Dunham Corporate/Government Bond Fund

Class A (DACGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Corporate/Government Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/corpgov/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$58	1.17%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

Sector allocation positively contributed to relative Fund performance over the first half of the fiscal year. The Fund's meaningful underweight to US Treasuries and off-benchmark exposure to non-agency residential mortgage-backed securities positively impacted relative performance from an allocation perspective. The largest detractor was the large underweight to agency mortgage-backed securities, as that sector outperformed the overall index.

The Sub-Adviser’s strong security selection positively contributed to relative Fund performance over the first half of the fiscal year. The Fund’s top two sectors from a credit selection standpoint were investment-grade corporate bonds and bank loans. Additionally, strong security selection within asset-backed securities and US Treasuries benefited the Fund’s performance during the first half of the fiscal year.

Overall, the Fund’s duration exposure had a relatively muted impact on performance throughout the first six months of the fiscal year. A negative impact from longer duration US Treasuries was offset by the Fund's exposure to less interest rate sensitive securities, as yields broadly increased over the first half of the fiscal year. The Fund’s exposure to high-yield corporate bonds, asset-backed securities, and bank loans helped outweigh the negative impacts of longer-dated US Treasuries.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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
Apr-2016	$10,000	$9,549	$10,000	$10,000
Apr-2017	$10,210	$9,750	$10,083	$10,258
Apr-2018	$10,110	$9,654	$10,051	$10,284
Apr-2019	$10,497	$10,024	$10,582	$10,792
Apr-2020	$11,067	$10,568	$11,730	$11,512
Apr-2021	$11,581	$11,059	$11,698	$12,047
Apr-2022	$10,768	$10,283	$10,703	$11,063
Apr-2023	$10,545	$10,070	$10,657	$10,939
Apr-2024	$10,580	$10,103	$10,500	$10,925
Apr-2025	$11,265	$10,757	$11,343	$11,797
Apr-2026	$11,751	$11,221	$11,803	$12,350

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Corporate/Government Bond Fund
Class A Without Load	0.48%	4.31%	0.29%	1.63%
Class A With Load	-4.06%	-0.40%	-0.63%	1.16%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
Morningstar Intermediate Core Plus Bond Category	0.69%	4.69%	0.50%	2.13%

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

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$337,873,778
Number of Portfolio Holdings	701
Total Advisory Fee	$1,235,791
Portfolio Turnover	10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	23.5%
Collateral for Securities Loaned	1.5%
Corporate Bonds	33.2%
Money Market Funds	4.4%
Non U.S. Government & Agencies	2.9%
Term Loans	4.1%
U.S. Government & Agencies	30.4%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.2%
CLO	0.2%
Real Estate	0.2%
Mbs Passthrough	0.8%
Consumer Staples	1.3%
Collateral for Securities Loaned	1.5%
Materials	1.6%
Communications	2.3%
Consumer Discretionary	2.4%
Utilities	2.7%
Technology	2.8%
Sovereign	2.9%
Industrials	3.7%
Health Care	3.7%
Energy	4.3%
Money Market Funds	4.5%
CMBS	5.0%
CMO	7.9%
ABS	10.5%
Financials	12.7%
MBS Passthrough	13.7%
U.S. Treasury Obligations	16.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 4.625%, 02/15/35	2.2%
Freddie Mac Pool, 5.000%, 01/01/55	2.0%
United States Treasury Note, 4.625%, 02/15/55	1.7%
United States Treasury Note, 4.625%, 05/15/54	1.6%
Mount Vernon Liquid Assets Portfolio, LLC	1.5%
United States Treasury Note, 4.250%, 05/15/35	1.5%
United States Treasury Note, 4.250%, 02/15/54	1.3%
United States Treasury Note, 4.000%, 11/15/52	1.0%
Fannie Mae Pool, 4.000%, 03/01/55	1.0%
United States Treasury Note, 4.000%, 07/31/29	1.0%

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

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/corpgov/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DACGX

Dunham Corporate/Government Bond Fund

Class C (DCCGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$83	1.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Corporate/Government Bond Fund - Class C	Bloomberg U.S. Aggregate Bond Index	Morningstar Intermediate Core Plus Bond Category
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$10,147	$10,083	$10,258
Apr-2018	$10,005	$10,051	$10,284
Apr-2019	$10,338	$10,582	$10,792
Apr-2020	$10,844	$11,730	$11,512
Apr-2021	$11,285	$11,698	$12,047
Apr-2022	$10,443	$10,703	$11,063
Apr-2023	$10,181	$10,657	$10,939
Apr-2024	$10,165	$10,500	$10,925
Apr-2025	$10,766	$11,343	$11,797
Apr-2026	$11,169	$11,803	$12,350

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Corporate/Government Bond Fund	0.23%	3.74%	-0.21%	1.11%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
Morningstar Intermediate Core Plus Bond Category	0.69%	4.69%	0.50%	2.13%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$337,873,778
Number of Portfolio Holdings	701
Total Advisory Fee	$1,235,791
Portfolio Turnover	10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	23.5%
Collateral for Securities Loaned	1.5%
Corporate Bonds	33.2%
Money Market Funds	4.4%
Non U.S. Government & Agencies	2.9%
Term Loans	4.1%
U.S. Government & Agencies	30.4%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.2%
CLO	0.2%
Real Estate	0.2%
Mbs Passthrough	0.8%
Consumer Staples	1.3%
Collateral for Securities Loaned	1.5%
Materials	1.6%
Communications	2.3%
Consumer Discretionary	2.4%
Utilities	2.7%
Technology	2.8%
Sovereign	2.9%
Industrials	3.7%
Health Care	3.7%
Energy	4.3%
Money Market Funds	4.5%
CMBS	5.0%
CMO	7.9%
ABS	10.5%
Financials	12.7%
MBS Passthrough	13.7%
U.S. Treasury Obligations	16.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 4.625%, 02/15/35	2.2%
Freddie Mac Pool, 5.000%, 01/01/55	2.0%
United States Treasury Note, 4.625%, 02/15/55	1.7%
United States Treasury Note, 4.625%, 05/15/54	1.6%
Mount Vernon Liquid Assets Portfolio, LLC	1.5%
United States Treasury Note, 4.250%, 05/15/35	1.5%
United States Treasury Note, 4.250%, 02/15/54	1.3%
United States Treasury Note, 4.000%, 11/15/52	1.0%
Fannie Mae Pool, 4.000%, 03/01/55	1.0%
United States Treasury Note, 4.000%, 07/31/29	1.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/corpgov/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCCGX

Dunham Corporate/Government Bond Fund

Class N (DNCGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$46	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Corporate/Government Bond Fund - Class N	Bloomberg U.S. Aggregate Bond Index	Morningstar Intermediate Core Plus Bond Category
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$102,278	$100,829	$102,578
Apr-2018	$101,600	$100,507	$102,842
Apr-2019	$105,740	$105,824	$107,921
Apr-2020	$111,750	$117,297	$115,116
Apr-2021	$117,144	$116,984	$120,471
Apr-2022	$109,200	$107,026	$110,625
Apr-2023	$107,277	$106,569	$109,389
Apr-2024	$107,901	$105,004	$109,252
Apr-2025	$115,170	$113,426	$117,973
Apr-2026	$120,430	$118,027	$123,497

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Corporate/Government Bond Fund	0.61%	4.57%	0.55%	1.88%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
Morningstar Intermediate Core Plus Bond Category	0.69%	4.69%	0.50%	2.13%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$337,873,778
Number of Portfolio Holdings	701
Total Advisory Fee	$1,235,791
Portfolio Turnover	10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	23.5%
Collateral for Securities Loaned	1.5%
Corporate Bonds	33.2%
Money Market Funds	4.4%
Non U.S. Government & Agencies	2.9%
Term Loans	4.1%
U.S. Government & Agencies	30.4%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.2%
CLO	0.2%
Real Estate	0.2%
Mbs Passthrough	0.8%
Consumer Staples	1.3%
Collateral for Securities Loaned	1.5%
Materials	1.6%
Communications	2.3%
Consumer Discretionary	2.4%
Utilities	2.7%
Technology	2.8%
Sovereign	2.9%
Industrials	3.7%
Health Care	3.7%
Energy	4.3%
Money Market Funds	4.5%
CMBS	5.0%
CMO	7.9%
ABS	10.5%
Financials	12.7%
MBS Passthrough	13.7%
U.S. Treasury Obligations	16.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 4.625%, 02/15/35	2.2%
Freddie Mac Pool, 5.000%, 01/01/55	2.0%
United States Treasury Note, 4.625%, 02/15/55	1.7%
United States Treasury Note, 4.625%, 05/15/54	1.6%
Mount Vernon Liquid Assets Portfolio, LLC	1.5%
United States Treasury Note, 4.250%, 05/15/35	1.5%
United States Treasury Note, 4.250%, 02/15/54	1.3%
United States Treasury Note, 4.000%, 11/15/52	1.0%
Fannie Mae Pool, 4.000%, 03/01/55	1.0%
United States Treasury Note, 4.000%, 07/31/29	1.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/corpgov/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNCGX

Dunham Dynamic Macro Fund

Class A (DAAVX )

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Dynamic Macro Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$77	1.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

As markets generally rallied to end the six-month period ended April 2026, the overall lower equity exposure broadly detracted from relative performance. The Sub-Adviser continued to adjust the equity exposure, and shifted the exposure to be slightly negative in the latter months of the fiscal quarter. As markets rallied, this negative exposure generally declined and detracted from overall performance.

The Fund’s exposure to bonds and interest rate sensitivity broadly detracted from overall performance as the path of interest rates became more difficult for markets to anticipate. The Fund had a higher interest rate sensitivity coming into the fiscal year, and the Sub-Adviser’s signals resulted in a larger shift into duration, but as uncertainty regarding central banks cutting rates increased, the Sub-Adviser significantly reduced the overall duration exposure. This mitigated some of the adverse effects of interest rate increases in the latter weeks of the six-month period.

The Fund’s exposure to commodities generally contributed to overall performance. The Fund began the fiscal year with an approximate 12 percent exposure to commodities. The Sub-Adviser increased the exposure through the six-month period, ending close to 23 percent exposure. This broadly benefited the Fund, as higher inflation and surging oil prices became a larger concern for investors.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Dunham Dynamic Macro Fund - Class A	Dunham Dynamic Macro Fund - Class A- with load	MSCI ACWI Index	Dow Jones Moderately Aggressive Portfolio Index	Morningstar Tactical Allocation Category
Apr-2016	$10,000	$9,421	$10,000	$10,000	$10,000
Apr-2017	$10,275	$9,681	$11,513	$11,373	$10,827
Apr-2018	$10,392	$9,790	$13,144	$12,683	$11,501
Apr-2019	$10,643	$10,027	$13,810	$13,399	$11,751
Apr-2020	$10,102	$9,517	$13,125	$12,707	$11,167
Apr-2021	$11,572	$10,902	$19,129	$17,856	$14,410
Apr-2022	$11,072	$10,431	$18,088	$16,634	$13,668
Apr-2023	$11,039	$10,400	$18,461	$16,707	$13,286
Apr-2024	$13,250	$12,483	$21,685	$18,671	$14,529
Apr-2025	$14,114	$13,297	$24,252	$20,422	$15,223
Apr-2026	$15,038	$14,167	$31,770	$25,347	$18,503

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Dynamic Macro Fund
Class A Without Load	3.95%	6.54%	5.38%	4.16%
Class A With Load	-1.99%	0.38%	4.14%	3.54%
Dow Jones Moderately Aggressive Portfolio Index	7.57%	24.12%	7.26%	9.75%
Morningstar Tactical Allocation Category	6.41%	21.54%	5.13%	6.35%
MSCI ACWI Index	7.75%	31.00%	10.68%	12.25%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$98,328,814
Number of Portfolio Holdings	42
Total Advisory Fee	$442,939
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	14.5%
Exchange-Traded Funds	29.8%
Money Market Funds	17.2%
Non U.S. Government & Agencies	4.3%
U.S. Government & Agencies	34.2%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-5.2%
Supranational	1.5%
Health Care	1.8%
Government Guaranteed	2.0%
Financials	2.1%
Consumer Discretionary	3.0%
Local Authority	4.4%
Technology	5.1%
Collateral for Securities Loaned	6.8%
Equity	8.3%
Money Market Funds	11.2%
Commodity	23.0%
U.S. Treasury Obligations	36.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Bloomberg Roll Select Commodity Strategy ETF	11.7%
iShares GSCI Commodity Dynamic Roll Strategy ETF	11.3%
United States Treasury Note, 1.625%, 05/15/26	4.1%
Invesco Nasdaq 100 ETF	3.7%
United States Treasury Note, 0.750%, 08/31/26	3.5%
United States Treasury Note, 1.125%, 10/31/26	3.5%
State Street SPDR S&P 500 ETF Trust	3.3%
Province of British Columbia Canada, 2.250%, 06/02/26	3.0%
United States Treasury Note, 0.625%, 07/31/26	3.0%
Amazon.com, Inc., 3.150%, 08/22/27	3.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Dynamic Macro Fund - Class A (DAAVX )

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DAAVX

Dunham Dynamic Macro Fund

Class C (DCAVX )

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$115	2.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Dynamic Macro Fund - Class C	MSCI ACWI Index	Dow Jones Moderately Aggressive Portfolio Index	Morningstar Tactical Allocation Category
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,196	$11,513	$11,373	$10,827
Apr-2018	$10,229	$13,144	$12,683	$11,501
Apr-2019	$10,401	$13,810	$13,399	$11,751
Apr-2020	$9,793	$13,125	$12,707	$11,167
Apr-2021	$11,140	$19,129	$17,856	$14,410
Apr-2022	$10,577	$18,088	$16,634	$13,668
Apr-2023	$10,467	$18,461	$16,707	$13,286
Apr-2024	$12,465	$21,685	$18,671	$14,529
Apr-2025	$13,177	$24,252	$20,422	$15,223
Apr-2026	$13,938	$31,770	$25,347	$18,503

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Dynamic Macro Fund	3.63%	5.78%	4.58%	3.38%
Dow Jones Moderately Aggressive Portfolio Index	7.57%	24.12%	7.26%	9.75%
Morningstar Tactical Allocation Category	6.41%	21.54%	5.13%	6.35%
MSCI ACWI Index	7.75%	31.00%	10.68%	12.25%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$98,328,814
Number of Portfolio Holdings	42
Total Advisory Fee	$442,939
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	14.5%
Exchange-Traded Funds	29.8%
Money Market Funds	17.2%
Non U.S. Government & Agencies	4.3%
U.S. Government & Agencies	34.2%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-5.2%
Supranational	1.5%
Health Care	1.8%
Government Guaranteed	2.0%
Financials	2.1%
Consumer Discretionary	3.0%
Local Authority	4.4%
Technology	5.1%
Collateral for Securities Loaned	6.8%
Equity	8.3%
Money Market Funds	11.2%
Commodity	23.0%
U.S. Treasury Obligations	36.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Bloomberg Roll Select Commodity Strategy ETF	11.7%
iShares GSCI Commodity Dynamic Roll Strategy ETF	11.3%
United States Treasury Note, 1.625%, 05/15/26	4.1%
Invesco Nasdaq 100 ETF	3.7%
United States Treasury Note, 0.750%, 08/31/26	3.5%
United States Treasury Note, 1.125%, 10/31/26	3.5%
State Street SPDR S&P 500 ETF Trust	3.3%
Province of British Columbia Canada, 2.250%, 06/02/26	3.0%
United States Treasury Note, 0.625%, 07/31/26	3.0%
Amazon.com, Inc., 3.150%, 08/22/27	3.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Dynamic Macro Fund - Class C (DCAVX )

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCAVX

Dunham Dynamic Macro Fund

Class N (DNAVX )

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$65	1.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Dynamic Macro Fund - Class N	MSCI ACWI Index	Dow Jones Moderately Aggressive Portfolio Index	Morningstar Tactical Allocation Category
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$103,069	$115,134	$113,727	$108,271
Apr-2018	$104,444	$131,443	$126,829	$115,014
Apr-2019	$107,313	$138,097	$133,987	$117,508
Apr-2020	$102,001	$131,251	$127,074	$111,674
Apr-2021	$117,187	$191,290	$178,561	$144,101
Apr-2022	$112,491	$180,882	$166,343	$136,675
Apr-2023	$112,382	$184,610	$167,073	$132,858
Apr-2024	$135,295	$216,848	$186,707	$145,293
Apr-2025	$144,442	$242,524	$204,220	$152,231
Apr-2026	$154,262	$317,697	$253,472	$185,026

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Dynamic Macro Fund	4.16%	6.80%	5.65%	4.43%
Dow Jones Moderately Aggressive Portfolio Index	7.57%	24.12%	7.26%	9.75%
Morningstar Tactical Allocation Category	6.41%	21.54%	5.13%	6.35%
MSCI ACWI Index	7.75%	31.00%	10.68%	12.25%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$98,328,814
Number of Portfolio Holdings	42
Total Advisory Fee	$442,939
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	14.5%
Exchange-Traded Funds	29.8%
Money Market Funds	17.2%
Non U.S. Government & Agencies	4.3%
U.S. Government & Agencies	34.2%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-5.2%
Supranational	1.5%
Health Care	1.8%
Government Guaranteed	2.0%
Financials	2.1%
Consumer Discretionary	3.0%
Local Authority	4.4%
Technology	5.1%
Collateral for Securities Loaned	6.8%
Equity	8.3%
Money Market Funds	11.2%
Commodity	23.0%
U.S. Treasury Obligations	36.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Bloomberg Roll Select Commodity Strategy ETF	11.7%
iShares GSCI Commodity Dynamic Roll Strategy ETF	11.3%
United States Treasury Note, 1.625%, 05/15/26	4.1%
Invesco Nasdaq 100 ETF	3.7%
United States Treasury Note, 0.750%, 08/31/26	3.5%
United States Treasury Note, 1.125%, 10/31/26	3.5%
State Street SPDR S&P 500 ETF Trust	3.3%
Province of British Columbia Canada, 2.250%, 06/02/26	3.0%
United States Treasury Note, 0.625%, 07/31/26	3.0%
Amazon.com, Inc., 3.150%, 08/22/27	3.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Dynamic Macro Fund - Class N (DNAVX )

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/dynamicmacrofund/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNAVX

Dunham Emerging Markets Stock Fund

Class A (DAEMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Emerging Markets Stock Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/emergingmarket/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$95	1.73%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

Emerging markets outperformed both US markets and foreign developed markets over the first half of the fiscal year. Over the six-month period ending April 30, 2026, emerging markets stocks, as measured by the MSCI Emerging Markets Index Net, rallied 15.1 percent, outperforming developed equities, as measured by the MSCI EAFE Index Net, as they rose 10 percent. Still, both foreign indexes handily outperformed US equities, as measured by the S&P 500 Index, as it added 6 percent.

Security selection contributed to Fund performance over the first half of the fiscal year. The Fund experienced positive contributions from stock selection within Taiwan and South Korea. These positive results offset poor stock selection in China and India.

Country allocation also aided positive performance over the first half of the fiscal year. The negative impact from allocation in Thailand, Hong Kong, and frontier markets was outweighed by the exposure to China, Indonesia, and South Korea.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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
Apr-2016	$10,000	$9,423	$10,000	$10,000	$10,000
Apr-2017	$11,740	$11,062	$11,913	$11,259	$11,757
Apr-2018	$13,809	$13,011	$14,500	$13,050	$13,882
Apr-2019	$12,507	$11,785	$13,769	$12,629	$13,046
Apr-2020	$11,372	$10,715	$12,117	$11,175	$11,336
Apr-2021	$17,411	$16,406	$18,019	$15,978	$17,140
Apr-2022	$13,125	$12,367	$14,716	$14,330	$13,888
Apr-2023	$12,119	$11,419	$13,758	$14,767	$13,401
Apr-2024	$13,101	$12,345	$15,117	$16,144	$14,756
Apr-2025	$13,792	$12,996	$16,481	$18,069	$15,729
Apr-2026	$21,284	$20,055	$24,175	$23,888	$22,977

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Emerging Markets Stock Fund
Class A Without Load	22.05%	54.32%	4.10%	7.85%
Class A With Load	15.05%	45.44%	2.87%	7.21%
Morningstar Diversified Emerging Markets Category	16.82%	46.09%	6.04%	8.68%
MSCI ACWI ex USA Index	12.11%	32.20%	8.38%	9.10%
MSCI Emerging Markets Index	15.13%	46.68%	6.05%	9.23%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$136,679,272
Number of Portfolio Holdings	78
Total Advisory Fee	$789,551
Portfolio Turnover	51%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Closed End Funds	0.7%
Collateral for Securities Loaned	3.9%
Common Stocks	93.5%
Money Market Funds	0.2%
Preferred Stocks	1.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.6%
Money Market Funds	0.2%
Mixed Allocation	0.7%
Utilities	1.1%
Consumer Staples	1.2%
Health Care	2.1%
Real Estate	2.5%
Materials	3.2%
Collateral for Securities Loaned	4.1%
Energy	5.8%
Communications	6.8%
Consumer Discretionary	7.4%
Industrials	8.8%
Financials	19.9%
Technology	39.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Company Ltd.	15.5%
Samsung Electronics Company Ltd.	6.6%
SK Hynix, Inc.	4.9%
Tencent Holdings Ltd.	4.3%
Alibaba Group Holding Ltd.	3.1%
Delta Electronics, Inc.	2.5%
Accton Technology Corporation	2.4%
Asia Vital Components Co., Ltd.	2.1%
Vista Energy S.A.B. de C.V. - ADR	2.1%
ASE Technology Holding Company Ltd.	1.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Emerging Markets Stock Fund - Class A (DAEMX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DAEMX

Dunham Emerging Markets Stock Fund

Class C (DCEMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$136	2.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Emerging Markets Stock Fund - Class C	MSCI Emerging Markets Index	MSCI ACWI ex USA Index	Morningstar Diversified Emerging Markets Category
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$11,661	$11,913	$11,259	$11,757
Apr-2018	$13,612	$14,500	$13,050	$13,882
Apr-2019	$12,223	$13,769	$12,629	$13,046
Apr-2020	$11,043	$12,117	$11,175	$11,336
Apr-2021	$16,778	$18,019	$15,978	$17,140
Apr-2022	$12,547	$14,716	$14,330	$13,888
Apr-2023	$11,505	$13,758	$14,767	$13,401
Apr-2024	$12,337	$15,117	$16,144	$14,756
Apr-2025	$12,889	$16,481	$18,069	$15,729
Apr-2026	$19,743	$24,175	$23,888	$22,977

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Emerging Markets Stock Fund	21.69%	53.17%	3.31%	7.04%
Morningstar Diversified Emerging Markets Category	16.82%	46.09%	6.04%	8.68%
MSCI ACWI ex USA Index	12.11%	32.20%	8.38%	9.10%
MSCI Emerging Markets Index	15.13%	46.68%	6.05%	9.23%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$136,679,272
Number of Portfolio Holdings	78
Total Advisory Fee	$789,551
Portfolio Turnover	51%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Closed End Funds	0.7%
Collateral for Securities Loaned	3.9%
Common Stocks	93.5%
Money Market Funds	0.2%
Preferred Stocks	1.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.6%
Money Market Funds	0.2%
Mixed Allocation	0.7%
Utilities	1.1%
Consumer Staples	1.2%
Health Care	2.1%
Real Estate	2.5%
Materials	3.2%
Collateral for Securities Loaned	4.1%
Energy	5.8%
Communications	6.8%
Consumer Discretionary	7.4%
Industrials	8.8%
Financials	19.9%
Technology	39.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Company Ltd.	15.5%
Samsung Electronics Company Ltd.	6.6%
SK Hynix, Inc.	4.9%
Tencent Holdings Ltd.	4.3%
Alibaba Group Holding Ltd.	3.1%
Delta Electronics, Inc.	2.5%
Accton Technology Corporation	2.4%
Asia Vital Components Co., Ltd.	2.1%
Vista Energy S.A.B. de C.V. - ADR	2.1%
ASE Technology Holding Company Ltd.	1.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Emerging Markets Stock Fund - Class C (DCEMX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCEMX

Dunham Emerging Markets Stock Fund

Class N (DNEMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$82	1.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Emerging Markets Stock Fund - Class N	MSCI Emerging Markets Index	MSCI ACWI ex USA Index	Morningstar Diversified Emerging Markets Category
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$117,751	$119,132	$112,593	$117,569
Apr-2018	$138,874	$145,000	$130,503	$138,819
Apr-2019	$126,040	$137,691	$126,289	$130,459
Apr-2020	$114,910	$121,167	$111,749	$113,355
Apr-2021	$176,430	$180,191	$159,777	$171,398
Apr-2022	$133,258	$147,162	$143,301	$138,877
Apr-2023	$123,406	$137,578	$147,671	$134,011
Apr-2024	$133,678	$151,172	$161,443	$147,563
Apr-2025	$141,038	$164,812	$180,695	$157,289
Apr-2026	$218,249	$241,753	$238,876	$229,774

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Emerging Markets Stock Fund	22.26%	54.74%	4.35%	8.12%
Morningstar Diversified Emerging Markets Category	16.82%	46.09%	6.04%	8.68%
MSCI ACWI ex USA Index	12.11%	32.20%	8.38%	9.10%
MSCI Emerging Markets Index	15.13%	46.68%	6.05%	9.23%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$136,679,272
Number of Portfolio Holdings	78
Total Advisory Fee	$789,551
Portfolio Turnover	51%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Closed End Funds	0.7%
Collateral for Securities Loaned	3.9%
Common Stocks	93.5%
Money Market Funds	0.2%
Preferred Stocks	1.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.6%
Money Market Funds	0.2%
Mixed Allocation	0.7%
Utilities	1.1%
Consumer Staples	1.2%
Health Care	2.1%
Real Estate	2.5%
Materials	3.2%
Collateral for Securities Loaned	4.1%
Energy	5.8%
Communications	6.8%
Consumer Discretionary	7.4%
Industrials	8.8%
Financials	19.9%
Technology	39.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Company Ltd.	15.5%
Samsung Electronics Company Ltd.	6.6%
SK Hynix, Inc.	4.9%
Tencent Holdings Ltd.	4.3%
Alibaba Group Holding Ltd.	3.1%
Delta Electronics, Inc.	2.5%
Accton Technology Corporation	2.4%
Asia Vital Components Co., Ltd.	2.1%
Vista Energy S.A.B. de C.V. - ADR	2.1%
ASE Technology Holding Company Ltd.	1.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Emerging Markets Stock Fund - Class N (DNEMX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/emergingmarket/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNEMX

Dunham Floating Rate Bond Fund

Class A (DAFRX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Floating Rate Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$62	1.24%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund's significant underweight positioning in the software-as-a-service (SaaS) sector strongly contributed to relative Fund performance over the fiscal period, as AI-driven disruption concerns weighed on the sector and contributed to it being among the weakest performing areas of the leveraged loan market. To close the fiscal quarter, the Fund allocated just 8.8 percent to the sector, nearly 20 percent underweight relative to the index.

Security selection within the loan allocation detracted from Fund Performance. Contributors within the loan allocation were broad-based over the fiscal period, however idiosyncratic positions, such as a meaningful position in a US manufacturer of branded aftermarket auto parts weighed negatively on Fund performance.

The allocation to securitized asset pools, known as collateralized loan obligations (CLO), had a muted impact on Fund performance over the fiscal quarter. The rally in CLOs within the Fund stalled over the first half of the fiscal year as issuance trended downward across both periods, driven by macro uncertainty, geopolitical risk, and sector-specific concerns, particularly around AI-driven disruption and energy price volatility.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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
Apr-2016	$10,000	$9,552	$10,000	$10,000	$10,000
Apr-2017	$10,529	$10,057	$10,083	$10,697	$10,722
Apr-2018	$10,807	$10,322	$10,051	$11,119	$11,112
Apr-2019	$11,142	$10,643	$10,582	$11,648	$11,490
Apr-2020	$10,278	$9,818	$11,730	$11,177	$10,642
Apr-2021	$11,520	$11,003	$11,698	$12,531	$12,088
Apr-2022	$11,618	$11,097	$10,703	$12,748	$12,262
Apr-2023	$11,887	$11,354	$10,657	$13,228	$12,495
Apr-2024	$13,226	$12,634	$10,500	$14,745	$13,853
Apr-2025	$13,984	$13,357	$11,343	$15,791	$14,614
Apr-2026	$14,859	$14,193	$11,803	$16,840	$15,480

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Floating Rate Bond Fund
Class A Without Load	1.51%	6.26%	5.22%	4.04%
Class A With Load	-3.03%	1.46%	4.26%	3.56%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
Morningstar Bank Loan Category	1.61%	5.93%	5.07%	4.47%
Morningstar LSTA US Leveraged Loan 100 Index	1.75%	6.65%	6.09%	5.35%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$224,183,219
Number of Portfolio Holdings	261
Total Advisory Fee	$645,498
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	5.1%
Corporate Bonds	9.0%
Money Market Funds	8.8%
Right	0.0%
Term Loans	77.1%
Warrant	0.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.8%
Real Estate	1.0%
Collateral for Securities Loaned	1.7%
Utilities	1.9%
Consumer Staples	3.5%
Health Care	4.3%
CLO	5.4%
Energy	6.1%
Money Market Funds	7.7%
Materials	8.6%
Communications	9.0%
Technology	10.2%
Financials	11.9%
Industrials	13.8%
Consumer Discretionary	21.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Investments Money Market Funds, Class I	7.7%
Mount Vernon Liquid Assets Portfolio	1.7%
BlueMountain CLO XXXIII Ltd., ER	1.5%
Bain Capital Credit CLO 2021-7 Ltd., ER	1.2%
OAK-Eagle Acquireco, Inc.	1.1%
Jane Street Group, LLC	1.0%
BlueMountain CLO XXXII Ltd., ER	1.0%
Neptune Bidco US, Inc.	1.0%
Trio Bidco, Inc.	1.0%
Varsity Brands, Inc.	0.9%

Material Fund Changes

PineBridge Investments LLC (“PineBridge”), the sub-adviser to the Dunham Floating Rate Bond Fund and the Dunham High-Yield Bond Fund, has been acquired by MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), effective December 30, 2025. The portfolio management team, investment strategies and sub-advisory fees remain unchanged.

This is a summary of material changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus available on the Fund's website or by calling 1-800-442-4358.

Dunham Floating Rate Bond Fund - Class A (DAFRX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DAFRX

Dunham Floating Rate Bond Fund

Class C (DCFRX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$87	1.74%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Floating Rate Bond Fund - Class C	Bloomberg U.S. Aggregate Bond Index	Morningstar LSTA US Leveraged Loan 100 Index	Morningstar Bank Loan Category
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,494	$10,083	$10,697	$10,722
Apr-2018	$10,718	$10,051	$11,119	$11,112
Apr-2019	$10,985	$10,582	$11,648	$11,490
Apr-2020	$10,082	$11,730	$11,177	$10,642
Apr-2021	$11,243	$11,698	$12,531	$12,088
Apr-2022	$11,282	$10,703	$12,748	$12,262
Apr-2023	$11,499	$10,657	$13,228	$12,495
Apr-2024	$12,716	$10,500	$14,745	$13,853
Apr-2025	$13,377	$11,343	$15,791	$14,614
Apr-2026	$14,143	$11,803	$16,840	$15,480

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Floating Rate Bond Fund	1.14%	5.72%	4.70%	3.53%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
Morningstar Bank Loan Category	1.61%	5.93%	5.07%	4.47%
Morningstar LSTA US Leveraged Loan 100 Index	1.75%	6.65%	6.09%	5.35%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$224,183,219
Number of Portfolio Holdings	261
Total Advisory Fee	$645,498
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	5.1%
Corporate Bonds	9.0%
Money Market Funds	8.8%
Right	0.0%
Term Loans	77.1%
Warrant	0.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.8%
Real Estate	1.0%
Collateral for Securities Loaned	1.7%
Utilities	1.9%
Consumer Staples	3.5%
Health Care	4.3%
CLO	5.4%
Energy	6.1%
Money Market Funds	7.7%
Materials	8.6%
Communications	9.0%
Technology	10.2%
Financials	11.9%
Industrials	13.8%
Consumer Discretionary	21.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Investments Money Market Funds, Class I	7.7%
Mount Vernon Liquid Assets Portfolio	1.7%
BlueMountain CLO XXXIII Ltd., ER	1.5%
Bain Capital Credit CLO 2021-7 Ltd., ER	1.2%
OAK-Eagle Acquireco, Inc.	1.1%
Jane Street Group, LLC	1.0%
BlueMountain CLO XXXII Ltd., ER	1.0%
Neptune Bidco US, Inc.	1.0%
Trio Bidco, Inc.	1.0%
Varsity Brands, Inc.	0.9%

Material Fund Changes

Dunham Floating Rate Bond Fund - Class C (DCFRX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCFRX

Dunham Floating Rate Bond Fund

Class N (DNFRX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$50	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Floating Rate Bond Fund - Class N	Bloomberg U.S. Aggregate Bond Index	Morningstar LSTA US Leveraged Loan 100 Index	Morningstar Bank Loan Category
Apr-2016	$100,000	$100,000	$99,999	$100,000
Apr-2017	$105,647	$100,829	$106,977	$107,215
Apr-2018	$108,687	$100,507	$111,194	$111,119
Apr-2019	$112,330	$105,824	$116,486	$114,897
Apr-2020	$103,778	$117,297	$111,770	$106,415
Apr-2021	$116,718	$116,984	$125,318	$120,878
Apr-2022	$117,992	$107,026	$127,486	$122,624
Apr-2023	$121,035	$106,569	$132,286	$124,952
Apr-2024	$135,001	$105,004	$147,459	$138,525
Apr-2025	$143,077	$113,426	$157,918	$146,141
Apr-2026	$152,399	$118,027	$168,402	$154,802

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Floating Rate Bond Fund	1.64%	6.52%	5.48%	4.30%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
Morningstar Bank Loan Category	1.61%	5.93%	5.07%	4.47%
Morningstar LSTA US Leveraged Loan 100 Index	1.75%	6.65%	6.09%	5.35%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$224,183,219
Number of Portfolio Holdings	261
Total Advisory Fee	$645,498
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	5.1%
Corporate Bonds	9.0%
Money Market Funds	8.8%
Right	0.0%
Term Loans	77.1%
Warrant	0.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.8%
Real Estate	1.0%
Collateral for Securities Loaned	1.7%
Utilities	1.9%
Consumer Staples	3.5%
Health Care	4.3%
CLO	5.4%
Energy	6.1%
Money Market Funds	7.7%
Materials	8.6%
Communications	9.0%
Technology	10.2%
Financials	11.9%
Industrials	13.8%
Consumer Discretionary	21.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Investments Money Market Funds, Class I	7.7%
Mount Vernon Liquid Assets Portfolio	1.7%
BlueMountain CLO XXXIII Ltd., ER	1.5%
Bain Capital Credit CLO 2021-7 Ltd., ER	1.2%
OAK-Eagle Acquireco, Inc.	1.1%
Jane Street Group, LLC	1.0%
BlueMountain CLO XXXII Ltd., ER	1.0%
Neptune Bidco US, Inc.	1.0%
Trio Bidco, Inc.	1.0%
Varsity Brands, Inc.	0.9%

Material Fund Changes

Dunham Floating Rate Bond Fund - Class N (DNFRX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNFRX

Dunham Focused Large Cap Growth Fund

Class A (DAFGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Focused Large Cap Growth Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/focusedlargecapgrowth/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$57	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund’s exposure to large capitalization stocks with a growth style generally detracted from performance relative to the overall market during the first half of the fiscal year. Large-cap growth companies, as measured by the Russell 1000 Growth Index, decreased 1.5 percent over the fiscal period. This performance trailed the broader US equity markets represented by the S&P 500 Index, which gained 6.0 percent over the same period. Similarly, when looking at all growth stocks across both small and large capitalization companies, large growth stocks underperformed small growth stocks for the first half of the fiscal year.

Security selection negatively impacted the Fund’s performance over the first half of the fiscal year. The Sub-Adviser’s security selection within the information technology, financials, health care, and industrials sectors negatively impacted the Fund's relative performance. This largely outweighed the positive contribution from stock selection within the consumer discretionary sector.

Sector allocation negatively impacted the Fund’s performance. The Sub-Adviser’s relative underweight to the energy and consumer staples sectors detracted from Fund performance. Entirely offsetting positive contributions from an overweight to the communication services sector and an underweight to the information technology sector.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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 US Large-Mid Cap Broad Growth Index	Morningstar Large Cap Growth Category
Apr-2016	$10,000	$9,423	$10,000	$10,000	$9,999	$10,000
Apr-2017	$11,442	$10,782	$11,792	$11,950	$11,839	$11,787
Apr-2018	$13,956	$13,151	$13,356	$14,215	$13,962	$13,942
Apr-2019	$17,457	$16,450	$15,158	$16,693	$16,281	$16,001
Apr-2020	$19,440	$18,319	$15,289	$18,501	$17,825	$16,842
Apr-2021	$29,319	$27,627	$22,320	$28,013	$26,916	$25,540
Apr-2022	$22,651	$21,345	$22,367	$26,515	$24,612	$22,306
Apr-2023	$23,823	$22,448	$22,963	$27,135	$24,629	$22,258
Apr-2024	$31,979	$30,134	$28,167	$35,764	$32,109	$28,676
Apr-2025	$34,655	$32,656	$31,574	$41,031	$36,937	$32,079
Apr-2026	$36,091	$34,009	$41,379	$53,598	$49,277	$41,040

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Large-Mid Cap Broad Growth Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Focused Large Cap Growth Fund
Class A Without Load	-15.09%	4.14%	4.24%	13.69%
Class A With Load	-19.97%	-1.83%	3.02%	13.02%
Morningstar Large Cap Growth Category	0.47%	27.92%	9.95%	15.17%
Morningstar US Large-Mid Cap Broad Growth Index	2.74%	33.40%	12.85%	17.29%
Russell 1000^® Growth Index	-1.45%	30.63%	13.86%	18.28%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$242,461,511
Number of Portfolio Holdings	35
Total Advisory Fee	$658,356
Portfolio Turnover	17%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.4%
Money Market Funds	0.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.4%
Money Market Funds	0.3%
Collateral for Securities Loaned	0.3%
Financials	3.1%
Health Care	9.2%
Industrials	9.7%
Consumer Discretionary	12.0%
Communications	15.6%
Technology	50.3%

The total percentage may not equal 100% due to the Fund’s net assets being comprised of other assets and liabilities in addition to the market value of securities held.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Amazon.com, Inc.	9.3%
NVIDIA Corporation	8.4%
Meta Platforms, Inc. - Class A	6.6%
Mastercard, Inc. - Class A	5.9%
Advanced Micro Devices, Inc.	5.1%
Microsoft Corporation	4.8%
Alphabet, Inc. - Class C	4.3%
Eli Lilly & Company	3.5%
Intuitive Surgical, Inc.	3.5%
ServiceNow, Inc.	3.5%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DAFGX

Dunham Focused Large Cap Growth Fund

Class C (DCFGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$92	2.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Focused Large Cap Growth Fund - Class C	S&P 500^® Index	Russell 1000^® Growth Index	Morningstar US Large-Mid Cap Broad Growth Index	Morningstar Large Cap Growth Category
Apr-2016	$10,000	$10,000	$10,000	$9,999	$10,000
Apr-2017	$11,367	$11,792	$11,950	$11,839	$11,787
Apr-2018	$13,754	$13,356	$14,215	$13,962	$13,942
Apr-2019	$17,081	$15,158	$16,693	$16,281	$16,001
Apr-2020	$18,876	$15,289	$18,501	$17,825	$16,842
Apr-2021	$28,256	$22,320	$28,013	$26,916	$25,540
Apr-2022	$21,673	$22,367	$26,515	$24,612	$22,306
Apr-2023	$22,616	$22,963	$27,135	$24,629	$22,258
Apr-2024	$30,129	$28,167	$35,764	$32,109	$28,676
Apr-2025	$32,409	$31,574	$41,031	$36,937	$32,079
Apr-2026	$33,497	$41,379	$53,598	$49,277	$41,040

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Large-Mid Cap Broad Growth Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Focused Large Cap Growth Fund	-15.41%	3.36%	3.46%	12.85%
Morningstar Large Cap Growth Category	0.47%	27.92%	9.95%	15.17%
Morningstar US Large-Mid Cap Broad Growth Index	2.74%	33.40%	12.85%	17.29%
Russell 1000^® Growth Index	-1.45%	30.63%	13.86%	18.28%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$242,461,511
Number of Portfolio Holdings	35
Total Advisory Fee	$658,356
Portfolio Turnover	17%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.4%
Money Market Funds	0.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.4%
Money Market Funds	0.3%
Collateral for Securities Loaned	0.3%
Financials	3.1%
Health Care	9.2%
Industrials	9.7%
Consumer Discretionary	12.0%
Communications	15.6%
Technology	50.3%

The total percentage may not equal 100% due to the Fund’s net assets being comprised of other assets and liabilities in addition to the market value of securities held.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Amazon.com, Inc.	9.3%
NVIDIA Corporation	8.4%
Meta Platforms, Inc. - Class A	6.6%
Mastercard, Inc. - Class A	5.9%
Advanced Micro Devices, Inc.	5.1%
Microsoft Corporation	4.8%
Alphabet, Inc. - Class C	4.3%
Eli Lilly & Company	3.5%
Intuitive Surgical, Inc.	3.5%
ServiceNow, Inc.	3.5%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCFGX

Dunham Focused Large Cap Growth Fund

Class N (DNFGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$46	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Focused Large Cap Growth Fund - Class N	S&P 500^® Index	Russell 1000^® Growth Index	Morningstar US Large-Mid Cap Broad Growth Index	Morningstar Large Cap Growth Category
Apr-2016	$100,000	$100,000	$100,000	$99,999	$100,000
Apr-2017	$114,714	$117,918	$119,495	$118,404	$117,868
Apr-2018	$140,292	$133,562	$142,147	$139,632	$139,422
Apr-2019	$175,906	$151,585	$166,926	$162,832	$160,005
Apr-2020	$196,346	$152,893	$185,014	$178,274	$168,418
Apr-2021	$296,973	$223,196	$280,134	$269,190	$255,397
Apr-2022	$229,976	$223,672	$265,153	$246,148	$223,057
Apr-2023	$242,475	$229,631	$271,347	$246,322	$222,576
Apr-2024	$326,301	$281,669	$357,636	$321,131	$286,763
Apr-2025	$354,500	$315,741	$410,307	$369,407	$320,788
Apr-2026	$370,086	$413,787	$535,983	$492,824	$410,400

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Large-Mid Cap Broad Growth Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Focused Large Cap Growth Fund	-15.00%	4.40%	4.50%	13.98%
Morningstar Large Cap Growth Category	0.47%	27.92%	9.95%	15.17%
Morningstar US Large-Mid Cap Broad Growth Index	2.74%	33.40%	12.85%	17.29%
Russell 1000^® Growth Index	-1.45%	30.63%	13.86%	18.28%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$242,461,511
Number of Portfolio Holdings	35
Total Advisory Fee	$658,356
Portfolio Turnover	17%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.4%
Money Market Funds	0.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.4%
Money Market Funds	0.3%
Collateral for Securities Loaned	0.3%
Financials	3.1%
Health Care	9.2%
Industrials	9.7%
Consumer Discretionary	12.0%
Communications	15.6%
Technology	50.3%

The total percentage may not equal 100% due to the Fund’s net assets being comprised of other assets and liabilities in addition to the market value of securities held.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Amazon.com, Inc.	9.3%
NVIDIA Corporation	8.4%
Meta Platforms, Inc. - Class A	6.6%
Mastercard, Inc. - Class A	5.9%
Advanced Micro Devices, Inc.	5.1%
Microsoft Corporation	4.8%
Alphabet, Inc. - Class C	4.3%
Eli Lilly & Company	3.5%
Intuitive Surgical, Inc.	3.5%
ServiceNow, Inc.	3.5%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNFGX

Dunham High Yield Bond Fund

Class A (DAHYX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham High Yield Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$65	1.29%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund’s performance showed mixed results from a sector selection standpoint over the six months ended April 30, 2026. An overweight allocation to cash and an underweight allocation to consumer cyclicals were the largest detractors from Fund performance. Meanwhile, an overweight allocation to the energy sector and an underweight allocation to the technology sector positively contributed to Fund performance.

Overall security selection benefited relative Fund performance over the first half of the fiscal year. Basic industry and energy credits were the most notable contributors to performance, while communications and capital goods credits detracted from relative performance.

The Fund's exposure to CCC-rated credits generally detracted from relative performance over the first half of the fiscal year. The Fund’s approximate 5 percent relative overweight to CCC-rated credits negatively impacted Fund performance, as that specific credit quality underperformed the broader high-yield asset class.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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
Apr-2016	$10,000	$9,552	$10,000	$10,000	$10,000
Apr-2017	$11,063	$10,567	$10,083	$11,356	$11,130
Apr-2018	$11,262	$10,757	$10,051	$11,718	$11,403
Apr-2019	$11,948	$11,412	$10,582	$12,507	$11,998
Apr-2020	$11,481	$10,967	$11,730	$11,856	$11,315
Apr-2021	$13,594	$12,985	$11,698	$14,221	$13,405
Apr-2022	$12,867	$12,290	$10,703	$13,516	$12,763
Apr-2023	$13,098	$12,511	$10,657	$13,680	$12,817
Apr-2024	$14,421	$13,775	$10,500	$14,896	$13,888
Apr-2025	$15,262	$14,578	$11,343	$16,190	$14,925
Apr-2026	$16,544	$15,802	$11,803	$17,619	$16,174

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham High Yield Bond Fund
Class A Without Load	1.96%	8.40%	4.01%	5.16%
Class A With Load	-2.67%	3.56%	3.04%	4.68%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
ICE BofA High Yield U.S. Corporates Cash Pay Index	2.37%	8.83%	4.38%	5.83%
Morningstar High-Yield Bond Category	2.22%	8.37%	3.83%	4.93%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$243,239,074
Number of Portfolio Holdings	277
Total Advisory Fee	$713,821
Portfolio Turnover	30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	84.3%
Money Market Funds	15.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.1%
Real Estate	2.3%
Money Market Funds	4.6%
Utilities	4.8%
Industrials	4.9%
Consumer Staples	4.9%
Health Care	5.2%
Materials	7.2%
Technology	7.8%
Collateral for Securities Loaned	13.1%
Financials	13.6%
Consumer Discretionary	14.4%
Energy	14.9%
Communications	15.4%

Credit Quality Allocation (% of total investments)

Table Summary
B2	17.0%
B1	16.4%
BA3	15.9%
BA2	12.9%
Collateral for Securities Loaned	11.6%
BA1	6.6%
Other/Not Rated	5.5%
B3	3.9%
CAA1	3.0%
BAA3	2.0%
BAA2	1.1%
BB+	0.6%
BB	0.5%
B2U	0.4%
CAA2	0.4%
B3U	0.3%

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

Dunham High Yield Bond Fund - Class A (DAHYX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DAHYX

Dunham High Yield Bond Fund

Class C (DCHYX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$90	1.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham High Yield Bond Fund - Class C	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporates Cash Pay Index	Morningstar High-Yield Bond Category
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$11,005	$10,083	$11,356	$11,130
Apr-2018	$11,164	$10,051	$11,718	$11,403
Apr-2019	$11,782	$10,582	$12,507	$11,998
Apr-2020	$11,257	$11,730	$11,856	$11,315
Apr-2021	$13,268	$11,698	$14,221	$13,405
Apr-2022	$12,499	$10,703	$13,516	$12,763
Apr-2023	$12,650	$10,657	$13,680	$12,817
Apr-2024	$13,867	$10,500	$14,896	$13,888
Apr-2025	$14,601	$11,343	$16,190	$14,925
Apr-2026	$15,758	$11,803	$17,619	$16,174

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham High Yield Bond Fund	1.75%	7.92%	3.50%	4.65%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
ICE BofA High Yield U.S. Corporates Cash Pay Index	2.37%	8.83%	4.38%	5.83%
Morningstar High-Yield Bond Category	2.22%	8.37%	3.83%	4.93%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$243,239,074
Number of Portfolio Holdings	277
Total Advisory Fee	$713,821
Portfolio Turnover	30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	84.3%
Money Market Funds	15.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.1%
Real Estate	2.3%
Money Market Funds	4.6%
Utilities	4.8%
Industrials	4.9%
Consumer Staples	4.9%
Health Care	5.2%
Materials	7.2%
Technology	7.8%
Collateral for Securities Loaned	13.1%
Financials	13.6%
Consumer Discretionary	14.4%
Energy	14.9%
Communications	15.4%

Credit Quality Allocation (% of total investments)

Table Summary
B2	17.0%
B1	16.4%
BA3	15.9%
BA2	12.9%
Collateral for Securities Loaned	11.6%
BA1	6.6%
Other/Not Rated	5.5%
B3	3.9%
CAA1	3.0%
BAA3	2.0%
BAA2	1.1%
BB+	0.6%
BB	0.5%
B2U	0.4%
CAA2	0.4%
B3U	0.3%

Material Fund Changes

Dunham High Yield Bond Fund - Class C (DCHYX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCHYX

Dunham High Yield Bond Fund

Class N (DNHYX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$52	1.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham High Yield Bond Fund - Class N	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporates Cash Pay Index	Morningstar High-Yield Bond Category
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$110,907	$100,829	$113,563	$111,304
Apr-2018	$113,192	$100,507	$117,178	$114,030
Apr-2019	$120,312	$105,824	$125,074	$119,984
Apr-2020	$115,865	$117,297	$118,563	$113,147
Apr-2021	$137,476	$116,984	$142,208	$134,049
Apr-2022	$130,509	$107,026	$135,160	$127,634
Apr-2023	$133,218	$106,569	$136,796	$128,165
Apr-2024	$147,034	$105,004	$148,962	$138,882
Apr-2025	$156,126	$113,426	$161,903	$149,251
Apr-2026	$169,646	$118,027	$176,192	$161,740

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham High Yield Bond Fund	2.11%	8.66%	4.29%	5.43%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
ICE BofA High Yield U.S. Corporates Cash Pay Index	2.37%	8.83%	4.38%	5.83%
Morningstar High-Yield Bond Category	2.22%	8.37%	3.83%	4.93%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$243,239,074
Number of Portfolio Holdings	277
Total Advisory Fee	$713,821
Portfolio Turnover	30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	84.3%
Money Market Funds	15.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.1%
Real Estate	2.3%
Money Market Funds	4.6%
Utilities	4.8%
Industrials	4.9%
Consumer Staples	4.9%
Health Care	5.2%
Materials	7.2%
Technology	7.8%
Collateral for Securities Loaned	13.1%
Financials	13.6%
Consumer Discretionary	14.4%
Energy	14.9%
Communications	15.4%

Credit Quality Allocation (% of total investments)

Table Summary
B2	17.0%
B1	16.4%
BA3	15.9%
BA2	12.9%
Collateral for Securities Loaned	11.6%
BA1	6.6%
Other/Not Rated	5.5%
B3	3.9%
CAA1	3.0%
BAA3	2.0%
BAA2	1.1%
BB+	0.6%
BB	0.5%
B2U	0.4%
CAA2	0.4%
B3U	0.3%

Material Fund Changes

Dunham High Yield Bond Fund - Class N (DNHYX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNHYX

Dunham International Opportunity Bond Fund

Class A (DAIOX )

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham International Opportunity Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$90	1.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

Emerging market debt continued to outperform developed market debt on average. This contributed positively to Fund performance over the six-month period ended April 30, 2026. The Fund maintained between 40 percent and 50 percent of its exposure to the debt of emerging market countries’ governments and of companies domiciled in emerging markets. This exposure to emerging market debt was nearly double the percentage amount in the benchmark index, which added to relative performance due to emerging market debt generally outperforming developed market debt.

Maintaining a shorter duration continued to generally help relative performance. The Fund continued to have an average duration of approximately 1 to 2 years less than the benchmark index. This lower duration resulted in a contribution to relative outperformance as the path of interest rates became more difficult to determine and some central banks began to consider increases in their local interest rates.

The Fund’s exposure to Pan-European High-Yield Bonds generally detracted from performance during the six-month period ended April 30, 2026. The Sub-Adviser generally maintained the Fund’s exposure to high-yield debt near 40 percent. This overall exposure continued to be in stark contrast to the benchmark index, which consistently had approximately only 1 percent exposure to bonds rated below investment-grade. Pan-European High-Yield bonds generally declined in the latter part of the fiscal quarter as markets struggled with the onset of the US war with Iran, which resulted with this exposure detracting from overall Fund performance.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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	Bloomberg Global Aggregate ex USD Hedged Index
Apr-2016	$10,000	$9,550	$10,000	$10,000	$10,000
Apr-2017	$9,497	$9,070	$9,549	$10,141	$10,203
Apr-2018	$10,059	$9,606	$10,283	$10,514	$10,475
Apr-2019	$9,570	$9,139	$10,025	$10,652	$11,039
Apr-2020	$8,729	$8,336	$10,369	$10,775	$11,751
Apr-2021	$10,105	$9,650	$11,064	$11,655	$11,743
Apr-2022	$9,073	$8,664	$9,344	$10,340	$11,123
Apr-2023	$8,908	$8,507	$8,980	$10,158	$11,012
Apr-2024	$9,716	$9,279	$8,660	$10,094	$11,508
Apr-2025	$10,334	$9,869	$9,481	$10,956	$12,282
Apr-2026	$11,012	$10,516	$9,598	$11,419	$12,487

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham International Opportunity Bond Fund
Class A Without Load	1.31%	6.56%	1.73%	0.97%
Class A With Load	-3.22%	1.78%	0.81%	0.50%
Bloomberg Global Aggregate ex USD	0.75%	1.24%	-2.80%	-0.41%
Bloomberg Global Aggregate ex USD Hedged Index	-0.19%	1.67%	1.24%	2.25%
Morningstar Global Bond Category	0.96%	4.23%	-0.41%	1.34%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$129,672,656
Number of Portfolio Holdings	557
Total Advisory Fee	$734,328
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	0.0%
Common Stocks	0.1%
Convertible Bonds	0.4%
Corporate Bonds	61.0%
Money Market Funds	4.3%
Non U.S. Government & Agencies	34.2%
Right	0.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Local Authority	0.3%
Supranational	0.4%
Collateral for Securities Loaned	1.2%
Real Estate	1.8%
Technology	1.8%
Consumer Staples	2.9%
Money Market Funds	3.0%
Health Care	3.3%
Consumer Discretionary	4.1%
Communications	4.9%
Utilities	5.0%
Industrials	5.3%
Materials	6.8%
Energy	9.5%
Financials	13.9%
Non U.S. Treasury	15.3%
Sovereign	17.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
French Republic Government Bond OAT, 3.500%, 11/25/33	1.8%
Bundesschatzanweisungen, 2.200%, 03/11/27	1.8%
French Republic Government Bond OAT, 2.000%, 11/25/32	1.6%
Italy Buoni Poliennali Del Tesoro, 5.000%, 09/01/40	1.4%
Italy Buoni Poliennali Del Tesoro, 4.200%, 03/01/34	1.3%
French Republic Government Bond OAT, 0.250%, 11/25/26	1.3%
Australia Government Bond, 4.500%, 04/21/33	1.1%
United Kingdom Gilt, 3.750%, 03/07/27	1.0%
Spain Government Bond, 3.450%, 10/31/34	0.9%
United Kingdom Gilt, 4.125%, 01/29/27	0.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham International Opportunity Bond Fund - Class A (DAIOX )

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DAIOX

Dunham International Opportunity Bond Fund

Class C (DCIOX )

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$115	2.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham International Opportunity Bond Fund - Class C	Bloomberg Global Aggregate ex USD	Morningstar Global Bond Category	Bloomberg Global Aggregate ex USD Hedged Index
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$9,429	$9,549	$10,141	$10,203
Apr-2018	$9,942	$10,283	$10,514	$10,475
Apr-2019	$9,424	$10,025	$10,652	$11,039
Apr-2020	$8,543	$10,369	$10,775	$11,751
Apr-2021	$9,844	$11,064	$11,655	$11,743
Apr-2022	$8,789	$9,344	$10,340	$11,123
Apr-2023	$8,593	$8,980	$10,158	$11,012
Apr-2024	$9,326	$8,660	$10,094	$11,508
Apr-2025	$9,862	$9,481	$10,956	$12,282
Apr-2026	$10,452	$9,598	$11,419	$12,487

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham International Opportunity Bond Fund	0.97%	5.98%	1.21%	0.44%
Bloomberg Global Aggregate ex USD	0.75%	1.24%	-2.80%	-0.41%
Bloomberg Global Aggregate ex USD Hedged Index	-0.19%	1.67%	1.24%	2.25%
Morningstar Global Bond Category	0.96%	4.23%	-0.41%	1.34%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$129,672,656
Number of Portfolio Holdings	557
Total Advisory Fee	$734,328
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	0.0%
Common Stocks	0.1%
Convertible Bonds	0.4%
Corporate Bonds	61.0%
Money Market Funds	4.3%
Non U.S. Government & Agencies	34.2%
Right	0.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Local Authority	0.3%
Supranational	0.4%
Collateral for Securities Loaned	1.2%
Real Estate	1.8%
Technology	1.8%
Consumer Staples	2.9%
Money Market Funds	3.0%
Health Care	3.3%
Consumer Discretionary	4.1%
Communications	4.9%
Utilities	5.0%
Industrials	5.3%
Materials	6.8%
Energy	9.5%
Financials	13.9%
Non U.S. Treasury	15.3%
Sovereign	17.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
French Republic Government Bond OAT, 3.500%, 11/25/33	1.8%
Bundesschatzanweisungen, 2.200%, 03/11/27	1.8%
French Republic Government Bond OAT, 2.000%, 11/25/32	1.6%
Italy Buoni Poliennali Del Tesoro, 5.000%, 09/01/40	1.4%
Italy Buoni Poliennali Del Tesoro, 4.200%, 03/01/34	1.3%
French Republic Government Bond OAT, 0.250%, 11/25/26	1.3%
Australia Government Bond, 4.500%, 04/21/33	1.1%
United Kingdom Gilt, 3.750%, 03/07/27	1.0%
Spain Government Bond, 3.450%, 10/31/34	0.9%
United Kingdom Gilt, 4.125%, 01/29/27	0.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham International Opportunity Bond Fund - Class C (DCIOX )

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCIOX

Dunham International Opportunity Bond Fund

Class N (DNIOX )

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$78	1.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham International Opportunity Bond Fund - Class N	Bloomberg Global Aggregate ex USD	Morningstar Global Bond Category	Bloomberg Global Aggregate ex USD Hedged Index
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$95,089	$95,494	$101,408	$102,032
Apr-2018	$101,008	$102,828	$105,144	$104,749
Apr-2019	$96,462	$100,248	$106,517	$110,388
Apr-2020	$88,134	$103,686	$107,750	$117,507
Apr-2021	$102,243	$110,641	$116,551	$117,428
Apr-2022	$92,018	$93,438	$103,396	$111,233
Apr-2023	$90,578	$89,795	$101,583	$110,122
Apr-2024	$98,950	$86,598	$100,942	$115,080
Apr-2025	$105,582	$94,808	$109,557	$122,825
Apr-2026	$112,698	$95,981	$114,187	$124,874

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham International Opportunity Bond Fund	1.29%	6.74%	1.97%	1.20%
Bloomberg Global Aggregate ex USD	0.75%	1.24%	-2.80%	-0.41%
Bloomberg Global Aggregate ex USD Hedged Index	-0.19%	1.67%	1.24%	2.25%
Morningstar Global Bond Category	0.96%	4.23%	-0.41%	1.34%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$129,672,656
Number of Portfolio Holdings	557
Total Advisory Fee	$734,328
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	0.0%
Common Stocks	0.1%
Convertible Bonds	0.4%
Corporate Bonds	61.0%
Money Market Funds	4.3%
Non U.S. Government & Agencies	34.2%
Right	0.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Local Authority	0.3%
Supranational	0.4%
Collateral for Securities Loaned	1.2%
Real Estate	1.8%
Technology	1.8%
Consumer Staples	2.9%
Money Market Funds	3.0%
Health Care	3.3%
Consumer Discretionary	4.1%
Communications	4.9%
Utilities	5.0%
Industrials	5.3%
Materials	6.8%
Energy	9.5%
Financials	13.9%
Non U.S. Treasury	15.3%
Sovereign	17.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
French Republic Government Bond OAT, 3.500%, 11/25/33	1.8%
Bundesschatzanweisungen, 2.200%, 03/11/27	1.8%
French Republic Government Bond OAT, 2.000%, 11/25/32	1.6%
Italy Buoni Poliennali Del Tesoro, 5.000%, 09/01/40	1.4%
Italy Buoni Poliennali Del Tesoro, 4.200%, 03/01/34	1.3%
French Republic Government Bond OAT, 0.250%, 11/25/26	1.3%
Australia Government Bond, 4.500%, 04/21/33	1.1%
United Kingdom Gilt, 3.750%, 03/07/27	1.0%
Spain Government Bond, 3.450%, 10/31/34	0.9%
United Kingdom Gilt, 4.125%, 01/29/27	0.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham International Opportunity Bond Fund - Class N (DNIOX )

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalopportunity/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNIOX

Dunham International Stock Fund

Class A (DAINX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham International Stock Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/internationalstock/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$116	2.11%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

Developed markets underperformed emerging markets over the first half of the fiscal year. Developed markets, as measured by the MSCI EAFE TR Index, rose 10.0 percent, while emerging markets, as measured by the MSCI Emerging Markets TR Index, gained 15.1 percent.

Sectors and countries contributing the most to returns relative to the index during the semi-annual period were: Information technology was the largest sector-level contributor, mostly because of positive selection plus overweight positioning to the Japanese information technology basket. Positive selection within the Chinese information technology basket also increased performance. Consumer discretionary was also a substantial sector-level contributor, considerably because of underweight positioning plus positive selection within the Chinese consumer discretionary basket. Underweight positioning to the French consumer discretionary basket further drove performance. China was the most notable country-level contributor, considerably as a result of positive selection within the Chinese industrials and information technology baskets and positive selection paired with underweight positioning to the Chinese communication services basket. Japan was also a substantial country-level contributor.

Sectors and countries detracting the most from returns relative to the index during the semi-annual period were: Utilities was the most substantial sector-level detractor, largely driven by negative selection within the Japanese utilities basket. Energy was also a significant sector-level detractor, mostly because of underweight positioning to the Canadian, French, Brazilian and Italian energy baskets and overweight positioning to the Spanish energy basket. The United Kingdom was the most significant country-level detractor, mostly due to overweight positioning coupled with negative selection within the UK health care basket and negative selection within the UK information technology basket. Underweight positioning to the UK materials basket further decreased value added. Belgium was another substantial country-level detractor, mostly as a result of overweight positioning paired with negative selection within the Belgian health care basket.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Dunham International Stock Fund - Class A	Dunham International Stock Fund - Class A- with load	MSCI ACWI ex USA Index	Morningstar Foreign Large Value Category
Apr-2016	$10,000	$9,427	$10,000	$10,000
Apr-2017	$11,265	$10,620	$11,259	$11,168
Apr-2018	$13,114	$12,363	$13,050	$12,556
Apr-2019	$12,263	$11,561	$12,629	$11,803
Apr-2020	$10,968	$10,340	$11,175	$9,745
Apr-2021	$16,922	$15,953	$15,978	$13,851
Apr-2022	$14,787	$13,940	$14,330	$13,139
Apr-2023	$15,987	$15,071	$14,767	$14,117
Apr-2024	$18,840	$17,761	$16,144	$15,427
Apr-2025	$21,272	$20,054	$18,069	$17,779
Apr-2026	$32,553	$30,689	$23,888	$23,656

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham International Stock Fund
Class A Without Load	21.56%	53.03%	13.98%	12.53%
Class A With Load	14.57%	44.25%	12.64%	11.87%
Morningstar Foreign Large Value Category	15.47%	33.07%	11.30%	8.99%
MSCI ACWI ex USA Index	12.11%	32.20%	8.38%	9.10%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$248,490,617
Number of Portfolio Holdings	412
Total Advisory Fee	$1,666,626
Portfolio Turnover	66%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.6%
Communication Services	0.4%
Equity	0.5%
Utilities	0.6%
Real Estate	0.7%
Communications	1.6%
Consumer Staples	2.8%
Consumer Discretionary	4.4%
Health Care	7.6%
Collateral for Securities Loaned	9.1%
Materials	10.0%
Energy	10.3%
Industrials	14.1%
Financials	17.0%
Technology	29.5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	89.9%
Exchange-Traded Funds	0.5%
Money Market Funds	8.4%
Preferred Stocks	1.2%
Warrant	0.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Company Ltd.	4.7%
Samsung Electronics Company Ltd.	2.7%
Kioxia Holdings Corporation	2.7%
ASML Holding N.V.	2.0%
Bank of Ireland Group PLC	1.8%
BNP Paribas S.A.	1.8%
Suncor Energy, Inc.	1.4%
Shell PLC - ADR	1.3%
Techtronic Industries Company Ltd.	1.1%
BP PLC - ADR	1.1%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.6%
Other Countries	14.5%
Ireland	2.0%
France	2.3%
Germany	2.9%
Cayman Islands	3.0%
Korea (Republic Of)	3.0%
Hong Kong	3.4%
South Korea	3.7%
Netherlands	3.8%
Switzerland	5.3%
Taiwan	6.0%
Canada	7.4%
United Kingdom	8.4%
United States	10.9%
China	15.2%
Japan	16.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham International Stock Fund - Class A (DAINX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalstock/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DAINX

Dunham International Stock Fund

Class C (DCINX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$157	2.86%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham International Stock Fund - Class C	MSCI ACWI ex USA Index	Morningstar Foreign Large Value Category
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,171	$11,259	$11,168
Apr-2018	$12,914	$13,050	$12,556
Apr-2019	$11,987	$12,629	$11,803
Apr-2020	$10,637	$11,175	$9,745
Apr-2021	$16,299	$15,978	$13,851
Apr-2022	$14,137	$14,330	$13,139
Apr-2023	$15,166	$14,767	$14,117
Apr-2024	$17,734	$16,144	$15,427
Apr-2025	$19,877	$18,069	$17,779
Apr-2026	$30,189	$23,888	$23,656

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham International Stock Fund	21.12%	51.88%	13.12%	11.68%
Morningstar Foreign Large Value Category	15.47%	33.07%	11.30%	8.99%
MSCI ACWI ex USA Index	12.11%	32.20%	8.38%	9.10%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$248,490,617
Number of Portfolio Holdings	412
Total Advisory Fee	$1,666,626
Portfolio Turnover	66%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.6%
Communication Services	0.4%
Equity	0.5%
Utilities	0.6%
Real Estate	0.7%
Communications	1.6%
Consumer Staples	2.8%
Consumer Discretionary	4.4%
Health Care	7.6%
Collateral for Securities Loaned	9.1%
Materials	10.0%
Energy	10.3%
Industrials	14.1%
Financials	17.0%
Technology	29.5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	89.9%
Exchange-Traded Funds	0.5%
Money Market Funds	8.4%
Preferred Stocks	1.2%
Warrant	0.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Company Ltd.	4.7%
Samsung Electronics Company Ltd.	2.7%
Kioxia Holdings Corporation	2.7%
ASML Holding N.V.	2.0%
Bank of Ireland Group PLC	1.8%
BNP Paribas S.A.	1.8%
Suncor Energy, Inc.	1.4%
Shell PLC - ADR	1.3%
Techtronic Industries Company Ltd.	1.1%
BP PLC - ADR	1.1%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.6%
Other Countries	14.5%
Ireland	2.0%
France	2.3%
Germany	2.9%
Cayman Islands	3.0%
Korea (Republic Of)	3.0%
Hong Kong	3.4%
South Korea	3.7%
Netherlands	3.8%
Switzerland	5.3%
Taiwan	6.0%
Canada	7.4%
United Kingdom	8.4%
United States	10.9%
China	15.2%
Japan	16.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham International Stock Fund - Class C (DCINX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalstock/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCINX

Dunham International Stock Fund

Class N (DNINX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$102	1.86%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham International Stock Fund - Class N	MSCI ACWI ex USA Index	Morningstar Foreign Large Value Category
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$112,824	$112,593	$111,678
Apr-2018	$131,715	$130,503	$125,561
Apr-2019	$123,471	$126,289	$118,028
Apr-2020	$110,747	$111,749	$97,454
Apr-2021	$171,299	$159,777	$138,505
Apr-2022	$150,062	$143,301	$131,387
Apr-2023	$162,647	$147,671	$141,167
Apr-2024	$192,104	$161,443	$154,266
Apr-2025	$217,479	$180,695	$177,793
Apr-2026	$333,514	$238,876	$236,562

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham International Stock Fund	21.69%	53.35%	14.25%	12.80%
Morningstar Foreign Large Value Category	15.47%	33.07%	11.30%	8.99%
MSCI ACWI ex USA Index	12.11%	32.20%	8.38%	9.10%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$248,490,617
Number of Portfolio Holdings	412
Total Advisory Fee	$1,666,626
Portfolio Turnover	66%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.6%
Communication Services	0.4%
Equity	0.5%
Utilities	0.6%
Real Estate	0.7%
Communications	1.6%
Consumer Staples	2.8%
Consumer Discretionary	4.4%
Health Care	7.6%
Collateral for Securities Loaned	9.1%
Materials	10.0%
Energy	10.3%
Industrials	14.1%
Financials	17.0%
Technology	29.5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	89.9%
Exchange-Traded Funds	0.5%
Money Market Funds	8.4%
Preferred Stocks	1.2%
Warrant	0.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Company Ltd.	4.7%
Samsung Electronics Company Ltd.	2.7%
Kioxia Holdings Corporation	2.7%
ASML Holding N.V.	2.0%
Bank of Ireland Group PLC	1.8%
BNP Paribas S.A.	1.8%
Suncor Energy, Inc.	1.4%
Shell PLC - ADR	1.3%
Techtronic Industries Company Ltd.	1.1%
BP PLC - ADR	1.1%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.6%
Other Countries	14.5%
Ireland	2.0%
France	2.3%
Germany	2.9%
Cayman Islands	3.0%
Korea (Republic Of)	3.0%
Hong Kong	3.4%
South Korea	3.7%
Netherlands	3.8%
Switzerland	5.3%
Taiwan	6.0%
Canada	7.4%
United Kingdom	8.4%
United States	10.9%
China	15.2%
Japan	16.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham International Stock Fund - Class N (DNINX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/internationalstock/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNINX

Dunham Large Cap Value Fund

Class A (DALVX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Large Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/largecapvalue/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$80	1.52%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The exposure to large capitalization stocks with a value style contributed to Fund performance relative to the overall market over the first half of the fiscal year. Large cap value companies, as measured by the Russell 1000 Value Index, increased 14.1 percent over the fiscal period. This performance outpaced the broader US equity markets represented by the S&P 500 Index, which rose 6 percent over the same period. However, when looking at all value stocks across both large and small capitalization companies, large value stocks underperformed small value stocks for the first half of the fiscal year.

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

Individual positions that positively/negatively impacted relative Fund performance. Micron Technology, Inc. (MU) (holding weight*: 2.61 percent), positively contributed to Fund performance, as the position gained 131.3 percent over the fiscal period. DuPont de Nemours, Inc. (DD) (holding weight*: 0.47 percent), negatively contributed to Fund performance, as the position lost 43.6 percent over the first half of the fiscal year.

* Holdings percentage(s) of total investments, cash and unsettled trades excluding collateral for securities loaned as of 4/30/2026.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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 US Large-Mid Cap Broad Value Index	Morningstar Large Cap Value Category
Apr-2016	$10,000	$9,428	$10,000	$10,000	$9,998	$10,000
Apr-2017	$11,337	$10,688	$11,792	$11,655	$11,785	$11,577
Apr-2018	$12,366	$11,659	$13,356	$12,530	$12,862	$12,677
Apr-2019	$13,263	$12,504	$15,158	$13,665	$14,200	$13,616
Apr-2020	$11,907	$11,226	$15,289	$12,160	$13,076	$12,036
Apr-2021	$17,144	$16,163	$22,320	$17,745	$18,921	$17,545
Apr-2022	$17,587	$16,580	$22,367	$17,979	$19,690	$18,086
Apr-2023	$17,695	$16,683	$22,963	$18,197	$20,194	$18,359
Apr-2024	$20,160	$19,006	$28,167	$20,639	$23,480	$21,004
Apr-2025	$21,337	$20,116	$31,574	$22,404	$25,648	$22,567
Apr-2026	$27,857	$26,263	$41,379	$28,958	$32,867	$28,436

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Large-Mid Cap Broad Value Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Large Cap Value Fund
Class A Without Load	11.83%	30.56%	10.20%	10.79%
Class A With Load	5.41%	23.07%	8.90%	10.14%
Morningstar Large Cap Value Category	11.38%	26.00%	10.14%	11.02%
Morningstar US Large-Mid Cap Broad Value Index	9.11%	28.13%	11.68%	12.64%
Russell 1000^® Value Index	14.13%	29.25%	10.29%	11.22%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$211,979,128
Number of Portfolio Holdings	76
Total Advisory Fee	$1,149,339
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	96.3%
Money Market Funds	3.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.0%
Money Market Funds	1.8%
Collateral for Securities Loaned	1.9%
Utilities	3.0%
Real Estate	3.1%
Consumer Staples	3.2%
Materials	6.3%
Energy	6.8%
Consumer Discretionary	8.4%
Communications	9.5%
Technology	9.7%
Health Care	11.2%
Industrials	17.5%
Financials	19.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	4.5%
JPMorgan Chase & Company	3.5%
Amazon.com, Inc.	2.9%
Micron Technology, Inc.	2.6%
Exxon Mobil Corporation	2.3%
Cisco Systems, Inc.	2.3%
RTX Corporation	2.2%
Parker-Hannifin Corporation	2.2%
Linde PLC	2.1%
Bank of America Corporation	2.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Large Cap Value Fund - Class A (DALVX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/largecapvalue/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DALVX

Dunham Large Cap Value Fund

Class C (DCLVX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$119	2.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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 4/30/2026.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Dunham Large Cap Value Fund - Class C	S&P 500^® Index	Russell 1000^® Value Index	Morningstar US Large-Mid Cap Broad Value Index	Morningstar Large Cap Value Category
Apr-2016	$10,000	$10,000	$10,000	$9,998	$10,000
Apr-2017	$11,245	$11,792	$11,655	$11,785	$11,577
Apr-2018	$12,179	$13,356	$12,530	$12,862	$12,677
Apr-2019	$12,960	$15,158	$13,665	$14,200	$13,616
Apr-2020	$11,550	$15,289	$12,160	$13,076	$12,036
Apr-2021	$16,504	$22,320	$17,745	$18,921	$17,545
Apr-2022	$16,805	$22,367	$17,979	$19,690	$18,086
Apr-2023	$16,785	$22,963	$18,197	$20,194	$18,359
Apr-2024	$18,983	$28,167	$20,639	$23,480	$21,004
Apr-2025	$19,938	$31,574	$22,404	$25,648	$22,567
Apr-2026	$25,839	$41,379	$28,958	$32,867	$28,436

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Large-Mid Cap Broad Value Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Large Cap Value Fund	11.46%	29.59%	9.38%	9.96%
Morningstar Large Cap Value Category	11.38%	26.00%	10.14%	11.02%
Morningstar US Large-Mid Cap Broad Value Index	9.11%	28.13%	11.68%	12.64%
Russell 1000^® Value Index	14.13%	29.25%	10.29%	11.22%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$211,979,128
Number of Portfolio Holdings	76
Total Advisory Fee	$1,149,339
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	96.3%
Money Market Funds	3.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.0%
Money Market Funds	1.8%
Collateral for Securities Loaned	1.9%
Utilities	3.0%
Real Estate	3.1%
Consumer Staples	3.2%
Materials	6.3%
Energy	6.8%
Consumer Discretionary	8.4%
Communications	9.5%
Technology	9.7%
Health Care	11.2%
Industrials	17.5%
Financials	19.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	4.5%
JPMorgan Chase & Company	3.5%
Amazon.com, Inc.	2.9%
Micron Technology, Inc.	2.6%
Exxon Mobil Corporation	2.3%
Cisco Systems, Inc.	2.3%
RTX Corporation	2.2%
Parker-Hannifin Corporation	2.2%
Linde PLC	2.1%
Bank of America Corporation	2.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Large Cap Value Fund - Class C (DCLVX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/largecapvalue/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCLVX

Dunham Large Cap Value Fund

Class N (DNLVX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$67	1.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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 4/30/2026.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Dunham Large Cap Value Fund - Class N	S&P 500^® Index	Russell 1000^® Value Index	Morningstar US Large-Mid Cap Broad Value Index	Morningstar Large Cap Value Category
Apr-2016	$100,000	$100,000	$100,000	$99,999	$100,000
Apr-2017	$113,572	$117,918	$116,551	$117,872	$115,766
Apr-2018	$124,268	$133,562	$125,296	$128,638	$126,768
Apr-2019	$133,572	$151,585	$136,651	$142,018	$136,158
Apr-2020	$120,235	$152,893	$121,602	$130,775	$120,362
Apr-2021	$173,607	$223,196	$177,447	$189,243	$175,448
Apr-2022	$178,466	$223,672	$179,786	$196,932	$180,857
Apr-2023	$180,025	$229,631	$181,967	$201,974	$183,592
Apr-2024	$205,613	$281,669	$206,390	$234,838	$210,040
Apr-2025	$218,220	$315,741	$224,037	$256,521	$225,669
Apr-2026	$285,616	$413,787	$289,578	$328,724	$284,363

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Large-Mid Cap Broad Value Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Large Cap Value Fund	12.01%	30.88%	10.47%	11.07%
Morningstar Large Cap Value Category	11.38%	26.00%	10.14%	11.02%
Morningstar US Large-Mid Cap Broad Value Index	9.11%	28.13%	11.68%	12.64%
Russell 1000^® Value Index	14.13%	29.25%	10.29%	11.22%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$211,979,128
Number of Portfolio Holdings	76
Total Advisory Fee	$1,149,339
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	96.3%
Money Market Funds	3.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.0%
Money Market Funds	1.8%
Collateral for Securities Loaned	1.9%
Utilities	3.0%
Real Estate	3.1%
Consumer Staples	3.2%
Materials	6.3%
Energy	6.8%
Consumer Discretionary	8.4%
Communications	9.5%
Technology	9.7%
Health Care	11.2%
Industrials	17.5%
Financials	19.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	4.5%
JPMorgan Chase & Company	3.5%
Amazon.com, Inc.	2.9%
Micron Technology, Inc.	2.6%
Exxon Mobil Corporation	2.3%
Cisco Systems, Inc.	2.3%
RTX Corporation	2.2%
Parker-Hannifin Corporation	2.2%
Linde PLC	2.1%
Bank of America Corporation	2.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Large Cap Value Fund - Class N (DNLVX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/largecapvalue/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNLVX

Dunham Long/Short Credit Fund

Class A (DAAIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Long/Short Credit Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/longshortcredit/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$54	1.09%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund’s core long positions were the strongest contributor to Fund performance over the first six months of the fiscal year. The core long positions were the largest source of positive performance, with gains driven by short duration credits.

The Sub-Adviser continued to implement its interest rate hedging strategy, which resulted in an overall duration of approximately 0.75 years. This exposure was a tailwind to positive Fund Performance over the first half of the fiscal year, as the yield on the 10-year US Treasury rose 29 basis points to 4.29 percent.

Credit risk management reduced overall Fund volatility but was the largest drag on positive Fund performance over the first half of 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 2.3 percent, as measured by the ICE BofA US Cash Pay High Yield Index, over the fiscal six-month period.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Dunham Long/Short Credit Fund - Class A	Dunham Long/Short Credit Fund - Class A- with load	Bloomberg U.S. Aggregate Bond Index	BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%	Morningstar Nontraditional Bond Category
Apr-2016	$10,000	$9,422	$10,000	$10,000	$10,000
Apr-2017	$10,929	$10,298	$10,083	$10,340	$10,532
Apr-2018	$11,838	$11,153	$10,051	$10,772	$10,794
Apr-2019	$12,894	$12,149	$10,582	$11,330	$11,028
Apr-2020	$13,241	$12,475	$11,730	$11,904	$10,698
Apr-2021	$14,139	$13,322	$11,698	$12,275	$11,861
Apr-2022	$14,060	$13,247	$10,703	$12,652	$11,446
Apr-2023	$13,729	$12,935	$10,657	$13,391	$11,371
Apr-2024	$14,436	$13,601	$10,500	$14,515	$12,066
Apr-2025	$15,003	$14,136	$11,343	$15,663	$12,730
Apr-2026	$15,518	$14,621	$11,803	$16,756	$13,413

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Long/Short Credit Fund
Class A Without Load	1.23%	3.43%	1.88%	4.49%
Class A With Load	-4.54%	-2.47%	0.68%	3.87%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%	3.24%	6.98%	6.42%	5.30%
Morningstar Nontraditional Bond Category	1.19%	5.37%	2.49%	2.98%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$324,218,239
Number of Portfolio Holdings	88
Total Advisory Fee	$1,014,828
Portfolio Turnover	136%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	36.8%
Money Market Funds	2.7%
Municipal Bonds	0.8%
U.S. Government & Agencies	59.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	15.3%
Consumer Staples	0.4%
Education	0.8%
Health Care	0.8%
Real Estate	0.8%
Collateral for Securities Loaned	0.9%
Energy	1.2%
Industrials	1.8%
Money Market Funds	1.9%
Materials	2.1%
Utilities	2.5%
Technology	2.5%
Communications	3.9%
Consumer Discretionary	6.3%
Financials	15.7%
U.S. Treasury Obligations	61.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 0.000%, 07/09/26	13.5%
United States Treasury Bill, 0.000%, 06/11/26	12.9%
U.S. Treasury Bill, 0.000%, 09/10/26	12.5%
United States Treasury Bill, 0.000%, 05/05/26	11.8%
United States Treasury Note, 4.625%, 11/15/55	3.0%
United States Treasury Note, 4.250%, 03/31/33	2.1%
United States Treasury Note, 3.875%, 03/31/31	2.1%
First American Government Obligations Fund, Class X	1.9%
Vistra Operations Company, LLC, 4.300%, 10/15/28	1.5%
Ally Financial, Inc., 7.100%, 05/15/76	1.5%

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.

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Long/Short Credit Fund - Class A (DAAIX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DAAIX

Dunham Long/Short Credit Fund

Class C (DCAIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$95	1.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Long/Short Credit Fund - Class C	Bloomberg U.S. Aggregate Bond Index	BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%	Morningstar Nontraditional Bond Category
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,839	$10,083	$10,340	$10,532
Apr-2018	$11,657	$10,051	$10,772	$10,794
Apr-2019	$12,601	$10,582	$11,330	$11,028
Apr-2020	$12,844	$11,730	$11,904	$10,698
Apr-2021	$13,616	$11,698	$12,275	$11,861
Apr-2022	$13,428	$10,703	$12,652	$11,446
Apr-2023	$13,018	$10,657	$13,391	$11,371
Apr-2024	$13,587	$10,500	$14,515	$12,066
Apr-2025	$14,011	$11,343	$15,663	$12,730
Apr-2026	$14,379	$11,803	$16,756	$13,413

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Long/Short Credit Fund	0.69%	2.62%	1.10%	3.70%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%	3.24%	6.98%	6.42%	5.30%
Morningstar Nontraditional Bond Category	1.19%	5.37%	2.49%	2.98%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$324,218,239
Number of Portfolio Holdings	88
Total Advisory Fee	$1,014,828
Portfolio Turnover	136%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	36.8%
Money Market Funds	2.7%
Municipal Bonds	0.8%
U.S. Government & Agencies	59.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	15.3%
Consumer Staples	0.4%
Education	0.8%
Health Care	0.8%
Real Estate	0.8%
Collateral for Securities Loaned	0.9%
Energy	1.2%
Industrials	1.8%
Money Market Funds	1.9%
Materials	2.1%
Utilities	2.5%
Technology	2.5%
Communications	3.9%
Consumer Discretionary	6.3%
Financials	15.7%
U.S. Treasury Obligations	61.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 0.000%, 07/09/26	13.5%
United States Treasury Bill, 0.000%, 06/11/26	12.9%
U.S. Treasury Bill, 0.000%, 09/10/26	12.5%
United States Treasury Bill, 0.000%, 05/05/26	11.8%
United States Treasury Note, 4.625%, 11/15/55	3.0%
United States Treasury Note, 4.250%, 03/31/33	2.1%
United States Treasury Note, 3.875%, 03/31/31	2.1%
First American Government Obligations Fund, Class X	1.9%
Vistra Operations Company, LLC, 4.300%, 10/15/28	1.5%
Ally Financial, Inc., 7.100%, 05/15/76	1.5%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Long/Short Credit Fund - Class C (DCAIX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCAIX

Dunham Long/Short Credit Fund

Class N (DNAIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$45	0.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Long/Short Credit Fund - Class N	Bloomberg U.S. Aggregate Bond Index	BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%	Morningstar Nontraditional Bond Category
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$109,445	$100,829	$103,398	$105,321
Apr-2018	$118,805	$100,507	$107,713	$107,935
Apr-2019	$129,794	$105,824	$113,295	$110,279
Apr-2020	$133,621	$117,297	$119,040	$106,981
Apr-2021	$143,001	$116,984	$122,744	$118,607
Apr-2022	$142,551	$107,026	$126,518	$114,459
Apr-2023	$139,552	$106,569	$133,903	$113,710
Apr-2024	$147,085	$105,004	$145,141	$120,662
Apr-2025	$153,409	$113,426	$156,627	$127,297
Apr-2026	$158,871	$118,027	$167,553	$134,131

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Long/Short Credit Fund	1.24%	3.56%	2.13%	4.74%
Bloomberg U.S. Aggregate Bond Index	0.54%	4.06%	0.18%	1.67%
BofA Merrill Lynch US 3-Month Treasury Bill Index + 3%	3.24%	6.98%	6.42%	5.30%
Morningstar Nontraditional Bond Category	1.19%	5.37%	2.49%	2.98%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$324,218,239
Number of Portfolio Holdings	88
Total Advisory Fee	$1,014,828
Portfolio Turnover	136%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	36.8%
Money Market Funds	2.7%
Municipal Bonds	0.8%
U.S. Government & Agencies	59.7%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	15.3%
Consumer Staples	0.4%
Education	0.8%
Health Care	0.8%
Real Estate	0.8%
Collateral for Securities Loaned	0.9%
Energy	1.2%
Industrials	1.8%
Money Market Funds	1.9%
Materials	2.1%
Utilities	2.5%
Technology	2.5%
Communications	3.9%
Consumer Discretionary	6.3%
Financials	15.7%
U.S. Treasury Obligations	61.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 0.000%, 07/09/26	13.5%
United States Treasury Bill, 0.000%, 06/11/26	12.9%
U.S. Treasury Bill, 0.000%, 09/10/26	12.5%
United States Treasury Bill, 0.000%, 05/05/26	11.8%
United States Treasury Note, 4.625%, 11/15/55	3.0%
United States Treasury Note, 4.250%, 03/31/33	2.1%
United States Treasury Note, 3.875%, 03/31/31	2.1%
First American Government Obligations Fund, Class X	1.9%
Vistra Operations Company, LLC, 4.300%, 10/15/28	1.5%
Ally Financial, Inc., 7.100%, 05/15/76	1.5%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Long/Short Credit Fund - Class N (DNAIX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNAIX

Dunham Monthly Distribution Fund

Class A (DAMDX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Monthly Distribution Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/monthlydistribution/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$102	2.03%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

Merger news in the energy sector generally saw some tightening in merger spreads, benefiting the Fund. The Fund had exposure to multiple acquisitions within the energy sector, which generally saw positive progression in their respective merger processes. This caused the spread on those mergers to tighten, which benefited the Fund during the six-month period ended April 30, 2026.

The Fund continued to have a meaningful exposure to a prominent railway company merger, which detracted from Fund performance during the six-month period ended April 30, 2026. Although the merger deal appears to still be on track to close, recent regulatory requests have put into question how much longer the deal may take. Therefore, investors became wary of not only the potential for more hurdles but also the delayed timeline’s effect on the annualized spread.

Completed deals during the six-month period contributed positively to Fund performance and allowed for capital deployment into new opportunities. The Fund experienced some successful deal completions during the six-month period ended April 30, 2026. This led to merger spreads being realized and proceeds being made available to take advantage of new deals as well as making weighting adjustments to existing deal exposures within the Fund.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Dunham Monthly Distribution Fund - Class A	Dunham Monthly Distribution Fund - Class A- with load	S&P 500^® Index	S&P Merger Arbitrage Total Return Local Currency Index	Morningstar Event Driven Category
Apr-2016	$10,000	$9,424	$10,000	$10,000	$10,000
Apr-2017	$10,564	$9,956	$11,792	$9,769	$10,564
Apr-2018	$10,624	$10,012	$13,356	$9,813	$10,695
Apr-2019	$11,066	$10,429	$15,158	$10,652	$11,448
Apr-2020	$10,876	$10,250	$15,289	$11,010	$11,336
Apr-2021	$11,602	$10,934	$22,320	$11,836	$13,094
Apr-2022	$11,178	$10,535	$22,367	$12,039	$12,928
Apr-2023	$11,418	$10,760	$22,963	$11,685	$13,048
Apr-2024	$11,754	$11,077	$28,167	$12,524	$13,569
Apr-2025	$12,707	$11,975	$31,574	$13,556	$14,378
Apr-2026	$13,675	$12,888	$41,379	$15,269	$15,697

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, 2025 (i.e., a return of capital), please refer to the Fund’s Form 19a-1 Notices available at: https://www.dunham.com/Investor/FundInfo/MonthlyDistribution#distribution.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Monthly Distribution Fund
Class A Without Load	3.36%	7.62%	3.34%	3.18%
Class A With Load	-2.59%	1.42%	2.13%	2.57%
Morningstar Event Driven Category	3.10%	9.17%	3.69%	4.61%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%
S&P Merger Arbitrage Total Return Local Currency Index	4.54%	12.64%	5.23%	4.32%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$284,006,373
Number of Portfolio Holdings	99
Total Advisory Fee	$880,911
Portfolio Turnover	171%

Asset Weighting (% of total investments)*

Table Summary
Value	Value
Closed End Funds	1.9%
Common Stocks	134.5%
Money Market Funds	19.1%
Right	0.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)*

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Real Estate	0.6%
Materials	3.2%
Consumer Staples	3.0%
Energy	6.3%
Equity	1.1%
Consumer Discretionary	2.5%
Collateral for Securities Loaned	3.1%
Communications	5.7%
Industrials	11.3%
Technology	8.3%
Health Care	7.5%
Money Market Funds	7.8%
Utilities	17.0%
Financials	11.2%

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

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Northwestern Energy Group, Inc.	5.0%
Webster Financial Corporation	4.6%
Norfolk Southern Corporation	4.3%
TXNM Energy, Inc.	4.3%
Essential Utilities, Inc.	3.9%
Chart Industries, Inc.	3.9%
Schroders plc	3.8%
AES Corporation (The)	3.7%
Coterra Energy, Inc.	3.3%
NCR Atleos Corporation	3.3%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Currency Contracts	27.9%
Real Estate	-0.6%
Communications	-1.9%
Technology	-1.9%
Financials	-2.4%
Consumer Staples	-2.5%
Materials	-2.9%
Industrials	-4.9%
Energy	-5.6%
Utilities	-9.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Monthly Distribution Fund - Class A (DAMDX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DAMDX

Dunham Monthly Distribution Fund

Class C (DCMDX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$140	2.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Monthly Distribution Fund - Class C	S&P 500^® Index	S&P Merger Arbitrage Total Return Local Currency Index	Morningstar Event Driven Category
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,485	$11,792	$9,769	$10,564
Apr-2018	$10,465	$13,356	$9,813	$10,695
Apr-2019	$10,820	$15,158	$10,652	$11,448
Apr-2020	$10,554	$15,289	$11,010	$11,336
Apr-2021	$11,172	$22,320	$11,836	$13,094
Apr-2022	$10,688	$22,367	$12,039	$12,928
Apr-2023	$10,836	$22,963	$11,685	$13,048
Apr-2024	$11,070	$28,167	$12,524	$13,569
Apr-2025	$11,878	$31,574	$13,556	$14,378
Apr-2026	$12,684	$41,379	$15,269	$15,697

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Monthly Distribution Fund	2.96%	6.79%	2.57%	2.41%
Morningstar Event Driven Category	3.10%	9.17%	3.69%	4.61%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%
S&P Merger Arbitrage Total Return Local Currency Index	4.54%	12.64%	5.23%	4.32%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$284,006,373
Number of Portfolio Holdings	99
Total Advisory Fee	$880,911
Portfolio Turnover	171%

Asset Weighting (% of total investments)*

Table Summary
Value	Value
Closed End Funds	1.9%
Common Stocks	134.5%
Money Market Funds	19.1%
Right	0.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)*

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Real Estate	0.6%
Materials	3.2%
Consumer Staples	3.0%
Energy	6.3%
Equity	1.1%
Consumer Discretionary	2.5%
Collateral for Securities Loaned	3.1%
Communications	5.7%
Industrials	11.3%
Technology	8.3%
Health Care	7.5%
Money Market Funds	7.8%
Utilities	17.0%
Financials	11.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Northwestern Energy Group, Inc.	5.0%
Webster Financial Corporation	4.6%
Norfolk Southern Corporation	4.3%
TXNM Energy, Inc.	4.3%
Essential Utilities, Inc.	3.9%
Chart Industries, Inc.	3.9%
Schroders plc	3.8%
AES Corporation (The)	3.7%
Coterra Energy, Inc.	3.3%
NCR Atleos Corporation	3.3%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Currency Contracts	27.9%
Real Estate	-0.6%
Communications	-1.9%
Technology	-1.9%
Financials	-2.4%
Consumer Staples	-2.5%
Materials	-2.9%
Industrials	-4.9%
Energy	-5.6%
Utilities	-9.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Monthly Distribution Fund - Class C (DCMDX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCMDX

Dunham Monthly Distribution Fund

Class N (DNMDX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$90	1.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Monthly Distribution Fund - Class N	S&P 500^® Index	S&P Merger Arbitrage Total Return Local Currency Index	Morningstar Event Driven Category
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$105,889	$117,918	$97,692	$105,640
Apr-2018	$106,768	$133,562	$98,133	$106,948
Apr-2019	$111,491	$151,585	$106,525	$114,484
Apr-2020	$109,833	$152,893	$110,102	$113,363
Apr-2021	$117,442	$223,196	$118,363	$130,941
Apr-2022	$113,465	$223,672	$120,392	$129,275
Apr-2023	$116,191	$229,631	$116,858	$130,477
Apr-2024	$119,917	$281,669	$125,248	$135,694
Apr-2025	$129,975	$315,741	$135,565	$143,775
Apr-2026	$140,211	$413,787	$152,698	$156,970

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Monthly Distribution Fund	3.52%	7.88%	3.61%	3.44%
Morningstar Event Driven Category	3.10%	9.17%	3.69%	4.61%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%
S&P Merger Arbitrage Total Return Local Currency Index	4.54%	12.64%	5.23%	4.32%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$284,006,373
Number of Portfolio Holdings	99
Total Advisory Fee	$880,911
Portfolio Turnover	171%

Asset Weighting (% of total investments)*

Table Summary
Value	Value
Closed End Funds	1.9%
Common Stocks	134.5%
Money Market Funds	19.1%
Right	0.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)*

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Real Estate	0.6%
Materials	3.2%
Consumer Staples	3.0%
Energy	6.3%
Equity	1.1%
Consumer Discretionary	2.5%
Collateral for Securities Loaned	3.1%
Communications	5.7%
Industrials	11.3%
Technology	8.3%
Health Care	7.5%
Money Market Funds	7.8%
Utilities	17.0%
Financials	11.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Northwestern Energy Group, Inc.	5.0%
Webster Financial Corporation	4.6%
Norfolk Southern Corporation	4.3%
TXNM Energy, Inc.	4.3%
Essential Utilities, Inc.	3.9%
Chart Industries, Inc.	3.9%
Schroders plc	3.8%
AES Corporation (The)	3.7%
Coterra Energy, Inc.	3.3%
NCR Atleos Corporation	3.3%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Currency Contracts	27.9%
Real Estate	-0.6%
Communications	-1.9%
Technology	-1.9%
Financials	-2.4%
Consumer Staples	-2.5%
Materials	-2.9%
Industrials	-4.9%
Energy	-5.6%
Utilities	-9.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Monthly Distribution Fund - Class N (DNMDX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNMDX

Dunham Real Estate Stock Fund

Class A (DAREX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Real Estate Stock Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/realestate/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$84	1.61%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

Country selection aided in overall Fund performance over the most recent six-month period ended April 30, 2026. In all, the Fund's roughly 25 percent allocation to real estate markets abroad positively contributed to relative Fund performance. In particular, an underweight to Japan and Hong Kong outweighed negative contributions from an overweight to Australia and Singapore. Similarly, the Fund's roughly 75 percent allocation to North American real estate markets also enhanced Fund returns from an absolute perspective, as the domestic real estate market generally outpaced international real estate markets.

Sector allocation was the main driver of relative Fund performance over the first half of the fiscal year. An underweight to single-family residential REITs and an overweight to specialized REITs were two primary drivers of performance from a sector allocation perspective. Conversely, an underweight to data center REITs, along with an overweight to multi-family residential REITs, negatively impacted the Fund's relative performance, although not enough to offset the positive contributions from overall sector allocation decisions.

Security selection positively impacted relative Fund performance. Strong security selection among self-storage REITs, multi-family residential REITs, and Industrial REITs positively contributed to relative Fund performance. More than offsetting the negative impact of security selection within office REITs and health care REITs.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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 Global Real Estate Category	Dow Jones Global Select REIT Total Return Net Index
Apr-2016	$10,000	$9,423	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,469	$9,865	$11,792	$10,801	$10,230	$10,040
Apr-2018	$10,119	$9,535	$13,356	$10,783	$11,025	$10,129
Apr-2019	$11,802	$11,121	$15,158	$12,839	$11,784	$11,257
Apr-2020	$11,915	$11,228	$15,289	$11,664	$10,077	$9,052
Apr-2021	$16,592	$15,634	$22,320	$15,587	$13,435	$12,207
Apr-2022	$14,204	$13,384	$22,367	$16,715	$13,334	$12,984
Apr-2023	$10,646	$10,032	$22,963	$14,277	$11,401	$10,889
Apr-2024	$10,870	$10,243	$28,167	$14,187	$11,344	$10,711
Apr-2025	$11,388	$10,731	$31,574	$16,652	$12,624	$12,075
Apr-2026	$12,998	$12,248	$41,379	$18,747	$14,677	$14,120

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Real Estate Stock Fund
Class A Without Load	11.14%	14.14%	-4.77%	2.66%
Class A With Load	4.79%	7.60%	-5.89%	2.05%
Dow Jones Global Select REIT Total Return Net Index	11.10%	16.93%	2.95%	3.51%
Dow Jones US Real Estate Index	10.15%	12.58%	3.76%	6.49%
Morningstar Global Real Estate Category	9.20%	16.27%	1.78%	3.91%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$71,665,683
Number of Portfolio Holdings	44
Total Advisory Fee	$207,926
Portfolio Turnover	39%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	87.0%
Money Market Funds	13.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-14.2%
Communications	0.6%
Money Market Funds	0.7%
Health Care	1.5%
Collateral for Securities Loaned	14.2%
Real Estate	97.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Welltower, Inc.	10.8%
Prologis, Inc.	8.6%
Equinix, Inc.	8.5%
Simon Property Group, Inc.	5.1%
American Healthcare REIT, Inc.	4.6%
First Industrial Realty Trust, Inc.	4.0%
Extra Space Storage, Inc.	3.9%
Agree Realty Corporation	3.3%
Independence Realty Trust, Inc.	3.2%
Essential Properties Realty Trust, Inc.	3.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Real Estate Stock Fund - Class A (DAREX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DAREX

Dunham Real Estate Stock Fund

Class C (DCREX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$123	2.36%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Real Estate Stock Fund - Class C	S&P 500^® Index	Dow Jones US Real Estate Index	Morningstar Global Real Estate Category	Dow Jones Global Select REIT Total Return Net Index
Apr-2016	$10,000	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,390	$11,792	$10,801	$10,230	$10,040
Apr-2018	$9,965	$13,356	$10,783	$11,025	$10,129
Apr-2019	$11,538	$15,158	$12,839	$11,784	$11,257
Apr-2020	$11,558	$15,289	$11,664	$10,077	$9,052
Apr-2021	$15,976	$22,320	$15,587	$13,435	$12,207
Apr-2022	$13,569	$22,367	$16,715	$13,334	$12,984
Apr-2023	$10,092	$22,963	$14,277	$11,401	$10,889
Apr-2024	$10,228	$28,167	$14,187	$11,344	$10,711
Apr-2025	$10,637	$31,574	$16,652	$12,624	$12,075
Apr-2026	$12,056	$41,379	$18,747	$14,677	$14,120

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Real Estate Stock Fund	10.79%	13.34%	-5.47%	1.89%
Dow Jones Global Select REIT Total Return Net Index	11.10%	16.93%	2.95%	3.51%
Dow Jones US Real Estate Index	10.15%	12.58%	3.76%	6.49%
Morningstar Global Real Estate Category	9.20%	16.27%	1.78%	3.91%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$71,665,683
Number of Portfolio Holdings	44
Total Advisory Fee	$207,926
Portfolio Turnover	39%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	87.0%
Money Market Funds	13.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-14.2%
Communications	0.6%
Money Market Funds	0.7%
Health Care	1.5%
Collateral for Securities Loaned	14.2%
Real Estate	97.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Welltower, Inc.	10.8%
Prologis, Inc.	8.6%
Equinix, Inc.	8.5%
Simon Property Group, Inc.	5.1%
American Healthcare REIT, Inc.	4.6%
First Industrial Realty Trust, Inc.	4.0%
Extra Space Storage, Inc.	3.9%
Agree Realty Corporation	3.3%
Independence Realty Trust, Inc.	3.2%
Essential Properties Realty Trust, Inc.	3.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Real Estate Stock Fund - Class C (DCREX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCREX

Dunham Real Estate Stock Fund

Class N (DNREX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$71	1.36%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Real Estate Stock Fund - Class N	S&P 500^® Index	Dow Jones US Real Estate Index	Morningstar Global Real Estate Category	Dow Jones Global Select REIT Total Return Net Index
Apr-2016	$100,000	$100,000	$100,000	$100,000	$100,000
Apr-2017	$104,926	$117,918	$108,015	$102,296	$100,402
Apr-2018	$101,657	$133,562	$107,834	$110,247	$101,288
Apr-2019	$118,856	$151,585	$128,387	$117,836	$112,565
Apr-2020	$120,319	$152,893	$116,641	$100,769	$90,520
Apr-2021	$167,965	$223,196	$155,872	$134,347	$122,066
Apr-2022	$144,122	$223,672	$167,151	$133,342	$129,838
Apr-2023	$108,261	$229,631	$142,771	$114,005	$108,888
Apr-2024	$110,795	$281,669	$141,868	$113,436	$107,105
Apr-2025	$116,351	$315,741	$166,520	$126,238	$120,754
Apr-2026	$133,175	$413,787	$187,471	$146,774	$141,200

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Real Estate Stock Fund	11.27%	14.46%	-4.54%	2.91%
Dow Jones Global Select REIT Total Return Net Index	11.10%	16.93%	2.95%	3.51%
Dow Jones US Real Estate Index	10.15%	12.58%	3.76%	6.49%
Morningstar Global Real Estate Category	9.20%	16.27%	1.78%	3.91%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$71,665,683
Number of Portfolio Holdings	44
Total Advisory Fee	$207,926
Portfolio Turnover	39%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	87.0%
Money Market Funds	13.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-14.2%
Communications	0.6%
Money Market Funds	0.7%
Health Care	1.5%
Collateral for Securities Loaned	14.2%
Real Estate	97.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Welltower, Inc.	10.8%
Prologis, Inc.	8.6%
Equinix, Inc.	8.5%
Simon Property Group, Inc.	5.1%
American Healthcare REIT, Inc.	4.6%
First Industrial Realty Trust, Inc.	4.0%
Extra Space Storage, Inc.	3.9%
Agree Realty Corporation	3.3%
Independence Realty Trust, Inc.	3.2%
Essential Properties Realty Trust, Inc.	3.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Real Estate Stock Fund - Class N (DNREX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNREX

Dunham Small Cap Growth Fund

Class A (DADGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Small Cap Growth Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://dunham.onlineprospectus.net/Dunham/smallcapgrowth/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$98	1.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The exposure to small capitalization stocks with a growth style generally contributed to performance relative to the overall market during the first half of the fiscal year. Small cap growth companies, as measured by the Russell 2000 Growth Index, rose 9.3 percent over the fiscal period. Meanwhile, the broader US equity markets represented by the S&P 500 Index, added 6 percent over the same period. Similarly, when looking at all growth stocks across both small and large capitalization companies, small growth stocks outperformed large growth stocks for the first half of the fiscal year.

Security selection strongly contributed to Fund performance over the first half of the fiscal year. The Sub-Adviser’s effective security selection within the industrials, energy, and information technology sectors positively impacted the Fund's relative performance. This largely outweighed the detraction from stock selection within the health care and consumer staples sector.

Sector allocation positively impacted the Fund’s performance. The Sub-Adviser’s relative underweight to the materials and overweight to cash hurt Fund performance. Conversely, an overweight to the industrials sector and underweight to the health care sector strongly contributed to relative Fund performance.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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 US Small Cap Broad Growth Extended Index	Morningstar Small Cap Growth Category
Apr-2016	$10,000	$9,428	$10,000	$10,000	$10,001	$10,000
Apr-2017	$12,206	$11,507	$11,792	$12,406	$12,222	$12,289
Apr-2018	$15,192	$14,323	$13,356	$14,466	$14,079	$14,315
Apr-2019	$17,619	$16,611	$15,158	$15,465	$15,387	$15,906
Apr-2020	$16,489	$15,546	$15,289	$14,040	$13,740	$14,576
Apr-2021	$31,808	$29,988	$22,320	$23,749	$23,330	$25,399
Apr-2022	$21,700	$20,458	$22,367	$17,469	$17,886	$19,730
Apr-2023	$22,085	$20,822	$22,963	$17,595	$17,594	$19,037
Apr-2024	$24,429	$23,032	$28,167	$19,775	$20,138	$21,368
Apr-2025	$24,584	$23,177	$31,574	$20,253	$20,847	$21,646
Apr-2026	$36,066	$34,003	$41,379	$28,889	$28,401	$28,725

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

The Fund has added Morningstar US Small Cap Broad Growth Extended Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Small Cap Growth Fund
Class A Without Load	15.14%	46.71%	2.54%	13.69%
Class A With Load	8.52%	38.29%	1.34%	13.02%
Morningstar Small Cap Growth Category	9.15%	32.71%	2.49%	11.13%
Morningstar US Small Cap Broad Growth Extended Index	9.60%	36.25%	4.01%	11.00%
Russell 2000^® Growth Index	9.29%	42.64%	4.00%	11.19%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$86,368,890
Number of Portfolio Holdings	110
Total Advisory Fee	$270,120
Portfolio Turnover	61%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	82.0%
Money Market Funds	18.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-17.4%
Consumer Staples	2.1%
Money Market Funds	3.0%
Energy	3.3%
Materials	4.9%
Consumer Discretionary	9.7%
Financials	10.0%
Health Care	12.2%
Collateral for Securities Loaned	18.1%
Technology	24.4%
Industrials	29.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
ESCO Technologies, Inc.	1.9%
Mirion Technologies, Inc.	1.7%
Saia, Inc.	1.6%
Kodiak Gas Services, Inc.	1.6%
Hexcel Corporation	1.6%
Applied Industrial Technologies, Inc.	1.6%
Onto Innovation, Inc.	1.5%
Powell Industries, Inc.	1.4%
Fulton Financial Corporation	1.4%
CECO Environmental Corporation	1.4%

The total percentage may not equal 100% due to the Fund's Net Assets being comprised of other assets and liabilities in addition to the market value of securities held.

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Small Cap Growth Fund - Class A (DADGX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DADGX

Dunham Small Cap Growth Fund

Class C (DCDGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$138	2.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Small Cap Growth Fund - Class C	S&P 500^® Index	Russell 2000^® Growth Index	Morningstar US Small Cap Broad Growth Extended Index	Morningstar Small Cap Growth Category
Apr-2016	$10,000	$10,000	$10,000	$10,001	$10,000
Apr-2017	$12,114	$11,792	$12,406	$12,222	$12,289
Apr-2018	$14,959	$13,356	$14,466	$14,079	$14,315
Apr-2019	$17,233	$15,158	$15,465	$15,387	$15,906
Apr-2020	$16,006	$15,289	$14,040	$13,740	$14,576
Apr-2021	$30,638	$22,320	$23,749	$23,330	$25,399
Apr-2022	$20,744	$22,367	$17,469	$17,886	$19,730
Apr-2023	$20,967	$22,963	$17,595	$17,594	$19,037
Apr-2024	$23,019	$28,167	$19,775	$20,138	$21,368
Apr-2025	$22,974	$31,574	$20,253	$20,847	$21,646
Apr-2026	$33,464	$41,379	$28,889	$28,401	$28,725

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

The Fund has added Morningstar US Small Cap Broad Growth Extended Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Small Cap Growth Fund	14.70%	45.66%	1.78%	12.84%
Morningstar Small Cap Growth Category	9.15%	32.71%	2.49%	11.13%
Morningstar US Small Cap Broad Growth Extended Index	9.60%	36.25%	4.01%	11.00%
Russell 2000^® Growth Index	9.29%	42.64%	4.00%	11.19%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$86,368,890
Number of Portfolio Holdings	110
Total Advisory Fee	$270,120
Portfolio Turnover	61%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	82.0%
Money Market Funds	18.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-17.4%
Consumer Staples	2.1%
Money Market Funds	3.0%
Energy	3.3%
Materials	4.9%
Consumer Discretionary	9.7%
Financials	10.0%
Health Care	12.2%
Collateral for Securities Loaned	18.1%
Technology	24.4%
Industrials	29.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
ESCO Technologies, Inc.	1.9%
Mirion Technologies, Inc.	1.7%
Saia, Inc.	1.6%
Kodiak Gas Services, Inc.	1.6%
Hexcel Corporation	1.6%
Applied Industrial Technologies, Inc.	1.6%
Onto Innovation, Inc.	1.5%
Powell Industries, Inc.	1.4%
Fulton Financial Corporation	1.4%
CECO Environmental Corporation	1.4%

The total percentage may not equal 100% due to the Fund's Net Assets being comprised of other assets and liabilities in addition to the market value of securities held.

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Small Cap Growth Fund - Class C (DCDGX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DCDGX

Dunham Small Cap Growth Fund

Class N (DNDGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$85	1.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Small Cap Growth Fund - Class N	S&P 500^® Index	Russell 2000^® Growth Index	Morningstar US Small Cap Broad Growth Extended Index	Morningstar Small Cap Growth Category
Apr-2016	$100,000	$100,000	$100,000	$100,000	$100,000
Apr-2017	$122,422	$117,918	$124,063	$122,206	$122,894
Apr-2018	$152,704	$133,562	$144,656	$140,774	$143,150
Apr-2019	$177,590	$151,585	$154,653	$153,858	$159,063
Apr-2020	$166,579	$152,893	$140,399	$137,389	$145,763
Apr-2021	$322,143	$223,196	$237,490	$233,281	$253,991
Apr-2022	$220,414	$223,672	$174,691	$178,845	$197,297
Apr-2023	$224,885	$229,631	$175,955	$175,925	$190,372
Apr-2024	$249,408	$281,669	$197,748	$201,357	$213,676
Apr-2025	$251,572	$315,741	$202,529	$208,451	$216,462
Apr-2026	$369,945	$413,787	$288,894	$283,983	$287,249

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

The Fund has added Morningstar US Small Cap Broad Growth Extended Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Small Cap Growth Fund	15.26%	47.05%	2.81%	13.98%
Morningstar Small Cap Growth Category	9.15%	32.71%	2.49%	11.13%
Morningstar US Small Cap Broad Growth Extended Index	9.60%	36.25%	4.01%	11.00%
Russell 2000^® Growth Index	9.29%	42.64%	4.00%	11.19%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$86,368,890
Number of Portfolio Holdings	110
Total Advisory Fee	$270,120
Portfolio Turnover	61%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	82.0%
Money Market Funds	18.0%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-17.4%
Consumer Staples	2.1%
Money Market Funds	3.0%
Energy	3.3%
Materials	4.9%
Consumer Discretionary	9.7%
Financials	10.0%
Health Care	12.2%
Collateral for Securities Loaned	18.1%
Technology	24.4%
Industrials	29.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
ESCO Technologies, Inc.	1.9%
Mirion Technologies, Inc.	1.7%
Saia, Inc.	1.6%
Kodiak Gas Services, Inc.	1.6%
Hexcel Corporation	1.6%
Applied Industrial Technologies, Inc.	1.6%
Onto Innovation, Inc.	1.5%
Powell Industries, Inc.	1.4%
Fulton Financial Corporation	1.4%
CECO Environmental Corporation	1.4%

The total percentage may not equal 100% due to the Fund's Net Assets being comprised of other assets and liabilities in addition to the market value of securities held.

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Small Cap Growth Fund - Class N (DNDGX)

Semi-Annual Shareholder Report - April 30, 2026

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
Updated performance information

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

TSR-SAR 043026-DNDGX

Dunham Small Cap Value Fund

Class A (DASVX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham Small Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$78	1.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The exposure to small capitalization stocks with a value style generally contributed to performance relative to the overall market during the first half of the fiscal year. Small cap value companies, as measured by Russell 2000 Value Index, increased 18.7 percent over the fiscal period. This performance outperformed the broader US equity markets represented by the S&P 500 Index, which increased 6.0 percent over the same period. Similarly, when looking at all value stocks across both small and large capitalization companies, small value stocks outperformed large value stocks for the first half of the fiscal year.

Security selection contributed to Fund performance over the first half of the fiscal year. The Sub-Adviser’s effective security selection within the industrials, materials, and financials sectors positively impacted the Fund's relative performance. This largely outweighed the slight detraction from stock selection within the health care and information technology sectors.

Sector allocation positively impacted the Fund’s performance. The Sub-Adviser’s relative underweight to the consumer discretionary and utilities sectors helped aid in positive Fund performance. Additionally, an overweight to the materials and information technology sectors positively contributed to relative Fund performance.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	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 US Small Cap Broad Value Extended Index	Morningstar Small Cap Value Category
Apr-2016	$10,000	$9,427	$10,000	$10,000	$10,000	$10,000
Apr-2017	$12,541	$11,822	$11,792	$12,718	$12,273	$12,183
Apr-2018	$13,210	$12,453	$13,356	$13,549	$12,885	$12,956
Apr-2019	$13,930	$13,131	$15,158	$13,846	$13,133	$12,985
Apr-2020	$10,642	$10,032	$15,289	$10,544	$9,744	$9,775
Apr-2021	$17,361	$16,366	$22,320	$18,870	$18,031	$17,582
Apr-2022	$16,889	$15,922	$22,367	$17,627	$17,287	$16,946
Apr-2023	$15,863	$14,954	$22,963	$16,219	$16,544	$16,469
Apr-2024	$18,232	$17,188	$28,167	$18,495	$18,834	$19,057
Apr-2025	$17,585	$16,577	$31,574	$18,368	$19,087	$18,612
Apr-2026	$25,607	$24,140	$41,379	$26,880	$25,589	$25,308

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Small Cap Broad Value Extended Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	5 Years	10 Years
Dunham Small Cap Value Fund
Class A Without Load	20.15%	45.62%	8.08%	9.86%
Class A With Load	13.27%	37.26%	6.81%	9.21%
Morningstar Small Cap Value Category	16.85%	35.98%	7.56%	9.73%
Morningstar US Small Cap Broad Value Extended Index	13.48%	34.03%	7.25%	9.85%
Russell 2000^® Value Index	18.54%	46.34%	7.33%	10.39%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$94,472,067
Number of Portfolio Holdings	203
Total Advisory Fee	$428,099
Portfolio Turnover	41%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	85.4%
Money Market Funds	14.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-14.5%
Consumer Staples	1.1%
Money Market Funds	2.3%
Communications	3.0%
Utilities	3.5%
Consumer Discretionary	4.2%
Real Estate	4.9%
Energy	5.5%
Health Care	7.6%
Technology	9.6%
Materials	11.7%
Collateral for Securities Loaned	14.4%
Financials	19.2%
Industrials	27.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silicon Motion Technology Corporation - ADR	1.2%
Ultra Clean Holdings, Inc.	1.1%
CareDx, Inc.	1.0%
BKV Corporation	1.0%
Peapack-Gladstone Financial Corporation	1.0%
BGC Group, Inc. - Class A	1.0%
Teradata Corporation	1.0%
Northeast Bank	0.9%
PTC Therapeutics, Inc.	0.9%
Enterprise Financial Services Corporation	0.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Small Cap Value Fund - Class A (DASVX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DASVX

Dunham Small Cap Value Fund

Class C (DCSVX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$119	2.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Small Cap Value Fund - Class C	S&P 500^® Index	Russell 2000^® Value Index	Morningstar US Small Cap Broad Value Extended Index	Morningstar Small Cap Value Category
Apr-2016	$10,000	$10,000	$10,000	$10,000	$10,000
Apr-2017	$12,444	$11,792	$12,718	$12,273	$12,183
Apr-2018	$13,013	$13,356	$13,549	$12,885	$12,956
Apr-2019	$13,615	$15,158	$13,846	$13,133	$12,985
Apr-2020	$10,320	$15,289	$10,544	$9,744	$9,775
Apr-2021	$16,714	$22,320	$18,870	$18,031	$17,582
Apr-2022	$16,135	$22,367	$17,627	$17,287	$16,946
Apr-2023	$15,037	$22,963	$16,219	$16,544	$16,469
Apr-2024	$17,159	$28,167	$18,495	$18,834	$19,057
Apr-2025	$16,438	$31,574	$18,368	$19,087	$18,612
Apr-2026	$23,761	$41,379	$26,880	$25,589	$25,308

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Small Cap Broad Value Extended Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Small Cap Value Fund	19.78%	44.55%	7.29%	9.04%
Morningstar Small Cap Value Category	16.85%	35.98%	7.56%	9.73%
Morningstar US Small Cap Broad Value Extended Index	13.48%	34.03%	7.25%	9.85%
Russell 2000^® Value Index	18.54%	46.34%	7.33%	10.39%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$94,472,067
Number of Portfolio Holdings	203
Total Advisory Fee	$428,099
Portfolio Turnover	41%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	85.4%
Money Market Funds	14.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-14.5%
Consumer Staples	1.1%
Money Market Funds	2.3%
Communications	3.0%
Utilities	3.5%
Consumer Discretionary	4.2%
Real Estate	4.9%
Energy	5.5%
Health Care	7.6%
Technology	9.6%
Materials	11.7%
Collateral for Securities Loaned	14.4%
Financials	19.2%
Industrials	27.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silicon Motion Technology Corporation - ADR	1.2%
Ultra Clean Holdings, Inc.	1.1%
CareDx, Inc.	1.0%
BKV Corporation	1.0%
Peapack-Gladstone Financial Corporation	1.0%
BGC Group, Inc. - Class A	1.0%
Teradata Corporation	1.0%
Northeast Bank	0.9%
PTC Therapeutics, Inc.	0.9%
Enterprise Financial Services Corporation	0.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Small Cap Value Fund - Class C (DCSVX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCSVX

Dunham Small Cap Value Fund

Class N (DNSVX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$64	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	Dunham Small Cap Value Fund - Class N	S&P 500^® Index	Russell 2000^® Value Index	Morningstar US Small Cap Broad Value Extended Index	Morningstar Small Cap Value Category
Apr-2016	$100,000	$100,000	$100,000	$100,002	$100,000
Apr-2017	$125,639	$117,918	$127,182	$122,741	$121,828
Apr-2018	$132,667	$133,562	$135,488	$128,859	$129,555
Apr-2019	$140,273	$151,585	$138,455	$131,339	$129,852
Apr-2020	$107,426	$152,893	$105,441	$97,446	$97,746
Apr-2021	$175,729	$223,196	$188,700	$180,319	$175,817
Apr-2022	$171,332	$223,672	$176,273	$172,876	$169,462
Apr-2023	$161,348	$229,631	$162,194	$165,452	$164,688
Apr-2024	$185,901	$281,669	$184,949	$188,354	$190,571
Apr-2025	$179,768	$315,741	$183,684	$190,877	$186,124
Apr-2026	$262,554	$413,787	$268,805	$255,904	$253,078

Calculations assume the reinvestment of dividends and capital gains, if any. The Fund has added Morningstar US Small Cap Broad Value Extended Index as an additional benchmark.

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	5 Years	10 Years
Dunham Small Cap Value Fund	20.36%	46.05%	8.36%	10.13%
Morningstar Small Cap Value Category	16.85%	35.98%	7.56%	9.73%
Morningstar US Small Cap Broad Value Extended Index	13.48%	34.03%	7.25%	9.85%
Russell 2000^® Value Index	18.54%	46.34%	7.33%	10.39%
S&P 500^® Index	6.03%	31.05%	13.14%	15.26%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$94,472,067
Number of Portfolio Holdings	203
Total Advisory Fee	$428,099
Portfolio Turnover	41%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	85.4%
Money Market Funds	14.6%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-14.5%
Consumer Staples	1.1%
Money Market Funds	2.3%
Communications	3.0%
Utilities	3.5%
Consumer Discretionary	4.2%
Real Estate	4.9%
Energy	5.5%
Health Care	7.6%
Technology	9.6%
Materials	11.7%
Collateral for Securities Loaned	14.4%
Financials	19.2%
Industrials	27.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silicon Motion Technology Corporation - ADR	1.2%
Ultra Clean Holdings, Inc.	1.1%
CareDx, Inc.	1.0%
BKV Corporation	1.0%
Peapack-Gladstone Financial Corporation	1.0%
BGC Group, Inc. - Class A	1.0%
Teradata Corporation	1.0%
Northeast Bank	0.9%
PTC Therapeutics, Inc.	0.9%
Enterprise Financial Services Corporation	0.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham Small Cap Value Fund - Class N (DNSVX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/smallcapvalue/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNSVX

Dunham U.S. Enhanced Market Fund

Class A (DASPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Dunham U.S. Enhanced Market Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/. You can also request this information by contacting us at 1-800-442-4358.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$71	1.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund’s higher sensitivity to the benchmark index, as measured by Delta, contributed to positive Fund performance. Higher equity exposure over the course of the first fiscal quarter helped relative performance, with portfolio sensitivity varying within a tight range around 1.14 percent. Average portfolio equity sensitivity in the second fiscal quarter was 1.04, above the baseline 1.0, which adversely impacted Fund performance in February and March as equities fell, but strongly aided Fund performance in April as the S&P 500 rallied over 10 percent and portfolio delta ended the quarter at 1.10.

The option exposure within the Fund was the most meaningful contributor to positive Fund performance over the first half of the fiscal year. During the period, option prices were positively impacted by increases in implied volatility, but an increase in the implied dividend yield, falling interest rates and time decay detracted value.

The fixed income exposure detracted from relative Fund performance over the first six months of the fiscal year. As volatility spiked and yields fell, the fixed income exposure acted as a safe haven, providing downside protection. However, as equity markets strongly rebounded, this exposure detracted from relative Fund performance.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Dunham U.S. Enhanced Market Fund - Class A	Dunham U.S. Enhanced Market Fund - Class A- with load	S&P 500^® Index	Morningstar Global Moderately Conservative Allocation Category
May-2023	$10,000	$9,550	$10,000	$10,000
Apr-2024	$11,983	$11,443	$12,271	$10,639
Apr-2025	$13,322	$12,722	$13,755	$11,505
Apr-2026	$17,314	$16,535	$18,027	$13,287

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 months	1 Year	Since Inception (May 1, 2023)
Dunham U.S. Enhanced Market Fund
Class A Without Load	3.54%	29.97%	20.08%
Class A With Load	-1.09%	24.15%	18.25%
Morningstar Global Moderately Conservative Allocation Category	5.14%	15.49%	9.94%
S&P 500^® Index	6.03%	31.05%	21.70%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$138,689,613
Number of Portfolio Holdings	10
Total Advisory Fee	$630,076
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	11.0%
Purchased Options	38.7%
U.S. Government & Agencies	50.3%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	38.9%
Money Market Funds	10.8%
U.S. Treasury Obligations	50.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, –%, 06/30/26	35.9%
S&P 500 INDEX, 01/31/30	20.5%
S&P 500 INDEX, 01/31/31	18.2%
United States Treasury Note, 1.2500%, 09/30/28	10.8%
United States Treasury Bill, –%, 06/16/26	3.6%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham U.S. Enhanced Market Fund - Class A (DASPX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DASPX

Dunham U.S. Enhanced Market Fund

Class C (DCSPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$109	2.16%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Dunham U.S. Enhanced Market Fund - Class C	S&P 500^® Index	Morningstar Global Moderately Conservative Allocation Category
May-2023	$10,000	$10,000	$10,000
Apr-2024	$11,893	$12,271	$10,639
Apr-2025	$13,127	$13,755	$11,505
Apr-2026	$16,928	$18,027	$13,287

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	Since Inception (May 1, 2023)
Dunham U.S. Enhanced Market Fund	3.21%	28.95%	19.18%
Morningstar Global Moderately Conservative Allocation Category	5.14%	15.49%	9.94%
S&P 500^® Index	6.03%	31.05%	21.70%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$138,689,613
Number of Portfolio Holdings	10
Total Advisory Fee	$630,076
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	11.0%
Purchased Options	38.7%
U.S. Government & Agencies	50.3%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	38.9%
Money Market Funds	10.8%
U.S. Treasury Obligations	50.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, –%, 06/30/26	35.9%
S&P 500 INDEX, 01/31/30	20.5%
S&P 500 INDEX, 01/31/31	18.2%
United States Treasury Note, 1.2500%, 09/30/28	10.8%
United States Treasury Bill, –%, 06/16/26	3.6%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham U.S. Enhanced Market Fund - Class C (DCSPX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DCSPX

Dunham U.S. Enhanced Market Fund

Class N (DNSPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$59	1.16%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

Table Summary
	Dunham U.S. Enhanced Market Fund - Class N	S&P 500^® Index	Morningstar Global Moderately Conservative Allocation Category
May-2023	$100,000	$100,000	$100,000
Apr-2024	$120,076	$122,709	$106,390
Apr-2025	$133,913	$137,552	$115,051
Apr-2026	$174,448	$180,266	$132,865

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

Average Annual Total Returns ( As of April 30, 2026)

Table Summary
	6 Months	1 Year	Since Inception (May 1, 2023)
Dunham U.S. Enhanced Market Fund	3.69%	30.27%	20.38%
Morningstar Global Moderately Conservative Allocation Category	5.14%	15.49%	9.94%
S&P 500^® Index	6.03%	31.05%	21.70%

Key Fund Statistics ( As of April 30, 2026)

Table Summary
Total Net Assets	$138,689,613
Number of Portfolio Holdings	10
Total Advisory Fee	$630,076
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	11.0%
Purchased Options	38.7%
U.S. Government & Agencies	50.3%

What did the Fund invest in? (As of April 30, 2026)

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	38.9%
Money Market Funds	10.8%
U.S. Treasury Obligations	50.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, –%, 06/30/26	35.9%
S&P 500 INDEX, 01/31/30	20.5%
S&P 500 INDEX, 01/31/31	18.2%
United States Treasury Note, 1.2500%, 09/30/28	10.8%
United States Treasury Bill, –%, 06/16/26	3.6%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Dunham U.S. Enhanced Market Fund - Class N (DNSPX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://Dunham.onlineprospectus.net/Dunham/usenhancedmarket/ ) or by calling 1-800-442-4358, including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 043026-DNSPX

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.

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