united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

AMENDED: This amended N-CSR and TSR is filed to (a) correct the net expense ratio of share Class C of the Dunham Real Estate Stock Fund, (b) add a footnote to the Sector Weighting chart on Dunham Monthly Distribution Fund, and (c) clarify Items 8-11.

Dunham Corporate/Government Bond Fund

Class A (DACGX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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.

Material Fund Changes

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.

TSR-AR 103124-DACGX

Dunham Corporate/Government Bond Fund

Class C (DCCGX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCCGX

Dunham Corporate/Government Bond Fund

Class N (DNCGX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNCGX

Dunham Dynamic Macro Fund

Class A (DAAVX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAAVX

Dunham Dynamic Macro Fund

Class C (DCAVX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCAVX

Dunham Dynamic Macro Fund

Class N (DNAVX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNAVX

Dunham Emerging Markets Stock Fund

Class A (DAEMX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAEMX

Dunham Emerging Markets Stock Fund

Class C (DCEMX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCEMX

Dunham Emerging Markets Stock Fund

Class N (DNEMX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNEMX

Dunham Floating Rate Bond Fund

Class A (DAFRX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAFRX

Dunham Floating Rate Bond Fund

Class C (DCFRX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCFRX

Dunham Floating Rate Bond Fund

Class N (DNFRX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNFRX

Dunham Focused Large Cap Growth Fund

Class A (DAFGX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAFGX

Dunham Focused Large Cap Growth Fund

Class C (DCFGX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCFGX

Dunham Focused Large Cap Growth Fund

Class N (DNFGX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNFGX

Dunham High Yield Bond Fund

Class A (DAHYX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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.

Material Fund Changes

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.

TSR-AR 103124-DAHYX

Dunham High Yield Bond Fund

Class C (DCHYX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCHYX

Dunham High Yield Bond Fund

Class N (DNHYX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNHYX

Dunham International Opportunity Bond Fund

Class A (DAIOX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAIOX

Dunham International Opportunity Bond Fund

Class C (DCIOX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCIOX

Dunham International Opportunity Bond Fund

Class N (DNIOX )

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNIOX

Dunham International Stock Fund

Class A (DAINX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAINX

Dunham International Stock Fund

Class C (DCINX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCINX

Dunham International Stock Fund

Class N (DNINX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNINX

Dunham Large Cap Value Fund

Class A (DALVX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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.

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DALVX

Dunham Large Cap Value Fund

Class C (DCLVX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

* 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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCLVX

Dunham Large Cap Value Fund

Class N (DNLVX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

* 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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNLVX

Dunham Long/Short Credit Fund

Class A (DAAIX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAAIX

Dunham Long/Short Credit Fund

Class C (DCAIX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCAIX

Dunham Long/Short Credit Fund

Class N (DNAIX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNAIX

Dunham Monthly Distribution Fund

Class A (DAMDX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Dunham Monthly Distribution 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/monthlydistribution/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$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%

Key Fund Statistics ( As of October 31, 2024)

Total Net Assets	$229,611,203
Number of Portfolio Holdings	45
Total Advisory Fee	$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%

If the total percentage exceeds 100%, the calculation includes the notional values of short sales and options written, which can result in aggregate exposures greater than the portfolio’s net assets.

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
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%

Material Fund Changes

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.

TSR-AR 103124-DAMDX

Dunham Monthly Distribution Fund

Class C (DCMDX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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.

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%

Key Fund Statistics ( As of October 31, 2024)

Total Net Assets	$229,611,203
Number of Portfolio Holdings	45
Total Advisory Fee	$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%

Material Fund Changes

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.

TSR-AR 103124-DCMDX

Dunham Monthly Distribution Fund

Class N (DNMDX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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.

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%

Key Fund Statistics ( As of October 31, 2024)

Total Net Assets	$229,611,203
Number of Portfolio Holdings	45
Total Advisory Fee	$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%

Material Fund Changes

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.

TSR-AR 103124-DNMDX

Dunham Real Estate Stock Fund

Class A (DAREX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DAREX

Dunham Real Estate Stock Fund

Class C (DCREX)

Annual Shareholder Report - October 31, 2024

Fund Overview

This annual shareholder report contains important information about Dunham Real Estate 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/realestate/. 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	$256	2.57%

How did the Fund perform during the reporting period?

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%

Key Fund Statistics ( As of October 31, 2024)

Total Net Assets	$46,725,325
Number of Portfolio Holdings	42
Total Advisory Fee	$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%

Material Fund Changes

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.

TSR-AR 103124-DCREX

Dunham Real Estate Stock Fund

Class N (DNREX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNREX

Dunham Small Cap Growth Fund

Class A (DADGX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DADGX

Dunham Small Cap Growth Fund

Class C (DCDGX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCDGX

Dunham Small Cap Growth Fund

Class N (DNDGX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNDGX

Dunham Small Cap Value Fund

Class A (DASVX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DASVX

Dunham Small Cap Value Fund

Class C (DCSVX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCSVX

Dunham Small Cap Value Fund

Class N (DNSVX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNSVX

Dunham U.S. Enhanced Market Fund

Class A (DASPX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DASPX

Dunham U.S. Enhanced Market Fund

Class C (DCSPX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DCSPX

Dunham U.S. Enhanced Market Fund

Class N (DNSPX)

Annual Shareholder Report - October 31, 2024

Fund Overview

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?

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%

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%

Material Fund Changes

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.

TSR-AR 103124-DNSPX

(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:

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.

(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) 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:

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.

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.

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.

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

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

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

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

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

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

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.

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.

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.”

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.

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:

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

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:

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

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

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:

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

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.

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:

The following table sets forth the fair value of each Fund’s derivative contracts by primary risk exposure as of October 31, 2024:

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.

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:

The average notional value of the derivative instruments for the year ended October 31, 2024 based on quarter end positions is disclosed below:

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

forward foreign currency exchange contracts, swaps and written options. The futures held by the Funds are not subject to offsetting. The following table shows additional information regarding the offsetting of assets and liabilities at October 31, 2024.

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

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.

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

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.

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.

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

Depending on the particular Sub-Advisory Agreement, the Performance Fee can adjust the Base Fee up or down by as much as 100% of the Base Fee, such that the Sub-Advisory fee can vary anywhere from 0.00% (the “Minimum Fee”) to twice the Base Fee (the “Maximum Fee”). However, because each such Sub-Advisory Agreement requires that the Sub -Adviser only be paid out the monthly Minimum Fee during the first year, the Sub-Adviser, in most cases, will receive less compensation until the end of the first year. At the end of the first year of the agreement, the Sub-Adviser will be paid a lump sum that reflects the accrued Fulcrum Fee over the year, less any Minimum Fees paid out during the first year. Therefore, in the first year, the Fulcrum Fee methodology has three elements: 1) daily calculation of the Performance Fee and daily accrual of the Fulcrum Fee; 2) monthly payment of the Minimum Fee only (if any); and 3) a lump sum payment at the end of the initial 12-month period of the accrued Fulcrum Fee less the Minimum Fee.

By virtue of using average daily net assets over a “rolling” 12-month period for purposes of calculating the Performance Fee while using average daily net assets for the most recent month for purposes of calculating the Base Fee, the actual total Fulcrum Fee paid by the Fund to the Sub-Adviser may be higher or lower than the maximum or minimum annual rates described above if the average daily net assets do not remain constant during the rolling 12-month period. If the Fund is significantly underperforming versus the Index and the Fund’s net assets have declined significantly, the monthly total Fulcrum Fee can be a negative number (although the performance fee rate can never be negative, the Performance Fee can be negative). In such instances, if the negative Fulcrum Fee is not earned back or offset the following month, the Sub-Adviser must reimburse the Fund the amount of the negative Fulcrum Fee within an agreed upon time. Likewise, in the case where the Fund has significantly underperformed versus the Index but net assets have increased significantly, the monthly total Fulcrum Fee can be positive although the performance fee rate may be 0.00%. In such instances, the Fund will pay the Sub-Adviser the monthly Fulcrum Fee.

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

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

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

c. Distributor – The Distributor of the Funds is Dunham & Associates (the “Distributor”). The Funds have adopted an Amended and Restated Rule 12b-1 Plan (the “Plan”) in accordance with Rule 12b -1 under the 1940 Act for Class A and Class C shares. The Plan for Class A shares authorizes the Funds to pay distribution fees to the Distributor or other entities on a monthly basis at an annualized rate of up to 0.25% of the average daily net assets attributable to Class A shares. The Plan for Class C shares authorizes the Funds to

pay distribution fees at the annualized rate of 0.75% for the equity Funds and 0.50% for the fixed income Funds and shareholder servicing fees at the annualized rate of 0.25% to the Distributor or other entities on a monthly basis based on the average daily net assets attributable to Class C shares. Class N shares do not pay distribution fees or shareholder servicing fees.

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.

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:

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:

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:

The tax character of dividends paid during the periods ended October 31, 2024, and October 31, 2023 was as follows:

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:

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:

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:

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:

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:

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.

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:

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.

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.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 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.

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.

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).

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. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not Applicable. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(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.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT]

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.

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.


October 31, 2024	ANNUAL FINANCIAL STATEMENTS



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

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

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

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.

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

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

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

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

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	)

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	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	)

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

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

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

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

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

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

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

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

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

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

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

ADR	- American Depositary Receipt

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International