel Finance Ltd. | | | | 4.8750 | | 03/30/26 | | | 234,992 | |
| | 250,000 EUR | | | Eni SpA | | | | 2.0000 | | 05/18/31 | | | 250,519 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | OIL & GAS PRODUCERS — 9.3% (Continued) | | | | | | | | | | |
| | 250,000 EUR | | | Exxon Mobil Corporation | | | | 0.5240 | | 06/26/28 | | $ | 249,800 | |
| | 206,000 USD | | | Geopark Ltd.(c),(d) | | | | 5.5000 | | 01/17/27 | | | 194,495 | |
| | 337,000 USD | | | Gran Tierra Energy, Inc.(c) | | | | 9.5000 | | 10/15/29 | | | 310,667 | |
| | 200,000 USD | | | KazMunayGas National Company JSC | | | | 3.5000 | | 04/14/33 | | | 168,778 | |
| | 54,000 USD | | | KazMunayGas National Company JSC(c) | | | | 5.7500 | | 04/19/47 | | | 47,745 | |
| | 99,000 USD | | | KazMunayGas National Company JSC(c) | | | | 6.3750 | | 10/24/48 | | | 93,939 | |
| | 536,000 USD | | | Kosmos Energy Ltd. | | | | 7.7500 | | 05/01/27 | | | 526,337 | |
| | 168,000 USD | | | Kosmos Energy Ltd.(c) | | | | 8.7500 | | 10/01/31 | | | 163,906 | |
| | 89,000 USD | | | Leviathan Bond Ltd. | | | | 6.1250 | | 06/30/25 | | | 88,036 | |
| | 56,000 USD | | | Leviathan Bond Ltd. | | | | 6.5000 | | 06/30/27 | | | 53,228 | |
| | 473,512 USD | | | MC Brazil Downstream Trading S.A.RL | | | | 7.2500 | | 06/30/31 | | | 401,122 | |
| | 100,000 USD | | | Medco Bell Pte Ltd. | | | | 6.3750 | | 01/30/27 | | | 99,704 | |
| | 656,000 USD | | | PDVSA(e) | | | | 9.0000 | | 11/17/21 | | | 67,380 | |
| | 85,000 USD | | | Petroleos del Peru S.A. | | | | 4.7500 | | 06/19/32 | | | 65,396 | |
| | 47,000 USD | | | Petroleos Mexicanos | | | | 8.7500 | | 06/02/29 | | | 47,588 | |
| | 135,000 USD | | | Petroleos Mexicanos | | | | 6.8400 | | 01/23/30 | | | 124,746 | |
| | 196,000 USD | | | Petroleos Mexicanos | | | | 6.6250 | | 06/15/35 | | | 160,788 | |
| | 282,000 USD | | | Petroleos Mexicanos | | | | 7.6900 | | 01/23/50 | | | 219,368 | |
| | 31,000 USD | | | Petroleos Mexicanos | | | | 6.9500 | | 01/28/60 | | | 22,113 | |
| | 14,000 USD | | | Petronas Capital Ltd. | | | | 2.4800 | | 01/28/32 | | | 11,871 | |
| | 62,000 USD | | | Qatar Petroleum(c) | | | | 2.2500 | | 07/12/31 | | | 53,428 | |
| | 12,000 USD | | | Saudi Arabian Oil Company(c) | | | | 5.8750 | | 07/17/64 | | | 11,558 | |
| | 848,000 USD | | | SierraCol Energy Andina, LLC(c) | | | | 6.0000 | | 06/15/28 | | | 771,355 | |
| | 75,000 USD | | | Southern Gas Corridor CJSC(c) | | | | 6.8750 | | 03/24/26 | | | 76,561 | |
| | 350,000 USD | | | TotalEnergies Capital S.A. | | | | 5.4880 | | 04/05/54 | | | 348,406 | |
| | 229,000 USD | | | Trident Energy Finance plc(c) | | | | 12.5000 | | 11/30/29 | | | 240,770 | |
| | 88,000 USD | | | Tullow Oil plc | | | | 7.0000 | | 03/01/25 | | | 85,133 | |
| | 673,000 USD | | | Tullow Oil PLC(c) | | | | 7.0000 | | 03/01/25 | | | 651,073 | |
| | 334,000 USD | | | YPF S.A.(c) | | | | 9.5000 | | 01/17/31 | | | 352,476 | |
| | | | | | | | | | | | | | 7,141,587 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT — 3.4% | | | | | | | | | | |
| | 505,000 USD | | | FORESEA Holding S.A.(c),(d) | | | | 7.5000 | | 06/15/30 | | | 484,993 | |
| | 496,629 USD | | | MV24 Capital BV(c) | | | | 6.7480 | | 06/01/34 | | | 482,312 | |
| | 213,000 USD | | | NewCompany Holding USD 20 Sarl(c) | | | | 9.3750 | | 11/07/29 | | | 211,758 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | OIL & GAS SERVICES & EQUIPMENT — 3.4% (Continued) | | | | | | | | | | |
| | 373,000 USD | | | OHI Group S.A.(c) | | | | 13.0000 | | 07/22/29 | | $ | 368,897 | |
| | 738,646 USD | | | Poinsettia Finance Ltd. | | | | 6.6250 | | 06/17/31 | | | 668,427 | |
| | 390,000 USD | | | Yinson Boronia Production BV(c) | | | | 8.9470 | | 07/31/42 | | | 414,085 | |
| | | | | | | | | | | | | | 2,630,472 | |
| | | | | PUBLISHING & BROADCASTING — 0.3% | | | | | | | | | | |
| | 200,000 EUR | | | Bertelsmann S.E. & Company KGaA | | | | 3.5000 | | 05/29/29 | | | 220,034 | |
| | | | | | | | | | | | | | | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS — 1.0% | | | | | | | | | | |
| | 700,000 USD | | | China SCE Group Holdings Ltd.(e) | | | | 7.0000 | | 05/02/25 | | | 40,250 | |
| | 200,000 USD | | | Country Garden Holdings Company Ltd. | | | | 4.8000 | | 08/06/30 | | | 19,804 | |
| | 400,000 EUR | | | CPI Property Group S.A.(f) | | | | 1.6250 | | 04/23/27 | | | 421,057 | |
| | 330,000 USD | | | MAF Global Securities Ltd.(b) | | H15T5Y + 3.539% | | 6.3750 | | 09/20/70 | | | 329,241 | |
| | | | | | | | | | | | | | 810,352 | |
| | | | | REIT — 1.0% | | | | | | | | | | |
| | 147,480 USD | | | Emirates Reit Sukuk II Ltd. | | | | 11.0000 | | 12/12/25 | | | 148,310 | |
| | 230,000 GBP | | | Iron Mountain UK plc | | | | 3.8750 | | 11/15/25 | | | 293,255 | |
| | 250,000 EUR | | | Prologis Euro Finance, LLC | | | | 4.6250 | | 05/23/33 | | | 289,541 | |
| | | | | | | | | | | | | | 731,106 | |
| | | | | RENEWABLE ENERGY — 0.8% | | | | | | | | | | |
| | 535,000 USD | | | Aydem Yenilenebilir Enerji A/S(c) | | | | 7.7500 | | 02/02/27 | | | 532,138 | |
| | 102,000 USD | | | Investment Energy Resources Ltd.(c) | | | | 6.2500 | | 04/26/29 | | | 98,509 | |
| | | | | | | | | | | | | | 630,647 | |
| | | | | RETAIL - CONSUMER STAPLES — 0.3% | | | | | | | | | | |
| | 200,000 EUR | | | Carrefour S.A. | | | | 4.3750 | | 11/14/31 | | | 228,619 | |
| | | | | | | | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY — 1.0% | | | | | | | | | | |
| | 200,000 EUR | | | Avis Budget Finance plc(c) | | | | 7.0000 | | 02/28/29 | | | 218,705 | |
| | 150,000 EUR | | | Avis Budget Finance plc | | | | 7.2500 | | 07/31/30 | | | 164,266 | |
| | 404,000 USD | | | Movida Europe S.A.(c) | | | | 7.8500 | | 04/11/29 | | | 383,544 | |
| | | | | | | | | | | | | | 766,515 | |
| | | | | SOFTWARE — 0.5% | | | | | | | | | | |
| | 320,000 EUR | | | Helios Software Holdings, Inc. / ION Corporate(c) | | | | 7.8750 | | 05/01/29 | | | 352,273 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 62.3% (Continued) | | | | | | | | | | |
| | | | | SPECIALTY FINANCE — 0.6% | | | | | | | | | | |
| | 390,000 USD | | | AerCap Ireland Capital DAC / AerCap Global | | | | 3.3000 | | 01/30/32 | | $ | 343,223 | |
| | 35,000 USD | | | Avolon Holdings Funding Ltd.(c) | | | | 2.5280 | | 11/18/27 | | | 32,394 | |
| | 50,000 USD | | | Avolon Holdings Funding Ltd.(c) | | | | 5.7500 | | 11/15/29 | | | 50,803 | |
| | | | | | | | | | | | | | 426,420 | |
| | | | | STEEL — 0.7% | | | | | | | | | | |
| | 790,000 USD | | | Metinvest BV(c) | | | | 7.7500 | | 10/17/29 | | | 507,407 | |
| | | | | | | | | | | | | | | |
| | | | | TELECOMMUNICATIONS — 1.7% | | | | | | | | | | |
| | 100,000 EUR | | | Altice France Holding S.A.(c) | | | | 8.0000 | | 05/15/27 | | | 30,814 | |
| | 100,000 EUR | | | Altice France S.A.(c) | | | | 2.1250 | | 02/15/25 | | | 105,228 | |
| | 100,000 EUR | | | Altice France S.A. | | | | 2.1250 | | 02/15/25 | | | 105,228 | |
| | 16,000 USD | | | Millicom International Cellular S.A.(c) | | | | 4.5000 | | 04/27/31 | | | 14,448 | |
| | 300,000 EUR | | | Orange S.A. | | | | 2.0000 | | 01/15/29 | | | 315,700 | |
| | 200,000 EUR | | | Telefonica Emisiones S.A. | | | | 2.5920 | | 05/25/31 | | | 209,075 | |
| | 190,000 USD | | | VF Ukraine PAT via VFU Funding plc(c) | | | | 6.2000 | | 02/11/25 | | | 174,325 | |
| | 375,000 USD | | | Vodafone Group plc | | | | 5.8750 | | 06/28/64 | | | 369,504 | |
| | | | | | | | | | | | | | 1,324,322 | |
| | | | | TOBACCO & CANNABIS — 0.3% | | | | | | | | | | |
| | 165,000 USD | | | BAT Capital Corporation | | | | 4.3900 | | 08/15/37 | | | 143,851 | |
| | 85,000 USD | | | Imperial Brands Finance plc(c) | | | | 5.5000 | | 02/01/30 | | | 85,989 | |
| | | | | | | | | | | | | | 229,840 | |
| | | | | TRANSPORTATION & LOGISTICS — 1.3% | | | | | | | | | | |
| | 200,000 EUR | | | Abertis Infraestructuras S.A. | | | | 2.3750 | | 09/27/27 | | | 212,915 | |
| | 241,000 USD | | | Adani Ports & Special Economic Zone Ltd.(c) | | | | 3.1000 | | 02/02/31 | | | 200,311 | |
| | 250,000 EUR | | | Autostrade per l’Italia SpA | | | | 5.1250 | | 06/14/33 | | | 290,861 | |
| | 6,000 USD | | | DP World PLC(c) | | | | 4.7000 | | 09/30/49 | | | 5,062 | |
| | 109,000 USD | | | Georgian Railway JSC(c) | | | | 4.0000 | | 06/17/28 | | | 96,356 | |
| | 194,000 USD | | | Grupo Aeromexico S.A.B. de C.V.(c),(d) | | | | 8.5000 | | 03/17/27 | | | 202,421 | |
| | | | | | | | | | | | | | 1,007,926 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL CORPORATE BONDS (Cost $49,059,733) | | | | | 47,768,939 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% | | | | | | | | | | |
| | | | | LOCAL AUTHORITY — 0.4% | | | | | | | | | | |
| | 150,000 CAD | | | Province of British Columbia Canada | | | | 3.2000 | | 06/18/44 | | $ | 92,490 | |
| | 250,000 CAD | | | Province of Ontario Canada | | | | 2.8000 | | 06/02/48 | | | 141,536 | |
| | 87,669 USD | | | Provincia de Buenos Aires/Government Bonds(f) | | | | 5.2500 | | 09/01/37 | | | 50,300 | |
| | | | | | | | | | | | | | 284,326 | |
| | | | | NON U.S. TREASURY — 6.9% | | | | | | | | | | |
| | 1,800,000 AUD | | | Australia Government Bond | | | | 1.2500 | | 05/21/32 | | | 948,740 | |
| | 1,030,000 BRL | | | Brazil Notas do Tesouro Nacional Serie F | | | | 10.0000 | | 01/01/31 | | | 163,789 | |
| | 1,220,000 BRL | | | Brazil Notas do Tesouro Nacional Serie F | | | | 10.0000 | | 01/01/33 | | | 190,420 | |
| | 550,000 CAD | | | Canadian Government Bond | | | | 2.2500 | | 06/01/29 | | | 383,690 | |
| | 146,200,000 COP | | | Colombian TES | | | | 7.5000 | | 08/26/26 | | | 32,415 | |
| | 942,900,000 COP | | | Colombian TES | | | | 6.0000 | | 04/28/28 | | | 189,743 | |
| | 4,660,000 CZK | | | Czech Republic Government Bond | | | | 1.7500 | | 06/23/32 | | | 171,567 | |
| | 1,600,000,000 IDR | | | Indonesia Treasury Bond | | | | 8.7500 | | 05/15/31 | | | 112,385 | |
| | 1,562,000,000 IDR | | | Indonesia Treasury Bond | | | | 8.2500 | | 05/15/36 | | | 109,449 | |
| | 76,000 EUR | | | Ireland Government Bond | | | | 5.4000 | | 03/13/25 | | | 83,355 | |
| | 50,000 EUR | | | Ireland Government Bond | | | | 0.9000 | | 05/15/28 | | | 51,780 | |
| | 130,000 EUR | | | Ireland Government Bond | | | | 1.3000 | | 05/15/33 | | | 127,406 | |
| | 750,000 EUR | | | Italy Buoni Poliennali Del Tesoro | | | | 2.8000 | | 12/01/28 | | | 814,358 | |
| | 640,000 EUR | | | Italy Buoni Poliennali Del Tesoro(c) | | | | 2.4500 | | 09/01/33 | | | 646,143 | |
| | 180,000 EUR | | | Italy Buoni Poliennali Del Tesoro | | | | 5.0000 | | 08/01/39 | | | 219,689 | |
| | 235,000 EUR | | | Italy Buoni Poliennali Del Tesoro | | | | 5.0000 | | 09/01/40 | | | 286,605 | |
| | 1,520,000 MXN | | | Mexican Bonos | | | | 8.5000 | | 11/18/38 | | | 66,532 | |
| | 3,930,000 MXN | | | Mexican Bonos | | | | 7.7500 | | 11/13/42 | | | 155,512 | |
| | 170,000 EUR | | | Spain Government Bond | | | | 4.2000 | | 01/31/37 | | | 202,731 | |
| | 250,000 EUR | | | Spain Government Bond | | | | 2.7000 | | 10/31/48 | | | 232,701 | |
| | 2,530,000 THB | | | Thailand Government Bond | | | | 3.6500 | | 06/20/31 | | | 81,262 | |
| | | | | | | | | | | | | | 5,270,272 | |
| | | | | SOVEREIGN — 18.9% | | | | | | | | | | |
| | 270,000 USD | | | Angolan Government International Bond(c) | | | | 8.7500 | | 04/14/32 | | | 245,363 | |
| | 51,000 USD | | | Angolan Government International Bond(c) | | | | 9.1250 | | 11/26/49 | | | 42,776 | |
| | 112,000 USD | | | Argentine Republic Government International Bond | | | | 1.0000 | | 07/09/29 | | | 80,659 | |
| | 838,080 USD | | | Argentine Republic Government International Bond(f) | | | | 0.7500 | | 07/09/30 | | | 565,982 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 18.9% (Continued) | | | | | | | | | | |
| | 200,000 USD | | | Bahrain Government International Bond | | | | 6.7500 | | 09/20/29 | | $ | 205,924 | |
| | 230,000 USD | | | Bahrain Government International Bond(c) | | | | 5.6250 | | 09/30/31 | | | 220,732 | |
| | 37,000 USD | | | Bahrain Government International Bond(c) | | | | 5.2500 | | 01/25/33 | | | 33,935 | |
| | 245,000 USD | | | Bahrain Government International Bond(c) | | | | 5.6250 | | 05/18/34 | | | 227,502 | |
| | 100,000 EUR | | | Benin Government International Bond(c) | | | | 4.8750 | | 01/19/32 | | | 97,321 | |
| | 110,000 USD | | | Benin Government International Bond(c) | | | | 7.9600 | | 02/13/38 | | | 108,480 | |
| | 26,000 USD | | | Bermuda Government International Bond(c) | | | | 4.7500 | | 02/15/29 | | | 25,578 | |
| | 120,000 BRL | | | Brazilian Government International Bond | | | | 10.2500 | | 01/10/28 | | | 21,090 | |
| | 30,000 USD | | | Brazilian Government International Bond | | | | 6.0000 | | 10/20/33 | | | 29,819 | |
| | 410,000 USD | | | Brazilian Government International Bond | | | | 7.1250 | | 05/13/54 | | | 410,075 | |
| | 5,000 USD | | | Chile Government International Bond | | | | 2.7500 | | 01/31/27 | | | 4,788 | |
| | 8,000 USD | | | Chile Government International Bond | | | | 2.4500 | | 01/31/31 | | | 6,981 | |
| | 44,000 USD | | | Chile Government International Bond | | | | 2.5500 | | 01/27/32 | | | 37,732 | |
| | 26,000 USD | | | Chile Government International Bond | | | | 3.5000 | | 01/31/34 | | | 23,052 | |
| | 4,000 USD | | | Chile Government International Bond | | | | 4.9500 | | 01/05/36 | | | 3,914 | |
| | 3,000 USD | | | Chile Government International Bond | | | | 4.3400 | | 03/07/42 | | | 2,620 | |
| | 71,000 USD | | | Chile Government International Bond | | | | 3.8600 | | 06/21/47 | | | 55,471 | |
| | 4,000 USD | | | Chile Government International Bond | | | | 3.1000 | | 01/22/61 | | | 2,490 | |
| | 100,000 EUR | | | Colombia Government International Bond | | | | 3.8750 | | 03/22/26 | | | 108,674 | |
| | 28,000 USD | | | Colombia Government International Bond | | | | 4.5000 | | 03/15/29 | | | 26,035 | |
| | 97,000 USD | | | Colombia Government International Bond | | | | 3.2500 | | 04/22/32 | | | 75,152 | |
| | 41,000 USD | | | Colombia Government International Bond | | | | 8.0000 | | 11/14/35 | | | 41,567 | |
| | 173,000 USD | | | Colombia Government International Bond | | | | 4.1250 | | 02/22/42 | | | 110,357 | |
| | 31,000 USD | | | Colombia Government International Bond | | | | 5.6250 | | 02/26/44 | | | 23,369 | |
| | 327,000 USD | | | Colombia Government International Bond | | | | 5.0000 | | 06/15/45 | | | 224,911 | |
| | 62,000 USD | | | Colombia Government International Bond | | | | 5.2000 | | 05/15/49 | | | 42,459 | |
| | 104,000 USD | | | Colombia Government International Bond | | | | 8.7500 | | 11/14/53 | | | 106,219 | |
| | 109,000 USD | | | Colombia Government International Bond | | | | 3.8750 | | 02/15/61 | | | 58,213 | |
| | 64,000 USD | | | Costa Rica Government International Bond | | | | 7.0000 | | 04/04/44 | | | 66,096 | |
| | 111,000 USD | | | Costa Rica Government International Bond(c) | | | | 7.3000 | | 11/13/54 | | | 117,910 | |
| | 17,000 USD | | | Dominican Republic International Bond | | | | 5.5000 | | 02/22/29 | | | 16,737 | |
| | 323,000 USD | | | Dominican Republic International Bond(c) | | | | 4.8750 | | 09/23/32 | | | 296,082 | |
| | 82,000 USD | | | Dominican Republic International Bond(c) | | | | 7.4500 | | 04/30/44 | | | 89,036 | |
| | 41,000 USD | | | Dominican Republic International Bond | | | | 6.5000 | | 02/15/48 | | | 40,271 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 18.9% (Continued) | | | | | | | | | | |
| | 460,000 USD | | | Dominican Republic International Bond(d) | | | | 5.8750 | | 01/30/60 | | $ | 408,159 | |
| | 44,000 USD | | | Ecuador Government International Bond(c),(f) | | | | 6.9000 | | 07/31/30 | | | 30,373 | |
| | 641,000 USD | | | Ecuador Government International Bond(f) | | | | 6.9000 | | 07/31/30 | | | 442,484 | |
| | 244,000 USD | | | Ecuador Government International Bond(f) | | | | 5.5000 | | 07/31/35 | | | 135,604 | |
| | 46,000 USD | | | Ecuador Government International Bond(f) | | | | 5.0000 | | 07/31/40 | | | 23,558 | |
| | 834,000 USD | | | Egypt Government International Bond(c) | | | | 7.6250 | | 05/29/32 | | | 733,524 | |
| | 59,000 USD | | | Egypt Government International Bond(c) | | | | 8.8750 | | 05/29/50 | | | 48,264 | |
| | 44,000 USD | | | El Salvador Government International Bond | | | | 9.2500 | | 04/17/30 | | | 43,725 | |
| | 69,000 USD | | | El Salvador Government International Bond | | | | 8.2500 | | 04/10/32 | | | 64,725 | |
| | 118,000 USD | | | El Salvador Government International Bond | | | | 7.1250 | | 01/20/50 | | | 90,283 | |
| | 233,000 USD | | | Ethiopia International Bond(c) | | | | 6.6250 | | 12/11/24 | | | 182,541 | |
| | 22,000 USD | | | Export-Import Bank of India | | | | 2.2500 | | 01/13/31 | | | 18,779 | |
| | 2,000 USD | | | Finance Department Government of Sharjah(c) | | | | 4.0000 | | 07/28/50 | | | 1,360 | |
| | 12,333 USD | | | Gabon Government International Bond(c) | | | | 6.3750 | | 12/12/24 | | | 12,277 | |
| | 66,000 USD | | | Gabon Government International Bond(c) | | | | 6.6250 | | 02/06/31 | | | 52,813 | |
| | 21,560 USD | | | Ghana Government International Bond(g) | | | | 0.0000 | | 07/03/26 | | | 20,044 | |
| | 8,000 USD | | | Ghana Government International Bond(c),(g) | | | | 0.0000 | | 07/03/26 | | | 7,438 | |
| | 130,438 USD | | | Ghana Government International Bond(f) | | | | 5.0000 | | 07/03/29 | | | 112,177 | |
| | 48,400 USD | | | Ghana Government International Bond(c),(f) | | | | 5.0000 | | 07/03/29 | | | 41,624 | |
| | 31,488 USD | | | Ghana Government International Bond(g) | | | | 0.0000 | | 01/03/30 | | | 23,925 | |
| | 13,403 USD | | | Ghana Government International Bond(c),(g) | | | | 0.0000 | | 01/03/30 | | | 10,184 | |
| | 187,572 USD | | | Ghana Government International Bond(f) | | | | 5.0000 | | 07/03/35 | | | 131,088 | |
| | 69,600 USD | | | Ghana Government International Bond(c),(f) | | | | 5.0000 | | 07/03/35 | | | 48,642 | |
| | 45,000 USD | | | Guatemala Government Bond(c) | | | | 6.5500 | | 02/06/37 | | | 45,378 | |
| | 303,000 USD | | | Guatemala Government Bond | | | | 6.1250 | | 06/01/50 | | | 278,601 | |
| | 43,000 USD | | | Hazine Mustesarligi Varlik Kiralama A/S(c) | | | | 8.5090 | | 01/14/29 | | | 46,564 | |
| | 26,000 USD | | | Honduras Government International Bond | | | | 6.2500 | | 01/19/27 | | | 25,464 | |
| | 44,000 USD | | | Hungary Government International Bond(c) | | | | 6.1250 | | 05/22/28 | | | 45,314 | |
| | 30,000 USD | | | Hungary Government International Bond(c) | | | | 6.2500 | | 09/22/32 | | | 31,224 | |
| | 29,000 USD | | | Hungary Government International Bond(c) | | | | 5.5000 | | 03/26/36 | | | 27,974 | |
| | 3,000 USD | | | Hungary Government International Bond(c) | | | | 6.7500 | | 09/25/52 | | | 3,195 | |
| | 16,000 USD | | | Indonesia Government International Bond | | | | 4.5500 | | 01/11/28 | | | 15,956 | |
| | 5,000 USD | | | Indonesia Government International Bond | | | | 4.6500 | | 09/20/32 | | | 4,900 | |
| | 130,000 USD | | | Indonesia Government International Bond | | | | 4.8500 | | 01/11/33 | | | 128,758 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 18.9% (Continued) | | | | | | | | | | |
| | 6,000 USD | | | Indonesia Government International Bond | | | | 4.2000 | | 10/15/50 | | $ | 5,091 | |
| | 218,750 USD | | | Iraq International Bond | | | | 5.8000 | | 01/15/28 | | | 210,774 | |
| | 100,000 EUR | | | Ivory Coast Government International Bond(c) | | | | 5.8750 | | 10/17/31 | | | 102,431 | |
| | 24,000 USD | | | Ivory Coast Government International Bond(c) | | | | 8.2500 | | 01/30/37 | | | 23,945 | |
| | 121,000 EUR | | | Ivory Coast Government International Bond | | | | 6.6250 | | 03/22/48 | | | 106,456 | |
| | 58,000 USD | | | Jordan Government International Bond(c) | | | | 7.7500 | | 01/15/28 | | | 59,584 | |
| | 63,000 USD | | | Jordan Government International Bond(c) | | | | 7.5000 | | 01/13/29 | | | 64,305 | |
| | 80,000 USD | | | Jordan Government International Bond(c) | | | | 5.8500 | | 07/07/30 | | | 75,867 | |
| | 80,000 USD | | | Jordan Government International Bond(c) | | | | 7.3750 | | 10/10/47 | | | 73,015 | |
| | 20,000 USD | | | Kazakhstan Government International Bond(c) | | | | 6.5000 | | 07/21/45 | | | 22,398 | |
| | 217,000 USD | | | Kenya Government International Bond(c) | | | | 8.0000 | | 05/22/32 | | | 200,439 | |
| | 509,000 USD | | | Lebanon Government International Bond(e) | | | | 6.1000 | | 10/04/22 | | | 44,060 | |
| | 72,000 USD | | | Lebanon Government International Bond(e) | | | | 6.4000 | | 05/26/23 | | | 6,189 | |
| | 156,000 USD | | | Lebanon Government International Bond(e) | | | | 6.1500 | | 06/19/23 | | | 13,377 | |
| | 11,000 USD | | | Magyar Export-Import Bank Zrt(c) | | | | 6.1250 | | 12/04/27 | | | 11,218 | |
| | 690,000 MYR | | | Malaysia Government Bond | | | | 2.6320 | | 04/15/31 | | | 146,266 | |
| | 16,000 USD | | | Malaysia Wakala Sukuk Bhd | | | | 3.0750 | | 04/28/51 | | | 11,701 | |
| | 11,000 USD | | | Mexico Government International Bond | | | | 4.7500 | | 04/27/32 | | | 10,243 | |
| | 32,000 USD | | | Mexico Government International Bond | | | | 4.8750 | | 05/19/33 | | | 29,520 | |
| | 71,000 USD | | | Mexico Government International Bond | | | | 6.3500 | | 02/09/35 | | | 71,432 | |
| | 98,000 USD | | | Mexico Government International Bond | | | | 4.7500 | | 03/08/44 | | | 78,008 | |
| | 1,000 USD | | | Mexico Government International Bond | | | | 6.3380 | | 05/04/53 | | | 932 | |
| | 34,000 USD | | | Mexico Government International Bond | | | | 3.7710 | | 05/24/61 | | | 20,534 | |
| | 255,000 USD | | | Nigeria Government International Bond(c) | | | | 6.1250 | | 09/28/28 | | | 230,609 | |
| | 170,000 USD | | | Nigeria Government International Bond(c) | | | | 7.8750 | | 02/16/32 | | | 152,987 | |
| | 200,000 USD | | | Nigeria Government International Bond | | | | 7.6250 | | 11/28/47 | | | 153,078 | |
| | 170,000 USD | | | Oman Government International Bond(c) | | | | 6.0000 | | 08/01/29 | | | 174,298 | |
| | 381,000 USD | | | Oman Government International Bond(c) | | | | 7.3750 | | 10/28/32 | | | 426,304 | |
| | 60,000 USD | | | Oman Government International Bond(c) | | | | 6.7500 | | 01/17/48 | | | 62,180 | |
| | 16,000 USD | | | Oriental Republic of Uruguay | | | | 5.2500 | | 09/10/60 | | | 15,226 | |
| | 286,000 USD | | | Pakistan Government International Bond(c) | | | | 6.0000 | | 04/08/26 | | | 269,102 | |
| | 13,000 USD | | | Panama Government International Bond | | | | 3.8750 | | 03/17/28 | | | 12,248 | |
| | 14,000 USD | | | Panama Government International Bond | | | | 3.1600 | | 01/23/30 | | | 12,104 | |
| | 115,000 USD | | | Panama Government International Bond(d) | | | | 2.2520 | | 09/29/32 | | | 84,324 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 18.9% (Continued) | | | | | | | | | | |
| | 10,000 USD | | | Panama Government International Bond | | | | 6.4000 | | 02/14/35 | | $ | 9,593 | |
| | 11,000 USD | | | Panama Government International Bond | | | | 6.7000 | | 01/26/36 | | | 10,834 | |
| | 3,000 USD | | | Panama Government International Bond | | | | 8.0000 | | 03/01/38 | | | 3,169 | |
| | 6,000 USD | | | Panama Government International Bond | | | | 4.5000 | | 01/19/63 | | | 3,804 | |
| | 15,000 USD | | | Papua New Guinea Government International Bond(c) | | | | 8.3750 | | 10/04/28 | | | 14,879 | |
| | 70,000 USD | | | Peruvian Government International Bond | | | | 2.7830 | | 01/23/31 | | | 60,917 | |
| | 43,000 USD | | | Peruvian Government International Bond | | | | 3.0000 | | 01/15/34 | | | 35,491 | |
| | 7,000 USD | | | Peruvian Government International Bond | | | | 5.8750 | | 08/08/54 | | | 6,937 | |
| | 28,000 USD | | | Philippine Government International Bond | | | | 2.4570 | | 05/05/30 | | | 24,959 | |
| | 2,000 USD | | | Philippine Government International Bond | | | | 1.6480 | | 06/10/31 | | | 1,651 | |
| | 2,000 USD | | | Philippine Government International Bond | | | | 6.3750 | | 01/15/32 | | | 2,181 | |
| | 82,000 USD | | | Philippine Government International Bond | | | | 5.0000 | | 07/17/33 | | | 82,222 | |
| | 4,000 USD | | | Philippine Government International Bond | | | | 2.9500 | | 05/05/45 | | | 2,797 | |
| | 1,000 USD | | | Philippine Government International Bond | | | | 4.2000 | | 03/29/47 | | | 846 | |
| | 2,000 USD | | | Philippine Government International Bond | | | | 5.9500 | | 10/13/47 | | | 2,143 | |
| | 4,000 USD | | | Qatar Government International Bond(c) | | | | 4.4000 | | 04/16/50 | | | 3,561 | |
| | 103,571 USD | | | Republic of Angola Via Avenir Issuer II Ireland | | | | 6.9270 | | 02/19/27 | | | 100,349 | |
| | 74,000 USD | | | Republic of Armenia International Bond(c) | | | | 3.6000 | | 02/02/31 | | | 62,163 | |
| | 53,000 USD | | | Republic of Kenya Government International Bond(c) | | | | 7.0000 | | 05/22/27 | | | 52,413 | |
| | 240,000 PLN | | | Republic of Poland Government Bond | | | | 2.7500 | | 04/25/28 | | | 55,138 | |
| | 340,000 PLN | | | Republic of Poland Government Bond | | | | 7.5000 | | 07/25/28 | | | 90,835 | |
| | 430,000 PLN | | | Republic of Poland Government Bond | | | | 1.7500 | | 04/25/32 | | | 81,553 | |
| | 6,000 USD | | | Republic of Poland Government International Bond | | | | 5.7500 | | 11/16/32 | | | 6,270 | |
| | 41,000 USD | | | Republic of Poland Government International Bond | | | | 4.8750 | | 10/04/33 | | | 40,409 | |
| | 105,000 USD | | | Republic of Poland Government International Bond | | | | 5.1250 | | 09/18/34 | | | 104,095 | |
| | 11,000 USD | | | Republic of Poland Government International Bond | | | | 5.5000 | | 04/04/53 | | | 10,670 | |
| | 4,220,000 ZAR | | | Republic of South Africa Government Bond | | | | 8.7500 | | 02/28/48 | | | 191,944 | |
| | 46,000 USD | | | Republic of South Africa Government International | | | | 4.3000 | | 10/12/28 | | | 43,560 | |
| | 323,000 USD | | | Republic of South Africa Government International | | | | 5.8750 | | 04/20/32 | | | 310,174 | |
| | 151,000 USD | | | Republic of South Africa Government International | | | | 5.7500 | | 09/30/49 | | | 118,316 | |
| | 88,000 USD | | | Republic of South Africa Government International | | | | 7.3000 | | 04/20/52 | | | 83,098 | |
| | 8,000 EUR | | | Romanian Government International Bond | | | | 2.3750 | | 04/19/27 | | | 8,468 | |
| | 1,000 USD | | | Romanian Government International Bond(c) | | | | 6.6250 | | 02/17/28 | | | 1,032 | |
| | 44,000 USD | | | Romanian Government International Bond(c) | | | | 7.1250 | | 01/17/33 | | | 46,688 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 18.9% (Continued) | | | | | | | | | | |
| | 20,000 USD | | | Romanian Government International Bond | | | | 7.1250 | | 01/17/33 | | $ | 21,222 | |
| | 62,000 USD | | | Romanian Government International Bond(c) | | | | 6.3750 | | 01/30/34 | | | 62,187 | |
| | 12,000 USD | | | Romanian Government International Bond | | | | 5.1250 | | 06/15/48 | | | 9,873 | |
| | 13,000 USD | | | Saudi Government International Bond(c) | | | | 2.2500 | | 02/02/33 | | | 10,569 | |
| | 140,000 USD | | | Saudi Government International Bond(c) | | | | 4.8750 | | 07/18/33 | | | 138,796 | |
| | 2,000 USD | | | Saudi Government International Bond(c) | | | | 4.6250 | | 10/04/47 | | | 1,706 | |
| | 1,000 USD | | | Saudi Government International Bond(c) | | | | 5.0000 | | 04/17/49 | | | 899 | |
| | 31,000 USD | | | Saudi Government International Bond(c) | | | | 5.7500 | | 01/16/54 | | | 30,093 | |
| | 142,000 USD | | | Senegal Government International Bond(c) | | | | 6.7500 | | 03/13/48 | | | 100,589 | |
| | 169,000 USD | | | Serbia International Bond(c) | | | | 2.1250 | | 12/01/30 | | | 139,886 | |
| | 16,000 USD | | | Serbia International Bond(c) | | | | 6.0000 | | 06/12/34 | | | 16,078 | |
| | 48,000 USD | | | Sri Lanka Government International Bond(e) | | | | 6.3500 | | 06/28/24 | | | 29,391 | |
| | 453,000 USD | | | Sri Lanka Government International Bond(c) | | | | 7.8500 | | 03/14/29 | | | 284,564 | |
| | 201,000 USD | | | Turkey Government International Bond | | | | 9.8750 | | 01/15/28 | | | 224,844 | |
| | 171,000 USD | | | Turkey Government International Bond | | | | 9.3750 | | 03/14/29 | | | 190,831 | |
| | 26,000 USD | | | Turkey Government International Bond | | | | 9.1250 | | 07/13/30 | | | 29,075 | |
| | 75,000 USD | | | Turkey Government International Bond | | | | 5.9500 | | 01/15/31 | | | 71,709 | |
| | 207,000 USD | | | Turkey Government International Bond | | | | 5.7500 | | 05/11/47 | | | 160,638 | |
| | 549,000 USD | | | Turkiye Government International Bond | | | | 7.6250 | | 05/15/34 | | | 566,788 | |
| | 13,076 USD | | | Ukraine Government International Bond(f) | | | | 1.7500 | | 02/01/29 | | | 7,895 | |
| | 3,571 USD | | | Ukraine Government International Bond(f) | | | | 0.0000 | | 02/01/30 | | | 1,722 | |
| | 13,970 USD | | | Ukraine Government International Bond(c),(f) | | | | 0.0000 | | 02/01/30 | | | 6,737 | |
| | 13,345 USD | | | Ukraine Government International Bond(f) | | | | 0.0000 | | 02/01/34 | | | 4,941 | |
| | 202,205 USD | | | Ukraine Government International Bond(c),(f) | | | | 0.0000 | | 02/01/34 | | | 74,866 | |
| | 22,883 USD | | | Ukraine Government International Bond(f) | | | | 1.7500 | | 02/01/34 | | | 10,807 | |
| | 88 USD | | | Ukraine Government International Bond(c),(f) | | | | 1.7500 | | 02/01/34 | | | 42 | |
| | 11,278 USD | | | Ukraine Government International Bond(f) | | | | 0.0000 | | 02/01/35 | | | 5,512 | |
| | 490,117 USD | | | Ukraine Government International Bond(c),(f) | | | | 0.0000 | | 02/01/35 | | | 239,544 | |
| | 26,152 USD | | | Ukraine Government International Bond(f) | | | | 1.7500 | | 02/01/35 | | | 12,063 | |
| | 9,398 USD | | | Ukraine Government International Bond(f) | | | | 0.0000 | | 02/01/36 | | | 4,570 | |
| | 36,764 USD | | | Ukraine Government International Bond(c),(f) | | | | 0.0000 | | 02/01/36 | | | 17,877 | |
| | 3,269 USD | | | Ukraine Government International Bond(f) | | | | 1.7500 | | 02/01/36 | | | 1,483 | |
| | 51,150 USD | | | Ukraine Government International Bond(c),(f) | | | | 1.7500 | | 02/01/36 | | | 23,209 | |
| | 5,000 USD | | | Uruguay Government International Bond | | | | 4.3750 | | 01/23/31 | | | 4,919 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
Principal
Amount ($) | | | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 26.9% (Continued) | | | | | | | | | | |
| | | | | SOVEREIGN — 18.9% (Continued) | | | | | | | | | | |
| | 425,000 USD | | | Venezuela Government International Bond(e) | | | | 0.0000 | | 08/05/31 | | $ | 66,633 | |
| | 82,896 USD | | | Zambia Government International Bond(c),(f) | | | | 5.7500 | | 06/30/33 | | | 72,849 | |
| | | | | | | | | | | | | | 14,531,102 | |
| | | | | SUPRANATIONAL — 0.7% | | | | | | | | | | |
| | 29,500,000 INR | | | European Bank for Reconstruction & Development | | | | 6.3000 | | 10/26/27 | | | 345,237 | |
| | 200,000 EUR | | | European Investment Bank | | | | 1.1250 | | 09/15/36 | | | 179,074 | |
| | | | | | | | | | | | | | 524,311 | |
| | | | | TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $21,314,378) | | | | | 20,610,011 | |
| | | | | | | | | | | | | | | |
| Shares | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 9.4% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 2.6% | | | | |
| | 1,975,463 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(h),(i) | | | 1,975,463 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUNDS - 6.8% | | | | |
| | 5,188,234 | | | Fidelity Government Portfolio, Institutional Class, 4.74%(i) | | | 5,188,234 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $7,163,697) | | | 7,163,697 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 98.6% (Cost $77,546,590) | | $ | 75,551,559 | |
| | | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 1.4% | | | 1,061,213 | |
| | | | | NET ASSETS - 100.0% | | $ | 76,612,772 | |
| | | | | | | | | |
| OPEN FUTURES CONTRACTS |
Number of
Contracts | | | Open Long Futures Contracts | | Expiration | | Notional
Amount(j) | | | Value and
Unrealized
Depreciation | |
| | 70 | | | Eurex 10 Year Euro BUND Future | | 12/09/2024 | | $ | 10,034,805 | | | $ | (149,356 | ) |
| | 6 | | | Eurex 30 Year Euro BUXL Future | | 12/09/2024 | | | 863,781 | | | | (22,583 | ) |
| | 20 | | | French Government Bond Futures | | 12/09/2024 | | | 2,711,769 | | | | (38,716 | ) |
| | 24 | | | Long Gilt Future | | 12/30/2024 | | | 2,909,728 | | | | (153,648 | ) |
| | 9 | | | TSE Japanese 10 Year Bond Futures | | 12/16/2024 | | | 8,540,909 | | | | (31,943 | ) |
| | | | | TOTAL FUTURES CONTRACTS | | | | | | | | $ | (396,246 | ) |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| OPEN FUTURES CONTRACTS |
Number of
Contracts | | | Open Short Futures Contracts | | Expiration | | Notional
Amount(j) | | | Value and
Unrealized
Appreciation | |
| | 67 | | | CBOT 10 Year US Treasury Note Future | | 12/20/2024 | | $ | 7,401,406 | | | $ | 231,883 | |
| | 16 | | | CBOT 5 Year US Treasury Note Future | | 01/01/2025 | | | 1,715,750 | | | | 36,250 | |
| | 4 | | | CBOT US Treasury Bond Futures | | 12/20/2024 | | | 471,875 | | | | 25,625 | |
| | 21 | | | Euro-BTP Italian Bond Futures | | 12/09/2024 | | | 2,730,640 | | | | 6,039 | |
| | | | | TOTAL FUTURES CONTRACTS | | | | | | | | $ | 299,797 | |
| | | | | | | | | | | | | | | |
| CREDIT DEFAULT SWAP AGREEMENTS |
| Description | | Payment
Frequency(k) | | Counterparty | | Fixed Deal
(Pay)Rate | | Implied
Credit
Spread | | Maturity
Date | | Notional
Value(j) | | | Fair Value | | | Amortized
Upfront Payments
Paid/ (Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| CDX.EM SERIES 42 | | Quarterly(1) | | Citibank | | 1.00% | | 168 | | 12/20/2029 | | $ | 2,330,000 | | | $ | 67,659 | | | $ | 68,869 | | | $ | (1,210 | ) |
| ITRAXX EUROPE CROSSOVER SERIES 42 | | Quarterly(1) | | Citibank | | 5.00% | | (314) | | 12/20/2029 | | | 2,530,000 | | | | (236,705 | ) | | | (234,478 | ) | | | (2,227 | ) |
| TOTAL | | | | | | | | | | | | | | | | $ | (169,046 | ) | | $ | (165,609 | ) | | $ | (3,437 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
FOREIGN CURRENCY CONTRACTS
| Foreign Currency | | Settlement
Date | | Counterparty | | Local
Currency | | | U.S. Dollar
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| To Buy: | | | | | | | | | | | | | | | | |
| Brazilian Real | | 11/04/2024 | | Citi Capital Markets | | | 676,202 | | | $ | 116,964 | | | $ | (107 | ) |
| Brazilian Real | | 11/04/2024 | | JP Morgan Chase | | | 220,000 | | | | 38,054 | | | | (307 | ) |
| Indonesia Rupiah | | 11/04/2024 | | SCB | | | 1,084,694,801 | | | | 69,115 | | | | 48 | |
| Colombian Peso | | 11/05/2024 | | Citi Capital Markets | | | 372,026,228 | | | | 84,131 | | | | (210 | ) |
| Singapore Dollar | | 11/18/2024 | | JP Morgan Chase | | | 240,000 | | | | 181,875 | | | | (1,836 | ) |
| Mexican Peso | | 11/20/2024 | | Citi Capital Markets | | | 18,080,000 | | | | 900,749 | | | | (26,683 | ) |
| Euro | | 11/22/2024 | | Citi Capital Markets | | | 230,000 | | | | 250,346 | | | | 1,021 | |
| Turkish Lira | | 12/11/2024 | | JP Morgan Chase | | | 1,230,000 | | | | 34,539 | | | | 305 | |
| Brazilian Real | | 01/03/2025 | | JP Morgan Chase | | | 35,000 | | | | 6,013 | | | | (2 | ) |
| British Pound | | 01/10/2025 | | Barclay | | | 20,000 | | | | 25,780 | | | | (164 | ) |
| Euro | | 01/10/2025 | | Barclay | | | 403,000 | | | | 439,669 | | | | (705 | ) |
| | | | | | | | | | | $ | 2,147,235 | | | $ | (28,640 | ) |
| | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
FOREIGN CURRENCY CONTRACTS (Continued)
| Foreign Currency | | Settlement
Date | | Counterparty | | Local
Currency | | | U.S. Dollar
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| To Sell: | | | | | | | | | | | | | | | | |
| Brazilian Real | | 11/04/2024 | | JP Morgan Chase | | | 220,000 | | | $ | 38,054 | | | $ | 672 | |
| Japanese Yen | | 11/05/2024 | | Citi Capital Markets | | | 2,605,258 | | | | 17,149 | | | | (150 | ) |
| Euro | | 11/06/2024 | | JP Morgan Chase | | | 6,759,261 | | | | 7,352,415 | | | | 139,586 | |
| Singapore Dollar | | 11/18/2024 | | Citi Capital Markets | | | 240,000 | | | | 181,875 | | | | 1,914 | |
| Brazilian Real | | 01/03/2025 | | JP Morgan Chase | | | 220,000 | | | | 37,798 | | | | 297 | |
| Australian Dollar | | 01/10/2025 | | Barclay | | | 1,508,000 | | | | 992,893 | | | | 27,435 | |
| British Pound | | 01/10/2025 | | Citi Capital Markets | | | 1,429,600 | | | | 1,842,770 | | | | 27,839 | |
| Canadian Dollar | | 01/10/2025 | | JP Morgan Chase | | | 913,100 | | | | 657,393 | | | | 15,327 | |
| Euro | | 01/10/2025 | | Citi Capital Markets | | | 147,000 | | | | 160,376 | | | | (711 | ) |
| Euro | | 01/10/2025 | | JP Morgan Chase | | | 14,594,200 | | | | 15,922,132 | | | | 160,298 | |
| Japanese Yen | | 01/10/2025 | | JP Morgan Chase | | | 65,066,799 | | | | 432,242 | | | | 12,746 | |
| | | | | | | | | | | $ | 27,635,097 | | | $ | 385,253 | |
| | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | $ | 356,613 | |
| | | | | | | | | | | | | | | | | |
|
| 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: | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro | | Japanese Yen | | 11/5/2024 | | JP Morgan Chase | | | 360,000 | | | | 57,306,581 | | | | 391,576 | | | | (377,213 | ) | | $ | 14,363 | |
| Japanese Yen | | Euro | | 11/5/2024 | | JP Morgan Chase | | | 59,911,840 | | | | 360,000 | | | | 394,362 | | | | (391,576 | ) | | | 2,786 | |
| Euro | | Japanese Yen | | 12/5/2024 | | JP Morgan Chase | | | 360,000 | | | | 59,753,706 | | | | 392,057 | | | | (394,851 | ) | | | (2,794 | ) |
| Euro | | British Pound | | 12/6/2024 | | JP Morgan Chase | | | 440,000 | | | | 367,431 | | | | 479,206 | | | | (473,678 | ) | | | 5,528 | |
| British Pound | | Euro | | 1/10/2025 | | Barclay | | | 66,300 | | | | 79,310 | | | | 85,461 | | | | (86,526 | ) | | | (1,065 | ) |
| British Pound | | Euro | | 1/10/2025 | | Citi Capital Markets | | | 6,700 | | | | 7,979 | | | | 8,636 | | | | (8,704 | ) | | | (68 | ) |
| Euro | | British Pound | | 1/10/2025 | | Barclay | | | 1,968,382 | | | | 1,658,200 | | | | 2,147,486 | | | | (2,137,437 | ) | | | 10,049 | |
| | | | | | | | | | | | | | | | | $ | 3,898,784 | | | $ | 3,869,985 | | | $ | 28,799 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 28,799 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| A/S | - Anonim Sirketi |
| | |
| LLC | - Limited Liability Company |
| | |
| LTD | - Limited Company |
| | |
| NV | - Naamioze Vennootschap |
| | |
| PLC | - Public Limited Company |
| | |
| REIT | - Real Estate Investment Trust |
| | |
| S/A | - Société Anonyme |
| | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| |
| 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 |
| | |
| AUD | Australian Dollar |
| | |
| BRL | Brazilian Real |
| | |
| CAD | Canadian Dollar |
| | |
| COP | Columbian Peso |
| | |
| CZK | Czech Koruna |
| | |
| EUR | Euro |
| | |
| GBP | British Pound |
| | |
| IDR | Indonesia Rupiah |
| | |
| INR | Indian Rupee |
| | |
| MXN | Mexican Peso |
| | |
| MYR | Malaysian Ringgit |
| | |
| PLN | Polish Zloty |
| | |
| THB | Thailand Baht |
| | |
| USD | US Dollars |
| | |
| ZAR | South African Rand |
| | |
| (a) | Percentage rounds to less than 0.1%. |
| | |
| (b) | Variable rate security; the rate shown represents the rate on October 31, 2024. |
| | |
| (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 October 31, 2024 the total market value of 144A securities is $29,662,803 or 38.7% of net assets. |
| | |
| (d) | All or a portion of these securities are on loan. Total loaned securities had a value of $1,921,281 at October 31, 2024. |
| | |
| (e) | Represents issuer in default on interest payments; non-income producing security. |
| | |
| (f) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2024. |
| | |
| (g) | Zero coupon bond. |
| | |
| (h) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $1,975,463 at October 31, 2024. |
| | |
| (i) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (j) | 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. |
| | |
| (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. |
| | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.4% | | | | |
| | | | | AEROSPACE & DEFENSE - 3.3% | | | | |
| | 8,506 | | | L3Harris Technologies, Inc. | | $ | 2,104,980 | |
| | 24,746 | | | RTX Corporation | | | 2,994,018 | |
| | | | | | | | 5,098,998 | |
| | | | | ASSET MANAGEMENT - 2.0% | | | | |
| | 3,148 | | | Blackrock, Inc. | | | 3,088,282 | |
| | | | | | | | | |
| | | | | AUTOMOTIVE - 1.0% | | | | |
| | 29,401 | | | General Motors Company | | | 1,492,395 | |
| | | | | | | | | |
| | | | | BANKING - 7.6% | | | | |
| | 75,202 | | | Bank of America Corporation | | | 3,144,948 | |
| | 24,291 | | | JPMorgan Chase & Company | | | 5,390,659 | |
| | 15,537 | | | Truist Financial Corporation | | | 668,868 | |
| | 42,198 | | | Wells Fargo & Company | | | 2,739,494 | |
| | | | | | | | 11,943,969 | |
| | | | | BIOTECH & PHARMA - 6.3% | | | | |
| | 14,240 | | | AbbVie, Inc. | | | 2,903,109 | |
| | 5,008 | | | Amgen, Inc. | | | 1,603,361 | |
| | 22,478 | | | Gilead Sciences, Inc. | | | 1,996,496 | |
| | 10,866 | | | Johnson & Johnson | | | 1,737,039 | |
| | 16,060 | | | Merck & Company, Inc. | | | 1,643,259 | |
| | | | | | | | 9,883,264 | |
| | | | | CHEMICALS - 3.0% | | | | |
| | 5,920 | | | Air Products and Chemicals, Inc. | | | 1,838,338 | |
| | 17,549 | | | Corteva, Inc. | | | 1,069,085 | |
| | 20,273 | | | DuPont de Nemours, Inc. | | | 1,682,456 | |
| | | | | | | | 4,589,879 | |
| | | | | CONSTRUCTION MATERIALS - 2.2% | | | | |
| | 3,478 | | | Martin Marietta Materials, Inc. | | | 2,060,159 | |
| | 7,955 | | | Owens Corning | | | 1,406,364 | |
| | | | | | | | 3,466,523 | |
| | | | | CONSUMER SERVICES - 0.7% | | | | |
| | 13,448 | | | Service Corp International(a) | | | 1,098,029 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.4% (Continued) | | | | |
| | | | | DIVERSIFIED INDUSTRIALS - 1.5% | | | | |
| | 11,519 | | | Honeywell International, Inc. | | $ | 2,369,228 | |
| | | | | | | | | |
| | | | | ELECTRIC UTILITIES - 3.4% | | | | |
| | 21,866 | | | Duke Energy Corporation | | | 2,520,494 | |
| | 35,540 | | | NextEra Energy, Inc.(a) | | | 2,816,545 | |
| | | | | | | | 5,337,039 | |
| | | | | ELECTRICAL EQUIPMENT - 1.5% | | | | |
| | 30,356 | | | Johnson Controls International PLC | | | 2,293,396 | |
| | | | | | | | | |
| | | | | ENGINEERING & CONSTRUCTION - 1.6% | | | | |
| | 8,385 | | | Quanta Services, Inc. | | | 2,529,168 | |
| | | | | | | | | |
| | | | | ENTERTAINMENT CONTENT - 2.7% | | | | |
| | 35,974 | | | Fox Corporation, Class A(a) | | | 1,510,908 | |
| | 27,871 | | | Walt Disney Company (The) | | | 2,681,190 | |
| | | | | | | | 4,192,098 | |
| | | | | FOOD - 2.2% | | | | |
| | 35,020 | | | Mondelez International, Inc., A | | | 2,398,170 | |
| | 17,374 | | | Tyson Foods, Inc., Class A | | | 1,017,943 | |
| | | | | | | | 3,416,113 | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 3.7% | | | | |
| | 7,285 | | | Cencora, Inc. | | | 1,661,563 | |
| | 7,265 | | | UnitedHealth Group, Inc. | | | 4,101,092 | |
| | | | | | | | 5,762,655 | |
| | | | | HOUSEHOLD PRODUCTS - 1.7% | | | | |
| | 16,290 | | | Procter & Gamble Company (The) | | | 2,690,782 | |
| | | | | | | | | |
| | | | | INDUSTRIAL REIT - 0.8% | | | | |
| | 10,430 | | | Prologis, Inc. | | | 1,177,964 | |
| | | | | | | | | |
| | | | | INFRASTRUCTURE REIT - 1.3% | | | | |
| | 9,330 | | | American Tower Corporation, A | | | 1,992,328 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.4% (Continued) | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES - 2.2% | | | | |
| | 15,403 | | | Bank of New York Mellon Corporation (The) | | $ | 1,160,770 | |
| | 14,515 | | | Intercontinental Exchange, Inc. | | | 2,262,453 | |
| | | | | | | | 3,423,223 | |
| | | | | INSURANCE - 5.9% | | | | |
| | 7,068 | | | Berkshire Hathaway, Inc., Class B(b) | | | 3,187,102 | |
| | 21,637 | | | Hartford Financial Services Group, Inc. (The) | | | 2,389,590 | |
| | 10,437 | | | Prudential Financial, Inc. | | | 1,278,324 | |
| | 9,637 | | | Travelers Companies, Inc. (The) | | | 2,370,124 | |
| | | | | | | | 9,225,140 | |
| | | | | INTERNET MEDIA & SERVICES - 2.6% | | | | |
| | 10,807 | | | Alphabet, Inc., Class A | | | 1,849,186 | |
| | 3,973 | | | Meta Platforms, Inc., Class A | | | 2,254,995 | |
| | | | | | | | 4,104,181 | |
| | | | | LEISURE FACILITIES & SERVICES - 0.9% | | | | |
| | 9,245 | | | Darden Restaurants, Inc. - Series T(a) | | | 1,479,385 | |
| | | | | | | | | |
| | | | | MACHINERY - 3.1% | | | | |
| | 4,801 | | | Caterpillar, Inc. | | | 1,806,136 | |
| | 4,738 | | | Parker-Hannifin Corporation | | | 3,004,224 | |
| | | | | | | | 4,810,360 | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 6.8% | | | | |
| | 29,267 | | | Abbott Laboratories | | | 3,317,999 | |
| | 50,038 | | | Avantor, Inc.(a),(b) | | | 1,119,350 | |
| | 8,847 | | | Becton Dickinson and Company | | | 2,066,571 | |
| | 4,046 | | | Stryker Corporation | | | 1,441,509 | |
| | 4,672 | | | Thermo Fisher Scientific, Inc. | | | 2,552,407 | |
| | | | | | | | 10,497,836 | |
| | | | | METALS & MINING - 1.0% | | | | |
| | 36,117 | | | Freeport-McMoRan, Inc. | | | 1,625,987 | |
| | | | | | | | | |
| | | | | OIL & GAS PRODUCERS - 6.7% | | | | |
| | 22,673 | | | ConocoPhillips | | | 2,483,600 | |
| | 14,472 | | | EOG Resources, Inc. | | | 1,765,005 | |
| | 4,700 | | | Expand Energy Corporation(a) | | | 398,184 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.4% (Continued) | | | | |
| | | | | OIL & GAS PRODUCERS - 6.7% (Continued) | | | | |
| | 39,361 | | | Exxon Mobil Corporation | | $ | 4,596,579 | |
| | 9,381 | | | Phillips 66 | | | 1,142,793 | |
| | | | | | | | 10,386,161 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 1.2% | | | | |
| | 46,658 | | | Schlumberger N.V. | | | 1,869,586 | |
| | | | | | | | | |
| | | | | RESIDENTIAL REIT - 0.9% | | | | |
| | 20,569 | | | Equity LifeStyle Properties, Inc. | | | 1,442,298 | |
| | | | | | | | | |
| | | | | RETAIL - CONSUMER STAPLES - 1.2% | | | | |
| | 12,378 | | | Target Corporation | | | 1,857,195 | |
| | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY - 1.7% | | | | |
| | 10,172 | | | Lowe’s Companies, Inc. | | | 2,663,335 | |
| | | | | | | | | |
| | | | | SELF-STORAGE REIT - 1.2% | | | | |
| | 5,725 | | | Public Storage | | | 1,883,869 | |
| | | | | | | | | |
| | | | | SEMICONDUCTORS - 2.9% | | | | |
| | 10,963 | | | Broadcom, Inc. | | | 1,861,188 | |
| | 17,574 | | | Micron Technology, Inc. | | | 1,751,249 | |
| | 11,885 | | | ON Semiconductor Corporation(b) | | | 837,774 | |
| | | | | | | | 4,450,211 | |
| | | | | SOFTWARE - 2.4% | | | | |
| | 4,354 | | | Microsoft Corporation | | | 1,769,248 | |
| | 12,072 | | | Oracle Corporation | | | 2,026,164 | |
| | | | | | | | 3,795,412 | |
| | | | | SPECIALTY FINANCE - 1.1% | | | | |
| | 6,193 | | | American Express Company | | | 1,672,605 | |
| | | | | | | | | |
| | | | | TECHNOLOGY HARDWARE - 3.1% | | | | |
| | 44,246 | | | Cisco Systems, Inc. | | | 2,423,354 | |
| | 5,174 | | | Motorola Solutions, Inc. | | | 2,324,937 | |
| | | | | | | | 4,748,291 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.4% (Continued) | | | | |
| | | | | TECHNOLOGY SERVICES - 2.7% | | | | |
| | 22,084 | | | PayPal Holdings, Inc.(b) | | $ | 1,751,261 | |
| | 5,195 | | | S&P Global, Inc. | | | 2,495,470 | |
| | | | | | | | 4,246,731 | |
| | | | | TELECOMMUNICATIONS - 1.1% | | | | |
| | 40,943 | | | Verizon Communications, Inc. | | | 1,724,929 | |
| | | | | | | | | |
| | | | | TRANSPORTATION & LOGISTICS - 3.2% | | | | |
| | 60,379 | | | CSX Corporation | | | 2,031,150 | |
| | 38,549 | | | Delta Air Lines, Inc. | | | 2,205,773 | |
| | 14,051 | | | Knight-Swift Transportation Holdings, Inc. | | | 731,776 | |
| | | | | | | | 4,968,699 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $92,979,560) | | | 153,297,544 | |
| | | | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 5.6% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 3.8% | | | | |
| | 5,958,550 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (Cost $5,958,550)(c)(d) | | | 5,958,550 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUNDS - 1.8% | | | | |
| | 2,830,997 | | | Invesco Treasury Portfolio, Institutional Class, 4.74% (Cost $2,830,997)(c) | | | 2,830,997 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $8,789,547) | | | 8,789,547 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 104.0% (Cost $101,769,107) | | $ | 162,087,091 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (4.0)% | | | (6,224,918 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 155,862,173 | |
| 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 $5,881,333 at October 31, 2024. |
| | |
| (b) | Non-income producing security. |
| | |
| (c) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (d) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $5,958,550 at October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% | | | | |
| | | | | AEROSPACE & DEFENSE - 1.3% | | | | |
| | 32,834 | | | AerSale Corporation(a) | | $ | 173,035 | |
| | 5,865 | | | Embraer S.A. - ADR(a),(b) | | | 196,595 | |
| | 13,144 | | | Ituran Location and Control Ltd. | | | 351,339 | |
| | 13,216 | | | Leonardo DRS, Inc.(a) | | | 397,405 | |
| | 650 | | | Moog, Inc., Class A | | | 122,590 | |
| | | | | | | | 1,240,964 | |
| | | | | APPAREL & TEXTILE PRODUCTS - 1.4% | | | | |
| | 25,813 | | | Gildan Activewear, Inc. | | | 1,262,255 | |
| | 29,428 | | | Under Armour, Inc., Class C(a) | | | 232,481 | |
| | | | | | | | 1,494,736 | |
| | | | | AUTOMOTIVE - 0.6% | | | | |
| | 8,101 | | | Gentherm, Inc.(a) | | | 339,837 | |
| | 40,187 | | | Motorcar Parts of America, Inc.(a) | | | 211,785 | |
| | | | | | | | 551,622 | |
| | | | | BANKING - 11.6% | | | | |
| | 24,229 | | | Capital Bancorp, Inc. | | | 611,782 | |
| | 21,125 | | | Capital City Bank Group, Inc. | | | 739,375 | |
| | 8,838 | | | Central Pacific Financial Corporation | | | 238,096 | |
| | 19,723 | | | Dime Community Bancshares, Inc. | | | 593,071 | |
| | 9,219 | | | Enterprise Financial Services Corporation | | | 486,026 | |
| | 8,955 | | | Esquire Financial Holdings, Inc. | | | 596,224 | |
| | 24,069 | | | First BanCorporation | | | 464,050 | |
| | 34,954 | | | First Commonwealth Financial Corporation | | | 574,644 | |
| | 34,994 | | | Horizon Bancorp, Inc. | | | 560,604 | |
| | 22,203 | | | Independent Bank Corporation | | | 727,814 | |
| | 41,457 | | | Investar Holding Corporation | | | 865,207 | |
| | 10,176 | | | National Bank Holdings Corporation, Class A | | | 457,513 | |
| | 13,606 | | | Northeast Bank | | | 1,209,028 | |
| | 18,504 | | | OceanFirst Financial Corporation | | | 336,773 | |
| | 18,938 | | | OFG Bancorp | | | 762,632 | |
| | 5,607 | | | Popular, Inc. | | | 500,313 | |
| | 28,445 | | | Premier Financial Corporation | | | 701,454 | |
| | 7,064 | | | Prosperity Bancshares, Inc. | | | 517,085 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | BANKING - 11.6% (Continued) | | | | |
| | 10,756 | | | Webster Financial Corporation | | $ | 557,161 | |
| | | | | | | | 11,498,852 | |
| | | | | BIOTECH & PHARMA - 0.8% | | | | |
| | 6,495 | | | Halozyme Therapeutics, Inc.(a) | | | 328,452 | |
| | 25,178 | | | Innoviva, Inc.(a),(b) | | | 492,482 | |
| | | | | | | | 820,934 | |
| | | | | CABLE & SATELLITE - 0.3% | | | | |
| | 10,191 | | | Sirius XM Holdings, Inc.(b) | | | 271,692 | |
| | | | | | | | | |
| | | | | CHEMICALS - 2.7% | | | | |
| | 5,987 | | | Ashland, Inc. | | | 506,321 | |
| | 22,341 | | | Huntsman Corporation | | | 491,502 | |
| | 38,615 | | | Kronos Worldwide, Inc. | | | 445,617 | |
| | 93,223 | | | Rayonier Advanced Materials, Inc.(a) | | | 742,055 | |
| | 38,032 | | | Tronox Holdings PLC, Class A | | | 460,948 | |
| | | | | | | | 2,646,443 | |
| | | | | COMMERCIAL SUPPORT SERVICES - 2.9% | | | | |
| | 8,186 | | | ABM Industries, Inc. | | | 434,349 | |
| | 81,737 | | | ADT, Inc. | | | 588,506 | |
| | 26,896 | | | BrightView Holdings, Inc.(a) | | | 440,556 | |
| | 30,576 | | | Resources Connection, Inc. | | | 246,137 | |
| | 6,672 | | | Stericycle, Inc.(a) | | | 410,128 | |
| | 12,502 | | | V2X, Inc.(a) | | | 770,124 | |
| | | | | | | | 2,889,800 | |
| | | | | CONSTRUCTION MATERIALS - 0.5% | | | | |
| | 11,137 | | | Summit Materials, Inc., Class A(a) | | | 528,005 | |
| | | | | | | | | |
| | | | | CONSUMER SERVICES - 1.4% | | | | |
| | 73,131 | | | Legacy Education, Inc.(a) | | | 386,863 | |
| | 23,318 | | | Matthews International Corporation, Class A | | | 543,076 | |
| | 4,513 | | | Stride, Inc.(a),(b) | | | 420,973 | |
| | | | | | | | 1,350,912 | |
| | | | | E-COMMERCE DISCRETIONARY - 0.3% | | | | |
| | 13,899 | | | Overstock.com, Inc.(a) | | | 89,093 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | E-COMMERCE DISCRETIONARY - 0.3% (Continued) | | | | |
| | 4,764 | | | Wayfair, Inc., Class A(a),(b) | | $ | 204,042 | |
| | | | | | | | 293,135 | |
| | | | | ELECTRIC UTILITIES - 2.1% | | | | |
| | 9,888 | | | ALLETE, Inc. | | | 631,942 | |
| | 14,321 | | | Portland General Electric Company | | | 678,815 | |
| | 1,758 | | | Talen Energy Corporation(a) | | | 318,831 | |
| | 8,576 | | | Unitil Corporation | | | 496,465 | |
| | | | | | | | 2,126,053 | |
| | | | | ELECTRICAL EQUIPMENT - 2.0% | | | | |
| | 11,922 | | | Allient, Inc. | | | 206,131 | |
| | 1,283 | | | Atkore, Inc. | | | 110,030 | |
| | 274,049 | | | Babcock & Wilcox Enterprises, Inc.(a) | | | 630,313 | |
| | 18,956 | | | Bloom Energy Corporation, Class A(a),(b) | | | 181,978 | |
| | 4,435 | | | Mesa Laboratories, Inc. | | | 505,767 | |
| | 7,406 | | | Mirion Technologies, Inc.(a),(b) | | | 109,609 | |
| | 29,984 | | | Stoneridge, Inc.(a) | | | 209,588 | |
| | | | | | | | 1,953,416 | |
| | | | | ENGINEERING & CONSTRUCTION - 5.0% | | | | |
| | 10,395 | | | Arcosa, Inc. | | | 973,388 | |
| | 17,830 | | | Bowman Consulting Group Ltd.(a) | | | 361,949 | |
| | 7,773 | | | Fluor Corporation(a) | | | 406,372 | |
| | 1,314 | | | IES Holdings, Inc.(a) | | | 287,326 | |
| | 7,456 | | | KBR, Inc. | | | 499,627 | |
| | 4,810 | | | MasTec, Inc.(a) | | | 591,101 | |
| | 149,147 | | | Orion Group Holdings, Inc.(a) | | | 911,288 | |
| | 16,475 | | | Tutor Perini Corporation(a) | | | 427,032 | |
| | 4,900 | | | VSE Corporation(b) | | | 502,838 | |
| | | | | | | | 4,960,921 | |
| | | | | ENTERTAINMENT CONTENT - 0.5% | | | | |
| | 62,590 | | | Reservoir Media, Inc.(a),(b) | | | 521,375 | |
| | | | | | | | | |
| | | | | FOOD - 1.0% | | | | |
| | 51,403 | | | Nomad Foods Ltd. | | | 902,123 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | FOOD - 1.0% (Continued) | | | | |
| | 3,224 | | | TreeHouse Foods, Inc.(a) | | $ | 117,289 | |
| | | | | | | | 1,019,412 | |
| | | | | GAS & WATER UTILITIES - 1.3% | | | | |
| | 15,326 | | | BKV Corporation(a),(b) | | | 276,481 | |
| | 14,534 | | | RGC Resources, Inc. | | | 297,511 | |
| | 11,058 | | | Spire, Inc. | | | 706,164 | |
| | | | | | | | 1,280,156 | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 2.6% | | | | |
| | 22,241 | | | Joint Corporation (The)(a) | | | 245,763 | |
| | 209,653 | | | Quipt Home Medical Corporation(a) | | | 549,291 | |
| | 8,701 | | | Tenet Healthcare Corporation(a) | | | 1,348,829 | |
| | 41,918 | | | Viemed Healthcare, Inc.(a) | | | 358,399 | |
| | | | | | | | 2,502,282 | |
| | | | | HOME & OFFICE PRODUCTS - 0.4% | | | | |
| | 3,450 | | | Whirlpool Corporation(b) | | | 357,110 | |
| | | | | | | | | |
| | | | | HOME CONSTRUCTION - 0.8% | | | | |
| | 33,785 | | | JELD-WEN Holding, Inc.(a) | | | 478,396 | |
| | 28,317 | | | Landsea Homes Corporation(a),(b) | | | 293,930 | |
| | | | | | | | 772,326 | |
| | | | | INDUSTRIAL REIT - 0.6% | | | | |
| | 28,424 | | | Plymouth Industrial REIT, Inc. | | | 577,576 | |
| | | | | | | | | |
| | | | | INDUSTRIAL SUPPORT SERVICES - 0.1% | | | | |
| | 31,892 | | | Custom Truck One Source, Inc.(a) | | | 130,438 | |
| | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES - 1.4% | | | | |
| | 89,076 | | | BGC Group, Inc., Class A | | | 834,642 | |
| | 28,646 | | | Perella Weinberg Partners | | | 579,509 | |
| | | | | | | | 1,414,151 | |
| | | | | INSURANCE - 4.5% | | | | |
| | 5,182 | | | Axis Capital Holdings Ltd. | | | 405,543 | |
| | 11,017 | | | Bowhead Specialty Holdings, Inc.(a) | | | 320,705 | |
| | 39,808 | | | Fidelis Insurance Holdings Ltd. | | | 687,086 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | INSURANCE - 4.5% (Continued) | | | | |
| | 4,936 | | | Hanover Insurance Group, Inc. (The) | | $ | 732,157 | |
| | 19,467 | | | Kemper Corporation | | | 1,212,211 | |
| | 14,974 | | | NMI Holdings, Inc., Class A(a) | | | 579,194 | |
| | 28,040 | | | Tiptree, Inc. | | | 572,296 | |
| | | | | | | | 4,509,192 | |
| | | | | INTERNET MEDIA & SERVICES - 2.4% | | | | |
| | 78,092 | | | Blade Air Mobility, Inc., Class A(a) | | | 280,741 | |
| | 14,595 | | | Cargurus, Inc.(a) | | | 452,737 | |
| | 29,875 | | | Cars.com, Inc.(a) | | | 477,701 | |
| | 11,141 | | | TechTarget, Inc.(a) | | | 322,476 | |
| | 150,755 | | | TrueCar, Inc.(a) | | | 589,452 | |
| | 66,522 | | | Vivid Seats, Inc.(a),(b) | | | 270,745 | |
| | | | | | | | 2,393,852 | |
| | | | | LEISURE FACILITIES & SERVICES - 1.2% | | | | |
| | 10,840 | | | Bowlero Corporation(b) | | | 112,411 | |
| | 12,762 | | | Dave & Buster’s Entertainment, Inc.(a),(b) | | | 471,300 | |
| | 46,487 | | | Denny’s Corporation(a) | | | 297,982 | |
| | 23,308 | | | El Pollo Loco Holdings, Inc.(a) | | | 284,824 | |
| | | | | | | | 1,166,517 | |
| | | | | LEISURE PRODUCTS - 0.4% | | | | |
| | 104,515 | | | Clarus Corporation | | | 440,008 | |
| | | | | | | | | |
| | | | | MACHINERY - 2.0% | | | | |
| | 9,839 | | | Cadre Holdings, Inc. | | | 342,102 | |
| | 27,438 | | | Enovis Corporation(a),(b) | | | 1,132,366 | |
| | 77,014 | | | Ranpak Holdings Corporation(a) | | | 468,245 | |
| | | | | | | | 1,942,713 | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 2.0% | | | | |
| | 20,410 | | | CareDx, Inc.(a) | | | 451,673 | |
| | 37,838 | | | Orthofix Medical, Inc.(a) | | | 612,597 | |
| | 2,525 | | | Teleflex, Inc. | | | 507,677 | |
| | 13,322 | | | Varex Imaging Corporation(a) | | | 174,918 | |
| | 17,765 | | | Zimvie, Inc.(a) | | | 244,535 | |
| | | | | | | | 1,991,400 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | METALS & MINING - 3.1% | | | | |
| | 10,772 | | | Alcoa Corporation(b) | | $ | 431,849 | |
| | 54,882 | | | Capstone Copper Corporation(a) | | | 379,584 | |
| | 30,737 | | | Constellium S.E.(a) | | | 341,181 | |
| | 26,278 | | | ERO Copper Corporation(a),(b) | | | 481,938 | |
| | 21,109 | | | Hallador Energy Company(a) | | | 209,612 | |
| | 92,366 | | | Lithium Americas Argentina Corporation(a),(b) | | | 321,434 | |
| | 215,824 | | | Taseko Mines Ltd.(a) | | | 481,288 | |
| | 6,549 | | | Warrior Met Coal, Inc. | | | 413,438 | |
| | | | | | | | 3,060,324 | |
| | | | | MORTGAGE FINANCE - 0.4% | | | | |
| | 46,765 | | | AGNC Investment Corporation(b) | | | 435,382 | |
| | | | | | | | | |
| | | | | OFFICE REIT - 0.5% | | | | |
| | 25,248 | | | Equity Commonwealth(a) | | | 499,658 | |
| | | | | | | | | |
| | | | | OIL & GAS PRODUCERS - 1.5% | | | | |
| | 9,450 | | | Antero Resources Corporation(a) | | | 244,566 | |
| | 94,491 | | | Kosmos Energy Ltd.(a),(b) | | | 355,286 | |
| | 281,339 | | | Saturn Oil & Gas, Inc.(a) | | | 446,554 | |
| | 8,410 | | | SM Energy Company(b) | | | 352,968 | |
| | 13,170 | | | Vermilion Energy, Inc. | | | 122,876 | |
| | | | | | | | 1,522,250 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 4.2% | | | | |
| | 25,580 | | | Atlas Energy Solutions, Inc.(b) | | | 500,601 | |
| | 12,853 | | | Kodiak Gas Services, Inc.(b) | | | 409,754 | |
| | 42,154 | | | Matrix Service Company(a) | | | 473,389 | |
| | 20,682 | | | Natural Gas Services Group, Inc.(a) | | | 404,747 | |
| | 27,938 | | | Newpark Resources, Inc.(a) | | | 186,067 | |
| | 35,770 | | | Ranger Energy Services, Inc. | | | 464,295 | |
| | 18,126 | | | Select Water Solutions, Inc., Class A | | | 192,136 | |
| | 182,378 | | | TETRA Technologies, Inc.(a) | | | 610,965 | |
| | 13,911 | | | Thermon Group Holdings, Inc.(a) | | | 364,607 | |
| | 4,271 | | | Tidewater, Inc.(a) | | | 256,559 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 4.2% (Continued) | | | | |
| | 63,891 | | | Transocean Ltd.(a),(b) | | $ | 277,287 | |
| | | | | | | | 4,140,407 | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS - 0.2% | | | | |
| | 6,947 | | | Legacy Housing Corporation(a) | | | 172,286 | |
| | | | | | | | | |
| | | | | RENEWABLE ENERGY - 0.6% | | | | |
| | 97,770 | | | Broadwind, Inc.(a) | | | 177,941 | |
| | 107,664 | | | OPAL Fuels, Inc.(a),(b) | | | 394,051 | |
| | | | | | | | 571,992 | |
| | | | | RESIDENTIAL REIT - 1.1% | | | | |
| | 5,332 | | | Centerspace | | | 371,427 | |
| | 38,403 | | | UMH Properties, Inc. | | | 716,216 | |
| | | | | | | | 1,087,643 | |
| | | | | RETAIL - DISCRETIONARY - 0.8% | | | | |
| | 3,973 | | | Beacon Roofing Supply, Inc.(a) | | | 365,795 | |
| | 9,057 | | | Driven Brands Holdings, Inc.(a) | | | 134,496 | |
| | 30,953 | | | Savers Value Village, Inc.(a),(b) | | | 316,649 | |
| | | | | | | | 816,940 | |
| | | | | RETAIL REIT - 3.5% | | | | |
| | 30,774 | | | Alpine Income Property Trust, Inc. | | | 539,468 | |
| | 36,833 | | | Brixmor Property Group, Inc. | | | 992,649 | |
| | 30,835 | | | CTO Realty Growth, Inc. | | | 596,665 | |
| | 24,300 | | | Getty Realty Corporation(b) | | | 762,777 | |
| | 36,550 | | | NETSTREIT Corporation(b) | | | 566,525 | |
| | | | | | | | 3,458,084 | |
| | | | | SEMICONDUCTORS - 2.0% | | | | |
| | 7,001 | | | Alpha & Omega Semiconductor Ltd.(a) | | | 231,313 | |
| | 2,079 | | | Diodes, Inc.(a),(b) | | | 121,580 | |
| | 17,958 | | | Penguin Solutions, Inc.(a),(b) | | | 270,268 | |
| | 9,044 | | | Silicon Motion Technology Corporation - ADR | | | 486,657 | |
| | 19,733 | | | Tower Semiconductor Ltd.(a),(b) | | | 827,997 | |
| | | | | | | | 1,937,815 | |
| | | | | SOFTWARE - 5.7% | | | | |
| | 138,273 | | | BlackBerry Ltd.(a),(b) | | | 312,497 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | SOFTWARE - 5.7% (Continued) | | | | |
| | 158,503 | | | Clarivate PLC(a),(b) | | $ | 1,046,119 | |
| | 16,816 | | | Consensus Cloud Solutions, Inc.(a) | | | 372,979 | |
| | 31,078 | | | Immersion Corporation | | | 261,988 | |
| | 10,787 | | | Ingram Micro Holding Corporation(a),(b) | | | 261,585 | |
| | 510,631 | | | Kaltura, Inc.(a),(b) | | | 648,501 | |
| | 56,134 | | | ON24, Inc.(a) | | | 339,611 | |
| | 21,979 | | | Phreesia, Inc.(a) | | | 401,996 | |
| | 22,840 | | | Silvaco Group, Inc.(a),(b) | | | 142,750 | |
| | 11,775 | | | Teradata Corporation(a) | | | 379,508 | |
| | 21,198 | | | Verint Systems, Inc.(a) | | | 451,517 | |
| | 112,143 | | | Vimeo, Inc.(a) | | | 534,922 | |
| | 78,400 | | | VTEX(a) | | | 529,984 | |
| | | | | | | | 5,683,957 | |
| | | | | SPECIALTY FINANCE - 3.6% | | | | |
| | 17,000 | | | Air Lease Corporation | | | 753,950 | |
| | 8,041 | | | Essent Group Ltd. | | | 482,540 | |
| | 50,116 | | | EZCORP, Inc., Class A(a) | | | 575,833 | |
| | 2,143 | | | Federal Agricultural Mortgage Corporation, Class C | | | 392,748 | |
| | 3,906 | | | First American Financial Corporation | | | 250,570 | |
| | 5,471 | | | FirstCash Holdings, Inc. | | | 566,084 | |
| | 15,283 | | | International Money Express, Inc.(a) | | | 268,828 | |
| | 3,725 | | | Stewart Information Services Corporation | | | 256,280 | |
| | | | | | | | 3,546,833 | |
| | | | | STEEL - 2.4% | | | | |
| | 82,332 | | | Algoma Steel Group, Inc.(b) | | | 852,136 | |
| | 5,477 | | | Commercial Metals Company(b) | | | 294,663 | |
| | 26,238 | | | Metallus, Inc.(a),(b) | | | 369,693 | |
| | 8,885 | | | Northwest Pipe Company(a) | | | 398,848 | |
| | 10,203 | | | Stelco Holdings, Inc. | | | 499,250 | |
| | | | | | | | 2,414,590 | |
| | | | | TECHNOLOGY HARDWARE - 1.6% | | | | |
| | 4,336 | | | Crane NXT Company(b) | | | 235,315 | |
| | 19,412 | | | NCR Voyix Corporation(a) | | | 248,668 | |
| | 71,759 | | | PlayAGS, Inc.(a) | | | 834,556 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 96.1% (Continued) | | | | |
| | | | | TECHNOLOGY HARDWARE - 1.6% (Continued) | | | | |
| | 25,952 | | | RADCOM Ltd.(a) | | $ | 273,794 | |
| | | | | | | | 1,592,333 | |
| | | | | TECHNOLOGY SERVICES - 0.6% | | | | |
| | 3,344 | | | ICF International, Inc. | | | 563,765 | |
| | | | | | | | | |
| | | | | TELECOMMUNICATIONS - 1.4% | | | | |
| | 225,605 | | | 8x8, Inc.(a) | | | 503,099 | |
| | 23,315 | | | DigitalBridge Group, Inc. | | | 365,812 | |
| | 43,030 | | | Ooma, Inc.(a) | | | 514,639 | |
| | | | | | | | 1,383,550 | |
| | | | | TRANSPORTATION & LOGISTICS - 7.2% | | | | |
| | 52,333 | | | Ardmore Shipping Corporation | | | 738,419 | |
| | 13,295 | | | Covenant Logistics Group, Inc. | | | 672,727 | |
| | 49,709 | | | DHT Holdings, Inc. | | | 512,997 | |
| | 10,084 | | | Knight-Swift Transportation Holdings, Inc. | | | 525,175 | |
| | 15,446 | | | Proficient Auto Logistics, Inc.(a) | | | 126,503 | |
| | 99,702 | | | Radiant Logistics, Inc.(a) | | | 663,018 | |
| | 16,018 | | | RXO, Inc.(a) | | | 451,547 | |
| | 13,106 | | | Scorpio Tankers, Inc. | | | 763,687 | |
| | 62,159 | | | Star Bulk Carriers Corporation | | | 1,187,858 | |
| | 49,569 | | | Sun Country Airlines Holdings, Inc.(a),(b) | | | 696,444 | |
| | 13,356 | | | Teekay Tankers Ltd. | | | 636,814 | |
| | 6,144 | | | Universal Logistics Holdings, Inc. | | | 258,294 | |
| | | | | | | | 7,233,483 | |
| | | | | TRANSPORTATION EQUIPMENT - 0.7% | | | | |
| | 3,036 | | | Allison Transmission Holdings, Inc. | | | 324,427 | |
| | 8,496 | | | Blue Bird Corporation(a),(b) | | | 357,767 | |
| | | | | | | | 682,194 | |
| | | | | WHOLESALE - CONSUMER STAPLES - 0.7% | | | | |
| | 48,906 | | | Grocery Outlet Holding Corporation(a),(b) | | | 699,356 | |
| | | | | | | | | |
| | | | | WHOLESALE - DISCRETIONARY - 0.2% | | | | |
| | 26,077 | | | Hudson Technologies, Inc.(a) | | | 200,011 | |
| | | | | TOTAL COMMON STOCKS (Cost $92,450,723) | | | 95,348,846 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 20.7% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 15.8% | | | | |
| | 15,688,693 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (Cost $15,688,693)(c)(d) | | $ | 15,688,693 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUNDS - 4.9% | | | | |
| | 4,829,754 | | | Fidelity Government Portfolio, Institutional Class, 4.74% (Cost $4,829,754)(c) | | | 4,829,754 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $20,518,447) | | | 20,518,447 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 116.8% (Cost $112,969,170) | | $ | 115,867,293 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (16.8)% | | | (16,689,306 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 99,177,987 | |
| ADR | - American Depositary Receipt |
| | |
| LLC | - Limited Liability Company |
| | |
| LTD | - Limited Company |
| | |
| PLC | - Public 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 $14,919,158 at October 31, 2024. |
| | |
| (c) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (d) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $15,688,693 at October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FOCUSED LARGE CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 99.4% | | | | |
| | | | | ADVERTISING & MARKETING - 3.0% | | | | |
| | 45,215 | | | Trade Desk, Inc. (The), Class A(a) | | $ | 5,435,295 | |
| | | | | | | | | |
| | | | | ASSET MANAGEMENT - 3.1% | | | | |
| | 33,741 | | | Blackstone, Inc. | | | 5,660,053 | |
| | | | | | | | | |
| | | | | E-COMMERCE DISCRETIONARY - 11.0% | | | | |
| | 78,528 | | | Amazon.com, Inc.(a) | | | 14,637,619 | |
| | 2,639 | | | MercadoLibre, Inc.(a) | | | 5,376,118 | |
| | | | | | | | 20,013,737 | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 1.0% | | | | |
| | 5,526 | | | Medpace Holdings, Inc.(a) | | | 1,736,380 | |
| | | | | | | | | |
| | | | | HOUSEHOLD PRODUCTS - 1.0% | | | | |
| | 17,971 | | | elf Beauty, Inc.(a),(b) | | | 1,891,448 | |
| | | | | | | | | |
| | | | | INTERNET MEDIA & SERVICES - 10.4% | | | | |
| | 14,586 | | | Meta Platforms, Inc., Class A | | | 8,278,722 | |
| | 8,834 | | | Netflix, Inc.(a) | | | 6,678,769 | |
| | 56,192 | | | Uber Technologies, Inc.(a) | | | 4,048,634 | |
| | | | | | | | 19,006,125 | |
| | | | | LEISURE FACILITIES & SERVICES - 3.4% | | | | |
| | 110,650 | | | Chipotle Mexican Grill, Inc.(a) | | | 6,170,951 | |
| | | | | | | | | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 7.2% | | | | |
| | 38,222 | | | DexCom, Inc.(a) | | | 2,693,887 | |
| | 10,734 | | | Insulet Corporation(a),(b) | | | 2,485,243 | |
| | 15,964 | | | Intuitive Surgical, Inc.(a) | | | 8,043,301 | |
| | | | | | | | 13,222,431 | |
| | | | | SEMICONDUCTORS - 15.2% | | | | |
| | 28,612 | | | Advanced Micro Devices, Inc.(a) | | | 4,122,131 | |
| | 6,035 | | | ASML Holding N.V. - ADR | | | 4,058,839 | |
| | 37,572 | | | Marvell Technology, Inc. | | | 3,009,893 | |
| | 123,958 | | | NVIDIA Corporation | | | 16,456,664 | |
| | | | | | | | 27,647,527 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM FOCUSED LARGE CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 99.4% (Continued) | | | | |
| | | | | SOFTWARE - 30.0% | | | | |
| | 10,473 | | | Adobe, Inc.(a) | | $ | 5,006,932 | |
| | 10,574 | | | Cadence Design Systems, Inc.(a) | | | 2,919,693 | |
| | 5,716 | | | Intuit, Inc. | | | 3,488,475 | |
| | 31,230 | | | Microsoft Corporation | | | 12,690,311 | |
| | 10,689 | | | Palo Alto Networks, Inc.(a) | | | 3,851,567 | |
| | 24,625 | | | Salesforce, Inc. | | | 7,174,986 | |
| | 16,182 | | | ServiceNow, Inc.(a) | | | 15,097,643 | |
| | 20,938 | | | Veeva Systems, Inc., Class A(a) | | | 4,372,483 | |
| | | | | | | | 54,602,090 | |
| | | | | TECHNOLOGY HARDWARE - 4.3% | | | | |
| | 34,599 | | | Apple, Inc. | | | 7,816,260 | |
| | | | | | | | | |
| | | | | TECHNOLOGY SERVICES - 9.8% | | | | |
| | 22,616 | | | Mastercard, Inc., Class A | | | 11,298,728 | |
| | 22,817 | | | Visa, Inc., Class A | | | 6,613,507 | |
| | | | | | | | 17,912,235 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $65,779,802) | | | 181,114,532 | |
| | | | | | | | | |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 3.3% | | | | |
| | | | | MONEY MARKET FUNDS - 0.8% | | | | |
| | 1,515,171 | | | STIT - Treasury Obligations Portfolio, 4.73% (d) | | | 1,515,171 | |
| | | | | | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 2.5% | | | | |
| | 4,483,463 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (c),(d) | | | 4,483,463 | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $5,998,634) | | | 5,998,634 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 102.7% (Cost $71,778,436) | | $ | 187,113,166 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)% | | | (4,985,742 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 182,127,424 | |
| 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 $4,332,741 at October 31, 2024. |
| | |
| (c) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $4,483,463 at October 31, 2024. |
| | |
| (d) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.2% | | | | |
| | | | | ADVERTISING & MARKETING - 1.3% | | | | |
| | 7,952 | | | Trade Desk, Inc. (The), Class A(a) | | $ | 955,910 | |
| | | | | | | | | |
| | | | | AEROSPACE & DEFENSE - 1.1% | | | | |
| | 13,489 | | | Hexcel Corporation | | | 791,669 | |
| | | | | | | | | |
| | | | | APPAREL & TEXTILE PRODUCTS - 2.6% | | | | |
| | 37,085 | | | Canada Goose Holdings, Inc.(a),(b) | | | 364,175 | |
| | 5,975 | | | Crocs, Inc.(a),(b) | | | 644,225 | |
| | 55,154 | | | Levi Strauss & Company, Class A | | | 942,581 | |
| | | | | | | | 1,950,981 | |
| | | | | BANKING - 3.8% | | | | |
| | 15,558 | | | Glacier Bancorp, Inc.(b) | | | 811,350 | |
| | 10,404 | | | Pinnacle Financial Partners, Inc. | | | 1,097,101 | |
| | 34,304 | | | Seacoast Banking Corporation of Florida | | | 915,917 | |
| | | | | | | | 2,824,368 | |
| | | | | BEVERAGES - 0.5% | | | | |
| | 13,572 | | | Vita Coco Company, Inc. (The)(a) | | | 401,867 | |
| | | | | | | | | |
| | | | | BIOTECH & PHARMA - 7.9% | | | | |
| | 10,316 | | | Crinetics Pharmaceuticals, Inc.(a) | | | 577,283 | |
| | 14,190 | | | Denali Therapeutics, Inc.(a) | | | 368,372 | |
| | 15,107 | | | Guardant Health, Inc.(a) | | | 330,541 | |
| | 14,288 | | | Halozyme Therapeutics, Inc.(a) | | | 722,545 | |
| | 5,788 | | | Intra-Cellular Therapies, Inc.(a) | | | 490,533 | |
| | 75,627 | | | Maravai LifeSciences Holdings, Inc.(a) | | | 560,396 | |
| | 42,547 | | | Roivant Sciences Ltd.(a),(b) | | | 491,418 | |
| | 12,422 | | | Structure Therapeutics, Inc. - ADR(a),(b) | | | 511,165 | |
| | 4,538 | | | TransMedics Group, Inc.(a),(b) | | | 371,980 | |
| | 4,466 | | | Vaxcyte, Inc.(a) | | | 474,959 | |
| | 9,817 | | | Vera Therapeutics, Inc.(a) | | | 396,410 | |
| | 8,367 | | | Viking Therapeutics, Inc.(a),(b) | | | 606,943 | |
| | | | | | | | 5,902,545 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.2% (Continued) | | | | |
| | | | | COMMERCIAL SUPPORT SERVICES - 0.7% | | | | |
| | 2,600 | | | FTI Consulting, Inc.(a) | | $ | 507,208 | |
| | | | | | | | | |
| | | | | CONSUMER SERVICES - 1.2% | | | | |
| | 52,277 | | | Universal Technical Institute, Inc.(a) | | | 869,889 | |
| | | | | | | | | |
| | | | | E-COMMERCE DISCRETIONARY - 0.7% | | | | |
| | 13,902 | | | Global-e Online Ltd.(a),(b) | | | 534,393 | |
| | | | | | | | | |
| | | | | ELECTRICAL EQUIPMENT - 4.8% | | | | |
| | 9,151 | | | BWX Technologies, Inc. | | | 1,114,135 | |
| | 8,762 | | | Camtek Ltd.(b) | | | 697,105 | |
| | 64,859 | | | Mirion Technologies, Inc.(a),(b) | | | 959,913 | |
| | 20,653 | | | NEXTracker, Inc., Class A(a) | | | 822,402 | |
| | | | | | | | 3,593,555 | |
| | | | | ENGINEERING & CONSTRUCTION - 1.9% | | | | |
| | 7,352 | | | Exponent, Inc.(b) | | | 693,882 | |
| | 3,471 | | | Installed Building Products, Inc.(b) | | | 752,860 | |
| | | | | | | | 1,446,742 | |
| | | | | ENTERTAINMENT CONTENT - 0.7% | | | | |
| | 20,690 | | | IMAX Corporation(a),(b) | | | 502,767 | |
| | | | | | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 4.9% | | | | |
| | 6,660 | | | Addus HomeCare Corporation(a) | | | 828,637 | |
| | 37,084 | | | Ardent Health Partners, Inc.(a) | | | 645,262 | |
| | 14,395 | | | Option Care Health, Inc.(a) | | | 331,661 | |
| | 11,718 | | | RadNet, Inc.(a) | | | 762,139 | |
| | 42,434 | | | SI-BONE, Inc.(a) | | | 585,589 | |
| | 19,784 | | | Surgery Partners, Inc.(a) | | | 569,779 | |
| | | | | | | | 3,723,067 | |
| | | | | HOME CONSTRUCTION - 2.8% | | | | |
| | 11,059 | | | AZEK Company, Inc. (The)(a) | | | 486,596 | |
| | 9,352 | | | Century Communities, Inc. | | | 829,148 | |
| | 9,630 | | | Skyline Champion Corporation(a) | | | 849,655 | |
| | | | | | | | 2,165,399 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.2% (Continued) | | | | |
| | | | | HOUSEHOLD PRODUCTS - 1.7% | | | | |
| | 4,768 | | | elf Beauty, Inc.(a),(b) | | $ | 501,832 | |
| | 6,197 | | | Inter Parfums, Inc. | | | 750,271 | |
| | | | | | | | 1,252,103 | |
| | | | | INDUSTRIAL INTERMEDIATE PROD - 0.9% | | | | |
| | 5,803 | | | Chart Industries, Inc.(a),(b) | | | 700,538 | |
| | | | | | | | | |
| | | | | INDUSTRIAL SUPPORT SERVICES - 4.3% | | | | |
| | 3,853 | | | Applied Industrial Technologies, Inc. | | | 892,316 | |
| | 5,219 | | | Herc Holdings, Inc. | | | 1,091,502 | |
| | 3,902 | | | SiteOne Landscape Supply, Inc.(a) | | | 545,265 | |
| | 21,476 | | | WillScot Holdings Corporation(a),(b) | | | 711,715 | |
| | | | | | | | 3,240,798 | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES - 4.6% | | | | |
| | 3,083 | | | Evercore, Inc., Class A | | | 814,436 | |
| | 3,201 | | | Houlihan Lokey, Inc. | | | 553,037 | |
| | 15,270 | | | Moelis & Company, Class A | | | 1,013,928 | |
| | 8,729 | | | Tradeweb Markets, Inc., CLASS A | | | 1,108,583 | |
| | | | | | | | 3,489,984 | |
| | | | | INTERNET MEDIA & SERVICES - 1.7% | | | | |
| | 50,695 | | | GoodRx Holdings, Inc.(a),(b) | | | 310,253 | |
| | 13,960 | | | Maplebear, Inc.(a) | | | 615,636 | |
| | 13,602 | | | Pinterest, Inc., Class A(a) | | | 432,408 | |
| | | | | | | | 1,358,297 | |
| | | | | LEISURE FACILITIES & SERVICES - 3.8% | | | | |
| | 16,228 | | | Dutch Bros, Inc.(a) | | | 537,471 | |
| | 49,894 | | | OneSpaWorld Holdings Ltd. | | | 873,644 | |
| | 14,091 | | | Sweetgreen, Inc.(a),(b) | | | 508,685 | |
| | 5,118 | | | Texas Roadhouse, Inc. | | | 978,153 | |
| | | | | | | | 2,897,953 | |
| | | | | LEISURE PRODUCTS - 1.2% | | | | |
| | 2,141 | | | Axon Enterprise, Inc.(a) | | | 906,714 | |
| | | | | | | | | |
| | | | | MACHINERY - 2.6% | | | | |
| | 14,442 | | | Flowserve Corporation | | | 760,227 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.2% (Continued) | | | | |
| | | | | MACHINERY - 2.6% (Continued) | | | | |
| | 3,615 | | | Lindsay Corporation | | $ | 432,716 | |
| | 4,664 | | | MSA Safety, Inc. | | | 773,990 | |
| | | | | | | | 1,966,933 | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 6.4% | | | | |
| | 126,809 | | | Adaptive Biotechnologies Corporation(a),(b) | | | 613,756 | |
| | 7,541 | | | Exact Sciences Corporation(a),(b) | | | 519,801 | |
| | 5,903 | | | Lantheus Holdings, Inc.(a) | | | 648,386 | |
| | 56,988 | | | Quanterix Corporation(a) | | | 753,096 | |
| | 6,226 | | | Repligen Corporation(a),(b) | | | 835,964 | |
| | 41,301 | | | Stevanato Group SpA(b) | | | 785,132 | |
| | 2,092 | | | West Pharmaceutical Services, Inc. | | | 644,190 | |
| | | | | | | | 4,800,325 | |
| | | | | OIL & GAS PRODUCERS - 0.9% | | | | |
| | 3,384 | | | Cheniere Energy, Inc. | | | 647,630 | |
| | | | | | | | | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 1.5% | | | | |
| | 36,964 | | | Kodiak Gas Services, Inc.(b) | | | 1,178,412 | |
| | | | | | | | | |
| | | | | RENEWABLE ENERGY - 0.4% | | | | |
| | 3,750 | | | Enphase Energy, Inc.(a) | | | 311,400 | |
| | | | | | | | | |
| | | | | RETAIL - CONSUMER STAPLES - 1.6% | | | | |
| | 8,514 | | | Ollie’s Bargain Outlet Holdings, Inc.(a),(b) | | | 781,840 | |
| | 3,232 | | | Sprouts Farmers Market, Inc.(a) | | | 415,086 | |
| | | | | | | | 1,196,926 | |
| | | | | RETAIL - DISCRETIONARY - 2.5% | | | | |
| | 8,754 | | | Beacon Roofing Supply, Inc.(a) | | | 805,981 | |
| | 5,377 | | | Boot Barn Holdings, Inc.(a) | | | 669,705 | |
| | 2,783 | | | Freshpet, Inc.(a) | | | 368,859 | |
| | | | | | | | 1,844,545 | |
| | | | | SEMICONDUCTORS - 6.5% | | | | |
| | 50,719 | | | Aehr Test Systems(a),(b) | | | 714,124 | |
| | 32,396 | | | Allegro MicroSystems, Inc.(a),(b) | | | 675,133 | |
| | 7,776 | | | Astera Labs, Inc.(a) | | | 545,564 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.2% (Continued) | | | | |
| | | | | SEMICONDUCTORS - 6.5% (Continued) | | | | |
| | 4,565 | | | Axcelis Technologies, Inc.(a),(b) | | $ | 389,440 | |
| | 16,202 | | | Lattice Semiconductor Corporation(a) | | | 820,793 | |
| | 576 | | | Monolithic Power Systems, Inc. | | | 437,357 | |
| | 10,628 | | | Power Integrations, Inc.(b) | | | 642,250 | |
| | 3,821 | | | SiTime Corporation(a) | | | 645,787 | |
| | | | | | | | 4,870,448 | |
| | | | | SOFTWARE - 14.8% | | | | |
| | 9,588 | | | BILL Holdings, Inc.(a) | | | 559,556 | |
| | 14,069 | | | Blackline, Inc.(a) | | | 779,001 | |
| | 15,592 | | | Calix, Inc.(a) | | | 551,645 | |
| | 16,502 | | | Dynatrace, Inc.(a) | | | 887,808 | |
| | 13,501 | | | GitLab, Inc. - Class A(a) | | | 725,679 | |
| | 31,159 | | | JFrog Ltd.(a) | | | 909,220 | |
| | 2,705 | | | MongoDB, Inc.(a) | | | 731,432 | |
| | 12,340 | | | nCino, Inc.(a) | | | 460,282 | |
| | 20,877 | | | Omnicell, Inc.(a) | | | 1,015,456 | |
| | 36,351 | | | Privia Health Group, Inc.(a) | | | 667,404 | |
| | 8,013 | | | Procore Technologies, Inc.(a) | | | 526,053 | |
| | 11,220 | | | Q2 Holdings, Inc.(a) | | | 949,885 | |
| | 16,744 | | | Rapid7, Inc.(a) | | | 676,792 | |
| | 14,958 | | | Varonis Systems, Inc.(a) | | | 753,434 | |
| | 21,617 | | | Vertex, Inc., Class A(a),(b) | | | 897,322 | |
| | | | | | | | 11,090,969 | |
| | | | | TECHNOLOGY HARDWARE - 1.1% | | | | |
| | 3,329 | | | Fabrinet(a) | | | 802,189 | |
| | | | | | | | | |
| | | | | TECHNOLOGY SERVICES - 6.8% | | | | |
| | 23,481 | | | ExlService Holdings, Inc.(a) | | | 978,453 | |
| | 4,311 | | | Globant SA(a) | | | 904,836 | |
| | 5,617 | | | ICF International, Inc. | | | 946,970 | |
| | 4,700 | | | MAXIMUS, Inc. | | | 406,268 | |
| | 1,913 | | | MSCI, Inc. | | | 1,092,706 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM SMALL CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 98.2% (Continued) | | | | |
| | | | | TECHNOLOGY SERVICES - 6.8% (Continued) | | | | |
| | 8,373 | | | Shift4 Payments, Inc.(a),(b) | | $ | 757,254 | |
| | | | | | | | 5,086,487 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $58,918,602) | | | 73,813,011 | |
| | | | | | | | | |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 24.8% | | | | |
| | | | | MONEY MARKET FUND - 1.6% | | | | |
| | 1,212,157 | | | Fidelity Government Portfolio, Institutional Class, 4.74%(d) | | | 1,212,157 | |
| | | | | | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 23.2% | | | | |
| | 17,479,162 | | | Mount Vernon Liquid Assets Portfolio, 4.93%(c),(d) | | | 17,479,162 | |
| | | | | TOTAL MONEY MARKET FUNDS (Cost $18,691,319) | | | 18,691,319 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $18,691,319) | | | 18,691,319 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 123.0% (Cost $77,609,921) | | $ | 92,504,330 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (23.0)% | | | (17,270,180 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 75,234,150 | |
| ADR | - American Depositary Receipt |
| | |
| LTD | - Limited Company |
| | |
| MSCI | - Morgan Stanley Capital International |
| (a) | Non-income producing security. |
| | |
| (b) | All or a portion of these securities are on loan. Total loaned securities had a value of $16,734,997 at October 31, 2024. |
| | |
| (c) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $17,479,162 at October 31, 2024. |
| | |
| (d) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM EMERGING MARKETS STOCK FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | CLOSED END FUNDS — 0.9% | | | | |
| | | | | MIXED ALLOCATION - 0.9% | | | | |
| | 136,545 | | | Vietnam Enterprise Investments Ltd.(a) | | $ | 1,019,255 | |
| | | | | | | | | |
| | | | | TOTAL CLOSED END FUNDS (Cost $861,698) | | | 1,019,255 | |
| | | | | | | | | |
| | | | | COMMON STOCKS — 99.2% | | | | |
| | | | | AEROSPACE & DEFENSE - 1.1% | | | | |
| | 375,757 | | | Bharat Electronics Ltd. | | | 1,268,615 | |
| | | | | | | | | |
| | | | | AUTOMOTIVE - 3.3% | | | | |
| | 34,200 | | | BYD Company Ltd. | | | 1,408,753 | |
| | 19,500 | | | BYD Company Ltd., H Shares | | | 704,329 | |
| | 8,381 | | | Kia Corp | | | 556,432 | |
| | 136,029 | | | Sona Blw Precision Forgings Ltd. | | | 1,106,676 | |
| | | | | | | | 3,776,190 | |
| | | | | BANKING - 18.2% | | | | |
| | 170,431 | | | Axis Bank Ltd. | | | 2,341,627 | |
| | 109,200 | | | Banco do Brasil S.A. | | | 496,012 | |
| | 3,846,100 | | | Bank Central Asia Tbk P.T. | | | 2,511,949 | |
| | 177,500 | | | Bank of the Philippine Islands | | | 434,666 | |
| | 16,550 | | | Bank Polska Kasa Opieki S.A. | | | 579,015 | |
| | 7,885,000 | | | Bank Rakyat Indonesia Persero Tbk P.T. | | | 2,403,928 | |
| | 190,700 | | | BDO Unibank, Inc. | | | 497,556 | |
| | 258,500 | | | China Merchants Bank Company Ltd., H Shares | | | 1,265,006 | |
| | 4,500 | | | Credicorp Ltd. | | | 828,585 | |
| | 370,346 | | | FirstRand Ltd. | | | 1,627,224 | |
| | 117,163 | | | HDFC Bank Ltd. | | | 2,408,651 | |
| | 221,148 | | | Itau Unibanco Holding S.A. - ADR | | | 1,337,945 | |
| | 33,275 | | | KB Financial Group, Inc. | | | 2,173,781 | |
| | 1,386,200 | | | Public Bank Bhd | | | 1,394,910 | |
| | 201,100 | | | SCB X PCL | | | 675,596 | |
| | | | | | | | 20,976,451 | |
| | | | | BEVERAGES - 3.1% | | | | |
| | 57,460 | | | Eastroc Beverage Group Company Ltd. | | | 1,711,055 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM EMERGING MARKETS STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 99.2% (Continued) | | | | |
| | | | | BEVERAGES - 3.1% (Continued) | | | | |
| | 19,800 | | | Heineken Malaysia Bhd | | $ | 102,640 | |
| | 254,650 | | | Varun Beverages Ltd. | | | 1,810,548 | |
| | | | | | | | 3,624,243 | |
| | | | | CHEMICALS - 0.5% | | | | |
| | 6,260,100 | | | AKR Corporindo Tbk P.T. | | | 538,105 | |
| | | | | | | | | |
| | | | | E-COMMERCE DISCRETIONARY - 5.5% | | | | |
| | 4,500 | | | Alibaba Group Holding Ltd. - ADR | | | 440,910 | |
| | 328,341 | | | Alibaba Group Holding Ltd. | | | 4,016,463 | |
| | 79,586 | | | Honasa Consumer Ltd.(a) | | | 372,210 | |
| | 72,300 | | | JD.com, Inc. | | | 1,466,222 | |
| | | | | | | | 6,295,805 | |
| | | | | ELECTRIC UTILITIES - 3.1% | | | | |
| | 57,780 | | | ACEN Corporation | | | 4,909 | |
| | 1,013,800 | | | CGN Power Company Ltd. | | | 574,670 | |
| | 164,189 | | | JSW Energy Ltd. | | | 1,323,795 | |
| | 21,222 | | | Metlen Energy & Metals S.A. | | | 745,503 | |
| | 193,400 | | | Shenzhen Envicool Technology Company Ltd. | | | 879,622 | |
| | | | | | | | 3,528,499 | |
| | | | | ELECTRICAL EQUIPMENT - 1.7% | | | | |
| | 371,428 | | | NARI Technology Company Ltd. | | | 1,356,759 | |
| | 80,300 | | | Shenzhen Inovance Technology Company Ltd. | | | 626,774 | |
| | | | | | | | 1,983,533 | |
| | | | | ENGINEERING & CONSTRUCTION - 2.4% | | | | |
| | 216,000 | | | Afcons Infrastructure Ltd.(a) | | | 1,189,548 | |
| | 36,521 | | | Larsen & Toubro Ltd. | | | 1,569,082 | |
| | | | | | | | 2,758,630 | |
| | | | | FOOD - 0.3% | | | | |
| | 1,876,400 | | | Monde Nissin Corporation | | | 350,044 | |
| | | | | | | | | |
| | | | | GAS & WATER UTILITIES - 1.6% | | | | |
| | 117,200 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 1,870,318 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM EMERGING MARKETS STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 99.2% (Continued) | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 3.5% | | | | |
| | 1,175,600 | | | Bangkok Dusit Medical | | $ | 965,717 | |
| | 252,718 | | | Max Healthcare Institute Ltd. | | | 3,051,160 | |
| | | | | | | | 4,016,877 | |
| | | | | HOME & OFFICE PRODUCTS - 0.4% | | | | |
| | 49,500 | | | Midea Group Co Ltd(a) | | | 465,142 | |
| | | | | | | | | |
| | | | | HOUSEHOLD PRODUCTS - 0.6% | | | | |
| | 53,600 | | | Proya Cosmetics Co Ltd | | | 722,500 | |
| | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES - 0.4% | | | | |
| | 87,200 | | | Banco BTG Pactual S.A. | | | 490,352 | |
| | | | | | | | | |
| | | | | INSURANCE - 3.9% | | | | |
| | 269,200 | | | AIA Group Ltd. | | | 2,124,661 | |
| | 1,296,000 | | | PICC Property & Casualty Company Ltd., H Shares | | | 1,966,040 | |
| | 52,800 | | | Prudential PLC | | | 439,475 | |
| | | | | | | | 4,530,176 | |
| | | | | INTERNET MEDIA & SERVICES - 9.7% | | | | |
| | 135,800 | | | Tencent Holdings Ltd. | | | 7,081,066 | |
| | 47,800 | | | Trip.com Group Ltd. - ADR(a),(b) | | | 3,078,321 | |
| | 371,650 | | | Zomato Ltd.(a) | | | 1,066,443 | |
| | | | | | | | 11,225,830 | |
| | | | | LEISURE FACILITIES & SERVICES - 3.7% | | | | |
| | 260,300 | | | Jollibee Foods Corporation | | | 1,182,285 | |
| | 94,074 | | | Juniper Hotels Ltd.(a) | | | 376,373 | |
| | 398,541 | | | Lemon Tree Hotels Ltd.(a) | | | 555,756 | |
| | 1,026,839 | | | Minor International PCL | | | 813,033 | |
| | 75,432 | | | OPAP S.A. | | | 1,286,463 | |
| | | | | | | | 4,213,910 | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 0.8% | | | | |
| | 23,700 | | | Shenzhen Mindray Bio-Medical Electronics Co. | | | 887,660 | |
| | | | | | | | | |
| | | | | METALS & MINING - 1.5% | | | | |
| | 340,000 | | | Zijin Mining Group Company Ltd. | | | 724,241 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM EMERGING MARKETS STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 99.2% (Continued) | | | | |
| | | | | METALS & MINING - 1.5% (Continued) | | | | |
| | 427,600 | | | Zijin Mining Group Company Ltd. | | $ | 1,002,692 | |
| | | | | | | | 1,726,933 | |
| | | | | OIL & GAS PRODUCERS - 2.4% | | | | |
| | 376,189 | | | Gazprom PJSC(a),(c),(d) | | | — | |
| | 1,094,000 | | | PetroChina Company Ltd., H Shares | | | 821,520 | |
| | 137,510 | | | PTT Exploration & Production PCL | | | 515,914 | |
| | 29,600 | | | Vista Energy S.A.B. de C.V. - ADR(a) | | | 1,475,856 | |
| | | | | | | | 2,813,290 | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS - 0.6% | | | | |
| | 1,222,200 | | | Ayala Land, Inc. | | | 683,503 | |
| | | | | | | | | |
| | | | | RETAIL - CONSUMER STAPLES - 0.0%(e) | | | | |
| | 8,512 | | | Magnit PJSC(a),(c),(d) | | | — | |
| | | | | | | | | |
| | | | | RETAIL - DISCRETIONARY - 1.9% | | | | |
| | 216 | | | LPP S.A. | | | 786,084 | |
| | 51,420 | | | SM Investments Corporation | | | 826,567 | |
| | 124,500 | | | Vivara Participacoes S.A. | | | 548,926 | |
| | | | | | | | 2,161,577 | |
| | | | | SEMICONDUCTORS - 16.1% | | | | |
| | 10,000 | | | Alchip Technologies Ltd. | | | 621,139 | |
| | 9,000 | | | eMemory Technology, Inc. | | | 877,524 | |
| | 47,000 | | | MediaTek, Inc. | | | 1,834,664 | |
| | 12,659 | | | SK Hynix, Inc. | | | 1,663,833 | |
| | 431,608 | | | Taiwan Semiconductor Manufacturing Company Ltd. | | | 13,572,284 | |
| | | | | | | | 18,569,444 | |
| | | | | SPECIALTY FINANCE - 0.5% | | | | |
| | 16,400 | | | Qifu Technology, Inc. - ADR | | | 538,084 | |
| | | | | | | | | |
| | | | | TECHNOLOGY HARDWARE - 7.2% | | | | |
| | 76,099 | | | Accton Technology Corporation | | | 1,282,265 | |
| | 109,000 | | | Delta Electronics, Inc. | | | 1,349,954 | |
| | 15,000 | | | Lotes Company Ltd. | | | 764,978 | |
| | 129,000 | | | Quanta Computer Inc. | | | 1,174,719 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM EMERGING MARKETS STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 99.2% (Continued) | | | | |
| | | | | TECHNOLOGY HARDWARE - 7.2% (Continued) | | | | |
| | 87,041 | | | Samsung Electronics Company Ltd. | | $ | 3,710,555 | |
| | | | | | | | 8,282,471 | |
| | | | | TECHNOLOGY SERVICES - 1.0% | | | | |
| | 53,889 | | | Infosys Ltd. | | | 1,124,561 | |
| | | | | | | | | |
| | | | | TELECOMMUNICATIONS - 2.3% | | | | |
| | 135,753 | | | Bharti Airtel Ltd. | | | 2,598,810 | |
| | | | | | | | | |
| | | | | TRANSPORTATION & LOGISTICS - 0.7% | | | | |
| | 99,576 | | | Spring Airlines Company Ltd. | | | 769,940 | |
| | | | | | | | | |
| | | | | TRANSPORTATION EQUIPMENT - 0.6% | | | | |
| | 11,933 | | | Eicher Motors Ltd. | | | 692,678 | |
| | | | | | | | | |
| | | | | WHOLESALE - CONSUMER STAPLES - 0.6% | | | | |
| | 122,550 | | | Zabka Group S.A.(a) | | | 656,715 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $91,286,167) | | | 114,140,886 | |
| | | | | | | | | |
| | | | | PREFERRED STOCKS — 1.3% | | | | |
| | | | | AUTOMOTIVE — 0.3% | | | | |
| | 3,206 | | | Hyundai Motor Company | | | 371,883 | |
| | | | | | | | | |
| | | | | TECHNOLOGY HARDWARE — 1.0% | | | | |
| | 32,925 | | | Samsung Electronics Company Ltd. | | | 1,137,137 | |
| | | | | | | | | |
| | | | | TOTAL PREFERRED STOCKS (Cost $1,866,907) | | | 1,509,020 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM EMERGING MARKETS STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 2.7% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 2.7% | | | | |
| | 3,146,913 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(f),(g) | | $ | 3,146,913 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUNDS - 0.0% (e) | | | | |
| | 803 | | | First American Government Obligations Fund, Class X, 4.78%(g) | | | 803 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $3,147,716) | | | 3,147,716 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 104.1% (Cost $97,162,488) | | $ | 119,816,877 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)% | | | (4,762,272 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 115,054,605 | |
| 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 |
| (a) | Non-income producing security. |
| | |
| (b) | All or a portion of these securities are on loan. Total loaned securities had a value of $3,047,537 at October 31, 2024. |
| | |
| (c) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
| | |
(d) | Illiquid security. |
| | |
| (e) | Percentage rounds to less than 0.1%. |
| | |
(f) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $3,146,913 at October 31, 2024. |
| | |
| (g) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% | | | | |
| | | | | AEROSPACE & DEFENSE - 1.3% | | | | |
| | 5,586 | | | Airbus S.E. | | $ | 852,029 | |
| | 1,950 | | | Dassault Aviation S.A. | | | 393,701 | |
| | 2,185 | | | Leonardo SpA | | | 52,077 | |
| | 1,773 | | | MTU Aero Engines A.G. | | | 579,445 | |
| | | | | | | | 1,877,252 | |
| | | | | APPAREL & TEXTILE PRODUCTS - 0.3% | | | | |
| | 39,400 | | | Huali Industrial Group Company Ltd. | | | 369,986 | |
| | | | | | | | | |
| | | | | ASSET MANAGEMENT - 1.2% | | | | |
| | 13,041 | | | Industrivarden A.B., C Shares | | | 448,264 | |
| | 21,354 | | | Investor A.B. | | | 604,430 | |
| | 19,980 | | | UBS Group A.G.(a) | | | 611,656 | |
| | | | | | | | 1,664,350 | |
| | | | | AUTOMOTIVE - 0.9% | | | | |
| | 5,900 | | | BYD Company Ltd. | | | 243,030 | |
| | 4,244 | | | Hyundai Mobis Company Ltd. | | | 765,821 | |
| | 1,761 | | | Kia Corp | | | 116,917 | |
| | 246 | | | Rheinmetall A.G. | | | 126,640 | |
| | 3,600 | | | Sumitomo Electric Industries Ltd. | | | 55,377 | |
| | | | | | | | 1,307,785 | |
| | | | | BANKING - 20.8% | | | | |
| | 58,560 | | | ABN AMRO Bank N.V. | | | 967,670 | |
| | 167,000 | | | Agricultural Bank of China Ltd., H Shares | | | 82,057 | |
| | 8,593 | | | AIB Group plc | | | 46,064 | |
| | 0 | | | Akbank T.A.S. | | | 0 | |
| | 27,239 | | | Alpha Bank AE | | | 41,028 | |
| | 30,481 | | | Banco Bilbao Vizcaya Argentaria S.A. | | | 303,405 | |
| | 209,983 | | | Banco BPM SpA | | | 1,416,245 | |
| | 24,156 | | | Banco de Sabadell S.A. | | | 47,110 | |
| | 9,200 | | | Banco do Brasil S.A. | | | 41,789 | |
| | 85,730 | | | Banco Santander S.A. | | | 418,792 | |
| | 43,107 | | | Bancolombia S.A. | | | 371,461 | |
| | 6,714 | | | Bank Hapoalim BM | | | 69,950 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | BANKING - 20.8% (Continued) | | | | |
| | 8,455 | | | Bank Leumi Le-Israel BM | | $ | 85,893 | |
| | 4,404,000 | | | Bank of China Ltd., H Shares | | | 2,090,318 | |
| | 1,150,000 | | | Bank of Communications Company Ltd., H Shares | | | 871,013 | |
| | 229,387 | | | Bank of Ireland Group PLC | | | 2,125,843 | |
| | 79,615 | | | Barclays plc | | | 244,017 | |
| | 31,712 | | | BNK Financial Group, Inc. | | | 217,106 | |
| | 30,836 | | | BNP Paribas S.A. | | | 2,105,752 | |
| | 20,483 | | | CaixaBank S.A. | | | 124,809 | |
| | 11,613 | | | Canadian Imperial Bank of Commerce(a) | | | 726,509 | |
| | 475 | | | Capitec Bank Holdings Ltd. | | | 85,811 | |
| | 760,000 | | | China CITIC Bank Corp Ltd., H Shares | | | 473,678 | |
| | 1,240,000 | | | China Construction Bank Corporation, H Shares | | | 962,556 | |
| | 350,500 | | | China Minsheng Banking Corp Ltd., H Shares | | | 130,185 | |
| | 272,000 | | | Chongqing Rural Commercial Bank Company Ltd., H Shares | | | 147,518 | |
| | 361 | | | Credicorp Ltd. | | | 66,471 | |
| | 3,867 | | | Danske Bank A/S | | | 114,343 | |
| | 16,401 | | | Deutsche Bank A.G.(a) | | | 278,225 | |
| | 1,861 | | | Erste Group Bank A.G. | | | 105,261 | |
| | 6,555 | | | FinecoBank Banca Fineco SpA | | | 104,637 | |
| | 27,735 | | | FirstRand Ltd. | | | 121,862 | |
| | 1 | | | Haci Omer Sabanci Holding A/S | | | 1 | |
| | 10,225 | | | Hana Financial Group, Inc. | | | 442,908 | |
| | 40,620 | | | Industrial & Commercial Bank of China Ltd. - ADR | | | 485,815 | |
| | 1,630,000 | | | Industrial & Commercial Bank of China Ltd., H Shares | | | 977,789 | |
| | 131,750 | | | ING Groep N.V. | | | 2,235,676 | |
| | 110,337 | | | Intesa Sanpaolo SpA | | | 472,207 | |
| | 24,441 | | | Intesa Sanpaolo SpA - ADR | | | 629,356 | |
| | 197,758 | | | Itau Unibanco Holding S.A. - ADR | | | 1,196,436 | |
| | 8,000 | | | Japan Post Bank Company Ltd. | | | 71,451 | |
| | 15,000 | | | Kasikornbank PCL | | | 64,944 | |
| | 12,641 | | | KB Financial Group, Inc. | | | 825,808 | |
| | 115,200 | | | Krung Thai Bank PCL | | | 69,895 | |
| | 354,766 | | | Lloyds Banking Group plc | | | 243,469 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | BANKING - 20.8% (Continued) | | | | |
| | 671,237 | | | Lloyds Banking Group plc - ADR | | $ | 1,845,902 | |
| | 10,300 | | | Mizuho Financial Group, Inc. | | | 213,941 | |
| | 53,593 | | | Nordea Bank Abp | | | 627,324 | |
| | 1,218 | | | OTP Bank Nyrt | | | 60,641 | |
| | 248,000 | | | Postal Savings Bank of China Company Ltd., H Shares | | | 142,425 | |
| | 4,500 | | | Powszechna Kasa Oszczednosci Bank Polski S.A. | | | 62,523 | |
| | 775,890 | | | Sberbank of Russia PJSC(b),(c),(d) | | | — | |
| | 24,500 | | | SCB X PCL | | | 82,308 | |
| | 2,831 | | | Shinhan Financial Group Company Ltd. | | | 105,875 | |
| | 8,812 | | | Skandinaviska Enskilda Banken A.B. | | | 124,460 | |
| | 3,214 | | | Societe Generale S.A. | | | 92,304 | |
| | 39,000 | | | Sumitomo Mitsui Financial Group, Inc. | | | 827,364 | |
| | 8,239 | | | Svenska Handelsbanken A.B., A Shares | | | 85,612 | |
| | 4,659 | | | Swedbank A.B., Class A | | | 94,538 | |
| | 422,851 | | | Turkiye Garanti Bankasi A/S | | | 1,319,196 | |
| | 1 | | | Turkiye Is Bankasi A/S | | | 0 | |
| | 21,414 | | | UniCredit SpA | | | 947,265 | |
| | 1,284,860,000 | | | VTB Bank PJSC(b),(c),(d) | | | — | |
| | 591,773 | | | Yapi ve Kredi Bankasi A/S | | | 423,247 | |
| | | | | | | | 29,758,058 | |
| | | | | BIOTECH & PHARMA - 6.3% | | | | |
| | 18,700 | | | Daiichi Sankyo Company Ltd. | | | 608,650 | |
| | 13,311 | | | GSK plc - ADR(a) | | | 489,312 | |
| | 19,870 | | | Novartis A.G. - ADR(a) | | | 2,153,909 | |
| | 11,798 | | | Novartis AG | | | 1,280,276 | |
| | 11,909 | | | Novo Nordisk A/S | | | 1,335,771 | |
| | 6,300 | | | Otsuka Holdings Company Ltd. | | | 380,587 | |
| | 3,728 | | | Roche Holding A.G. | | | 1,155,427 | |
| | 4,000 | | | Shionogi & Company Ltd. | | | 57,131 | |
| | 51,800 | | | Takeda Pharmaceutical Company Ltd. | | | 1,445,278 | |
| | 6,562 | | | Teva Pharmaceutical Industries Ltd. - ADR(d) | | | 121,003 | |
| | | | | | | | 9,027,344 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | CHEMICALS - 0.3% | | | | |
| | 433,000 | | | Indorama Ventures PCL | | $ | 331,855 | |
| | 2,728 | | | Nutrien Ltd. | | | 130,071 | |
| | 10,128 | | | PhosAgro PJSC(b),(c),(d) | | | — | |
| | | | | | | | 461,926 | |
| | | | | CONSTRUCTION MATERIALS - 0.2% | | | | |
| | 3,018 | | | Holcim A.G. | | | 296,398 | |
| | 0 | | | Turkiye Sise ve Cam Fabrikalari A/S | | | 0 | |
| | | | | | | | 296,398 | |
| | | | | CONTAINERS & PACKAGING - 0.1% | | | | |
| | 9,133 | | | Brambles Ltd. | | | 109,949 | |
| | | | | | | | | |
| | | | | DIVERSIFIED INDUSTRIALS - 0.2% | | | | |
| | 1,625 | | | Alfa Laval A.B. | | | 71,941 | |
| | 18,400 | | | Mitsubishi Heavy Industries Ltd. | | | 259,751 | |
| | | | | | | | 331,692 | |
| | | | | E-COMMERCE DISCRETIONARY - 0.3% | | | | |
| | 3,365 | | | PDD Holdings, Inc. - ADR(a),(d) | | | 405,785 | |
| | | | | | | | | |
| | | | | ELECTRIC UTILITIES - 1.9% | | | | |
| | 1,500 | | | Brookfield Renewable Corporation | | | 45,926 | |
| | 6,577 | | | Emera, Inc. | | | 248,465 | |
| | 46,240 | | | Enel SpA | | | 350,661 | |
| | 19,994 | | | Engie S.A. | | | 335,104 | |
| | 11,468 | | | Fortis, Inc.(a) | | | 495,762 | |
| | 3,800 | | | Kansai Electric Power Company, Inc. (The) | | | 60,941 | |
| | 292,100 | | | Tokyo Electric Power Company Holdings, Inc.(d) | | | 1,179,646 | |
| | | | | | | | 2,716,505 | |
| | | | | ELECTRICAL EQUIPMENT - 2.5% | | | | |
| | 52,803 | | | ABB Ltd. | | | 2,945,503 | |
| | 27,000 | | | Goneo Group Company Ltd. | | | 276,554 | |
| | 10,700 | | | Mitsubishi Electric Corporation | | | 188,239 | |
| | 1,433 | | | Prysmian SpA | | | 101,125 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | ELECTRICAL EQUIPMENT - 2.5% (Continued) | | | | |
| | 2,778 | | | Siemens Energy A.G.(d) | | $ | 114,092 | |
| | | | | | | | 3,625,513 | |
| | | | | ENGINEERING & CONSTRUCTION - 0.8% | | | | |
| | 966,900 | | | China State Construction Engineering Corp Ltd. | | | 818,689 | |
| | 1 | | | Enka Insaat ve Sanayi A/S | | | 1 | |
| | 30,358 | | | Infrastrutture Wireless Italiane SpA | | | 342,253 | |
| | | | | | | | 1,160,943 | |
| | | | | ENTERTAINMENT CONTENT - 0.7% | | | | |
| | 5,800 | | | Bandai Namco Holdings, Inc. | | | 121,603 | |
| | 11,000 | | | NetEase, Inc. | | | 176,981 | |
| | 30,400 | | | Nexon Company Ltd. | | | 526,890 | |
| | 1,993 | | | Sea Ltd. - ADR(d) | | | 187,442 | |
| | 300 | | | Toho Company Ltd. | | | 11,456 | |
| | | | | | | | 1,024,372 | |
| | | | | FOOD - 0.5% | | | | |
| | 13,100 | | | JBS S/A | | | 81,981 | |
| | 741,000 | | | WH Group Ltd. | | | 576,747 | |
| | | | | | | | 658,728 | |
| | | | | HOME & OFFICE PRODUCTS - 1.4% | | | | |
| | 1 | | | Arcelik A/S(d) | | | 4 | |
| | 4,889 | | | Coway Company Ltd. | | | 224,253 | |
| | 84,000 | | | Gree Electric Appliances Inc of Zhuhai | | | 513,768 | |
| | 71,500 | | | Haier Smart Home Company Ltd. | | | 293,748 | |
| | 17,400 | | | Haier Smart Home Company Ltd., H Shares | | | 63,150 | |
| | 48,000 | | | Hisense Home Appliances Group Company Ltd., H Shares | | | 152,081 | |
| | 83,286 | | | Midea Group Company Ltd. | | | 834,625 | |
| | | | | | | | 2,081,629 | |
| | | | | HOME CONSTRUCTION - 0.3% | | | | |
| | 17,300 | | | Sekisui House Ltd. | | | 417,821 | |
| | | | | | | | | |
| | | | | HOUSEHOLD PRODUCTS - 0.1% | | | | |
| | 3,401 | | | Essity A.B., Class B - Series B | | | 96,021 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | INDUSTRIAL INTERMEDIATE PROD - 0.1% | | | | |
| | 10,000 | | | Catcher Technology Company Ltd. | | $ | 72,982 | |
| | | | | | | | | |
| | | | | INDUSTRIAL SUPPORT SERVICES - 0.2% | | | | |
| | 13,200 | | | Sumitomo Corporation | | | 278,472 | |
| | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES - 0.8% | | | | |
| | 30,000 | | | B3 S.A. Brasil, Bolsa, Balcao | | | 55,161 | |
| | 12,155 | | | Computershare Ltd. | | | 210,105 | |
| | 761 | | | Deutsche Boerse A.G. | | | 176,750 | |
| | 5,200 | | | Japan Exchange Group, Inc. | | | 60,949 | |
| | 78,500 | | | Nomura Holdings, Inc. | | | 402,540 | |
| | 40,600 | | | Orient Securities Company Ltd. | | | 60,119 | |
| | 257,900 | | | Shenwan Hongyuan Group Company Ltd. | | | 192,867 | |
| | | | | | | | 1,158,491 | |
| | | | | INSURANCE - 10.5% | | | | |
| | 4,600 | | | Ageas S.A./N.V. | | | 240,048 | |
| | 181,400 | | | AIA Group Ltd. | | | 1,431,700 | |
| | 7,759 | | | Allianz S.E. | | | 2,442,385 | |
| | 13,126 | | | ASR Nederland N.V. | | | 622,112 | |
| | 58,619 | | | Aviva plc | | | 343,465 | |
| | 9,826 | | | AXA S.A. | | | 368,911 | |
| | 364,000 | | | China Life Insurance Company Ltd., H Shares | | | 771,604 | |
| | 13,600 | | | China Pacific Insurance Group Company Ltd., H Shares | | | 47,232 | |
| | 3,700 | | | Dai-ichi Life Holdings, Inc. | | | 92,242 | |
| | 12,290 | | | Generali | | | 340,729 | |
| | 7,097 | | | Hyundai Marine & Fire Insurance Company Ltd. | | | 156,340 | |
| | 14,300 | | | Japan Post Holdings Company Ltd. | | | 131,933 | |
| | 44,100 | | | MS&AD Insurance Group Holdings, Inc. | | | 975,459 | |
| | 729 | | | Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | | | 372,767 | |
| | 27,490 | | | NN Group N.V. | | | 1,349,443 | |
| | 2,312,000 | | | People’s Insurance Company Group of China Ltd., H Shares | | | 1,167,020 | |
| | 45,500 | | | Ping An Insurance Group Company of China Ltd., H Shares | | | 281,915 | |
| | 2,533 | | | Sampo OYJ, A Shares | | | 112,307 | |
| | 3,712 | | | Samsung Fire & Marine Insurance Company Ltd. | | | 903,522 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | INSURANCE - 10.5% (Continued) | | | | |
| | 84,600 | | | Sompo Holdings, Inc. | | $ | 1,813,741 | |
| | 1,655 | | | Swiss Re A.G. | | | 211,342 | |
| | 10,200 | | | Tokio Marine Holdings, Inc. | | | 367,364 | |
| | 816 | | | Zurich Insurance Group A.G. | | | 481,162 | |
| | | | | | | | 15,024,743 | |
| | | | | INTERNET MEDIA & SERVICES - 1.1% | | | | |
| | 11,597 | | | Meituan - ADR(d) | | | 548,538 | |
| | 748 | | | NAVER Corporation | | | 91,861 | |
| | 8,213 | | | Tencent Holdings Ltd. - ADR(a) | | | 428,801 | |
| | 10,500 | | | Tencent Holdings Ltd. | | | 547,505 | |
| | | | | | | | 1,616,705 | |
| | | | | LEISURE FACILITIES & SERVICES - 0.4% | | | | |
| | 962 | | | Evolution A.B. | | | 90,958 | |
| | 98,500 | | | H World Group Ltd. | | | 362,567 | |
| | 1,515 | | | Yum China Holdings, Inc. | | | 66,827 | |
| | | | | | | | 520,352 | |
| | | | | MACHINERY - 1.4% | | | | |
| | 17,310 | | | Atlas Copco A.B. | | | 251,693 | |
| | 2,500 | | | Disco Corporation | | | 711,334 | |
| | 11,300 | | | FANUC Corporation | | | 299,803 | |
| | 504 | | | Kongsberg Gruppen ASA | | | 52,608 | |
| | 7,000 | | | Techtronic Industries Company Ltd. | | | 101,260 | |
| | 29,300 | | | Yokogawa Electric Corporation | | | 649,632 | |
| | | | | | | | 2,066,330 | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 1.4% | | | | |
| | 2,426 | | | APT Medical, Inc. | | | 126,546 | |
| | 11,700 | | | Hoya Corporation | | | 1,565,384 | |
| | 6,500 | | | Olympus Corporation | | | 114,415 | |
| | 12,700 | | | Terumo Corporation | | | 241,875 | |
| | | | | | | | 2,048,220 | |
| | | | | METALS & MINING - 4.3% | | | | |
| | 13,226 | | | Agnico Eagle Mines Ltd.(a) | | | 1,141,333 | |
| | 2,293 | | | Antofagasta plc | | | 51,209 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | METALS & MINING - 4.3% (Continued) | | | | |
| | 26,862 | | | Barrick Gold Corporation(a) | | $ | 518,974 | |
| | 17,000 | | | China Shenhua Energy Company Ltd., H Shares | | | 73,610 | |
| | 1,075 | | | Franco-Nevada Corporation | | | 142,610 | |
| | 9,275 | | | Grupo Mexico S.A.B. de C.V. - Series B | | | 48,650 | |
| | 233,396 | | | Kinross Gold Corporation | | | 2,352,631 | |
| | 378,500 | | | MMC Norilsk Nickel PJSC(b),(c),(d) | | | — | |
| | 3,258 | | | Northern Star Resources Ltd. | | | 37,803 | |
| | 1,994 | | | Rio Tinto plc | | | 128,846 | |
| | 3,700 | | | Sumitomo Metal Mining Company Ltd. | | | 102,299 | |
| | 74,243 | | | Vale S.A. - ADR | | | 794,400 | |
| | 124,200 | | | Wuchan Zhongda Group Company Ltd. | | | 87,636 | |
| | 322,000 | | | Zijin Mining Group Company Ltd. | | | 685,899 | |
| | | | | | | | 6,165,900 | |
| | | | | OIL & GAS PRODUCERS - 4.7% | | | | |
| | 105,666 | | | BP PLC | | | 516,703 | |
| | 7,629 | | | Cenovus Energy, Inc. | | | 122,680 | |
| | 1,214,000 | | | China Petroleum & Chemical Corporation, H Shares | | | 683,850 | |
| | 28,916 | | | Empresas COPEC S.A. | | | 182,647 | |
| | 16,663 | | | Enbridge, Inc.(a) | | | 673,185 | |
| | 17,700 | | | ENEOS Holdings, Inc. | | | 89,288 | |
| | 11,818 | | | Eni SpA | | | 180,012 | |
| | 6,389 | | | Equinor ASA | | | 151,800 | |
| | 34,879 | | | Equinor ASA - ADR(a) | | | 818,959 | |
| | 247,390 | | | Gazprom PJSC(b),(c),(d) | | | — | |
| | 87,530 | | | Gazprom PJSC - ADR(b),(c),(d) | | | — | |
| | 37,200 | | | Inpex Corporation | | | 490,371 | |
| | 24,250 | | | LUKOIL PJSC(b),(c),(d) | | | — | |
| | 944,100 | | | PetroChina Company Ltd., Class A | | | 1,073,299 | |
| | 1,184,100 | | | PetroChina Company Ltd., H Shares | | | 889,179 | |
| | 20,200 | | | Petroleo Brasileiro S.A. | | | 136,092 | |
| | 55,200 | | | PTT PCL | | | 54,782 | |
| | 9,462 | | | Repsol S.A. | | | 118,440 | |
| | 117,940 | | | Rosneft Oil Company PJSC(b),(c),(d) | | | — | |
| | 6,936 | | | Suncor Energy, Inc. | | | 261,828 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | OIL & GAS PRODUCERS - 4.7% (Continued) | | | | |
| | 6,830 | | | Tatneft PJSC(b),(c),(d) | | $ | — | |
| | 5,889 | | | TotalEnergies S.E. | | | 369,540 | |
| | | | | | | | 6,812,655 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 0.5% | | | | |
| | 1,100,200 | | | CNOOC Energy Technology & Services Ltd. | | | 674,680 | |
| | | | | | | | | |
| | | | | PUBLISHING & BROADCASTING - 0.1% | | | | |
| | 7,110 | | | Informa plc | | | 74,264 | |
| | | | | | | | | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS - 0.5% | | | | |
| | 7,500 | | | Sun Hung Kai Properties Ltd. | | | 81,212 | |
| | 204,000 | | | Wharf Real Estate Investment Company Ltd. | | | 613,359 | |
| | | | | | | | 694,571 | |
| | | | | RETAIL - CONSUMER STAPLES - 0.1% | | | | |
| | 13,500 | | | CK Hutchison Holdings Ltd. | | | 71,000 | |
| | 1,414 | | | Dollarama, Inc. | | | 147,143 | |
| | | | | | | | 218,143 | |
| | | | | RETAIL - DISCRETIONARY - 0.9% | | | | |
| | 1,900 | | | Fast Retailing Company Ltd. | | | 607,468 | |
| | 3,254 | | | Hennes & Mauritz A.B., Class B | | | 48,510 | |
| | 5,896 | | | Industria de Diseno Textil S.A. | | | 336,133 | |
| | 439 | | | Pandora A/S | | | 66,375 | |
| | 6,267 | | | Wesfarmers Ltd. | | | 275,661 | |
| | | | | | | | 1,334,147 | |
| | | | | RETAIL REIT - 0.1% | | | | |
| | 20,575 | | | Scentre Group | | | 47,166 | |
| | 627 | | | Unibail-Rodamco-Westfield | | | 51,088 | |
| | | | | | | | 98,254 | |
| | | | | SEMICONDUCTORS - 6.4% | | | | |
| | 17,000 | | | ASE Technology Holding Company Ltd. | | | 80,389 | |
| | 236 | | | ASM International N.V. | | | 131,798 | |
| | 18,000 | | | MediaTek, Inc. | | | 702,637 | |
| | 8,000 | | | Realtek Semiconductor Corporation | | | 117,703 | |
| | 168,000 | | | Taiwan Semiconductor Manufacturing Company Ltd. | | | 5,282,905 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | SEMICONDUCTORS - 6.4% (Continued) | | | | |
| | 8,388 | | | Taiwan Semiconductor Manufacturing Company Ltd. - ADR(a) | | $ | 1,598,250 | |
| | 7,500 | | | Tokyo Electron Ltd. | | | 1,103,645 | |
| | 7,900 | | | Will Semiconductor Company Ltd. Shanghai | | | 118,805 | |
| | | | | | | | 9,136,132 | |
| | | | | SOFTWARE - 2.7% | | | | |
| | 520 | | | Check Point Software Technologies Ltd.(d) | | | 90,069 | |
| | 136 | | | Constellation Software, Inc. | | | 410,148 | |
| | 222 | | | CyberArk Software Ltd.(d) | | | 61,387 | |
| | 3,652 | | | Dassault Systemes S.E. | | | 124,981 | |
| | 669 | | | Descartes Systems Group, Inc. (The)(d) | | | 69,502 | |
| | 324 | | | Nice Ltd.(d) | | | 56,294 | |
| | 6,500 | | | Obic Company Ltd. | | | 212,403 | |
| | 1,435 | | | Open Text Corporation(a) | | | 43,050 | |
| | 6,857 | | | SAP S.E. | | | 1,600,883 | |
| | 14,236 | | | Shopify, Inc., Class A(d) | | | 1,113,646 | |
| | 369 | | | Wix.com Ltd.(d) | | | 61,667 | |
| | 814 | | | Xero Ltd.(d) | | | 79,076 | |
| | | | | | | | 3,923,106 | |
| | | | | SPECIALTY FINANCE - 0.6% | | | | |
| | 1,077 | | | AerCap Holdings N.V. | | | 100,753 | |
| | 6,400 | | | ORIX Corporation | | | 134,847 | |
| | 20,481 | | | Samsung Card Company Ltd. | | | 599,134 | |
| | | | | | | | 834,734 | |
| | | | | TECHNOLOGY HARDWARE - 5.0% | | | | |
| | 70,790 | | | Anker Innovations Technology Company Ltd. | | | 797,643 | |
| | 3,000 | | | Asustek Computer, Inc. | | | 53,120 | |
| | 72,899 | | | Avary Holding Shenzhen Company Ltd. | | | 383,633 | |
| | 10,100 | | | Brother Industries Ltd. | | | 196,720 | |
| | 13,700 | | | Canon, Inc. | | | 445,591 | |
| | 103,000 | | | Chicony Electronics Company Ltd. | | | 520,869 | |
| | 16,200 | | | FUJIFILM Holdings Corporation | | | 385,370 | |
| | 81,000 | | | Hon Hai Precision Industry Company Ltd. | | | 520,618 | |
| | 8,800 | | | Kyocera Corporation | | | 89,247 | |
| | 42,000 | | | Lenovo Group Ltd. | | | 55,384 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | TECHNOLOGY HARDWARE - 5.0% (Continued) | | | | |
| | 538 | | | LG Electronics, Inc. | | $ | 34,784 | |
| | 9,002 | | | Logitech International S.A.(a) | | | 736,854 | |
| | 7,300 | | | Nintendo Company Ltd. | | | 385,607 | |
| | 25,690 | | | Nokia OYJ | | | 121,556 | |
| | 25,600 | | | Panasonic Holdings Corporation | | | 210,688 | |
| | 17,000 | | | Pegatron Corporation | | | 51,689 | |
| | 26,000 | | | Quanta Computer Inc | | | 236,765 | |
| | 43,965 | | | Samsung Electronics Company Ltd. | | | 1,874,225 | |
| | 14,277 | | | Telefonaktiebolaget LM Ericsson, Class B | | | 119,705 | |
| | | | | | | | 7,220,068 | |
| | | | | TECHNOLOGY SERVICES - 2.9% | | | | |
| | 120 | | | Adyen N.V.(d) | | | 183,305 | |
| | 1,131 | | | CGI, Inc.(d) | | | 125,289 | |
| | 11,851 | | | Experian plc | | | 578,297 | |
| | 8,900 | | | Fujitsu Ltd. | | | 171,109 | |
| | 18,100 | | | Nomura Research Institute Ltd. | | | 541,431 | |
| | 16,388 | | | RELX plc - ADR(a) | | | 757,453 | |
| | 16,019 | | | RELX plc | | | 740,084 | |
| | 6,620 | | | Wolters Kluwer N.V. | | | 1,112,627 | |
| | | | | | | | 4,209,595 | |
| | | | | TELECOMMUNICATIONS - 4.3% | | | | |
| | 34,036 | | | BT Group PLC | | | 60,764 | |
| | 1,252,800 | | | China United Network Communications Ltd. | | | 878,332 | |
| | 96,561 | | | Deutsche Telekom A.G. | | | 2,919,153 | |
| | 17,600 | | | KDDI Corporation | | | 548,756 | |
| | 585,800 | | | Nippon Telegraph & Telephone Corporation | | | 565,199 | |
| | 9,429 | | | Orange S.A. | | | 103,576 | |
| | 14,639 | | | Rogers Communications Inc, Class B | | | 531,687 | |
| | 47,500 | | | Singapore Telecommunications Ltd. | | | 112,071 | |
| | 6,023 | | | Tele2 A.B., B Shares | | | 63,118 | |
| | 17,189 | | | Vodafone Group plc - ADR | | | 159,342 | |
| | 245,517 | | | Vodafone Group plc | | | 228,270 | |
| | | | | | | | 6,170,268 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | TOBACCO & CANNABIS - 0.7% | | | | |
| | 22,161 | | | British American Tobacco plc - ADR | | $ | 775,192 | |
| | 6,800 | | | Japan Tobacco, Inc. | | | 189,838 | |
| | | | | | | | 965,030 | |
| | | | | TRANSPORTATION & LOGISTICS - 3.5% | | | | |
| | 6,996 | | | Canadian National Railway Company | | | 755,008 | |
| | 4,100 | | | Central Japan Railway Company | | | 84,908 | |
| | 349,792 | | | COSCO SHIPPING Holdings Company Ltd., Class A | | | 716,288 | |
| | 372,000 | | | COSCO SHIPPING Ports Ltd. | | | 212,735 | |
| | 152,700 | | | Eastern Air Logistics Company Ltd. | | | 365,010 | |
| | 4,776 | | | Grupo Aeroportuario del Centro Norte S.A.B. de - ADR | | | 320,230 | |
| | 30,100 | | | Grupo Aeroportuario del Centro Norte SAB de CV | | | 250,954 | |
| | 850 | | | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | | | 147,977 | |
| | 13,500 | | | Kawasaki Kisen Kaisha Ltd. | | | 186,489 | |
| | 17,500 | | | Mitsui OSK Lines Ltd. | | | 595,795 | |
| | 1,173,800 | | | Nanjing Tanker Corporation(d) | | | 559,107 | |
| | 8,500 | | | Nippon Express Holdings Company Ltd. | | | 419,065 | |
| | 7,300 | | | Nippon Yusen KK | | | 244,399 | |
| | 3,924 | | | Poste Italiane SpA | | | 55,172 | |
| | 463 | | | TFI International, Inc. | | | 61,961 | |
| | 1 | | | Turk Hava Yollari AO(d) | | | 8 | |
| | | | | | | | 4,975,106 | |
| | | | | TRANSPORTATION EQUIPMENT - 2.3% | | | | |
| | 322,198 | | | China CSSC Holdings Ltd. | | | 1,662,959 | |
| | 341,300 | | | CRRC Corp Ltd. | | | 398,769 | |
| | 7,161 | | | Korea Shipbuilding & Offshore Engineering Company(d) | | | 951,249 | |
| | 17,634 | | | Wartsila OYJ Abp | | | 337,708 | |
| | | | | | | | 3,350,685 | |
| | | | | WHOLESALE - CONSUMER STAPLES - 0.1% | | | | |
| | 8,100 | | | Marubeni Corporation | | | 121,088 | |
| | | | | | | | | |
| | | | | WHOLESALE - DISCRETIONARY - 0.1% | | | | |
| | 5,100 | | | Toyota Tsusho Corporation | | | 86,693 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 95.8% (Continued) | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $131,175,887) | | $ | 137,243,472 | |
| | | | | | | | | |
| | | | | EXCHANGE-TRADED FUNDS — 0.5% | | | | |
| | | | | EQUITY - 0.5% | | | | |
| | 9,108 | | | iShares MSCI EAFE ETF(a) | | | 721,535 | |
| | | | | | | | | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $735,184) | | | 721,535 | |
| | | | | | | | | |
| | | | | PREFERRED STOCKS — 3.0% | | | | |
| | | | | AUTOMOTIVE — 0.4% | | | | |
| | 4,098 | | | Hyundai Motor Company | | | 464,794 | |
| | 1,238 | | | Volkswagen A.G. | | | 120,154 | |
| | | | | | | | 584,948 | |
| | | | | BANKING — 0.9% | | | | |
| | 28,800 | | | Banco Bradesco S.A. | | | 71,834 | |
| | 44,474 | | | Bancolombia S.A. | | | 356,082 | |
| | 120,800 | | | Itau Unibanco Holding S.A. | | | 734,457 | |
| | | | | | | | 1,162,373 | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 0.2% | | | | |
| | 110,420 | | | Mirae Asset Securities Company Ltd. | | | 323,203 | |
| | | | | | | | | |
| | | | | INSURANCE — 0.4% | | | | |
| | 3,206 | | | Samsung Fire & Marine Insurance Company Ltd. | | | 607,482 | |
| | | | | | | | | |
| | | | | OIL & GAS PRODUCERS — 0.6% | | | | |
| | 148,000 | | | Petroleo Brasileiro S.A. | | | 917,496 | |
| | | | | | | | | |
| | | | | TECHNOLOGY HARDWARE — 0.5% | | | | |
| | 19,632 | | | Samsung Electronics Company Ltd. | | | 678,034 | |
| | | | | | | | | |
| | | | | TOTAL PREFERRED STOCKS (Cost $4,128,197) | | | 4,273,536 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM INTERNATIONAL STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Expiration Date | | Exercise Price | | | Fair Value | |
| | | | | WARRANT — 0.0%(e) | | | | | | | | | | |
| | | | | SOFTWARE - 0.0% (e) | | | | | | | | | | |
| | 108 | | | Constellation Software Inc (Canada) | | 04/02/2040 | | $ | 0.00 | | | $ | — | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL WARRANT (Cost $0) | | | | — | |
| | | | | | | | | | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 6.2% | | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 5.6% | | | | | |
| | 8,077,302 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(f),(g) | | | | 8,077,302 | |
| | | | | | | | | | | | | | | |
| | | | | MONEY MARKET FUNDS - 0.6% | | | | | |
| | 845,354 | | | Fidelity Government Portfolio, Institutional Class, 4.74%(g) | | | | 845,354 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $8,922,656) | | | | 8,922,656 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 105.5% (Cost $144,961,924) | | | $ | 151,161,199 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (5.5)% | | | | (7,835,303 | ) |
| | | | | NET ASSETS - 100.0% | | | $ | 143,325,896 | |
| 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 |
| | |
| OYJ | - Julkinen osakeyhtiö |
| | |
| PJSC | - Public Joint-Stock Company |
| | |
| PLC | - Public Limited Company |
| | |
| REIT | - Real Estate Investment Trust |
| | |
| SA | - Société Anonyme |
| | |
| TAS | - Turkish Accounting Standards |
| (a) | All or a portion of these securities are on loan. Total loaned securities had a value of $7,780,426 at October 31, 2024. |
| | |
| (b) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0. |
| | |
| (c) | Illiquid security. |
| | |
| (d) | Non-income producing security. |
| | |
| (e) | Percentage rounds to less than 0.1%. |
| | |
| (f) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $8,077,302 at October 31, 2024. |
| | |
| (g) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM DYNAMIC MACRO FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 33.7% | | | | |
| | | | | COMMODITY - 0.0%(a) | | | | |
| | 1,000 | | | iShares GSCI Commodity Dynamic Roll Strategy ETF(b) | | $ | 26,280 | |
| | | | | | | | | |
| | | | | EQUITY - 33.7% | | | | |
| | 176,500 | | | Franklin FTSE Japan ETF | | | 5,093,790 | |
| | 116,700 | | | Franklin FTSE United Kingdom ETF | | | 3,176,574 | |
| | 36,000 | | | Invesco Nasdaq 100 ETF | | | 7,168,680 | |
| | 67,400 | | | SPDR EURO STOXX 50 ETF | | | 3,386,850 | |
| | 13,483 | | | SPDR S&P 500 ETF Trust | | | 7,666,973 | |
| | | | | | | | 26,492,867 | |
| | | | | | | | | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $19,050,389) | | | 26,519,147 | |
Principal
Amount ($) | | | | | Coupon Rate
(%) | | Maturity | | | |
| | | | | CORPORATE BONDS — 3.5% | | | | | | | | |
| | | | | GOVERNMENT GUARANTEED — 3.5% | | | | | | | | |
| | 1,773,000 | | | Kreditanstalt fuer Wiederaufbau | | 1.2500 | | 01/31/25 | | | 1,758,195 | |
| | 1,000,000 | | | Landwirtschaftliche Rentenbank | | 2.0000 | | 01/13/25 | | | 994,744 | |
| | | | | | | | | | | | 2,752,939 | |
| | | | | TOTAL CORPORATE BONDS (Cost $2,748,200) | | | | | | | 2,752,939 | |
| | | | | | | | | | | | | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 3.7% | | | | | | | | |
| | | | | SUPRANATIONAL — 3.7% | | | | | | | | |
| | 1,500,000 | | | International Bank for Reconstruction & Development | | 0.6250 | | 04/22/25 | | | 1,472,497 | |
| | 1,500,000 | | | International Bank for Reconstruction & Development | | 0.3750 | | 07/28/25 | | | 1,456,042 | |
| | | | | | | | | | | | 2,928,539 | |
| | | | | TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,928,763) | | | | | | | 2,928,539 | |
| | | | | | | | | | | | | |
| | | | | U.S. GOVERNMENT & AGENCIES — 46.3% | | | | | | | | |
| | | | | U.S. TREASURY NOTES — 46.3% | | | | | | | | |
| | 2,500,000 | | | United States Treasury Note | | 1.5000 | | 11/30/24 | | | 2,493,705 | |
| | 3,000,000 | | | United States Treasury Note | | 1.0000 | | 12/15/24 | | | 2,986,653 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM DYNAMIC MACRO FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
Principal
Amount ($) | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | U.S. GOVERNMENT & AGENCIES — 46.3% (Continued) | | | | | | | | |
| | | | | U.S. TREASURY NOTES — 46.3% (Continued) | | | | | | | | |
| | 1,500,000 | | | United States Treasury Note | | 2.2500 | | 12/31/24 | | $ | 1,494,014 | |
| | 2,500,000 | | | United States Treasury Note | | 1.1250 | | 01/15/25 | | | 2,482,303 | |
| | 2,750,000 | | | United States Treasury Note | | 1.1250 | | 02/28/25 | | | 2,719,605 | |
| | 2,500,000 | | | United States Treasury Note | | 0.5000 | | 03/31/25 | | | 2,459,819 | |
| | 2,250,000 | | | United States Treasury Note | | 0.3750 | | 04/30/25 | | | 2,205,476 | |
| | 2,500,000 | | | United States Treasury Note | | 2.1250 | | 05/15/25 | | | 2,469,388 | |
| | 2,500,000 | | | United States Treasury Note | | 0.2500 | | 05/31/25 | | | 2,440,080 | |
| | 2,500,000 | | | United States Treasury Note | | 2.7500 | | 06/30/25 | | | 2,474,355 | |
| | 1,500,000 | | | United States Treasury Note | | 2.8750 | | 07/31/25 | | | 1,483,936 | |
| | 1,500,000 | | | United States Treasury Note | | 2.0000 | | 08/15/25 | | | 1,472,586 | |
| | 2,000,000 | | | United States Treasury Note | | 0.2500 | | 09/30/25 | | | 1,927,359 | |
| | 1,500,000 | | | United States Treasury Note | | 0.2500 | | 10/31/25 | | | 1,440,832 | |
| | 1,500,000 | | | United States Treasury Note | | 2.8750 | | 11/30/25 | | | 1,477,385 | |
| | 1,500,000 | | | United States Treasury Note | | 3.8750 | | 01/15/26 | | | 1,493,438 | |
| | 2,000,000 | | | United States Treasury Note | | 0.5000 | | 02/28/26 | | | 1,903,750 | |
| | 1,000,000 | | | United States Treasury Note | | 2.2500 | | 03/31/26 | | | 973,203 | |
| | | | | | | | | | | | 36,397,887 | |
| | | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,340,427) | | | 36,397,887 | |
| Shares | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 10.7% | | | | |
| | | | | MONEY MARKET FUNDS - 10.7% | | | | |
| | 8,409,789 | | | MSILF Government Portfolio, Institutional Class, 4.79% (Cost $8,409,789)(c) | | | 8,409,789 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 97.9% (Cost $69,477,568) | | $ | 77,008,301 | |
| | | | | OTHER ASSETS IN EXCESS OF LIABILITIES - 2.1% | | | 1,668,851 | |
| | | | | NET ASSETS - 100.0% | | $ | 78,677,152 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM DYNAMIC MACRO FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| OPEN LONG FUTURES CONTRACTS |
Number of
Contracts | | | Open Long Futures Contracts | | Expiration | | | Notional Amount(d) | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| | 14 | | | Eurex 10 Year Euro BUND Future | | | 12/09/2024 | | | $ | 2,006,961 | | | $ | (44,153 | ) |
| | 44 | | | Eurex Euro STOXX 50 Future | | | 12/23/2024 | | | | 2,313,422 | | | | (6,749 | ) |
| | 13 | | | Euro BONO Futures on Long-Term Spanish Government Bonds | | | 12/09/2024 | | | | 1,764,912 | | | | (13,318 | ) |
| | 55 | | | Euro-BTP Italian Bond Futures | | | 12/09/2024 | | | | 7,151,674 | | | | 63,745 | |
| | 20 | | | French Government Bond Futures | | | 12/09/2024 | | | | 2,711,769 | | | | (27,730 | ) |
| | 25 | | | FTSE 100 Index Future | | | 12/23/2024 | | | | 2,619,382 | | | | (71,466 | ) |
| | 38 | | | TSE TOPIX (Tokyo Price Index) Future | | | 12/13/2024 | | | | 6,738,888 | | | | 248,798 | |
| | | | | TOTAL LONG FUTURES CONTRACTS | | | | | | | | | | $ | 149,127 | |
| | | | | | | | | | | | | | | | | |
| OPEN SHORT FUTURES CONTRACTS |
Number of
Contracts | | | Open Short Futures Contracts | | Expiration | | | Notional Amount(d) | | | Value and
Unrealized
Appreciation | |
| | 43 | | | CBOT 10 Year US Treasury Note Future | | | 12/20/2024 | | | $ | 4,750,156 | | | $ | 12,079 | |
| | 4 | | | CME E-Mini NASDAQ 100 Index Future | | | 12/23/2024 | | | | 1,601,740 | | | | 39,950 | |
| | 7 | | | CME E-Mini Standard & Poor’s 500 Index Future | | | 12/23/2024 | | | | 2,008,475 | | | | 47,938 | |
| | 18 | | | Long Gilt Future | | | 12/30/2024 | | | | 2,182,296 | | | | 30,348 | |
| | | | | TOTAL SHORT FUTURES CONTRACTS | | | | | | | | | | $ | 130,315 | |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | | | | | | | | |
| | | | | | | | | | | | | Unrealized | |
| Foreign Currency | | Settlement Date | | Counterparty | | Local Currency | | | U.S. Dollar Value | | | Appreciation/
(Depreciation) | |
| To Sell: | | | | | | | | | | | | | | | | |
| British Pound | | 11/21/2024 | | US Bank | | | 2,350,000 | | | $ | 3,029,605 | | | $ | (15,945 | ) |
| Euro | | 11/21/2024 | | US Bank | | | 3,000,000 | | | | 3,265,253 | | | | 36,456 | |
| Japanese Yen | | 11/21/2024 | | US Bank | | | 745,000,000 | | | | 4,913,974 | | | | 222,742 | |
| | | | | | | | | | | $ | 11,208,832 | | | $ | 243,253 | |
| | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | $ | 243,253 | |
| ETF | - Exchange-Traded Fund |
| | |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Percentage rounds to less than 0.1%. |
| | |
| (b) | Non-income producing security. |
| | |
| (c) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (d) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LONG/SHORT CREDIT FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 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 — 37.2% | | | | | | | | | | |
| | | | | AUTOMOTIVE — 1.1% | | | | | | | | | | |
| | 2,429,000 | | | Ford Motor Credit Company, LLC | | | | 6.9500 | | 06/10/26 | | | 2,482,993 | |
| | | | | | | | | | | | | | | |
| | | | | BANKING — 13.7% | | | | | | | | | | |
| | 2,500,000 | | | ABN AMRO Bank N.V.(c),(d) | | H15T1Y + 1.550% | | 6.5750 | | 10/13/26 | | | 2,530,246 | |
| | 1,805,000 | | | Bank of Nova Scotia (The)(d) | | H15T5Y + 4.551% | | 4.9000 | | 09/04/68 | | | 1,792,820 | |
| | 2,385,000 | | | Barclays plc | | | | 3.6500 | | 03/16/25 | | | 2,372,849 | |
| | 4,025,000 | | | BPCE S.A.(c),(d) | | SOFRRATE + 2.100% | | 5.9750 | | 01/18/27 | | | 4,063,885 | |
| | 3,545,000 | | | HSBC Holdings plc(e) | | SOFRRATE + 1.430% | | 6.4450 | | 03/10/26 | | | 3,560,083 | |
| | 2,005,000 | | | JPMorgan Chase & Company(e) | | TSFR3M + 0.550% | | 6.0600 | | 02/01/27 | | | 1,967,518 | |
| | 950,000 | | | Mitsubishi UFJ Financial Group, Inc.(d) | | H15T1Y + 1.080% | | 5.7190 | | 02/20/26 | | | 951,745 | |
| | 3,550,000 | | | NatWest Group plc(d) | | H15T1Y + 2.850% | | 7.4720 | | 11/10/26 | | | 3,634,727 | |
| | 4,735,000 | | | Synchrony Bank | | | | 5.4000 | | 08/22/25 | | | 4,737,939 | |
| | 5,145,000 | | | Wells Fargo & Company(e) | | US0003M + 0.500% | | 5.4180 | | 01/15/27 | | | 5,070,456 | |
| | 795,000 | | | Wells Fargo & Company | | | | 5.9500 | | 12/01/86 | | | 816,384 | |
| | | | | | | | | | | | | | 31,498,652 | |
| | | | | BIOTECH & PHARMA — 0.7% | | | | | | | | | | |
| | 1,710,000 | | | Biocon Biologics Global plc(c),(f) | | | | 6.6700 | | 10/09/29 | | | 1,687,198 | |
| | | | | | | | | | | | | | | |
| | | | | COMMERCIAL SUPPORT SERVICES — 0.3% | | | | | | | | | | |
| | 725,000 | | | RR Donnelley & Sons Company(c),(f) | | | | 9.5000 | | 08/01/29 | | | 730,685 | |
| | | | | | | | | | | | | | | |
| | | | | CONSUMER SERVICES — 0.9% | | | | | | | | | | |
| | 2,300,000 | | | Grand Canyon University | | | | 5.1250 | | 10/01/28 | | | 2,158,881 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LONG/SHORT CREDIT FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
Principal
Amount ($) | | | | | Spread | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 37.2% (Continued) | | | | | | | | | | |
| | | | | E-COMMERCE DISCRETIONARY — 1.9% | | | | | | | | | | |
| | 1,900,000 | | | Rakuten Group, Inc.(c) | | | | 11.2500 | | 02/15/27 | | $ | 2,069,433 | |
| | 2,010,000 | | | Rakuten Group, Inc.(c) | | | | 9.7500 | | 04/15/29 | | | 2,177,584 | |
| | | | | | | | | | | | | | 4,247,017 | |
| | | | | ELECTRIC UTILITIES — 2.8% | | | | | | | | | | |
| | 3,465,000 | | | American Electric Power Company, Inc. | | | | 5.6990 | | 08/15/25 | | | 3,484,381 | |
| | 3,030,000 | | | NextEra Energy Capital Holdings, Inc. | | | | 5.7490 | | 09/01/25 | | | 3,053,271 | |
| | | | | | | | | | | | | | 6,537,652 | |
| | | | | ENTERTAINMENT CONTENT — 0.7% | | | | | | | | | | |
| | 1,560,000 | | | Paramount Global | | | | 6.8750 | | 04/30/36 | | | 1,558,188 | |
| | | | | | | | | | | | | | | |
| | | | | FOOD — 1.0% | | | | | | | | | | |
| | 2,170,000 | | | JBS USA LUX S.A. / JBS USA Food Company / JBS USA | | | | 6.5000 | | 12/01/52 | | | 2,233,253 | |
| | | | | | | | | | | | | | | |
| | | | | INSTITUTIONAL FINANCIAL SERVICES — 2.9% | | | | | | | | | | |
| | 3,515,000 | | | Credit Suisse Group A.G.(c),(d) | | SOFRRATE + 3.340% | | 6.3730 | | 07/15/26 | | | 3,542,579 | |
| | 4,185,000 | | | Credit Suisse Group A.G.(c) | | USSW5 + 4.598% | | 7.5000 | | 06/11/70 | | | 460,350 | |
| | 2,485,000 | | | Goldman Sachs Capital I | | | | 6.3450 | | 02/15/34 | | | 2,604,079 | |
| | | | | | | | | | | | | | 6,607,008 | |
| | | | | INSURANCE — 3.3% | | | | | | | | | | |
| | 2,860,000 | | | Athene Global Funding(c) | | | | 5.6840 | | 02/23/26 | | | 2,883,556 | |
| | 1,130,000 | | | Farmers Insurance Exchange(c),(d) | | H15T10Y + 3.864% | | 7.0000 | | 10/15/64 | | | 1,147,010 | |
| | 2,285,000 | | | Ohio National Financial Services, Inc.(c),(f) | | | | 6.8000 | | 01/24/30 | | | 2,254,350 | |
| | 1,000,000 | | | Pacific Life Insurance Company(c) | | | | 9.2500 | | 06/15/39 | | | 1,356,917 | |
| | | | | | | | | | | | | | 7,641,833 | |
| | | | | OIL & GAS PRODUCERS — 2.8% | | | | | | | | | | |
| | 3,000,000 | | | Hess Corporation | | | | 6.0000 | | 01/15/40 | | | 3,145,012 | |
| | 3,075,000 | | | Venture Global LNG, Inc.(c) | | | | 9.8750 | | 02/01/32 | | | 3,357,805 | |
| | | | | | | | | | | | | | 6,502,817 | |
| | | | | SPECIALTY FINANCE — 2.1% | | | | | | | | | | |
| | 2,010,000 | | | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL(d) | | H15T5Y + 2.720% | | 6.9500 | | 03/10/55 | | | 2,072,707 | |
| | 2,900,000 | | | Avolon Holdings Funding Ltd.(c) | | | | 4.2500 | | 04/15/26 | | | 2,855,663 | |
| | | | | | | | | | | | | | 4,928,370 | |
| | | | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LONG/SHORT CREDIT FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
Principal
Amount ($) | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | CORPORATE BONDS — 37.2% (Continued) | | | | | | | | |
| | | | | TELECOMMUNICATIONS — 2.2% | | | | | | | | |
| | 4,490,000 | | | Frontier Communications Holdings, LLC(c),(f) | | 6.0000 | | 01/15/30 | | $ | 4,398,752 | |
| | 651,000 | | | Sprint Spectrum Company, LLC / Sprint Spectrum(c) | | 5.1520 | | 03/20/28 | | | 655,454 | |
| | | | | | | | | | | | 5,054,206 | |
| | | | | TRANSPORTATION & LOGISTICS — 0.8% | | | | | | | | |
| | 1,868,000 | | | United Airlines 2020-1 Class B Pass Through Trust Series 2020-1B Class B | | 4.8750 | | 01/15/26 | | | 1,852,559 | |
| | | | | | | | | | | | | |
| | | | | TOTAL CORPORATE BONDS (Cost $88,750,751) | | | | | | | 85,721,312 | |
| | | | | | | | | | | | | |
Principal
Amount ($) | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | NON U.S. GOVERNMENT & AGENCIES — 1.5% | | | | | | | | |
| | | | | SOVEREIGN — 1.5% | | | | | | | | |
| | 3,450,000 | | | Colombia Government International Bond | | 7.7500 | | 11/07/36 | | | 3,394,096 | |
| | | | | | | | | | | | | |
| | | | | TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $3,436,718) | | | | | | | 3,394,096 | |
| | | | | | | | | | | | | |
Principal
Amount ($) | | | | | Coupon Rate
(%) | | Maturity | | Fair Value | |
| | | | | U.S. GOVERNMENT & AGENCIES — 59.3% | | | | | | | | |
| | | | | U.S. TREASURY BILLS & NOTES — 59.3% | | | | | | | | |
| | 27,220,000 | | | United States Treasury Bill(g) | | — | | 11/14/24 | | | 27,174,238 | |
| | 27,310,000 | | | United States Treasury Bill(g) | | — | | 12/10/24 | | | 27,174,793 | |
| | 27,420,000 | | | United States Treasury Bill(g) | | — | | 01/09/25 | | | 27,185,539 | |
| | 27,540,000 | | | United States Treasury Bill(g) | | — | | 02/13/25 | | | 27,187,431 | |
| | 11,665,000 | | | United States Treasury Bill(g) | | — | | 03/13/25 | | | 11,478,074 | |
| | 1,695,000 | | | United States Treasury Note | | 3.5000 | | 09/30/29 | | | 1,646,136 | |
| | 1,190,000 | | | United States Treasury Note | | 4.1250 | | 10/31/29 | | | 1,188,466 | |
| | 2,915,000 | | | United States Treasury Note | | 3.6250 | | 09/30/31 | | | 2,811,153 | |
| | 4,380,000 | | | United States Treasury Note | | 3.8750 | | 08/15/34 | | | 4,237,992 | |
| | 495,000 | | | United States Treasury Note | | 4.1250 | | 08/15/44 | | | 464,952 | |
| | 5,920,000 | | | United States Treasury Note(n),(o) | | 4.6250 | | 05/15/54 | | | 6,065,225 | |
| | | | | | | | | | | | 136,613,999 | |
| | | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $137,252,464) | | | | | | | 136,613,999 | |
| | | | | | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LONG/SHORT CREDIT FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 4.1% | | | | |
| | | | | MONEY MARKET FUND – 2.3% | | | | |
| | 5,224,834 | | | First American Government Obligations Fund, Class X, 4.83%(i) | | $ | 5,224,834 | |
| | | | | | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED – 1.8% | | | | |
| | 4,107,635 | | | Mount Vernon Liquid Assets Portfolio, 4.93%(h) | | | 4,107,635 | |
| | | | | TOTAL MONEY MARKET FUNDS (Cost $9,332,469) | | | 9,332,469 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $9,332,469) | | | 9,332,469 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 102.1% (Cost $238,830,132) | | $ | 235,067,576 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (2.1)% | | | (4,776,172 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 230,291,404 | |
| OPEN FUTURES CONTRACTS |
Number of
Contracts | | | Open Short Futures Contracts | | Expiration | | | Notional
Amount(j) | | | Value and
Unrealized
Appreciation | |
| | 62 | | | CBOT 10 Year US Treasury Note | | | 12/20/2024 | | | $ | 6,849,063 | | | $ | 224,750 | |
| | 28 | | | CBOT 5 Year US Treasury Note | | | 01/01/2025 | | | | 3,002,563 | | | | 69,515 | |
| | 33 | | | CBOT US Treasury Bond Futures | | | 12/20/2024 | | | | 3,892,969 | | | | 219,828 | |
| | 89 | | | Ultra 10-Year US Treasury Note Futures | | | 12/20/2024 | | | | 10,123,749 | | | | 396,897 | |
| | 55 | | | Ultra U.S. Treasury Bond Futures | | | 12/20/2024 | | | | 6,909,375 | | | | 426,311 | |
| | | | | TOTAL FUTURES CONTRACTS | | | | | | | | | | $ | 1,337,301 | |
| 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 43 | | Quarterly (1) | | HSBC Securities | | 5.00% | | 336.84 | | 12/20/2029 | | $ | 17,000,000 | | | | (1,378,533 | ) | | | (1,227,592 | ) | | $ | (150,941 | ) |
| CDX.NA.IG SERIES 43 | | Quarterly (1) | | HSBC Securities | | 1.00% | | 53.85 | | 12/20/2029 | | | 41,000,000 | | | | (1,026,022 | ) | | | (925,981 | ) | | $ | (100,041 | ) |
| CONAGRA BRANDS INC | | Quarterly (1) | | Barclays | | 1.00% | | 55.00 | | 12/20/2029 | | | 5,000,000 | | | | (159,084 | ) | | | (128,384 | ) | | $ | (30,700 | ) |
| DARDEN RESTAURANTS INC | | Quarterly (1) | | Barclays | | 1.00% | | 25.00 | | 6/20/2027 | | | 7,000,000 | | | | 98,999 | | | | (12,266 | ) | | $ | 111,265 | |
| KRAFT HEINZ FOODS CO. (k) | | Quarterly (2) | | Barclays | | -1.00% | | (45.00) | | 12/20/2029 | | | (5,000,000 | ) | | | 152,942 | | | | 137,093 | | | $ | 15,849 | |
| LENNAR CORPORATION (k) | | Quarterly (2) | | Barclays | | -5.00% | | (79.00) | | 12/20/2029 | | | (5,000,000 | ) | | | 1,090,814 | | | | 1,015,877 | | | $ | 74,937 | |
| TOLL BROTHERS INC. | | Quarterly (1) | | Barclays | | 1.00% | | 75.00 | | 12/20/2029 | | | 5,000,000 | | | | (72,843 | ) | | | (61,999 | ) | | $ | (10,844 | ) |
| VERIZON COMMUNICATIONS INC(k) | | Quarterly (2) | | Barclays | | -1.00% | | (40.00) | | 6/20/2027 | | | (7,000,000 | ) | | | (93,495 | ) | | | 2,208 | | | $ | (95,703 | ) |
| TOTAL | | | | | | | | | | | | | | | | | (1,387,222 | ) | | | (1,201,044 | ) | | | (186,178 | ) |
| (1) | Buy Protection |
| | |
| (2) | Sell Protection |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM LONG/SHORT CREDIT FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| TOTAL RETURN SWAPS |
| Description | | Frequency | | Counterparty | | Notional Value | | | Variable Rate Premium Paid | | Maturity Date | | Unrealized Appreciation | |
| MarkitI Boxx US Dollar Liquid High Yield Index | | At Maturity | | Goldman Sachs | | $ | 14,000,000 | | | USQDD1M | | 12/20/2024 | | $ | 118,455 | |
| LLC | - Limited Liability Company |
| | |
| LTD | - Limited Company |
| | |
| PLC | - Public Limited Company |
| | |
| S/A | - Société Anonyme |
| | |
| H15T10Y | US Treasury Yield Curve Rate T Note Constant Maturity 10 Year |
| | |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| | |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| | |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| | |
| TSFR3M | Term Secured Overnight Financing Rate 3 Month Average |
| | |
| US0001M | ICE LIBOR USD 1 Month |
| | |
| 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 October 31, 2024 the total market value of 144A securities is 36,177,167 or 15.7% of net assets. |
| | |
| (d) | Variable rate security; the rate shown represents the rate on October 31, 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) | All or a portion of these securities are on loan. Total loaned securities had a value of $4,023,405 at October 31, 2024. |
| | |
| (g) | Zero coupon bond. |
| | |
| (h) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $4,107,635 at October 31, 2024. |
| | |
| (i) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (j) | 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. |
| | |
| (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 10/31/2024. |
| | |
| (o) | All or portion of security held as collateral for Swaps at 10/31/2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM MONTHLY DISTRIBUTION FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | CLOSED END FUNDS — 1.5% | | | | |
| | | | | EQUITY - 1.5% | | | | |
| | 2,468,782 | | | Altaba, Inc. (h) | | $ | 3,456,295 | |
| | | | | | | | | |
| | | | | TOTAL CLOSED END FUNDS (Cost $1,226,356) | | | 3,456,295 | |
| | | | | | | | | |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 75.7% | | | | |
| | | | | ASSET MANAGEMENT - 0.0%(a) | | | | |
| | 469,792 | | | Pershing Square Tontine Holdings Ltd.(b),(h) | | | — | |
| | | | | | | | | |
| | | | | BANKING - 1.0% | | | | |
| | 38,142 | | | Independent Bank Group, Inc. | | | 2,225,967 | |
| | | | | | | | | |
| | | | | CABLE & SATELLITE - 6.1% | | | | |
| | 172,010 | | | Liberty Broadband Corporation, C - Series C(b) | | | 13,901,848 | |
| | | | | | | | | |
| | | | | ELECTRIC UTILITIES - 4.3% | | | | |
| | 278,635 | | | Avangrid, Inc. | | | 9,950,056 | |
| | | | | | | | | |
| | | | | FOOD - 3.9% | | | | |
| | 111,792 | | | Kellanova | | | 9,016,025 | |
| | | | | | | | | |
| | | | | HEALTH CARE FACILITIES & SERVICES - 3.3% | | | | |
| | 53,947 | | | Amedisys, Inc.(b) | | | 5,103,386 | |
| | 42,962 | | | Catalent, Inc.(b) | | | 2,517,573 | |
| | | | | | | | 7,620,959 | |
| | | | | LEISURE FACILITIES & SERVICES - 2.2% | | | | |
| | 380,048 | | | Everi Holdings, Inc.(b) | | | 5,066,040 | |
| | | | | | | | | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 2.0% | | | | |
| | 64,046 | | | Axonics, Inc.(b) | | | 4,502,434 | |
| | | | | | | | | |
| | | | | METALS & MINING - 3.0% | | | | |
| | 47,463 | | | Arch Resources, Inc. | | | 6,965,670 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM MONTHLY DISTRIBUTION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 75.7% (Continued) | | | | |
| | | | | OIL & GAS PRODUCERS - 11.3% | | | | |
| | 122,804 | | | Hess Corporation | | $ | 16,514,682 | |
| | 338,943 | | | Marathon Oil Corporation | | | 9,388,721 | |
| | | | | | | | 25,903,403 | |
| | | | | OIL & GAS SERVICES & EQUIPMENT - 1.4% | | | | |
| | 114,147 | | | ChampionX Corporation | | | 3,221,228 | |
| | | | | | | | | |
| | | | | REAL ESTATE OWNERS & DEVELOPERS - 2.8% | | | | |
| | 56,429 | | | McGrath RentCorporation | | | 6,415,977 | |
| | | | | | | | | |
| | | | | RENEWABLE ENERGY - 4.4% | | | | |
| | 453,779 | | | Atlantica Sustainable Infrastructure plc | | | 10,010,365 | |
| | | | | | | | | |
| | | | | RETAIL - CONSUMER STAPLES - 7.6% | | | | |
| | 956,416 | | | Albertsons Companies, Inc., A(c) | | | 17,311,129 | |
| | | | | | | | | |
| | | | | SEMICONDUCTORS - 3.3% | | | | |
| | 209,369 | | | Shinko Electric Industries Company Ltd.(b) | | | 7,525,078 | |
| | | | | | | | | |
| | | | | SOFTWARE - 7.4% | | | | |
| | 28,608 | | | ANSYS, Inc.(b) | | | 9,166,289 | |
| | 239,642 | | | HashiCorp, Inc.(b) | | | 8,114,278 | |
| | | | | | | | 17,280,567 | |
| | | | | STEEL - 7.1% | | | | |
| | 418,716 | | | United States Steel Corporation(c) | | | 16,267,117 | |
| | | | | | | | | |
| | | | | TECHNOLOGY HARDWARE - 2.2% | | | | |
| | 128,425 | | | Juniper Networks, Inc.(c) | | | 4,995,733 | |
| | | | | | | | | |
| | | | | TECHNOLOGY SERVICES - 2.4% | | | | |
| | 161,700 | | | Nuvei Corporation | | | 5,441,205 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM MONTHLY DISTRIBUTION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 75.7% (Continued) | | | | |
| | | | | TELECOMMUNICATIONS - 0.0%(a) | | | | |
| | 205,893 | | | NII Holdings, Inc. 144A(b),(d),(h) | | $ | 72,063 | |
| | | | | | | | | |
| | | | | TRANSPORTATION & LOGISTICS - 0.0%(a) | | | | |
| | 1,025 | | | American Airlines Group, Inc.(b) | | | 13,735 | |
| | 101,283 | | | American Airlines Group, Inc. Escrow Security(b),(h) | | | — | |
| | | | | | | | 13,735 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $177,343,375) | | | 173,706,599 | |
| Shares | | | | | Expiration
Date | | Exercise Price | | | Fair Value | |
| | | | RIGHTS — 0.5% | | | | | | |
| | | | | ASSET MANAGEMENT - 0.0% (a) | | | | | | | | | | |
| | 117,448 | | | Pershing Square Sparc Holdings Ltd(h) | | 9/29/2034 | | $ | — | | | | 35,234 | |
| | | | | | | | | | | | | | | |
| | | | | FORESTRY, PAPER & WOOD PRODUCTS - 0.5% | | | | | | | | | | |
| | 532,221 | | | Resolute Forest Products, Inc. - CVR(h) | | | | $ | 6.25 | | | | 1,064,442 | |
| | | | | | | | | | | | | | | |
| | | | | MEDICAL EQUIPMENT & DEVICES - 0.0%(a) | | | | | | | | | | |
| | 34,956 | | | Abiomed, Inc. – CVR(h) | | 12/31/2034 | | $ | 35.00 | | | | 61,173 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL RIGHTS (Cost $850,905) | | | | | | | | | 1,160,849 | |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 15.5% | | | | |
| | | | | MONEY MARKET FUND – 10.2% | | | | |
| | 23,518,409 | | | Fidelity Government Portfolio, Institutional Class, 4.74%(f) | | | 23,518,409 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM MONTHLY DISTRIBUTION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 15.5% (Continued) | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED – 5.3% | | | | |
| | 12,131,260 | | | Mount Vernon Liquid Assets Portfolio, 4.93%(e),(f) | | $ | 12,131,260 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $35,649,669) | | | 35,649,669 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 93.2% (Cost $215,070,305) | | $ | 213,973,412 | |
| | | | | CALL OPTIONS WRITTEN - (0.3)% (Premiums received - $667,608) | | | (777,150 | ) |
| | | | | TOTAL SECURITIES SOLD SHORT - (27.5)% (Proceeds Received - $65,190,666) | | | (63,067,930 | ) |
| | | | | OTHER ASSETS IN EXCESS OF LIABILITIES - 34.6% | | | 79,482,881 | |
| | | | | NET ASSETS - 100.0% | | $ | 229,611,203 | |
| Contracts(g) | | | | | Counterparty | | Expiration
Date | | Exercise
Price | | | Notional
Value | | | Fair Value | |
| | | | WRITTEN EQUITY OPTIONS - (0.3)% | | | | | | | | | |
| | | | | CALL OPTIONS WRITTEN - (0.3)% | | | | | | | | | | | | | | | | |
| | 1,413 | | | United States Steel Corporation | | Morgan Stanley | | 01/17/2025 | | $ | 40 | | | $ | 5,489,505 | | | $ | 777,150 | |
| | | | | TOTAL CALL OPTIONS WRITTEN (Premiums Received - $667,608) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | TOTAL EQUITY OPTIONS WRITTEN (Premiums Received - $667,608) | | | | | | $ | 777,150 | |
| LTD | - Limited Company |
| | |
| PLC | - Public Limited Company |
| (a) | Percentage rounds to less than 0.1%. |
| | |
| (b) | Non-income producing security. |
| | |
| (c) | All or a portion of these securities are on loan. Total loaned securities had a value of $11,696,517 at October 31, 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 October 31, 2024 the total market value of 144A securities is 72,063 or 0.0% of net assets. |
| | |
| (e) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $12,131,260 at October 31, 2024. |
| | |
| (f) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
| | |
| (g) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| | |
| (h) | Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.04% of net assets. The total value of these securities is $4,689,207. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM MONTHLY DISTRIBUTION FUND |
| SCHEDULE OF SECURITIES SOLD SHORT |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — (27.5)% | | | | |
| | | | | BANKING - (1.0)% | | | | |
| | (22,886 | ) | | SouthState Corporation | | $ | (2,232,071 | ) |
| | | | | | | | | |
| | | | | CABLE & SATELLITE - (5.6)% | | | | |
| | (39,219 | ) | | Charter Communications, Inc., Class A | | | (12,848,537 | ) |
| | | | | | | | | |
| | | | | CHEMICALS - (1.9)% | | | | |
| | (810,620 | ) | | Arcadium Lithium plc | | | (4,369,242 | ) |
| | | | | | | | | |
| | | | | METALS & MINING - (3.0)% | | | | |
| | (62,937 | ) | | CONSOL Energy, Inc. | | | (6,980,972 | ) |
| | | | | | | | | |
| | | | | OIL & GAS PRODUCERS - (12.3)% | | | | |
| | (125,888 | ) | | Chevron Corporation | | | (18,734,652 | ) |
| | (86,435 | ) | | ConocoPhillips | | | (9,468,090 | ) |
| | | | | | | | (28,202,742 | ) |
| | | | | OIL & GAS SERVICES & EQUIPMENT - (1.5)% | | | | |
| | (83,902 | ) | | Schlumberger N.V. | | | (3,361,953 | ) |
| | | | | | | | | |
| | | | | SOFTWARE - (2.2)% | | | | |
| | (9,876 | ) | | Synopsys, Inc. | | | (5,072,413 | ) |
| | | | | | | | | |
| | | | | TOTAL SECURITIES SOLD SHORT - (Proceeds - $65,190,666) | | $ | (63,067,930 | ) |
FOREIGN CURRENCY CONTRACTS
| | | | | | | | | | | | | | |
| Foreign Currency | | Settlement Date | | Counterparty | | Local
Currency | | | U.S. Dollar
Value | | | Unrealized
Appreciation | |
| To Sell: | | | | | | | | | | | | | | | | |
| Japanese Yen | | 11/13/2024 | | Morgan Stanley FX | | | 1,239,464,480 | | | $ | 8,167,024 | | | $ | 395,183 | |
| Total | | | | | | | | | | | | | | $ | 395,183 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM REAL ESTATE STOCK FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 100.5% | | | | |
| | | | | ASSET MANAGEMENT - 6.4% | | | | |
| | 4,766 | | | Blackstone, Inc. | | $ | 799,497 | |
| | 272,143 | | | FTAI Infrastructure, LLC(a) | | | 2,196,194 | |
| | | | | | | | 2,995,691 | |
| | | | | DATA CENTER REIT - 10.5% | | | | |
| | 10,539 | | | Digital Realty Trust, Inc. | | | 1,878,366 | |
| | 3,329 | | | Equinix, Inc. | | | 3,022,998 | |
| | | | | | | | 4,901,364 | |
| | | | | ELECTRICAL EQUIPMENT - 2.9% | | | | |
| | 4,471 | | | GE Vernova, LLC(b) | | | 1,348,722 | |
| | | | | | | | | |
| | | | | FOOD - 1.0% | | | | |
| | 154,904 | | | Cadiz, Inc.(a),(b) | | | 470,908 | |
| | | | | | | | | |
| | | | | GAMING REIT - 2.0% | | | | |
| | 29,099 | | | VICI Properties, Inc. | | | 924,184 | |
| | | | | | | | | |
| | | | | HEALTH CARE REIT - 4.6% | | | | |
| | 15,287 | | | Ventas, Inc. | | | 1,001,146 | |
| | 8,612 | | | Welltower, Inc. | | | 1,161,587 | |
| | | | | | | | 2,162,733 | |
| | | | | INDUSTRIAL REIT - 10.1% | | | | |
| | 13,358 | | | Innovative Industrial Properties, Inc. | | | 1,725,720 | |
| | 20,144 | | | Prologis, Inc.(a), (b) | | | 2,275,063 | |
| | 16,142 | | | Rexford Industrial Realty, Inc. | | | 692,330 | |
| | | | | | | | 4,693,113 | |
| | | | | INFRASTRUCTURE REIT - 11.1% | | | | |
| | 16,435 | | | American Tower Corporation, A | | | 3,509,529 | |
| | 10,895 | | | Crown Castle, Inc. | | | 1,171,104 | |
| | 2,295 | | | SBA Communications Corporation, A | | | 526,634 | |
| | | | | | | | 5,207,267 | |
| | | | | INTERNET MEDIA & SERVICES - 1.0% | | | | |
| | 7,748 | | | Zillow Group, Inc., Class C(a),(b) | | | 465,577 | |
| | | | | | | | | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM REAL ESTATE STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 100.5% (Continued) | | | | |
| | | | | LEISURE FACILITIES & SERVICES - 9.2% | | | | |
| | 21,813 | | | Caesars Entertainment, Inc.(b) | | $ | 873,611 | |
| | 56,352 | | | MGM Resorts International(a),(b) | | | 2,077,697 | |
| | 14,552 | | | Wynn Resorts Ltd. | | | 1,397,283 | |
| | | | | | | | 4,348,591 | |
| | | | | OFFICE REIT - 1.3% | | | | |
| | 5,293 | | | Alexandria Real Estate Equities, Inc.(a), (b) | | | 590,434 | |
| | | | | | | | | |
| | | | | OIL & GAS PRODUCERS - 3.1% | | | | |
| | 172,255 | | | New Fortress Energy, Inc.(a), (b) | | | 1,448,665 | |
| | | | | | | | | |
| | | | | REAL ESTATE SERVICES - 2.8% | | | | |
| | 9,858 | | | CBRE Group, Inc., Class A(b) | | | 1,291,102 | |
| | | | | | | | | |
| | | | | RESIDENTIAL REIT - 8.6% | | | | |
| | 12,779 | | | American Homes 4 Rent, Class A | | | 450,332 | |
| | 4,500 | | | AvalonBay Communities, Inc.(a) | | | 997,245 | |
| | 7,022 | | | Equity LifeStyle Properties, Inc.(a) | | | 492,383 | |
| | 11,577 | | | Equity Residential (b) | | | 814,673 | |
| | 21,127 | | | Invitation Homes, Inc. | | | 663,599 | |
| | 4,517 | | | Sun Communities, Inc. | | | 599,316 | |
| | | | | | | | 4,017,548 | |
| | | | | RETAIL REIT - 5.0% | | | | |
| | 27,223 | | | Macerich Company (The) (a), (b) | | | 509,070 | |
| | 10,758 | | | Simon Property Group, Inc. | | | 1,819,393 | |
| | | | | | | | 2,328,463 | |
| | | | | SELF-STORAGE REIT - 5.3% | | | | |
| | 6,710 | | | Extra Space Storage, Inc. | | | 1,095,743 | |
| | 4,225 | | | Public Storage | | | 1,390,279 | |
| | | | | | | | 2,486,022 | |
| | | | | SELF-STORAGE REITS - 0.9% | | | | |
| | 8,535 | | | CubeSmart(a), (b) | | | 408,314 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM REAL ESTATE STOCK FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | COMMON STOCKS — 100.5% (Continued) | | | | |
| | | | | SPECIALTY FINANCE - 1.5% | | | | |
| | 5,207 | | | FTAI Aviation Ltd.(a), (b) | | $ | 700,029 | |
| | | | | | | | | |
| | | | | SPECIALTY REITS - 5.7% | | | | |
| | 28,598 | | | Americold Realty Trust, Inc. | | | 734,397 | |
| | 4,819 | | | Iron Mountain, Inc. | | | 596,255 | |
| | 68,859 | | | NewLake Capital Partners, Inc. | | | 1,322,781 | |
| | | | | | | | 2,653,433 | |
| | | | | TECHNOLOGY SERVICES - 1.1% | | | | |
| | 6,834 | | | CoStar Group, Inc.(b) | | | 497,447 | |
| | | | | | | | | |
| | | | | TELECOMMUNICATIONS - 3.6% | | | | |
| | 107,666 | | | DigitalBridge Group, Inc. | | | 1,689,280 | |
| | | | | | | | | |
| | | | | TIMBER REIT - 1.5% | | | | |
| | 22,192 | | | Weyerhaeuser Company | | | 691,503 | |
| | | | | | | | | |
| | | | | TRANSPORTATION & LOGISTICS - 1.3% | | | | |
| | 5,200 | | | Kirby Corporation(a),(b) | | | 596,752 | |
| | | | | | | | | |
| | | | | TOTAL COMMON STOCKS (Cost $38,264,342) | | | 46,917,142 | |
| | | | | | | | | |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENT — 16.6% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED — 16.6% | | | | |
| | 7,776,517 | | | Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (Cost $7,776,517) (c),(d) | | | 7,776,517 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 117.1% (Cost $46,040,859) | | $ | 54,693,659 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (17.1)% | | | (7,968,334 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 46,725,325 | |
| 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 $7,326,786 at October 31, 2024. |
| | |
| (c) | Security was purchased with cash received as collateral for securities on loan at October 31, 2024. Total collateral had a value of $7,776,517 at October 31, 2024. |
| | |
| (d) | Rate disclosed is the seven day effective yield as of October 31, 2024. |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM U.S. ENHANCED MARKET FUND |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 |
Principal
Amount ($) | | | | | Discount Rate
(%) | | Maturity | | Fair Value | |
| | | | | U.S. GOVERNMENT & AGENCIES — 54.7% | | | | | | | | |
| | | | | U.S. TREASURY BILLS — 40.3% | | | | | | | | |
| | 13,000,000 | | | United States Treasury Bill(a) | | 4.3900 | | 02/11/25 | | $ | 12,836,717 | |
| | 28,000,000 | | | United States Treasury Bill(a)(b) | | 4.0992 | | 07/10/25 | | | 27,196,563 | |
| | | | | | | | | | | | 40,033,280 | |
| | | | | | | | | | | | | |
| | | | | | Coupon Rate
(%) | | Maturity | | | |
| | | | | U.S. TREASURY NOTES — 14.4% | | | | | | | | |
| | 16,000,000 | | | United States Treasury Note | | 1.2500 | | 09/30/28 | | | 14,330,625 | |
| | | | | | | | | | | | | |
| | | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $54,677,796) | | | | | | | 54,363,905 | |
| Shares | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 3.2% | | | | |
| | | | | MONEY MARKET FUNDS - 3.2% | | | | |
| | 3,205,927 | | | Fidelity Government Portfolio, Institutional Class, 4.74% (Cost $3,205,927)(c) | | | 3,205,927 | |
| Contracts(d) | | | | | Broker/
Counterparty | | Expiration
Date | | Exercise
Price | | | Notional
Value | | | Fair Value | |
| | | | | FLEX OPTIONS PURCHASED - 42.5% | | | | |
| | | | | CALL OPTIONS PURCHASED - 42.5% | | | | |
| | 50 | | | S&P 500 INDEX | | Societe Generale | | 02/28/2029 | | $ | 4,510 | | | $ | 22,550,000 | | | $ | 10,157,464 | |
| | 215 | | | S&P 500 INDEX | | Societe Generale | | 06/11/2029 | | | 5,450 | | | | 117,175,000 | | | | 32,005,789 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | TOTAL FLEX OPTIONS PURCHASED (Cost - $34,222,343) | | | 42,163,253 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 100.4% (Cost $92,106,066) | | $ | 99,733,085 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | | | (381,030 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 99,352,055 | |
See accompanying notes which are an integral part of these financial statements.
| DUNHAM U.S. ENHANCED MARKET FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| October 31, 2024 |
| OPEN FUTURES CONTRACTS |
Number of
Contracts | | | Open Long Futures Contracts | | Expiration | | Notional
Amount(e) | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| | 57 | | | CBOT 10 Year US Treasury Note Future | | 12/20/2024 | | $ | 6,296,719 | | | $ | (210,406 | ) |
| | 250 | | | CBOT 2 Year US Treasury Note Future | | 01/01/2025 | | | 51,486,328 | | | | (455,146 | ) |
| | 438 | | | CBOT 5 Year US Treasury Note Future | | 01/01/2025 | | | 46,968,656 | | | | (1,122,259 | ) |
| | 20 | | | CBOT US Treasury Bond Futures | | 12/20/2024 | | | 2,359,375 | | | | (135,774 | ) |
| | 9 | | | CME E-Mini Standard & Poor’s 500 Index Future | | 12/23/2024 | | | 2,582,325 | | | | 21,623 | |
| | 20 | | | Ultra US Treasury Bond Futures | | 12/20/2024 | | | 2,512,500 | | | | (167,184 | ) |
| | | | | TOTAL FUTURES CONTRACTS | | | | | | | | $ | (2,069,146 | ) |
| (a) | Zero coupon bond. |
| | |
| (b) | A portion is held as collateral for futures. |
| | |
| (c) | Rate disclosed is the seven day effective yield as of October 31, 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.
| STATEMENTS OF ASSETS AND LIABILITIES |
| October 31, 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 | | $ | 217,915,889 | | | $ | 160,788,185 | | | $ | 243,891,160 | | | $ | 77,546,590 | | | $ | 101,769,107 | |
| Investments in securities, at value | | $ | 214,155,903 | | | $ | 157,381,651 | | | $ | 244,125,917 | | | $ | 75,551,559 | | | $ | 162,087,091 | |
| Foreign currency, at value (cost $0, $0, $0, $2,575,131, and $0 respectively) | | | — | | | | — | | | | — | | | | 2,551,122 | | | | — | |
| Deposits with brokers for futures (a) | | | — | | | | — | | | | — | | | | 637,667 | | | | — | |
| Deposits with brokers for swaps (a) | | | — | | | | — | | | | — | | | | 622,163 | | | | — | |
| Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 420,214 | | | | — | |
| Unrealized appreciation on futures | | | — | | | | — | | | | — | | | | 299,797 | | | | — | |
| Receivable for securities sold | | | 480,251 | | | | — | | | | 201,778 | | | | 102,316 | | | | — | |
| Interest and dividends receivable | | | 1,773,478 | | | | 1,011,291 | | | | 3,231,983 | | | | 1,153,732 | | | | 157,772 | |
| Receivable for Fund shares sold | | | 294,999 | | | | 1,061 | | | | 110,750 | | | | — | | | | — | |
| Prepaid expenses and other assets | | | 25,402 | | | | 37,751 | | | | 25,897 | | | | 32,794 | | | | 25,416 | |
| Total Assets | | | 216,730,033 | | | | 158,431,754 | | | | 247,696,325 | | | | 81,371,364 | | | | 162,270,279 | |
| | | | | | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Due to Broker | | | — | | | | — | | | | — | | | | 370,000 | | | | — | |
| Cash overdraft | | | — | | | | — | | | | — | | | | 150,130 | | | | — | |
| Payable for securities purchased | | | 4,622,403 | | | | 11,196,476 | | | | 1,385,669 | | | | 1,317,331 | | | | — | |
| Payable for Fund shares redeemed | | | 352,359 | | | | 355,804 | | | | 469,987 | | | | 170,947 | | | | 203,963 | |
| Distributions payable | | | 2,249 | | | | 7,654 | | | | 9,275 | | | | 7,826 | | | | — | |
| Payable upon return of securities loaned (Market value of securities on loan $6,754,121, $4,228,786, $43,275,712, $1,921,281, $5,881,333 respectively) | | | 6,919,352 | | | | 4,329,566 | | | | 44,306,422 | | | | 1,975,463 | | | | 5,958,550 | |
| Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 34,802 | | | | — | |
| Unrealized depreciation on futures | | | — | | | | — | | | | — | | | | 396,246 | | | | — | |
| Unrealized depreciation swaps | | | — | | | | — | | | | — | | | | 3,437 | | | | — | |
| Premiums received on swap contracts | | | — | | | | — | | | | — | | | | 165,609 | | | | — | |
| Payable to adviser | | | 85,862 | | | | 90,022 | | | | 101,107 | | | | 38,577 | | | | 87,789 | |
| Payable to sub-adviser | | | 64,444 | | | | 21,180 | | | | 46,815 | | | | 44,078 | | | | 71,762 | |
| Payable for distribution fees | | | 7,816 | | | | 6,422 | | | | 18,986 | | | | 854 | | | | 14,312 | |
| Payable to related parties | | | 75,828 | | | | 46,899 | | | | 54,771 | | | | 49,487 | | | | 38,625 | |
| Accrued expenses and other liabilities | | | 33,196 | | | | 33,361 | | | | 28,603 | | | | 33,805 | | | | 33,105 | |
| Total Liabilities | | | 12,163,509 | | | | 16,087,384 | | | | 46,421,635 | | | | 4,758,592 | | | | 6,408,106 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 204,566,524 | | | $ | 142,344,370 | | | $ | 201,274,690 | | | $ | 76,612,772 | | | $ | 155,862,173 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Paid in capital | | $ | 215,367,595 | | | $ | 169,094,592 | | | $ | 212,162,918 | | | $ | 85,591,007 | | | $ | 89,066,523 | |
| Accumulated earnings (loss) | | | (10,801,071 | ) | | | (26,750,222 | ) | | | (10,888,228 | ) | | | (8,978,235 | ) | | | 66,795,650 | |
| Net Assets | | $ | 204,566,524 | | | $ | 142,344,370 | | | $ | 201,274,690 | | | $ | 76,612,772 | | | $ | 155,862,173 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | |
| Class N Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 188,098,622 | | | $ | 128,745,988 | | | $ | 184,016,235 | | | $ | 70,485,517 | | | $ | 135,788,039 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 14,964,495 | | | | 14,883,961 | | | | 21,248,744 | | | | 8,940,494 | | | | 6,655,714 | |
| Net asset value, offering and redemption price per share | | $ | 12.57 | | | $ | 8.65 | | | $ | 8.66 | | | $ | 7.88 | | | $ | 20.40 | |
| | | | | | | | | | | | | | | | | | | | | |
| Class A Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 14,107,972 | | | $ | 8,683,627 | | | $ | 13,976,063 | | | $ | 5,312,868 | | | $ | 16,518,198 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 1,124,154 | | | | 1,005,056 | | | | 1,593,151 | | | | 681,870 | | | | 815,650 | |
| Net asset value and redemption price per share * | | $ | 12.55 | | | $ | 8.64 | | | $ | 8.77 | | | $ | 7.79 | | | $ | 20.25 | |
| 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) | | $ | 13.14 | | | $ | 9.05 | | | $ | 9.18 | | | $ | 8.16 | | | $ | 21.49 | |
| | | | | | | | | | | | | | | | | | | | | |
| Class C Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 2,359,930 | | | $ | 4,914,755 | | | $ | 3,282,392 | | | $ | 814,387 | | | $ | 3,555,936 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 189,551 | | | | 568,637 | | | | 381,475 | | | | 107,888 | | | | 189,024 | |
| Net asset value, offering and redemption price per share | | $ | 12.45 | | | $ | 8.64 | | | $ | 8.60 | | | $ | 7.55 | | | $ | 18.81 | |
| * | For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase. |
| | |
| (a) | See Section 2.k. in the notes for the breakout by counterparty. |
See accompanying notes which are an integral part to these financial statements.
| STATEMENTS OF ASSETS AND LIABILITIES (Continued) |
| October 31, 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 | | $ | 112,969,170 | | | $ | 71,778,436 | | | $ | 77,609,921 | | | $ | 97,162,488 | | | $ | 144,961,924 | |
| Investments in securities, at value | | $ | 115,867,293 | | | $ | 187,113,166 | | | $ | 92,504,330 | | | $ | 119,816,877 | | | $ | 151,161,199 | |
| Foreign currency, at value (cost $0, $0, $0, $1,026,020, and $239,527 respectively) | | | — | | | | — | | | | — | | | | 1,026,038 | | | | 238,338 | |
| Receivable for securities sold | | | 132,190 | | | | — | | | | 371,867 | | | | — | | | | 1,463,564 | |
| Unrealized appreciation on spot contracts | | | — | | | | — | | | | — | | | | — | | | | 9,792 | |
| Interest and dividends receivable | | | 43,915 | | | | 64,969 | | | | 16,654 | | | | 121,845 | | | | 1,117,674 | |
| Receivable for Fund shares sold | | | — | | | | 280 | | | | — | | | | — | | | | 22,904 | |
| Prepaid expenses and other assets | | | 37,759 | | | | 32,491 | | | | 24,908 | | | | 24,798 | | | | 32,904 | |
| Total Assets | | | 116,081,157 | | | | 187,210,906 | | | | 92,917,759 | | | | 120,989,558 | | | | 154,046,375 | |
| | | | | | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Payable for securities purchased | | | 971,290 | | | | — | | | | 9,434 | | | | 1,190,217 | | | | 2,096,475 | |
| Payable for Fund shares redeemed | | | 104,688 | | | | 332,314 | | | | 73,279 | | | | 188,557 | | | | 250,618 | |
| Payable upon return of securities loaned (Market value of securities on loan $14,919,158, $4,332,741, $16,734,997, $3,047,537, and $7,780,426 respectively) | | | 15,688,693 | | | | 4,483,463 | | | | 17,479,162 | | | | 3,146,913 | | | | 8,077,302 | |
| Accrued foreign capital gains tax on appreciated securities | | | — | | | | — | | | | — | | | | 887,812 | | | | — | |
| Payable to adviser | | | 55,905 | | | | 102,159 | | | | 43,306 | | | | 66,085 | | | | 82,027 | |
| Payable to sub-adviser | | | 16,864 | | | | 53,662 | | | | 8,266 | | | | 8,646 | | | | 78,521 | |
| Payable for distribution fees | | | 6,537 | | | | 31,913 | | | | 14,758 | | | | 9,686 | | | | 14,475 | |
| Payable to related parties | | | 27,496 | | | | 40,598 | | | | 26,395 | | | | 33,477 | | | | 50,797 | |
| Payable for line of credit | | | — | | | | — | | | | — | | | | 333,000 | | | | — | |
| Accrued expenses and other liabilities | | | 31,697 | | | | 39,373 | | | | 29,009 | | | | 70,560 | | | | 70,264 | |
| Total Liabilities | | | 16,903,170 | | | | 5,083,482 | | | | 17,683,609 | | | | 5,934,953 | | | | 10,720,479 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 99,177,987 | | | $ | 182,127,424 | | | $ | 75,234,150 | | | $ | 115,054,605 | | | $ | 143,325,896 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Paid in capital | | $ | 85,099,115 | | | $ | 47,500,581 | | | $ | 68,494,844 | | | $ | 120,750,826 | | | $ | 120,571,753 | |
| Accumulated earnings (loss) | | | 14,078,872 | | | | 134,626,843 | | | | 6,739,306 | | | | (5,696,221 | ) | | | 22,754,143 | |
| Net Assets | | $ | 99,177,987 | | | $ | 182,127,424 | | | $ | 75,234,150 | | | $ | 115,054,605 | | | $ | 143,325,896 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | |
| Class N Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 88,294,437 | | | $ | 151,472,695 | | | $ | 64,420,177 | | | $ | 99,643,255 | | | $ | 125,167,014 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 5,337,509 | | | | 3,469,971 | | | | 3,348,554 | | | | 7,057,825 | | | | 6,589,213 | |
| Net asset value, offering and redemption price per share | | $ | 16.54 | | | $ | 43.65 | | | $ | 19.24 | | | $ | 14.12 | | | $ | 19.00 | |
| Class A Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 8,983,295 | | | $ | 21,365,190 | | | $ | 8,879,135 | | | $ | 13,369,188 | | | $ | 14,017,514 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 556,598 | | | | 508,759 | | | | 504,303 | | | | 973,481 | | | | 745,348 | |
| Net asset value, and redemption price per share * | | $ | 16.14 | | | $ | 41.99 | | | $ | 17.61 | | | $ | 13.73 | | | $ | 18.81 | |
| 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) | | $ | 17.12 | | | $ | 44.55 | | | $ | 18.68 | | | $ | 14.57 | | | $ | 19.96 | |
| Class C Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 1,900,255 | | | $ | 9,289,539 | | | $ | 1,934,838 | | | $ | 2,042,162 | | | $ | 4,141,368 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 145,639 | | | | 248,323 | | | | 169,363 | | | | 161,929 | | | | 238,772 | |
| Net asset value, offering and redemption price per share | | $ | 13.05 | | | $ | 37.41 | | | $ | 11.42 | | | $ | 12.61 | | | $ | 17.34 | |
| * | For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase. | |
See accompanying notes which are an integral part to these financial statements.
| STATEMENTS OF ASSETS AND LIABILITIES (Continued) |
| October 31, 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 | | $ | 69,477,568 | | | $ | 238,830,132 | | | $ | 215,070,305 | | | $ | 46,040,859 | | | $ | 92,106,066 | |
| Investments in securities, at value | | $ | 77,008,301 | | | $ | 235,067,576 | | | $ | 213,973,412 | | | $ | 54,693,659 | | | $ | 99,733,085 | |
| Cash | | | — | | | | — | | | | 7 | | | | 20,853 | | | | — | |
| Foreign currency, at value (cost $0, $0, $71,200, $0 and $0 respectively) | | | — | | | | — | | | | 71,088 | | | | — | | | | — | |
| Deposits with brokers for securities sold short (a) | | | — | | | | — | | | | 86,583,736 | | | | — | | | | — | |
| Deposit with brokers for futures (a) | | | 1,146,226 | | | | — | | | | — | | | | — | | | | 1,924,915 | |
| Deposit with brokers for swaps (a) | | | — | | | | 2,771,052 | | | | — | | | | — | | | | — | |
| Unrealized appreciation on futures | | | 442,858 | | | | 1,337,301 | | | | — | | | | — | | | | 21,623 | |
| Unrealized appreciation on swap contracts | | | — | | | | 320,506 | | | | — | | | | — | | | | — | |
| Premiums paid on swap contracts | | | — | | | | 1,155,178 | | | | — | | | | — | | | | — | |
| Unrealized appreciation on forward foreign currency exchange contracts | | | 259,198 | | | | — | | | | 395,183 | | | | — | | | | — | |
| Receivable for securities sold | | | — | | | | — | | | | 5,098,951 | | | | 164,761 | | | | — | |
| Interest and dividends receivable | | | 206,103 | | | | 1,890,006 | | | | 480,506 | | | | 20,235 | | | | 33,488 | |
| Receivable for Fund shares sold | | | — | | | | 44 | | | | 32 | | | | 1,000 | | | | — | |
| Due from sub-adviser | | | — | | | | 16,356 | | | | — | | | | — | | | | — | |
| Prepaid expenses and other assets | | | 29,960 | | | | 27,600 | | | | 45,741 | | | | 23,863 | | | | 20,692 | |
| Total Assets | | | 79,092,646 | | | | 242,585,619 | | | | 306,648,656 | | | | 54,924,371 | | | | 101,733,803 | |
| | | | | | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Option contracts written (premiums received $0, $0, $667,608 $0, and $0 respectively) | | | — | | | | — | | | | 777,150 | | | | — | | | | — | |
| Securities sold short (proceeds received $0, $0, $65,190,666, $0, and $0 respectively) | | | — | | | | — | | | | 63,067,930 | | | | — | | | | — | |
| Cash overdraft due to broker | | | — | | | | 1,332,253 | | | | — | | | | — | | | | — | |
| Payable for securities purchased | | | — | | | | 3,436,718 | | | | — | | | | — | | | | — | |
| Payable for Fund shares redeemed | | | 107,113 | | | | 431,302 | | | | 593,918 | | | | 84,605 | | | | 116,345 | |
| Payable upon return of securities loaned (Market value of securities on loan $0, $4,023,405, $11,696,517, $7,326,786 and $0 respectively), | | | — | | | | 4,107,635 | | | | 12,131,260 | | | | 7,776,517 | | | | — | |
| Unrealized depreciation on forward foreign currency exchange contracts | | | 15,945 | | | | — | | | | — | | | | — | | | | — | |
| Distributions payable | | | — | | | | 17,220 | | | | 47,302 | | | | — | | | | — | |
| Premiums received on swap contracts | | | — | | | | 2,356,222 | | | | — | | | | — | | | | — | |
| Unrealized depreciation on swap contracts | | | — | | | | 388,229 | | | | — | | | | — | | | | — | |
| Unrealized depreciation on futures | | | 163,416 | | | | — | | | | — | | | | — | | | | 2,090,769 | |
| Payable for dividend on short sales | | | — | | | | — | | | | — | | | | — | | | | — | |
| Payable to adviser | | | 43,824 | | | | 125,507 | | | | 125,029 | | | | 26,681 | | | | 56,550 | |
| Payable to sub-adviser | | | 23,085 | | | | — | | | | 172,334 | | | | 27,263 | | | | 60,301 | |
| Payable for distribution fees | | | 5,290 | | | | 14,793 | | | | 31,206 | | | | 1,804 | | | | 2,835 | |
| Payable to related parties | | | 28,359 | | | | 49,372 | | | | 53,535 | | | | 22,132 | | | | 29,765 | |
| Payable for line of credit | | | — | | | | — | | | | — | | | | 235,000 | | | | — | |
| Accrued expenses and other liabilities | | | 28,462 | | | | 34,964 | | | | 37,789 | | | | 25,044 | | | | 25,183 | |
| Total Liabilities | | | 415,494 | | | | 12,294,215 | | | | 77,037,453 | | | | 8,199,046 | | | | 2,381,748 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 78,677,152 | | | $ | 230,291,404 | | | $ | 229,611,203 | | | $ | 46,725,325 | | | $ | 99,352,055 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Paid in capital | | $ | 67,621,901 | | | $ | 247,333,762 | | | $ | 230,453,362 | | | $ | 56,399,728 | | | $ | 70,204,284 | |
| Accumulated earnings (loss) | | | 11,055,251 | | | | (17,042,358 | ) | | | (842,159 | ) | | | (9,674,403 | ) | | | 29,147,771 | |
| Net Assets | | $ | 78,677,152 | | | $ | 230,291,404 | | | $ | 229,611,203 | | | $ | 46,725,325 | | | $ | 99,352,055 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | |
| Class N Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 67,752,238 | | | $ | 212,541,807 | | | $ | 197,785,693 | | | $ | 40,260,043 | | | $ | 88,811,210 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 5,472,301 | | | | 24,104,835 | | | | 6,866,140 | | | | 2,752,811 | | | | 4,633,512 | |
| Net asset value, offering and redemption price per share | | $ | 12.38 | | | $ | 8.82 | | | $ | 28.81 | | | $ | 14.63 | | | $ | 19.17 | |
| Class A Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 9,368,513 | | | $ | 15,513,552 | | | $ | 20,233,524 | | | $ | 4,544,083 | | | $ | 9,781,537 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 768,031 | | | | 1,764,052 | | | | 747,119 | | | | 309,176 | | | | 511,466 | |
| Net asset value, and redemption price per share * | | $ | 12.20 | | | $ | 8.79 | | | $ | 27.08 | | | $ | 14.70 | | | $ | 19.12 | |
| 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) | | $ | 12.94 | | | $ | 9.33 | | | $ | 28.73 | | | $ | 15.60 | | | $ | 20.29 | |
| Class C Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 1,556,401 | | | $ | 2,236,045 | | | $ | 11,591,986 | | | $ | 1,921,199 | | | $ | 759,308 | |
| Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | | | 138,003 | | | | 266,673 | | | | 633,630 | | | | 145,149 | | | | 39,992 | |
| Net asset value, offering and redemption price per share | | $ | 11.28 | | | $ | 8.38 | | | $ | 18.29 | | | $ | 13.24 | | | $ | 18.99 | |
| * | For certain purchases of $1 million or more, a 0.75% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase. |
| | |
| (a) | See Section 2.k. in the notes for the breakout by counterparty. |
See accompanying notes which are an integral part of these financial statements.
| STATEMENTS OF OPERATIONS |
| For the Year Ended October 31, 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 | | $ | 8,919,446 | | | $ | 12,536,344 | | | $ | 11,863,306 | | | $ | 4,390,600 | | | $ | 167,272 | |
| Dividend income | | | 3,937 | | | | — | | | | 376,871 | | | | — | | | | 3,146,536 | |
| Securities lending income - net | | | 13,660 | | | | 7,868 | | | | 80,112 | | | | 10,656 | | | | 14,462 | |
| Less: Foreign withholding taxes | | | (229 | ) | | | — | | | | — | | | | (2,558 | ) | | | — | |
| Total Investment Income | | | 8,936,814 | | | | 12,544,212 | | | | 12,320,289 | | | | 4,398,698 | | | | 3,328,270 | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating Expenses: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fees | | | 830,608 | | | | 734,893 | | | | 976,138 | | | | 398,734 | | | | 1,007,471 | |
| Sub-advisory fees | | | 498,365 | | | | 342,950 | | | | 520,607 | | | | 299,050 | | | | 464,987 | |
| Sub-advisory performance fees | | | 134,297 | | | | (107,497 | ) | | | 60,584 | | | | 139,991 | | | | 73,242 | |
| Distribution fees- Class A Shares | | | 38,092 | | | | 24,224 | | | | 37,854 | | | | 15,949 | | | | 44,279 | |
| Distribution fees- Class C Shares | | | 19,206 | | | | 40,456 | | | | 27,504 | | | | 7,066 | | | | 35,273 | |
| Administration fees | | | 212,924 | | | | 85,625 | | | | 133,244 | | | | 137,204 | | | | 68,600 | |
| Custodian fees | | | 12,233 | | | | 17,914 | | | | 12,206 | | | | 41,317 | | | | 12,374 | |
| Registration fees | | | 52,389 | | | | 49,185 | | | | 52,509 | | | | 43,199 | | | | 54,180 | |
| Transfer agent fees | | | 45,300 | | | | 39,241 | | | | 45,008 | | | | 34,584 | | | | 42,428 | |
| Printing and postage expense | | | 28,474 | | | | 22,330 | | | | 27,123 | | | | 14,758 | | | | 23,138 | |
| Professional fees | | | 25,331 | | | | 22,365 | | | | 24,864 | | | | 20,019 | | | | 24,179 | |
| Fund accounting fees | | | 21,882 | | | | 16,386 | | | | 21,353 | | | | 8,362 | | | | 20,722 | |
| Chief Compliance Officer fees | | | 10,659 | | | | 7,548 | | | | 9,896 | | | | 4,233 | | | | 10,123 | |
| Trustees’ fees | | | 7,297 | | | | 5,189 | | | | 6,957 | | | | 3,086 | | | | 6,635 | |
| Third party administrative servicing fees | | | 6,087 | | | | 3,825 | | | | 7,390 | | | | 5,079 | | | | 8,220 | |
| Insurance expense | | | 1,898 | | | | 1,893 | | | | 1,712 | | | | 792 | | | | 2,301 | |
| Interest expense | | | 1,658 | | | | 3,879 | | | | 294 | | | | 1,144 | | | | 2,477 | |
| Miscellaneous expenses | | | 9,886 | | | | 12,223 | | | | 8,479 | | | | 4,716 | | | | 29,553 | |
| Total Operating Expenses | | | 1,956,586 | | | | 1,322,629 | | | | 1,973,722 | | | | 1,179,283 | | | | 1,930,182 | |
| Less: Fees paid indirectly | | | — | | | | — | | | | — | | | | — | | | | (705 | ) |
| Net Operating Expenses | | | 1,956,586 | | | | 1,322,629 | | | | 1,973,722 | | | | 1,179,283 | | | | 1,929,477 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | 6,980,228 | | | | 11,221,583 | | | | 10,346,567 | | | | 3,219,415 | | | | 1,398,793 | |
| | | | | | | | | | | | | | | | | | | | | |
| Realized and Unrealized Gain (Loss) on Investments, Futures, Swap Contracts and Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (2,583,140 | ) | | | (2,349,978 | ) | | | (84,014 | ) | | | 733,264 | | | | 8,616,613 | |
| Futures | | | — | | | | — | | | | — | | | | 230,455 | | | | — | |
| Swap contracts | | | — | | | | — | | | | — | | | | (426,188 | ) | | | — | |
| Forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | (795,889 | ) | | | — | |
| Net realized gain (loss) | | | (2,583,140 | ) | | | (2,349,978 | ) | | | (84,014 | ) | | | (258,358 | ) | | | 8,616,613 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 11,090,999 | | | | 3,467,261 | | | | 9,162,325 | | | | 5,034,999 | | | | 32,926,303 | |
| Futures | | | — | | | | — | | | | — | | | | 62,209 | | | | — | |
| Swap contracts | | | — | | | | — | | | | — | | | | (29,961 | ) | | | — | |
| Forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 435,345 | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | 11,090,999 | | | | 3,467,261 | | | | 9,162,325 | | | | 5,502,592 | | | | 32,926,303 | |
| Net Realized and Unrealized Gain | | | 8,507,859 | | | | 1,117,283 | | | | 9,078,311 | | | | 5,244,234 | | | | 41,542,916 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Increase in Net Assets Resulting From Operations | | $ | 15,488,087 | | | $ | 12,338,866 | | | $ | 19,424,878 | | | $ | 8,463,649 | | | $ | 42,941,709 | |
See accompanying notes which are an integral part to these financial statements.
| STATEMENTS OF OPERATIONS (Continued) |
| For the Year Ended October 31, 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 | | $ | 129,429 | | | $ | 163,165 | | | $ | 119,779 | | | $ | 80,652 | | | $ | 33,797 | |
| Dividend income | | | 1,503,488 | | | | 540,915 | | | | 320,098 | | | | 3,071,137 | | | | 6,798,685 | |
| Securities lending income - net | | | 39,157 | | | | 10,657 | | | | 44,355 | | | | 4,192 | | | | 52,112 | |
| Less: Foreign withholding taxes | | | (5,655 | ) | | | (8,195 | ) | | | (3,380 | ) | | | (406,905 | ) | | | (730,774 | ) |
| Total Investment Income | | | 1,666,419 | | | | 706,542 | | | | 480,852 | | | | 2,749,076 | | | | 6,153,820 | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating Expenses: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fees | | | 551,315 | | | | 1,212,623 | | | | 504,613 | | | | 719,913 | | | | 925,506 | |
| Sub-advisory fees | | | 381,679 | | | | 652,951 | | | | 388,164 | | | | 498,401 | | | | 925,506 | |
| Sub-advisory performance fees | | | (64,187 | ) | | | 15,110 | | | | (87,851 | ) | | | (284,385 | ) | | | 359,688 | |
| Distribution fees- Class A Shares | | | 21,393 | | | | 59,355 | | | | 23,622 | | | | 34,468 | | | | 38,272 | |
| Distribution fees- Class C Shares | | | 19,397 | | | | 89,649 | | | | 19,419 | | | | 19,603 | | | | 42,601 | |
| Registration fees | | | 53,456 | | | | 53,524 | | | | 54,406 | | | | 53,376 | | | | 51,604 | |
| Administration fees | | | 49,348 | | | | 77,147 | | | | 49,588 | | | | 77,053 | | | | 150,547 | |
| Transfer agent fees | | | 34,222 | | | | 48,949 | | | | 33,879 | | | | 37,388 | | | | 47,933 | |
| Professional fees | | | 20,722 | | | | 25,758 | | | | 20,599 | | | | 39,463 | | | | 23,519 | |
| Printing and postage expense | | | 23,358 | | | | 34,992 | | | | 13,286 | | | | 18,493 | | | | 24,282 | |
| Fund accounting fees | | | 10,781 | | | | 24,906 | | | | 10,219 | | | | 14,674 | | | | 18,624 | |
| Third party administrative servicing fees | | | 5,964 | | | | 24,561 | | | | 13,348 | | | | 3,784 | | | | 20,185 | |
| Custodian fees | | | 23,993 | | | | 9,520 | | | | 10,603 | | | | 153,611 | | | | 132,173 | |
| Chief Compliance Officer fees | | | 5,047 | | | | 12,068 | | | | 4,878 | | | | 6,850 | | | | 9,333 | |
| Trustees’ fees | | | 3,049 | | | | 8,095 | | | | 2,827 | | | | 4,698 | | | | 6,087 | |
| Interest expense | | | 743 | | | | 6,158 | | | | 299 | | | | 14,791 | | | | 14,771 | |
| Insurance expense | | | 987 | | | | 2,629 | | | | 1,051 | | | | 1,621 | | | | 1,935 | |
| Miscellaneous expenses | | | 16,272 | | | | 34,883 | | | | 14,719 | | | | 13,847 | | | | 10,091 | |
| Total Operating Expenses | | | 1,157,539 | | | | 2,392,878 | | | | 1,077,669 | | | | 1,427,649 | | | | 2,802,657 | |
| Less: Fees paid indirectly | | | (15,400 | ) | | | (2,865 | ) | | | (9,429 | ) | | | — | | | | — | |
| Net Operating Expenses | | | 1,142,139 | | | | 2,390,013 | | | | 1,068,240 | | | | 1,427,649 | | | | 2,802,657 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | | 524,280 | | | | (1,683,471 | ) | | | (587,388 | ) | | | 1,321,427 | | | | 3,351,163 | |
| | | | | | | | | | | | | | | | | | | | | |
| Realized and Unrealized Gain (Loss) on Investments, Foreign Capital Gains Tax, Foreign Currency Transactions and Forward Foreign Currency Exchange Contracts | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 12,434,349 | | | | 25,308,121 | | | | 10,142,813 | | | | (1,446,749 | ) | | | 16,265,621 | |
| Foreign capital gains tax | | | — | | | | — | | | | — | | | | (870,288 | ) | | | — | |
| Foreign currency transactions | | | — | | | | — | | | | — | | | | (134,471 | ) | | | 34,344 | |
| Forward foreign currency exchange contracts | | | (3,875 | ) | | | — | | | | — | | | | — | | | | — | |
| Net realized gain (loss) | | | 12,430,474 | | | | 25,308,121 | | | | 10,142,813 | | | | (2,451,508 | ) | | | 16,299,965 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 4,795,835 | | | | 41,393,095 | | | | 10,147,209 | | | | 21,552,772 | | | | 10,306,632 | |
| Foreign currency transactions | | | — | | | | — | | | | — | | | | (1,996 | ) | | | (1,235 | ) |
| Net change in foreign capital gains tax on appreciated securities | | | — | | | | — | | | | — | | | | (257,196 | ) | | | — | |
| Net change in unrealized appreciation (depreciation) | | | 4,795,835 | | | | 41,393,095 | | | | 10,147,209 | | | | 21,293,580 | | | | 10,305,397 | |
| Net Realized and Unrealized Gain | | | 17,226,309 | | | | 66,701,216 | | | | 20,290,022 | | | | 18,842,072 | | | | 26,605,362 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Increase in Net Assets Resulting From Operations | | $ | 17,750,589 | | | $ | 65,017,745 | | | $ | 19,702,634 | | | $ | 20,163,499 | | | $ | 29,956,525 | |
See accompanying notes which are an integral part to these financial statements.
| STATEMENTS OF OPERATIONS (Continued) |
| For the Year Ended October 31, 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 | | $ | 1,998,466 | | | $ | 11,357,027 | | | $ | 4,443,824 | | | $ | 6,081 | | | $ | 2,945,031 | |
| Dividend income | | | 464,952 | | | | — | | | | 3,880,326 | | | | 1,636,225 | | | | — | |
| Securities lending income - net | | | — | | | | 15,422 | | | | 32,443 | | | | 48,962 | | | | — | |
| Less: Foreign withholding taxes | | | — | | | | — | | | | (31,463 | ) | | | (5,506 | ) | | | — | |
| Total Investment Income | | | 2,463,418 | | | | 11,372,449 | | | | 8,325,130 | | | | 1,685,762 | | | | 2,945,031 | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating Expenses: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fees | | | 417,389 | | | | 1,303,799 | | | | 1,192,364 | | | | 354,335 | | | | 642,571 | |
| Sub-advisory fees | | | 385,282 | | | | 1,203,507 | | | | 1,100,643 | | | | 245,309 | | | | 494,285 | |
| Sub-advisory performance fees | | | 92,629 | | | | (1,105,652 | ) | | | 14,363 | | | | 43,312 | | | | (122,615 | ) |
| Distribution fees- Class A Shares | | | 20,463 | | | | 44,778 | | | | 50,746 | | | | 15,116 | | | | 26,318 | |
| Distribution fees- Class C Shares | | | 12,655 | | | | 26,624 | | | | 125,264 | | | | 20,137 | | | | 5,262 | |
| Registration fees | | | 54,097 | | | | 56,009 | | | | 57,048 | | | | 53,303 | | | | 76,371 | |
| Administration fees | | | 53,318 | | | | 99,482 | | | | 78,027 | | | | 39,577 | | | | 61,090 | |
| Printing and postage expense | | | 33,779 | | | | 30,016 | | | | 48,286 | | | | 12,668 | | | | 13,749 | |
| Transfer agent fees | | | 33,157 | | | | 49,445 | | | | 43,839 | | | | 29,886 | | | | 33,430 | |
| Custodian fees | | | 24,815 | | | | 13,760 | | | | 36,078 | | | | 6,403 | | | | 5,229 | |
| Professional fees | | | 19,808 | | | | 26,054 | | | | 24,607 | | | | 18,798 | | | | 21,557 | |
| Fund accounting fees | | | 8,120 | | | | 25,849 | | | | 23,925 | | | | 7,089 | | | | 13,273 | |
| Chief Compliance Officer fees | | | 3,931 | | | | 12,090 | | | | 13,187 | | | | 3,748 | | | | 6,450 | |
| Trustees’ fees | | | 3,114 | | | | 7,938 | | | | 7,399 | | | | 1,778 | | | | 4,586 | |
| Third party administrative servicing fees | | | 3,702 | | | | 18,549 | | | | 13,227 | | | | 5,169 | | | | 4,476 | |
| Insurance expense | | | 644 | | | | 2,984 | | | | 2,870 | | | | 1,110 | | | | 882 | |
| Interest expense | | | 106,320 | | | | 443 | | | | 2,364 | | | | 16,207 | | | | 9,283 | |
| Dividend expense on short sales | | | — | | | | — | | | | 1,672,515 | | | | — | | | | — | |
| Miscellaneous expenses | | | 4,977 | | | | 11,662 | | | | 10,444 | | | | 6,018 | | | | 8,435 | |
| Total Operating Expenses | | | 1,278,200 | | | | 1,827,337 | | | | 4,517,196 | | | | 879,963 | | | | 1,304,632 | |
| Less: Fees paid indirectly | | | — | | | | — | | | | — | | | | — | | | | — | |
| Net Operating Expenses | | | 1,278,200 | | | | 1,827,337 | | | | 4,517,196 | | | | 879,963 | | | | 1,304,632 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | 1,185,218 | | | | 9,545,112 | | | | 3,807,934 | | | | 805,799 | | | | 1,640,399 | |
| | | | | | | | | | | | | | | | | | | | |
| 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 | | | 114,812 | | | | 665,894 | | | | (31,949,105 | ) | | | 9,745,807 | | | | (121,831 | ) |
| Futures | | | 2,170,509 | | | | (349,783 | ) | | | — | | | | — | | | | 3,084,595 | |
| Purchased options | | | — | | | | — | | | | (61,361 | ) | | | — | | | | 20,869,118 | |
| Securities sold short | | | — | | | | — | | | | 31,869,012 | | | | — | | | | — | |
| Written options | | | — | | | | — | | | | (23,923 | ) | | | — | | | | — | |
| Swap contracts | | | — | | | | (4,853,992 | ) | | | — | | | | — | | | | — | |
| Forward foreign currency exchange contracts | | | 133,968 | | | | (1,580 | ) | | | 690,630 | | | | — | | | | — | |
| Net realized gain (loss) | | | 2,419,289 | | | | (4,539,461 | ) | | | 525,253 | | | | 9,745,807 | | | | 23,831,882 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 5,071,326 | | | | 5,400,654 | | | | 8,884,454 | | | | 8,740,638 | | | | 860,937 | |
| Futures | | | 696,136 | | | | (1,004,259 | ) | | | — | | | | — | | | | (458,864 | ) |
| Purchased options | | | — | | | | — | | | | — | | | | — | | | | 6,169,900 | |
| Securities sold short | | | — | | | | — | | | | 447,652 | | | | — | | | | — | |
| Written options | | | — | | | | — | | | | (333,558 | ) | | | — | | | | — | |
| Swap contracts | | | — | | | | 174,216 | | | | — | | | | — | | | | — | |
| Forward foreign currency exchange contracts | | | 97,640 | | | | — | | | | (41,604 | ) | | | — | | | | — | |
| Foreign currency transactions | | | (117,106 | ) | | | 2,156 | | | | 45,392 | | | | — | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | 5,747,996 | | | | 4,572,767 | | | | 9,002,336 | | | | 8,740,638 | | | | 6,571,973 | |
| Net Realized and Unrealized Gain | | | 8,167,285 | | | | 33,306 | | | | 9,527,589 | | | | 18,486,445 | | | | 30,403,855 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Increase in Net Assets Resulting From Operations | | $ | 9,352,503 | | | $ | 9,578,418 | | | $ | 13,335,523 | | | $ | 19,292,244 | | | $ | 32,044,254 | |
See accompanying notes which are an integral part of these financial statements.
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 6,980,228 | | | $ | 3,945,007 | | | $ | 11,221,583 | | | $ | 12,506,954 | | | $ | 10,346,567 | | | $ | 7,011,086 | | | $ | 3,219,415 | | | $ | 2,334,237 | | | $ | 1,398,793 | | | $ | 1,758,797 | |
| Net realized gain (loss) from investments, futures, swap contracts and forward foreign currency exchange contracts | | | (2,583,140 | ) | | | (1,727,970 | ) | | | (2,349,978 | ) | | | (3,466,656 | ) | | | (84,014 | ) | | | (2,989,421 | ) | | | (258,358 | ) | | | (2,613,239 | ) | | | 8,616,613 | | | | 7,011,704 | |
| Net change in unrealized appreciation (depreciation) on investments, futures, swap contracts and forward foreign currency exchange contracts | | | 11,090,999 | | | | (3,871,521 | ) | | | 3,467,261 | | | | 6,083,676 | | | | 9,162,325 | | | | 3,280,143 | | | | 5,502,592 | | | | 4,384,620 | | | | 32,926,303 | | | | (8,856,711 | ) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | | | 15,488,087 | | | | (1,654,484 | ) | | | 12,338,866 | | | | 15,123,974 | | | | 19,424,878 | | | | 7,301,808 | | | | 8,463,649 | | | | 4,105,618 | | | | 42,941,709 | | | | (86,210 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions From Paid In Capital: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (213,047 | ) | | | (878,761 | ) | | | — | | | | — | |
| Class A | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (23,094 | ) | | | (132,413 | ) | | | — | | | | — | |
| Class C | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (3,547 | ) | | | (34,196 | ) | | | — | | | | — | |
| Distributions from Earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | (6,355,289 | ) | | | (3,418,500 | ) | | | (9,771,232 | ) | | | (10,756,235 | ) | | | (9,175,444 | ) | | | (5,842,811 | ) | | | (2,780,147 | ) | | | (1,959,755 | ) | | | (6,210,651 | ) | | | (3,794,693 | ) |
| Class A | | | (596,179 | ) | | | (449,104 | ) | | | (842,249 | ) | | | (1,335,427 | ) | | | (899,531 | ) | | | (864,652 | ) | | | (280,714 | ) | | | (317,847 | ) | | | (934,186 | ) | | | (581,798 | ) |
| Class C | | | (88,871 | ) | | | (68,847 | ) | | | (445,750 | ) | | | (511,641 | ) | | | (202,277 | ) | | | (224,615 | ) | | | (38,322 | ) | | | (31,819 | ) | | | (164,686 | ) | | | (90,311 | ) |
| Total Distributions to Shareholders | | | (7,040,339 | ) | | | (3,936,451 | ) | | | (11,059,231 | ) | | | (12,603,303 | ) | | | (10,277,252 | ) | | | (6,932,078 | ) | | | (3,338,871 | ) | | | (3,354,791 | ) | | | (7,309,523 | ) | | | (4,466,802 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share Transactions of Beneficial Interest: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | 97,754,163 | | | | 85,924,002 | | | | 51,070,492 | | | | 14,943,354 | | | | 105,900,216 | | | | 35,422,032 | | | | 34,775,376 | | | | 21,882,103 | | | | 37,252,853 | | | | 30,929,149 | |
| Class A | | | 2,635,755 | | | | 12,358,422 | | | | 831,563 | | | | 1,963,446 | | | | 3,582,577 | | | | 5,016,239 | | | | 585,481 | | | | 2,974,646 | | | | 1,794,959 | | | | 4,485,014 | |
| Class C | | | 356,997 | | | | 670,748 | | | | 163,547 | | | | 178,813 | | | | 297,424 | | | | 328,853 | | | | 93,270 | | | | 195,360 | | | | 325,250 | | | | 298,461 | |
| Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | 6,339,325 | | | | 3,407,665 | | | | 9,742,222 | | | | 10,713,149 | | | | 9,138,332 | | | | 5,821,972 | | | | 2,926,617 | | | | 2,825,367 | | | | 6,187,152 | | | | 3,775,688 | |
| Class A | | | 588,024 | | | | 442,941 | | | | 822,956 | | | | 1,308,941 | | | | 867,112 | | | | 838,290 | | | | 299,749 | | | | 444,817 | | | | 796,812 | | | | 519,222 | |
| Class C | | | 77,577 | | | | 54,686 | | | | 378,487 | | | | 455,191 | | | | 165,942 | | | | 194,630 | | | | 40,378 | | | | 65,293 | | | | 161,382 | | | | 88,830 | |
| Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | (34,257,106 | ) | | | (22,182,300 | ) | | | (31,139,784 | ) | | | (81,879,372 | ) | | | (37,323,031 | ) | | | (24,211,972 | ) | | | (18,263,130 | ) | | | (7,912,314 | ) | | | (54,082,258 | ) | | | (56,623,785 | ) |
| Class A | | | (5,857,941 | ) | | | (2,811,781 | ) | | | (4,757,093 | ) | | | (12,532,360 | ) | | | (6,137,000 | ) | | | (4,043,716 | ) | | | (3,220,985 | ) | | | (1,282,486 | ) | | | (8,062,953 | ) | | | (9,309,773 | ) |
| Class C | | | (671,875 | ) | | | (657,209 | ) | | | (1,385,189 | ) | | | (1,532,552 | ) | | | (1,024,048 | ) | | | (800,387 | ) | | | (308,410 | ) | | | (234,057 | ) | | | (854,066 | ) | | | (1,076,840 | ) |
| Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest | | | 66,964,919 | | | | 77,207,174 | | | | 25,727,201 | | | | (66,381,390 | ) | | | 75,467,524 | | | | 18,565,941 | | | | 16,928,346 | | | | 18,958,729 | | | | (16,480,869 | ) | | | (26,914,034 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Increase (Decrease) in Net Assets | | | 75,412,667 | | | | 71,616,239 | | | | 27,006,836 | | | | (63,860,719 | ) | | | 84,615,150 | | | | 18,935,671 | | | | 22,053,124 | | | | 19,709,556 | | | | 19,151,317 | | | | (31,467,046 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 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 | | $ | 204,566,524 | | | $ | 129,153,857 | | | $ | 142,344,370 | | | $ | 115,337,534 | | | $ | 201,274,690 | | | $ | 116,659,540 | | | $ | 76,612,772 | | | $ | 54,559,648 | | | $ | 155,862,173 | | | $ | 136,710,856 | |
See accompanying notes which are an integral part to these financial statements.
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 524,280 | | | $ | 344,531 | | | $ | (1,683,471 | ) | | $ | (1,381,427 | ) | | $ | (587,388 | ) | | $ | (736,423 | ) | | $ | 1,321,427 | | | $ | 1,306,683 | | | $ | 3,351,163 | | | $ | 4,041,200 | |
| Net realized gain (loss) from investments, foreign capital gain tax, foreign currency transactions and forward foreign currency transactions | | | 12,430,474 | | | | 2,909,407 | | | | 25,308,121 | | | | 9,146,453 | | | | 10,142,813 | | | | (1,292,353 | ) | | | (2,451,508 | ) | | | (10,598,570 | ) | | | 16,299,965 | | | | 4,463,838 | |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and foreign capital gains on appreciated securities | | | 4,795,835 | | | | (6,063,334 | ) | | | 41,393,095 | | | | 32,860,198 | | | | 10,147,209 | | | | 2,343,195 | | | | 21,293,580 | | | | 18,832,789 | | | | 10,305,397 | | | | 13,390,662 | |
| Net Increase (Decrease) in Net Assets Resulting From Operations | | | 17,750,589 | | | | (2,809,396 | ) | | | 65,017,745 | | | | 40,625,224 | | | | 19,702,634 | | | | 314,419 | | | | 20,163,499 | | | | 9,540,902 | | | | 29,956,525 | | | | 21,895,700 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from Earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | (1,827,538 | ) | | | (3,813,890 | ) | | | (3,222,651 | ) | | | — | | | | — | | | | — | | | | (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 | ) | | | (4,006,806 | ) | | | — | | | | — | | | | — | | | | (828,871 | ) | | | (219,990 | ) | | | (4,934,157 | ) | | | (5,023,778 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share Transactions of Beneficial Interest: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | 40,484,487 | | | | 17,078,435 | | | | 41,597,438 | | | | 30,207,484 | | | | 27,985,682 | | | | 12,208,288 | | | | 26,970,579 | | | | 12,532,986 | | | | 40,160,885 | | | | 13,711,427 | |
| Class A | | | 3,468,387 | | | | 2,273,093 | | | | 5,709,109 | | | | 5,606,611 | | | | 2,051,504 | | | | 2,051,036 | | | | 2,476,344 | | | | 1,605,848 | | | | 1,683,033 | | | | 3,920,275 | |
| Class C | | | 252,956 | | | | 104,467 | | | | 1,450,632 | | | | 319,448 | | | | 184,691 | | | | 78,820 | | | | 367,163 | | | | 92,954 | | | | 515,696 | | | | 102,782 | |
| Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | 1,824,198 | | | | 3,791,874 | | | | 3,155,959 | | | | — | | | | — | | | | — | | | | 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 | | | (18,969,978 | ) | | | (23,304,126 | ) | | | (64,898,547 | ) | | | (85,443,042 | ) | | | (27,120,905 | ) | | | (30,639,053 | ) | | | (28,543,984 | ) | | | (22,348,250 | ) | | | (41,859,522 | ) | | | (42,308,794 | ) |
| Class A | | | (3,296,434 | ) | | | (3,309,853 | ) | | | (14,790,909 | ) | | | (14,228,908 | ) | | | (3,889,389 | ) | | | (5,720,420 | ) | | | (5,609,144 | ) | | | (4,439,529 | ) | | | (6,406,598 | ) | | | (10,185,017 | ) |
| Class C | | | (479,569 | ) | | | (622,413 | ) | | | (1,709,128 | ) | | | (2,781,301 | ) | | | (386,827 | ) | | | (654,933 | ) | | | (370,837 | ) | | | (573,515 | ) | | | (864,012 | ) | | | (1,037,241 | ) |
| Net Increase/(Decrease) in Net Assets From Share Transactions of Beneficial Interest | | | 23,570,682 | | | | (3,261,083 | ) | | | (28,807,917 | ) | | | (66,319,708 | ) | | | (1,175,244 | ) | | | (22,676,262 | ) | | | (3,881,831 | ) | | | (12,910,213 | ) | | | (1,896,806 | ) | | | (30,815,485 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Increase (Decrease) in Net Assets | | | 39,203,720 | | | | (10,625,715 | ) | | | 32,203,022 | | | | (25,694,484 | ) | | | 18,527,390 | | | | (22,361,843 | ) | | | 15,452,797 | | | | (3,589,301 | ) | | | 23,125,562 | | | | (13,943,563 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 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 | | $ | 99,177,987 | | | $ | 59,974,267 | | | $ | 182,127,424 | | | $ | 149,924,402 | | | $ | 75,234,150 | | | $ | 56,706,760 | | | $ | 115,054,605 | | | $ | 99,601,808 | | | $ | 143,325,896 | | | $ | 120,200,334 | |
See accompanying notes which are an integral part to these financial statements.
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended* | |
| | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | | | October 31, 2024 | | | October 31, 2023 | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 1,185,218 | | | $ | 809,945 | | | $ | 9,545,112 | | | $ | 9,071,576 | | | $ | 3,807,934 | | | $ | 1,232,236 | | | $ | 805,799 | | | $ | 1,143,933 | | | $ | 1,640,399 | | | $ | 633,498 | |
| Net realized gain (loss) from investments, futures, purchased options, securities sold short, written options, swap contracts and forward foreign currency exchange contracts | | | 2,419,289 | | | | 2,643,173 | | | | (4,539,461 | ) | | | (7,034,638 | ) | | | 525,253 | | | | 4,364,826 | | | | 9,745,807 | | | | (18,321,372 | ) | | | 23,831,882 | | | | (1,545,880 | ) |
| Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, securities sold short, written options, swap contracts, foreign currency transactions,and forward foreign currency exchange contracts | | | 5,747,996 | | | | 668,360 | | | | 4,572,767 | | | | 2,150,011 | | | | 9,002,336 | | | | (2,588,575 | ) | | | 8,740,638 | | | | 9,680,323 | | | | 6,571,973 | | | | (1,014,100 | ) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | | | 9,352,503 | | | | 4,121,478 | | | | 9,578,418 | | | | 4,186,949 | | | | 13,335,523 | | | | 3,008,487 | | | | 19,292,244 | | | | (7,497,116 | ) | | | 32,044,254 | | | | (1,926,482 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions From Paid In Capital: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | — | | | | — | | | | — | | | | — | | | | (9,447,070 | ) | | | (10,431,572 | ) | | | — | | | | — | | | | — | | | | — | |
| Class A | | | — | | | | — | | | | — | | | | — | | | | (1,225,940 | ) | | | (1,808,869 | ) | | | — | | | | — | | | | — | | | | — | |
| Class C | | | — | | | | — | | | | — | | | | — | | | | (1,117,458 | ) | | | (1,376,640 | ) | | | — | | | | — | | | | — | | | | — | |
| Distributions from Earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | (1,517,530 | ) | | | — | | | | (8,651,557 | ) | | | (9,866,831 | ) | | | (3,387,445 | ) | | | (2,262,650 | ) | | | (1,123,321 | ) | | | (424,646 | ) | | | (907,828 | ) | | | — | |
| Class A | | | (264,596 | ) | | | — | | | | (798,234 | ) | | | (1,305,598 | ) | | | (566,818 | ) | | | (388,885 | ) | | | (153,363 | ) | | | (37,364 | ) | | | (112,804 | ) | | | — | |
| Class C | | | (30,252 | ) | | | — | | | | (112,161 | ) | | | (157,322 | ) | | | (486,675 | ) | | | (287,098 | ) | | | (36,620 | ) | | | — | | | | (2,081 | ) | | | — | |
| Total Distributions to Shareholders | | | (1,812,378 | ) | | | — | | | | (9,561,952 | ) | | | (11,329,751 | ) | | | (16,231,406 | ) | | | (16,555,714 | ) | | | (1,313,304 | ) | | | (462,010 | ) | | | (1,022,713 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share Transactions of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beneficial Interest: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | 36,707,585 | | | | 16,590,717 | | | | 101,527,169 | | | | 40,246,734 | | | | 95,227,428 | | | | 24,961,812 | | | | 9,783,684 | | | | 18,134,600 | | | | 32,125,225 | | | | 75,690,305 | |
| Class A | | | 4,262,529 | | | | 3,627,713 | | | | 3,237,988 | | | | 5,235,204 | | | | 3,861,799 | | | | 3,102,233 | | | | 429,219 | | | | 3,367,487 | | | | 1,548,479 | | | | 11,244,568 | |
| Class C | | | 727,877 | | | | 203,828 | | | | 337,031 | | | | 213,652 | | | | 823,551 | | | | 659,818 | | | | 115,803 | | | | 224,633 | | | | 448,851 | | | | 319,034 | |
| Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | 1,517,097 | | | | — | | | | 8,401,302 | | | | 9,443,373 | | | | 12,651,254 | | | | 12,504,383 | | | | 1,107,239 | | | | 417,757 | | | | 907,118 | | | | — | |
| Class A | | | 263,924 | | | | — | | | | 778,745 | | | | 1,260,164 | | | | 1,618,645 | | | | 1,989,305 | | | | 152,733 | | | | 37,172 | | | | 111,997 | | | | — | |
| Class C | | | 29,907 | | | | — | | | | 104,704 | | | | 141,610 | | | | 1,346,426 | | | | 1,415,818 | | | | 35,629 | | | | — | | | | 2,081 | | | | — | |
| Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class N | | | (12,770,416 | ) | | | (6,445,766 | ) | | | (60,693,375 | ) | | | (87,157,302 | ) | | | (49,772,081 | ) | | | (61,640,631 | ) | | | (39,137,720 | ) | | | (23,005,266 | ) | | | (40,394,083 | ) | | | (5,212,799 | ) |
| Class A | | | (3,013,441 | ) | | | (1,542,861 | ) | | | (10,821,180 | ) | | | (11,189,132 | ) | | | (8,261,600 | ) | | | (8,914,667 | ) | | | (6,930,891 | ) | | | (3,121,327 | ) | | | (5,621,729 | ) | | | (767,821 | ) |
| Class C | | | (292,525 | ) | | | (258,517 | ) | | | (1,085,702 | ) | | | (1,201,510 | ) | | | (2,762,175 | ) | | | (3,633,866 | ) | | | (636,931 | ) | | | (674,980 | ) | | | (138,261 | ) | | | (5,969 | ) |
| Net Increase (Decrease) in Net Assets From Share Transactions of Beneficial Interest | | | 27,432,537 | | | | 12,175,114 | | | | 41,786,682 | | | | (43,007,207 | ) | | | 54,733,247 | | | | (29,555,795 | ) | | | (35,081,235 | ) | | | (4,619,924 | ) | | | (11,010,322 | ) | | | 81,267,318 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Increase (Decrease) in Net Assets | | | 34,972,662 | | | | 16,296,592 | | | | 41,803,148 | | | | (50,150,009 | ) | | | 51,837,364 | | | | (43,103,022 | ) | | | (17,102,295 | ) | | | (12,579,050 | ) | | | 20,011,219 | | | | 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 | | $ | 78,677,152 | | | $ | 43,704,490 | | | $ | 230,291,404 | | | $ | 188,488,256 | | | $ | 229,611,203 | | | $ | 177,773,839 | | | $ | 46,725,325 | | | $ | 63,827,620 | | | $ | 99,352,055 | | | $ | 79,340,836 | |
| * | The Fund commenced operations on May 1, 2023 | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Corporate/Government Bond Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 11.76 | | | $ | 12.01 | | | $ | 14.41 | | | $ | 14.44 | | | $ | 14.02 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.53 | | | | 0.45 | | | | 0.22 | | | | 0.19 | | | | 0.28 | | |
| Net realized and unrealized gain (loss) | | | 0.80 | | | | (0.29 | ) | | | (2.38 | ) | | | (0.01 | ) | | | 0.44 | | |
| Total income (loss) from investment operations | | | 1.33 | | | | 0.16 | | | | (2.16 | ) | | | 0.18 | | | | 0.72 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.52 | ) | | | (0.41 | ) | | | (0.24 | ) | | | (0.21 | ) | | | (0.30 | ) | |
| Total distributions | | | (0.52 | ) | | | (0.41 | ) | | | (0.24 | ) | | | (0.21 | ) | | | (0.30 | ) | |
| Net asset value, end of year | | $ | 12.57 | | | $ | 11.76 | | | $ | 12.01 | | | $ | 14.41 | | | $ | 14.44 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 11.45 | % | | | 1.23 | % | | | (15.12 | )% | | | 1.23 | % | | | 5.17 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 188,099 | | | $ | 111,045 | | | $ | 48,744 | | | $ | 78,345 | | | $ | 61,209 | | |
| Ratios of expenses to average net assets: | | | 1.14 | % | | | 1.17 | % | | | 1.34 | % | | | 1.25 | % | | | 1.24 | % | |
| Ratios of net investment income to average net assets | | | 4.24 | % | | | 3.60 | % | | | 1.67 | % | | | 1.30 | % | | | 1.99 | % | |
| Portfolio turnover rate | | | 53 | % | | | 29 | % | | | 35 | % | | | 59 | % | | | 75 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 11.75 | | | $ | 12.00 | | | $ | 14.39 | | | $ | 14.42 | | | $ | 14.01 | | | $ | 11.66 | | | $ | 11.91 | | | $ | 14.28 | | | $ | 14.31 | | | $ | 13.91 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.50 | | | | 0.41 | | | | 0.19 | | | | 0.15 | | | | 0.25 | | | | 0.43 | | | | 0.34 | | | | 0.13 | | | | 0.08 | | | | 0.18 | |
| Net realized and unrealized gain (loss) | | | 0.79 | | | | (0.28 | ) | | | (2.37 | ) | | | (0.01 | ) | | | 0.42 | | | | 0.79 | | | | (0.27 | ) | | | (2.36 | ) | | | (0.01 | ) | | | 0.41 | |
| Total income (loss) from investment operations | | | 1.29 | | | | 0.13 | | | | (2.18 | ) | | | 0.14 | | | | 0.67 | | | | 1.22 | | | | 0.07 | | | | (2.23 | ) | | | 0.07 | | | | 0.59 | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.49 | ) | | | (0.38 | ) | | | (0.21 | ) | | | (0.17 | ) | | | (0.26 | ) | | | (0.43 | ) | | | (0.32 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.19 | ) |
| Total distributions | | | (0.49 | ) | | | (0.38 | ) | | | (0.21 | ) | | | (0.17 | ) | | | (0.26 | ) | | | (0.43 | ) | | | (0.32 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.19 | ) |
| Net asset value, end of year | | $ | 12.55 | | | $ | 11.75 | | | $ | 12.00 | | | $ | 14.39 | | | $ | 14.42 | | | $ | 12.45 | | | $ | 11.66 | | | $ | 11.91 | | | $ | 14.28 | | | $ | 14.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 11.09 | % | | | 1.00 | % | | | (15.29 | )% | | | 0.98 | % | | | 4.84 | % | | | 10.54 | % | | | 0.50 | % | | | (15.68 | )% | | | 0.49 | % | | | 4.29 | % |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 14,108 | | | $ | 15,680 | | | $ | 6,376 | | | $ | 9,593 | | | $ | 8,490 | | | $ | 2,360 | | | $ | 2,428 | | | $ | 2,418 | | | $ | 2,678 | | | $ | 2,886 | |
| Ratios of expenses to average net assets: | | | 1.39 | % | | | 1.42 | % | | | 1.59 | % | | | 1.50 | % | | | 1.49 | % | | | 1.89 | % | | | 1.92 | % | | | 2.09 | % | | | 2.00 | % | | | 1.99 | % |
| Ratios of net investment income to average net assets | | | 3.97 | % | | | 3.35 | % | | | 1.42 | % | | | 1.05 | % | | | 1.75 | % | | | 3.48 | % | | | 2.74 | % | | | 0.96 | % | | | 0.56 | % | | | 1.31 | % |
| Portfolio turnover rate | | | 53 | % | | | 29 | % | | | 35 | % | | | 59 | % | | | 75 | % | | | 53 | % | | | 29 | % | | | 35 | % | | | 59 | % | | | 75 | % |
| * | The net investment income per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Floating Rate Bond Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 8.55 | | | $ | 8.44 | | | $ | 9.18 | | | $ | 8.90 | | | $ | 9.36 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.80 | | | | 0.76 | | | | 0.41 | | | | 0.27 | | | | 0.34 | | |
| Net realized and unrealized gain (loss) | | | 0.09 | | | | 0.15 | | | | (0.72 | ) | | | 0.32 | | | | (0.47 | ) | |
| Total income (loss) from investment operations | | | 0.89 | | | | 0.91 | | | | (0.31 | ) | | | 0.59 | | | | (0.13 | ) | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.79 | ) | | | (0.80 | ) | | | (0.43 | ) | | | (0.31 | ) | | | (0.33 | ) | |
| Total distributions | | | (0.79 | ) | | | (0.80 | ) | | | (0.43 | ) | | | (0.31 | ) | | | (0.33 | ) | |
| Net asset value, end of year | | $ | 8.65 | | | $ | 8.55 | | | $ | 8.44 | | | $ | 9.18 | | | $ | 8.90 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 10.76 | % | | | 11.18 | % | | | (3.46 | )% | | | 6.63 | % | | | (1.30 | )% | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 128,746 | | | $ | 98,042 | | | $ | 152,134 | | | $ | 173,112 | | | $ | 135,536 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | 1.02 | % | | | 1.17 | % | | | 1.04 | % | | | 0.90 | % | | | 1.00 | % | |
| Ratios of net investment income to average net assets: | | | 9.20 | % | | | 8.83 | % | | | 4.67 | % | | | 2.97 | % | | | 3.81 | % | |
| Portfolio turnover rate | | | 80 | % | | | 21 | % | | | 56 | % | | | 135 | % | | | 76 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 8.54 | | | $ | 8.43 | | | $ | 9.17 | | | $ | 8.89 | | | $ | 9.35 | | | $ | 8.54 | | | $ | 8.43 | | | $ | 9.18 | | | $ | 8.89 | | | $ | 9.35 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.78 | | | | 0.74 | | | | 0.39 | | | | 0.25 | | | | 0.32 | | | | 0.74 | | | | 0.70 | | | | 0.35 | | | | 0.21 | | | | 0.27 | |
| Net realized and unrealized gain (loss) | | | 0.09 | | | | 0.15 | | | | (0.72 | ) | | | 0.32 | | | | (0.47 | ) | | | 0.08 | | | | 0.14 | | | | (0.74 | ) | | | 0.32 | | | | (0.46 | ) |
| Total income (loss) from investment operations | | | 0.87 | | | | 0.89 | | | | (0.33 | ) | | | 0.57 | | | | (0.15 | ) | | | 0.82 | | | | 0.84 | | | | (0.39 | ) | | | 0.53 | | | | (0.19 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.77 | ) | | | (0.78 | ) | | | (0.41 | ) | | | (0.29 | ) | | | (0.31 | ) | | | (0.72 | ) | | | (0.73 | ) | | | (0.36 | ) | | | (0.24 | ) | | | (0.27 | ) |
| Total distributions | | | (0.77 | ) | | | (0.78 | ) | | | (0.41 | ) | | | (0.29 | ) | | | (0.31 | ) | | | (0.72 | ) | | | (0.73 | ) | | | (0.36 | ) | | | (0.24 | ) | | | (0.27 | ) |
| Net asset value, end of year | | $ | 8.64 | | | $ | 8.54 | | | $ | 8.43 | | | $ | 9.17 | | | $ | 8.89 | | | $ | 8.64 | | | $ | 8.54 | | | $ | 8.43 | | | $ | 9.18 | | | $ | 8.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 10.50 | % | | | 10.90 | % | | | (3.70 | )% | | | 6.39 | % | | | (1.56 | )% | | | 9.95 | % | | | 10.35 | % | | | (4.30 | )% | | | 5.98 | % | | | (2.06 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 8,684 | | | $ | 11,611 | | | $ | 20,569 | | | $ | 22,225 | | | $ | 19,705 | | | $ | 4,915 | | | $ | 5,684 | | | $ | 6,495 | | | $ | 6,732 | | | $ | 6,800 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | 1.29 | % | | | 1.41 | % | | | 1.29 | % | | | 1.15 | % | | | 1.25 | % | | | 1.79 | % | | | 1.93 | % | | | 1.80 | % | | | 1.65 | % | | | 1.75 | % |
| Ratios of net investment income to average net assets: | | | 9.02 | % | | | 8.56 | % | | | 4.44 | % | | | 2.73 | % | | | 3.56 | % | | | 8.50 | % | | | 8.14 | % | | | 3.95 | % | | | 2.24 | % | | | 3.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 80 | % | | | 21 | % | | | 56 | % | | | 135 | % | | | 76 | % | | | 80 | % | | | 21 | % | | | 56 | % | | | 135 | % | | | 76 | % |
| * | 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): | | | 1.02 | % | | | 1.08 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.29 | % | | | 1.32 | % | | | 1.79 | % | | | 1.84 | % |
| | | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham High-Yield Bond Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 8.04 | | | $ | 8.00 | | | $ | 9.34 | | | $ | 8.88 | | | $ | 8.97 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.55 | | | | 0.55 | | | | 0.43 | | | | 0.38 | | | | 0.41 | | |
| Net realized and unrealized gain (loss) | | | 0.61 | | | | 0.03 | | | | (1.36 | ) | | | 0.46 | | | | (0.09 | ) | |
| Total income (loss) from investment operations | | | 1.16 | | | | 0.58 | | | | (0.93 | ) | | | 0.84 | | | | 0.32 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.54 | ) | | | (0.54 | ) | | | (0.41 | ) | | | (0.38 | ) | | | (0.41 | ) | |
| Total distributions | | | (0.54 | ) | | | (0.54 | ) | | | (0.41 | ) | | | (0.38 | ) | | | (0.41 | ) | |
| Net asset value, end of year | | $ | 8.66 | | | $ | 8.04 | | | $ | 8.00 | | | $ | 9.34 | | | $ | 8.88 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 14.64 | % | | | 7.44 | % | | | (10.09 | )% | | | 9.54 | % | | | 3.74 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 184,016 | | | $ | 98,539 | | | $ | 81,243 | | | $ | 101,951 | | | $ | 83,009 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) : | | | 1.17 | % | | | 1.23 | % | | | 1.19 | % | | | 1.17 | % | | | 1.14 | % | |
| Ratios of net investment income to average net assets: | | | 6.38 | % | | | 6.71 | % | | | 4.96 | % | | | 4.07 | % | | | 4.69 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 57 | % | | | 28 | % | | | 36 | % | | | 69 | % | | | 75 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 8.14 | | | $ | 8.09 | | | $ | 9.44 | | | $ | 8.97 | | | $ | 9.06 | | | $ | 7.99 | | | $ | 7.96 | | | $ | 9.29 | | | $ | 8.83 | | | $ | 8.92 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.54 | | | | 0.53 | | | | 0.41 | | | | 0.36 | | | | 0.39 | | | | 0.49 | | | | 0.48 | | | | 0.36 | | | | 0.31 | | | | 0.34 | |
| Net realized and unrealized gain (loss) | | | 0.60 | | | | 0.04 | | | | (1.37 | ) | | | 0.47 | | | | (0.09 | ) | | | 0.59 | | | | 0.03 | | | | (1.34 | ) | | | 0.46 | | | | (0.09 | ) |
| Total income (loss) from investment operations | | | 1.14 | | | | 0.57 | | | | (0.96 | ) | | | 0.83 | | | | 0.30 | | | | 1.08 | | | | 0.51 | | | | (0.98 | ) | | | 0.77 | | | | 0.25 | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.51 | ) | | | (0.52 | ) | | | (0.39 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.47 | ) | | | (0.48 | ) | | | (0.35 | ) | | | (0.31 | ) | | | (0.34 | ) |
| Total distributions | | | (0.51 | ) | | | (0.52 | ) | | | (0.39 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.47 | ) | | | (0.48 | ) | | | (0.35 | ) | | | (0.31 | ) | | | (0.34 | ) |
| Net asset value, end of year | | $ | 8.77 | | | $ | 8.14 | | | $ | 8.09 | | | $ | 9.44 | | | $ | 8.97 | | | $ | 8.60 | | | $ | 7.99 | | | $ | 7.96 | | | $ | 9.29 | | | $ | 8.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 14.29 | % | | | 7.22 | % | | | (10.32 | )% | | | 9.29 | % | | | 3.44 | % | | | 13.75 | % | | | 6.55 | % | | | (10.71 | )% | | | 8.79 | % | | | 2.95 | % |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 13,976 | | | $ | 14,543 | | | $ | 12,650 | | | $ | 13,592 | | | $ | 12,127 | | | $ | 3,282 | | | $ | 3,577 | | | $ | 3,830 | | | $ | 4,746 | | | $ | 4,663 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) : | | | 1.43 | % | | | 1.48 | % | | | 1.44 | % | | | 1.42 | % | | | 1.39 | % | | | 1.93 | % | | | 1.98 | % | | | 1.94 | % | | | 1.92 | % | | | 1.89 | % |
| Ratios of net investment income to average net assets: | | | 6.18 | % | | | 6.46 | % | | | 4.72 | % | | | 3.82 | % | | | 4.44 | % | | | 5.72 | % | | | 5.94 | % | | | 4.21 | % | | | 3.32 | % | | | 3.93 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 57 | % | | | 28 | % | | | 36 | % | | | 69 | % | | | 75 | % | | | 57 | % | | | 28 | % | | | 36 | % | | | 69 | % | | | 75 | % |
| * | The net investment income per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham International Opportunity Bond Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 7.22 | | | $ | 6.96 | | | $ | 9.18 | | | $ | 9.05 | | | $ | 9.43 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income * | | | 0.38 | | | | 0.37 | | | | 0.31 | | | | 0.21 | | | | 0.19 | | |
| Net realized and unrealized gain (loss) | | | 0.67 | | | | 0.43 | | | | (2.15 | ) | | | 0.15 | | | | (0.37 | ) | |
| Total income (loss) from investment operations | | | 1.05 | | | | 0.80 | | | | (1.84 | ) | | | 0.36 | | | | (0.18 | ) | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.36 | ) | | | (0.38 | ) | | | (0.38 | ) | | | (0.23 | ) | | | (0.11 | ) | |
| Distributions from net realized gains | | | — | | | | — | | | | (0.00 | ) | | | — | | | | (0.02 | ) | |
| Distributions from capital | | | (0.03 | ) | | | (0.16 | ) | | | — | | | | — | | | | (0.07 | ) | |
| Total distributions | | | (0.39 | ) | | | (0.54 | ) | | | (0.38 | ) | | | (0.23 | ) | | | (0.20 | ) | |
| Net asset value, end of year | | $ | 7.88 | | | $ | 7.22 | | | $ | 6.96 | | | $ | 9.18 | | | $ | 9.05 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 14.75 | % | | | 11.67 | % | | | (20.52 | )% | | | 3.93 | % | | | (1.81 | )% | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 70,486 | | | $ | 46,613 | | | $ | 29,209 | | | $ | 62,423 | | | $ | 41,346 | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | 1.74 | % | | | 1.68 | % | | | 1.33 | % | | | 1.78 | % | | | 1.36 | % | |
| Ratios of net investment income to average net assets: | | | 4.88 | % | | | 4.97 | % | | | 3.83 | % | | | 2.21 | % | | | 2.08 | % | |
| Portfolio turnover rate | | | 77 | % | | | 50 | % | | | 58 | % | | | 40 | % | | | 138 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 7.14 | | | $ | 6.89 | | | $ | 9.08 | | | $ | 8.96 | | | $ | 9.34 | | | $ | 6.93 | | | $ | 6.70 | | | $ | 8.84 | | | $ | 8.73 | | | $ | 9.11 | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.35 | | | | 0.34 | | | | 0.29 | | | | 0.18 | | | | 0.17 | | | | 0.30 | | | | 0.30 | | | | 0.25 | | | | 0.13 | | | | 0.10 | |
| Net realized and unrealized gain (loss) | | | 0.67 | | | | 0.44 | | | | (2.12 | ) | | | 0.14 | | | | (0.37 | ) | | | 0.65 | | | | 0.42 | | | | (2.07 | ) | | | 0.14 | | | | (0.33 | ) |
| Total income (loss) from investment operations | | | 1.02 | | | | 0.78 | | | | (1.83 | ) | | | 0.32 | | | | (0.20 | ) | | | 0.95 | | | | 0.72 | | | | (1.82 | ) | | | 0.27 | | | | (0.23 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.34 | ) | | | (0.37 | ) | | | (0.36 | ) | | | (0.20 | ) | | | (0.09 | ) | | | (0.30 | ) | | | (0.33 | ) | | | (0.32 | ) | | | (0.16 | ) | | | (0.06 | ) |
| Distributions from net realized gains | | | — | | | | — | | | | (0.00 | ) | | | — | | | | (0.02 | ) | | | — | | | | — | | | | (0.00 | ) | | | — | | | | (0.02 | ) |
| Distributions from capital | | | (0.03 | ) | | | (0.16 | ) | | | — | | | | — | | | | (0.07 | ) | | | (0.03 | ) | | | (0.16 | ) | | | — | | | | — | | | | (0.07 | ) |
| Total distributions | | | (0.37 | ) | | | (0.53 | ) | | | (0.36 | ) | | | (0.20 | ) | | | (0.18 | ) | | | (0.33 | ) | | | (0.49 | ) | | | (0.32 | ) | | | (0.16 | ) | | | (0.15 | ) |
| Net asset value, end of year | | $ | 7.79 | | | $ | 7.14 | | | $ | 6.89 | | | $ | 9.08 | | | $ | 8.96 | | | $ | 7.55 | | | $ | 6.93 | | | $ | 6.70 | | | $ | 8.84 | | | $ | 8.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 14.47 | % | | | 11.38 | % | | | (20.62 | )% | | | 3.60 | % | | | (2.03 | )% | | | 13.91 | % | | | 10.85 | % | | | (21.01 | )% | | | 3.07 | % | | | (2.48 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 5,313 | | | $ | 7,037 | | | $ | 4,787 | | | $ | 9,179 | | | $ | 6,722 | | | $ | 814 | | | $ | 909 | | | $ | 854 | | | $ | 1,320 | | | $ | 1,180 | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | 1.99 | % | | | 1.93 | % | | | 1.58 | % | | | 2.03 | % | | | 1.61 | % | | | 2.49 | % | | | 2.43 | % | | | 2.08 | % | | | 2.53 | % | | | 2.11 | % |
| Ratios of net investment income to average net assets: | | | 4.59 | % | | | 4.71 | % | | | 3.61 | % | | | 1.96 | % | | | 1.91 | % | | | 4.10 | % | | | 4.19 | % | | | 3.13 | % | | | 1.44 | % | | | 1.21 | % |
| Portfolio turnover rate | | | 77 | % | | | 50 | % | | | 58 | % | | | 40 | % | | | 138 | % | | | 77 | % | | | 50 | % | | | 58 | % | | | 40 | % | | | 138 | % |
| * | The net investment income per share data was determined using the average shares outstanding throughout the year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.74 | % | | | 1.67 | % | | | 1.32 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.99 | % | | | 1.92 | % | | | 1.57 | % | | | 2.49 | % | | | 2.42 | % | | | 2.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Large Cap Value Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 16.23 | | | $ | 16.90 | | | $ | 19.59 | | | $ | 13.58 | | | $ | 14.96 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income * | | | 0.18 | | | | 0.20 | | | | 0.14 | | | | 0.13 | | | | 0.17 | | |
| Net realized and unrealized gain (loss) | | | 4.93 | | | | (0.38 | ) | | | (1.57 | ) | | | 6.03 | | | | (1.03 | ) | |
| Total income (loss) from investment operations | | | 5.11 | | | | (0.18 | ) | | | (1.43 | ) | | | 6.16 | | | | (0.86 | ) | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.23 | ) | | | (0.16 | ) | | | (0.11 | ) | | | (0.15 | ) | | | (0.18 | ) | |
| Distributions from net realized gains | | | (0.71 | ) | | | (0.33 | ) | | | (1.15 | ) | | | — | | | | (0.34 | ) | |
| Total distributions | | | (0.94 | ) | | | (0.49 | ) | | | (1.26 | ) | | | (0.15 | ) | | | (0.52 | ) | |
| Net asset value, end of year | | $ | 20.40 | | | $ | 16.23 | | | $ | 16.90 | | | $ | 19.59 | | | $ | 13.58 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 32.47 | % | | | (1.14 | )% | | | (7.96 | )% | | | 45.69 | % | | | (6.15 | )% | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 135,788 | | | $ | 115,719 | | | $ | 141,436 | | | $ | 129,641 | | | $ | 73,557 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly (1) | | | 1.19 | % | | | 1.04 | % | | | 1.26 | % | | | 1.10 | % | | | 1.24 | % | |
| After fees paid indirectly (1) | | | 1.19 | % | | | 1.04 | % | | | 1.26 | % | | | 1.10 | % | | | 1.24 | % | |
| Ratios of net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly (1) | | | 0.95 | % | | | 1.19 | % | | | 0.79 | % | | | 0.72 | % | | | 1.25 | % | |
| After fees paid indirectly (1) | | | 0.95 | % | | | 1.19 | % | | | 0.79 | % | | | 0.72 | % | | | 1.25 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 23 | % | | | 29 | % | | | 23 | % | | | 33 | % | | | 43 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 16.11 | | | $ | 16.78 | | | $ | 19.46 | | | $ | 13.50 | | | $ | 14.87 | | | $ | 15.06 | | | $ | 15.74 | | | $ | 18.40 | | | $ | 12.80 | | | $ | 14.17 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)* | | | 0.13 | | | | 0.16 | | | | 0.09 | | | | 0.08 | | | | 0.14 | | | | (0.01 | ) | | | 0.03 | | | | (0.04 | ) | | | (0.04 | ) | | | 0.03 | |
| Net realized and unrealized gain (loss) | | | 4.90 | | | | (0.39 | ) | | | (1.55 | ) | | | 6.00 | | | | (1.03 | ) | | | 4.57 | | | | (0.35 | ) | | | (1.47 | ) | | | 5.69 | | | | (0.98 | ) |
| Total income (loss) from investment operations | | | 5.03 | | | | (0.23 | ) | | | (1.46 | ) | | | 6.08 | | | | (0.89 | ) | | | 4.56 | | | | (0.32 | ) | | | (1.51 | ) | | | 5.65 | | | | (0.95 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.18 | ) | | | (0.11 | ) | | | (0.07 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.03 | ) | | | 0.00 | | | | (0.05 | ) | | | (0.08 | ) |
| Distributions from net realized gains | | | (0.71 | ) | | | (0.33 | ) | | | (1.15 | ) | | | — | | | | (0.34 | ) | | | (0.71 | ) | | | (0.33 | ) | | | (1.15 | ) | | | — | | | | (0.34 | ) |
| Total distributions | | | (0.89 | ) | | | (0.44 | ) | | | (1.22 | ) | | | (0.12 | ) | | | (0.48 | ) | | | (0.81 | ) | | | (0.36 | ) | | | (1.15 | ) | | | (0.05 | ) | | | (0.42 | ) |
| Net asset value, end of year | | $ | 20.25 | | | $ | 16.11 | | | $ | 16.78 | | | $ | 19.46 | | | $ | 13.50 | | | $ | 18.81 | | | $ | 15.06 | | | $ | 15.74 | | | $ | 18.40 | | | $ | 12.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 32.16 | % | | | (1.41 | )% | | | (8.18 | )% | | | 45.28 | % | | | (6.33 | )% | | | 31.14 | % | | | (2.09 | )% | | | (8.90 | )% | | | 44.20 | % | | | (7.05 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 16,518 | | | $ | 17,853 | | | $ | 22,784 | | | $ | 27,023 | | | $ | 16,855 | | | $ | 3,556 | | | $ | 3,139 | | | $ | 3,958 | | | $ | 4,683 | | | $ | 3,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly (1) | | | 1.44 | % | | | 1.29 | % | | | 1.51 | % | | | 1.35 | % | | | 1.49 | % | | | 2.19 | % | | | 2.04 | % | | | 2.26 | % | | | 2.10 | % | | | 2.24 | % |
| After fees paid indirectly (1) | | | 1.44 | % | | | 1.29 | % | | | 1.51 | % | | | 1.35 | % | | | 1.49 | % | | | 2.19 | % | | | 2.04 | % | | | 2.26 | % | | | 2.10 | % | | | 2.24 | % |
| Ratios of net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly (1) | | | 0.72 | % | | | 0.94 | % | | | 0.52 | % | | | 0.47 | % | | | 1.00 | % | | | (0.05 | )% | | | 0.19 | % | | | (0.23 | )% | | | (0.27 | )% | | | 0.23 | % |
| After fees paid indirectly (1) | | | 0.72 | % | | | 0.94 | % | | | 0.52 | % | | | 0.47 | % | | | 1.00 | % | | | (0.05 | )% | | | 0.19 | % | | | (0.23 | )% | | | (0.27 | )% | | | 0.23 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 23 | % | | | 29 | % | | | 23 | % | | | 33 | % | | | 43 | % | | | 23 | % | | | 29 | % | | | 23 | % | | | 33 | % | | | 43 | % |
| * | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (1) | Differences represent an amount less than 0.005%. |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Small Cap Value Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 13.38 | | | $ | 15.38 | | | $ | 18.65 | | | $ | 11.91 | | | $ | 14.67 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income * | | | 0.11 | | | | 0.09 | | | | 0.07 | | | | 0.11 | | | | 0.10 | | |
| Net realized and unrealized gain (loss) | | | 3.51 | | | | (0.92 | ) | | | (1.27 | ) | | | 6.78 | | | | (2.86 | ) | |
| Total income (loss) from investment operations | | | 3.62 | | | | (0.83 | ) | | | (1.20 | ) | | | 6.89 | | | | (2.76 | ) | |
| 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 | ) | | | — | | |
| Total distributions | | | (0.46 | ) | | | (1.17 | ) | | | (2.07 | ) | | | (0.15 | ) | | | — | | |
| Net asset value, end of year | | $ | 16.54 | | | $ | 13.38 | | | $ | 15.38 | | | $ | 18.65 | | | $ | 11.91 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 27.20 | % | | | (5.61 | )% | | | (7.65 | )% | | | 58.16 | % | | | (18.81 | )% | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 88,294 | | | $ | 51,360 | | | $ | 59,955 | | | $ | 72,651 | | | $ | 42,444 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense)(a): | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly (1) | | | 1.31 | % | | | 1.69 | % | | | 1.67 | % | | | 1.05 | % | | | 1.26 | % | |
| After fees paid indirectly (1) | | | 1.30 | % | | | 1.63 | % | | | 1.61 | % | | | 1.05 | % | | | 1.17 | % | |
| Ratios of net investment income to average net assets: (a)(b) | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly | | | 0.65 | % | | | 0.53 | % | | | 0.34 | % | | | 0.67 | % | | | 0.72 | % | |
| After fees paid indirectly | | | 0.66 | % | | | 0.60 | % | | | 0.41 | % | | | 0.67 | % | | | 0.81 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 159 | % | | | 95 | % | | | 83 | % | | | 87 | % | | | 135 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 13.07 | | | $ | 15.07 | | | $ | 18.31 | | | $ | 11.70 | | | $ | 14.45 | | | $ | 10.67 | | | $ | 12.60 | | | $ | 15.70 | | | $ | 10.05 | | | $ | 12.51 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) * | | | 0.07 | | | | 0.05 | | | | 0.03 | | | | 0.08 | | | | 0.07 | | | | (0.04 | ) | | | (0.04 | ) | | | (0.08 | ) | | | (0.04 | ) | | | (0.02 | ) |
| Net realized and unrealized gain (loss) | | | 3.42 | | | | (0.89 | ) | | | (1.24 | ) | | | 6.65 | | | | (2.82 | ) | | | 2.79 | | | | (0.73 | ) | | | (1.04 | ) | | | 5.72 | | | | (2.44 | ) |
| Total income (loss) from investment operations | | | 3.49 | | | | (0.84 | ) | | | (1.21 | ) | | | 6.73 | | | | (2.75 | ) | | | 2.75 | | | | (0.77 | ) | | | (1.12 | ) | | | 5.68 | | | | (2.46 | ) |
| 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 | ) | | | — | | | | (0.37 | ) | | | (1.16 | ) | | | (1.98 | ) | | | (0.01 | ) | | | — | |
| Total distributions | | | (0.42 | ) | | | (1.16 | ) | | | (2.03 | ) | | | (0.12 | ) | | | — | | | | (0.37 | ) | | | (1.16 | ) | | | (1.98 | ) | | | (0.03 | ) | | | — | |
| Net asset value, end of year | | $ | 16.14 | | | $ | 13.07 | | | $ | 15.07 | | | $ | 18.31 | | | $ | 11.70 | | | $ | 13.05 | | | $ | 10.67 | | | $ | 12.60 | | | $ | 15.70 | | | $ | 10.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 26.87 | % | | | (5.81 | )% | | | (7.86 | )% | | | 57.71 | % | | | (19.03 | )% | | | 25.93 | % | | | (6.53 | )% | | | (8.62 | )% | | | 56.55 | % | | | (19.66 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 8,983 | | | $ | 6,924 | | | $ | 8,331 | | | $ | 12,795 | | | $ | 8,955 | | | $ | 1,900 | | | $ | 1,690 | | | $ | 2,314 | | | $ | 2,794 | | | $ | 2,064 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense)(a): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly (2) | | | 1.58 | % | | | 1.94 | % | | | 1.92 | % | | | 1.30 | % | | | 1.51 | % | | | 2.34 | % | | | 2.69 | % | | | 2.67 | % | | | 2.05 | % | | | 2.26 | % |
| After fees paid indirectly (2) | | | 1.56 | % | | | 1.88 | % | | | 1.86 | % | | | 1.30 | % | | | 1.42 | % | | | 2.32 | % | | | 2.63 | % | | | 2.61 | % | | | 2.05 | % | | | 2.17 | % |
| Ratios of net investment income (loss) to average net assets: (a)(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly | | | 0.41 | % | | | 0.29 | % | | | 0.12 | % | | | 0.46 | % | | | 0.46 | % | | | (0.34 | )% | | | (0.45 | )% | | | (0.67 | )% | | | (0.31 | )% | | | (0.29 | )% |
| After fees paid indirectly | | | 0.43 | % | | | 0.35 | % | | | 0.17 | % | | | 0.46 | % | | | 0.55 | % | | | (0.32 | )% | | | (0.38 | )% | | | (0.61 | )% | | | (0.31 | )% | | | (0.20 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 159 | % | | | 95 | % | | | 83 | % | | | 87 | % | | | 135 | % | | | 159 | % | | | 95 | % | | | 83 | % | | | 87 | % | | | 135 | % |
| * | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| ! | The amount of net investment income (loss) on investment per share does not accord with the amounts in the Statements of Operations. |
| (a) | Does not Include the expenses of other investment companies in which the Fund invests. |
| (b) | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): |
| Before fees paid indirectly | | | 1.31 | % | | | 1.68 | % |
| After fees paid indirectly | | | 1.30 | % | | | 1.62 | % |
| | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): |
| Before fees paid indirectly | | | 1.58 | % | | | 1.93 | % | | | 2.34 | % | | | 2.68 | % |
| After fees paid indirectly | | | 1.56 | % | | | 1.87 | % | | | 2.32 | % | | | 2.62 | % |
| | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Focused Large Cap Growth Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 31.01 | | | $ | 24.57 | | | $ | 43.94 | | | $ | 33.67 | | | $ | 24.24 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment loss* | | | (0.33 | ) | | | (0.21 | ) | | | (0.20 | ) | | | (0.36 | ) | | | (0.32 | ) | |
| Net realized and unrealized gain (loss) | | | 13.81 | | | | 6.65 | | | | (15.89 | ) | | | 11.47 | | | | 10.58 | | |
| Total income (loss) from investment operations | | | 13.48 | | | | 6.44 | | | | (16.09 | ) | | | 11.11 | | | | 10.26 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net realized gains | | | (0.84 | ) | | | — | | | | (3.28 | ) | | | (0.84 | ) | | | (0.83 | ) | |
| Total distributions | | | (0.84 | ) | | | — | | | | (3.28 | ) | | | (0.84 | ) | | | (0.83 | ) | |
| Net asset value, end of year | | $ | 43.65 | | | $ | 31.01 | | | $ | 24.57 | | | $ | 43.94 | | | $ | 33.67 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 44.02 | % | | | 26.21 | % | | | (39.47 | )% | | | 33.44 | % | | | 43.39 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 151,473 | | | $ | 121,318 | | | $ | 143,425 | | | $ | 156,938 | | | $ | 108,816 | | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fee waivers and fees paid indirectly (1) | | | 1.20 | % | | | 1.23 | % | | | 1.01 | % | | | 1.12 | % | | | 1.30 | % | |
| After fee waivers and fees paid indirectly (1) | | | 1.20 | % | | | 1.23 | % | | | 1.01 | % | | | 1.12 | % | | | 1.30 | % | |
| Ratios of net investment loss to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fee waivers and fees paid indirectly (1) | | | (0.82 | )% | | | (0.74 | )% | | | (0.67 | )% | | | (0.92 | )% | | | (1.08 | )% | |
| After fee waivers and fees paid indirectly (1) | | | (0.82 | )% | | | (0.74 | )% | | | (0.67 | )% | | | (0.92 | )% | | | (1.08 | )% | |
| Portfolio turnover rate | | | 11 | % | | | 17 | % | | | 9 | % | | | 27 | % | | | 17 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 29.93 | | | $ | 23.77 | | | $ | 42.73 | | | $ | 32.84 | | | $ | 23.71 | | | $ | 26.94 | | | $ | 21.56 | | | $ | 39.33 | | | $ | 30.51 | | | $ | 22.25 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment loss* | | | (0.42 | ) | | | (0.28 | ) | | | (0.28 | ) | | | (0.45 | ) | | | (0.38 | ) | | | (0.63 | ) | | | (0.45 | ) | | | (0.46 | ) | | | (0.68 | ) | | | (0.55 | ) |
| Net realized and unrealized gain (loss) | | | 13.32 | | | | 6.44 | | | | (15.40 | ) | | | 11.18 | | | | 10.34 | | | | 11.94 | | | | 5.83 | | | | (14.03 | ) | | | 10.34 | | | | 9.64 | |
| Total income (loss) from investment operations | | | 12.90 | | | | 6.16 | | | | (15.68 | ) | | | 10.73 | | | | 9.96 | | | | 11.31 | | | | 5.38 | | | | (14.49 | ) | | | 9.66 | | | | 9.09 | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net realized gains | | | (0.84 | ) | | | — | | | | (3.28 | ) | | | (0.84 | ) | | | (0.83 | ) | | | (0.84 | ) | | | — | | | | (3.28 | ) | | | (0.84 | ) | | | (0.83 | ) |
| Total distributions | | | (0.84 | ) | | | — | | | | (3.28 | ) | | | (0.84 | ) | | | (0.83 | ) | | | (0.84 | ) | | | — | | | | (3.28 | ) | | | (0.84 | ) | | | (0.83 | ) |
| Net asset value, end of year | | $ | 41.99 | | | $ | 29.93 | | | $ | 23.77 | | | $ | 42.73 | | | $ | 32.84 | | | $ | 37.41 | | | $ | 26.94 | | | $ | 21.56 | | | $ | 39.33 | | | $ | 30.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 43.65 | % | | | 25.91 | % | | | (39.62 | )% | | | 33.13 | % | | | 43.09 | % | | | 42.57 | % | | | 24.95 | % | | | (40.07 | )% | | | 32.13 | % | | | 41.97 | % |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 21,365 | | | $ | 21,901 | | | $ | 24,711 | | | $ | 37,270 | | | $ | 31,205 | | | $ | 9,290 | | | $ | 6,706 | | | $ | 7,483 | | | $ | 13,911 | | | $ | 10,414 | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fee waivers and fees paid indirectly (1) | | | 1.46 | % | | | 1.48 | % | | | 1.26 | % | | | 1.37 | % | | | 1.55 | % | | | 2.20 | % | | | 2.25 | % | | | 2.01 | % | | | 2.12 | % | | | 2.30 | % |
| After fee waivers and fees paid indirectly (1) | | | 1.46 | % | | | 1.48 | % | | | 1.26 | % | | | 1.37 | % | | | 1.55 | % | | | 2.20 | % | | | 2.25 | % | | | 2.01 | % | | | 2.12 | % | | | 2.30 | % |
| Ratios of net investment loss to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fee waivers and fees paid indirectly (1) | | | (1.08 | )% | | | (0.99 | )% | | | (0.93 | )% | | | (1.17 | )% | | | (1.34 | )% | | | (1.82 | )% | | | (1.76 | )% | | | (1.69 | )% | | | (1.92 | )% | | | (2.08 | )% |
| After fee waivers and fees paid indirectly (1) | | | (1.08 | )% | | | (0.99 | )% | | | (0.93 | )% | | | (1.17 | )% | | | (1.34 | )% | | | (1.82 | )% | | | (1.76 | )% | | | (1.69 | )% | | | (1.92 | )% | | | (2.08 | )% |
| Portfolio turnover rate | | | 11 | % | | | 17 | % | | | 9 | % | | | 27 | % | | | 17 | % | | | 11 | % | | | 17 | % | | | 9 | % | | | 27 | % | | | 17 | % |
| * | The net investment loss per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (1) | Differences represent an amount less than 0.005%. |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Small Cap Growth Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 14.50 | | | $ | 14.73 | | | $ | 27.93 | | | $ | 21.62 | | | $ | 16.00 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment loss* | | | (0.13 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.38 | ) | | | (0.23 | ) | |
| Net realized and unrealized gain (loss) (a) | | | 4.87 | | | | (0.08 | ) | | | (9.04 | ) | | | 10.50 | | | | 6.15 | | |
| Total income (loss) from investment operations | | | 4.74 | | | | (0.23 | ) | | | (9.16 | ) | | | 10.12 | | | | 5.92 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | — | | | | — | | | | (0.19 | ) | | | (0.28 | ) | | | (0.05 | ) | |
| Distributions from net realized gains | | | — | | | | — | | | | (3.85 | ) | | | (3.53 | ) | | | (0.25 | ) | |
| Total distributions | | | — | | | | — | | | | (4.04 | ) | | | (3.81 | ) | | | (0.30 | ) | |
| Net asset value, end of year | | $ | 19.24 | | | $ | 14.50 | | | $ | 14.73 | | | $ | 27.93 | | | $ | 21.62 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 32.69 | % | | | (1.56 | )% | | | (37.42 | )% | | | 49.28 | % | | | 37.55 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 64,420 | | | $ | 46,905 | | | $ | 65,064 | | | $ | 63,287 | | | $ | 42,792 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly | | | 1.33 | % | | | 1.56 | % | | | 1.17 | % | | | 1.83 | % | | | 1.78 | % | |
| After fees paid indirectly | | | 1.32 | % | | | 1.55 | % | | | 1.14 | % | | | 1.83 | % | | | 1.75 | % | |
| Ratios of net investment loss to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly | | | (0.71 | )% | | | (0.99 | )% | | | (0.72 | )% | | | (1.47 | )% | | | (1.34 | )% | |
| After fees paid indirectly | | | (0.70 | )% | | | (0.98 | )% | | | (0.70 | )% | | | (1.47 | )% | | | (1.31 | )% | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 100 | % | | | 95 | % | | | 92 | % | | | 111 | % | | | 178 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 13.30 | | | $ | 13.55 | | | $ | 26.04 | | | $ | 20.36 | | | $ | 15.09 | | | $ | 8.70 | | | $ | 8.93 | | | $ | 18.62 | | | $ | 15.39 | | | $ | 11.54 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment loss* | | | (0.16 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.42 | ) | | | (0.26 | ) | | | (0.18 | ) | | | (0.19 | ) | | | (0.19 | ) | | | (0.44 | ) | | | (0.29 | ) |
| Net realized and unrealized gain (loss) (a) | | | 4.47 | | | | (0.08 | ) | | | (8.34 | ) | | | 9.86 | | | | 5.80 | | | | 2.90 | | | | (0.04 | ) | | | (5.64 | ) | | | 7.33 | | | | 4.39 | |
| Total income (loss) from investment operations | | | 4.31 | | | | (0.25 | ) | | | (8.51 | ) | | | 9.44 | | | | 5.54 | | | | 2.72 | | | | (0.23 | ) | | | (5.83 | ) | | | 6.89 | | | | 4.10 | |
| 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 | ) | | | — | | | | — | | | | (3.85 | ) | | | (3.53 | ) | | | (0.25 | ) |
| Total distributions | | | — | | | | — | | | | (3.98 | ) | | | (3.76 | ) | | | (0.27 | ) | | | — | | | | — | | | | (3.86 | ) | | | (3.66 | ) | | | (0.25 | ) |
| Net asset value, end of year | | $ | 17.61 | | | $ | 13.30 | | | $ | 13.55 | | | $ | 26.04 | | | $ | 20.36 | | | $ | 11.42 | | | $ | 8.70 | | | $ | 8.93 | | | $ | 18.62 | | | $ | 15.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 32.41 | % | | | (1.85 | )% | | | (37.55 | )% | | | 48.93 | % | | | 37.18 | % | | | 31.26 | % | | | (2.58 | )% | | | (37.99 | )% | | | 47.87 | % | | | 36.10 | % |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 8,879 | | | $ | 8,172 | | | $ | 11,795 | | | $ | 20,357 | | | $ | 12,750 | | | $ | 1,935 | | | $ | 1,629 | | | $ | 2,210 | | | $ | 3,730 | | | $ | 2,619 | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly | | | 1.60 | % | | | 1.80 | % | | | 1.42 | % | | | 2.08 | % | | | 2.03 | % | | | 2.35 | % | | | 2.57 | % | | | 2.17 | % | | | 2.83 | % | | | 2.78 | % |
| After fees paid indirectly | | | 1.59 | % | | | 1.78 | % | | | 1.39 | % | | | 2.08 | % | | | 2.00 | % | | | 2.33 | % | | | 2.55 | % | | | 2.14 | % | | | 2.83 | % | | | 2.75 | % |
| Ratios of net investment loss to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fees paid indirectly | | | (0.98 | )% | | | (1.23 | )% | | | (0.97 | )% | | | (1.72 | )% | | | (1.57 | )% | | | (1.73 | )% | | | (2.00 | )% | | | (1.72 | )% | | | (2.47 | )% | | | (2.32 | )% |
| After fees paid indirectly | | | (0.97 | )% | | | (1.21 | )% | | | (0.95 | )% | | | (1.72 | )% | | | (1.54 | )% | | | (1.72 | )% | | | (1.99 | )% | | | (1.70 | )% | | | (2.47 | )% | | | (2.29 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 100 | % | | | 95 | % | | | 92 | % | | | 111 | % | | | 178 | % | | | 100 | % | | | 95 | % | | | 92 | % | | | 111 | % | | | 178 | % |
| * | The net investment loss per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (a) | The amount of net realized and unrealized gain (loss) on investment per share for the year ended October 31, 2023, does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Emerging Markets Stock Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 11.84 | | | $ | 10.93 | | | $ | 18.76 | | | $ | 15.70 | | | $ | 14.27 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) * | | | 0.17 | | | | 0.16 | | | | 0.17 | | | | 0.04 | | | | (0.03 | ) | |
| Net realized and unrealized gain (loss) | | | 2.22 | | | | 0.78 | | | | (6.41 | ) | | | 3.05 | | | | 1.59 | | |
| Total income (loss) from investment operations | | | 2.39 | | | | 0.94 | | | | (6.24 | ) | | | 3.09 | | | | 1.56 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.11 | ) | | | (0.03 | ) | | | (0.25 | ) | | | (0.03 | ) | | | (0.13 | ) | |
| Distributions from net realized gains | | | — | | | | — | | | | (1.34 | ) | | | — | | | | — | | |
| Total distributions | | | (0.11 | ) | | | (0.03 | ) | | | (1.59 | ) | | | (0.03 | ) | | | (0.13 | ) | |
| Net asset value, end of year | | $ | 14.12 | | | $ | 11.84 | | | $ | 10.93 | | | $ | 18.76 | | | $ | 15.70 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 20.24 | % | | | 8.58 | % | | | (36.02 | )% | | | 19.67 | % | | | 10.94 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 99,643 | | | $ | 83,931 | | | $ | 85,825 | | | $ | 112,290 | | | $ | 70,868 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | 1.24 | % | | | 1.15 | % | | | 1.03 | % | | | 1.67 | % | | | 1.86 | % | |
| Ratios of net investment income (loss) to average net assets | | | 1.24 | % | | | 1.23 | % | | | 1.23 | % | | | 0.19 | % | | | (0.19 | )% | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 70 | % | | | 58 | % | | | 64 | % | | | 77 | % | | | 113 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 11.52 | | | $ | 10.63 | | | $ | 18.29 | | | $ | 15.32 | | | $ | 13.94 | | | $ | 10.61 | | | $ | 9.87 | | | $ | 17.07 | | | $ | 14.41 | | | $ | 13.16 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)* | | | 0.13 | | | | 0.12 | | | | 0.13 | | | | (0.02 | ) | | | (0.06 | ) | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | (0.15 | ) | | | (0.16 | ) |
| Net realized and unrealized gain (loss) | | | 2.15 | | | | 0.77 | | | | (6.24 | ) | | | 2.99 | | | | 1.54 | | | | 1.98 | | | | 0.71 | | | | (5.81 | ) | | | 2.81 | | | | 1.45 | |
| Total income (loss) from investment operations | | | 2.28 | | | | 0.89 | | | | (6.11 | ) | | | 2.97 | | | | 1.48 | | | | 2.01 | | | | 0.74 | | | | (5.79 | ) | | | 2.66 | | | | 1.29 | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.07 | ) | | | — | | | | (0.21 | ) | | | — | | | | (0.10 | ) | | | (0.01 | ) | | | — | | | | (0.07 | ) | | | — | | | | (0.04 | ) |
| Distributions from net realized gains | | | — | | | | — | | | | (1.34 | ) | | | — | | | | — | | | | — | | | | — | | | | (1.34 | ) | | | — | | | | — | |
| Total distributions | | | (0.07 | ) | | | — | | | | (1.55 | ) | | | — | | | | (0.10 | ) | | | (0.01 | ) | | | — | | | | (1.41 | ) | | | — | | | | (0.04 | ) |
| Net asset value, end of year | | $ | 13.73 | | | $ | 11.52 | | | $ | 10.63 | | | $ | 18.29 | | | $ | 15.32 | | | $ | 12.61 | | | $ | 10.61 | | | $ | 9.87 | | | $ | 17.07 | | | $ | 14.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 19.88 | % | | | 8.37 | % | | | (36.18 | )% | | | 19.39 | % | | | 10.58 | % | | | 18.99 | % | | | 7.50 | % | | | (36.66 | )% | | | 18.46 | % | | | 9.78 | % |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 13,369 | | | $ | 13,958 | | | $ | 15,367 | | | $ | 21,174 | | | $ | 14,864 | | | $ | 2,042 | | | $ | 1,712 | | | $ | 1,999 | | | $ | 3,349 | | | $ | 3,005 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | 1.49 | % | | | 1.40 | % | | | 1.28 | % | | | 1.92 | % | | | 2.11 | % | | | 2.24 | % | | | 2.15 | % | | | 2.03 | % | | | 2.67 | % | | | 2.86 | % |
| Ratios of net investment income (loss) to average net assets: | | | 0.99 | % | | | 0.97 | % | | | 0.96 | % | | | (0.08 | )% | | | (0.43 | )% | | | 0.24 | % | | | 0.23 | % | | | 0.15 | % | | | (0.87 | )% | | | (1.22 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 70 | % | | | 58 | % | | | 64 | % | | | 77 | % | | | 113 | % | | | 70 | % | | | 58 | % | | | 64 | % | | | 77 | % | | | 113 | % |
| * | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.23 | % | | | 1.13 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.47 | % | | | 1.38 | % | | | 2.23 | % | | | 2.13 | % |
| | | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham International Stock Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 15.86 | | | $ | 14.07 | | | $ | 21.10 | | | $ | 15.26 | | | $ | 15.51 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income * | | | 0.45 | | | | 0.51 | | | | 0.66 | | | | 0.30 | | | | 0.15 | | |
| Net realized and unrealized gain (loss) ! | | | 3.35 | | | | 1.89 | | | | (4.87 | ) | | | 5.70 | | | | (0.06 | ) | |
| Total income (loss) from investment operations | | | 3.80 | | | | 2.40 | | | | (4.21 | ) | | | 6.00 | | | | 0.09 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.50 | ) | | | (0.61 | ) | | | (0.40 | ) | | | (0.15 | ) | | | (0.34 | ) | |
| Distributions from net realized gains | | | (0.16 | ) | | | — | | | | (2.42 | ) | | | (0.01 | ) | | | — | | |
| Total distributions | | | (0.66 | ) | | | (0.61 | ) | | | (2.82 | ) | | | (0.16 | ) | | | (0.34 | ) | |
| Net asset value, end of year | | $ | 19.00 | | | $ | 15.86 | | | $ | 14.07 | | | $ | 21.10 | | | $ | 15.26 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 24.45 | % | | | 17.35 | % | | | (23.01 | )% | | | 39.45 | % | | | 0.45 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 125,167 | | | $ | 101,254 | | | $ | 111,570 | | | $ | 150,922 | | | $ | 96,239 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | 1.91 | % | | | 2.00 | % | | | 1.53 | % | | | 1.92 | % | | | 1.71 | % | |
| Ratios of net investment income to average net assets: | | | 2.42 | % | | | 3.15 | % | | | 4.03 | % | | | 1.47 | % | | | 0.98 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 134 | % | | | 62 | % | | | 91 | % | | | 131 | % | | | 156 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 15.70 | | | $ | 13.93 | | | $ | 20.92 | | | $ | 15.13 | | | $ | 15.38 | | | $ | 14.56 | | | $ | 12.98 | | | $ | 19.66 | | | $ | 14.25 | | | $ | 14.55 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)* | | | 0.38 | | | | 0.45 | | | | 0.60 | | | | 0.23 | | | | 0.11 | | | | 0.24 | | | | 0.32 | | | | 0.44 | | | | 0.08 | | | | (0.02 | ) |
| Net realized and unrealized gain (loss) ! | | | 3.34 | | | | 1.89 | | | | (4.82 | ) | | | 5.68 | | | | (0.06 | ) | | | 3.08 | | | | 1.75 | | | | (4.50 | ) | | | 5.34 | | | | (0.05 | ) |
| Total income (loss) from investment operations | | | 3.72 | | | | 2.34 | | | | (4.22 | ) | | | 5.91 | | | | 0.05 | | | | 3.32 | | | | 2.07 | | | | (4.06 | ) | | | 5.42 | | | | (0.07 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.45 | ) | | | (0.57 | ) | | | (0.35 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.38 | ) | | | (0.49 | ) | | | (0.20 | ) | | | — | | | | (0.23 | ) |
| Distributions from net realized gains | | | (0.16 | ) | | | — | | | | (2.42 | ) | | | (0.01 | ) | | | — | | | | (0.16 | ) | | | — | | | | (2.42 | ) | | | (0.01 | ) | | | — | |
| Total distributions | | | (0.61 | ) | | | (0.57 | ) | | | (2.77 | ) | | | (0.12 | ) | | | (0.30 | ) | | | (0.54 | ) | | | (0.49 | ) | | | (2.62 | ) | | | (0.01 | ) | | | (0.23 | ) |
| Net asset value, end of year | | $ | 18.81 | | | $ | 15.70 | | | $ | 13.93 | | | $ | 20.92 | | | $ | 15.13 | | | $ | 17.34 | | | $ | 14.56 | | | $ | 12.98 | | | $ | 19.66 | | | $ | 14.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 24.19 | % | | | 17.00 | % | | | (23.23 | )% | | | 39.15 | % | | | 0.24 | % | | | 23.20 | % | | | 16.16 | % | | | (23.78 | )% | | | 38.04 | % | | | (0.55 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 14,018 | | | $ | 15,317 | | | $ | 18,638 | | | $ | 26,672 | | | $ | 20,938 | | | $ | 4,141 | | | $ | 3,629 | | | $ | 3,936 | | | $ | 5,830 | | | $ | 4,754 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | 2.16 | % | | | 2.25 | % | | | 1.78 | % | | | 2.17 | % | | | 1.96 | % | | | 2.91 | % | | | 3.00 | % | | | 2.53 | % | | | 2.92 | % | | | 2.71 | % |
| Ratios of net investment income (loss) to average net assets | | | 2.07 | % | | | 2.84 | % | | | 3.70 | % | | | 1.17 | % | | | 0.71 | % | | | 1.42 | % | | | 2.17 | % | | | 2.89 | % | | | 0.43 | % | | | (0.11 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 134 | % | | | 62 | % | | | 91 | % | | | 131 | % | | | 156 | % | | | 134 | % | | | 62 | % | | | 91 | % | | | 131 | % | | | 156 | % |
| * | 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. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.90 | % | | | 1.99 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | | | 2.15 | % | | | 2.24 | % | | | 2.90 | % | | | 2.99 | % |
| | | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Dynamic Macro Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 10.80 | | | $ | 9.73 | | | $ | 11.22 | | | $ | 10.00 | | | $ | 10.08 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) * | | | 0.23 | | | | 0.22 | | | | 0.03 | | | | (0.14 | ) | | | (0.00 | ) (a) | |
| Net realized and unrealized gain (loss) | | | 1.73 | | | | 0.85 | | | | (1.52 | ) | | | 1.44 | | | | (0.08 | ) | |
| Total income (loss) from investment operations | | | 1.96 | | | | 1.07 | | | | (1.49 | ) | | | 1.30 | | | | (0.08 | ) | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.18 | ) | | | — | | | | — | | | | (0.08 | ) | | | — | | |
| Distributions from net realized gains | | | (0.20 | ) | | | — | | | | — | | | | — | | | | — | | |
| Total distributions | | | (0.38 | ) | | | — | | | | — | | | | (0.08 | ) | | | — | | |
| Net asset value, end of year | | $ | 12.38 | | | $ | 10.80 | | | $ | 9.73 | | | $ | 11.22 | | | $ | 10.00 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 18.53 | % | | | 11.00 | % | | | (13.28 | )% | | | 13.05 | % | | | (0.79 | )% | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 67,752 | | | $ | 35,892 | | | $ | 22,330 | | | $ | 21,043 | | | $ | 23,680 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | 1.94 | % | | | 1.97 | % | | | 1.88 | % | | | 2.06 | % | | | 1.69 | % | |
| Ratios of net investment income (loss) to average net assets: | | | 1.90 | % | | | 2.11 | % | | | 0.26 | % | | | (1.26 | )% | | | (0.02 | )% | |
| Portfolio turnover rate | | | 47 | % | | | 118 | % | | | 76 | % | | | 12 | % | | | 187 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 10.65 | | | $ | 9.61 | | | $ | 11.11 | | | $ | 9.90 | | | $ | 10.00 | | | $ | 9.90 | | | $ | 9.00 | | | $ | 10.49 | | | $ | 9.37 | | | $ | 9.55 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) * | | | 0.20 | | | | 0.19 | | | | 0.00 | (a) | | | (0.16 | ) | | | (0.03 | ) | | | 0.10 | | | | 0.14 | | | | (0.07 | ) | | | (0.23 | ) | | | (0.10 | ) |
| Net realized and unrealized gain (loss) | | | 1.71 | | | | 0.85 | | | | (1.50 | ) | | | 1.41 | | | | (0.07 | ) | | | 1.59 | | | | 0.76 | | | | (1.42 | ) | | | 1.35 | | | | (0.08 | ) |
| Total income (loss) from investment operations | | | 1.91 | | | | 1.04 | | | | (1.50 | ) | | | 1.25 | | | | (0.10 | ) | | | 1.69 | | | | 0.90 | | | | (1.49 | ) | | | 1.12 | | | | (0.18 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.16 | ) | | | — | | | | — | | | | (0.04 | ) | | | — | | | | (0.11 | ) | | | — | | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | (0.20 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.20 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (0.36 | ) | | | — | | | | — | | | | (0.04 | ) | | | — | | | | (0.31 | ) | | | — | | | | — | | | | — | | | | — | |
| Net asset value, end of year | | $ | 12.20 | | | $ | 10.65 | | | $ | 9.61 | | | $ | 11.11 | | | $ | 9.90 | | | $ | 11.28 | | | $ | 9.90 | | | $ | 9.00 | | | $ | 10.49 | | | $ | 9.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 18.29 | % | | | 10.82 | % | | | (13.50 | )% | | | 12.62 | % | | | (1.00 | )% | | | 17.36 | % | | | 10.00 | % | | | (14.20 | )% | | | 11.95 | % | | | (1.88 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 9,369 | | | $ | 6,866 | | | $ | 4,166 | | | $ | 4,030 | | | $ | 5,078 | | | $ | 1,556 | | | $ | 946 | | | $ | 912 | | | $ | 1,146 | | | $ | 1,284 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | 2.21 | % | | | 2.22 | % | | | 2.13 | % | | | 2.31 | % | | | 1.94 | % | | | 2.93 | % | | | 2.97 | % | | | 2.88 | % | | | 3.06 | % | | | 2.69 | % |
| Ratios of net investment income (loss) to average net assets: | | | 1.66 | % | | | 1.85 | % | | | 0.04 | % | | | (1.48 | )% | | | (0.26 | )% | | | 0.88 | % | | | 1.44 | % | | | (0.68 | )% | | | (2.29 | )% | | | (1.04 | )% |
| Portfolio turnover rate | | | 47 | % | | | 118 | % | | | 76 | % | | | 12 | % | | | 187 | % | | | 47 | % | | | 118 | % | | | 76 | % | | | 12 | % | | | 187 | % |
| * | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (a) | Represents less than $0.01 per share. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.77 | % | | | | |
| | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | | | 2.04 | % | | | 2.76 | % |
| | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Long/Short Credit Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 8.82 | | | $ | 9.08 | | | $ | 9.70 | | | $ | 9.55 | | | $ | 9.36 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income* | | | 0.42 | | | | 0.37 | | | | 0.19 | | | | 0.06 | | | | 0.13 | | |
| Net realized and unrealized gain (loss) | | | 0.00 | (a) | | | (0.17 | ) | | | (0.43 | ) | | | 0.32 | | | | 0.26 | | |
| Total income (loss) from investment operations | | | 0.42 | | | | 0.20 | | | | (0.24 | ) | | | 0.38 | | | | 0.39 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.42 | ) | | | (0.37 | ) | | | (0.20 | ) | | | (0.07 | ) | | | (0.15 | ) | |
| Distributions from net realized gains | | | — | | | | (0.09 | ) | | | (0.18 | ) | | | (0.16 | ) | | | (0.05 | ) | |
| Total distributions | | | (0.42 | ) | | | (0.46 | ) | | | (0.38 | ) | | | (0.23 | ) | | | (0.20 | ) | |
| Net asset value, end of year | | $ | 8.82 | | | $ | 8.82 | | | $ | 9.08 | | | $ | 9.70 | | | $ | 9.55 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 4.86 | % | | | 2.27 | % | | | (2.57 | )% | | | 4.00 | % | | | 4.23 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 212,542 | | | $ | 163,285 | | | $ | 206,875 | | | $ | 195,874 | | | $ | 110,215 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense): | | | 0.88 | % | | | 0.87 | % | | | 0.97 | % | | | 1.82 | % | | | 1.43 | % | |
| Ratios of net investment income to average net assets: | | | 4.79 | % | | | 4.16 | % | | | 2.02 | % | | | 0.67 | % | | | 1.41 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 274 | % | | | 222 | % | | | 216 | % | | | 343 | % | | | 519 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 8.79 | | | $ | 9.06 | | | $ | 9.68 | | | $ | 9.53 | | | $ | 9.33 | | | $ | 8.42 | | | $ | 8.72 | | | $ | 9.34 | | | $ | 9.24 | | | $ | 9.08 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)* | | | 0.40 | | | | 0.35 | | | | 0.16 | | | | 0.04 | | | | 0.11 | | | | 0.32 | | | | 0.27 | | | | 0.09 | | | | (0.03 | ) | | | 0.05 | |
| Net realized and unrealized gain (loss) | | | 0.00 | (a) | | | (0.18 | ) | | | (0.43 | ) | | | 0.32 | | | | 0.26 | | | | 0.00 | (a) | | | (0.18 | ) | | | (0.41 | ) | | | 0.30 | | | | 0.24 | |
| Total income (loss) from investment operations | | | 0.40 | | | | 0.17 | | | | (0.27 | ) | | | 0.36 | | | | 0.37 | | | | 0.32 | | | | 0.09 | | | | (0.32 | ) | | | 0.27 | | | | 0.29 | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.40 | ) | | | (0.35 | ) | | | (0.17 | ) | | | (0.05 | ) | | | (0.12 | ) | | | (0.36 | ) | | | (0.30 | ) | | | (0.12 | ) | | | (0.01 | ) | | | (0.08 | ) |
| Distributions from net realized gains | | | — | | | | (0.09 | ) | | | (0.18 | ) | | | (0.16 | ) | | | (0.05 | ) | | | — | | | | (0.09 | ) | | | (0.18 | ) | | | (0.16 | ) | | | (0.05 | ) |
| Total distributions | | | (0.40 | ) | | | (0.44 | ) | | | (0.35 | ) | | | (0.21 | ) | | | (0.17 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.30 | ) | | | (0.17 | ) | | | (0.13 | ) |
| Net asset value, end of year | | $ | 8.79 | | | $ | 8.79 | | | $ | 9.06 | | | $ | 9.68 | | | $ | 9.53 | | | $ | 8.38 | | | $ | 8.42 | | | $ | 8.72 | | | $ | 9.34 | | | $ | 9.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 4.61 | % | | | 1.91 | % | | | (2.82 | )% | | | 3.77 | % | | | 4.09 | % | | | 3.82 | % | | | 1.11 | % | | | (3.45 | )% | | | 2.89 | % | | | 3.24 | % |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 15,514 | | | $ | 22,312 | | | $ | 27,906 | | | $ | 29,040 | | | $ | 17,123 | | | $ | 2,236 | | | $ | 2,891 | | | $ | 3,858 | | | $ | 4,518 | | | $ | 3,852 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense): | | | 1.11 | % | | | 1.11 | % | | | 1.22 | % | | | 2.07 | % | | | 1.68 | % | | | 1.88 | % | | | 1.87 | % | | | 1.98 | % | | | 2.82 | % | | | 2.43 | % |
| Ratios of net investment income (loss) to average net assets: | | | 4.55 | % | | | 3.91 | % | | | 1.75 | % | | | 0.41 | % | | | 1.21 | % | | | 3.79 | % | | | 3.16 | % | | | 1.01 | % | | | (0.37 | )% | | | 0.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 274 | % | | | 222 | % | | | 216 | % | | | 343 | % | | | 519 | % | | | 274 | % | | | 222 | % | | | 216 | % | | | 343 | % | | | 519 | % |
| * | The net investment income (loss) per share data was determined using the average shares outstanding throughout each year. |
| + | Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (a) | Represents less than $0.01 per share. |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Monthly Distribution Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 29.20 | | | $ | 31.15 | | | $ | 32.18 | | | $ | 32.75 | | | $ | 33.88 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)* | | | 0.64 | | | | 0.22 | | | | (0.45 | ) | | | (0.28 | ) | | | (0.21 | ) | |
| Net realized and unrealized gain | | | 1.42 | | | | 0.26 | | | | 0.80 | | | | 0.79 | | | | 0.33 | | |
| Total income from investment operations | | | 2.06 | | | | 0.48 | | | | 0.35 | | | | 0.51 | | | | 0.12 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.74 | ) | | | (0.41 | ) | | | — | | | | (0.71 | ) | | | (0.30 | ) | |
| Distributions from net realized gains | | | — | | | | — | | | | (0.25 | ) | | | — | | | | — | | |
| Distributions from capital | | | (1.71 | ) | | | (2.02 | ) | | | (1.13 | ) | | | (0.37 | ) | | | (0.95 | ) | |
| Total distributions | | | (2.45 | ) | | | (2.43 | ) | | | (1.38 | ) | | | (1.08 | ) | | | (1.25 | ) | |
| Net asset value, end of year | | $ | 28.81 | | | $ | 29.20 | | | $ | 31.15 | | | $ | 32.18 | | | $ | 32.75 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 7.31 | % | | | 1.59 | % | | | 1.11 | % | | | 1.54 | % | | | 0.37 | % | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 197,786 | | | $ | 141,405 | | | $ | 175,703 | | | $ | 219,703 | | | $ | 160,250 | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | | | | | | | | | | | | | | | | | | | |
| Before waivers | | | 2.36 | % | | | 2.02 | % | | | 2.52 | % | | | 1.90 | % | | | 1.81 | % | |
| After waivers | | | 2.36 | % | | | 2.02 | % | | | 2.52 | % | | | 1.90 | % | | | 1.81 | % | |
| Dividends/borrowings on short sales | | | 0.90 | % | | | 0.38 | % | | | 0.39 | % | | | 0.81 | % | | | 0.69 | % | |
| Ratios of net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | |
| Before fee waivers | | | 2.18 | % | | | 0.72 | % | | | (1.41 | )% | | | (0.84 | )% | | | (0.62 | )% | |
| After fee waivers | | | 2.18 | % | | | 0.72 | % | | | (1.41 | )% | | | (0.84 | )% | | | (0.62 | )% | |
| Portfolio turnover rate | | | 209 | % | | | 192 | % | | | 221 | % | | | 339 | % | | | 605 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 27.66 | | | $ | 29.70 | | | $ | 30.83 | | | $ | 31.49 | | | $ | 32.71 | | | $ | 19.59 | | | $ | 21.89 | | | $ | 23.26 | | | $ | 24.19 | | | $ | 25.60 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)* ! | | | 0.51 | | | | 0.13 | | | | (0.46 | ) | | | (0.44 | ) | | | (0.30 | ) | | | 0.22 | | | | (0.05 | ) | | | (0.52 | ) | | | (0.55 | ) | | | (0.43 | ) |
| Net realized and unrealized gain | | | 1.36 | | | | 0.26 | | | | 0.71 | | | | 0.86 | | | | 0.33 | | | | 0.93 | | | | 0.18 | | | | 0.53 | | | | 0.70 | | | | 0.27 | |
| Total income (loss) from investment operations | | | 1.87 | | | | 0.39 | | | | 0.25 | | | | 0.42 | | | | 0.03 | | | | 1.15 | | | | 0.13 | | | | 0.01 | | | | 0.15 | | | | (0.16 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.74 | ) | | | (0.41 | ) | | | — | | | | (0.71 | ) | | | (0.30 | ) | | | (0.74 | ) | | | (0.41 | ) | | | — | | | | (0.71 | ) | | | (0.30 | ) |
| Distributions from net realized gains | | | — | | | | — | | | | (0.25 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.25 | ) | | | — | | | | — | |
| Distributions from capital | | | (1.71 | ) | | | (2.02 | ) | | | (1.13 | ) | | | (0.37 | ) | | | (0.95 | ) | | | (1.71 | ) | | | (2.02 | ) | | | (1.13 | ) | | | (0.37 | ) | | | (0.95 | ) |
| Total distributions | | | (2.45 | ) | | | (2.43 | ) | | | (1.38 | ) | | | (1.08 | ) | | | (1.25 | ) | | | (2.45 | ) | | | (2.43 | ) | | | (1.38 | ) | | | (1.08 | ) | | | (1.25 | ) |
| Net asset value, end of year | | $ | 27.08 | | | $ | 27.66 | | | $ | 29.70 | | | $ | 30.83 | | | $ | 31.49 | | | $ | 18.29 | | | $ | 19.59 | | | $ | 21.89 | | | $ | 23.26 | | | $ | 24.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 7.02 | % | | | 1.32 | % | | | 0.83 | % | | | 1.25 | % | | | 0.10 | % | | | 6.19 | % | | | 0.57 | % | | | 0.05 | % | | | 0.54 | % | | | (0.63 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 20,234 | | | $ | 23,339 | | | $ | 28,997 | | | $ | 33,155 | | | $ | 33,157 | | | $ | 11,592 | | | $ | 13,030 | | | $ | 16,177 | | | $ | 19,311 | | | $ | 23,171 | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before waivers | | | 2.63 | % | | | 2.27 | % | | | 2.77 | % | | | 2.16 | % | | | 2.06 | % | | | 3.39 | % | | | 3.02 | % | | | 3.52 | % | | | 2.93 | % | | | 2.81 | % |
| After waivers | | | 2.63 | % | | | 2.27 | % | | | 2.77 | % | | | 2.16 | % | | | 2.06 | % | | | 3.39 | % | | | 3.02 | % | | | 3.52 | % | | | 2.93 | % | | | 2.81 | % |
| Dividends/borrowings on short sales | | | 0.94 | % | | | 0.38 | % | | | 0.39 | % | | | 0.81 | % | | | 0.68 | % | | | 0.96 | % | | | 0.38 | % | | | 0.39 | % | | | 0.81 | % | | | 0.68 | % |
| Ratios of net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before fee waivers | | | 1.85 | % | | | 0.47 | % | | | (1.53 | )% | | | (1.39 | )% | | | (0.94 | )% | | | 1.14 | % | | | (0.29 | )% | | | (2.32 | )% | | | (2.28 | )% | | | (1.74 | )% |
| After fee waivers | | | 1.85 | % | | | 0.47 | % | | | (1.53 | )% | | | (1.39 | )% | | | (0.94 | )% | | | 1.14 | % | | | (0.29 | )% | | | (2.32 | )% | | | (2.28 | )% | | | (1.74 | )% |
| Portfolio turnover rate | | | 209 | % | | | 192 | % | | | 221 | % | | | 339 | % | | | 605 | % | | | 209 | % | | | 192 | % | | | 221 | % | | | 339 | % | | | 605 | % |
| * | 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 | | | 1.46 | % | | | 1.64 | % | | | 2.13 | % | | | 1.09 | % | | | 1.13 | % |
| After fee waivers | | | 1.46 | % | | | 1.64 | % | | | 2.13 | % | | | 1.09 | % | | | 1.13 | % |
| | | | | | | | | | | | | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding dividends/borrowings on short sales): |
| Before fee waivers | | | 1.69 | % | | | 1.89 | % | | | 2.38 | % | | | 1.35 | % | | | 1.38 | % | | | 2.43 | % | | | 2.64 | % | | | 3.13 | % | | | 2.12 | % | | | 2.12 | % |
| After fee waivers | | | 1.69 | % | | | 1.89 | % | | | 2.38 | % | | | 1.35 | % | | | 1.38 | % | | | 2.43 | % | | | 2.64 | % | | | 3.13 | % | | | 2.12 | % | | | 2.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham Real Estate Stock Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout each year. |
| |
| | | Class N | | |
| | | Year Ended October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |
| Net asset value, beginning of year | | $ | 11.01 | | | $ | 12.47 | | | $ | 21.36 | | | $ | 17.34 | | | $ | 18.68 | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) * | | | 0.20 | | | | 0.20 | | | | 0.14 | | | | (0.02 | ) | | | 0.11 | | |
| Net realized and unrealized gain (loss) ! | | | 3.72 | | | | (1.58 | ) | | | (7.74 | ) | | | 5.52 | | | | (0.14 | ) | |
| Total income (loss) from investment operations | | | 3.92 | | | | (1.38 | ) | | | (7.60 | ) | | | 5.50 | | | | (0.03 | ) | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.30 | ) | | | (0.08 | ) | | | — | | | | — | | | | (0.31 | ) | |
| Distributions from net realized gains | | | — | | | | — | | | | (1.29 | ) | | | (1.48 | ) | | | (1.00 | ) | |
| Total distributions | | | (0.30 | ) | | | (0.08 | ) | | | (1.29 | ) | | | (1.48 | ) | | | (1.31 | ) | |
| Net asset value, end of year | | $ | 14.63 | | | $ | 11.01 | | | $ | 12.47 | | | $ | 21.36 | | | $ | 17.34 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 35.88 | % | | | (11.09 | )% | | | (37.75 | )% | | | 32.81 | % | | | (0.02 | )% | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 40,260 | | | $ | 53,324 | | | $ | 64,414 | | | $ | 91,553 | | | $ | 53,647 | | |
| Ratios of expenses to average net assets (including interest expense) (1): | | | 1.55 | % | | | 1.07 | % | | | 1.01 | % | | | 1.37 | % | | | 1.66 | % | |
| Ratios of net investment income (loss) to average net assets: | | | 1.54 | % | | | 1.64 | % | | | 0.85 | % | | | (0.08 | )% | | | 0.63 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 78 | % | | | 73 | % | | | 58 | % | | | 59 | % | | | 125 | % | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | |
| | | Year Ended October 31, | | | Year Ended October 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 11.06 | | | $ | 12.52 | | | $ | 21.48 | | | $ | 17.47 | | | $ | 18.81 | | | $ | 10.01 | | | $ | 11.37 | | | $ | 19.78 | | | $ | 16.30 | | | $ | 17.69 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) * | | | 0.18 | | | | 0.17 | | | | 0.10 | | | | (0.07 | ) | | | 0.06 | | | | 0.07 | | | | 0.05 | | | | (0.03 | ) | | | (0.20 | ) | | | (0.06 | ) |
| Net realized and unrealized gain (loss) ! | | | 3.72 | | | | (1.58 | ) | | | (7.77 | ) | | | 5.56 | | | | (0.13 | ) | | | 3.37 | | | | (1.41 | ) | | | (7.09 | ) | | | 5.16 | | | | (0.14 | ) |
| Total income (loss) from investment operations | | | 3.90 | | | | (1.41 | ) | | | (7.67 | ) | | | 5.49 | | | | (0.07 | ) | | | 3.44 | | | | (1.36 | ) | | | (7.12 | ) | | | 4.96 | | | | (0.20 | ) |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.26 | ) | | | (0.05 | ) | | | — | | | | — | | | | (0.27 | ) | | | (0.21 | ) | | | — | | | | — | | | | — | | | | (0.19 | ) |
| 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 | ) | | | (0.21 | ) | | | — | | | | (1.29 | ) | | | (1.48 | ) | | | (1.19 | ) |
| Net asset value, end of year | | $ | 14.70 | | | $ | 11.06 | | | $ | 12.52 | | | $ | 21.48 | | | $ | 17.47 | | | $ | 13.24 | | | $ | 10.01 | | | $ | 11.37 | | | $ | 19.78 | | | $ | 16.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return + # | | | 35.49 | % | | | (11.31 | )% | | | (37.87 | )% | | | 32.48 | % | | | (0.28 | )% | | | 34.52 | % | | | (11.96 | )% | | | (38.38 | )% | | | 31.50 | % | | | (1.08 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (in 000s) | | $ | 4,544 | | | $ | 8,654 | | | $ | 9,449 | | | $ | 15,112 | | | $ | 11,196 | | | $ | 1,921 | | | $ | 1,849 | | | $ | 2,544 | | | $ | 4,736 | | | $ | 2,998 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios of expenses to average net assets (including interest expense) (2): | | | 1.78 | % | | | 1.32 | % | | | 1.27 | % | | | 1.62 | % | | | 1.91 | % | | | 2.57 | % | | | 2.07 | % | | | 2.02 | % | | | 2.37 | % | | | 2.66 | % |
| Ratios of net investment income (loss) to average net assets: | | | 1.34 | % | | | 1.38 | % | | | 0.60 | % | | | (0.33 | )% | | | 0.36 | % | | | 0.54 | % | | | 0.63 | % | | | (0.19 | )% | | | (1.07 | )% | | | (0.36 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 78 | % | | | 73 | % | | | 58 | % | | | 59 | % | | | 125 | % | | | 78 | % | | | 73 | % | | | 58 | % | | | 59 | % | | | 125 | % |
| * | 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. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.52 | % | | | 2.54 | % |
| | | | | | | | | | |
| (2) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.75 | % | | | | |
| | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| FINANCIAL HIGHLIGHTS |
| Dunham U.S. Enhanced Market Fund |
| |
| The table sets forth financial data for one share of beneficial interest outstanding throughout the year/period. |
| |
| | | Class N | | | Class A | | | Class C | |
| | | | | | | | | | | | | | | | | | | |
| | | Year Ended | | | Period Ended | | | Year Ended | | | Period Ended | | | Year Ended | | | Period Ended | |
| | | October 31, 2024 | | | October 31, 2023 * | | | October 31, 2024 | | | October 31, 2023 * | | | October 31, 2024 | | | October 31, 2023 * | |
| Net asset value, beginning of year/period | | $ | 13.88 | | | $ | 14.00 | | | $ | 13.86 | | | $ | 14.00 | | | $ | 13.81 | | | $ | 14.00 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income** | | | 0.29 | | | | 0.13 | | | | 0.25 | | | | 0.11 | | | | 0.12 | | | | 0.06 | |
| Net realized and unrealized gain (loss) | | | 5.18 | | | | (0.25 | ) | | | 5.17 | | | | (0.25 | ) | | | 5.16 | | | | (0.25 | ) |
| Total income (loss) from investment operations | | | 5.47 | | | | (0.12 | ) | | | 5.42 | | | | (0.14 | ) | | | 5.28 | | | | (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 year/period | | $ | 19.17 | | | $ | 13.88 | | | $ | 19.12 | | | $ | 13.86 | | | $ | 18.99 | | | $ | 13.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return +#(1) | | | 39.70 | % | | | (0.86 | )% | | | 39.33 | % | | | (1.00 | )% | | | 38.34 | % | | | (1.36 | )% |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year/period (in 000s) | | $ | 88,811 | | | $ | 68,742 | | | $ | 9,782 | | | $ | 10,295 | | | $ | 759 | | | $ | 304 | |
| Ratios of expenses to average net assets (1): ^ | | | 1.29 | % | | | 1.41 | % | | | 1.54 | % | | | 1.66 | % | | | 2.29 | % | | | 2.41 | % |
| Ratios of net investment income to average net assets: ^ | | | 1.69 | % | | | 1.82 | % | | | 1.46 | % | | | 1.54 | % | | | 0.66 | % | | | 0.84 | % |
| Portfolio turnover rate (1) | | | 66 | % | | | 0 | % | | | 66 | % | | | 0 | % | | | 66 | % | | | 0 | % |
| * | The Fund commenced operations on May 1, 2023 |
| ** | The net investment income per share data was determined using the average shares outstanding throughout each period. |
| + | Assumes reinvestment of all dividends and distributions, if any. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares and does not reflect the impact of any sales charge. |
| (1) | Not annualized for periods less than one year. |
| ^ | Annualized for periods less than one year. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all periods and classes. |
| (1) | Ratios of expenses to average net assets (excluding interest expense): | | | 1.28 | % | | | 1.53 | % | | | 2.28 | % |
| | | | | | | | | | | | | | |
See accompanying notes which are an integral part to these financial statements.
| NOTES TO FINANCIAL STATEMENTS |
| October 31, 2024 |
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.”
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 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 and long-term debt securities including Bank Loans are valued each day by an independent pricing service elected by Dunham & Associates Investment Counsel, Inc. (“Dunham & Associates” or the “Adviser”) and approved by the Board using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and ask prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and ask prices may be used. Short-term debt securities with a remaining maturity of 60 days or less may be valued at amortized cost, provided such valuations represent fair value.
The Funds may invest in portfolios of open-end, closed-end investment companies and Exchange Traded Funds (“ETFs”) (the “underlying funds”). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by a Fund will not change.
Options and Flex Options are valued at the last reported sale price at the close of the exchange on which the security is primarily traded. If no sales are reported for the exchange-traded options, or the options are not exchange-traded, then they are valued at the mean of their most recent quoted bid and ask price.
Futures and future options are valued daily at the final settled price or, in the absence of a settled price, at the mean between the current bid and ask prices on the day of valuation.
Swap transactions are valued through an independent pricing service. Total return swaps on securities listed on an exchange are generally valued at the last quoted sales price of the swap (if exchange listed) or of the underlying security (if such security is exchange listed) or in the absence of a sale, fair valued at the mean between the current bid and ask prices.
Trading in securities on Far East securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (“NYSE”) is open). In addition, Far East securities trading generally, or in a particular country or countries, may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days, which are not business days in New York, and on which a Fund’s NAV is not calculated. Each Fund calculates the NAV per share, and therefore effects sales, redemptions and repurchases of its shares, as of the close of regular trading on the NYSE once on each day on which the NYSE is open. Such calculation may not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. If events that may materially affect the value of such securities occur between the time when their price is determined and the time when the Fund’s NAV is calculated, such securities may be valued at fair value as determined in good faith in accordance with procedures approved by the Board. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.
Securities in which the Funds invest may be traded in markets that close before 4:00 p.m. Eastern Time (“ET”). Normally, developments that occur between the close of the foreign markets and 4:00 p.m. ET will not be reflected in a Fund’s NAV. However, management may determine that such developments are so significant that they will materially affect the value of a Fund’s securities, and the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. ET. Both Emerging Markets Stock and International Stock utilize fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange.
Securities for which current market quotations are not readily available, or for which quotations are not deemed to be representative of market values, will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its Valuation Designee based on the Trust’s Procedures. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 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 October 31, 2024 for the Funds’ assets and liabilities measured at fair value:
| Corporate/Government Bond | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks * | | $ | — | | | $ | 11,097 | | | $ | — | | | $ | 11,097 | |
| Asset Backed Securities * | | | — | | | | 59,455,118 | | | | — | | | | 59,455,118 | |
| Corporate Bonds * | | | — | | | | 65,367,636 | | | | — | | | | 65,367,636 | |
| Non U.S. Government & Agencies | | | — | | | | 4,836,950 | | | | — | | | | 4,836,950 | |
| Term Loans * | | | — | | | | 13,001,690 | | | | — | | | | 13,001,690 | |
| U.S. Government & Agencies | | | — | | | | 55,263,994 | | | | — | | | | 55,263,994 | |
| Short-Term Investment | | | 9,300,066 | | | | — | | | | — | | | | 9,300,066 | |
| Total | | $ | 9,300,066 | | | $ | 197,936,485 | | | $ | — | | | $ | 207,236,551 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 6,919,352 | |
| Total Assets | | | | | | | | | | | | | | $ | 214,155,903 | |
| | | | | | | | | | | | | | | | | |
| Floating Rate Bond | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Backed Securities | | $ | — | | | $ | 13,555,564 | | | $ | — | | | $ | 13,555,564 | |
| Corporate Bonds * | | | — | | | | 13,950,027 | | | | — | | | | 13,950,027 | |
| Term Loans * | | | — | | | | 107,837,328 | | | | 0 | | | | 107,837,328 | |
| Right | | | — | | | | 13,500 | | | | — | | | | 13,500 | |
| Warrant | | | — | | | | 24,221 | | | | — | | | | 24,221 | |
| Short-Term Investment | | | 17,671,445 | | | | — | | | | — | | | | 17,671,445 | |
| Total | | $ | 17,671,445 | | | $ | 135,380,640 | | | $ | 0 | | | $ | 153,052,085 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 4,329,566 | |
| Total Assets | | | | | | | | | | | | | | $ | 157,381,651 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| High-Yield Bond | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stock * | | $ | — | | | $ | — | | | $ | 186,400 | | | $ | 186,400 | |
| Corporate Bonds * | | | — | | | | 191,139,171 | | | | 726,312 | | | | 191,865,483 | |
| Short-Term Investment | | | 7,767,612 | | | | — | | | | — | | | | 7,767,612 | |
| Total | | $ | 7,767,612 | | | $ | 191,139,171 | | | $ | 912,712 | | | $ | 199,819,495 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 44,306,422 | |
| Total Assets | | | | | | | | | | | | | | $ | 244,125,917 | |
| | | | | | | | | | | | | | | | | |
| International Opportunity Bond | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Backed Securities * | | $ | — | | | $ | 8,912 | | | $ | — | | | $ | 8,912 | |
| Corporate Bonds * | | | — | | | | 47,768,939 | | | | — | | | | 47,768,939 | |
| Non U.S. Government & Agencies * | | | — | | | | 20,610,011 | | | | — | | | | 20,610,011 | |
| Short-Term Investment | | | 5,188,234 | | | | — | | | | — | | | | 5,188,234 | |
| Total | | $ | 5,188,234 | | | $ | 68,387,862 | | | $ | — | | | $ | 73,576,096 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 1,975,463 | |
| Total Assets | | | | | | | | | | | | | | $ | 75,551,559 | |
| Assets - Derivatives | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 299,797 | | | $ | — | | | $ | — | | | $ | 299,797 | |
| Forward Foreign Currency Exchange Contracts | | | — | | | | 420,214 | | | | — | | | | 420,214 | |
| Total Asset Derivatives | | $ | 299,797 | | | $ | 420,214 | | | $ | — | | | $ | 720,011 | |
| Liabilities - Derivatives | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 396,246 | | | $ | — | | | $ | — | | | $ | 396,246 | |
| Forward Foreign Currency Exchange Contracts | | | — | | | | 34,802 | | | | — | | | | 34,802 | |
| Swap Contracts | | | — | | | | 3,437 | | | | — | | | | 3,437 | |
| Total Liability Derivatives | | $ | 396,246 | | | $ | 38,239 | | | $ | — | | | $ | 434,485 | |
| | | | | | | | | | | | | | | | | |
| Large Cap Value | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks * | | $ | 153,297,544 | | | $ | — | | | $ | — | | | $ | 153,297,544 | |
| Short-Term Investments | | | 2,830,997 | | | | — | | | | — | | | | 2,830,997 | |
| Total | | $ | 156,128,541 | | | $ | — | | | $ | — | | | $ | 156,128,541 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 5,958,550 | |
| Total Assets | | | | | | | | | | | | | | $ | 162,087,091 | |
| | | | | | | | | | | | | | | | | |
| Small Cap Value | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks * | | $ | 95,348,846 | | | $ | — | | | $ | — | | | $ | 95,348,846 | |
| Short-Term Investments | | | 4,829,754 | | | | — | | | | — | | | | 4,829,754 | |
| Total | | $ | 100,178,600 | | | $ | — | | | $ | — | | | $ | 100,178,600 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 15,688,693 | |
| Total Assets | | | | | | | | | | | | | | $ | 115,867,293 | |
| | | | | | | | | | | | | | | | | |
| Focused Large Cap Growth | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks * | | $ | 181,114,532 | | | $ | — | | | $ | — | | | $ | 181,114,532 | |
| Short-Term Investment | | | 1,515,171 | | | | — | | | | — | | | | 1,515,171 | |
| Total | | $ | 182,629,703 | | | $ | — | | | $ | — | | | $ | 182,629,703 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 4,483,463 | |
| Total Assets | | | | | | | | | | | | | | $ | 187,113,166 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| Small Cap Growth | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks * | | $ | 73,813,011 | | | $ | — | | | $ | — | | | $ | 73,813,011 | |
| Short-Term Investment | | | 1,212,157 | | | | — | | | | — | | | | 1,212,157 | |
| Total | | $ | 75,025,168 | | | $ | — | | | $ | — | | | $ | 75,025,168 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 17,479,162 | |
| Total Assets | | | | | | | | | | | | | | $ | 92,504,330 | |
| | | | | | | | | | | | | | | | | |
| Emerging Markets | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Closed End Fund | | | | | | | | | | | | |
| Equity | | $ | 1,019,255 | | | $ | — | | | $ | — | | | $ | 1,019,255 | |
| Total Closed End Fund | | | 1,019,255 | | | | — | | | | — | | | | 1,019,255 | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | $ | — | | | $ | 1,268,615 | | | $ | — | | | $ | 1,268,615 | |
| Automotive | | | — | | | | 3,776,190 | | | | — | | | | 3,776,190 | |
| Banking | | | 5,174,491 | | | | 15,801,960 | | | | — | | | | 20,976,451 | |
| Beverages | | | 1,913,188 | | | | 1,711,055 | | | | — | | | | 3,624,243 | |
| Chemicals | | | — | | | | 538,105 | | | | — | | | | 538,105 | |
| E-Commerce Discretionary | | | 440,910 | | | | 5,854,895 | | | | — | | | | 6,295,805 | |
| Electric Utilities | | | — | | | | 3,528,499 | | | | — | | | | 3,528,499 | |
| Electrical Equipment | | | — | | | | 1,983,533 | | | | — | | | | 1,983,533 | |
| Engineering & Construction | | | 1,189,548 | | | | 1,569,082 | | | | — | | | | 2,758,630 | |
| Food | | | — | | | | 350,044 | | | | — | | | | 350,044 | |
| Gas & Water Utilities | | | 1,870,318 | | | | — | | | | — | | | | 1,870,318 | |
| Health Care Facilities & Services | | | 965,717 | | | | 3,051,160 | | | | — | | | | 4,016,877 | |
| Home & Office Products | | | 465,142 | | | | — | | | | — | | | | 465,142 | |
| Household Products | | | — | | | | 722,500 | | | | — | | | | 722,500 | |
| Institutional Financial Services | | | 490,352 | | | | — | | | | — | | | | 490,352 | |
| Insurance | | | — | | | | 4,530,176 | | | | — | | | | 4,530,176 | |
| Internet Media & Services | | | 3,078,321 | | | | 8,147,509 | | | | — | | | | 11,225,830 | |
| Leisure Facilities & Services | | | 1,286,463 | | | | 2,927,447 | | | | — | | | | 4,213,910 | |
| Medical Equipment & Devices | | | — | | | | 887,660 | | | | — | | | | 887,660 | |
| Metals & Mining | | | — | | | | 1,726,933 | | | | — | | | | 1,726,933 | |
| Oil & Gas Producers | | | 1,475,856 | | | | 1,337,434 | | | | 0 | | | | 2,813,290 | |
| Real Estate Owners & Developers | | | — | | | | 683,503 | | | | — | | | | 683,503 | |
| Retail - Consumer Staples | | | — | | | | — | | | | 0 | | | | — | |
| Retail - Discretionary | | | 548,926 | | | | 1,612,651 | | | | — | | | | 2,161,577 | |
| Semiconductors | | | — | | | | 18,569,444 | | | | — | | | | 18,569,444 | |
| Specialty Finance | | | 538,084 | | | | — | | | | — | | | | 538,084 | |
| Technology Hardware | | | — | | | | 8,282,471 | | | | — | | | | 8,282,471 | |
| Technology Services | | | — | | | | 1,124,561 | | | | — | | | | 1,124,561 | |
| Telecommunications | | | — | | | | 2,598,810 | | | | — | | | | 2,598,810 | |
| Transportation & Logistics | | | — | | | | 769,940 | | | | — | | | | 769,940 | |
| Transportation Equipment | | | — | | | | 692,678 | | | | — | | | | 692,678 | |
| Wholesale - Consumer Staples | | | 656,715 | | | | — | | | | — | | | | 656,715 | |
| Total Common Stocks | | | 20,094,031 | | | | 94,046,855 | | | | — | | | | 114,140,886 | |
| Preferred Stocks | | | | | | | | | | | | | | | | |
| Automotive | | $ | — | | | $ | 371,883 | | | $ | — | | | $ | 371,883 | |
| Technology Hardware | | | — | | | | 1,137,137 | | | | — | | | | 1,137,137 | |
| Total Preferred Stock | | | — | | | | 1,509,020 | | | | — | | | | 1,509,020 | |
| Short-Term Investments | | | 803 | | | | — | | | | — | | | | 803 | |
| Total | | $ | 21,114,089 | | | $ | 95,555,875 | | | $ | — | | | $ | 116,669,964 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 3,146,913 | |
| Total Assets | | | | | | | | | | | | | | $ | 119,816,877 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| International Stock | |
| | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | $ | — | | | $ | 1,877,252 | | | $ | — | | | $ | 1,877,252 | |
| Apparel & Textile Products | | | — | | | | 369,986 | | | | — | | | | 369,986 | |
| Asset Management | | | 155,302 | | | | 1,509,048 | | | | — | | | | 1,664,350 | |
| Automotive | | | — | | | | 1,307,786 | | | | — | | | | 1,307,786 | |
| Banking | | | 6,823,928 | | | | 22,934,130 | | | | 0 | | | | 29,758,058 | |
| Biotech & Pharma | | | 2,764,224 | | | | 6,263,120 | | | | — | | | | 9,027,344 | |
| Chemicals | | | 130,071 | | | | 331,855 | | | | 0 | | | | 461,926 | |
| Construction Materials | | | — | | | | 296,398 | | | | — | | | | 296,398 | |
| Containers & Packaging | | | — | | | | 109,949 | | | | — | | | | 109,949 | |
| Diversifier Industrials | | | — | | | | 331,692 | | | | — | | | | 331,692 | |
| E-Commerce Discretionary | | | 405,785 | | | | — | | | | — | | | | 405,785 | |
| Electric Utilities | | | 790,153 | | | | 1,926,352 | | | | — | | | | 2,716,505 | |
| Electrical Equipment | | | — | | | | 3,625,513 | | | | — | | | | 3,625,513 | |
| Engineering & Construction | | | 1 | | | | 1,160,942 | | | | — | | | | 1,160,943 | |
| Entertainment Content | | | 187,442 | | | | 836,930 | | | | — | | | | 1,024,372 | |
| Food | | | 81,981 | | | | 576,747 | | | | — | | | | 658,728 | |
| Home & Office Products | | | — | | | | 2,081,629 | | | | — | | | | 2,081,629 | |
| Home Construction | | | — | | | | 417,821 | | | | — | | | | 417,821 | |
| Household Products | | | 96,021 | | | | — | | | | — | | | | 96,021 | |
| Industrial Intermediate Prod | | | — | | | | 72,982 | | | | — | | | | 72,982 | |
| Industrial Support Services | | | — | | | | 278,472 | | | | — | | | | 278,472 | |
| Institutional Financial Services | | | 115,280 | | | | 1,043,211 | | | | — | | | | 1,158,491 | |
| Insurance | | | — | | | | 15,024,743 | | | | — | | | | 15,024,743 | |
| Internet Media & Services | | | 977,339 | | | | 639,366 | | | | — | | | | 1,616,705 | |
| Leisure Facilities & Services | | | 66,827 | | | | 453,525 | | | | — | | | | 520,352 | |
| Machinery | | | — | | | | 2,066,330 | | | | — | | | | 2,066,330 | |
| Medical Equipment & Devices | | | 126,546 | | | | 1,921,674 | | | | — | | | | 2,048,220 | |
| Metals & Mining | | | 4,998,598 | | | | 1,167,302 | | | | 0 | | | | 6,165,900 | |
| Oil & Gas Producers | | | 2,195,391 | | | | 4,617,264 | | | | 0 | | | | 6,812,655 | |
| Oil & Gas Service & Equipment | | | — | | | | 674,680 | | | | — | | | | 674,680 | |
| Publishing & Broadcasting | | | — | | | | 74,264 | | | | — | | | | 74,264 | |
| Real Estate Owners & Developers | | | — | | | | 694,571 | | | | — | | | | 694,571 | |
| Retail - Consumer Staples | | | 147,143 | | | | 71,000 | | | | — | | | | 218,143 | |
| Retail - Discretionary | | | — | | | | 1,334,147 | | | | — | | | | 1,334,147 | |
| Retail REIT | | | 51,088 | | | | 47,166 | | | | — | | | | 98,254 | |
| Semiconductors | | | 1,598,250 | | | | 7,537,882 | | | | — | | | | 9,136,132 | |
| Software | | | 1,849,469 | | | | 2,073,637 | | | | — | | | | 3,923,106 | |
| Specialty Finance | | | 100,753 | | | | 733,981 | | | | — | | | | 834,734 | |
| Technology Hardware | | | 135,622 | | | | 7,084,446 | | | | — | | | | 7,220,068 | |
| Technology Services | | | 882,742 | | | | 3,326,853 | | | | — | | | | 4,209,595 | |
| Telecommunications | | | 754,147 | | | | 5,416,121 | | | | — | | | | 6,170,268 | |
| Tobacco & Cannabis | | | 775,192 | | | | 189,838 | | | | — | | | | 965,030 | |
| Transportation & Logistics | | | 1,536,130 | | | | 3,438,976 | | | | — | | | | 4,975,106 | |
| Transportation Equipment | | | — | | | | 3,350,685 | | | | — | | | | 3,350,685 | |
| Wholesale - Consumer Staples | | | — | | | | 121,088 | | | | — | | | | 121,088 | |
| Wholesale Discretionary | | | — | | | | 86,693 | | | | — | | | | 86,693 | |
| Total Common Stocks | | | 27,745,425 | | | | 109,498,047 | | | | — | | | | 137,243,472 | |
| Exchange Traded Funds | | | 721,535 | | | | — | | | | — | | | | 721,535 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Preferred Stocks | | | | | | | | | | | | | | | | |
| Automotive | | | — | | | | 584,948 | | | | — | | | | 584,948 | |
| Banking | | | 1,162,373 | | | | — | | | | — | | | | 1,162,373 | |
| Institutional Financial Services | | | — | | | | 323,203 | | | | — | | | | 323,203 | |
| Insurance | | | — | | | | 607,482 | | | | — | | | | 607,482 | |
| Oil & Gas Producers | | | 917,496 | | | | — | | | | — | | | | 917,496 | |
| Technology Hardware | | | — | | | | 678,034 | | | | — | | | | 678,034 | |
| Total Preferred Stocks | | | 2,079,869 | | | | 2,193,667 | | | | — | | | | 4,273,536 | |
| Short-Term Investments | | | 845,354 | | | | — | | | | — | | | | 845,354 | |
| Total | | $ | 31,392,183 | | | $ | 111,691,714 | | | $ | — | | | $ | 143,083,897 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 8,077,302 | |
| Total Assets | | | | | | | | | | | | | | $ | 151,161,199 | |
| | | | | | | | | | | | | | | | | |
| Dynamic Macro | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange Traded Funds | | $ | 26,519,147 | | | $ | — | | | $ | — | | | $ | 26,519,147 | |
| Corporate Bonds * | | | — | | | | 2,752,939 | | | | — | | | | 2,752,939 | |
| Non U.S. Government & Agencies | | | — | | | | 2,928,539 | | | | — | | | | 2,928,539 | |
| U.S. Government & Agencies | | | — | | | | 36,397,887 | | | | — | | | | 36,397,887 | |
| Short-Term Investments | | | 8,409,789 | | | | — | | | | — | | | | 8,409,789 | |
| Total | | $ | 34,928,936 | | | $ | 42,079,365 | | | $ | — | | | $ | 77,008,301 | |
| Assets - Derivatives | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 442,858 | | | $ | — | | | $ | — | | | $ | 442,858 | |
| Forward Foreign Currency Exchange Contracts | | | — | | | | 259,198 | | | | — | | | | 259,198 | |
| Total Asset Derivatives | | $ | 442,858 | | | $ | 259,198 | | | $ | — | | | $ | 702,056 | |
| Liabilities - Derivatives | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 163,416 | | | $ | — | | | $ | — | | | $ | 163,416 | |
| Forward Foreign Currency Exchange Contracts | | | — | | | | 15,945 | | | | — | | | | 15,945 | |
| Total Liability Derivatives | | $ | 163,416 | | | $ | 15,945 | | | $ | — | | | $ | 179,361 | |
| | | | | | | | | | | | | | | | | |
| Long/Short Credit | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | — | | | $ | — | | | $ | 5,700 | | | $ | 5,700 | |
| Corporate Bonds * | | | — | | | | 85,721,312 | | | | — | | | | 85,721,312 | |
| Non-U.S. Government & Agencies | | | — | | | | 3,394,096 | | | | — | | | | 3,394,096 | |
| U.S. Government & Agencies | | | — | | | | 136,613,999 | | | | — | | | | 136,613,999 | |
| Short-Term Investment | | | 5,224,834 | | | | — | | | | — | | | | 5,224,834 | |
| Total | | $ | 5,224,834 | | | $ | 225,729,407 | | | $ | 5,700 | | | $ | 230,959,941 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 4,107,635 | |
| Total Assets | | | | | | | | | | | | | | $ | 235,067,576 | |
| Assets - Derivatives | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 1,337,301 | | | $ | — | | | $ | — | | | $ | 1,337,301 | |
| Credit Default Swap Contracts | | | — | | | | 202,051 | | | | — | | | | 202,051 | |
| Total Return Swap Contracts | | | — | | | | 118,455 | | | | — | | | | 118,455 | |
| Total Asset Derivatives | | $ | 1,337,301 | | | $ | 320,506 | | | $ | — | | | $ | 1,657,807 | |
| Liabilities - Derivatives | | | | | | | | | | | | | | | | |
| Credit Default Swap Contracts | | $ | — | | | $ | 388,229 | | | $ | — | | | $ | 388,229 | |
| Total Liability Derivatives | | $ | — | | | $ | 388,229 | | | $ | — | | | $ | 388,229 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| Monthly Distribution | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Closed-End Fund | | $ | — | | | $ | — | | | $ | 3,456,295 | | | $ | 3,456,295 | |
| Common Stocks * | | | 173,634,536 | | | | — | | | | 72,063 | | | | 173,706,599 | |
| Rights | | | — | | | | — | | | | 1,160,849 | | | | 1,160,849 | |
| Short-Term Investment | | | 23,518,409 | | | | — | | | | — | | | | 23,518,409 | |
| Total | | $ | 197,152,945 | | | $ | — | | | $ | 4,689,207 | | | $ | 201,842,152 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 12,131,260 | |
| Total Assets | | | | | | | | | | | | | | $ | 213,973,412 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Securities Sold Short* | | $ | 63,067,930 | | | $ | — | | | $ | — | | | $ | 63,067,930 | |
| Total Liabilities | | $ | 63,067,930 | | | $ | — | | | $ | — | | | $ | 63,067,930 | |
| Assets - Derivatives | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 395,183 | | | $ | — | | | $ | 395,183 | |
| Total Asset Derivatives | | $ | — | | | $ | 395,183 | | | $ | — | | | $ | 395,183 | |
| Liabilities - Derivatives | | | | | | | | | | | | | | | | |
| Written Options | | $ | 777,150 | | | $ | — | | | $ | — | | | $ | 777,150 | |
| Total Liability Derivatives | | $ | 777,150 | | | $ | — | | | $ | — | | | $ | 777,150 | |
| | | | | | | | | | | | | | | | | |
| Real Estate Stock | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks * | | $ | 15,852,764 | | | $ | — | | | $ | — | | | $ | 15,852,764 | |
| REITs * | | | 31,064,378 | | | | — | | | | — | | | | 31,064,378 | |
| Total | | $ | 46,917,142 | | | $ | — | | | $ | — | | | $ | 46,917,142 | |
| Collateral for Securities Loaned (a) | | | | | | | | | | | | | | | 7,776,517 | |
| Total Assets | | | | | | | | | | | | | | $ | 54,693,659 | |
| | | | | | | | | | | | | | | | | |
| U.S. Enhanced Market | |
| | | | | | | | | | | | | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| U.S. Government & Agencies | | $ | — | | | $ | 54,363,905 | | | $ | — | | | $ | 54,363,905 | |
| Short-Term Investments | | | 3,205,927 | | | | — | | | | — | | | | 3,205,927 | |
| Total Assets | | $ | 3,205,927 | | | $ | 54,363,905 | | | $ | — | | | $ | 57,569,832 | |
| Assets - Derivatives | | | | | | | | | | | | | | | | |
| Purchased Options | | | — | | | | 42,163,253 | | | | — | | | | 42,163,253 | |
| Futures Contracts | | | 21,623 | | | | — | | | | — | | | | 21,623 | |
| Total Asset Derivatives | | $ | 21,623 | | | $ | 42,163,253 | | | $ | — | | | $ | 42,184,876 | |
| Liabilities - Derivatives | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 2,090,769 | | | $ | — | | | $ | — | | | $ | 2,090,769 | |
| Total Liability Derivatives | | $ | 2,090,769 | | | $ | — | | | $ | — | | | $ | 2,090,769 | |
| * | See each Fund’s Schedule of Investments for breakdown by industry. |
| (a) | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
The following is a reconciliation for the Funds for which Level 3 inputs were used in determining value:
| | | Beginning | | | | | | Change in | | | | | | | | | | | | | | | Net | | | Ending | |
| | | balance | | | Total | | | unrealized | | | | | | | | | | | | Net | | | transfers | | | balance | |
| | | October 31, | | | realized | | | appreciation/ | | | | | | Net | | | | | | transfers | | | (out) of | | | October 31, | |
| | | 2023 | | | gain/(loss) | | | (depreciation) | | | Amortization | | | Purchases | | | Net Sales | | | into Level 3 | | | Level 3 | | | 2024 | |
| Floating Rate Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Term Loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| High-Yield Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | 3,189,000 | | | | 1,666,251 | | | | (1,927,916 | ) | | | — | | | | — | | | | (2,740,935 | ) | | | — | | | | — | | | | 186,400 | |
| Corporate Bond | | | — | | | | — | | | | (3,635 | ) | | | 21,560 | | | | 708,387 | | | | — | | | | — | | | | — | | | | 726,312 | |
| Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| International Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Long/Short Credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | 5,700 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 5,700 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Monthly Distribution | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Closed End Fund | | | 5,678,199 | | | | — | | | | (2,221,904 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,456,295 | |
| Common Stock | | | 142,532 | | | | 5,726 | | | | (76,195 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 72,063 | |
| Rights | | | 1,125,615 | | | | — | | | | 17,617 | | | | — | | | | 17,617 | | | | — | | | | — | | | | — | | | | 1,160,849 | |
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 | | $ | — | | | Market Approach | | Discount for lack of marketability (DLOM) | | 100% | | NA |
| Total Fair Value Securities | | $ | — | | | | | | | | | |
| | | | | | | | | | | | | |
| High-Yield Bond | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Common Stock | | $ | 186,400 | | | Discounted Cash Flow | | Discount rate. | | 15.9% | | Decrease |
| | | | | | | | | Years to Maturity | | 4.36 | | Increase |
| Corporate Bond | | | 726,312 | | | Discounted Cash Flow | | Discount Rate | | 10.5% | | Decrease |
| Total Fair Value Securities | | $ | 912,712 | | | | | | | | | |
| Emerging Markets | | | | | | | | | | | | |
| Common Stock | | $ | — | | | Market Approach | | Discount for lack of marketability (DLOM) | | 100% | | NA |
| Total Fair Value Securities | | $ | — | | | | | | | | | |
| International Stock | | | | | | | | | | | | |
| Common Stock | | $ | — | | | Market Approach | | Discount for lack of marketability (DLOM) | | 100% | | NA |
| Total Fair Value Securities | | $ | — | | | | | | | | | |
| Long/Short Credit | | | | | | | | | | | | |
| Common Stock | | $ | 5,700 | | | Broker Quote | | Indicative Value | | $0.57 | | Increase |
| Total Fair Value Securities | | $ | 5,700 | | | | | | | | | |
| Monthly Distribution | | | | | | | | | | | | |
| Closed End Fund | | $ | 3,456,295 | | | Broker Quote | | Indicative Value | | $1.40 | | Increase |
| Common Stock | | | 72,063 | | | Broker Quote | | Indicative Value | | $0.35 | | Increase |
| Common Stock | | | — | | | Market Approach | | Discount for lack of marketability (DLOM) | | 100% | | NA |
| Common Stock | | | — | | | Market Approach | | Residual Value | | 100% | | NA |
| Rights | | | 1,160,849 | | | Broker Quote | | Indicative Value | | $1.97 | | Increase |
| Total Fair Value Securities | | $ | 4,689,207 | | | | | | | | | |
b. Foreign Currency Translations – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments, are translated into U.S. dollars using the prevailing exchange rates at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
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.
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 and Monthly Distribution are subject to stock market risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk. These Funds may purchase call and put options. In addition, Enhanced Market may purchase options (including FLEX Options).
Call Options. When a Fund writes an option, there is no taxable event and an amount equal to the premium received is recorded by that Fund as a liability. The liability is thereafter valued to reflect the current value of the option. If the option is not exercised and expires, or if a Fund effects a closing purchase transaction, the Fund realizes a gain (or loss in the case of a closing purchase transaction where the cost to close the transaction exceeds the original premium received), and the liability related to the option is extinguished. Any such gain or loss generally is a short -term capital gain or loss for federal income tax purposes. If a call option that a Fund has written on any equity security is exercised, that Fund will realize a capital gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a put option that a Fund has written on an equity security is exercised, the amount of the premium originally received reduces the cost of the security that a Fund purchases upon exercise of the option. When a Fund writes a put option, that Fund must deposit cash or liquid securities into a segregated account equal to the put option’s exercise value (number of shares times strike price).
Put Options. If such a decline occurs, the put options will permit that Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by that Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to that Fund. In addition, if the price of the security in connection with which an option was purchased moves in a direction favorable to that Fund, the benefits realized by that Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities.
FLEX Options. Enhanced Market gains equity exposure through investments in S&P 500 Index options (including FLEX Options) and futures, but does not invest directly in equity securities as part of its investment strategy. FLEX Options are customized index option contracts traded on an exchange. The Fund may experience substantial downside from specific FLEX Option positions, and certain FLEX Option positions may expire worthless. In addition, the Fund’s FLEX Option holdings are subject to the following risks:
| ● | Valuation Risk. The value of the FLEX Options will be affected by, among others, changes in the value of the relevant index, changes in the actual and implied volatility of the index, and the remaining time until the options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the index (although they generally move in the same direction). |
| ● | Liquidity Risk. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options. |
| ● | Counterparty Risk. The FLEX Options are issued and guaranteed for settlement by the Options Clearing Corporation (the “OCC”). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional standardized exchange-traded options. |
| ● | Correlation Risk. The value of the FLEX Options positions is not anticipated to increase or decrease at the same rate as the index, and it is possible they may move in different directions, and as a result, the Fund’s NAV may not increase or decrease at the same rate as the index. |
e. Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds may maintain cash balances, which, at times, may exceed federally insured limits. The Funds may also hold cash balances with brokers which accounts are not federally insured. The Funds maintain these balances with a high quality financial institution.
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
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
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 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 Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is obligated to pay over any dividends and accrued interest on borrowed securities. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. The Fund’s borrowing agreements with broker-dealers are not subject to master netting or similar agreements or collateral agreements.
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
j. Impact of Derivatives on the Statements of Assets and Liabilities and Statements of Operations – The following is a summary of the location of derivative investments of each Fund in the Statement of Assets and Liabilities as of October 31, 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 October 31, 2024:
| Asset Derivatives Investment Value |
| | | Equity | | | Currency | | | Interest Rate | | | Credit Risk | | | Total at | |
| | | Contracts | | | Contracts | | | Contracts | | | Contracts | | | October 31, 2024 | |
| International Opportunity Bond | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 420,214 | | | $ | — | | | $ | — | | | $ | 420,214 | |
| Futures Contracts | | | — | | | | — | | | | 299,797 | | | | — | | | | 299,797 | |
| Dynamic Macro | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 336,686 | | | $ | — | | | $ | 106,172 | | | $ | — | | | $ | 442,858 | |
| Forward Foreign Currency Exchange Contracts | | | — | | | | 259,198 | | | | — | | | | — | | | | 259,198 | |
| Long/Short Credit | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | — | | | $ | — | | | $ | 1,337,301 | | | $ | — | | | $ | 1,337,301 | |
| Credit Default Swap Contracts | | | — | | | | — | | | | — | | | | 202,051 | | | | 202,051 | |
| Total Return Swap Contracts | | | 118,455 | | | | — | | | | — | | | | — | | | | 118,455 | |
| Monthly Distribution | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 395,183 | | | $ | — | | | $ | — | | | $ | 395,183 | |
| U.S. Enhanced Market | | | | | | | | | | | | | | | | | | | | |
| Flex Options | | $ | 42,163,253 | | | $ | — | | | $ | — | | | $ | — | | | $ | 42,163,253 | |
| Futures Contracts | | | 21,623 | | | | — | | | | — | | | | — | | | | 21,623 | |
| | | | | | | | | | | | | | | | | | | | | |
| Liability Derivatives Investment Value |
| | | Equity | | | Currency | | | Interest Rate | | | Credit Risk | | | Total at | |
| | | Contracts | | | Contracts | | | Contracts | | | Contracts | | | October 31, 2024 | |
| International Opportunity Bond | | $ | — | | | $ | 34,802 | | | $ | — | | | $ | — | | | $ | 34,802 | |
| Forward Foreign Currency Exchange Contracts | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | | — | | | | — | | | | 396,246 | | | | — | | | | 396,246 | |
| Credit Default Swap Contract | | | — | | | | — | | | | — | | | | 3,437 | | | | 3,437 | |
| Dynamic Macro | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | — | | | $ | 15,945 | | | $ | — | | | $ | — | | | $ | 15,945 | |
| Futures Contracts | | | 78,215 | | | | — | | | | 85,201 | | | | — | | | | 163,416 | |
| Long/Short Credit | | | | | | | | | | | | | | | | | | | | |
| Credit Default Swap Contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 388,229 | | | $ | 388,229 | |
| Monthly Distribution | | | | | | | | | | | | | | | | | | | | |
| Written Options | | $ | 777,150 | | | $ | — | | | $ | — | | | $ | — | | | $ | 777,150 | |
| U.S. Enhanced Market | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | — | | | $ | — | | | $ | 2,090,769 | | | $ | — | | | $ | 2,090,769 | |
The following is a summary of the location of derivative investments of each Fund in the Statements of Operations for the year ended October 31, 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 |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
The following is a summary of each Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended October 31, 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 | | | October 31, 2024 | |
| International Opportunity Bond | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | — | | | $ | — | | | $ | 230,455 | | | $ | — | | | $ | 230,455 | |
| Forward Foreign Currency Exchange Contracts | | | — | | | | (795,889 | ) | | | — | | | | — | | | | (795,889 | ) |
| Credit Default Swap Contracts | | | — | | | | — | | | | — | | | | (426,188 | ) | | | (426,188 | ) |
| Small Cap Value | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | — | | | $ | (3,875 | ) | | $ | — | | | $ | — | | | $ | (3,875 | ) |
| Dynamic Macro | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | — | | | $ | 133,968 | | | $ | — | | | $ | — | | | $ | 133,968 | |
| Futures Contracts | | | 2,518,710 | | | | — | | | | (348,201 | ) | | | — | | | | 2,170,509 | |
| Long/Short Credit | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | — | | | $ | (1,580 | ) | | $ | — | | | $ | — | | | $ | (1,580 | ) |
| Futures Contracts | | | — | | | | — | | | | (349,783 | ) | | | — | | | | (349,783 | ) |
| Credit Default Swap Contracts | | | — | | | | — | | | | — | | | | (2,999,254 | ) | | | (2,999,254 | ) |
| Total Return Swap Contracts | | | (1,854,738 | ) | | | — | | | | — | | | | — | | | | (1,854,738 | ) |
| Monthly Distribution | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 690,630 | | | $ | — | | | $ | — | | | $ | 690,630 | |
| Purchased Options | | | (61,361 | ) | | | — | | | | — | | | | — | | | | (61,361 | ) |
| Written Options | | | (23,923 | ) | | | — | | | | — | | | | — | | | | (23,923 | ) |
| U.S. Enhanced Market | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 2,407,407 | | | $ | — | | | $ | 677,188 | | | $ | — | | | $ | 3,084,595 | |
| Purchased Options | | | 20,869,118 | | | | — | | | | — | | | | — | | | | 20,869,118 | |
| | | | | | | | | | | | | | | | | | | | | |
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations |
| | | | | | | | | | | | | | | Total at | |
| | | Equity | | | Currency | | | Interest Rate | | | Credit Risk | | | October 31, | |
| Derivative Investment type | | Contracts | | | Contracts | | | Contracts | | | Contracts | | | 2024 | |
| International Opportunity Bond | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | — | | | $ | — | | | $ | 62,209 | | | $ | — | | | $ | 62,209 | |
| Credit Default Swap Contracts | | | — | | | | — | | | | — | | | | (29,961 | ) | | | (29,961 | ) |
| Forward Foreign Currency Exchange Contracts | | | — | | | | 435,345 | | | | — | | | | — | | | | 435,345 | |
| Dynamic Macro | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | — | | | $ | 97,640 | | | $ | — | | | $ | — | | | $ | 97,640 | |
| Futures Contracts | | | 720,313 | | | | — | | | | (24,177 | ) | | | — | | | | 696,136 | |
| Long/Short Credit | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | — | | | $ | — | | | $ | (1,004,259 | ) | | $ | — | | | $ | (1,004,259 | ) |
| Credit Default Swap Contracts | | | — | | | | — | | | | — | | | | 296,826 | | | | 296,826 | |
| Total Return Swap Contracts | | | (122,610 | ) | | | — | | | | — | | | | — | | | | (122,610 | ) |
| Monthly Distribution | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (41,604 | ) | | $ | — | | | $ | — | | | $ | (41,604 | ) |
| Written Options | | | (333,558 | ) | | | — | | | | — | | | | — | | | | (333,558 | ) |
| U.S. Enhanced Market | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 1,200,462 | | | $ | — | | | $ | (1,659,326 | ) | | $ | — | | | $ | (458,864 | ) |
| Purchased Options | | | 6,169,900 | | | | — | | | | — | | | | — | | | | 6,169,900 | |
The average notional value of the derivative instruments for the year ended October 31, 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 | | $ | 23,085,247 | | | $ | 11,029,749 | | | $ | — | | | $ | — | | | $ | — | | | $ | 5,011,250 | | | $ | — | | | | 31,091,841 | |
| Dynamic Macro | | | 31,645,380 | | | | 10,293,847 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,587,182 | |
| Long/Short Credit | | | — | | | | 31,546,657 | | | | — | | | | — | | | | 14,000,000 | | | | 71,707,500 | | | | 12,000,000 | | | | — | |
| Monthly Distribution (1) | | | — | | | | — | | | | — | | | | 3,385,977 | | | | — | | | | — | | | | — | | | | 25,632,743 | |
| U.S. Enhanced Market | | | 94,396,842 | | | | — | | | | 122,781,250 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| (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
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
forward foreign currency exchange contracts, swaps and written options. The futures held by the Funds are not subject to offsetting. The following table shows additional information regarding the offsetting of assets and liabilities at October 31, 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 | | $ | 37,484 | | | $ | — | | | $ | 37,484 | | | $ | (1,934 | ) | | $ | 35,550 | | | | | |
| | | Citi Capital Markets | | | 30,774 | | | | — | | | | 30,774 | | | | (27,929 | ) | | | — | | | | 2,845 | |
| | | JP Morgan Chase | | | 351,908 | | | | — | | | | 351,908 | | | | (4,939 | ) | | | — | | | | 346,969 | |
| | | SCB | | | 48 | | | | — | | | | 48 | | | | — | | | | — | | | | 48 | |
| Credit Default Swap | | Citibank | | | — | | | | — | | | | — | | | | (3,437 | ) | | | — | | | | (3,437 | ) |
| Total | | | | $ | 420,214 | | | $ | — | | | $ | 420,214 | | | $ | (38,239 | ) | | $ | — | | | $ | 381,975 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | $ | (1,934 | ) | | $ | — | | | $ | (1,934 | ) | | $ | 1,934 | | | $ | — | | | $ | — | |
| | | Citi Capital Markets | | | (27,929 | ) | | | — | | | | (27,929 | ) | | | 27,929 | | | | — | | | | — | |
| | | JP Morgan Chase | | | (4,939 | ) | | | — | | | | (4,939 | ) | | | 4,939 | | | | — | | | | — | |
| Credit Default Swap | | Citibank | | | (3,437 | ) | | | — | | | | (3,437 | ) | | | 3,437 | | | | — | | | | — | |
| Total | | | | $ | (38,239 | ) | | $ | — | | | $ | (38,239 | ) | | $ | 38,239 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | The amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged. |
| | |
| 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 | | $ | 259,198 | | | $ | — | | | $ | 259,198 | | | $ | (15,945 | ) | | $ | — | | | $ | 243,253 | |
| Total | | | | $ | 259,198 | | | $ | — | | | $ | 259,198 | | | $ | (15,945 | ) | | $ | — | | | $ | 243,253 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | $ | (15,945 | ) | | $ | — | | | $ | (15,945 | ) | | $ | 15,945 | | | $ | — | | | $ | — | |
| Total | | | | $ | (15,945 | ) | | $ | — | | | $ | (15,945 | ) | | $ | 15,945 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | The amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged. |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| 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 (1) | | | Net Amount | |
| Credit Default Swaps | | HSBC | | $ | 202,051 | | | $ | — | | | $ | 202,051 | | | $ | (202,051 | ) | | $ | — | | | $ | — | |
| Total Return Swap | | Goldman Sachs | | | 118,455 | | | | — | | | | 118,455 | | | | — | | | | — | | | | 118,455 | |
| Total | | | | $ | 320,506 | | | $ | — | | | $ | 320,506 | | | $ | (202,051 | ) | | $ | — | | | $ | 118,455 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | | Pledged (1) | | | Net Amount | |
| Credit Default Swaps | | Barclays | | $ | (137,247 | ) | | $ | — | | | $ | (137,247 | ) | | $ | 137,247 | | | $ | — | | | | | |
| Credit Default Swaps | | HSBC | | | (250,982 | ) | | | — | | | | (250,982 | ) | | | 250,982 | | | | — | | | | — | |
| Total | | | | $ | (388,229 | ) | | $ | — | | | $ | (388,229 | ) | | $ | 388,229 | | | $ | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | The amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged. |
| 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 (1) | | | Net Amount | |
| Forward Foreign Currency Exchange Contracts | | Morgan Stanley FX | | $ | 395,183 | | | $ | — | | | $ | 395,183 | | | $ | — | | | $ | — | | | $ | 395,183 | |
| Total | | | | $ | 395,183 | | | $ | — | | | $ | 395,183 | | | $ | — | | | $ | — | | | $ | 395,183 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | | Pledged (1) | | | Net Amount | |
| Written Options | | Societe Generale | | $ | (777,150 | ) | | $ | — | | | $ | (777,150 | ) | | $ | — | | | $ | 777,150 | | | $ | — | |
| Total | | | | $ | (777,150 | ) | | $ | — | | | $ | (777,150 | ) | | $ | — | | | $ | 777,150 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | The amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged. |
| U.S. Enhanced Market | |
| | | | | | | | | | | | | | 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 (1) | | | Net Amount | |
| Purchased Options | | Societe Generale | | $ | 42,163,253 | | | $ | — | | | $ | 42,163,253 | | | $ | — | | | $ | — | | | $ | 42,163,253 | |
| Total | | | | $ | 42,163,253 | | | $ | — | | | $ | 42,163,253 | | | $ | — | | | $ | — | | | $ | 42,163,253 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | The amount is limited to the derivative liability balance and accordingly, does not include excess collateral pledged. |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
l. Deposits with Broker for Futures, Options and Swaps
| Fund | | Derivative Type | | Broker | | Deposit with Broker | |
| International Opportunity Bond | | Swaps | | Citibank | | $ | 622,163 | |
| | | Futures | | Barclays | | | 637,667 | |
| Dynamic Macro | | Futures | | Morgan Stanley | | | 1,146,226 | |
| Long/Short Credit | | Swaps | | Goldman Sachs | | | 70,000 | |
| | | Swaps | | Barclays | | | 660,000 | |
| | | Swaps | | HSBC | | | 2,041,052 | |
| Monthly Distribution | | Securities Sold Short | | JP Morgan | | | 86,583,736 | |
| U.S. Enhanced Market | | Futures | | SG Americas Securities, LLC | | | 1,924,915 | |
m. Due to Broker – The Long/Short Credit Fund, as of October 31, 2024, has $(1,332,253) due to the prime broker representing amounts owed based on the timing of investment transaction settlements. Withdrawal of these amounts is restricted based on the level of futures trading in the Fund.
n. 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.
o. 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.
p. 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 $870,288 as of October 31, 2024, on Emerging Markets as shown on the Statement of Assets and Liabilities. For the year ended October 31, 2024, Emerging Markets recorded net change in unrealized depreciation on Accrued Foreign Capital Gains Tax on Appreciated Securities of $257,196 as shown on the Statement of Operations.
q. 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.
r. 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
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
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.
s. 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.
t. 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.
u. Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
| 3. | PRINCIPAL INVESTMENT RISKS |
a. Concentration of Risk – Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
Small capitalization (“small cap”) companies may be more vulnerable than larger capitalization companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of larger capitalization companies or the market averages in general and therefore may involve greater risk than investing in larger capitalization companies.
The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region. Investments in lower grade debt securities are subject to special risks, including greater price volatility and a greater risk of loss of principal and interest.
Certain Funds may invest in collateralized mortgage obligations which are secured by groups of individual mortgages, but are similar to a conventional bond where the investor looks only to the issuer for payment of principal and interest. Although the obligations are recourse obligations to the issuer, the issuer typically has no significant assets, other than assets pledged as collateral for the obligations, and the market value of the collateral, which is sensitive to interest rate movements, may affect the market value of the obligations. A public market for a particular collateralized mortgage obligation may or may not develop and thus, there can be no guarantee of liquidity of an investment in such obligations.
The risk in writing a call option is that a Fund may forgo the opportunity of profit if the market value of the underlying security increases and the option is exercised, although any potential loss is reduced by the amount of option premium received. The risk in writing a put option is that a Fund may be called on to pay the exercise price of the option for a security that has decreased (potentially to zero) in market price, although any potential loss is reduced by the amount of option premium received. Generally, option transactions also involve risks concerning liquidity of the options market. An illiquid market for an option may limit a Fund’s ability to write options or enter closing transactions. As the options written by the Funds are traded on a national exchange, counterparty and credit risk are limited to the failure of the exchange on which the options are traded.
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
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
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.
| | | 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 w as 0.10% – 0.80% and the Management fee range w as 0.75% to 1.45% |
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.
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
By virtue of using average daily net assets over a “rolling” 12-month period for purposes of calculating the Performance Fee while using average daily net assets for the most recent month for purposes of calculating the Base Fee, the actual total Fulcrum Fee paid by the Fund to the Sub-Adviser may be higher or lower than the maximum or minimum annual rates described above if the average daily net assets do not remain constant during the rolling 12-month period. If the Fund is significantly underperforming versus the Index and the Fund’s net assets have declined significantly, the monthly total Fulcrum Fee can be a negative number (although the performance fee rate can never be negative, the Performance Fee can be negative). In such instances, if the negative Fulcrum Fee is not earned back or offset the following month, the Sub-Adviser must reimburse the Fund the amount of the negative Fulcrum Fee within an agreed upon time. Likewise, in the case where the Fund has significantly underperformed versus the Index but net assets have increased significantly, the monthly total Fulcrum Fee can be positive although the performance fee rate may be 0.00%. In such instances, the Fund will pay the Sub-Adviser the monthly Fulcrum Fee.
The table below lists the current Sub-Advisers along with their Fulcrum Fee arrangements.
| | | | | Null | Minimum | Maximum |
| Fund | Sub-Adviser | Benchmark | Base Fee | Zone | Fee | Fee |
| Corporate/Government Bond | Virtus Fixed Income Advisers, LLC | Bloomberg US Aggregate Bond Index | 0.30% | +/- 0.15% | 0.15% | 0.45% |
| Floating Rate Bond | PineBridge Investments LLC | Morningstar/LSTA U.S. Leveraged Loan 100 Index | 0.28% | +/- 0.00% | 0.18% | 0.38% |
| High-Yield Bond | PineBridge Investments LLC | Bloomberg U.S. Corporate High Yield Bond Ba/B 2% Issuer Capped Index | 0.32% | +/- 0.00% | 0.22% | 0.42% |
| International Opportunity Bond | Virtus Fixed Income Advisers, LLC | Bloomberg Global ex US Aggregate Bond Index (Hedged) | 0.45% | +/- 0.00% | 0.20% | 0.70% |
| Large Cap Value | Great Lakes Advisors, LLC. | Russell 1000 Value Total Return Index | 0.30% | +/- 0.00% | 0.10% | 0.50% |
| Small Cap Value * | Boston Partners Global Investors, Inc. | Russell 2000 Value Total Return Index | 0.45% | +/- 0.00% | 0.20% | 0.70% |
| Focused Large Cap Growth | The Ithaka Group, LLC | Russell 1000 Growth Total Return Index | 0.35% | +/- 0.00% | 0.20% | 0.50% |
| Small Cap Growth | Pier Capital, LLC | Russell 2000 Growth Total Return Index | 0.50% | +/- 0.20% | 0.00% | 1.00% |
| Emerging Markets Stock | NS Partners Ltd. | MSCI Emerging Markets Index (Net) | 0.45% | +/- 0.00% | 0.05% | 0.85% |
| International Stock | Arrow street Capital L.P. | MSCI All Country World Index ex USA (Net) | 0.65% | +/- 0.20% | 0.30% | 1.00% |
| Dynamic Macro | Vontobel Asset Management, Inc. | Dow Jones Moderately Aggressive Portfolio Index | 0.60% | +/- 0.00% | 0.25% | 0.95% |
| Long/Short Credit | Metlife Investment Advisors, LLC | BofA Merrill Lynch US 3-month Treasury Bill Index PLUS 300 bps (3.00%) | 0.60% | +/- 0.00% | 0.05% | 1.15% |
| Monthly Distribution | Grantham, Mayo, Van Otterloo & Co., LLC | Credit Suisse Merger Arbitrage Liquid Index | 0.60% | +/- 0.00% | 0.22% | 0.98% |
| Real Estate Stock | American Assets Capital Advisers, LLC | Dow Jones U.S. Real Estate Total Return Index | 0.45% | +/- 0.00% | 0.15% | 0.75% |
| U.S. Enhanced Market | PGIM Quantitative Solutions LLC | S&P 500 Total Return Index | 0.50% | +/- 0.00% | 0.30% | 0.70% |
| * | Effective April 1, 2024, Boston Partners Global Investors, Inc. replaced Ziegler Capital Management, LLC as sub-adviser. Prior to April 1, 2024 Ziegler Capital Management, LLC had a base fee of 0.45%, a Minimum fee of 0.10% and a Maximum fee of 0.80%. |
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
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
pay distribution fees at the annualized rate of 0.75% for the equity Funds and 0.50% for the fixed income Funds and shareholder servicing fees at the annualized rate of 0.25% to the Distributor or other entities on a monthly basis based on the average daily net assets attributable to Class C shares. Class N shares do not pay distribution fees or shareholder servicing fees.
| | | Distributor Sales Charges | | | 12b-1 and Shareholder Service | |
| Fund | | Class A | | | Class A | | | Class C | |
| Corporate/Government Bond | | $ | 126 | | | $ | 38,092 | | | $ | 19,206 | |
| Floating Rate Bond | | | 2,666 | | | | 24,224 | | | | 40,456 | |
| High-Yield Bond | | | 8,261 | | | | 37,854 | | | | 27,504 | |
| International Opportunity Bond | | | 54 | | | | 15,949 | | | | 7,066 | |
| Large Cap Value | | | 22,689 | | | | 44,279 | | | | 35,273 | |
| Small Cap Value | | | 316 | | | | 21,393 | | | | 19,397 | |
| Focused Large Cap Growth | | | 44,474 | | | | 59,355 | | | | 89,649 | |
| Small Cap Growth | | | 18,344 | | | | 23,622 | | | | 19,419 | |
| Emerging Markets Stock | | | 217 | | | | 34,468 | | | | 19,603 | |
| International Stock | | | 4,460 | | | | 38,272 | | | | 42,601 | |
| Dynamic Macro | | | 3,690 | | | | 20,463 | | | | 12,655 | |
| Long/Short Credit | | | 1,052 | | | | 44,778 | | | | 26,624 | |
| Monthly Distribution | | | 2,040 | | | | 50,746 | | | | 125,264 | |
| Real Estate Stock | | | 1,389 | | | | 15,116 | | | | 20,137 | |
| U.S. Enhanced Market | | | 14,309 | | | | 26,318 | | | | 5,262 | |
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, 2024, certain Funds had portfolio trades executed with a broker pursuant to a commission recapture agreement under which the broker returned a portion of the Fund’s brokerage commissions on the Fund’s behalf. Such amounts, under such commission recapture agreement, are included in Fees paid indirectly in the Funds’ Statements of Operations and will be paid directly by the broker for the expenses of the Fund. For the year ended October 31, 2024, the amounts received by the Administrator on behalf of certain participating Funds under this arrangement were: Large Cap Value - $705, Small Cap Value - $15,400, Focused Large Cap Growth - $2,865 and Small Cap Growth - $9,429.
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| 5. | INVESTMENT TRANSACTIONS |
The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended October 31, 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 | | $ | 116,253,346 | | | $ | 64,803,099 | | | $ | 46,147,766 | | | $ | 21,518,887 | |
| Floating Rate Bond | | | 115,037,912 | | | | 95,169,010 | | | | — | | | | — | |
| High-Yield Bond | | | 156,021,723 | | | | 88,469,932 | | | | — | | | | — | |
| International Opportunity Bond | | | 58,079,667 | | | | 46,326,042 | | | | — | | | | — | |
| Large Cap Value | | | 34,072,739 | | | | 56,124,776 | | | | — | | | | — | |
| Small Cap Value | | | 150,173,168 | | | | 131,799,826 | | | | — | | | | — | |
| Focused Large Cap Growth | | | 20,604,229 | | | | 55,801,129 | | | | — | | | | — | |
| Small Cap Growth | | | 75,093,544 | | | | 76,963,887 | | | | — | | | | — | |
| Emerging Markets Stock | | | 76,193,476 | | | | 78,867,827 | | | | — | | | | — | |
| International Stock | | | 187,544,166 | | | | 190,951,080 | | | | — | | | | — | |
| Dynamic Macro | | | 16,893,010 | | | | 10,683,862 | | | | 38,281,650 | | | | 14,455,664 | |
| Long/Short Credit | | | 144,103,992 | | | | 163,075,353 | | | | 155,143,509 | | | | 155,488,570 | |
| Monthly Distribution | | | 383,078,772 | | | | 313,521,420 | | | | — | | | | — | |
| Real Estate Stock | | | 42,134,622 | | | | 76,524,429 | | | | — | | | | — | |
| U.S. Enhanced Market | | | 34,222,343 | | | | 39,439,741 | | | | — | | | | 3,495,000 | |
| 6. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at October 31, 2024, were as follows:
| | | | | | Gross | | | Gross | | | Net Unrealized | |
| | | Tax | | | Unrealized | | | Unrealized | | | Appreciation/ | |
| | | Cost | | | Appreciation | | | Depreciation | | | (Depreciation) | |
| Corporate/Government Bond | | $ | 217,891,218 | | | $ | 1,902,766 | | | $ | (5,638,081 | ) | | | (3,735,315 | ) |
| Floating Rate Bond | | | 160,845,286 | | | | 998,702 | | | | (4,462,337 | ) | | | (3,463,635 | ) |
| High-Yield Bond | | | 243,527,534 | | | | 3,992,102 | | | | (3,393,719 | ) | | | 598,383 | |
| International Opportunity Bond | | | 77,859,174 | | | | 1,546,105 | | | | (4,027,561 | ) | | | (2,481,456 | ) |
| Large Cap Value | | | 103,043,693 | | | | 60,718,239 | | | | (1,674,841 | ) | | | 59,043,398 | |
| Small Cap Value | | | 113,742,034 | | | | 10,016,382 | | | | (7,891,123 | ) | | | 2,125,259 | |
| Focused Large Cap Growth | | | 72,299,663 | | | | 116,831,254 | | | | (2,017,751 | ) | | | 114,813,503 | |
| Small Cap Growth | | | 79,270,394 | | | | 17,436,022 | | | | (4,202,086 | ) | | | 13,233,936 | |
| Emerging Markets Stock | | | 99,076,117 | | | | 26,837,511 | | | | (6,984,563 | ) | | | 19,852,948 | |
| International Stock | | | 145,589,360 | | | | 19,219,344 | | | | (13,647,505 | ) | | | 5,571,839 | |
| Dynamic Macro | | | 69,721,017 | | | | 7,888,771 | | | | (100,543 | ) | | | 7,788,228 | |
| Long/Short Credit | | | 237,747,746 | | | | 1,151,474 | | | | (5,100,411 | ) | | | (3,948,937 | ) |
| Monthly Distribution | | | 150,997,413 | | | | 29,566,359 | | | | (30,040,257 | ) | | | (473,898 | ) |
| Real Estate Stock | | | 47,409,054 | | | | 11,511,510 | | | | (4,427,905 | ) | | | 7,083,605 | |
| U.S. Enhanced Market | | | 97,977,830 | | | | 89,706 | | | | (403,597 | ) | | | (313,891 | ) |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| 7. | SHARES OF BENEFICIAL INTEREST |
Following is a summary of shareholder transactions for each Fund for the year ended October 31, 2024 and for the year or period ended October 31, 2023:
For the year ended October 31, 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 | | | 7,763,525 | | | | 506,167 | | | | (2,744,175 | ) | | | 5,525,517 | | | | 211,025 | | | | 47,082 | | | | (468,869 | ) | | | (210,762 | ) |
| Floating Rate Bond | | | 5,871,088 | | | | 1,123,883 | | | | (3,582,594 | ) | | | 3,412,377 | | | | 95,751 | | | | 95,009 | | | | (545,706 | ) | | | (354,946 | ) |
| High-Yield Bond | | | 12,293,561 | | | | 1,063,911 | | | | (4,360,912 | ) | | | 8,996,560 | | | | 412,088 | | | | 99,875 | | | | (705,305 | ) | | | (193,342 | ) |
| International Opportunity Bond | | | 4,453,526 | | | | 376,129 | | | | (2,341,376 | ) | | | 2,488,279 | | | | 76,550 | | | | 39,053 | | | | (418,810 | ) | | | (303,207 | ) |
| Large Cap Value | | | 1,991,606 | | | | 354,159 | | | | (2,820,022 | ) | | | (474,257 | ) | | | 97,426 | | | | 45,846 | | | | (435,698 | ) | | | (292,426 | ) |
| Small Cap Value | | | 2,563,810 | | | | 114,729 | | | | (1,179,168 | ) | | | 1,499,371 | | | | 225,659 | | | | 14,770 | | | | (213,671 | ) | | | 26,758 | |
| Focused Large Cap Growth | | | 1,049,454 | | | | 86,348 | | | | (1,578,022 | ) | | | (442,220 | ) | | | 147,242 | | | | 13,922 | | | | (384,163 | ) | | | (222,999 | ) |
| Small Cap Growth | | | 1,568,162 | | | | — | | | | (1,454,723 | ) | | | 113,439 | | | | 125,144 | | | | — | | | | (235,183 | ) | | | (110,039 | ) |
| Emerging Markets Stock | | | 1,985,923 | | | | 56,845 | | | | (2,073,983 | ) | | | (31,215 | ) | | | 184,403 | | | | 7,063 | | | | (429,859 | ) | | | (238,393 | ) |
| International Stock | | | 2,191,458 | | | | 244,110 | | | | (2,232,244 | ) | | | 203,324 | | | | 93,461 | | | | 35,485 | | | | (359,032 | ) | | | (230,086 | ) |
| Dynamic Macro | | | 3,073,952 | | | | 134,375 | | | | (1,060,078 | ) | | | 2,148,249 | | | | 358,723 | | | | 23,670 | | | | (259,091 | ) | | | 123,302 | |
| Long/Short Credit | | | 11,505,580 | | | | 953,961 | | | | (6,878,124 | ) | | | 5,581,417 | | | | 368,132 | | | | 88,712 | | | | (1,230,646 | ) | | | (773,802 | ) |
| Monthly Distribution | | | 3,287,473 | | | | 436,180 | | | | (1,700,463 | ) | | | 2,023,190 | | | | 141,909 | | | | 59,065 | | | | (297,648 | ) | | | (96,674 | ) |
| Real Estate Stock | | | 736,424 | | | | 82,753 | | | | (2,907,854 | ) | | | (2,088,677 | ) | | | 32,816 | | | | 11,339 | | | | (517,384 | ) | | | (473,229 | ) |
| U.S. Enhanced Market | | | 1,889,659 | | | | 57,340 | | | | (2,265,729 | ) | | | (318,730 | ) | | | 91,405 | | | | 7,079 | | | | (329,549 | ) | | | (231,065 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class C Shares | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Net Increase | | | | | | | | | | | | | | | | | |
| | | | | | Distributions | | | | | | (Decrease) in | | | | | | | | | | | | | | | | | |
| Fund | | Issued | | | Reinvested | | | Redeemed | | | Shares | | | | | | | | | | | | | | | | | |
| Corporate/Government Bond | | | 28,881 | | | | 6,259 | | | | (53,898 | ) | | | (18,758 | ) | | | | | | | | | | | | | | | | |
| Floating Rate Bond | | | 18,757 | | | | 43,676 | | | | (159,352 | ) | | | (96,919 | ) | | | | | | | | | | | | | | | | |
| High-Yield Bond | | | 34,876 | | | | 19,480 | | | | (120,332 | ) | | | (65,976 | ) | | | | | | | | | | | | | | | | |
| International Opportunity Bond | | | 12,562 | | | | 5,424 | | | | (41,200 | ) | | | (23,214 | ) | | | | | | | | | | | | | | | | |
| Large Cap Value | | | 18,552 | | | | 9,931 | | | | (47,887 | ) | | | (19,404 | ) | | | | | | | | | | | | | | | | |
| Small Cap Value | | | 20,324 | | | | 4,503 | | | | (37,618 | ) | | | (12,791 | ) | | | | | | | | | | | | | | | | |
| Focused Large Cap Growth | | | 41,674 | | | | 5,930 | | | | (48,242 | ) | | | (638 | ) | | | | | | | | | | | | | | | | |
| Small Cap Growth | | | 17,316 | | | | — | | | | (35,313 | ) | | | (17,997 | ) | | | | | | | | | | | | | | | | |
| Emerging Markets Stock | | | 30,258 | | | | 183 | | | | (29,936 | ) | | | 505 | | | | | | | | | | | | | | | | | |
| International Stock | | | 31,603 | | | | 8,185 | | | | (50,209 | ) | | | (10,421 | ) | | | | | | | | | | | | | | | | |
| Dynamic Macro | | | 65,885 | | | | 2,884 | | | | (26,393 | ) | | | 42,376 | | | | | | | | | | | | | | | | | |
| Long/Short Credit | | | 40,072 | | | | 12,480 | | | | (129,125 | ) | | | (76,573 | ) | | | | | | | | | | | | | | | | |
| Monthly Distribution | | | 43,496 | | | | 71,148 | | | | (146,259 | ) | | | (31,615 | ) | | | | | | | | | | | | | | | | |
| Real Estate Stock | | | 9,419 | | | | 2,918 | | | | (51,886 | ) | | | (39,549 | ) | | | | | | | | | | | | | | | | |
| U.S. Enhanced Market | | | 25,583 | | | | 132 | | | | (7,714 | ) | | | 18,001 | | | | | | | | | | | | | | | | | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
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 | ) | | | 1,027,909 | | | | 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 |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
| 8. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of dividends paid during the periods ended October 31, 2024, and October 31, 2023 was as follows:
| For fiscal year ended | | Ordinary | | | Long-Term | | | Return of | | | | |
| 10/31/2024 | | Income | | | Capital Gains | | | Capital | | | Total | |
| Corporate/Government Bond * | | $ | 7,041,458 | | | $ | — | | | $ | — | | | $ | 7,041,458 | |
| Floating Rate Bond * | | | 11,062,135 | | | | — | | | | — | | | | 11,062,135 | |
| High-Yield Bond * | | | 10,273,842 | | | | — | | | | — | | | | 10,273,842 | |
| International Opportunity Bond* | | | 3,094,524 | | | | — | | | | 239,688 | | | | 3,334,212 | |
| Large Cap Value | | | 3,672,385 | | | | 3,637,138 | | | | — | | | | 7,309,523 | |
| Small Cap Value | | | 390,035 | | | | 1,727,516 | | | | — | | | | 2,117,551 | |
| Focused Large Cap Growth | | | — | | | | 4,006,806 | | | | — | | | | 4,006,806 | |
| Small Cap Growth | | | — | | | | — | | | | — | | | | — | |
| Emerging Markets Stock | | | 828,871 | | | | — | | | | — | | | | 828,871 | |
| International Stock | | | 3,684,674 | | | | 1,249,483 | | | | — | | | | 4,934,157 | |
| Dynamic Macro | | | 1,812,378 | | | | — | | | | — | | | | 1,812,378 | |
| Long/Short Credit * | | | 9,573,461 | | | | — | | | | — | | | | 9,573,461 | |
| Monthly Distribution * | | | 4,446,643 | | | | — | | | | 11,790,468 | | | | 16,237,111 | |
| Real Estate Stock | | | 1,313,304 | | | | — | | | | — | | | | 1,313,304 | |
| U.S. Enhanced Market | | | 1,022,713 | | | | — | | | | — | | | | 1,022,713 | |
| | | | | | | | | | | | | | | | | |
| 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 | | | — | | | | — | | | | — | | | | — | |
| * | Differences in distributions between the Statement of Changes paid from book and tax on the income funds relate to the adjustments for dividends payable for tax purposes. |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
As of each of the Fund’s tax year-ended October 31, 2024, the components of distributable earnings on a tax basis were as follows:
| | | 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 | | $ | 27,702 | | | $ | — | | | $ | — | | | $ | (7,091,209 | ) | | $ | (2,249 | ) | | $ | (3,735,315 | ) | | $ | (10,801,071 | ) |
| Floating Rate Bond | | | 184,683 | | | | — | | | | — | | | | (23,463,616 | ) | | | (7,654 | ) | | | (3,463,635 | ) | | | (26,750,222 | ) |
| High-Yield Bond | | | 436,896 | | | | — | | | | — | | | | (11,914,232 | ) | | | (9,275 | ) | | | 598,383 | | | | (10,888,228 | ) |
| International Opportunity Bond | | | — | | | | — | | | | — | | | | (6,463,454 | ) | | | (7,826 | ) | | | (2,506,955 | ) | | | (8,978,235 | ) |
| Large Cap Value | | | 1,991,837 | | | | 5,760,415 | | | | — | | | | — | | | | — | | | | 59,043,398 | | | | 66,795,650 | |
| Small Cap Value | | | 8,418,763 | | | | 3,534,863 | | | | — | | | | — | | | | — | | | | 2,125,246 | | | | 14,078,872 | |
| Focused Large Cap Growth | | | — | | | | 21,228,742 | | | | (1,415,402 | ) | | | — | | | | — | | | | 114,813,503 | | | | 134,626,843 | |
| Small Cap Growth | | | — | | | | — | | | | (453,725 | ) | | | (6,040,905 | ) | | | — | | | | 13,233,936 | | | | 6,739,306 | |
| Emerging Markets Stock | | | 71,565 | | | | — | | | | — | | | | (25,618,163 | ) | | | — | | | | 19,850,377 | | | | (5,696,221 | ) |
| International Stock | | | 5,382,065 | | | | 11,822,796 | | | | — | | | | — | | | | — | | | | 5,549,282 | | | | 22,754,143 | |
| Dynamic Macro | | | 3,197,286 | | | | 216,703 | | | | — | | | | — | | | | — | | | | 7,641,262 | | | | 11,055,251 | |
| Long/Short Credit | | | — | | | | — | | | | — | | | | (13,076,346 | ) | | | (17,220 | ) | | | (3,948,792 | ) | | | (17,042,358 | ) |
| Monthly Distribution | | | — | | | | — | | | | — | | | | (366,351 | ) | | | (47,302 | ) | | | (428,506 | ) | | | (842,159 | ) |
| Real Estate Stock | | | 178,922 | | | | — | | | | — | | | | (18,581,864 | ) | | | 1,644,934 | | | | 7,083,605 | | | | (9,674,403 | ) |
| U.S. Enhanced Market | | | 12,493,904 | | | | 16,967,758 | | | | — | | | | — | | | | — | | | | (313,891 | ) | | | 29,147,771 | |
The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income and accumulated net realized gain from security transactions are primarily attributable to the tax deferral of losses on wash sales, the mark-to-market treatment of open forward foreign currency, swap and 1256 futures and options contracts, and adjustments for partnerships, perpetual bonds, debt modification, passive foreign investment companies, C Corporation return of capital distributions and dividend payable. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) for the Funds. In addition, the amount listed under other book/tax differences are primarily attributable to tax adjustments for accrued dividends payable.
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows: Dunham Focused Large Cap Growth Fund and Dunham Small Cap Growth Fund incurred and elected to defer such late year losses of $1,415,402 and $453,725.
At October 31, 2024, the following Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:
| | | | | | | | | | | | Capital Loss Carry | |
| Fund | | Short-Term | | | Long-Term | | | Total | | | Forward Utilized | |
| Corporate/Government Bond | | $ | 1,762,411 | | | $ | 5,328,798 | | | $ | 7,091,209 | | | $ | — | |
| Floating Rate Bond | | | 3,688,614 | | | | 19,775,002 | | | | 23,463,616 | | | | — | |
| High-Yield Bond | | | 2,261,062 | | | | 9,653,170 | | | | 11,914,232 | | | | 139,089 | |
| International Opportunity Bond | | | 1,097,614 | | | | 5,365,840 | | | | 6,463,454 | | | | 342,920 | |
| Large Cap Value | | | — | | | | — | | | | — | | | | — | |
| Small Cap Value | | | — | | | | — | | | | — | | | | — | |
| Focused Large Cap Growth | | | — | | | | — | | | | — | | | | — | |
| Small Cap Growth | | | 6,040,905 | | | | — | | | | 6,040,905 | | | | 9,350,981 | |
| Emerging Markets Stock | | | 19,231,863 | | | | 6,386,300 | | | | 25,618,163 | | | | — | |
| International Stock | | | — | | | | — | | | | — | | | | — | |
| Dynamic Macro | | | — | | | | — | | | | — | | | | — | |
| Long/Short Credit | | | 9,464,623 | | | | 3,611,723 | | | | 13,076,346 | | | | — | |
| Monthly Distribution | | | — | | | | 366,351 | | | | 366,351 | | | | — | |
| Real Estate Stock | | | 12,617,059 | | | | 5,964,805 | | | | 18,581,864 | | | | 9,658,621 | |
| U.S. Enhanced Market | | | — | | | | — | | | | — | | | | 1,385,151 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
During the fiscal year ended October 31, 2024, the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax treatment of non-deductible expenses, net operating losses, distributions in excess, the use of tax equalization credits and adjustments for prior year tax returns resulted in reclassification for the tax year ended October 31, 2024, as follows:
| | | Paid | | | | |
| | | In | | | Accumulated | |
| Fund | | Capital | | | Earnings (Loss) | |
| Corporate/Government Bond | | $ | — | | | $ | — | |
| Floating Rate Bond | | | — | | | | — | |
| High-Yield Bond | | | — | | | | — | |
| International Opportunity Bond | | | 19 | | | | (19 | ) |
| Large Cap Value | | | 1,914,741 | | | | (1,914,741 | ) |
| Small Cap Value | | | 1,197,003 | | | | (1,197,003 | ) |
| Focused Large Cap Growth | | | 2,510,166 | | | | (2,510,166 | ) |
| Small Cap Growth | | | (309,585 | ) | | | 309,585 | |
| Emerging Markets Stock | | | — | | | | — | |
| International Stock | | | 2,780,007 | | | | (2,780,007 | ) |
| Dynamic Macro | | | 394,980 | | | | (394,980 | ) |
| Long/Short Credit | | | (57,408 | ) | | | 57,408 | |
| Monthly Distribution | | | (9,443 | ) | | | 9,443 | |
| Real Estate Stock | | | (2,639 | ) | | | 2,639 | |
| U.S. Enhanced Market | | | — | | | | — | |
Net assets were unaffected by the above reclassifications.
| 9. | FOREIGN TAX CREDIT (Unaudited) |
The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended October 31, 2024 and October 31, 2023, were as follows:
| For fiscal year ended | | | | | | |
| 10/31/2024 | | Foreign Taxes Paid | | | Foreign Source Income | |
| Emerging Markets Stock | | $ | 0.15 | | | $ | 0.03 | |
| International Stock | | $ | 0.09 | | | $ | 0.51 | |
| | | | | | | | | |
| 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 | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
Currently, the Funds have a $50,000,000 uncommitted line of credit provided by U.S. Bank National Association (the “Bank”) under an agreement (the “Uncommitted Line”). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis at rate of Prime less 1%. The Uncommitted Line is not a “committed” line of credit, which is to say that the Bank is not obligated to lend money to a Fund. Accordingly, it is possible that a Fund may wish to borrow money for a temporary or emergency purpose but may not be able to do so. Based only on the days borrowed, the average amount of borrowings outstanding was as follows:
| | | Average Borrowing | | | Largest Outstanding | | | | | | |
| Fund | | Outstanding | | | Balance | | | Loan Outstanding | | | Average Borrowing Rate |
| Corporate/Government Bond | | $ | 1,277,800 | | | $ | 5,891,000 | | | $ | — | | | 7.50% |
| Floating Rate Bond | | | 2,300,000 | | | | 2,300,000 | | | | — | | | 7.50% |
| High-Yield Bond | | | — | | | | — | | | | — | | | 0.00% |
| International Opportunity Bond | | | 770,500 | | | | 1,080,000 | | | | — | | | 7.15% |
| Large Cap Value | | | 2,710,250 | | | | 10,307,000 | | | | — | | | 7.02% |
| Small Cap Value | | | 254,909 | | | | 406,000 | | | | — | | | 7.43% |
| Focused Large Cap Growth | | | 2,291,667 | | | | 7,248,000 | | | | — | | | 7.49% |
| Small Cap Growth | | | 168,500 | | | | 198,000 | | | | — | | | 7.44% |
| Emerging Markets Stock | | | 875,500 | | | | 3,275,000 | | | | 333,000 | | | 7.40% |
| International Stock | | | 646,667 | | | | 4,650,000 | | | | — | | | 7.41% |
| Dynamic Macro | | | — | | | | — | | | | — | | | 0.00% |
| Long/Short Credit | | | — | | | | — | | | | — | | | 0.00% |
| Monthly Distribution | | | 924,500 | | | | 1,693,000 | | | | — | | | 7.50% |
| Real Estate Stock | | | 381,767 | | | | 9,244,000 | | | | 235,000 | | | 7.48% |
| U.S. Enhanced Market | | | 4,332,333 | | | | 5,231,000 | | | | — | | | 7.50% |
The interest expense for all the Funds listed is included in interest expense on the Statement of Operations.
The Funds have entered into a Securities Lending Agreement (“Agreement”) with the Bank. Each participating Fund can lend their securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. International Stock is below the 105% threshold due to market fluctuation. All interest and dividend payments received on securities which are held on loan, provided that there is no material default, will be paid to the respective Fund. A portion of the income generated by the investment in the Funds collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).
Securities lending income is disclosed in the Funds’ Statements of Operations and is net of fees retained by the counterparty. The Funds have the right under the Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Funds could experience delays or losses on recovery. Additionally, the Funds are subject to the risk of loss from investments that it makes with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third-party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of October 31, 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.
| | | Market Value of | | | Market Value of | |
| Fund | | Loaned Securities | | | Collateral | |
| Corporate/Government Bond | | $ | 6,754,121 | | | $ | 6,919,352 | |
| Floating Rate Bond | | | 4,228,786 | | | | 4,329,566 | |
| High-Yield Bond | | | 43,275,712 | | | | 44,306,422 | |
| International Opportunity Bond | | | 1,921,281 | | | | 1,975,463 | |
| Large Cap Value | | | 5,881,333 | | | | 5,958,550 | |
| Small Cap Value | | | 14,919,158 | | | | 15,688,693 | |
| Focused Large Cap Growth | | | 4,332,741 | | | | 4,483,463 | |
| Small Cap Growth | | | 16,734,997 | | | | 17,479,162 | |
| Emerging Markets Stock | | | 3,047,537 | | | | 3,146,913 | |
| International Stock | | | 7,780,426 | | | | 8,077,302 | |
| Dynamic Macro | | | — | | | | — | |
| Long/Short Credit | | | 4,023,405 | | | | 4,107,635 | |
| Monthly Distribution | | | 11,696,517 | | | | 12,131,260 | |
| Real Estate Stock | | | 7,326,786 | | | | 7,776,517 | |
| U.S. Enhanced Market | | | — | | | | — | |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| October 31, 2024 |
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%.
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2024, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:
| | | Dunham Trust |
| Fund | | Company |
| Corporate/Government Bond | | 93.6% |
| Floating Rate Bond | | 90.6% |
| High-Yield Bond | | 88.7% |
| International Opportunity Bond | | 92.5% |
| Large Cap Value | | 87.4% |
| Small Cap Value | | 90.8% |
| Focused Large Cap Growth | | 70.8% |
| Small Cap Growth | | 80.0% |
| Emerging Markets Stock | | 92.6% |
| International Stock | | 79.0% |
| Dynamic Macro | | 91.6% |
| Long/Short Credit | | 83.5% |
| Monthly Distribution | | 87.0% |
| Real Estate Stock | | 83.2% |
| U.S. Enhanced Market | | 91.8% |
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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
Dunham Funds
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Dunham Funds comprising 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 (the “Funds”) as of October 31, 2024, the related statements of operations for the year then ended, and the related statements of changes in net assets and financial highlights for each of the two years in the period then ended, except for Dunham U.S. Enhanced Market Fund in which the related statements of changes in net assets and financial highlights are for the year ended October 31, 2024 and the period May 1, 2023 (commencement of operations) to October 31, 2023 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of their operations for the year then ended, and the changes in net assets and financial highlights for each of the two years or periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial highlights for the years ended October 31, 2022, and prior, were audited by other auditors whose report dated December 30, 2022, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
COHEN & COMPANY, LTD.
800.229.1099 | 866.818.4538 fax | cohencpa.com
Registered with the Public Company Accounting Oversight Board
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, brokers, transfer agents and agent banks; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2023.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
December 30, 2024
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 1st and 3rd 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).
P.O. Box 910309
San Diego, California 92191
(800) 442-4358
Distributed by Dunham & Associates Investment Counsel, Inc. Member FINRA/SIPC
THIS REPORT AND FINANCIAL STATEMENTS CONTAINED HEREIN ARE NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF FUTURE RESULTS, OR INVESTMENT ADVICE. FURTHER, THERE IS NO ASSURANCE THAT CERTAIN SECURITIES WILL REMAIN IN OR OUT OF EACH FUND’S PORTFOLIO.
THE FIGURES IN THIS REPORT REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. THE PRINCIPAL VALUE OF AN INVESTMENT AND INVESTMENT RETURN WILL FLUCTUATE SO THAT AN INVESTOR’S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not Applicable - See Item 7
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not Applicable - See Item 7
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
None
Item 16. Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Item 19. Exhibits.
| (a)(1) | Code of Ethics for Principal Executive and Senior Financial Officers. |
Code of Ethics filed herewith Exhibit 99.CODE
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 | |
| | |
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 | |
| | |
| By (Signature and Title) | |
| /s/ Christine Zhou | |
| Christine Zhou, Principal Financial Officer/Treasurer | |
| | |
