UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED    MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number     811-08037                                                                           

              AdvisorOne Funds                                                                          

(Exact name of registrant as specified in charter)

              4020 South 147^th Street, Omaha, NE                  68137                                           

(Address of principal executive offices)               (Zip code)

              Emile Molineaux

              Gemini Fund Services, LLC., 450 Wireless Blvd., Hauppauge, NY 11788            

(Name and address of agent for service)

Registrant's telephone number, including area code:         631-470-2616                                          

Date of fiscal year end:  10/31    

Date of reporting period:1/31/06

Item 1.  Schedule of Investments.  

Dunham Short-Term Bond Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)						January 31, 2006
			Principal
% of Portfolio		Description	Amount	Int. Rate	Maturity	Value
37.47%		ASSET BACKED SECURITIES
15.92%		Automobile
		Americredit Auto Receivable Trust 2004-A A3	625,000	3.630%	1/6/2010	$                   617,608
		Bay View Auto Trust 2005-LJ1 A3	500,000	3.860	3/25/2010	492,867
		Capital Auto Receivables Trust 2003-1 A3A	184,346	2.750	4/16/2007	183,171
		Carmax Auto Owner Trust 2005-3 A3	250,000	4.810	3/15/2010	249,470
		Fifth Third Auto Trust 2004-A A3	435,000	3.190	2/20/2008	431,264
		Honda Auto Receivables Owner 2005-6 A4	300,000	4.860	3/18/2011	300,181
		Honda Auto Receivables Soverign Trust 2005-2A3	400,000	3.930	1/15/2009	395,094
		Onyx Acceptance Auto Trust 2005-A A4	500,000	3.910	9/15/2011	488,740
		Susquehanna Auto Lease Trust 2005-1A3 -144A	300,000	4.430	6/16/2008	297,938
		Triad Auto Receivables Owner 2006-A A3	400,000	4.770	1/12/2011	398,609
		USAA Auto Owner Trust 2005-1 A4	500,000	4.130	11/15/2011	490,886
		Wachovia Auto Owner Trust 2004-A A3	466,164	3.190	6/20/2008	462,015
						4,807,843
3.91%		Business Equipment
		CIT Equipment Collateral 2004-VT1 A3	342,964	2.200	3/20/2008	338,105
		Ikon Receivables LLC 2003-1 A4	600,000	3.270	7/15/2011	592,811
		Marlin Leasing Receivables LLC 2005-1A A3 -144A	250,000	4.630	11/17/2008	248,013
						1,178,929
6.27%		Credit Card
		Bank One Issuance Trust 2004-B2	250,000	4.370	4/15/2012	244,568
		Dillard Credit Card Master Trust 2002-2 A	650,000	3.800	9/15/2010	645,473
		Household Private Label Credit Master Note Series 2002-1 A	500,000	5.500	1/18/2011	503,281
		MBNA Credit Card Master Note 2002 A1	500,000	4.950	6/15/2009	500,606
						1,893,928
4.39%		Heavy Equipment
		Caterpillar Financial Asset Trust 2004-AA3	500,644	3.130	1/26/2009	493,748
		CNH Equipment Trust 2005-A A4B	450,000	4.290	6/15/2012	442,842
		Navistar Financial Corp Owner 2004-A A3	392,414	2.010	8/15/2008	387,168
						1,323,758
1.22%		Home Equity
		Countrywide Asset Backed Certificates Series 2004-7 AF3	337,071	3.903	1/25/2031	335,427
		Centex Home Equity 2003-C AF3	31,563	3.690	3/25/2028	31,461
						366,888
3.04%		Mortgages Collateral
		Countrywide Alternative Loan	324,997	5.500	1/25/2036	323,480
		Residential Asset Mortgage Products 2004-RS12 AI3	600,000	3.981	4/25/2029	592,563
						916,043
1.65%		Student Loan
		Education Loans, Inc. +	395,683	4.021	12/26/2016	393,312
		PNC Student Loan Trust 1997-2 A7	103,300	6.728	1/25/2007	103,852
						497,164
1.07%		Utilities
		Peco Energy Transition Trust 199-A A6	319,339	6.050	3/1/2009	321,443
		TOTAL ASSET BACKED SECURITIES
		(Cost $11,422,400)				11,305,996
31.77%		COLLATERALIZED MORTGAGE BACKED SECURITIES
14.41%		Commercial
		Banc of America Commercial Mortgage 2004-2 A2	500,000	3.520	11/10/2038	479,465
		Bear Stearns Commercial Mortgage 2004-PWR4 A1	412,126	4.361	6/11/2041	405,153
		Bear Stearns Commercial Mortgage 2003-PWR2 A1	436,208	3.432	5/11/2039	420,895
		CS First  Boston Mortgage Securities 2001-CP4 A2	350,000	5.870	12/15/2035	354,315
		CS First  Boston Mortgage Securities 2003-CK2 A1	243,180	3.006	3/15/2036	235,842
		GE Capital Commercial Mortgage 2005-C1 A1	401,004	4.012	6/10/2048	393,522
		JP Morgan Chase Commercial Mortgage Series 2005-LDP1 A1	382,900	4.116	3/15/2046	376,389
		LB-US Comercial Mortgage Trust 2003-C1 A1	386,461	2.720	3/15/2027	373,974
		Morgan Stanley Mort Loan Trust	444,286	2.850	9/13/2045	427,402
		Superannuation Members Home Loan Series 6A	361,076	4.464	11/9/2035	361,918
		Structured Adjusted Rate Mortgage Loan 2006-1 A1	300,000	5.250	1/1/2036	298,782
		Wells Fargo Mortgage Backed Securities 2005-9 1A1	225,000	4.750	10/25/2035	220,734
						4,348,391
17.36%		U.S. Government Agency
		Federal Home Loans Banks Series 0582 H	332,098	4.750	10/25/2010	329,192
		Fannie Mae Series 2003-52 KR	303,310	3.500	7/25/2017	288,681
		Freddie Mac Series 2627 BG	425,498	3.250	6/15/2017	400,939
		Fannie Mae Series 2004-17 HA	272,715	3.000	1/25/2019	251,923
		Freddie Mac Series 2643 ME	460,300	3.500	3/15/2018	435,419
		Freddie Mac Series 2672 HA	454,958	4.000	9/15/2016	440,941
		Freddie Mac Series 2764 NI	323,411	3.250	3/15/2014	310,792
		Freddie Mac Series 2866 TG	582,660	4.500	7/15/2027	577,475
		Fannie Mae Series 2003-69 GJ	434,854	3.500	12/25/2031	411,428
		Fannie Mae Series 2003-73 GA	438,401	3.500	5/25/2031	411,053
		Federal Home Loan Mortgage	825,000	6.990	7/26/2006	834,228
		Federal Home Loan Mortgage Series 3056 AP	240,622	5.500	1/15/2027	242,206
		Federal Home Loan Mortgage Series   3074 BC	300,000	5.500	10/15/2035	302,792
						5,237,069
	TOTAL COLLATERALIZED MORTGAGE BACKED SECURITIES
		(Cost $9,748,546)				9,585,460
30.57%		CORPORATE BONDS
9.97%		Banks
		ABN Amro BK Chic Sub Note	430,000	7.125	6/18/2007	440,974
		American Express Centurion	430,000	4.375	7/30/2009	420,277
		Deutsche Bank Financial	450,000	6.700	12/13/2006	456,251
		HSBC Bank PLC	500,000	7.625	6/15/2006	504,825
		National City Bank	300,000	4.250	1/29/2010	292,151
		Nationsbank Corporation	250,000	6.375	2/15/2008	256,689
		Union Bank of Switzerland - New York	300,000	7.250	7/15/2006	302,897
		Union Planters Bank NA	325,000	6.500	3/15/2008	334,082
						3,008,146
0.85%		Aerospace/Defense
		Boeing Co.	250,000	8.100	11/15/2006	255,872
9.98%		Diversified Finan Serv
		Bear Stearns Company, Inc.	325,000	2.875	7/2/2008	309,315
		Capital One Bank	300,000	6.700	5/15/2008	309,205
		Caterpillar Financial Service Corp.	80,000	3.675	11/15/2007	78,169
		Goldman Sachs Group, Inc.	350,000	7.350	10/1/2009	375,521
		Goldman Sachs Group, Inc.	75,000	4.500	6/15/2010	73,097
		Intl Lease Finance Corp	120,000	6.375	3/15/2009	124,150
		Intl Lease Finance Corp	250,000	4.750	7/1/2009	246,553
		Lehman Brothers Holdings, Inc.	300,000	8.250	6/15/2007	312,511
		Merrill Lynch & Co. Inc.	325,000	4.831	10/27/2008	323,265
		Morgan Stanley Dean Witter	500,000	10.000	6/15/2008	555,238
		Residential Capital Corp	150,000	6.375	6/30/2010	153,760
		Residential Capital Corp	150,000	6.125	11/21/2008	151,530
						3,012,314
5.12%		Electric
		Con Edison Co. of NY	425,000	4.700	6/15/2009	421,627
		Georgia Power Company +	450,000	4.530	2/17/2009	451,057
		Metropolitan Edison	200,000	4.450	3/15/2010	193,675
		Northern States Pwr-Wisc	450,000	7.640	10/1/2008	477,063
						1,543,422
1.47%		Savings&Loans
		Amsouth Bank NA	450,000	2.820	11/3/2006	443,098
1.45%		Telecommunications
		SBC Communication Capital Corp	125,000	6.680	11/28/2007	127,884
		Sprint Capital Corp	300,000	6.375	5/1/2009	310,126
						438,010
1.73%		Transportation
		General American Transportation Corp.	150,000	6.750	5/1/2009	154,493
		Union Pacific Corporation	350,000	7.250	11/1/2008	368,902
						523,395
		TOTAL CORPORATE BONDS
		(Cost $9,318,079)				9,224,257
1.98%		SHORT-TERM INVESTMENTS	Shares
		Milestone Treasury Obligation	597,444			597,444
		Portfolio - Institutional Class
		(Cost $597,444)
101.79%		Total Value of Investments:				$              30,713,157
		(Total Cost: $31,086,469)
-1.79%		Other Assets Less Liabilities:				$                 (539,670)
100.00%		Total Net Assets:				$              30,173,487
+ Variable Rate Security. Rate shown represents current rate as of January 31, 2006
144A- Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers.
At January 31, 2006, net unrealized depreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost						$                      8,914
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value						(382,226)
Net unrealized depreciation						$                 (373,312)

Dunham Corporate/Government Bond Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)						January 31, 2006
% of Portfolio		Description	Shares	Int. Rate	Maturity	Value
42.14%		TAXABLE BOND
0.50%		Aerospace/Defense
		Armor Holdings, Inc.	60,000	8.250%	8/15/2013	$             64,800
		Esterline Technologies	15,000	7.750	6/15/2013	15,600
		United Technologies Corp.	120,000	4.875	5/1/2015	117,178
						197,578
0.48%		Auto-Cars/Light Trucks
		Daimlerchrysler NA Holdings +	190,000	4.780	10/31/2008	190,629
0.44%		Building Prod-Air&Heating
		American Standard, Inc.	163,807	7.675	2/15/2010	175,265
0.27%		Building & Construct Prod-Misc
		Building Materials Corp.	20,000	7.750	8/1/2014	19,400
		Ply Gem Industries, Inc.	100,000	9.000	2/15/2012	86,500
						105,900
1.53%		Building - Residential/Commercial
		D R Horton, Inc.	128,264	7.500	12/1/2007	132,725
		D R Horton, Inc.	185,442	5.675	9/15/2014	178,523
		K Hovnanian Entr	189,305	6.250	1/15/2015	178,902
		Meritage Homes Corp	85,000	6.250	3/15/2015	77,775
		Tech Olympic USA Inc.	35,000	9.000	7/1/2010	35,919
						603,844
0.31%		Broadcast Services/Program
		Clear Channel Communications	105,000	5.500	9/15/2014	98,946
		Liberty Media Corp.	25,000	5.700	5/15/2013	23,398
						122,344
2.76%		Cable TV
		BSKYB Finance UK Ltd 144A	40,000	6.500	10/15/2035	39,446
		Charter Comm Opt LLC/Cap 144A	60,000	8.375	4/30/2014	59,925
		Comcast Corp.	75,000	5.850	11/15/2015	74,998
		Comcast Corp.	65,000	6.500	11/15/2035	65,111
		CSC Holdings, Inc..	224,076	10.500	5/15/2016	238,361
		DirectTV Holdings/Finance	85,000	6.375	6/15/2015	83,300
		Echostar DBS Corp.	38,146	9.125	1/15/2009	39,910
		Echostar DBS Corp. 144A	95,000	7.125	2/1/2016	93,694
		Lenfest Communications, Inc..	132,900	10.500	6/15/2006	135,174
		Mediacom BroadBd LLC 144A	60,000	8.500	10/15/2015	56,700
		Rogers Cable, Inc.	69,541	7.875	5/1/2012	74,583
		Time Warner Entertainment	110,000	8.675	7/15/2033	130,070
						1,091,272
1.32%		Casino Hotels
		Harrahs Operating Co Inc.	190,000	5.750	10/1/2017	183,721
		Hilton Hotels Corporation	84,536	7.675	12/1/2012	91,368
		MGM Mirage	55,000	6.750	9/1/2012	55,963
		MGM Mirage	40,000	6.675	7/15/2015	40,200
		Station Casinos Inc.	90,000	6.875	3/1/2016	91,463
		Wynn Las Vegas LLC/Corp	60,000	6.675	12/1/2014	58,424
						521,139
0.20%		Casino Services
		OED/Diamond Jo	80,000	8.750	4/15/2012	78,400
0.53%		Chemicals-Diversified
		United Agri Products	195,000	8.250	12/15/2011	206,944
0.24%		Coal
		Peabody Energy Corp	90,000	6.875	3/15/2013	93,150
3.12%		Commericial Banks
		Bank of America Corporation	43,175	4.375	12/1/2010	41,935
		Barclays Bank PLC +	40,000	6.278	Perpetual	39,830
		Colonial Bank	16,226	9.375	6/1/2011	18,957
		Colonial Capital II	52,542	8.920	1/15/2027	55,984
		First Republic Bank	119,764	7.750	9/15/2012	132,938
		HBOS PLC - 144A+	100,000	6.413	Perpetual	99,302
		HSBC Bank USA	95,000	5.875	11/1/2034	95,055
		Resona Bank LTD + 144A	120,000	5.850	Perpetual	119,281
		Sweedish Export Cred	620,000		6/5/2007	629,758
						1,233,041
0.15%		Computer Services
		Sungard Data Systems, Inc.	65,000	4.875	1/15/2014	56,550
0.33%		Construction Services
		Toll Corp.	123,628	8.250	12/1/2011	131,219
0.30%		Consumer Products-Misc
		Fortune Brands, Inc.	120,000	5.375	1/15/2016	117,867
0.85%		Containers-Metal/Glass
		AEP Industries, Inc.	105,000	7.875	3/15/2013	101,850
		Crown Americas, Inc. 144A	35,000	7.750	11/15/2015	36,313
		Crown Cork & Seal Co. Inc.	40,000	7.375	12/15/2026	37,000
		Owens-Brockway	153,763	8.750	2/15/2009	160,490
						335,653
0.10%		Cruise Lines
		Royal Caribbean	30,906	7.250	3/15/2018	33,423
		Royal Caribbean	5,000	8.000	5/15/2010	5,438
						38,861
0.37%		Distribution/Wholesale
		Owens & Minor, Inc.	139,082	8.500	7/15/2011	145,688
0.23%		Divers Oper/Commercial Services
		Cendant Corp.	80,000	7.375	1/15/2013	88,912
0.09%		Diversified Manufacturing
		Trinity Indus., Inc.	35,000	6.500	3/15/2014	34,913
0.35%		Diversified Minerals
		BHP Billiton Finance	140,000	5.250	12/15/2015	139,207
0.71%		Diversified Operations
		Hutchison Whamp International - 144A	80,000	7.450	11/24/2033	91,688
		Progress Energy Inc.	175,000	7.100	3/1/2011	187,616
						279,304
0.52%		Electronics
		L-3 Comm Corp.	60,000	5.875	1/15/2015	57,900
		TXU Corporation	65,000	5.550	11/15/2014	61,038
		Texas Genco LLC 144A	80,000	6.875	12/15/2014	86,600
						205,538
0.44%		Energy
		NRG Energy, Inc.	67,000	8.000	12/15/2013	74,705
		Reliant Energy, Inc.	100,000	9.500	7/15/2013	99,000
						173,705
5.04%		Finance
		American General Finance	390,201	4.000	3/15/2011	367,698
		AMR Real Estate Ptr/Fin 144A	100,000	7.125	2/15/2013	101,250
		Bear Stearns Company, Inc..	50,000	5.300	10/30/2015	49,518
		Boeing Capital Corp.	100,000	6.100	3/1/2011	104,519
		Citigroup, Inc.	96,763	5.000	9/15/2014	94,544
		Ford Motor Credit Corp.	80,000	8.675	11/1/2010	77,011
		General Electric Cap Corp.	210,000	4.875	3/4/2015	205,072
		General Electric Cap Corp.	100,000	4.875	10/21/2010	99,303
		General Motors Acceptance Corp.	70,000	6.750	12/1/2014	66,342
		Goldman Sachs Group, Inc.	206,814	5.250	10/15/2013	204,651
		Merrill Lynch	100,000	4.250	2/8/2010	96,870
		Morgan Stanley	95,000	5.375	10/15/2015	94,297
		Nisource Financial Corp.	80,000	5.250	9/15/2017	77,032
		Residential Capital Corp.	130,000	6.375	6/30/2010	133,259
		Residential Capital Corp.	125,000	6.125	11/21/2008	126,275
		SLM Corp.	100,000	4.000	1/15/2009	96,894
						1,994,536
1.19%		Food
		Ahold Lease USA, Inc.	80,000	8.620	1/2/2025	89,200
		B&G Foods Holdings Corp.	55,000	8.000	10/1/2011	56,581
		Dean Foods Co.	140,627	8.150	8/1/2007	144,846
		Kraft Foods, Inc.	117,939	5.675	11/1/2011	119,456
		Stater Brothers Holdings +	60,000	7.991	6/15/2010	60,300
						470,383
0.14%		Funeral Serv&Rel Items
		Services Corp Intl	55,000	6.750	4/1/2016	54,381
0.25%		Instruments-Scientific
		Fisher Scientific Intl 144A	100,000	6.125	7/1/2015	100,125
2.82%		Insurance
		Endurance Specialty Enh	95,000	6.150	10/15/2015	96,241
		ING Groep NV	195,000	5.775	Perpetual	195,952
		Loews Corporation	100,000	6.000	2/1/2035	99,185
		Marsh & Mclennan Co.'s, Inc..	185,000	5.750	9/15/2015	184,987
		Protective Life Pl	176,102	4.000	4/1/2011	168,304
		Protective Life Pl +	130,000	4.680	1/14/2008	130,158
		Reinsurance Group of America +	155,000	6.750	12/15/2065	157,222
		Unumprovident Finance Co 144A	80,000	6.850	11/15/2015	83,470
						1,115,518
0.15%		Leisure&Rec Products
		K2, Inc..	60,000	7.375	7/1/2014	60,150
0.15%		Machinery-General Indust
		Gardner Denver Inc.	55,000	8.000	5/1/2013	57,750
3.24%		Medical
		Amerisource Bergen Corporation - 144A	75,000	5.875	2/15/2015	75,938
		Amgen, Inc.	164,082	4.850	11/18/2014	159,382
		Coventry Health Care Inc.	135,000	5.875	1/15/2012	135,675
		Coventry Health Care Inc.	90,000	6.125	1/15/2015	91,913
		Fresenius Med	171	78.750	2/1/2008	175,275
		HCA-The Healthcare Company	135,218	5.750	3/15/2014	129,635
		HCA-The Healthcare Company	19,317	6.375	1/15/2015	19,285
		Omnicare, Inc.	436	8.125	3/15/2011	456
		Omnicare, Inc.	40,000	6.875	12/15/2015	40,050
		Teva Pharmaceut Finance LLC	120,000	6.150	2/1/2036	120,557
		UnitedHealth Group, Inc.	104,748	3.300	1/30/2008	101,430
		WellPoinT, Inc.	120,000	5.850	1/15/2036	119,489
		Wyeth	112,038	5.500	3/15/2013	112,751
						1,281,835
0.26%		Metal
		Gibraltar Industries, Inc. - 144A	40,000	8.000	12/1/2015	40,100
		Novelis, Inc. - 144A	65,000	7.250	2/15/2015	61,425
						101,525
0.46%		Multimedia
		News America, Inc.	95,000	5.300	12/15/2014	93,358
		News America, Inc. - 144A	715	6.200	12/15/2034	689
		News America, Inc.	90,000	6.200	12/15/2034	87,867
						181,914
0.18%		Music
		WMG Holdings Corp. +	100,000	-	12/15/2014	72,750
1.53%		Oil
		BP Capital PLC.	92,721	2.675	3/15/2007	90,364
		Burlington Resources ^	3,863	0.00	12/31/2040	-
		Chesapeake Energy Corp.	135,000	6.250	1/15/2018	133,313
		El Paso Production Holdings	35,000	7.750	6/1/2013	37,013
		Newfield Exploration Co.	70,000	8.375	8/15/2012	75,250
		Pride International, Inc.	60,000	7.375	7/15/2014	64,500
		Trans-Canada Pipelines	220,212	4.000	6/15/2013	204,850
						605,289
0.86%		Paper&Related Products
		Bowater, Inc.	200,896	9.000	8/1/2009	206,672
		Celulosa Arauco Constitu	135,000	5.675	4/20/2015	132,668
						339,340
0.20%		Physical Practice Management
		US Oncology, Inc.	70,000	10.750	8/15/2014	77,350
0.59%		Pipelines
		Atlas Pipeline Partners - 144A	75,000	8.125	12/15/2015	77,250
		Holly Energy Partners LP	60,000	6.250	3/1/2015	57,900
		Kinder Morgan Ener Part	86,131	7.300	8/15/2033	97,568
						232,718
0.86%		Printing-Commercial
		Cadmus Comm Corp.	95,000	8.375	6/15/2014	95,950
		Cenveo Corp.	105,000	7.875	12/1/2013	102,375
		R R Donnelley & Sons Company	150,000	5.500	5/15/2015	143,064
						341,389
0.38%		Publishing
		Primedia, Inc	20,000	8.875	5/15/2011	18,700
		Primedia, Inc.	60,000	8.000	5/15/2013	52,200
		Reed Elsevier Capital	85,000	4.675	6/15/2012	80,757
						151,657
0.31%		Real Estate
		ERP Operating LP	125,000	5.375	8/1/2016	123,663
1.29%		REITS
		Brandywine Oper Partners	105,000	5.675	12/15/2010	105,000
		Camden Property Trust	100,000	5.000	6/15/2015	95,456
		Host Marriott Lp	60,000	6.375	3/15/2015	59,250
		IStar Financial, Inc.	100,000	5.125	4/1/2011	97,782
		Security Cap Pac Asn	135,448	7.900	2/15/2016	152,772
						510,260
0.14%		Rental Auto/Equipment
		Hertz Corp - 144A	55,000	8.875	1/1/2014	56,788
0.53%		Resorts/Theme Parks
		Intrawest Corp.	205,000	7.500	10/15/2013	210,125
0.14%		Retail-Convenience Store
		Pantry, Inc.	55,000	7.750	2/15/2014	56,238
0.13%		Retail-Propane Distrib
		Ferrellgas LP/Finance	55,000	6.750	5/1/2014	52,938
0.15%		Retail-Restaurants
		The Restaurant Company 144A	65,000	10.000	10/1/2013	61,263
0.50%		Special Purpose Entity
		Eircom Funding	55,000	8.250	8/15/2013	58,575
		Fund American Co. Inc.	123,852	5.875	5/15/2013	123,928
		Southern Star Cent Corp.	15,000	8.500	8/1/2010	15,975
						198,478
0.19%		Specified Purpose Acquis
		Nell AF SARL 144A	75,000	8.375	8/15/2015	74,906
0.15%		Steel-Producers
		Chaparral Steel Co.	55,000	10.000	7/15/2013	60,500
0.29%		Telecom Services
		QWest +	105,000	8.875	3/15/2012	116,288
2.19%		Telecommunications
		Cincinnati Bell, Inc.	95,000	7.250	7/15/2013	99,631
		Intelsat Bermuda Intel 144A	85,000	8.675	1/15/2015	85,213
		Intelsat Bermuda Ltd 144A	45,000	8.250	1/15/2013	44,888
		Sprint Capital Corp.	139,989	8.750	3/15/2032	183,067
		Telecom Italia Capital +	85,000	4.730	2/1/2011	85,522
		Telecom Italia Capital	150,000	5.250	10/1/2015	143,854
		Verizon Global	190,940	7.750	12/1/2030	221,809
						863,983
0.27%		Textile-Home Furnishings
		Mohawk Industries, Inc.	105,000	6.125	1/15/2016	105,579
0.24%		Tobacco
		RJ Reynolds 144A	50,000	7.300	7/15/2015	51,375
		RJ Reynolds Tobacco Holdings. Inc. 144A	45,000	6.500	7/15/2010	45,000
						96,375
0.56%		Transport-Marine
		Gulfmark Offshore, Inc.	115,000	7.750	7/15/2014	120,175
		Ship Finance International Ltd.	110,000	8.500	12/15/2013	102,300
						222,475
0.12%		Transport-Services
		CHC Helicopter Corp.	45,000	7.375	5/1/2014	45,675
0.31%		Utilities
		Scottish Power PLC	125,000	5.375	3/15/2015	123,892
0.19%		Venture Capital
		Arch Western Finance	75,000	6.750	7/1/2013	75,750
	TOTAL TAXABLE BOND SECURITIES
		(Cost $16,745,691)				16,660,703
8.64%		MORTGAGE BACKED SECURITIES
		Banc of America Commercial Mtg	155,534	7.109	11/15/2031	159,321
		Citigroup Mortgage Loan Trust	130,540	8.000	8/25/2034	134,502
		FHARM Pool 781192	196,336	3.536	2/1/2034	196,024
		FN 792454	290,691	4.500	11/1/2019	282,941
		FNARM Pool 724178 +	252,177	3.272	7/1/2033	254,200
		FNARM Pool 77624 +	200,420	3.607	4/1/2034	199,082
		FNARN +	173,722	3.209	9/1/2033	173,927
		Master Alternative Loans Trust	168,782	6.250	11/25/2033	170,469
		Master Alternative Loans Trust	139,109	7.000	1/25/2034	140,495
		Master Alternative Loans Trust	115,622	7.000	6/25/2034	118,087
		Master Alternative Loans Trust	464,403	6.500	7/25/2034	468,427
		Merrill Lynch Mortgage Trust	450,000	4.556	5/12/2043	439,208
		Morgan Stanley Mort Loan Trust	446,984	6.000	4/25/2034	448,101
		Residential Asset Mort Prod	224,995	8.500	12/25/2031	230,389
	TOTAL MORTGAGE BACKED SECURITIES
		(Cost $3,469,903)				3,415,173
42.61%		U.S. GOVERNMENT AND AGENCIES
		Fannie Mae	251,007	4.500	1/1/2035	235,915
		FGLMC	195,396	7.000	1/1/2033	202,739
		FNCL TBA	3,560,000	5.000	1/15/2021	3,512,161
		FNCL TBA	4,495,000	5.000	2/1/2036	4,341,891
		FNMA	2,830,000	5.500	2/1/2036	2,799,045
		Freddie Mac	106,624	5.500	9/15/2017	107,549
		Freddie Mac	212,486	5.000	3/15/2019	206,842
		United States Treasury Notes	410,000	4.000	11/15/2012	397,428
		United States Treasury Notes	2,035,000	4.750	5/15/2014	2,063,140
		United States Treasury Notes	2,120,000	3.375	2/28/2007	2,093,004
		US Treasury Notes/Bonds	755,000	6.250	8/15/2023	888,777
	TOTAL U.S. GOVERNMENT AND AGENCIES
		(Cost $16,831,326)				16,848,492
33.54%		SHORT-TERM INVESTMENTS
		Federal  Home Loan Bank Discount Note	2,300,000	4.400	2/1/2006	2,300,000
		IBRD Discount Note	11,000,000	4.400	2/28/2006	10,963,691
	TOTAL SHORT-TERM INVESTMENTS
		(Total Cost: $13,263,691)				13,263,691
126.93%	Total Value of Investments:					$       50,188,059
	(Total Cost: $50,310,611)
-26.93%	Other Assets Less Liabilities:					$      (10,646,842)
100.00%	Total Net Assets:					$       39,541,217
REITs - Real Estate Investment Trusts
TBA - When-issued security
+ Variable Rate Security. Rate shown represents current rate as of January 31, 2006
144A- Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be sold
in transactions exempt from registration, normally to qualified institutional buyers.
^ Illiquid Security
At January 31, 2006, net unrealized appreciation on investment
securities, for federal Income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost						$           234,882
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value						(357,434)
Net unrealized depreciation						$          (122,552)

Dunham High-Yield Bond Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)						January 31, 2006
			Principal
% of Portfolio		Description	Amount	Int. Rate	Maturity	Value
92.64%		CORPORATE BONDS
1.51%		Airlines
		American Airlines Inc	195,000	8.608%	4/1/2011	$                   196,917
2.19%		Apparel
		Perry Ellis International Inc	175,000	8.875	9/15/2013	172,813
		Rafealla Apparel Group 144A	115,000	11.250	6/15/2011	112,700
						285,513
0.39%		Building Materials
		US Concrete Inc	50,000	8.375	4/1/2014	51,000
2.57%		Chemicals
		OM Group Inc	245,000	9.250	12/15/2011	245,000
		Rhodia SA	81,000	10.250	6/1/2010	89,708
						334,708
1.51%		Coal
		James River Coal Co	190,000	9.375	6/1/2012	197,125
4.39%		Commercial Services
		Cardtronics Inc 144A	130,000	9.250	8/15/2013	130,325
		Cenveo Corp	145,000	7.875	12/1/2013	141,375
		Dollar Financial Group	100,000	9.750	11/15/2011	103,375
		Team Health Inc 144A	55,000	11.250	12/1/2013	56,925
		United Rentals Na Inc	140,000	7.750	11/15/2013	138,600
						570,600
0.62%		Cosmetics/Personal Care
		Elizabeth Arden Inc	80,000	7.750	1/15/2014	81,000
8.49%		Diversified Financial Services
		Bluewater Finance Ltd	125,000	10.250	2/15/2012	134,688
		Dow Jones CDX HY 144A	500,000	8.250	12/29/2010	502,500
		Ford Motor Credit Co	180,000	7.000	10/1/2013	163,048
		Galaxy Entertainment Fin 144A	90,000	9.875	12/15/2012	92,250
		General Motors Acceptance Corp	225,000	6.875	8/28/2012	213,574
						1,106,059
5.75%		Electric
		Aquila Inc	180,000	14.875	7/1/2012	243,000
		Edison Mission Energy	135,000	10.000	8/15/2008	146,813
		Mirant Americas General Inc	100,000	8.300	5/1/2011	102,500
		Orion Power Holdings Inc	225,000	12.000	5/1/2010	256,500
						748,813
0.57%		Electrical Components & Equipment
		General Cable Corp	70,000	9.500	11/15/2010	74,550
3.18%		Electronics
		Imax Corp	185,000	9.625	12/1/2010	189,163
		Stoneridge Inc	135,000	11.500	5/1/2012	136,350
		Vishay Intertechnology Inc	85,000	3.675	8/1/2023	87,443
						412,956
4.80%		Entertainment
		AMC Entertainment Inc	50,000	8.625	8/15/2012	51,750
		Isle of Capri Casinos	130,000	7.000	3/1/2014	127,563
		Oed Corp / Diamond Jo	135,000	8.750	4/15/2012	132,300
		Pinnacle Entertainment inc	195,000	8.250	3/15/2012	201,825
		Virgin River Casino Corp+	110,000	9.000	1/15/2012	112,200
						625,638
0.84%		Environmental Control
		Allied Waste North Amer	105,000	7.875	4/15/2013	108,938
1.19%		Food
		Dole Foods Co	30,000	8.875	3/15/2011	30,413
		Wornick Co	120,000	10.875	7/15/2011	124,800
						155,213
2.99%		Forest Products&Paper
		Abitibi-Consolidated Inc	170,000	7.750	6/15/2011	159,375
		Buckeye Technologies Inc	155,000	8.000	10/15/2010	149,575
		Exopac Holding Corp 144A	80,000	11.250	2/1/2014	80,800
						389,750
1.80%		Healthcare-Products
		Hanger Orthopedic Group	80,000	10.375	2/15/2009	79,800
		Universal Hospital Services Inc	150,000	10.125	11/1/2011	155,250
						235,050
1.98%		Healthcare-Services
		Interdent Service Corp	105,000	10.750	12/15/2011	100,800
		Radiologix, Inc	185,000	10.500	12/15/2008	157,250
						258,050
0.64%		Iron/Steel
		AK Steel Corp	85,000	7.750	6/15/2012	82,875
6.27%		Lodging
		MTR Gaming Group	155,000	9.750	4/1/2010	163,525
		Majestic Star Casino LLC	200,000	9.500	10/15/2010	213,500
		Hooters Casino Hotel	105,000	8.750	4/1/2012	99,488
		Resort International Hotel/Casino	90,000	11.500	3/15/2009	99,450
		Trump Entertainment Resorts Inc	245,000	8.500	6/1/2015	241,018
						816,981
3.77%		Media
		CCO Holdings LLC/Cap Corp	170,000	8.750	11/15/2013	163,200
		CSC Holdings Inc	45,000	8.125	7/15/2009	45,675
		Lodgenet Entertainment	15,000	9.500	6/15/2013	16,200
		Mediacom LLC/Cap Corp	105,000	9.500	1/15/2013	104,213
		Sinclair Broadcast Group	160,000	8.000	3/15/2012	162,000
						491,288
0.79%		Miscellaneous Manufacturing
		Bombardier Inc 144A	115,000	6.300	5/1/2014	103,212
3.05%		Oil&Gas
		Delta Petroleum Corp	125,000	7.000	4/1/2015	118,750
		Giant Industries	165,000	8.000	5/15/2014	171,600
		Ocean Rig Norway AS 144A	100,000	8.375	7/1/2013	107,000
						397,350
2.10%		Oil&Gas Services
		Hanover Compressor Co	100,000	9.000	6/1/2014	109,250
		Seitel Inc	145,000	11.750	7/15/2011	164,213
						273,463
0.30%		Packaging&Containers
		Solo Cup Company	45,000	8.500	2/15/2014	39,712
1.01%		Pharmaceuticals
		NBTY Inc 144A	140,000	7.125	10/1/2015	131,250
3.69%		Pipelines
		Dynegy Holdings Inc 144A	110,000	10.125	7/15/2013	124,163
		Sonat Inc	190,000	7.625	7/15/2011	198,075
		Targa Resources Inc 144A	30,000	8.500	11/1/2013	31,200
		Williams Cos Inc	120,000	7.500	1/15/2031	127,200
						480,638
1.75%		REITS
		Meristar Hospitality Corp	210,000	9.125	1/15/2011	227,324
2.74%		Retail - Apparel
		Brown Shoe Company, Inc	155,000	8.750	5/1/2012	161,975
		Payless Shoesource Inc	185,000	8.250	8/1/2013	194,713
						356,688
1.19%		Retail - Computer Equipment
		GSC Holdings Corp 144A	160,000	8.000	10/1/2012	155,400
1.21%		Retail - Drug Store
		Rite Aid Corp	150,000	9.500	2/15/2011	157,500
2.47%		Retail - Restaurants
		Friendly Ice Cream Corp	210,000	8.375	6/15/2012	189,525
		Landry's Restaurants Inc	140,000	7.500	12/15/2014	132,300
						321,825
4.15%		Semiconductors
		Agere Systems	165,000	6.500	12/15/2009	162,938
		Avago Technologies Fin 144A	180,000	10.125	12/1/2013	184,500
		Magnachip Semiconductor	200,000	8.000	12/15/2014	193,500
						540,938
9.33%		Telecommunications
		American Cellular Corp	115,000	10.000	8/1/2011	125,062
		American Towers Inc	125,000	7.250	12/1/2011	130,313
		Centennial Comm/Cell/Pr	55,000	8.125	2/1/2014	55,963
		Cincinnati Bell Inc	165,000	8.375	1/15/2014	162,113
		GCI Inc	165,000	7.250	2/15/2014	162,523
		IPCS Inc	145,000	11.500	5/1/2012	167,113
		Insght Midwst/Insght Cap	80,000	9.750	10/1/2009	82,600
		Millicom Intl Cellular	75,000	10.000	12/1/2013	82,500
		Qwest Communications	55,000	7.500	2/15/2014	55,550
		Qwest Capital Funding	110,000	7.000	8/3/2009	110,825
		Rogers Wireless Inc	80,000	6.375	3/1/2014	80,400
						1,214,962
2.11%		Transportation
		TFM SA DE CV	250,000	9.375	5/1/2012	275,000
1.28%		Trucking&Leasing
		Greenbrier Companies Inc	60,000	8.375	5/15/2015	62,550
		Greenbrier Companies Inc 144A	100,000	8.375	5/15/2015	104,250
						166,800
		TOTAL CORPORATE BONDS
		(Cost $12,125,342)				12,065,080
1.65%		CONVERTIBLE PREFERRED STOCK	Shares	Dividend Rate
0.41%		REITS
		Felcor Lodging Trust Inc	2,150	8.000		53,428
1.24%		Telecommunications
		Lucent Tech Cap Trust I	170	7.750		161,776
	TOTAL CONVERTIBLE PREFERRED STOCK
		(Cost $220,460)				215,204
4.34%		SHORT-TERM INVESTMENTS
		Milestone Treasury Obligation
		Portfolio - Institutional Class	564,865			564,865
		(Cost $564,865)
98.63%	Total Value of Investments:					$               12,845,149
	(Total Cost: $12,910,667)
1.37%	Other Assets Less Liabilities:					$                    177,942
100.00%	Total Net Assets:					$                13,023,090
REITs - Real Estate Investment Trusts
144A- Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be sold
in transactions exempt from registration, normally to qualified institutional buyers.
+ Variable Rate Security Rate shown represents current rate as of January 31, 2006
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost						$                     98,626
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value						(164,144)
Net unrealized depreciation						$                   (65,518)

Dunham Real Estate Stock Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
98.50%		COMMON STOCK
19.43%		REITS-Apartments
		American Campus Communities	1,900	47,120
		Archstone-Smith Trust	9,280	434,861
		Avalonbay Communities Inc	3,900	387,972
		BRE Properties  -Cl A	2,900	144,710
		Camden Property Trust	3,720	242,172
		Equity Residential	8,050	341,401
		GMH Communities Trust	2,900	46,777
		Post Properties Inc	3,500	142,415
		United Dominion Realty Trust	3,750	95,287
				1,882,715
2.49%		REITS-Health Care
		Omega Healthcare Investors	7,200	94,392
		Ventas Inc	4,800	146,880
				241,272
6.44%		REITS-Hotels
		Host Marriott Corp	4,820	96,159
		Lasalle Hotel Properties	2,500	95,550
		Starwood Hotels & Resorts	3,050	185,471
		Strategic Hotel Capital Inc	7,000	149,800
		Sunstone Hotel Investors Inc	3,280	96,760
				623,740
2.01%		REITS-Industrial Office Mix
		Liberty Property Trust	4,300	194,618
4.50%		REITS-Office
		Brookfield Properties Corp	1,600	48,336
		Vornado Realty Trust	4,390	387,813
				436,149
23.30%		REITS-Office Property
		Arden Realty Inc.	1,050	47,429
		Biomed Realty Trust Inc	3,700	99,271
		Boston Properties Inc	4,800	375,648
		CarrAmerica Realty Corp	2,600	95,680
		Corporate Office Properties Trust	3,600	145,764
		Equity Office Properties Trust	5,800	184,556
		Highwoods Properties Inc	4,700	148,238
		Kilroy Realty Corp	1,400	94,626
		Maguire Properties Inc	5,800	196,040
		Reckson Assoc Realty Corp	6,100	243,573
		SL Green Realty Corp	3,420	287,416
		Trizec Properties Inc	14,620	340,500
				2,258,741
16.13%		REITS-Regional Malls
		General Growth Properties	8,450	436,020
		Macerich Co	4,000	290,280
		Mills Corp	1,100	45,595
		Simon Property Group Inc	8,010	663,548
		Taubman Centers Inc	3,400	127,670
				1,563,113
11.30%		REITS-Shopping Centers
		Acadia Realty Trust	4,600	98,118
	Developers Diversified Realty Corp.		3,800	187,188
		Federal Realty Investment Trust	3,590	239,883
		New Plan Excel Realty Trust	6,000	147,900
		Pan Pacific Retail Properties Inc	2,730	188,916
		Regency Centers Corp	3,610	232,665
				1,094,670
4.83%		REITS-Storage
		Extra Space Storage Inc	3,100	47,585
		Public Storage Inc	3,900	283,023
	Shurgard Storage Centers Inc-Cl-A		1,540	92,862
		U-Store-It Trust	2,130	45,539
				469,009
8.07%		REITS-Warehouse/Industr
		Amb Property Corp	5,620	293,364
		Prologis	9,550	489,151
				782,515
		TOTAL COMMON STOCK
		(Cost $6,757,955)		9,546,541
2.24%		SHORT-TERM INVESTMENTS
		Milestone Treasury Obligation	217,194	217,194
		Portfolio - Institutional Class
		(Cost $217,194)
100.74%	Total Value of Investments:			$                9,763,735
	(Total Cost: $6,975,149)
-0.74%	Other Assets Less Liabilities:			$                   (72,157)
100.00%	Total Net Assets:			$                9,691,578
REIT - Real Estate Investment Trust
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                2,807,706
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(19,120)
Net unrealized appreciation				$                2,788,586

Dunham Appreciation & Income Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
39.94%		COMMON STOCK
9.14%		Computers
		Apple Computer Inc*	6,400	$                   483,264
		Hewlett-Packard Co	13,115	408,926
		Sandisk Corp*	7,100	478,256
		Seagate Technology*	18,000	469,440
				1,839,886
6.49%		Diversified Finan Serv
		E*Trade Financial Corp*	19,750	469,853
		Franklin Resources Inc	4,000	394,000
		Legg Mason Inc	3,400	440,980
				1,304,833
3.27%		Insurance
		Loews Corp	2,000	197,380
		Prudential Financial, Inc.	6,117	460,855
				658,235
1.76%		Healthcare Products
		Community Health Systems Inc*	9,760	355,166
2.01%		Internet
		Amazon.com Inc*	9,014	404,007
1.85%		Lodging
		Marriott International-Cl A	5,600	373,184
1.63%		Media
		XM Satellite Radio Hold-Cl A*	12,549	328,533
4.33%		Oil & Gas
		Cabot Oil & Gas Corp	8,170	421,327
		Valero Energy Corp	7,200	449,496
				870,823
2.81%		Retail
		Chico's FAS Inc*	13,000	566,280
2.33%		Software
		Global Payments Inc	9,200	468,556
4.32%		Telecommunications
		Motorola Inc	22,000	499,620
		Sprint Nextel Corp	16,200	370,818
				870,438
		TOTAL COMMON STOCK
		(Cost $6,007,676)		8,039,941
48.35%		CONVERTIBLE BONDS	Principal
3.89%		Aerospace/Defense	Amount
		Armor Holdings Inc, 2.00%, due 11/1/24	385,000	406,656
		Lockheed Martin Corp 4.09%, due 8/15/33+	345,000	376,326
				782,982
8.10%		Biotechnology
		Amgen Inc, 0.922% due 3/1/32	472,000	359,900
		Celgene Corp, 1.75%, due 6/1/08	182,000	539,175
		Genzyme Corp, 1.25%, due 12/1/23	340,000	385,475
		Invitrogen Corp., 1.50%, due 2/15/24	400,000	345,500
				1,630,050
2.08%		Computers
		Electronics For Imaging, 1.50%, due 6/1/33	370,000	418,563
1.99%		Hand/Machine Tools
		Regal Beloit Corp., 2.75%, due 3/15/24	280,000	401,450
6.87%		Healthcare-Products
		Advanced Medical Optics, Inc. 2.50%, due 7/15/24	200,000	212,249
		Apogent Technologies Inc, 3.241, due 12/15/33	325,000	410,118
		Henry Schein Inc, 3.00%, due 8/15/34	330,000	388,163
		Medtronic Inc, 1.25%, due 9/15/21	370,000	373,238
				1,383,768
1.96%		Lodging
		Starwood Hotels Resorts, 3.50%, due 5/16/23	321,000	393,626
0.91%		Media
		Walt Disney Company, 2.125%, due 4/15/23	180,000	184,050
1.97%		Miscellaneous Manufacturing
		Roper Industries Inc, 1.481%, due 1/15/34	714,000	397,163
2.50%		Oil & Gas
		Diamond Offshore Drilling, 1.50%, due 4/15/31	291,000	502,703
4.23%		Oil & Gas Services
		Halliburton Company, 3.125%, due 7/15/23	200,000	432,250
		Seacor Holdings Inc, 2.875%, due 12/15/24	360,000	419,850
				852,100
3.65%		Pharmaceuticals
		Omnicare Inc, 3.25%, due 12/15/35	400,000	371,500
		Wyeth, 4.239%, due 1/15/24	350,000	362,775
				734,275
3.02%		Semiconductors
		Advanced Micro Devices, 4.75%, due 2/1/22	340,000	608,175
3.18%		Software
	CSG Systems International Inc, 2.50%, due 6/15/24		200,000	199,500
		Red Hat Inc, 0.5%, due 1/15/24	360,000	441,000
				640,500
2.48%		Telecommunications
	Powerwave Technologies, Inc. 1.875%, due 11/15/24		350,000	498,312
1.52%		Transportation
		CSX Corp due 10/31/21 at Mat.	310,000	304,962
		TOTAL CONVERTIBLE BONDS
		(Cost $8,472,811)		9,732,679
10.11%		PREFERRED STOCK	Shares
1.96%		Diversified Financial Services
		Citigroup Funding Inc. Convertible, 5.18%	12,700	394,843
1.77%		Electric
		Centerpoint Energy Inc. Convertible, 2.00%	10,700	356,310
6.38%		Insurance
	Hartford Financial Services Group Convertible, 6.00%		6,000	434,250
		Metlife Inc. Convertible, 6.375%	14,800	407,000
		Travelers Property Casualty Convertible, 4.50%	17,500	442,750
				1,284,000
		TOTAL PREFERRED STOCK
		(Cost $1,907,356)		2,035,153
1.57%		SHORT-TERM INVESTMENTS
		Milestone Treas Obligation
		Portfolio - Institutional Class	315,521	315,521
		(Cost $315,521)
99.97%		Total Value of Investments:		$              20,123,294
		(Total Cost: $16,703,364)
0.03%		Other Assets Less Liabilities:		$                      5,215
100.00%		Total Net Assets:		$              20,128,509
* Non-income producing securities.
+ Variable Rate Security Rate shown represents current rate as of January 31, 2006
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                3,519,364
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(99,434)
Net unrealized appreciation				$                3,419,930

Dunham International Stock Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
90.92%		COMMON STOCK
1.16%		Advertising
		Ipsos	1,500	$                   221,306
		Publicis Groupe	2,790	105,126
				326,432
1.30%		Auto Manufacturers
		Nissan Motor Co Ltd - ADR	16,279	363,836
1.34%		Auto Parts&Equipment
		FCC Co Ltd	7,500	374,792
1.65%		Automobiles
		Porsche AG	595	463,489
1.91%		Beverages
		C&C Group PLC	78,700	535,166
1.85%		Brewery
		InBev NV	11,050	520,216
2.47%		Building - Residential
		Barratt Developments PLC	15,500	274,798
		Redrow PLC	45,290	416,967
				691,765
2.18%		Building Materials
		CRH PLC	15,011	466,086
		Titan Cement Co. S.A.	3,290	144,621
				610,707
1.09%		Chemicals
		Aica Kogyo Co Ltd	8,800	139,895
		Ultrapar Particpac - ADR	10,900	164,917
				304,812
1.52%		Commercial
		BNP Paribas SA*	4,780	426,039
7.03%		Commercial Banks
		Allied Irish Banks PLC	11,040	249,215
		Barclays PLC	35,850	382,942
		DBS Group Holdings Ltd	34,000	343,604
		Societe Generale*	1,410	186,112
		Anglo Irish Bank Corp PLC	51,370	810,298
				1,972,171
2.20%		Commercial Services
	Macdonald Dettwiler & Associates*		14,200	493,702
		Nissha Printing Co Ltd	3,000	96,869
		TKC Corp	1,360	27,011
				617,582
1.03%		Commericial Banks
		Banco Popular Espanol SA*	11,950	149,462
		Fortis*	4,040	140,452
				289,914
2.75%		Computers
		TPV Technology Ltd	417,000	475,745
		Wincor Nixdorf AG*	2,550	296,641
				772,386
1.06%		Consulting Services
		RPS Group PLC	95,880	298,219
2.23%		Diversified Finan Serv
		Acom Co Ltd	2,560	146,954
		Intrum Justitia AB*	13,900	130,054
		Neteller PLC	25,040	348,693
				625,701
0.41%		Diversified Manufacturing
		Aalberts Industries NV*	1,790	114,983
2.35%	Electrical Computer & Equipment
		Brother Industries Ltd	53,000	550,532
		Saft Groupe SA*	4,050	107,948
				658,480
1.07%		Engineering & Construction
		Chiyoda Corp	6,000	154,786
		Takuma Co Ltd	17,000	145,073
				299,859
1.35%		Entertainment
		Great Canadian Gaming Corp*	28,500	379,402
1.61%		Finance
		Kensington Group PLC*	23,710	453,012
0.38%		Food Service
	Nissin Healthcare Food Service Co. Ltd.		6,500	106,552
1.89%		Gambling
		888 Holdings PLC*	78,830	283,367
		William Hill PLC	24,370	247,321
				530,688
0.54%		Healthcare-Services
		Capio Ab*	1,400	24,819
		Rhoen-Klinikum AG	2,970	127,633
				152,452
0.11%		Holding Companies-Divers
		DCC PLC	1,410	31,932
3.14%		Home Furnishings
		Advanced Digital Broadcast H*	1,400	150,262
		Indesit Co Spa	18,680	207,551
		MFI Furniture Group PLC*	189,300	223,739
		Nobia AB	14,800	298,328
				879,880
0.37%		Insurance
		Amlin PLC	24,430	104,860
0.47%		Investment Companies
		Timbercorp Ltd	53,630	132,659
0.93%		Iron/Steel
		Tenaris SA-ADR	1,610	261,545
2.65%		Leisure Time
		Heiwa Corp	20,200	280,400
		Mars Engineering Corp	13,600	420,553
		Namco Bandai Holdings Inc*	2,850	42,897
				743,850
1.56%		Media
		Corus Entertainment Inc - Cl. B	14,200	438,184
0.69%		Metal Fabricate/Hardware
		Maruichi Steel Tube Ltd	8,000	193,397
1.72%		Mining
		Cia Vale Do Rio Doce-SP ADR	10,900	483,742
0.95%		Miscellaneous Manufacturing
		Tamron Co Ltd	7,700	113,857
		Tenma Corp	8,400	151,762
				265,619
1.34%		Mortgage Banks
		Northern Rock PLC	20,260	374,852
0.67%		Office Equipment
		Ricoh Co Ltd	11,000	189,339
19.14%		Oil & Gas
		Burren Energy PLC	33,930	651,294
		Canadian Natural Resources Ltd	8,600	531,059
		Dragon Oil	90,895	366,721
		Hardman Resources Ltd	275,130	422,489
		Lundin Petroleum AB	14,400	186,734
		Petroleo Brasileiro SA - ADR	7,600	718,200
		Suncor Energy Inc	4,500	358,371
		Talisman Energy Inc	11,000	666,754
		Total SA - ADR	2,700	373,491
		Tullow Oil PLC*	84,840	472,724
		Woodside Petroleum Ltd	18,200	622,563
				5,370,400
1.66%		Oil&Gas Services
		Prosafe ASA	9,900	465,441
1.61%		Pharmaceuticals
		Glaxosmithkline PLC-ADR	4,340	222,382
		Omega Pharma SA	1,370	74,595
		Shire PLC	9,720	155,913
				452,890
0.90%		Publishers
		Trinity Mirror PLC	23,170	252,027
1.66%		Retail - Pubs
		Punch Taverns	30,210	464,984
1.12%		Retail - Restaurants
		Plenus Co Ltd	9,800	315,602
0.09%		Software
		Gameloft*	3,280	24,176
4.18%		Telecommunications
		KT Corp-SP ADR	11,060	233,477
		SK Telecom Co Ltd-ADR	12,000	278,760
		Telefonica SA - ADR	4,080	186,578
		Vodafone Group PLC - ADR	22,400	472,864
				1,171,679
1.00%		Tires
		Continental AG	2,895	281,478
1.43%		Transport Services
		TNT NV	12,220	400,943
1.16%		Transportation
		Euronav SA	10,920	324,609
		TOTAL COMMON STOCK
		(Cost $20,670,659)		25,512,743
8.16%		SHORT-TERM INVESTMENTS
		Milestone Treasury Obligation	2,291,260	2,291,260
		Portfolio - Institutional Class
		(Cost $2,291,260)
99.08%
	Total Value of Investments:			$               27,804,003
	(Total Cost: $22,961,919)
0.92%
	Other Assets Less Liabilities:			$                   256,919
100.00%	Total Net Assets:			$               28,060,922
ADR - American Depositary Receipts
* Non-income producing securities.
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                5,309,621
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(467,537)
Net unrealized appreciation				$                4,842,084

Dunham Large Cap Value Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
94.26%		COMMON STOCK
1.32%		Aerospace/Defense
		United Technologies Corp.	7,416	$              432,872
1.53%		Agriculture
		Altria Group, Inc.	6,895	498,784
7.13%		Banks
		Bank Of America Corp.	14,841	656,417
		Suntrust Banks, Inc.	5,414	386,830
		US Bancorp	23,507	703,094
		Unionbancal Corp.	8,724	585,293
				2,331,635
1.01%		Building Materials
		Masco Corp	11,124	329,827
0.91%		Closed-end Funds
	John Hancock Thrift & Opportunity Fund		31,148	296,840
1.00%		Commercial Services
		Cendant Corp.	19,500	326,430
1.70%		Computers
		Dell, Inc.*	19,000	556,890
8.40%		Diversified Financial Services
		Citigroup, Inc.	14,810	689,850
		Fannie Mae	10,000	579,400
		JP Morgan Chase & Co	19,402	771,230
		Merrill Lynch & Co Inc.	9,414	706,709
				2,747,189
4.93%		Electric
		FPL Group, Inc.	7,136	298,213
		Public Service Enterprise	12,400	863,288
		TXU Corp.	8,900	450,696
				1,612,197
1.17%		Electrical Compo&Equip
		Emerson Electric Co	4,926	381,519
3.02%		Food
		Dean Foods Co.*	8,900	337,577
		General Mills, Inc.	6,475	314,750
		Sara Lee Corp.	18,392	336,206
				988,533
6.22%		Healthcare-Products
		Guidant Corp.	12,300	905,280
		Laboratory Corp of America Holdings*	12,602	739,107
		Universal Health Services-B	8,157	387,539
				2,031,926
1.90%		Household Products/Wares
		Fortune Brands, Inc.	8,267	619,694
4.41%		Insurance
		Allstate Corp.	8,232	428,476
		American International Group	7,490	490,295
		Hartford Financial Services Group	6,340	521,338
				1,440,109
2.56%		Mining
		Alcoa, Inc.	26,540	836,010
6.13%		Miscellaneous Manufacturing
		Dover Corp.	14,500	665,985
		General Electric Co.	10,827	354,584
		Honeywell International, Inc.	14,672	563,698
		Ingersoll-Rand Co - Cl A	10,680	419,404
				2,003,671
16.73%		Oil&Gas
		Apache Corp.	19,232	1,452,593
		Burlington Resources, Inc.	17,600	1,606,176
		Chevron Corp.	20,000	1,187,600
		Marathon Oil Corp.	15,887	1,221,234
				5,467,603
1.30%		Pharmaceuticals
		Pfizer, Inc.	16,499	423,694
		Teva Pharmaceutical - ADR	46	1,961
				425,655
14.02%		Retail
		Autozone Inc*	5,636	550,919
		Gap, Inc.	27,000	488,430
		Home Depot, Inc.	7,787	315,763
		Lowe's Cos, Inc.	5,191	329,888
		McDonald's Corp.	14,926	522,559
		Office Depot, Inc.*	10,680	354,042
		Outback Steakhouse, Inc.	15,411	712,450
		Wal-Mart Stores, Inc.	21,700	1,000,587
		Zale Corp.*	12,640	309,806
				4,584,445
1.73%		Savings&Loans
		Washington Mutual, Inc.	13,349	564,930
2.60%		Semiconductors
		Intel Corp.	40,028	851,396
1.73%		Telecommunications
		AT&T Inc.	21,844	566,852
2.81%		Transportation
		Burlington Northern Santa Fe	6,800	544,816
		Fedex Corp.	3,708	375,064
				919,880
		TOTAL COMMON STOCK
		(Cost $24,539,047)		30,814,887
4.78%		SHORT-TERM INVESTMENTS
		Milestone Treas Obligation	1,561,829	1,561,829
		Portfolio - Institutional Class
		(Cost $1,561,829)
99.04%	Total Value of Investments:			$         32,376,715
	(Total Cost: $26,100,876)
0.96%	Other Assets Less Liabilities:			$              313,435
100.00%	Total Net Assets:			$         32,690,150
ADR - American Depositary Receipts
* Non-income producing securities.
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$           6,743,683
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(467,844)
Net unrealized appreciation				$           6,275,839

Dunham Small Cap Value Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
87.45%		COMMON STOCK
1.58%		Advertising
		Advo Inc	9,477	$                   311,604
4.87%		Apparel
		Carter's Inc*	8,414	572,068
		Fossil Inc*	16,480	390,576
				962,644
13.34%		Banks
		Alabama National Bancorp	3,331	231,571
		Boston Private Financial Holding	12,882	393,416
		Centennial Bank Holdings Inc*	9,800	121,226
		Chittenden Corp	11,300	320,581
		Financial Institutions Inc	13,211	276,374
		First Republic Bank	10,279	390,191
		First State Bancorporation	15,022	392,224
		Hanmi Financial Corp.	7,420	140,906
		UMB Financial Corp	5,500	370,480
				2,636,969
3.48%		Building Materials
		Interline Brands Inc*	14,600	370,840
		Trex Company Inc*	12,699	317,221
				688,061
3.06%		Chemicals
		MacDermid Inc	8,700	262,305
		Spartech Corp	14,240	342,187
				604,492
4.15%		Commercial Services
		FTI Consulting Inc*	9,600	259,680
		Forrester Research Inc*	14,900	303,811
		Wright Express Corp*	10,100	256,944
				820,435
2.46%		Communications
		Bel Fuse Inc-Cl B	13,059	486,317
0.98%		Construction Materials
		Headwaters Inc*	5,639	194,546
2.12%	Diversified Financial Services
		Jefferies Group Inc	7,689	418,820
5.51%		Electronics
		Coherent Inc*	15,048	465,886
		Excel Technology Inc*	11,941	299,003
		II-VI Inc*	18,662	324,719
				1,089,608
2.22%		Entertainment
		Pinnacle Entertainment Inc*	15,224	438,756
2.33%		Hand/Machine Tools
		Baldor Electric	15,449	461,616
1.22%		Healthcare-Products
		West Pharmaceutical Services	7,900	241,187
0.99%		Healthcare Services
		Dendrite International Inc*	13,436	195,091
1.44%		Insurance
		Harleysville Group Inc	3,600	99,216
		IPC Holdings Ltd	6,800	185,368
				284,584
2.28%		Machinery-Diversified
		Idex Corp	9,818	451,628
4.91%		Media
		Emmis Communications -Cl A*	9,900	176,121
		Gray Television Inc	27,152	240,565
		Lin TV Corp-Cl A*	24,659	252,262
		Saga Communications Inc-Cl A*	29,993	302,030
				970,978
2.06%		Metal Fabricate/Hardware
		Kaydon Corp	12,182	407,366
4.95%		Miscellaneous Manufactur
		Azz Inc*	14,132	347,930
		Actuant Corp-Cl A	6,070	347,508
		Matthews Intl Corp-Cl A	7,600	284,164
				979,602
1.89%		Oil & Gas
		Unit Corp*	6,265	374,021
5.63%		Oil&Gas Services
		RPC Inc	13,447	444,961
		W-H Energy Services Inc*	13,827	667,568
				1,112,529
1.10%		Restaurants
		Rare Hospitality Intl Inc*	6,884	217,190
0.94%		Retail
		Coldwater Creek Inc*	9,063	184,885
1.45%		Savings & Loans
		Fidelity Bankshares Inc	8,400	286,187
3.57%		Semiconductors
		Entegris Inc*	45,836	481,278
		Micrel Inc*	18,326	224,860
				706,138
0.23%		Software
		Schawk Inc	2,100	46,200
1.99%		Textiles
		G & K Services Inc -Cl A	9,915	394,022
6.70%		Transportation
		Knight Transportation Inc	15,588	317,060
		Landstar System Inc	11,004	465,469
		Marten Transport Ltd*	24,435	542,946
				1,325,475
		TOTAL COMMON STOCK
		(Cost $13,430,662)		17,290,949
9.61%		SHORT-TERM INVESTMENTS
		Milestone Treas Obligation	1,900,000	1,900,000
		Portfolio - Institutional Class
		(Cost $1,900,000)
97.06%	Total Value of Investments:			$               19,190,951
	(Total Cost: $15,330,662)
2.94%	Other Assets Less Liabilities:			$                   580,824
100.00%	Total Net Assets:			$               19,771,775
* Non-income producing securities.
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                4,564,145
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(703,856)
Net unrealized appreciation				$                3,860,289

 

Dunham Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
96.31%		COMMON STOCK
2.41%		Aerospace/Defense
		United Technologies Corp	15,200	$                   887,224
3.72%		Agriculture
		Bunge Limited	23,267	1,371,822
7.23%		Biotechnology
		Amgen Inc*	18,100	1,319,309
		Gilead Sciences Inc*	22,100	1,345,227
				2,664,536
3.27%		Commercial Services
		Accenture Ltd-Cl A	38,250	1,206,023
3.19%		Computers
		EMC Corp/Mass*	87,584	1,173,626
4.98%		Cosmetics/Personal Care
		Procter & Gamble Co	31,000	1,836,130
2.78%		Distribution/Wholesale
		Wesco International Inc*	21,340	1,022,826
6.26%	Diversified Financial Services
		Chicago Mercantile Exchange	3,200	1,354,400
		Goldman Sachs Group Inc	6,735	951,319
				2,305,719
1.62%		Engineering&Construction
		Fluor Corp	6,800	598,060
3.53%		Entertainment
		Scientific Games Corp - Cl-A*	40,600	1,301,230
12.31%		Healthcare-Products
		Gen-Probe Inc*	27,098	1,366,552
		Johnson & Johnson	29,000	1,668,660
		Medtronic Inc	26,500	1,496,455
				4,531,667
4.12%		Healthcare-Services
		Covance Inc*	14,795	840,504
		Express Scripts Inc*	7,442	679,380
				1,519,884
3.89%		Internet
		Yahoo! Inc*	41,700	1,431,978
1.52%		Machinery-Diversified
		Rockwell Automation Inc	8,500	561,595
2.34%		Media
		Time Warner Inc	49,200	862,476
2.27%		Mining
		Cameco Corp	10,600	838,248
5.06%		Oil&Gas
		Transocean Inc*	10,632	862,787
		XTO Energy Inc	20,400	1,001,232
				1,864,019
2.90%		Retail
		Best Buy Co Inc	21,110	1,069,433
8.63%		Semiconductors
		Marvell Technology Group Ltd*	15,900	1,087,878
		Microsemi Corp*	25,500	776,220
		Texas Instruments Inc	44,972	1,314,532
				3,178,630
6.61%		Software
		Electronic Arts Inc*	18,100	987,898
		Microsoft Corp	51,468	1,448,824
				2,436,722
4.53%		Telecommunications
		Qualcomm Inc	34,800	1,669,007
3.14%		Tobacco
		Altria Group Inc	16,000	1,157,440
		TOTAL COMMON STOCK
		(Cost $29,418,476)		35,488,295
3.78%	SHORT-TERM INVESTMENTS
		Milestone Treas Obligation	1,392,585	1,392,585
		Portfolio - Institutional Class
		(Cost $1,392,585)
100.09%	Total Value of Investments:			$               36,880,880
	(Total Cost: $30,811,061)
-0.09%	Other Assets Less Liabilities:			$                   (33,413)
100.00%	Total Net Assets:			$               36,847,467
* Non-income producing securities.
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                6,417,774
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(347,955)
Net unrealized appreciation				$                6,069,819

Dunham Emerging Markets Stock Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
95.93%		COMMON STOCK
0.44%		Airlines
		Cintra S.A. de CV	182,200	$                     66,244
1.51%	Airport Development/Maintenance
		Transmile Group BHD	75,000	229,969
6.11%		Auto/Truck Parts & Equipment
		Hyundai Mobis	5,332	461,537
		Randon Participacoes SA	52,000	208,493
		Norstar Founders Group Ltd	700,000	259,436
				929,466
1.31%	Building - Residential/Commercial
		Corporacion Geo S.A.-Series B*	58,041	199,919
1.87%	Building & Construction-Miscellaneous
		Enka Insaat ve Sanayi AS	24,000	284,807
0.45%		Casino Services
		Dreamgate Corp BHD	208,423	68,909
4.19%		Chemicals-Other
		Kingboard Chemicals Holdings	198,000	638,117
5.68%		Commer Banks Non-US
		Firstrand Ltd	199,647	634,706
		Kookmin Bank*	2,900	230,280
		Lippo Bank COE ^	1,645,265	-
				864,986
3.48%		Computers
		Advantech Co Ltd	185,295	530,142
1.10%	Computers-Peripheral Equipment
		Asia Vital Components	319,162	167,660
3.31%		Diversified Minerals
		Caemi	280,848	503,428
5.25%		Diversified Operations
		Bidvest Group Ltd	19,991	330,909
		Itausa-Investimentos Itau-Pr	115,094	467,703
		Noble Group Ltd	9	7
				798,619
1.21%	Electronic Components-Miscellaneous
		Korea Tronics Inc*	35,723	184,420
6.97%		Electronic Compo-Semicon
		Hynix Semiconductor Inc*	7,000	270,668
		Samsung Electronics Co Ltd	1,029	789,364
				1,060,032
1.84%		Finance-Consumer Loans
		African Bank Investments Ltd	60,000	279,666
1.25%		Finance-Other Services
		Grupo Financiero Banorte-O	80,000	190,593
0.50%		Food-Dairy Products
		China Mengniu Dairy Co	71,000	75,968
0.56%		Food-Flour&Grain
		Gruma S.A.-B	23,000	85,054
1.67%		Food-Retail
		Spar Group Ltd	45,000	253,592
1.21%		Food-Wholesale/Distrib
		Alsea Sa de CV	60,000	184,852
1.56%	Identification System/Development
		XAC Automation Corp	270,000	236,813
4.20%		Industrial Automation/Robotics
		SFA Engineering Corp*	24,219	638,961
0.06%	Machinery - Tools & Related Products
		Techtronic Industries Co	5,000	9,668
1.27%		Machinery-General Industrial
		Chen Hsong Holdings	316,104	192,543
1.70%		Machinery-Therml Process
		Kenertec Co Ltd*	30,000	259,058
0.40%		Medical-Hospitals
		Pantai Holdings Berhad	120,900	61,248
4.52%		Metal Processors & Fabrication
		Catcher Technology Co Ltd	30,000	221,381
		Taewoong Co Ltd	35,277	466,264
				687,645
0.38%		Non-hazardous Waste Disposal
		Promotora Ambiental Sa De CV*	31,500	57,204
0.86%		Office Furnishings
		Taiwan Fu Hsing Industrial Co Ltd	119,180	130,990
9.73%		Oil Comp-Integrated
		Lukoil-SP ADR	6,000	460,200
		OJSC TNK-BP Holding*	18,000	57,960
		Petroleo Brasileiro S.A.-AP ADR	10,187	962,672
				1,480,832
1.62%		Printing-Commercial
		SNP Leefung Holdings Ltd	1,367,500	246,803
0.31%		Protection-Safety
		GST Holdings Ltd*	212,000	47,827
1.60%		Real Estate Oper/Develop
		IRSA - SP GDR*	17,500	192,500
		Bandar Raya Developments BHD	190,425	50,519
				243,019
0.00%		Recycling
		Citiraya Industries Ltd*^	475,380	-
0.44%		Retail-Home Furnishings
		Hola Home Furnishings Co Ltd	50,000	66,289
0.79%		Retail-Major Department  Store
		Lifestyle International Holdging Ltd.	81,000	120,604
2.84%		Rubber & Vinyl
		Top Glove Corp BHD	226,404	431,619
1.23%		Rubber/Plastic Products
		First Engineering Ltd	273,275	186,921
3.58%		Semicon Compo-Intg Circu
		Holtek Semiconductor Inc	151,000	233,245
		Novatek Microelectronics Ltd	51,074	312,216
				545,461
1.70%		Semiconductor Equipment
		From30 Co Ltd*	13,000	258,073
1.37%		Shipbuilding
		STX Shipbuilding Co Ltd*	12,000	208,988
1.44%		Tools-Hand Held
		Basso Industry Corp	94,060	219,702
3.07%		Transport-Marine
		Berlian Laju Tanker Tbk Pt	3,850,000	467,587
1.35%		Wireless Equipment
		Gemtek Technology Corp	132,000	204,723
		TOTAL COMMON STOCK
		(Cost $9,925,269)		14,599,021
0.04%		Warrant
		Multi-Purpose Holdings Bhd-W*	15,380	615
		STX Shipbuilding Co., Ltd.*	3,001	5,258
		(Cost $427)		5,873
4.64%		SHORT-TERM INVESTMENTS
		Milestone Treasury Obligation	705,424	705,424
		Portfolio - Institutional Class
		(Cost $700,424)
100.61%	Total Value of Investments:			$                15,310,318
	(Total Cost: $10,626,120)
-0.61%	Other Assets Less Liabilities:			$                    (92,546)
100.00%	Total Net Assets:			$                15,217,772
GDR - Global Depositary Receipts
ADR - American Depositary Receipts
^ Illiquid Security
* Non-income producing securities.
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                5,271,415
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(587,219)
Net unrealized appreciation				$                4,684,196

 

Dunham Small Cap Growth Fund
SCHEDULE OF INVESTMENTS (UNAUDITED)				January 31, 2006
% of Portfolio		Description	Shares	Value
94.17%		COMMON STOCK
1.09%		Aerospace/Defense
		BE Aerospace Inc*	11,600	$                   243,832
0.88%		Airlines
		Jetblue Airways Corp*	15,150	197,556
2.37%		Apparel
		Carter's Inc*	3,300	224,367
		Coach Inc*	5,900	212,105
		Volcom Inc*	2,550	96,747
				533,219
1.20%		Auto Manufacturers
		A.S.V. Inc*	8,200	270,600
0.79%		Biotechnology
		Lifecell Corp.*	8,200	177,940
1.35%		Building Materials
		Interline Brands Inc*	11,900	302,260
0.82%		Coal
		International Coal Group Inc*	18,200	184,184
8.38%		Commercial Services
		Administaff Inc	10,700	460,528
		Corporate Executive Board Co	3,100	260,834
		Heidrick & Struggles Intl*	6,800	228,208
		Pra International*	7,100	185,026
		Paychex Inc	5,400	196,290
	Pharmaceutical Product Development		4,876	337,322
		Vistaprint Ltd*	7,100	214,633
				1,882,841
4.83%		Computers
		Brocade Communications Sys*	46,000	211,600
	Cognizant Technology Solutions-A*		5,316	278,399
		Micros Systems Inc*	4,400	203,060
		Ness Technologies Inc*	15,746	182,339
		Network Appliance Inc*	6,700	209,040
				1,084,438
8.46%		Diversified Financial Service
		Affiliated Managers Group*	2,603	241,558
		Eaton Vance Corp	7,700	221,914
		GFI Group Inc*	4,200	229,278
		Intercontinental Exchange Inc*	5,500	279,510
		Janus Capital Group Inc	10,900	227,701
		Nuveen Investments-Cl A	4,500	204,165
		Piper Jaffray Cos*	6,100	273,463
		T Rowe Price Group Inc	2,900	221,647
				1,899,236
0.89%		Electronics
		Trimble Navigation Ltd*	5,000	200,100
1.06%		Energy-Alternate Sources
		Suntech Power Holdings-ADR*	5,600	237,944
2.20%		Engineering & Construction
		Jacobs Engineering Group Inc*	2,900	241,773
		Shaw Group Inc*	7,100	252,902
				494,675
0.84%		Entertainment
		Regal Entertainment Group-A	10,200	188,802
1.34%		Food
		United Natural Foods Inc*	9,300	300,669
11.07%		Healthcare-Products
		Arthrocare Corp*	10,400	465,816
		Aspect Medical Systems Inc*	5,500	198,935
		Hologic Inc*	8,080	415,797
		Immucor Inc*	8,200	246,410
		Merge Technologies Inc*	8,100	213,840
		Resmed Inc*	5,400	212,976
		Sonosite Inc*	5,400	212,436
		Varian Medical Systems Inc*	4,500	270,945
		Ventana Medical Systems*	6,200	250,108
				2,487,263
3.83%		Healthcare-Services
		Humana Inc*	3,900	217,503
		Radiation Therapy Services*	6,300	188,370
		Sierra Health Services Inc*	6,000	237,720
		Symbion Inc*	9,400	217,140
				860,733
2.76%		Internet
		Blue Coat Systems Inc*	4,600	188,554
		Digitas Inc*	15,300	200,277
		Openwave Systems Inc*	10,700	230,692
				619,523
0.88%		Leisure Time
		Life Time Fitness Inc*	5,100	196,809
0.90%		Lodging
		Kerzner International Ltd*	3,100	202,244
1.07%		Networking Products
		Atheros Communications*	12,200	239,730
1.31%		Oil & Gas
		Pioneer Drilling Company*	12,900	294,120
3.46%		Oil&Gas Services
		Grant Prideco Inc*	5,400	270,486
		Hydril*	3,100	255,285
		National Oilwell Varco Inc*	3,300	251,031
				776,802
1.72%		Pharmaceuticals
		Adams Respiratory Thera Inc*	4,300	185,674
		Medco Health Solutions Inc*	3,700	200,170
				385,844
1.10%		Real Estate
		CB Richard Ellis Group Inc-A*	3,900	246,168
8.07%		Retail
		Abercrombie & Fitch Co-Cl A	3,500	232,365
		California Pizza Kitchen Inc*	6,600	215,952
		Cheesecake Factory (The)*	6,400	235,840
		MSC Industrial Direct Co-A	5,200	233,636
		The Men's Wearhouse Inc*	6,600	225,522
		O'Reilly Automotive Inc*	6,700	219,894
		Texas Roadhouse Inc-Class A*	13,700	212,487
		Under Armour Inc-Class A*	5,900	235,941
				1,811,637
10.02%		Semiconductors
		Axcelis Technologies Inc*	34,000	214,880
		Broadcom Corp-Cl A*	4,900	334,180
		Brooks Automation Inc*	13,800	232,668
		Mattson Technology Inc*	18,100	235,300
		Omnivision Technologies*	9,500	239,685
		Silicon Laboratories Inc*	5,100	251,073
		Silicon Image Inc*	21,400	247,598
		Sirf Technology Holdings Inc*	8,200	276,258
		Xilinx Inc	7,800	219,648
				2,251,290
8.65%		Software
		Autodesk Inc	4,100	166,419
		Avid Technology Inc*	3,900	193,713
		Cognos Inc*	5,632	214,579
		Infosys Technologies-Sp ADR	3,100	236,437
		Microstrategy Inc-Cl A*	2,900	278,719
		Red Hat Inc*	9,500	275,025
	Satyam Computer Services-ADR		6,600	258,720
		Trident Microsystems Inc*	12,200	318,664
				1,942,276
0.95%		Storage/Warehousing
		Mobile Mini Inc*	4,300	213,796
0.00%		Telecommunications
		Audiocodes Ltd*	5	63
1.88%		Transportation
		Landstar System Inc	4,600	194,580
		Swift Transportation Co Inc*	9,600	226,848
				421,428
		TOTAL COMMON STOCK
		(Cost $17,355,684)		21,148,022
4.35%		SHORT-TERM INVESTMENTS
		Milestone Treasury Obligation	975,829	975,829
		Portfolio - Institutional Class
		(Cost $975,829)
98.52%	Total Value of Investments:			$               22,123,851
	(Total Cost: $18,331,513)
1.48%	Other Assets Less Liabilities:			$                   333,542
100.00%	Total Net Assets:			$               22,457,393
ADR - American Depositary Receipts
* Non-income producing securities.
At January 31, 2006, net unrealized appreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost				$                3,987,631
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value				(195,293)
Net unrealized appreciation				$                3,792,338

Security Valuation – Equity securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued. NASDAQ traded securities are valued using the NASDAQ Official Closing Price (“NOCP”).  In the absence of a last sale price, securities are valued using the last available bid price.  U.S. government and agency securities, short-term debt instruments with a remaining maturity of more than 60 days, intermediate and long-term bonds, convertible bonds, and other debt securities are generally valued on the basis of a bid price supplied by a pricing service selected by the Adviser and approved by the Board of Trustees of the Trust (the “Board”). Where no last sale price for exchange traded debt securities is available, the bid  price may be used.  Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities.  Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value.  Foreign securities are valued on the basis of market quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.

Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Board in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”).  The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.   

Securities in which the Funds invest may be traded in markets that close before 4:00 p.m. Eastern Time.  Normally, developments that occur between the close of the foreign markets and 4:00 p.m. Eastern Time will not be reflected in the Fund’s NAV.  However, funds may determine that such developments are so significant that they will materially affect the value of the Fund’s securities, and the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. Eastern Time. As of October 31, 2005, return International Stock Fund or Emerging Markets Stock Fund adjusted the closing prices of its securities in accordance with the Procedures

Item 2. Controls and Procedures.

(a)         The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the  Securities Exchange Act of 1934, as amended.

(b)         There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.  Exhibits.  

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) AdvisorOne Funds

By (Signature and Title)

*/s/ W. Patrick Clarke

       W. Patrick Clarke, President

Date      3/30/2006                                                                                

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

*/s/ W. Patrick Clarke

        W. Patrick Clarke, President

Date         3/30/2006                                                                                                                                              

By (Signature and Title)

*/s/ Michael J. Wagner

       Michael J. Wagner, Treasurer

Date        3/30/2006