DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1%
		AUTO LOAN — 4.4%
	614,102	ACM Auto Trust Series 2025-2A A^(a)		5.5500	06/20/28	$	614,784
	19,902	American Credit Acceptance Receivables Trust Series 2022-1 D^(a)		2.4600	03/13/28		19,883
	595,000	American Credit Acceptance Receivables Trust Series 1 C^(a)		5.0900	08/12/31		598,026
	446,000	Arivo Acceptance Auto Loan Receivables Trust Series 1A B^(a)		6.8700	06/17/30		455,595
	556,000	Avis Budget Rental Car Funding AESOP, LLC Series 2A D^(a)		7.4300	10/20/28		562,075
	465,000	Bridgecrest Lending Auto Securitization Trust Series 1 C		5.1500	12/17/29		466,221
	560,000	Bridgecrest Lending Auto Securitization Trust Series 2 D		5.6200	03/17/31		567,091
	755,000	Carvana Auto Receivables Trust Series 2021-P3 B		1.4200	08/10/27		727,573
	27,021	Carvana Auto Receivables Trust Series 2021-N1 C		1.3000	01/10/28		26,412
	35,023	Carvana Auto Receivables Trust Series 2021-N2 C		1.0700	03/10/28		33,982
	330,000	Carvana Auto Receivables Trust Series 2023-N4 C^(a)		6.5900	02/11/30		338,852
	495,000	Carvana Auto Receivables Trust Series 2024-N1 B^(a)		5.6300	05/10/30		499,759
	675,000	Consumer Portfolio Services Auto Trust Series 2025-B C^(a)		5.1200	07/15/31		677,450
	430,000	CPS Auto Receivables Trust Series 2024-A C^(a)		5.7400	04/15/30		432,935
	302,000	Credit Acceptance Auto Loan Trust Series 1A A^(a)		5.6800	03/15/34		304,900
	195,000	DT Auto Owner Trust Series 2023-3A C^(a)		6.4000	05/15/29		197,934
	83,894	FHF Trust Series 2023-1A A2^(a)		6.5700	06/15/28		84,522
	657,500	FinBe USA Trust Series 2025-1A A^(a)		5.7000	12/15/28		657,962
	330,000	Flagship Credit Auto Trust Series 2024-1 C^(a)		5.7900	02/15/30		333,874
	48,999	Foursight Capital Automobile Receivables Trust Series 2023-1 A3^(a)		5.3900	12/15/27		49,027
	565,000	GLS Auto Receivables Issuer Trust Series 2021-3A E^(a)		3.2000	10/16/28		554,566
	28,233	LAD Auto Receivables Trust Series 2022-1A A^(a)		5.2100	06/15/27		28,243
	339,000	LAD Auto Receivables Trust Series 2023-4A C^(a)		6.7600	03/15/29		349,361
	29,326	Lendbuzz Securitization Trust Series 2022-1A A^(a)		4.2200	05/17/27		29,265
	267,803	Lendbuzz Securitization Trust Series 2024-2A A2^(a)		5.9900	05/15/29		269,873
	150,114	Merchants Fleet Funding, LLC Series 1A A^(a)		7.2100	05/20/36		151,125
	140,000	OneMain Direct Auto Receivables Trust Series 2021-1A B^(a)		1.2600	07/14/28		138,091
	506,000	Prestige Auto Receivables Trust Series 2025-1A C^(a)		5.5200	02/15/30		510,896
	127,168	Santander Drive Auto Receivables Trust Series 2022-5 C		4.7400	10/15/28		127,129
	276,000	SBNA Auto Receivables Trust Series 2024-A C^(a)		5.5900	01/15/30		280,523
	465,055	United Auto Credit Securitization Trust Series 2022-2 D^(a)		6.8400	01/10/28		466,030
	590,000	Veros Auto Receivables Trust Series 2025-1 B^(a)		5.5400	07/16/29		593,689
	446,000	Westlake Automobile Receivables Trust Series 1A B^(a)		5.5500	11/15/27		448,597
	515,000	Westlake Automobile Receivables Trust Series 2024-2A B^(a)		5.6200	03/15/30		519,105
							12,115,350

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1% (Continued)
		CLO — 0.2%
	515,000	GoldenTree Loan Management US CLO 1 Ltd. Series 9A AR^(a),(b)	TSFR3M + 1.500%	5.8250	04/20/37	$	517,721

		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9%
	470,708	A&D Mortgage Trust Series 2023-NQM3 A1^(a),(c)		6.7330	07/25/68		474,228
	439,116	A&D Mortgage Trust Series 2025-NQM2 A1^(a),(d)		5.7900	06/25/70		440,299
	155,000	Affirm Asset Securitization Trust Series 2024-B A^(a)		4.6200	09/15/29		154,877
	47,712	Angel Oak Mortgage Trust Series 2020-R1 A2^(a),(d)		1.2470	04/25/53		45,191
	432,973	Angel Oak Mortgage Trust Series 2021-8 A1^(a),(d)		1.8200	11/25/66		383,845
	644,561	Angel Oak Mortgage Trust Series 2022-5 A1^(a),(c)		4.5000	05/25/67		637,293
	788,422	Angel Oak Mortgage Trust Series 2023-1 A1^(a),(c)		4.7500	09/26/67		780,320
	257,446	Arroyo Mortgage Trust Series 2019-1 A1^(a),(d)		3.8050	01/25/49		249,837
	58,443	Arroyo Mortgage Trust Series 2019-2 A1^(a),(d)		3.3470	04/25/49		56,260
	500,000	Arroyo Mortgage Trust Series 2020-1 A3^(a)		3.3280	03/25/55		446,063
	118,782	Bunker Hill Loan Depositary Trust Series 2019-2 A1^(a),(c)		2.8790	07/25/49		115,507
	614,573	Chase Home Lending Mortgage Trust Series 2023-RPL1 A1^(a),(d)		3.5000	06/25/62		562,454
	374,730	Chase Home Lending Mortgage Trust Series 2024-RPL4 A1A^(a),(d)		3.3750	12/25/64		332,907
	27,044	Chase Mortgage Finance Corporation Series 2016-SH2 M2^(a),(d)		3.7500	02/25/44		24,977
	33,863	Chase Mortgage Finance Corporation Series 2016-SH1 M2^(a),(d)		3.7500	04/25/45		31,042
	302,401	CIM TRUST Series 2022-R2 A1^(a),(d)		3.7500	12/25/61		286,255
	362,494	Citigroup Mortgage Loan Trust Series 2025-INV1 A2^(a),(d)		6.0000	01/25/55		365,258
	980,240	COLT Mortgage Loan Trust Series 2022-5 A1^(a),(d)		4.5500	04/25/67		974,069
	624,247	COOPR Residential Mortgage Trust Series 2025-CES2 A1A^(a),(c)		5.5020	06/25/60		625,467
	393,300	CSMC Trust Series 2020-RPL4 A1^(a),(d)		2.0000	01/25/60		353,213
	112,822	CSMC Trust Series 2020-NQM1 A1^(a),(c)		2.2080	05/25/65		106,905
	769,338	Deephaven Residential Mortgage Trust Series 2022-1 A1^(a),(d)		2.2050	01/25/67		702,711
	340,000	EFMT Series 2025-CES4 A1^(a),(c)		5.4310	06/25/60		339,721
	782,477	EFMT Series 2025-NQM2 A1^(a),(c)		5.5960	06/25/70		783,190
	185,231	Ellington Financial Mortgage Trust Series 2019-2 A3^(a),(d)		3.0460	11/25/59		175,628
	18,941	Flagstar Mortgage Trust Series 2017-1 1A3^(a),(d)		3.5000	03/25/47		17,362
	342,963	Foundation Finance Trust Series 2024-2A A^(a)		4.6000	03/15/50		341,130
	5,976	Galton Funding Mortgage Trust Series 2018-1 A23^(a),(d)		3.5000	11/25/57		5,423
	207,269	Imperial Fund Mortgage Trust Series 2022-NQM3 A1^(a),(c)		4.3800	05/25/67		205,453

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)
	6,275	JP Morgan Mortgage Trust Series 2017-5 A1^(a),(d)		4.9210	12/15/47	$	6,329
	658,358	JP Morgan Mortgage Trust Series 2017-4 A3^(a),(d)		3.5000	11/25/48		596,386
	304,039	JP Morgan Mortgage Trust Series 2025-CES1 A1^(a),(d)		5.6660	05/25/55		304,978
	455,230	JP Morgan Mortgage Trust Series 2025-NQM2 A1^(a),(d)		5.5670	09/25/65		455,735
	341,690	JP Morgan Seasoned Mortgage Trust Series 2024-1 A4^(a),(d)		4.4460	10/25/54		333,357
	330,000	LHOME Mortgage Trust Series 2024-RTL1 A1^(a),(c)		7.0170	01/25/29		332,268
	425,000	LHOME Mortgage Trust Series 2024-RTL4 A1^(a),(c)		5.9210	07/25/39		426,015
	100,000	Metlife Securitization Trust Series 2017-1A M1^(a),(d)		3.4200	04/25/55		90,023
	17,926	Metlife Securitization Trust Series 2019-1A A1A^(a),(d)		3.7500	04/25/58		17,629
	651,225	MFA Trust Series 2022-INV2 A1^(a),(c)		4.9500	07/25/57		647,545
	812,328	MFA Trust Series 2023-INV2 A1^(a),(c)		6.7750	10/25/58		819,548
	104,183	MFA Trust Series 2020-NQM3 A1^(a),(d)		1.0140	01/26/65		98,180
	839,162	MFA Trust Series 2022-INV1 A1^(a),(c)		3.9070	04/25/66		829,242
	617,452	MFA Trust Series 2022-NQM2 A1^(a),(c)		4.0000	05/25/67		600,513
	1,148,803	MFA Trust Series 2024-NQM2 A1^(a),(c)		5.2720	08/25/69		1,144,245
	223,540	Mill City Mortgage Loan Trust Series 2019-GS2 A1^(a),(d)		2.7500	08/25/59		216,119
	199,632	Mill City Mortgage Loan Trust Series 2019-1 M2^(a),(d)		3.5000	10/25/69		183,085
	381,912	New Residential Mortgage Loan Trust Series 2016-4A A1^(a),(d)		3.7500	11/25/56		364,536
	523,015	New Residential Mortgage Loan Trust Series 2017-2A A3^(a),(d)		4.0000	03/25/57		504,761
	367,102	New Residential Mortgage Loan Trust Series 2018-1A A1A^(a),(d)		4.0000	12/25/57		356,490
	23,088	New Residential Mortgage Loan Trust Series 2021-NQ2R A1^(a),(d)		0.9410	09/25/58		21,963
	608,347	New Residential Mortgage Loan Trust Series 2022-NQM2 A1^(a),(d)		3.0790	03/27/62		570,352
	240,899	New Residential Mortgage Loan Trust Series 2024-NQM3 A1^(a),(c)		5.4660	11/25/64		240,893
	526,966	NYMT Loan Trust Series 2022-CP1 A1^(a)		2.0420	07/25/61		494,157
	372,112	NYMT Loan Trust Series 2024-CP1 A1^(a)		3.7500	02/25/68		342,195
	287,470	OBX Trust Series 2024-HYB2 A1^(a),(d)		3.6770	04/25/53		284,882
	204,575	OBX Trust Series 2022-NQM1 A1^(a),(d)		2.3050	11/25/61		181,874
	596,248	OBX Trust Series 2023-NQM9 A1^(a),(c)		7.1590	10/25/63		604,942
	264,157	OBX Trust Series 2024-NQM9 A1^(a),(c)		6.0300	01/25/64		265,992
	21,937	Palisades Mortgage Loan Trust Series 2021-RTL1 A1^(a),(c)		3.4870	06/25/26		21,834
	800,000	PMT Loan Trust Series INV7 A7^(a),(d)		6.0000	06/25/56		809,608
	369,302	PMT Loan Trust Series 2024-INV1 A2^(a),(d)		6.0000	10/25/59		372,475
	200,525	PMT Loan Trust Series 2024-INV2 A1^(a),(d)		6.0000	12/25/59		201,804
	399,674	PRET Trust Series 2025-NPL1 A1^(a),(c)		6.0630	02/25/55		400,256

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)
	1,343,524	PRKCM Trust Series 2022-AFC1 A1A^(a),(d)		4.1000	04/25/57	$	1,322,550
	434,342	RCKT Mortgage Trust Series 2023-CES1 A1A^(a),(d)		6.5150	06/25/43		436,140
	638,467	RCKT Mortgage Trust Series 2023-CES2 A1A^(a),(d)		6.8080	09/25/43		644,240
	634,448	RCKT Mortgage Trust Series 2024-CES3 A1A^(a),(d)		6.5910	05/25/44		642,201
	45,725	RCKT Mortgage Trust Series 2020-1 A1^(a),(d)		3.0000	02/25/50		39,449
	8,967	Residential Mortgage Loan Trust Series 2020-1 A1^(a),(d)		2.3760	01/26/60		8,882
	49,673	Starwood Mortgage Residential Trust Series 2020-1 A1^(a),(d)		2.2750	02/25/50		47,253
	719,392	Starwood Mortgage Residential Trust Series 2021-5 A2^(a),(d)		2.1780	09/25/66		610,950
	265,000	Towd Point Mortgage Trust Series 2019-HY2 M1^(a),(b)	TSFR1M + 1.714%	6.0670	05/25/58		266,315
	365,000	Towd Point Mortgage Trust Series 2021-1 A2^(a),(d)		2.7500	11/25/61		308,826
	482,789	Towd Point Mortgage Trust Series 2024-1 A1^(a),(d)		4.8240	03/25/64		495,824
	653,365	Verus Securitization Trust Series 2022-4 A1^(a),(c)		4.4740	04/25/67		650,593
	592,269	Verus Securitization Trust Series 2022-6 A1^(a),(c)		4.9100	06/25/67		590,781
	425,087	Verus Securitization Trust Series 2022-6 A3^(a),(c)		4.9100	06/25/67		420,741
	778,754	Verus Securitization Trust Series 2022-7 A1^(a),(c)		5.1520	07/25/67		776,337
	1,211,348	Verus Securitization Trust Series 2023-1 A1^(a),(c)		5.8500	12/25/67		1,209,687
	610,956	Verus Securitization Trust Series 2023-8 A1^(a),(c)		6.2590	12/25/68		615,254
	139,334	Wells Fargo Mortgage Backed Securities Series 2020-4 A1^(a),(d)		3.0000	07/25/50		117,550
							32,360,669
		CREDIT CARD — 0.2%
	430,000	Mercury Financial Credit Card Master Trust Series 2A A^(a)		6.5600	07/20/29		432,864

		NON AGENCY CMBS — 5.0%
	610,000	ALA Trust Series 2025-OANA A^(a),(b)	TSFR1M + 1.743%	6.0850	06/15/30		614,461
	520,000	BBCMS Mortgage Trust Series 2018-TALL^(a),(b)	TSFR1M + 0.919%	5.2610	03/15/37		494,958
	613,000	BBCMS Trust Series 2018-CBM A^(a),(b)	TSFR1M + 1.297%	5.6390	07/15/37		598,858
	505,103	BX Commercial Mortgage Trust Series 2024-XL5 A^(a),(b)	TSFR1M + 1.392%	5.7340	03/15/41		506,697
	510,000	BX Trust Series 2022-CLS A^(a)		5.7600	10/13/27		513,865
	423,349	BX Trust Series 2025-ROIC C^(a),(b)	TSFR1M + 1.543%	5.8850	03/15/30		421,418
	805,000	BX Trust Series 2019-OC11 B^(a)		3.6050	12/09/41		757,525
	410,000	BX Trust Series 2019-OC11 D^(a),(d)		4.0750	12/09/41		382,721
	665,000	CENT Series 2025-CITY A^(a),(d)		5.0910	07/10/40		667,822
	565,000	COMM Mortgage Trust Series 2024-WCL1 B^(a),(b)	TSFR1M + 2.590%	6.9320	06/15/41		564,495
	367,000	ELM Trust Series 2024-ELM A10^(a),(d)		5.8010	06/10/27		369,735

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1% (Continued)
		NON AGENCY CMBS — 5.0% (Continued)
	510,000	Exeter Automobile Receivables Trust Series 2024-5A B		4.9800	04/16/29	$	508,726
	510,000	Fashion Show Mall, LLC Series SHOW A^(a),(d)		5.1040	10/10/29		512,114
	320,000	Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU A^(a),(b)	TSFR1M + 1.450%	5.7920	12/15/39		320,998
	420,000	Houston Galleria Mall Trust Series 2025-HGLR A^(a),(d)		5.4620	02/05/45		426,995
	1,095,000	Hudson Yards Mortgage Trust Series 2025-SPRL A^(a),(d)		5.4670	01/13/40		1,123,338
	570,000	JP Morgan Chase Commercial Mortgage Securities Series OMNI A^(a),(d)		5.7970	10/05/39		578,732
	325,000	MIRA Trust Series 2023-Mile A^(a)		6.7550	06/06/28		336,280
	880,000	MSSG Trust Series 2017-237P A^(a)		3.3970	09/13/39		832,076
	470,000	NY Commercial Mortgage Trust Series 2025-299P A^(a),(d)		5.6640	02/10/47		484,941
	800,000	NYC Commercial Mortgage Trust Series 2025-300P A^(a)		4.8790	07/13/42		795,412
	714,147	RCKT Mortgage Trust Series 2025-CES5 A1A^(a),(c)		5.6870	06/25/55		718,883
	560,000	RFR Trust Series 2025-SGRM A^(a),(d)		5.3790	03/11/29		568,503
	170,000	ROCK Trust Series 2024-CNTR A^(a)		5.3880	11/13/41		173,251
	450,000	ROCK Trust Series 2024-CNTR C^(a)		6.4710	11/13/41		465,912
							13,738,716
		OTHER ABS — 5.7%
	96,164	ACHV A.B.S TRUST Series 2024-1PL A^(a)		5.9000	04/25/31		96,914
	336,000	Affirm Asset Securitization Trust Series 2023-B A^(a)		6.8200	09/15/28		336,655
	96,575	Affirm Asset Securitization Trust Series 2024-X2 A^(a)		5.2200	12/17/29		96,598
	439,861	Affirm Asset Securitization Trust Series 2025-X1 A^(a)		5.0800	04/15/30		440,135
	600,000	Amur Equipment Finance Receivables XV, LLC Series 1A D^(a)		5.6800	08/20/32		605,612
	33,298	Aqua Finance Trust Series 2019-A A^(a)		3.1400	07/16/40		32,274
	128,895	Aqua Finance Trust Series 2019-A C^(a)		4.0100	07/16/40		125,450
	209,976	Aqua Finance Trust Series 2020-AA B^(a)		2.7900	07/17/46		199,500
	510,000	Aqua Finance Trust Series 2024-A B^(a)		5.0600	04/18/50		509,833
	435,277	Castlelake Aircraft Structured Trust Series 2025-1A A^(a)		5.7830	02/15/50		439,432
	465,000	CCG Receivables Trust Series 2024-1 B^(a)		5.0800	03/15/32		469,979
	103,437	CF Hippolyta, LLC Series 2020-1 A1^(a)		1.6900	07/15/60		89,237
	100,000	Corevest American Finance Trust Series 2019-3 C^(a)		3.2650	10/15/52		93,502
	135,534	Dext A.B.S, LLC Series 2023-1 A2^(a)		5.9900	03/15/32		135,949
	177,952	Elara HGV Timeshare Issuer, LLC Series 2023-A A^(a)		6.1600	02/25/38		182,710
	130,000	FirstKey Homes Trust Series 2021-SFR1 D^(a)		2.1890	08/17/28		125,849
	221,795	Foundation Finance Trust Series 2023-2A A^(a)		6.5300	06/15/49		230,082
	220,671	Hilton Grand Vacations Trust Series 2024-2A A^(a)		5.5000	03/25/38		223,837

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1% (Continued)
		OTHER ABS — 5.7% (Continued)
	39,996	HIN Timeshare Trust Series 2020-A C^(a)		3.4200	10/09/39	$	38,902
	472,933	HINNT, LLC Series 2025-A B^(a)		5.4500	03/15/44		474,402
	128,375	Jersey Mike’s Funding Series 2019-1A A2^(a)		4.4330	02/15/50		127,138
	423,938	Jersey Mike’s Funding, LLC Series 1A A2^(a)		5.6360	02/15/55		428,873
	550,000	MetroNet Infrastructure Issuer, LLC Series 2A A2^(a)		5.4000	08/20/55		549,954
	800,000	MMP Capital, LLC Series 2025-A B^(a)		5.7200	12/15/31		808,330
	25,500	MVW, LLC Series 2020-1A A^(a)		1.7400	10/20/37		24,770
	162,611	MVW, LLC Series 2023-1A B^(a)		5.4200	10/20/40		163,655
	570,000	NMEF Funding, LLC Series 2025-A B^(a)		5.1800	04/25/32		572,016
	265,000	Octane Receivables Trust Series 2023-1A C^(a)		6.3700	09/20/29		267,956
	630,000	Onemain Financial Issuance Trust Series 2025-1A B^(a)		5.0500	07/14/38		633,096
	300,000	Oportun Funding, LLC Series A A^(a)		5.0100	02/08/33		299,791
	328,714	Oportun Issuance Trust Series 2021-C A^(a)		2.1800	10/08/31		321,113
	435,000	PEAC Solutions Receivables, LLC Series 2024-1A B^(a)		5.7900	11/20/30		444,106
	216,573	PowerPay Issuance Trust Series 2024-1A A^(a)		6.5300	02/18/39		221,292
	265,000	Progress Residential Series 2021-SFR3 D^(a)		2.2880	05/17/26		260,669
	480,000	Purchasing Power Funding Series A B^(a)		6.4300	08/15/28		483,242
	670,000	Reach A.B.S Trust Series 2025-2A B^(a)		5.1200	08/18/32		670,801
	3,460	Regional Management Issuance Trust Series 2021-1 A^(a)		1.6800	03/17/31		3,463
	515,000	Regional Management Issuance Trust Series 2 A^(a)		5.1100	12/15/33		516,468
	655,000	Retained Vantage Data Centers Issuer, LLC Series 1A A2^(a)		4.9920	09/15/49		644,339
	680,000	Scalelogix Abs Us Issuer, LLC Series 1A A2^(a)		5.6730	07/25/55		674,687
	113,719	Sierra Timeshare Receivables Funding, LLC Series 2023-2A B^(a)		6.2800	04/20/40		115,194
	398,856	SoFi Consumer Loan Program Trust Series 2025-1 A^(a)		4.8000	02/27/34		399,369
	315,000	STAR Trust Series 2025-SFR5 A^(a),(b)	TSFR1M + 1.450%	5.7920	02/17/42		315,447
	481,875	Taco Bell Funding, LLC Series 2016-1A A23^(a)		4.9700	05/25/46		481,418
	200,000	Tricon American Homes Trust Series 2020-SFR2 D^(a)		2.2810	11/17/27		187,195
	160,000	Tricon Residential Trust Series 2021-SFR1 B^(a)		2.2440	07/17/38		155,778
	447,750	TSC SPV Funding, LLC Series 1A A2^(a)		6.2910	08/20/54		440,972
	630,000	Upstart Securitization Trust Series 2025-2 A2^(a)		5.2200	06/20/35		631,502
							15,789,486
		RESIDENTIAL MORTGAGE — 0.7%
	56,881	AJAX Mortgage Loan Trust Series 2019-D A1^(a),(c)		2.9560	09/25/65		54,575
	321,633	PRET, LLC Series 2024-NPL4 A1^(a),(c)		6.9960	07/25/54		321,776

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 28.1% (Continued)
		RESIDENTIAL MORTGAGE — 0.7% (Continued)
	135,000	Towd Point Mortgage Trust Series 2016-4 B1^(a),(d)		3.9680	07/25/56	$	130,416
	115,000	Towd Point Mortgage Trust Series 2017-1 M1^(a),(d)		3.7500	10/25/56		112,626
	590,000	Towd Point Mortgage Trust Series 2017-4 A2^(a),(d)		3.0000	06/25/57		555,346
	300,000	Towd Point Mortgage Trust Series 2018-6 A2^(a),(d)		3.7500	03/25/58		273,849
	255,000	Towd Point Mortgage Trust Series 2019-2 A2^(a),(d)		3.7500	12/25/58		229,288
	235,000	Towd Point Mortgage Trust Series 2019-4 A2^(a),(d)		3.2500	10/25/59		213,529
							1,891,405
		TOTAL ASSET BACKED SECURITIES (Cost $76,835,346)					76,846,211

		CORPORATE BONDS — 30.6%
		AEROSPACE & DEFENSE — 0.4%
	593,000	Boeing Company (The)		5.9300	05/01/60		567,679
	440,000	L3Harris Technologies, Inc. B		5.4000	07/31/33		451,842
	185,000	TransDigm, Inc.^(a)		6.6250	03/01/32		190,456
							1,209,977
		ASSET MANAGEMENT — 2.0%
	575,000	Apollo Debt Solutions BDC		6.9000	04/13/29		600,791
	525,000	Apollo Global Management, Inc.^(b),(e)	H15T5Y + 2.168%	6.0000	12/15/54		516,316
	525,000	BlackRock Funding, Inc.		5.2500	03/14/54		500,091
	170,000	Blackstone Private Credit Fund		5.9500	07/16/29		173,418
	325,000	Blackstone Private Credit Fund		6.0000	11/22/34		322,978
	120,000	Blue Owl Credit Income Corporation		6.6500	03/15/31		123,498
	635,000	Blue Owl Finance, LLC		3.1250	06/10/31		567,161
	515,000	Brookfield Asset Management Ltd.		5.7950	04/24/35		527,066
	215,000	Charles Schwab Corporation (The)^(b)	SOFRRATE + 2.010%	6.1360	08/24/34		232,198
	305,000	Charles Schwab Corporation (The)^(b)	H15T10Y + 3.079%	4.0000	03/01/69		279,154
	250,000	Drawbridge Special Opportunities Fund, L.P.^(a)		3.8750	02/15/26		246,362
	534,000	HA Sustainable Infrastructure Capital, Inc.^(e)		6.3750	07/01/34		529,407
	135,000	HA Sustainable Infrastructure Capital, Inc.		6.7500	07/15/35		136,138
	220,000	Icahn Enterprises, L.P. / Icahn Enterprises		5.2500	05/15/27		214,467
	355,000	UBS Group A.G.^(a),(b)	H15T1Y + 2.400%	4.9880	08/05/33		354,867
	35,000	UBS Group A.G.^(a),(b)	H15T5Y + 4.758%	9.2500	05/13/72		41,115
							5,365,027

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		AUTOMOTIVE — 0.4%
	405,000	Aptiv plc / Aptiv Global Financing DAC^(b)	H15T5Y + 3.385%	6.8750	12/15/54	$	408,653
	15,000	Clarios Global, L.P. / Clarios US Finance Company^(a)		6.7500	02/15/30		15,475
	70,000	Ford Motor Company^(e)		4.7500	01/15/43		54,290
	200,000	Ford Motor Credit Company, LLC^(e)		6.8000	05/12/28		206,449
	85,000	Ford Motor Credit Company, LLC		6.0540	11/05/31		85,071
	330,000	Stellantis Finance US, Inc.^(a)		6.4500	03/18/35		330,618
							1,100,556
		BANKING — 4.6%
	665,000	Australia & New Zealand Banking Group Ltd.^(a),(b)	H15T10Y + 1.350%	5.8160	06/18/36		675,134
	64,000	Banco de Credito del Peru S.A.^(a),(b)	H15T5Y + 2.486%	6.4500	07/30/35		65,904
	115,000	Banco de Credito e Inversiones S.A.^(a),(d)		8.7500	02/08/74		123,676
	108,000	Banco Mercantil del Norte S.A.^(a),(b)	H15T5Y + 4.072%	8.3750	11/20/74		110,835
	670,000	Bank of America Corporation^(b)	SOFRRATE + 1.320%	2.6870	04/22/32		600,930
	635,000	Bank of America Corporation^(b)	SOFRRATE + 1.738%	5.5180	10/25/35		635,581
	400,000	Barclays plc^(b)	H15T1Y + 3.500%	7.4370	11/02/33		454,739
	73,000	BBVA Bancomer S.A.^(a),(b)	H15T5Y + 2.650%	5.1250	01/18/33		70,484
	420,000	BPCE S.A.^(a),(b)	SOFRRATE + 2.590%	7.0030	10/19/34		462,111
	65,000	BPCE S.A.^(a),(b)	SOFRRATE + 2.610%	6.9150	01/14/46		68,060
	320,000	Citigroup, Inc.^(b)	SOFRRATE + 2.338%	6.2700	11/17/33		344,858
	229,000	Citigroup, Inc.^(b)	SOFRRATE + 2.661%	6.1740	05/25/34		239,655
	250,000	Citigroup, Inc.^(b)	H15T5Y + 3.417%	3.8750	05/18/69		247,696
	200,000	Citizens Financial Group, Inc.^(b)	SOFRRATE + 1.259%	5.2530	03/05/31		202,631
	570,000	Deutsche Bank A.G.^(b),(e)	SOFRRATE + 2.050%	5.4030	09/11/35		568,973
	665,000	Fifth Third Bancorp^(b)	SOFRRATE + 1.660%	4.3370	04/25/33		636,368
	455,000	Huntington Bancshares, Inc.^(b),(e)	SOFRINDX + 1.870%	5.7090	02/02/35		465,437
	130,000	Huntington Bancshares, Inc.^(b)	H15T5Y + 1.700%	6.1410	11/18/39		132,989
	710,000	JPMorgan Chase & Company^(d)		1.9530	02/04/32		616,168

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		BANKING — 4.6% (Continued)
	420,000	JPMorgan Chase & Company^(b)	SOFRRATE + 2.580%	5.7170	09/14/33	$	437,970
	175,000	JPMorgan Chase & Company^(b)	SOFRRATE + 1.810%	6.2540	10/23/34		189,997
	105,000	JPMorgan Chase & Company^(b)	SOFRRATE + 1.635%	5.5760	07/23/36		106,584
	510,000	KeyCorporation^(b)	SOFRRATE + 2.420%	6.4010	03/06/35		545,292
	213,000	M&T Bank Corporation^(b)	H15T5Y + 1.430%	5.4000	07/30/35		213,375
	600,000	NatWest Group plc^(b)	H15T5Y + 2.200%	6.4750	06/01/34		626,596
	540,000	PNC Financial Services Group, Inc. (The)^(b)	SOFRRATE + 1.394%	5.5750	01/29/36		554,076
	585,000	Societe Generale S.A.^(a),(b)	H15T1Y + 2.100%	6.0660	01/19/35		604,610
	200,000	Texas Capital Bancshares, Inc.^(b)	H15T5Y + 3.150%	4.0000	05/06/31		196,013
	430,000	Toronto-Dominion Bank (The)^(b)	H15T5Y + 4.075%	8.1250	10/31/82		454,333
	65,000	Truist Financial Corporation^(b)	SOFRRATE + 1.852%	5.1220	01/26/34		64,983
	485,000	Truist Financial Corporation^(b)	SOFRRATE + 2.361%	5.8670	06/08/34		507,283
	605,000	US Bancorp^(b)	SOFRRATE + 1.411%	5.4240	02/12/36		616,027
	280,000	Wells Fargo & Company^(b)	SOFRRATE + 2.100%	4.8970	07/25/33		279,896
	285,000	Wells Fargo & Company^(b)	SOFRRATE + 2.060%	6.4910	10/23/34		311,699
	330,000	Wells Fargo & Company^(b)	H15T5Y + 3.453%	3.9000	03/15/69		327,145
	185,000	Wells Fargo & Company^(b)	H15T5Y + 2.767%	6.8500	07/15/74		192,131
							12,950,239
		BIOTECH & PHARMA — 0.5%
	683,000	Amgen, Inc.		5.6500	03/02/53		662,092
	15,000	Amneal Pharmaceuticals, LLC^(a)		6.8750	08/01/32		15,239
	45,000	Par Pharmaceutical, Inc.^(a),(f)		0.0000	04/01/27		—
	310,000	Royalty Pharma plc		5.4000	09/02/34		312,792
	470,000	Royalty Pharma plc		3.3500	09/02/51		303,505
	681	Viatris, Inc.^(a)		2.3000	06/22/27		648
							1,294,276
		CABLE & SATELLITE — 0.5%
	14,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		6.3750	09/01/29		14,138
	180,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		4.7500	03/01/30		171,630

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		CABLE & SATELLITE — 0.5% (Continued)
	45,000	CCO Holdings, LLC / CCO Holdings Capital^(a)		4.5000	08/15/30	$	42,143
	590,000	Charter Communications Operating, LLC / Charter		4.8000	03/01/50		457,929
	200,000	CSC Holdings, LLC^(a)		11.7500	01/31/29		187,199
	370,000	DIRECTV Holdings, LLC / DIRECTV Financing Company,^(a)		5.8750	08/15/27		368,005
							1,241,044
		CHEMICALS — 0.2%
	340,000	Bayport Polymers, LLC^(a)		5.1400	04/14/32		329,288
	200,000	INEOS Quattro Finance 2 plc^(a)		9.6250	03/15/29		203,606
	130,000	Windsor Holdings III, LLC^(a)		8.5000	06/15/30		137,976
							670,870
		COMMERCIAL SUPPORT SERVICES — 0.2%
	590,000	Sodexo, Inc.^(a),(e)		5.8000	08/15/35		603,846

		CONSTRUCTION MATERIALS — 0.5%
	560,000	CRH America Finance, Inc.		5.4000	05/21/34		571,215
	680,000	JH North America Holdings, Inc.^(a)		6.1250	07/31/32		687,655
	55,000	Quikrete Holdings, Inc.^(a)		6.3750	03/01/32		56,449
							1,315,319
		CONTAINERS & PACKAGING — 0.7%
	565,000	Berry Global, Inc.		5.6500	01/15/34		584,744
	590,000	Smurfit Kappa Treasury ULC		5.7770	04/03/54		588,712
	620,000	Sonoco Products Company^(e)		5.0000	09/01/34		603,165
							1,776,621
		ELEC & GAS MARKETING & TRADING — 0.1%
	380,000	New York State Electric & Gas Corporation^(a)		5.8500	08/15/33		399,533

		ELECTRIC UTILITIES — 2.5%
	195,000	AES Corporation (The)^(b),(e)	H15T5Y + 3.201%	7.6000	01/15/55		197,274
	485,000	Black Hills Corporation		6.1500	05/15/34		511,645
	605,000	Capital Power US Holdings, Inc.^(a),(e)		6.1890	06/01/35		622,907
	555,000	CMS Energy Corporation^(b)	H15T5Y + 4.116%	4.7500	06/01/50		535,323
	205,000	Dominion Energy, Inc.^(b)	H15T5Y + 2.511%	7.0000	06/01/54		219,208
	275,000	Dominion Energy, Inc.^(b)	H15T5Y + 2.207%	6.6250	05/15/55		282,409
	565,000	Electricite de France S.A.^(a)		6.9000	05/23/53		607,176

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		ELECTRIC UTILITIES — 2.5% (Continued)
	235,000	Enel Finance International N.V.^(a)		7.5000	10/14/32	$	268,405
	175,000	Enel Finance International N.V.^(a)		5.5000	06/26/34		177,771
	425,000	Entergy Corporation^(b)	H15T5Y + 2.670%	7.1250	12/01/54		441,056
	260,000	Entergy Texas, Inc.		5.8000	09/01/53		257,036
	15,000	Lightning Power, LLC^(a)		7.2500	08/15/32		15,694
	188,000	National Rural Utilities Cooperative Finance^(b)	TSFR3M + 3.172%	7.4820	04/30/43		188,010
	410,000	NextEra Energy Capital Holdings, Inc.^(b)	H15T5Y + 1.979%	6.5000	08/15/55		424,128
	384,000	NRG Energy, Inc.^(a)		7.0000	03/15/33		421,552
	265,000	PacifiCorporation		5.8000	01/15/55		252,510
	403,000	Puget Energy, Inc.		2.3790	06/15/28		379,226
	325,000	Southern California Edison Company		6.0000	01/15/34		334,785
	245,000	Vistra Corporation^(a),(b)	H15T5Y + 6.930%	8.0000	04/15/70		250,273
	280,000	Vistra Operations Company, LLC^(a),(e)		5.7000	12/30/34		285,374
							6,671,762
		ENGINEERING & CONSTRUCTION — 0.2%
	30,000	AECOM^(a)		6.0000	08/01/33		30,264
	140,000	Global Infrastructure Solutions, Inc.^(a)		7.5000	04/15/32		144,398
	398,000	Sempra Infrastructure Partners, L.P.^(a)		3.2500	01/15/32		338,972
							513,634
		ENTERTAINMENT CONTENT — 0.1%
	350,000	Univision Communications, Inc.^(a)		8.0000	08/15/28		359,831

		FOOD — 0.5%
	585,000	Mars, Inc.^(a)		5.7000	05/01/55		578,582
	665,000	Pilgrim’s Pride Corporation		6.2500	07/01/33		699,951
	190,000	Post Holdings, Inc.^(a),(e)		6.3750	03/01/33		190,332
							1,468,865
		GAS & WATER UTILITIES — 0.2%
	260,000	Brooklyn Union Gas Company (The)^(a)		4.8660	08/05/32		250,787
	365,000	KeySpan Gas East Corporation^(a)		5.9940	03/06/33		378,440
							629,227
		HEALTH CARE FACILITIES & SERVICES — 1.5%
	500,000	CHS/Community Health Systems, Inc.^(a)		5.2500	05/15/30		437,865
	710,000	CVS Health Corporation		5.0500	03/25/48		611,548

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 1.5% (Continued)
	306,000	CVS Health Corporation^(b)	H15T5Y + 2.516%	6.7500	12/10/54	$	307,019
	185,000	HCA, Inc.		5.5000	06/01/33		189,008
	165,000	HCA, Inc.		5.2500	06/15/49		146,115
	326,000	HCA, Inc.		6.0000	04/01/54		317,221
	580,000	Icon Investments Six DAC		6.0000	05/08/34		593,971
	505,000	IQVIA, Inc.		6.2500	02/01/29		528,065
	70,000	IQVIA, Inc.^(a)		6.2500	06/01/32		71,876
	115,000	Molina Healthcare, Inc.^(a)		6.2500	01/15/33		113,605
	359,000	Universal Health Services, Inc.		2.6500	01/15/32		304,170
	405,000	Universal Health Services, Inc.		5.0500	10/15/34		385,189
							4,005,652
		HOME & OFFICE PRODUCTS — 0.1%
	225,000	Newell Brands, Inc.		6.3750	09/15/27		227,592

		HOME CONSTRUCTION — 0.5%
	265,000	Ashton Woods USA, LLC / Ashton Woods Finance^(a)		4.6250	04/01/30		248,780
	440,000	DR Horton, Inc.		5.5000	10/15/35		446,683
	434,000	Meritage Homes Corporation^(a)		3.8750	04/15/29		419,257
	230,000	Toll Brothers Finance Corporation^(e)		5.6000	06/15/35		231,229
							1,345,949
		HOUSEHOLD PRODUCTS — 0.1%
	370,000	Kronos Acquisition Holdings, Inc.^(a)		8.2500	06/30/31		321,497

		INDUSTRIAL SUPPORT SERVICES — 0.3%
	405,000	Ashtead Capital, Inc.^(a)		5.5000	08/11/32		410,657
	110,000	Ashtead Capital, Inc.^(a)		5.9500	10/15/33		114,239
	105,000	Ashtead Capital, Inc.^(a)		5.8000	04/15/34		107,908
	100,000	Herc Holdings, Inc.^(a),(e)		7.2500	06/15/33		103,638
							736,442
		INSTITUTIONAL FINANCIAL SERVICES — 1.3%
	465,000	Bank of New York Mellon Corporation (The)^(b)	SOFRINDX + 2.074%	5.8340	10/25/33		492,845
	345,000	Bank of New York Mellon Corporation (The)^(b)	H15T5Y + 4.358%	4.7000	09/20/68		345,460
	195,000	Goldman Sachs Group, Inc. (The)^(b)	SOFRRATE + 1.550%	5.3300	07/23/35		197,028

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.3% (Continued)
	310,000	Goldman Sachs Group, Inc. (The)		6.4500	05/01/36	$	332,582
	435,000	Morgan Stanley^(d)		5.2500	04/21/34		442,196
	185,000	Morgan Stanley^(b)	SOFRRATE + 1.880%	5.4240	07/21/34		189,600
	275,000	Morgan Stanley^(b)	H15T5Y + 2.430%	5.9480	01/19/38		283,869
	520,000	Northern Trust Corporation^(d)		3.3750	05/08/32		503,605
	565,000	State Street Corporation^(b)	SOFRRATE + 1.958%	6.1230	11/21/34		602,821
	175,000	State Street Corporation^(b)	H15T5Y + 2.613%	6.7000	03/15/74		180,835
							3,570,841
		INSURANCE — 2.1%
	200,000	Allianz S.E.^(a),(b)	H15T5Y + 3.232%	6.3500	09/06/53		210,864
	260,000	Allianz S.E.^(a),(b)	H15T5Y + 2.771%	5.6000	09/03/54		261,463
	320,000	Allstate Corporation (The)^(b)	TSFR3M + 3.200%	7.5260	08/15/53		321,300
	530,000	Arthur J Gallagher & Company		5.5500	02/15/55		501,208
	410,000	Ascot Group Ltd.^(a)		4.2500	12/15/30		369,451
	391,000	Corebridge Financial, Inc.^(b)	H15T5Y + 2.646%	6.3750	09/15/54		391,376
	500,000	F&G Annuities & Life, Inc.		6.5000	06/04/29		515,282
	198,000	Global Atlantic Fin Company^(a)		7.9500	06/15/33		224,224
	105,000	Global Atlantic Fin Company^(a),(b)	H15T5Y + 3.608%	7.9500	10/15/54		110,008
	515,000	Liberty Mutual Group, Inc.^(a),(b)	H15T5Y + 3.315%	4.1250	12/15/51		502,043
	665,000	MetLife, Inc.^(b)	H15T5Y + 3.576%	3.8500	03/15/69		664,349
	335,000	Nippon Life Insurance Company^(a),(b)	H15T5Y + 2.954%	6.2500	09/13/53		347,399
	235,000	Nippon Life Insurance Company^(a),(b)	H15T5Y + 3.189%	6.5000	04/30/55		246,182
	104,000	Prudential Financial, Inc.^(b)	H15T5Y + 3.162%	5.1250	03/01/52		100,925
	210,000	Prudential Financial, Inc.^(b)	H15T5Y + 2.848%	6.7500	03/01/53		220,284
	310,000	Prudential Financial, Inc.^(b)	H15T5Y + 2.404%	6.5000	03/15/54		322,721
	585,000	Reinsurance Group of America, Inc.^(b),(e)	H15T5Y + 2.392%	6.6500	09/15/55		586,878
							5,895,957
		LEISURE FACILITIES & SERVICES — 0.1%
	110,000	Flutter Treasury DAC^(a)		5.8750	06/04/31		110,839
	280,000	Hilton Domestic Operating Company, Inc.^(a)		5.7500	09/15/33		280,511
							391,350

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		MACHINERY — 0.7%
	550,000	Ingersoll Rand, Inc.		5.4500	06/15/34	$	566,003
	580,000	Regal Rexnord Corporation		6.4000	04/15/33		613,466
	670,000	Veralto Corporation		5.4500	09/18/33		686,937
							1,866,406
		MEDICAL EQUIPMENT & DEVICES — 0.4%
	710,000	DENTSPLY SIRONA, Inc.		3.2500	06/01/30		645,402
	530,000	Smith & Nephew plc		5.4000	03/20/34		538,735
							1,184,137
		METALS & MINING — 0.3%
	336,000	Corp Nacional del Cobre de Chile^(a)		5.9500	01/08/34		344,134
	295,000	Glencore Funding, LLC^(a)		2.8500	04/27/31		265,349
	240,000	Glencore Funding, LLC^(a)		5.6340	04/04/34		245,139
							854,622
		OIL & GAS PRODUCERS — 3.6%
	95,000	6297782, LLC^(a)		5.5840	10/01/34		93,844
	70,000	6297782, LLC^(a)		6.1760	10/01/54		66,595
	275,000	Ascent Resources Utica Holdings, LLC / ARU Finance^(a)		6.6250	07/15/33		279,077
	600,000	BP Capital Markets plc^(b)	H15T5Y + 4.398%	4.8750	12/22/00		592,998
	140,000	Buckeye Partners, L.P.^(a)		6.7500	02/01/30		145,157
	150,000	Columbia Pipelines Operating Company, LLC^(a)		6.0360	11/15/33		157,727
	530,000	Columbia Pipelines Operating Company, LLC^(a)		5.4390	02/15/35		529,779
	560,000	Diamondback Energy, Inc.		5.9000	04/18/64		518,182
	565,000	DT Midstream, Inc.^(a)		4.3750	06/15/31		538,485
	315,000	Enbridge, Inc.^(b),(e)	H15T10Y + 4.431%	8.5000	01/15/84		355,535
	120,000	Energy Transfer, L.P.^(b)	H15T5Y + 5.306%	7.1250	05/15/69		123,160
	175,000	Energy Transfer, L.P.^(b)	H15T5Y + 5.694%	6.5000	11/15/69		175,763
	145,000	EOG Resources, Inc.		5.3500	01/15/36		146,141
	355,000	EOG Resources, Inc.		5.6500	12/01/54		346,453
	630,000	Flex Intermediate Holdco, LLC^(a)		3.3630	06/30/31		565,936
	305,000	Genesis Energy, L.P. / Genesis Energy Finance^(e)		8.8750	04/15/30		323,487
	435,000	Harbour Energy plc^(a)		6.3270	04/01/35		435,649
	530,000	HF Sinclair Corporation		6.2500	01/15/35		539,651
	87,000	KazMunayGas National Company JSC^(a)		5.7500	04/19/47		76,510
	85,000	Kinder Morgan Energy Partners, L.P.		6.9500	01/15/38		93,604

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		OIL & GAS PRODUCERS — 3.6% (Continued)
	425,000	Kinder Morgan, Inc.		5.8500	06/01/35	$	439,018
	50,000	NGL Energy Partners, L.P.^(a)		8.1250	02/15/29		49,529
	80,000	NGL Energy Partners, L.P.^(a)		8.3750	02/15/32		78,356
	360,000	Occidental Petroleum Corporation^(e)		5.5500	10/01/34		353,391
	260,000	Occidental Petroleum Corporation^(e)		6.2000	03/15/40		254,978
	275,000	Pertamina Persero PT^(a)		6.4500	05/30/44		287,747
	202,000	Petroleos Mexicanos		6.5000	03/13/27		202,125
	121,000	Petroleos Mexicanos		6.8400	01/23/30		119,167
	72,000	Petroleos Mexicanos		7.6900	01/23/50		61,194
	130,000	Petronas Capital Ltd.^(a)		5.8480	04/03/55		131,346
	235,000	Reliance Industries Ltd.^(a)		2.8750	01/12/32		209,195
	368,000	Saudi Arabian Oil Company^(a)		5.2500	07/17/34		372,801
	110,000	South Bow Canadian Infrastructure Holdings Ltd.^(a),(b)	H15T5Y + 3.667%	7.5000	03/01/55		114,383
	760,000	Western Midstream Operating, L.P.		5.2500	02/01/50		638,986
	500,000	Williams Companies, Inc. (The)		5.1500	03/15/34		498,361
							9,914,310
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	240,000	Nabors Industries, Inc.^(a)		7.3750	05/15/27		242,606

		PUBLISHING & BROADCASTING — 0.2%
	240,000	Gray Media, Inc.^(a)		7.2500	08/15/33		238,923
	305,000	Sinclair Television Group, Inc.^(a)		8.1250	02/15/33		311,298
							550,221
		REAL ESTATE INVESTMENT TRUSTS — 0.5%
	595,000	NNN REIT, Inc.		5.5000	06/15/34		607,146
	135,000	Safehold GL Holdings, LLC		6.1000	04/01/34		141,241
	410,000	Safehold GL Holdings, LLC		5.6500	01/15/35		410,425
	75,000	Service Properties Trust		4.9500	02/15/27		73,265
							1,232,077
		RETAIL - DISCRETIONARY — 0.4%
	175,000	BlueLinx Holdings, Inc.^(a)		6.0000	11/15/29		170,549
	240,000	Builders FirstSource, Inc.^(a)		6.3750	03/01/34		243,860
	640,000	Dick’s Sporting Goods, Inc.		4.1000	01/15/52		457,410
	275,000	PetSmart, Inc. / PetSmart Finance Corporation^(a)		7.7500	02/15/29		269,478

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		RETAIL - DISCRETIONARY — 0.4% (Continued)
	10,000	Queen MergerCo, Inc.^(a)		6.7500	04/30/32	$	10,323
							1,151,620
		SEMICONDUCTORS — 0.6%
	200,000	Broadcom, Inc.		5.1500	11/15/31		204,699
	555,000	Broadcom, Inc.^(a)		3.1370	11/15/35		466,200
	335,000	Foundry JV Holdco, LLC^(a)		5.8750	01/25/34		338,630
	505,000	Marvell Technology, Inc.^(e)		5.4500	07/15/35		509,684
							1,519,213
		SOFTWARE — 0.3%
	150,000	Cloud Software Group, Inc.^(a)		9.0000	09/30/29		155,112
	105,000	Helios Software Holdings, Inc. / ION Corporate^(a)		8.7500	05/01/29		107,186
	115,000	Oracle Corporation		6.2500	11/09/32		123,887
	400,000	Oracle Corporation		6.9000	11/09/52		439,139
	75,000	Oracle Corporation		3.8500	04/01/60		50,683
							876,007
		SPECIALTY FINANCE — 1.5%
	235,000	AerCap Ireland Capital DAC / AerCap Global		3.3000	01/30/32		212,708
	150,000	AerCap Ireland Capital DAC / AerCap Global^(b)	H15T5Y + 2.720%	6.9500	03/10/55		157,015
	215,000	AerCap Ireland Capital DAC / AerCap Global^(b)	H15T5Y + 2.441%	6.5000	01/31/56		218,160
	70,000	Ally Financial, Inc.^(b)	SOFRRATE + 1.960%	5.7370	05/15/29		71,297
	405,000	Ally Financial, Inc.^(b)	SOFRRATE + 1.730%	5.5430	01/17/31		410,676
	735,000	American Express Company^(b),(e)	SOFRRATE + 1.930%	5.6250	07/28/34		754,106
	235,000	Aviation Capital Group, LLC^(a)		3.5000	11/01/27		228,765
	200,000	Aviation Capital Group, LLC^(a)		6.3750	07/15/30		212,226
	620,000	Avolon Holdings Funding Ltd.^(a)		5.7500	11/15/29		638,390
	217,000	Capital One Financial Corporation^(d)		2.3590	07/29/32		184,802
	460,000	Capital One Financial Corporation^(b)	SOFRRATE + 2.860%	6.3770	06/08/34		491,163
	65,000	OneMain Finance Corporation		6.1250	05/15/30		65,214
	255,000	Rocket Companies, Inc.^(a)		6.3750	08/01/33		260,356
	67,000	Synchrony Financial		3.7000	08/04/26		66,333
							3,971,211

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 30.6% (Continued)
		TECHNOLOGY SERVICES — 1.0%
	165,000	Block, Inc.		6.5000	05/15/32	$	169,434
	400,000	Booz Allen Hamilton, Inc.^(a),(e)		4.0000	07/01/29		386,942
	200,000	Booz Allen Hamilton, Inc.		5.9500	08/04/33		207,186
	570,000	CoStar Group, Inc.^(a)		2.8000	07/15/30		514,320
	770,000	Gartner, Inc.^(a)		3.7500	10/01/30		721,315
	320,000	Leidos, Inc.		2.3000	02/15/31		280,281
	556,000	MSCI, Inc.^(a),(e)		3.6250	09/01/30		521,965
							2,801,443
		TELECOMMUNICATIONS — 0.2%
	465,000	Sprint Capital Corporation		8.7500	03/15/32		562,388

		TOBACCO & CANNABIS — 0.5%
	295,000	BAT Capital Corporation		7.7500	10/19/32		340,299
	465,000	Imperial Brands Finance plc^(a)		5.8750	07/01/34		475,445
	510,000	Philip Morris International, Inc.		4.9000	11/01/34		503,874
							1,319,618
		TRANSPORTATION & LOGISTICS — 0.7%
	330,746	Alaska Airlines Class A Pass Through Trust Series 2021-1^(a)		4.8000	08/15/27		330,915
	335,000	BNSF Funding Trust I^(d)		6.6130	12/15/55		335,981
	299,238	British Airways Class A Pass Through Trust Series 2021-1^(a)		2.9000	03/15/35		271,229
	302,196	Delta Air Lines Class AA Pass Through Trust Series 2015-1		3.6250	07/30/27		295,915
	128,000	DP World plc^(a)		6.8500	07/02/37		142,348
	274,293	United Airlines Class A Pass Through Trust Series 2023-1		5.8000	07/15/36		280,636
	153,651	United Airlines Class AA Pass Through Trust Series 2024-1		5.4500	02/15/37		156,089
							1,813,113
		TOTAL CORPORATE BONDS (Cost $82,625,298)					83,924,899

		NON U.S. GOVERNMENT & AGENCIES — 2.7%
		SOVEREIGN — 2.7%
	167,000	Angolan Government International Bond^(a)		8.0000	11/26/29		156,528
	441,000	Brazilian Government International Bond		6.0000	10/20/33		436,606
	67,000	Brazilian Government International Bond		6.6250	03/15/35		67,416

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)
		SOVEREIGN — 2.7% (Continued)
	55,000	Brazilian Government International Bond	7.1250	05/13/54	$	53,006
	81,000	Chile Government International Bond	3.2500	09/21/71		48,952
	92,000	Colombia Government International Bond	7.3750	04/25/30		96,876
	91,000	Colombia Government International Bond	8.0000	11/14/35		93,465
	112,000	Colombia Government International Bond	7.7500	11/07/36		111,926
	79,000	Colombia Government International Bond	8.7500	11/14/53		80,612
	34,000	Costa Rica Government International Bond^(a)	6.5500	04/03/34		35,623
	30,000	Costa Rica Government International Bond^(a)	7.3000	11/13/54		31,256
	311,000	Dominican Republic International Bond^(a)	4.8750	09/23/32		288,686
	67,000	Dominican Republic International Bond	6.9500	03/15/37		68,655
	59,000	El Salvador Government International Bond^(a)	8.6250	02/28/29		61,404
	141,000	El Salvador Government International Bond	7.6500	06/15/35		135,642
	71,000	Guatemala Government Bond^(a)	6.6000	06/13/36		72,922
	101,000	Honduras Government International Bond^(a)	8.6250	11/27/34		105,570
	220,000	Hungary Government International Bond^(a)	6.2500	09/22/32		230,657
	232,000	Hungary Government International Bond^(a)	5.5000	03/26/36		224,777
	156,000	Indonesia Government International Bond	4.7500	09/10/34		153,358
	304,000	Indonesia Government International Bond	5.1000	02/10/54		283,856
	121,000	Ivory Coast Government International Bond^(a)	7.6250	01/30/33		121,221
	213,000	Ivory Coast Government International Bond^(a)	8.2500	01/30/37		211,133
	111,000	Jordan Government International Bond^(a)	5.8500	07/07/30		108,076
	175,000	Mexico Government International Bond	6.0000	05/07/36		172,419
	200,000	Mexico Government International Bond	6.6250	01/29/38		201,450
	157,000	Morocco Government International Bond^(a)	3.0000	12/15/32		133,856
	175,000	Nigeria Government International Bond^(a)	10.3750	12/09/34		188,473
	107,000	Panama Government International Bond	8.0000	03/01/38		116,363
	192,000	Peruvian Government International Bond	5.3750	02/08/35		191,641
	346,000	Philippine Government International Bond	4.7500	03/05/35		340,398
	150,000	Qatar Government International Bond^(a)	3.7500	04/16/30		147,370
	76,000	Republic of Kenya Government International Bond^(a)	9.7500	02/16/31		78,250
	77,000	Republic of Kenya Government International Bond^(a)	9.5000	03/05/36		74,294
	210,000	Republic of Poland Government International Bond	4.8750	10/04/33		209,538
	129,000	Republic of Poland Government International Bond	5.3750	02/12/35		131,878
	200,000	Republic of South Africa Government International	5.8750	06/22/30		199,003

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 2.7% (Continued)
		SOVEREIGN — 2.7% (Continued)
	30,000	Republic of South Africa Government International		5.6500	09/27/47	$	22,584
	116,000	Republic of Uzbekistan International Bond^(a)		6.9000	02/28/32		120,195
	206,000	Romanian Government International Bond^(a)		5.8750	01/30/29		209,429
	137,000	Romanian Government International Bond^(a)		6.6250	05/16/36		137,192
	154,000	Saudi Government International Bond^(a)		4.8750	07/18/33		154,780
	200,000	Saudi Government International Bond^(a)		5.6250	01/13/35		209,284
	95,000	Saudi Government International Bond^(a)		4.5000	10/26/46		79,204
	149,000	Serbia International Bond^(a)		6.5000	09/26/33		157,645
	143,000	Turkiye Government International Bond		7.2500	05/29/32		145,616
	257,000	Turkiye Government International Bond		7.6250	05/15/34		266,317
	70,000	Turkiye Government International Bond		6.6250	02/17/45		60,823
	173,000	UAE International Government Bond^(a)		4.0500	07/07/32		171,268
	322,000	Uruguay Government International Bond		5.1000	06/18/50		296,217
							7,493,710
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $7,393,117)					7,493,710


		TERM LOANS — 4.0%
		ADVERTISING & MARKETING — 0.0%^(g)
	95,000	Endeavor Operating Company, LLC^(b)	TSFR1M + 3.000%	7.3270	01/28/32		95,342

		AEROSPACE & DEFENSE — 0.2%
	226,213	Dynasty Acquisition Company, Inc. Term B1^(b)	TSFR1M + 2.250%	6.3270	10/31/31		227,041
	86,044	Dynasty Acquisition Company, Inc. Term B2^(b)	TSFR1M + 2.250%	6.3270	10/31/31		86,359
	192,203	TransDigm, Inc.^(b)	TSFR3M + 2.500%	6.7990	02/28/31		192,988
							506,388
		APPAREL & TEXTILE PRODUCTS — 0.0%^(g)
	70,000	Beach Acquisition Bidco, LLC^(b)	TSFR1M + 3.250%	7.5620	06/28/32		70,525

		AUTOMOTIVE — 0.1%
	205,000	Clarios Global, L.P.^(b)	TSFR1M + 2.750%	7.0770	01/14/32		205,298

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.0% (Continued)
		BEVERAGES — 0.0%^(g)
	125,000	Sazerac Company, Inc.^(b)	TSFR1M + 2.500%	6.8130	06/25/32	$	125,586

		CABLE & SATELLITE — 0.3%
	193,738	Charter Communications Operating, LLC^(b)	TSFR1M + 2.250%	6.5480	11/22/31		193,956
	203,616	Cogeco Communications USA II, L.P.^(b)	TSFR1M + 3.250%	7.5770	09/18/30		203,417
	223,393	Directv Financing, LLC^(b)	TSFR1M + 5.365%	9.7910	08/02/29		221,964
	267,424	Virgin Media Bristol, LLC^(b)	TSFR1M + 2.500%	6.9260	01/04/28		264,639
							883,976
		CHEMICALS — 0.0%^(g)
	107,146	INEOS US Finance, LLC^(b)	TSFR1M + 3.250%	7.5770	02/19/30		99,813

		COMMERCIAL SUPPORT SERVICES — 0.2%
	190,000	AlixPartners LLP^(b)	TSFR1M + 2.000%	6.3612	07/30/32		189,525
	101,470	CHG Healthcare Services, Inc.^(b)	TSFR1M + 3.000%	7.3270	09/29/28		101,549
	168,727	Prime Security Services Borrower, LLC^(b)	TSFR1M + 2.000%	6.3200	10/15/30		168,903
							459,977
		CONSTRUCTION MATERIALS — 0.0%^(g)
	128,051	Quikrete Holdings, Inc.^(b)	TSFR1M + 2.250%	6.5770	04/14/31		128,113

		CONTAINERS & PACKAGING — 0.1%
	147,074	TricorBraun Holdings, Inc.^(b)	TSFR1M + 3.365%	7.5770	01/29/28		147,257

		ELECTRIC UTILITIES — 0.1%
	310,000	Calpine Corporation^(b)	TSFR1M + 1.750%	6.0770	01/31/31		310,396
	53,988	Kestrel Acquisition, LLC^(b)	TSFR1M + 3.500%	7.7990	10/29/31		54,196
							364,592
		ELECTRICAL EQUIPMENT — 0.2%
	203,212	Gates Corporation^(b)	TSFR1M + 1.750%	6.0770	06/04/31		203,171
	175,000	MX Holdings US, Inc.^(b)	TSFR1M + 2.250%	6.5770	02/19/32		176,040
	199,872	Wec US Holdings, Inc.^(b)	TSFR1M + 2.250%	6.5740	01/27/31		200,238
							579,449
		ENGINEERING & CONSTRUCTION — 0.3%
	45,000	Centuri Group, Inc.^(b)	TSFR1M + 2.250%	6.5710	07/01/32		45,162
	238,800	Construction Partners, Inc.^(b)	TSFR1M + 2.500%	6.8290	10/29/31		240,193

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.0% (Continued)
		ENGINEERING & CONSTRUCTION — 0.3% (Continued)
	80,000	Cornerstone Generation, LLC^(b)	TSFR1M + 3.250%	8.0540	10/28/31	$	80,660
	119,400	Frontdoor, Inc.^(b)	TSFR1M + 2.250%	6.5770	12/16/31		119,997
	215,000	Red SPV, LLC^(b)	TSFR1M + 2.250%	6.5620	03/08/32		215,538
							701,550
		ENTERTAINMENT CONTENT — 0.1%
	227,700	Univision Communications, Inc.^(b)	TSFR1M + 3.500%	7.9410	01/31/29		227,274

		FOOD — 0.2%
	16,185	Del Monte Foods Corporation II, Inc.^(b)	TSFR1M + 1.000%	5.3220	04/02/26		14,971
	120,326	Del Monte Foods Corporation II, Inc.^(b)	TSFR3M + 3.400%	8.3470	08/02/28		5,415
	52,259	Del Monte Foods Corporation II, Inc.^(b)	TSFR3M + 4.400%	8.5740	08/02/28		6,140
	61,378	Del Monte Foods Corporation II, Inc.^(b)	TSFR3M + 8.150%	12.4740	08/02/28		27,748
	384,538	Froneri US, Inc.^(b)	TSFR1M + 2.000%	6.2370	09/18/31		382,013
							436,287
		HEALTH CARE FACILITIES & SERVICES — 0.1%
	105,000	Boots Group Finco, L.P.^(b)	TSFR1M + 3.500%	7.8430	07/19/32		105,066
	147,759	Phoenix Guarantor, Inc.^(b)	TSFR1M + 2.500%	6.8270	02/21/31		148,087
	184,075	Select Medical Corporation^(b)	TSFR1M + 2.000%	6.3270	11/19/31		184,074
							437,227
		HOUSEHOLD PRODUCTS — 0.0%^(g)
	100,000	Energizer Holdings, Inc.^(b)	TSFR1M + 2.000%	6.3270	03/13/32		100,362

		INSTITUTIONAL FINANCIAL SERVICES — 0.1%
	187,654	Citadel Securities, L.P.^(b)	TSFR1M + 2.000%	6.3270	10/24/31		188,358

		INSURANCE — 0.1%
	182,600	HUB International Ltd.^(b)	TSFR3M + 2.500%	6.7690	06/20/30		183,031
	250,000	TIH Insurance Holdings, LLC^(b)	TSFR3M + 2.750%	7.0490	05/06/31		250,573
							433,604
		LEISURE FACILITIES & SERVICES — 0.5%
	49,050	Caesars Entertainment, Inc.^(b)	TSFR3M + 2.250%	6.5770	02/06/30		49,086
	136,667	Delta 2 Lux Sarl^(b)	TSFR1M + 2.000%	6.2990	09/10/31		136,894
	68,333	Delta 2 Lux Sarl^(b)	TSFR1M + 2.000%	7.2010	09/10/31		68,447
	110,000	Entain Holdings Gibraltar Ltd.^(b)	TSFR3M + 2.250%	6.5690	07/30/32		109,863

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.0% (Continued)
		LEISURE FACILITIES & SERVICES — 0.5% (Continued)
	192,075	Flutter Entertainment plc^(b)	TSFR1M + 1.750%	6.0490	11/29/30	$	191,739
	60,000	Flutter Financing BV^(b)	TSFR1M + 2.000%	6.3530	06/04/32		60,100
	103,926	Life Time, Inc.^(b)	TSFR1M + 2.500%	6.7850	10/22/31		104,275
	270,000	Playtika Holding Corporation^(b)	TSFR1M + 2.865%	7.9430	03/05/28		268,159
	119,126	UFC Holdings, LLC^(b)	TSFR1M + 2.250%	6.5710	11/14/31		119,594
							1,108,157
		MACHINERY — 0.1%
	149,625	John Bean Technologies Corporation^(b)	TSFR1M + 2.250%	6.4270	10/09/31		150,373
	184,538	Terex Corporation^(b)	TSFR1M + 2.000%	6.2990	10/01/31		185,114
							335,487
		MEDICAL EQUIPMENT & DEVICES — 0.1%
	205,252	Medline Borrower, L.P.^(b)	TSFR1M + 2.250%	6.5770	10/23/28		205,666

		OIL & GAS PRODUCERS — 0.3%
	176,858	EPIC Crude Services, L.P.^(b)	TSFR3M + 2.500%	6.8170	10/15/31		178,042
	110,195	Freeport LNG Investments LLLP^(b)	TSFR3M + 3.250%	7.5190	12/21/28		110,517
	259,291	GIP Pilot Acquisition Partners, L.P.^(b)	TSFR3M + 2.000%	6.2770	10/04/30		259,614
	74,813	Hilcorp Energy I, L.P.^(b)	TSFR1M + 2.000%	6.3140	02/05/30		75,117
	205,112	Oryx Midstream Services Permian Basin, LLC^(b)	TSFR1M + 2.250%	6.5750	10/05/28		205,689
	74,251	WhiteWater DBR HoldCo, LLC^(b)	TSFR1M + 2.250%	6.5490	03/03/31		74,820
							903,799
		PUBLISHING & BROADCASTING — 0.1%
	230,000	Nexstar Media, Inc.^(b)	TSFR1M + 2.500%	6.8120	06/24/32		230,661

		REAL ESTATE INVESTMENT TRUSTS — 0.1%
	172,053	Iron Mountain, Inc.^(b)	TSFR1M + 2.100%	6.3270	01/31/31		172,304

		RETAIL - DISCRETIONARY — 0.2%
	277,900	Belron Finance 2019, LLC^(b)	TSFR1M + 2.750%	7.0490	10/02/31		279,533
	93,689	Harbor Freight Tools USA, Inc.^(b)	TSFR1M + 2.500%	6.5770	06/05/31		91,810
	81,257	PetSmart, Inc.^(b)	TSFR1M + 3.750%	8.1770	01/29/28		81,206
							452,549
		SOFTWARE — 0.1%
	15,111	QXO, Inc.^(b)	TSFR1M + 3.000%	7.2800	04/23/32		15,259

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 4.0% (Continued)
		SOFTWARE — 0.1% (Continued)
	128,820	UKG, Inc.^(b)	TSFR3M + 3.000%	7.3110	02/10/31	$	128,953
							144,212
		SPECIALTY FINANCE — 0.1%
	198,875	Trans Union, LLC^(b)	TSFR1M + 1.750%	6.0770	06/24/31		199,286

		TECHNOLOGY SERVICES — 0.2%
	174,493	Amazon Holdco, Inc.^(b)	TSFR1M + 2.250%	6.5770	07/30/31		174,799
	234,413	Boost Newco Borrower, LLC^(b)	TSFR1M + 2.000%	6.2990	01/31/31		235,072
	254	Neptune Bidco US, Inc.^(b)	TSFR3M + 5.100%	9.3300	04/11/29		244
	205,854	North American Bancard, LLC^(b)	TSFR3M + 2.500%	6.7990	11/24/28		204,075
							614,190
		TRANSPORTATION & LOGISTICS — 0.1%
	159,600	AAdvantage Loyalty IP Ltd.^(b)	TSFR3M + 2.250%	6.5220	04/20/28		159,161
	110,000	Rand Parent, LLC^(b)	TSFR3M + 3.000%	7.2987	03/18/30		108,350
							267,511
		TOTAL TERM LOANS (Cost $10,981,923)					10,824,800

		U.S. GOVERNMENT & AGENCIES — 30.0%
		AGENCY FIXED RATE — 11.8%
	5,499	Fannie Mae Pool 735061		6.0000	11/01/34		5,733
	7,448	Fannie Mae Pool 866009		6.0000	03/01/36		7,792
	44,628	Fannie Mae Pool 938574		5.5000	09/01/36		45,720
	21,439	Fannie Mae Pool 310041		6.5000	05/01/37		22,705
	8,638	Fannie Mae Pool 962752		5.0000	04/01/38		8,718
	12,321	Fannie Mae Pool 909175		5.5000	04/01/38		12,568
	26,385	Fannie Mae Pool 909220		6.0000	08/01/38		27,522
	38,388	Fannie Mae Pool AS7026		4.0000	04/01/46		36,133
	63,740	Fannie Mae Pool BJ9260		4.0000	04/01/48		59,865
	697,764	Fannie Mae Pool FS4991		3.0000	03/01/52		599,007
	1,204,066	Fannie Mae Pool FS8360		3.5000	09/01/52		1,078,744
	605,523	Fannie Mae Pool MA4805		4.5000	11/01/52		575,956
	760,720	Fannie Mae Pool FS4438		5.0000	11/01/52		744,573

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 30.0% (Continued)
		AGENCY FIXED RATE — 11.8% (Continued)
	1,137,325	Fannie Mae Pool MA4839	4.0000	12/01/52	$	1,051,953
	2,157,571	Fannie Mae Pool FS7751	4.0000	03/01/53		1,992,711
	527,914	Fannie Mae Pool MA4980	6.0000	04/01/53		537,305
	504,988	Fannie Mae Pool MA5072	5.5000	06/01/53		503,350
	922,642	Fannie Mae Pool CB6857	4.5000	08/01/53		877,430
	2,532,008	Fannie Mae Pool FA1728	6.0000	10/01/53		2,573,635
	504,629	Fannie Mae Pool FS6679	6.0000	12/01/53		512,420
	2,510,013	Fannie Mae Pool MA5271	5.5000	02/01/54		2,500,318
	1,734,546	Fannie Mae Pool MA5385	4.0000	06/01/54		1,601,898
	1,285,234	Fannie Mae Pool FS8791	6.0000	08/01/54		1,307,848
	1,700,430	Fannie Mae Pool FA0685	6.0000	01/01/55		1,726,204
	50,563	Freddie Mac Gold Pool G01980	5.0000	12/01/35		51,058
	7,961	Freddie Mac Gold Pool G05888	5.5000	10/01/39		8,131
	231,460	Freddie Mac Pool SB8269	6.0000	10/01/38		238,029
	2,012,040	Freddie Mac Pool SD2026	5.0000	11/01/52		1,969,126
	525,263	Freddie Mac Pool SD3238	5.5000	12/01/52		523,829
	1,865,782	Freddie Mac Pool SD8309	6.0000	03/01/53		1,894,802
	1,123,170	Freddie Mac Pool SD5594	5.5000	07/01/53		1,119,527
	870,628	Freddie Mac Pool SD8343	6.0000	07/01/53		884,626
	527,681	Freddie Mac Pool SD8350	6.0000	08/01/53		536,104
	1,849,660	Freddie Mac Pool SD5856	3.5000	01/01/54		1,656,895
	1,183,375	Freddie Mac Pool SD8409	6.0000	03/01/54		1,200,670
	2,579,138	Freddie Mac Pool SD8418	4.5000	04/01/54		2,449,160
	1,428,578	Freddie Mac Pool SL0627	6.0000	10/01/54		1,449,457
						32,391,522
		U.S. TREASURY BONDS — 1.5%
	2,405,000	United States Treasury Bond	1.2500	05/15/50		1,141,389
	5,850,000	United States Treasury Bond	1.3750	08/15/50		2,847,304
						3,988,693
		U.S. TREASURY NOTES — 16.7%
	775,000	United States Treasury Note	4.3750	08/15/26		776,705
	370,000	United States Treasury Note	4.0000	01/31/29		371,084
	3,280,000	United States Treasury Note	4.0000	07/31/29		3,289,161
	1,055,000	United States Treasury Note	4.0000	03/31/30		1,057,328

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 30.0% (Continued)
		U.S. TREASURY NOTES — 16.7% (Continued)
	890,000	United States Treasury Note	4.0000	02/15/34	$	872,913
	1,875,000	United States Treasury Note	3.8750	08/15/34		1,814,282
	2,125,000	United States Treasury Note	4.6250	02/15/35		2,171,318
	5,045,000	United States Treasury Note	4.2500	05/15/35		5,001,250
	1,135,000	United States Treasury Note	1.8750	11/15/51		622,654
	4,100,000	United States Treasury Note	4.0000	11/15/52		3,537,451
	1,950,000	United States Treasury Note	3.6250	02/15/53		1,570,664
	2,610,000	United States Treasury Note	3.6250	05/15/53		2,099,827
	4,875,000	United States Treasury Note	4.2500	02/15/54		4,387,119
	5,770,000	United States Treasury Note	4.6250	05/15/54		5,527,368
	365,000	United States Treasury Note	4.2500	08/15/54		328,578
	3,310,000	United States Treasury Note	4.5000	11/15/54		3,107,780
	6,235,000	United States Treasury Note	4.6250	02/15/55		5,978,781
	3,270,000	United States Treasury Note	4.7500	05/15/55		3,201,279
						45,715,542
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $86,430,516)				82,095,757

Shares
		SHORT-TERM INVESTMENTS — 7.5%
		COLLATERAL FOR SECURITIES LOANED - 2.6%
	7,204,402	Mount Vernon Liquid Assets Portfolio, LLC, 4.42%^(h),(i)				7,204,402

		MONEY MARKET FUNDS - 4.9%
	13,243,076	Fidelity Government Portfolio, Institutional, 4.18%⁽ⁱ⁾				13,243,077

		TOTAL SHORT-TERM INVESTMENTS (Cost $20,447,479)				20,447,479

		TOTAL INVESTMENTS - 102.9% (Cost $284,713,679)			$	281,632,856
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.9)%				(8,047,122	)
		NET ASSETS - 100.0%			$	273,585,734

DUNHAM CORPORATE/GOVERNMENT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

ABS	- Asset Backed Securities

CLO	- Collateralized Loan Obligations

CMBS	- Commercial Mortgage-Backed Securities

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

SA	- Société Anonyme

H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year

H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

SOFRINDX	Secured Overnight Financing Rate Compounded

SOFRRATE	United States Secured Overnight Financing Rate

TSFR1M	Secured Overnight Financing Rate 1 month

TSFR3M	Secured Overnight Financing Rate 3 month

^(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is $106,653,415 or 39.0% of net assets.

^(b)	Variable rate security; the rate shown represents the rate on July 31, 2025.

^(c)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2025.

^(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

^(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,063,587 at July 31, 2025.

^(f) ^(g)	Represents issuer in default on interest payments; non-income producing security. Percentage rounds to less than 0.1%.

^(h)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $7,204,402 at July 31, 2025.

⁽ⁱ⁾	Rate disclosed is the seven day effective yield as of July 31, 2025.

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares						Fair Value
		COMMON STOCKS — 0.3%
		LEISURE FACILITIES & SERVICES - 0.3%
	7,877	Aimbridge Hospitality 3/25^(a)				$	515,944

		TOTAL COMMON STOCKS (Cost $531,698)					515,944

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 5.8%
		CLO — 5.8%
	1,500,000	Bain Capital Credit CLO 2021-1 Ltd. Series 1A ER^(b),(c)	TSFR3M + 6.300%	10.6290	04/18/34		1,483,437
	3,000,000	Bain Capital Credit CLO 2021-7 Ltd. Series 7A ER^(b),(c)	TSFR3M + 6.500%	10.8320	01/22/35		2,924,670
	2,250,000	BlueMountain CLO XXXII Ltd. Series 32A ER^(b),(c)	TSFR3M + 6.600%	10.9180	10/15/34		2,244,809
	3,500,000	BlueMountain CLO XXXIII Ltd. Series 33A E^(b),(c)	TSFR3M + 7.092%	11.4140	11/20/34		3,419,139
	1,750,000	THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R^(b),(c)	US0003M + 6.750%	11.3290	04/15/31		1,666,641
							11,738,696
		TOTAL ASSET BACKED SECURITIES (Cost $11,883,261)					11,738,696

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7%
		CABLE & SATELLITE — 1.0%
	330,000	Altice Financing S.A.^(b)		5.7500	08/15/29		252,995
	626,000	Cable One, Inc.^(b),(d)		4.0000	11/15/30		481,307
	600,000	CCO Holdings, LLC / CCO Holdings Capital^(b),(d)		4.2500	01/15/34		517,144
	500,000	CSC Holdings, LLC^(b)		5.7500	01/15/30		247,082
	575,000	Sirius XM Radio, Inc.^(b),(d)		4.1250	07/01/30		525,405
							2,023,933
		COMMERCIAL SUPPORT SERVICES — 0.2%
	450,000	Deluxe Corporation^(b)		8.0000	06/01/29		432,202

		CONTAINERS & PACKAGING — 0.2%
	400,000	Iris Holding, Inc.^(b)		10.0000	12/15/28		372,787

		ELECTRIC UTILITIES — 0.5%
	525,000	California Buyer Ltd. / Atlantica Sustainable^(b)		6.3750	02/15/32		530,464

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7% (Continued)
		ELECTRIC UTILITIES — 0.5% (Continued)
	525,000	NextEra Energy Operating Partners, L.P.^(b),(d)		7.2500	01/15/29	$	535,843
							1,066,307
		ENTERTAINMENT CONTENT — 0.3%
	525,000	ViacomCBS, Inc.^(e)	US003M + 3.899%	6.2500	02/28/57		505,803

		FOOD — 0.2%
	509,000	HLF Financing Sarl, LLC / Herbalife International,^(b),(d)		4.8750	06/01/29		426,888

		FORESTRY, PAPER & WOOD PRODUCTS — 0.3%
	575,000	Glatfelter Corporation^(b)		4.7500	11/15/29		509,136

		GAS & WATER UTILITIES — 0.3%
	500,000	Venture Global Plaquemines Lng, LLC^(b)		7.5000	05/01/33		539,332

		HEALTH CARE FACILITIES & SERVICES — 0.2%
	430,000	DaVita, Inc.^(b)		6.7500	07/15/33		443,870

		INSTITUTIONAL FINANCIAL SERVICES — 0.3%
	500,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(b)		7.5000	06/15/31		520,677

		LEISURE FACILITIES & SERVICES — 0.6%
	490,000	Carnival Corporation^(b)		5.7500	08/01/32		494,047
	582,000	Hilton Grand Vacations Borrower Escrow, LLC /^(b)		4.8750	07/01/31		535,425
	200,000	Melco Resorts Finance Ltd.^(b)		5.7500	07/21/28		196,999
							1,226,471
		METALS & MINING — 0.2%
	168,000	Mineral Resources Ltd.^(b)		9.2500	10/01/28		175,919
	336,000	Mineral Resources Ltd.^(b),(d)		8.5000	05/01/30		345,371
							521,290
		OIL & GAS PRODUCERS — 1.9%
	395,000	Civitas Resources, Inc.^(b)		8.6250	11/01/30		403,451
	305,000	Crescent Energy Finance, LLC^(b)		7.3750	01/15/33		292,114
	360,000	Crescent Energy Finance, LLC^(b)		8.3750	01/15/34		356,839
	350,000	Delek Logistics Partners, L.P. / Delek Logistics^(b)		8.6250	03/15/29		364,559

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7% (Continued)
		OIL & GAS PRODUCERS — 1.9% (Continued)
	500,000	Genesis Energy, L.P. / Genesis Energy Finance^(d)		7.8750	05/15/32	$	517,678
	400,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b)		6.0000	02/01/31		387,131
	494,000	ITT Holdings, LLC^(b)		6.5000	08/01/29		471,039
	389,000	Venture Global LNG, Inc.^(b),(d)		8.3750	06/01/31		402,638
	325,000	Vital Energy, Inc.^(b),(d)		7.8750	04/15/32		285,586
	383,000	Wildfire Intermediate Holdings, LLC^(b)		7.5000	10/15/29		381,970
							3,863,005
		REAL ESTATE INVESTMENT TRUSTS — 0.3%
	500,000	Service Properties Trust		8.8750	06/15/32		523,198

		REAL ESTATE OWNERS & DEVELOPERS — 0.2%
	558,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		525,287

		RETAIL - DISCRETIONARY — 0.7%
	525,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(b),(d)		8.2500	01/15/30		541,205
	47,000	Hertz Corporation (The)^(b),(d)		4.6250	12/01/26		42,548
	425,000	Hertz Corporation (The)^(b),(d)		12.6250	07/15/29		443,621
	394,000	Kohl’s Corporation		4.6250	05/01/31		285,792
							1,313,166
		SOFTWARE — 0.3%
	210,000	Cloud Software Group, Inc.^(b)		8.2500	06/30/32		223,826
	380,000	Helios Software Holdings, Inc. / ION Corporate^(b)		4.6250	05/01/28		360,669
							584,495
		SPECIALTY FINANCE — 0.8%
	525,000	Ally Financial, Inc.^(e)	H15T5Y + 2.450%	6.6460	01/17/40		521,487
	498,000	Bread Financial Holdings, Inc.^(b)		9.7500	03/15/29		534,647
	236,000	Burford Capital Global Finance, LLC^(b)		6.8750	04/15/30		235,938
	500,000	Cobra AcquisitionCo, LLC^(b),(d)		6.3750	11/01/29		437,021
							1,729,093
		STEEL — 0.2%
	485,000	Cleveland-Cliffs, Inc.^(b),(d)		7.3750	05/01/33		472,996

		TECHNOLOGY HARDWARE — 0.5%
	500,000	EquipmentShare.com, Inc.^(b)		8.0000	03/15/33		522,464

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 10.7% (Continued)
		TECHNOLOGY HARDWARE — 0.5% (Continued)
	520,000	Viasat, Inc.^(b),(d)		7.5000	05/30/31	$	451,975
							974,439
		TECHNOLOGY SERVICES — 0.5%
	475,000	ION Trading Technologies Sarl^(b)		5.7500	05/15/28		459,942
	545,000	Mobius Merger Sub, Inc.^(b)		9.0000	06/01/30		503,268
							963,210
		TELECOMMUNICATIONS — 0.7%
	300,000	Iliad Holding S.A.SU^(b)		8.5000	04/15/31		321,949
	200,000	Iliad Holding S.A.SU^(b)		7.0000	04/15/32		205,528
	152,000	Rogers Communications, Inc.^(e)	H15T5Y + 2.653%	7.0000	04/15/55		155,780
	353,000	Rogers Communications, Inc.^(e)	H15T5Y + 2.620%	7.1250	04/15/55		361,346
	350,000	Sable International Finance Ltd.^(b)		7.1250	10/15/32		351,619
							1,396,222
		TRANSPORTATION & LOGISTICS — 0.3%
	514,000	Star Leasing Company, LLC^(b),(d)		7.6250	02/15/30		507,580

		TOTAL CORPORATE BONDS (Cost $21,599,777)					21,441,387

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0%
		ADVERTISING & MARKETING — 0.7%
	1,127,008	Endeavor Operating Company, LLC^(c)	TSFR1M + 2.976%	7.3270	01/28/32		1,131,060
	286,423	Planet US Buyer, LLC^(c)	TSFR1M + 2.979%	7.3300	01/31/31		288,070
	71,993	Planet US Buyer, LLC^(c)	TSFR3M + 3.030%	7.3300	02/10/31		72,407
							1,491,537
		AEROSPACE & DEFENSE — 0.7%
	63,632	Kaman Corporation^(c)	TSFR1M + 2.698%	7.0490	01/30/32		63,732
	674,504	Kaman Corporation^(c)	TSFR1M + 2.732%	7.0830	01/30/32		675,556
	718,985	Spirit AeroSystems, Inc.^(c)	TSFR1M + 4.429%	8.7800	11/23/27		721,322
							1,460,610
		APPAREL & TEXTILE PRODUCTS — 1.0%
	480,620	Beach Acquisition Bidco, LLC^(c)	TSFR1M + 3.211%	7.5620	06/28/32		484,225

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		APPAREL & TEXTILE PRODUCTS — 1.0% (Continued)
	1,466,563	Varsity Brands, Inc.^(c)	TSFR1M + 3.479%	7.8300	08/26/31	$	1,472,246
							1,956,471
		ASSET MANAGEMENT — 3.9%
	855,045	Clue Opco, LLC^(c)	TSFR3M + 4.480%	8.7800	12/19/30		857,670
	785,359	Dragon Buyer, Inc.^(c)	TSFR1M + 2.948%	7.2990	09/24/31		787,531
	1,793,770	Focus Financial Partners, LLC^(c)	TSFR1M + 2.726%	7.0770	09/15/31		1,796,935
	1,489,583	Hightower Holding, LLC^(c)	TSFR1M + 2.909%	7.2600	01/15/32		1,492,994
	562,249	Jump Financial, LLC^(c)	TSFR1M + 4.198%	8.5490	02/20/32		563,655
	1,374,785	Nexus Buyer, LLC^(c)	TSFR1M + 3.476%	7.8270	07/31/31		1,378,999
	1,057,545	Osaic Holdings, Inc.^(c)	TSFR1M + 2.985%	7.3360	07/19/32		1,059,200
							7,936,984
		AUTOMOTIVE — 1.9%
	1,095,673	Clarios Global, L.P.^(c)	TSFR1M + 7.077%	7.0770	01/14/32		1,097,268
	933,954	First Brands Group, LLC^(c)	US0001M + 5.000%	9.5410	03/24/27		918,277
	706,354	First Brands Group, LLC^(c)	TSFR1M + 5.190%	9.5410	03/30/27		693,258
	470,091	IXS Holdings, Inc.^(c)	TSFR3M + 4.369%	8.6690	03/05/27		459,735
	887,517	PAI Holdco, Inc.^(c)	US0001M + 5.041%	8.2910	10/28/27		717,593
							3,886,131
		BEVERAGES — 0.4%
	823,506	Pegasus Bidco BV^(c)	TSFR1M + 3.225%	7.5760	07/12/29		827,282

		BIOTECH & PHARMA — 0.7%
	496,959	Amneal Pharmaceuticals, LLC^(c)	TSFR1M + 3.500%	7.8510	07/26/32		498,097
	886,701	Endo Finance Holdings, Inc.^(c)	TSFR1M + 3.976%	8.3270	04/23/31		889,915
							1,388,012
		CABLE & SATELLITE — 4.0%
	2,126,761	Altice Financing S.A.^(c)	TSFR1M + 4.951%	9.3020	10/31/27		1,857,726
	1,500,000	Coral-US Co-Borrower, LLC^(c)	TSFR1M + 3.155%	7.5060	01/30/32		1,497,855
	496,063	CSC Holdings, LLC^(c)	US0001M + 5.750%	9.0000	04/15/27		489,346
	1,164,968	CSC Holdings, LLC^(c)	TSFR1M + 4.952%	9.3040	01/18/28		1,163,523
	870,458	Sunrise Financing Partnership^(c)	TSFR1M + 2.442%	6.7930	02/17/32		870,937
	1,980,000	Virgin Media Bristol, LLC^(c)	US0001M + 3.250%	7.6760	01/10/29		1,970,893
							7,850,280

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		CHEMICALS — 2.2%
	617,521	AIP RD Buyer Corporation^(c)	TSFR1M + 3.976%	8.3270	12/23/30	$	619,865
	958,176	Groupe Solmax, Inc.^(c)	US0001M + 4.750%	9.1910	07/23/28		802,697
	739,298	Iris Holding, Inc.^(c)	TSFR1M + 4.778%	9.1300	06/15/28		721,101
	671,593	Nouryon Finance BV^(c)	TSFR3M + 3.210%	7.5100	04/03/28		672,644
	709,339	Solenis Holdings Ltd.^(c)	TSFR3M + 2.999%	7.2990	06/23/31		707,832
	910,147	Windsor Holdings III, LLC^(c)	TSFR1M + 2.724%	7.0750	08/01/30		911,999
							4,436,138
		COMMERCIAL SUPPORT SERVICES — 4.0%
	476,548	Action Environmental Group, Inc. (The)^(c)	TSFR3M + 3.749%	8.0490	10/24/30		478,930
	887,708	Allied Universal Holdco, LLC^(c)	US0001M + 3.750%	8.1770	05/05/28		890,642
	627,537	Creative Artists Agency, LLC^(c)	TSFR1M + 7.076%	7.0770	09/12/31		628,911
	442,707	Fleet US Bidco, Inc.^(c)	TSFR1M + 2.704%	7.0550	02/10/31		444,368
	608,665	Garda World Security Corporation^(c)	TSFR1M + 2.963%	7.3140	02/01/29		609,471
	956,335	GFL Environmental Services, Inc./ON^(c)	TSFR1M + 2.472%	6.8240	02/04/32		958,725
	94,647	Groundworks, LLC^(c)	TSFR1M + 1.351%	3.0000	03/06/31		94,835
	509,923	Groundworks, LLC^(c)	TSFR1M + 2.971%	7.3230	03/06/31		510,932
	671,378	PG Investment Company 59 Sarl^(c)	TSFR1M + 2.948%	7.2990	02/24/31		674,399
	366,185	Ryan, LLC^(c)	TSFR1M + 3.476%	7.8270	11/09/30		366,919
	518,515	Ryan, LLC^(c)	TSFR1M + 3.476%	7.8270	11/14/30		519,554
	563,475	Tidal Waste & Recycling Holdings, LLC^(c)	TSFR1M + 3.448%	7.7990	10/06/31		567,791
	1,093,929	WestJet Loyalty, L.P.^(c)	TSFR1M + 3.198%	7.5490	02/01/31		1,095,554
							7,841,031
		CONSTRUCTION MATERIALS — 0.8%
	785,952	Foley Products Company, LLC^(c)	Us000E + 4.750%	9.1990	02/10/29		792,090
	467,715	Quikrete Holdings, Inc.^(c)	TSFR1M + 2.225%	6.5770	03/26/29		468,412
	342,881	Quikrete Holdings, Inc.^(c)	TSFR1M + 2.225%	6.5770	01/31/32		343,009
							1,603,511
		CONSUMER SERVICES — 1.1%
	449,156	KUEHG Corporation^(c)	TSFR3M + 2.741%	7.0410	06/12/30		450,139
	653,233	Opal, LLC^(c)	TSFR1M + 3.221%	7.5720	03/31/32		656,869
	563,506	Prometric Holdings, Inc.^(c)	TSFR1M + 3.710%	8.0610	06/18/32		568,084
	478,570	Spring Education Group, Inc.^(c)	TSFR1M + 3.948%	8.2990	09/29/30		482,202
							2,157,294

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		CONTAINERS & PACKAGING — 1.9%
	670,728	Berlin Packaging, LLC^(c)	TSFR1M + 3.473%	7.8240	06/09/31	$	673,092
	968,056	Clydesdale Acquisition Holdings, Inc.^(c)	TSFR1M + 4.250%	7.5020	03/30/29		968,778
	275,496	Clydesdale Acquisition Holdings, Inc.^(c)	TSFR1M + 3.196%	7.5480	03/29/32		275,616
	4,816	Clydesdale Acquisition Holdings, Inc.^(c)	TSFR1M + 3.219%	7.5710	03/29/32		4,818
	753,563	SupplyOne, Inc.^(c)	TSFR1M + 3.475%	7.8270	03/27/31		759,282
	577,009	Trident TPI Holdings, Inc.^(c)	TSFR1M + 3.698%	8.0490	09/18/28		565,290
	617,927	Trident TPI Holdings, Inc.^(c)	TSFR1M + 3.698%	8.0490	09/18/28		605,377
							3,852,253
		E-COMMERCE DISCRETIONARY — 0.5%
	1,027,448	CNT Holdings I Corporation^(c)	TSFR3M + 2.480%	6.7800	11/08/32		1,030,531

		ELECTRIC UTILITIES — 0.5%
	1,094,500	Showtime Acquisition, LLC^(c)	TSFR1M + 4.723%	9.0740	08/13/31		1,099,633
	635,000	Texas Competitive Electric Holdings Company, LLC ^(f),(j)		—	11/22/49		—
							1,099,633
		ELECTRICAL EQUIPMENT — 1.9%
	653,220	Icebox Holdco III, Inc.^(c)	US0001M + 3.750%	8.0610	12/22/28		656,692
	179,825	Icebox Holdco III, Inc.^(c)	US0001M + 6.750%	11.3110	12/15/29		182,747
	887,588	Lsf12 Crown US Commercial Bidco, LLC^(c)	TSFR1M + 4.223%	8.5740	10/11/31		894,063
	1,342,618	TK Elevator US Newco, Inc.^(c)	TSFR1M + 2.885%	7.2370	04/30/30		1,351,513
	805,262	Vantage Elevator Solutions^(c)	US0001M + 8.191%	8.1910	11/10/28		807,206
							3,892,221
		ENGINEERING & CONSTRUCTION — 1.0%
	1,278,316	Osmose Utilities Services, Inc.^(c)	US0001M + 3.250%	7.6910	06/17/28		1,242,044
	820,875	Service Logic Acquisition, Inc.^(c)	TSFR1M + 2.928%	7.2800	10/29/27		823,953
							2,065,997
		ENTERTAINMENT CONTENT — 0.5%
	1,092,204	Univision Communications, Inc.^(c)	TSFR1M + 4.198%	8.5490	06/10/29		1,096,300

		FOOD — 1.2%
	800,637	Flora Food Management US Corporation^(c)	TSFR1M + 3.929%	8.2800	01/03/28		802,891
	705,342	Froneri US, Inc.^(c)	TSFR1M + 2.473%	6.8250	07/16/32		704,770
	866,164	HLF Financing Sarl, LLC^(c)	TSFR1M + 6.725%	11.0770	04/05/29		881,682
							2,389,343

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		GAS & WATER UTILITIES — 0.1%
	115,048	NGL Energy Operating, LLC^(c)	TSFR1M + 3.726%	8.0770	01/27/31	$	115,321

		HEALTH CARE FACILITIES & SERVICES — 4.6%
	859,749	Bella Holding Company, LLC^(c)	TSFR1M + 2.975%	7.3270	05/10/28		862,706
	1,190,965	Charlotte Buyer, Inc.^(c)	TSFR1M + 4.213%	8.5640	02/11/28		1,191,715
	1,558,614	Corgi BidCo, Inc.^(c)	TSFR1M + 4.948%	9.2990	09/20/29		1,426,139
	61,147	Hanger, Inc.^(c)	TSFR1M + 0.851%	3.5000	10/16/31		61,408
	412,065	Hanger, Inc.^(c)	TSFR1M + 3.475%	7.8270	10/16/31		413,824
	498,750	LifePoint Health, Inc.^(c)	TSFR1M + 3.655%	8.0060	11/16/28		498,595
	961,628	LifePoint Health, Inc.^(c)	TSFR1M + 3.655%	8.0060	05/14/31		961,330
	1,752,304	Milano Acquisition Corporation^(c)	US0001M + 4.000%	8.3990	08/17/27		1,730,953
	937,549	Phoenix Newco, Inc.^(c)	TSFR1M + 2.475%	6.8270	11/15/28		939,954
	1,209,849	Star Parent, Inc.^(c)	TSFR1M + 3.948%	8.2990	09/19/30		1,198,005
							9,284,629
		HOME & OFFICE PRODUCTS — 0.4%
	793,608	AI Aqua Merger Sub, Inc.^(c)	TSFR1M + 2.973%	7.3240	07/31/28		794,124

		INDUSTRIAL INTERMEDIATE PROD — 0.2%
	388,933	Crosby US Acquisition Corporation^(c)	TSFR1M + 3.475%	7.8270	08/16/29		391,535

		INDUSTRIAL SUPPORT SERVICES — 0.6%
	1,307,390	Gloves Buyer, Inc.^(c)	TSFR1M + 3.976%	8.3270	01/20/32		1,283,204

		INSTITUTIONAL FINANCIAL SERVICES — 0.4%
	785,165	Ascensus Holdings, Inc.^(c)	TSFR1M + 2.975%	7.3270	08/02/28		786,916

		INSURANCE — 4.2%
	500,565	Acrisure, LLC^(c)	TSFR1M + 3.223%	7.5740	06/07/32		502,442
	886,705	Alliant Holdings Intermediate, LLC^(c)	TSFR1M + 2.723%	7.0750	09/12/31		887,770
	855,000	Asurion, LLC^(c)	US0001M + 5.250%	9.6910	01/29/28		824,613
	365,000	Asurion, LLC^(c)	US0001M + 5.250%	9.6910	01/14/29		344,127
	2,005,000	Asurion, LLC^(c)	TSFR1M + 4.223%	8.5740	09/19/30		1,966,403
	1,042,214	Asurion, LLC^(c)	TSFR1M + 4.225%	8.5770	09/19/30		1,027,050
	861,024	BroadStreet Partners, Inc.^(c)	TSFR1M + 2.975%	7.3270	05/12/31		862,635

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		INSURANCE — 4.2% (Continued)
	529,012	Howden Group Holdings Ltd.^(c)	TSFR1M + 3.475%	7.8270	04/18/30	$	531,245
	245,212	Hyperion Refinance Sarl^(c)	TSFR1M + 2.977%	7.3280	02/18/31		245,890
	1,079,932	TIH Insurance Holdings, LLC^(c)	TSFR3M + 2.749%	7.0490	05/06/31		1,082,405
							8,274,580
		INTERNET MEDIA & SERVICES — 0.6%
	1,124,311	Pug, LLC^(c)	TSFR1M + 4.725%	9.0770	03/12/30		1,117,638

		LEISURE FACILITIES & SERVICES — 5.1%
	160,222	AIMBRIDGE ACQUISITION CO INC		—	03/11/30		160,956
	86,139	Aimbridge Acquisition Company, Inc.^(c)	TSFR1M + 1.577%	5.9290	03/11/30		86,032
	948,504	BCPE Grill Parent, Inc.^(c)	TSFR1M + 4.725%	9.0770	09/21/30		905,082
	696,474	Caesars Entertainment, Inc.^(c)	TSFR3M + 2.306%	6.6060	02/06/31		696,561
	1,210,406	Dave & Buster’s, Inc.^(c)	TSFR1M + 3.211%	7.5620	06/29/29		1,186,579
	443,936	Dave & Buster’s, Inc.^(c)	TSFR1M + 3.211%	7.5620	09/29/31		428,299
	954,207	GBT US III, LLC^(c)	TSFR1M + 2.431%	6.7830	07/28/31		958,325
	520,596	Herschend Entertainment Company, LLC^(c)	TSFR1M + 3.223%	7.5750	05/17/32		525,747
	1,385,310	Ontario Gaming GTA, L.P.^(c)	TSFR1M + 4.198%	8.5490	07/20/30		1,380,115
	1,033,319	Scientific Games Holdings, L.P.^(c)	TSFR1M + 2.933%	7.2850	04/04/29		1,034,063
	1,805,295	Voyager Parent, LLC^(c)	TSFR1M + 4.720%	9.0720	05/10/32		1,809,157
	1,143,876	Whatabrands, LLC^(c)	TSFR1M + 2.475%	6.8270	08/03/28		1,145,403
	56,301	Wok Holdings, Inc.^(c)	TSFR1M + 6.406%	10.7570	09/28/29		49,348
							10,365,667
		LEISURE PRODUCTS — 0.4%
	847,870	Recess Holdings, Inc.^(c)	TSFR3M + 3.725%	8.0250	02/20/30		852,113

		MACHINERY — 1.4%
	448,608	Alliance Laundry Systems, LLC^(c)	TSFR1M + 2.725%	7.0770	08/11/31		448,595
	500,000	Alliance Laundry Systems, LLC^(c)	TSFR3M + 2.777%	7.0770	08/19/31		499,985
	656,452	Madison IAQ, LLC^(c)	TSFR1M + 3.159%	7.5100	03/29/32		660,023
	1,296,817	STS Operating, Inc.^(c)	TSFR1M + 4.075%	8.4270	03/17/31		1,297,024
							2,905,627
		MEDICAL EQUIPMENT & DEVICES — 0.4%
	730,750	Sotera Health Holdings, LLC^(c)	TSFR1M + 3.198%	7.5490	05/23/31		733,951

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		OIL & GAS PRODUCERS — 3.1%
	958,350	EG America, LLC^(c)	TSFR1M + 4.231%	8.5830	02/07/28	$	962,945
	595,477	ITT Holdings, LLC^(c)	TSFR1M + 2.725%	7.0770	10/11/30		597,434
	1,094,746	M6 ETX Holdings II Midco, LLC^(c)	TSFR1M + 2.975%	7.3270	03/24/32		1,103,295
	892,814	NGL Energy Operating, LLC^(c)	TSFR1M + 3.725%	8.0770	02/03/31		894,934
	997,494	Oryx Midstream Services Permian Basin, LLC^(c)	TSFR1M + 2.223%	6.5750	10/05/28		1,000,297
	643,516	RelaDyne, Inc.^(c)	SOFRRATE + 4.250%	7.8560	12/23/28		645,958
	997,487	WaterBridge NDB Operating, LLC^(c)	TSFR3M + 4.051%	8.3510	05/10/29		1,001,747
							6,206,610
		OIL & GAS SERVICES & EQUIPMENT — 0.5%
	1,009,939	Goodnight Water Solutions Holdings, LLC^(c)	TSFR1M + 4.475%	8.8270	06/04/29		1,017,514
	1,140	Paragon Offshore Finance Company^(c)	US003M + 4.296%	—	07/15/22		—
							1,017,514
		PUBLISHING & BROADCASTING — 0.5%
	620,468	Sinclair Television Group, Inc.^(c)	TSFR1M + 4.175%	8.5270	12/31/30		579,517
	492,340	United Talent Agency, LLC^(c)	TSFR1M + 3.460%	7.8110	06/10/32		496,033
							1,075,550
		REAL ESTATE INVESTMENT TRUSTS — 0.6%
	1,157,187	Claros Mortgage Trust, Inc.^(c)	TSFR1M + 4.575%	8.9270	08/09/26		1,125,365

		REAL ESTATE OWNERS & DEVELOPERS — 0.4%
	821,887	Greystar Real Estate Partners, LLC^(c)	TSFR1M + 2.727%	7.0780	08/21/30		823,942

		REAL ESTATE SERVICES — 0.3%
	561,522	Cushman & Wakefield US Borrower, LLC^(c)	TSFR1M + 3.225%	7.5770	01/31/30		565,500

		RETAIL - DISCRETIONARY — 7.5%
	1,095,299	Avis Budget Car Rental, LLC^(c)	TSFR1M + 2.476%	6.8270	07/12/32	$	1,091,707
	493,177	Belron Finance 2019, LLC^(c)	TSFR1M + 2.697%	7.0490	10/02/31		496,075
	1,583,338	Champions Financing, Inc.^(c)	TSFR3M + 4.780%	9.0800	02/23/29		1,476,819
	491,218	Gulfside Supply, Inc.^(c)	TSFR1M + 2.948%	7.2990	05/29/31		493,880
	918,063	Harbor Freight Tools USA, Inc.^(c)	TSFR1M + 2.225%	6.5770	06/05/31		899,651
	1,047,537	Hertz Corporation (The)^(c)	US0001M + 3.250%	8.0410	06/14/28		891,360
	205,647	Hertz Corporation (The)^(c)	US0001M + 3.250%	8.0410	06/14/28		174,987

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		RETAIL - DISCRETIONARY — 7.5% (Continued)
	630,618	Highline Aftermarket Acquisition, LLC^(c)	TSFR1M + 3.475%	7.8270	02/12/30	$	635,742
	1,650,224	LBM Acquisition, LLC^(c)	TSFR1M + 3.710%	8.0620	06/06/31		1,546,318
	698,250	LS Group OpCompany Acquistion, LLC^(c)	TSFR1M + 2.481%	6.8330	04/23/31		699,559
	1,593,664	Mavis Tire Express Services Topco Corporation^(c)	TSFR1M + 2.981%	7.3330	05/04/28		1,597,481
	996,953	Park River Holdings, Inc.^(c)	US0001M + 4.410%	7.6600	01/22/28		984,595
	382,495	Peer Holding III BV^(c)	TSFR1M + 2.448%	6.7990	07/01/31		383,990
	1,633,943	Petco Health & Wellness Company, Inc.^(c)	US0001M + 3.250%	7.8110	02/25/28		1,530,907
	1,240,266	Specialty Building Products Holdings, LLC^(c)	US0001M + 3.750%	8.1770	10/05/28		1,204,800
	1,183,986	White Cap Supply Holdings, LLC^(c)	TSFR1M + 3.225%	7.5770	10/31/29		1,183,755
							15,291,626
		SOFTWARE — 7.6%
	500,000	AthenaHealth Group, Inc.^(c)	TSFR1M + 2.725%	7.0770	02/15/29		500,225
	1,112,340	athenahealth, Inc.^(c)	SOFRRATE + 3.500%	7.0770	01/27/29		1,112,840
	935,556	BMC Software, Inc.^(c)	TSFR1M + 2.981%	7.3330	07/30/31		936,651
	688,642	Boxer Parent Company, Inc.^(c)	TSFR1M + 5.731%	10.0830	07/06/32		681,756
	994,190	Camelot US Acquisition, LLC^(c)	TSFR1M + 2.725%	7.0770	01/31/31		995,059
	291,232	Cloud Software Group, Inc.^(c)	TSFR1M + 3.448%	7.7990	03/29/29		292,059
	751,008	Cloud Software Group, Inc.^(c)	TSFR1M + 3.698%	8.0490	03/24/31		754,553
	547,059	Corel, Inc.^(c)	TSFR3M + 5.133%	9.4330	07/02/26		519,706
	582,906	Cotiviti, Inc.^(c)	TSFR1M + 2.723%	7.0740	02/24/31		582,119
	426,888	Cotiviti, Inc.^(c)	TSFR1M + 2.723%	7.0740	02/17/32		426,532
	600,000	Dcert Buyer, Inc.^(c)	US0001M + 7.000%	11.3270	02/16/29		540,000
	86,761	Ellucian Holdings, Inc.^(c)	TSFR1M + 2.975%	7.3270	10/26/29		86,978
	375,085	Ellucian Holdings, Inc.^(c)	TSFR1M + 2.975%	7.3270	10/29/29		376,023
	630,541	Epicor Software Corporation^(c)	TSFR1M + 2.725%	7.0770	05/23/31		632,370
	501,770	Project Alpha Intermediate Holding, Inc.^(c)	TSFR1M + 3.198%	7.5490	10/28/30		503,589
	199,304	Project Alpha Intermediate Holding, Inc.^(c)	TSFR1M + 4.956%	9.3070	11/22/32		199,678
	589,580	Project Boost Purchaser, LLC^(c)	TSFR1M + 2.948%	7.2990	07/02/31		590,066
	536,364	Project Boost Purchaser, LLC^(c)	TSFR3M + 2.999%	7.2990	07/16/31		536,806
	896,397	Proofpoint, Inc.^(c)	TSFR1M + 2.975%	7.3270	08/31/28		898,921
	343,295	QXO, Inc.^(c)	TSFR1M + 2.929%	7.2800	04/23/32		346,659
	1,611,999	Rackspace Finance, LLC^(c)	TSFR1M + 2.827%	7.1790	05/15/28		845,727
	1,201,353	RealPage, Inc.^(c)	US0001M + 3.250%	7.5610	02/18/28		1,201,353

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		SOFTWARE — 7.6% (Continued)
	834,099	Storable, Inc.^(c)	TSFR1M + 3.225%	7.5770	04/17/31	$	838,357
	760,870	UKG, Inc.^(c)	TSFR1M + 2.960%	7.3110	01/31/31		761,654
							15,159,681
		SPECIALTY FINANCE — 3.6%
	1,177,486	Apex Group Treasury, LLC^(c)	TSFR1M + 3.499%	7.8250	02/20/32		1,179,400
	1,114,701	Apollo Commercial Real Estate Finance, Inc.^(c)	TSFR1M + 3.225%	7.5770	06/05/30		1,123,061
	177,774	Blackstone Mortgage Trust, Inc.^(c)	SOFRRATE + 3.500%	7.8270	05/02/29		178,219
	732,532	Blackstone Mortgage Trust, Inc.^(c)	TSFR1M + 2.960%	7.3110	12/10/30		736,803
	1,384,390	CFC USA 2025, LLC^(c)	TSFR1M + 3.723%	8.0740	05/31/32		1,385,261
	365,471	IMC Global Holdings, LLC^(c)	TSFR1M + 3.473%	7.8250	06/02/32		369,811
	982,990	KREF Holdings X, LLC^(c)	TSFR1M + 3.210%	7.5610	02/25/32		989,138
	1,275,953	Orion US Finco^(c)	TSFR1M + 3.481%	7.8330	05/20/32		1,283,399
							7,245,092
		TECHNOLOGY HARDWARE — 1.1%
	1,085,510	VeriFone Systems, Inc.^(c)	TSFR1M + 5.859%	10.2110	08/21/28		1,050,909
	1,183,461	Viasat, Inc.^(c)	SOFRRATE + 4.500%	8.9410	02/24/29		1,170,887
							2,221,796
		TECHNOLOGY SERVICES — 3.4%
	361,269	Ahead DB Holdings, LLC^(c)	TSFR1M + 2.948%	7.2990	02/03/31		362,022
	253,213	Ahead DB Holdings, LLC^(c)	TSFR1M + 2.948%	7.2990	02/03/31		253,741
	431,176	Amazon Holdco, Inc.^(c)	TSFR1M + 2.225%	6.5770	07/30/31		431,931
	645,178	Fortress Intermediate 3, Inc.^(c)	TSFR1M + 2.968%	7.3200	06/27/31		647,194
	686,030	Indy US Holdco, LLC^(c)	TSFR1M + 3.475%	7.8270	03/06/28		688,517
	851,226	MoneyGram International, Inc.^(c)	TSFR1M + 4.722%	9.0730	06/03/30		777,275
	2,716,069	Neptune Bidco US, Inc.^(c)	TSFR1M + 4.978%	9.3300	04/11/29		2,616,336
	1,151,199	Peraton Corporation^(c)	US0001M + 3.750%	8.1770	02/24/28		1,027,716
	123,386	Peraton Corporation^(c)	US0001M + 7.750%	12.1800	02/01/29		79,463
							6,884,195
		TELECOMMUNICATIONS — 2.2%
	825,000	Connect Finco S.A.RL^(c)	TSFR1M + 4.475%	8.8270	09/28/29		811,206
	734,444	Iridium Satellite, LLC^(c)	TSFR1M + 2.225%	6.5770	09/20/30		731,690
	701,429	Telesat, LLC^(c)	US0001M + 2.750%	7.3440	12/06/26		447,662

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		TERM LOANS — 81.0% (Continued)
		TELECOMMUNICATIONS — 2.2% (continued)
	2,595,000	Zayo Group Holdings, Inc.^(c)	US0001M + 3.000%	7.4410	02/21/27	$	2,512,129
							4,502,687

		TRANSPORTATION & LOGISTICS — 2.5%
	363,842	AAdvantage Loyalty IP Ltd.^(c)	TSFR1M + 3.228%	7.5800	05/28/32		366,798
	534,555	American Airlines, Inc.^(c)	TSFR1M + 2.155%	6.5070	05/29/29		533,275
	525,000	American Airlines, Inc.^(c)	TSFR1M + 2.155%	6.5070	06/04/29		523,743
	115,837	Brown Group Holding, LLC^(c)	TSFR3M + 2.527%	6.8270	07/01/31		116,169
	939,347	PODS, LLC^(c)	US0001M + 3.000%	7.5410	03/19/28		892,915
	1,193,671	Stonepeak Nile Parent, LLC^(c)	TSFR1M + 2.628%	6.9800	02/03/32		1,197,848
	1,176,690	Third Coast Infrastructure, LLC^(c)	TSFR1M + 4.225%	8.5770	09/20/30		1,179,632
							4,810,380
		WHOLESALE - DISCRETIONARY — 0.4%
	769,035	Veritiv Operating Company^(c)	TSFR3M + 3.999%	8.2990	12/02/30		773,122

		TOTAL TERM LOANS (Cost $163,133,284)					162,869,924

Shares

Expiration Date

Exercise Price

Fair Value

RIGHT — 0.0%^(g)

NON-LISTED RIGHT - 0.0% ^(g)

10,588

TRA Rights

11/22/2049

—

13,500

TOTAL RIGHT (Cost $17,470)

13,500

Shares

Expiration Date

Exercise Price

Fair Value

WARRANT — 0.0%^(g)

PUBLISHING & BROADCASTING - 0.0% ^(g)

14,905

iHeartMedia, Inc.

05/02/2039

0.00

20,494

TOTAL WARRANT (Cost $287,609)

20,494

DUNHAM FLOATING RATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 9.8%
		COLLATERAL FOR SECURITIES LOANED - 2.9%
	5,829,269	Mount Vernon Liquid Assets Portfolio, 4.42% (Cost $5,829,269)^(h),(i)	$	5,829,269

		MONEY MARKET FUND - 6.9%
	13,959,358	Fidelity Investments Money Market Government Portfolio, Class I, 4.18% (Cost $13,959,358)^(h)		13,959,358
		TOTAL SHORT-TERM INVESTMENTS (Cost $19,788,627)		19,788,627

		TOTAL INVESTMENTS - 107.6% (Cost $217,241,726)	$	216,388,572
		LIABILITIES IN EXCESS OF OTHER ASSETS - (7.6)%		(15,362,658	)
		NET ASSETS - 100.0%	$	201,025,914

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

SOFRRATE	United States SOFR Secured Overnight Financing Rate

TSFR1M	One Month Term Secured Overnight Financing Rate

TSFR3M	Three Month Term Secured Overnight Financing Rate

US0001M	ICE LIBOR USD 1 Month

US0003M	ICE LIBOR USD 3 Month

^(a)	Non-income producing security.

^(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is 29,783,712 or 14.8% of net assets.

^(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

^(d)	All or a portion of these securities are on loan. Total loaned securities had a value of $5,700,675 at July 31, 2025

^(e)	Variable rate security; the rate shown represents the rate on July 31, 2025.

^(f)	Represents issuer in default on interest payments; non-income producing security.

^(g)	Percentage rounds to less than 0.1%.

^(h)	Rate disclosed is the seven day effective yield as of July 31, 2025.

⁽ⁱ⁾	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $5,829,269 at July 31, 2025.

^(j)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares						Fair Value
		COMMON STOCKS — 0.1%
		OIL & GAS SERVICES & EQUIPMENT - 0.1%
	50	Hi-Crush^(a),(g)				$	285,200

		TOTAL COMMON STOCKS (Cost $122,249)					285,200

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7%
		ASSET MANAGEMENT — 0.5%
	985,000	Focus Financial Partners, LLC^(b)		6.7500	08/15/31		1,007,398

		BIOTECH & PHARMA — 2.1%
	1,189,000	Organon Finance 1, LLC^(b)		5.1250	04/30/31		1,031,913
	1,235,000	Perrigo Finance Unlimited Company		6.1250	09/30/32		1,249,288
	450,000	Teva Pharmaceutical Finance Netherlands II BV		5.7500	12/01/30		457,080
	775,000	Teva Pharmaceutical Finance Netherlands III BV		7.8750	09/15/29		846,308
	900,000	Teva Pharmaceutical Finance Netherlands III BV		6.0000	12/01/32		917,557
							4,502,146
		CABLE & SATELLITE — 5.1%
	2,886,000	Altice Financing S.A.^(b)		5.0000	01/15/28		2,316,015
	1,229,000	Cable One, Inc.^(b),(c)		4.0000	11/15/30		944,929
	378,000	CCO Holdings, LLC / CCO Holdings Capital^(b)		5.0000	02/01/28		371,746
	825,000	CCO Holdings, LLC / CCO Holdings Capital^(b)		5.3750	06/01/29		810,848
	210,000	CCO Holdings, LLC / CCO Holdings Capital^(b)		6.3750	09/01/29		212,072
	1,210,000	CCO Holdings, LLC / CCO Holdings Capital^(b),(c)		4.2500	01/15/34		1,042,908
	450,000	CSC Holdings, LLC^(b)		11.7500	01/31/29		421,197
	693,000	CSC Holdings, LLC^(b)		5.7500	01/15/30		342,455
	540,000	CSC Holdings, LLC^(b),(c)		4.1250	12/01/30		363,580
	1,215,000	Sirius XM Radio, Inc.^(b),(c)		4.0000	07/15/28		1,158,951
	1,030,000	Sirius XM Radio, Inc.^(b),(c)		3.8750	09/01/31		910,024
	1,225,000	UPC Broadband Finco BV^(b)		4.8750	07/15/31		1,155,928
	1,105,000	Virgin Media Finance plc^(b),(c)		5.0000	07/15/30		997,168
							11,047,821
		CHEMICALS — 1.7%
	1,275,000	Consolidated Energy Finance S.A.^(b)		5.6250	10/15/28		1,061,270
	435,000	Methanex Corporation		5.1250	10/15/27		433,147

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		CHEMICALS — 1.7% (Continued)
	63,000	Methanex Corporation		5.2500	12/15/29	$	62,455
	905,000	Methanex US Operations, Inc.^(b),(c)		6.2500	03/15/32		897,759
	961,000	Minerals Technologies, Inc.^(b)		5.0000	07/01/28		946,912
	500,930	Trinseo Luxco Finance SPV Sarl / Trinseo NA^(b)		7.6250	05/03/29		290,539
							3,692,082
		COMMERCIAL SUPPORT SERVICES — 1.2%
	1,400,000	Deluxe Corporation^(b)		8.0000	06/01/29		1,344,628
	35,000	Deluxe Corporation^(b)		8.1250	09/15/29		36,083
	350,000	Prime Security Services Borrower, LLC / Prime^(b)		3.3750	08/31/27		338,405
	872,000	Prime Security Services Borrower, LLC / Prime^(b)		6.2500	01/15/28		872,870
							2,591,986
		CONSTRUCTION MATERIALS — 0.6%
	1,349,000	Standard Industries, Inc.^(b),(c)		3.3750	01/15/31		1,206,356

		CONTAINERS & PACKAGING — 2.8%
	1,639,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh^(b)		3.2500	09/01/28		1,546,661
	1,025,000	Clydesdale Acquisition Holdings, Inc.^(b)		8.7500	04/15/30		1,049,751
	70,000	Clydesdale Acquisition Holdings, Inc.^(b)		6.7500	04/15/32		71,750
	529,000	Crown Americas, LLC		5.2500	04/01/30		534,888
	380,000	Crown Americas, LLC^(b)		5.8750	06/01/33		381,081
	1,234,000	Iris Holding, Inc.^(b)		10.0000	12/15/28		1,150,049
	602,000	Mauser Packaging Solutions Holding Company^(b)		7.8750	08/15/26		599,439
	615,000	Silgan Holdings, Inc.		4.1250	02/01/28		599,413
							5,933,032
		ELECTRIC UTILITIES — 3.3%
	435,000	California Buyer Ltd. / Atlantica Sustainable^(b)		6.3750	02/15/32		439,527
	703,000	Calpine Corporation^(b)		5.0000	02/01/31		695,511
	1,170,000	Clearway Energy Operating, LLC^(b)		3.7500	01/15/32		1,040,354
	1,550,000	NextEra Energy Operating Partners, L.P.^(b),(c)		7.2500	01/15/29		1,582,013
	1,790,000	NRG Energy Inc^(b)		3.6250	02/15/31		1,639,808
	1,435,000	Vistra Operations Company, LLC^(b)		7.7500	10/15/31		1,519,819
							6,917,032
		ELECTRICAL EQUIPMENT — 0.4%
	762,000	WESCO Distribution, Inc.^(b)		6.3750	03/15/33		780,724

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		ENGINEERING & CONSTRUCTION — 0.5%
	1,055,000	VM Consolidated, Inc.^(b)		5.5000	04/15/29	$	1,036,945

		ENTERTAINMENT CONTENT — 2.1%
	1,175,000	Banijay Entertainment S.A.SU^(b)		8.1250	05/01/29		1,222,091
	874,000	Paramount Global^(e)	H15T5Y + 3.999%	6.3750	03/30/62		863,771
	410,000	TEGNA, Inc.^(c)		4.6250	03/15/28		400,207
	421,000	Univision Communications, Inc.^(b)		7.3750	06/30/30		419,103
	665,000	Univision Communications, Inc.^(b)		8.5000	07/31/31		676,004
	485,000	Univision Communications, Inc.^(b),(c)		9.3750	08/01/32		503,620
	263,000	ViacomCBS, Inc.^(e)	US0003M + 3.899%	6.2500	02/28/57		253,383
							4,338,179
		FOOD — 1.2%
	1,055,000	HLF Financing Sarl, LLC / Herbalife International,^(b)		12.2500	04/15/29		1,154,498
	1,185,000	HLF Financing Sarl, LLC / Herbalife International,^(b),(c)		4.8750	06/01/29		993,836
	209,000	Land O’Lakes Capital Trust I^(b),(c)		7.4500	03/15/28		208,989
							2,357,323
		FORESTRY, PAPER & WOOD PRODUCTS — 0.4%
	888,000	Glatfelter Corporation^(b)		4.7500	11/15/29		786,284

		GAS & WATER UTILITIES — 0.5%
	369,000	Venture Global Plaquemines Lng, LLC^(b)		7.5000	05/01/33		398,027
	681,000	Venture Global Plaquemines Lng, LLC^(b)		7.7500	05/01/35		746,049
							1,144,076
		HEALTH CARE FACILITIES & SERVICES — 2.3%
	1,223,000	Concentra Escrow Issuer Corporation^(b),(c)		6.8750	07/15/32		1,257,171
	965,000	DaVita, Inc.^(b)		6.7500	07/15/33		996,127
	350,000	LifePoint Health, Inc.^(b)		9.8750	08/15/30		377,669
	825,000	Molina Healthcare Inc 3.875% 11/15/2030^(b)		3.8750	11/15/30		745,734
	460,000	Molina Healthcare, Inc.^(b)		6.2500	01/15/33		454,422
	985,000	Select Medical Corporation^(b),(c)		6.2500	12/01/32		983,907
							4,815,030

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		HOME CONSTRUCTION — 0.9%
	1,045,000	Ashton Woods USA, LLC / Ashton Woods Finance^(b)		6.8750	08/01/33	$	1,044,290
	361,000	Mattamy Group Corporation^(b)		5.2500	12/15/27		358,906
	579,000	Mattamy Group Corporation^(b)		4.6250	03/01/30		556,393
							1,959,589
		HOUSEHOLD PRODUCTS — 0.4%
	1,000,000	Edgewell Personal Care Company^(b)		4.1250	04/01/29		947,077

		INDUSTRIAL SUPPORT SERVICES — 1.0%
	1,009,000	EquipmentShare.com, Inc.^(b)		8.6250	05/15/32		1,075,410
	299,000	Herc Holdings, Inc.^(b)		7.0000	06/15/30		308,645
	620,000	Herc Holdings, Inc.^(b),(c)		7.2500	06/15/33		642,554
							2,026,609
		INSTITUTIONAL FINANCIAL SERVICES — 1.4%
	716,000	Jane Street Group / JSG Finance, Inc.^(b)		7.1250	04/30/31		740,008
	371,000	Jane Street Group / JSG Finance, Inc.^(b)		6.1250	11/01/32		368,383
	676,000	Jane Street Group / JSG Finance, Inc.^(b)		6.7500	05/01/33		692,545
	1,200,000	VFH Parent, LLC / Valor Co-Issuer, Inc.^(b)		7.5000	06/15/31		1,249,625
							3,050,561
		INSURANCE — 2.7%
	975,000	Acrisure, LLC / Acrisure Finance, Inc.^(b)		6.7500	07/01/32		987,801
	940,000	Alliant Holdings Intermediate, LLC / Alliant^(b)		6.5000	10/01/31		954,805
	750,000	Baldwin Insurance Group Holdings, LLC / Baldwin^(b)		7.1250	05/15/31		773,777
	1,150,000	Howden UK Refinance plc / Howden UK Refinance 2^(b)		7.2500	02/15/31		1,192,115
	904,000	Jones Deslauriers Insurance Management, Inc.^(b)		8.5000	03/15/30		957,785
	860,000	Panther Escrow Issuer, LLC^(b)		7.1250	06/01/31		889,846
							5,756,129
		INTERNET MEDIA & SERVICES — 0.8%
	977,000	GrubHub Holdings, Inc.^(b)		5.5000	07/01/27		958,631
	588,000	Match Group Holdings II, LLC^(b)		4.1250	08/01/30		548,945
	201,000	Match Group Holdings II, LLC^(b)		3.6250	10/01/31		180,065
							1,687,641
		LEISURE FACILITIES & SERVICES — 8.7%
	925,000	Brinker International, Inc.^(b)		8.2500	07/15/30		982,188
	1,517,000	Carnival Corporation^(b)		6.0000	05/01/29		1,531,597

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		LEISURE FACILITIES & SERVICES — 8.7% (Continued)
	255,000	Carnival Corporation^(b)		5.7500	08/01/32	$	257,106
	685,000	Carnival Corporation^(b)		6.1250	02/15/33		697,727
	1,565,000	CEC Entertainment Company, LLC^(b)		6.7500	05/01/26		1,555,530
	955,000	Flutter Treasury DAC^(b)		5.8750	06/04/31		962,282
	513,000	Hilton Grand Vacations Borrower Escrow, LLC /^(b),(c)		5.0000	06/01/29		491,561
	1,090,000	Hilton Grand Vacations Borrower Escrow, LLC /^(b)		4.8750	07/01/31		1,002,771
	943,000	Melco Resorts Finance Ltd.^(b)		5.3750	12/04/29		903,461
	936,000	NCL Corporation Ltd.^(b)		7.7500	02/15/29		993,932
	1,265,000	NCL Corporation Ltd.^(b)		6.7500	02/01/32		1,299,962
	1,140,000	Ontario Gaming GTA, L.P.^(b),(c)		8.0000	08/01/30		1,156,920
	510,000	Raising Cane’s Restaurants, LLC^(b)		9.3750	05/01/29		538,714
	1,675,000	Royal Caribbean Cruises Ltd.^(b)		6.0000	02/01/33		1,704,245
	1,160,000	SeaWorld Parks & Entertainment, Inc.^(b),(c)		5.2500	08/15/29		1,130,386
	1,169,000	Station Casinos, LLC^(b)		6.6250	03/15/32		1,192,917
	715,000	Travel + Leisure Company^(b)		4.5000	12/01/29		688,219
	1,025,000	Voyager Parent, LLC^(b)		9.2500	07/01/32		1,085,370
							18,174,888
		MEDICAL EQUIPMENT & DEVICES — 1.7%
	920,000	Insulet Corporation^(b),(c)		6.5000	04/01/33		946,287
	1,007,000	Medline Borrower, L.P.^(b)		3.8750	04/01/29		961,011
	725,000	Medline Borrower, L.P.^(b)		5.2500	10/01/29		711,766
	874,000	Sotera Health Holdings, LLC^(b)		7.3750	06/01/31		905,098
							3,524,162
		METALS & MINING — 2.8%
	901,000	Capstone Copper Corporation^(b)		6.7500	03/31/33		918,854
	1,970,000	FMG Resources August 2006 Pty Ltd.^(b),(c)		4.3750	04/01/31		1,848,692
	675,000	Hudbay Minerals, Inc.^(b)		6.1250	04/01/29		680,067
	305,000	Mineral Resources Ltd.^(b)		8.1250	05/01/27		306,178
	500,000	Mineral Resources Ltd.^(b)		9.2500	10/01/28		523,569
	1,424,000	Mineral Resources Ltd.^(b),(c)		8.5000	05/01/30		1,463,712
	255,000	Warrior Met Coal, Inc.^(b)		7.8750	12/01/28		258,474
							5,999,546
		OIL & GAS PRODUCERS — 12.3%
	576,000	Antero Midstream Partners, L.P. / Antero Midstream^(b)		5.7500	01/15/28		575,770

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		OIL & GAS PRODUCERS — 12.3% (Continued)
	929,000	Baytex Energy Corporation^(b)		7.3750	03/15/32	$	899,244
	485,000	Civitas Resources, Inc.^(b)		8.6250	11/01/30		495,377
	485,000	Civitas Resources, Inc.^(b)		9.6250	06/15/33		500,838
	1,115,000	Comstock Resources, Inc.^(b)		6.7500	03/01/29		1,105,086
	500,000	Crescent Energy Finance, LLC^(b)		7.6250	04/01/32		489,650
	502,000	Crescent Energy Finance, LLC^(b)		7.3750	01/15/33		480,791
	225,000	Crescent Energy Finance, LLC^(b)		8.3750	01/15/34		223,024
	775,000	Delek Logistics Partners, L.P. / Delek Logistics ^(b)		7.3750	06/30/33		767,494
	560,000	Delek Logistics Partners, L.P. / Delek Logistics^(b)		8.6250	03/15/29		583,295
	1,290,000	Excelerate Energy, L.P.^(b)		8.0000	05/15/30		1,351,278
	899,000	Genesis Energy, L.P. / Genesis Energy Finance		8.8750	04/15/30		953,490
	120,000	Genesis Energy, L.P. / Genesis Energy Finance		7.8750	05/15/32		124,242
	530,000	Genesis Energy, L.P. / Genesis Energy Finance		8.0000	05/15/33		550,199
	1,322,000	Harvest Midstream I, L.P.^(b)		7.5000	09/01/28		1,339,206
	625,000	Harvest Midstream I, L.P.^(b)		7.5000	05/15/32		649,937
	615,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b),(c)		5.7500	02/01/29		604,974
	476,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b)		6.0000	02/01/31		460,686
	795,000	Hilcorp Energy I, L.P. / Hilcorp Finance Company^(b),(c)		7.2500	02/15/35		775,913
	282,000	Howard Midstream Energy Partners, LLC^(b)		8.8750	07/15/28		294,315
	1,060,000	Howard Midstream Energy Partners, LLC^(b)		7.3750	07/15/32		1,096,990
	1,935,000	ITT Holdings, LLC^(b)		6.5000	08/01/29		1,845,062
	935,000	Murphy Oil USA, Inc.		4.7500	09/15/29		914,012
	633,000	NGL Energy Partners, L.P.^(b)		8.1250	02/15/29		627,043
	686,000	NGL Energy Partners, L.P.^(b)		8.3750	02/15/32		671,898
	554,000	NuStar Logistics, L.P.		6.3750	10/01/30		571,406
	1,304,000	Strathcona Resources Ltd.^(b)		6.8750	08/01/26		1,306,808
	390,000	Sunoco, L.P.^(b)		7.2500	05/01/32		409,132
	114,000	Talos Production, Inc.^(b)		9.0000	02/01/29		116,939
	805,000	Talos Production, Inc.^(b)		9.3750	02/01/31		821,848
	2,202,000	Venture Global LNG, Inc.^(b)		8.3750	06/01/31		2,279,201
	1,210,000	Vital Energy, Inc.^(b),(c)		7.8750	04/15/32		1,063,259
	824,000	Wildfire Intermediate Holdings, LLC^(b)		7.5000	10/15/29		821,785
							25,770,192
		OIL & GAS SERVICES & EQUIPMENT — 2.2%
	1,020,000	Archrock Partners, L.P. / Archrock Partners^(b)		6.6250	09/01/32		1,036,094

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		OIL & GAS SERVICES & EQUIPMENT — 2.2% (Continued)
	69,688	Atlas Energy Solutions, Inc.		5.0000	01/31/26	$	67,945
	915,000	Kodiak Gas Services, LLC^(b)		7.2500	02/15/29		939,312
	570,000	Nabors Industries, Inc.^(b)		7.3750	05/15/27		576,189
	1,035,000	Valaris Ltd.^(b),(c)		8.3750	04/30/30		1,071,822
	828,000	Weatherford International Ltd.^(b),(c)		8.6250	04/30/30		851,326
							4,542,688
		PUBLISHING & BROADCASTING — 0.4%
	740,000	Belo Corporation		7.7500	06/01/27		767,907

		REAL ESTATE INVESTMENT TRUSTS — 1.5%
	93,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(b)		3.3750	06/15/26		91,311
	1,175,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(b)		3.7500	09/15/30		1,068,440
	200,000	Service Properties Trust		4.7500	10/01/26		196,944
	379,000	Service Properties Trust		5.5000	12/15/27		374,593
	530,000	Service Properties Trust		8.3750	06/15/29		549,580
	905,000	Service Properties Trust		8.8750	06/15/32		946,988
							3,227,856
		REAL ESTATE OWNERS & DEVELOPERS — 0.9%
	613,000	Greystar Real Estate Partners, LLC^(b)		7.7500	09/01/30		648,632
	1,388,000	Kennedy-Wilson, Inc.		4.7500	03/01/29		1,306,629
							1,955,261
		REAL ESTATE SERVICES — 0.5%
	1,019,000	Cushman & Wakefield US Borrower, LLC^(b),(c)		6.7500	05/15/28		1,030,166

		RENEWABLE ENERGY — 0.5%
	533,000	Atlantica Sustainable Infrastructure plc^(b)		4.1250	06/15/28		515,150
	554,000	EnerSys^(b),(c)		4.3750	12/15/27		544,994
	95,000	EnerSys^(b)		6.6250	01/15/32		97,707
							1,157,851
		RETAIL - CONSUMER STAPLES — 0.8%
	440,000	Albertsons Companies Inc / Safeway Inc / New^(b)		4.6250	01/15/27		436,737
	506,000	Albertsons Companies Inc / Safeway Inc / New^(b)		5.8750	02/15/28		506,400
	325,000	Albertsons Companies, Inc. / Safeway, Inc. / New^(b)		6.5000	02/15/28		331,136

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		RETAIL - CONSUMER STAPLES — 0.8% (Continued)
	455,000	Albertsons Cos Inc^(b),(c)		6.2500	03/15/33	$	464,293
							1,738,566
		RETAIL - DISCRETIONARY — 3.1%
	500,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(b),(c)		8.2500	01/15/30		515,433
	441,000	Avis Budget Car Rental, LLC / Avis Budget Finance,^(b),(c)		8.3750	06/15/32		455,003
	1,003,000	Champions Financing, Inc.^(b),(c)		8.7500	02/15/29		929,565
	512,000	Hertz Corporation (The)^(b),(c)		4.6250	12/01/26		463,506
	445,000	Hertz Corporation (The)^(b),(c)		12.6250	07/15/29		464,497
	2,100,000	Kohl’s Corporation		4.6250	05/01/31		1,523,258
	901,000	LBM Acquisition, LLC^(b),(c)		6.2500	01/15/29		790,308
	1,039,000	Park River Holdings, Inc.^(b),(c)		6.7500	08/01/29		910,353
	518,000	Queen MergerCo, Inc.^(b)		6.7500	04/30/32		534,722
							6,586,645
		SEMICONDUCTORS — 0.4%
	745,000	Entegris Escrow Corporation^(b)		5.9500	06/15/30		752,431

		SOFTWARE — 2.4%
	940,000	Capstone Borrower, Inc.^(b)		8.0000	06/15/30		977,957
	275,000	Gen Digital, Inc.^(b)		6.2500	04/01/33		281,107
	864,000	Helios Software Holdings, Inc. / ION Corporate^(b),(c)		4.6250	05/01/28		820,046
	606,000	NortonLifeLock, Inc.^(b)		7.1250	09/30/30		626,916
	636,000	Open Text Corporation^(b)		3.8750	12/01/29		595,788
	1,132,000	Picard Midco, Inc.^(b)		6.5000	03/31/29		1,144,443
	1,503,240	Rackspace Finance, LLC^(b)		3.5000	05/15/28		725,313
							5,171,570
		SPECIALTY FINANCE — 9.8%
	536,000	Air Lease Corporation^(e)	H15T5Y + 4.076%	4.6500	06/15/70		530,804
	1,220,000	Aircastle Ltd.^(b),(e)	H15T5Y + 4.410%	5.2500	09/15/71		1,214,607
	1,675,000	Ally Financial, Inc.^(c)		6.7000	02/14/33		1,739,181
	226,000	Ally Financial, Inc.^(e)	H15T5Y + 2.450%	6.6460	01/17/40		224,488
	1,405,000	Apollo Commercial Real Estate Finance, Inc.^(b)		4.6250	06/15/29		1,335,734
	1,350,000	Arbor Realty SR, Inc.^(b)		7.8750	07/15/30		1,381,069
	1,096,000	Blackstone Mortgage Trust, Inc.^(b)		7.7500	12/01/29		1,159,678
	471,000	Bread Financial Holdings, Inc.^(b)		9.7500	03/15/29		505,661
	660,000	Burford Capital Global Finance, LLC^(b)		6.2500	04/15/28		658,450

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		SPECIALTY FINANCE — 9.8% (Continued)
	200,000	Burford Capital Global Finance, LLC^(b)		6.8750	04/15/30	$	199,948
	1,405,000	Cobra AcquisitionCo, LLC^(b),(c)		6.3750	11/01/29		1,228,028
	600,000	Credit Acceptance Corporation^(b)		9.2500	12/15/28		635,374
	325,000	Credit Acceptance Corporation^(b),(c)		6.6250	03/15/30		328,585
	563,000	EZCORP, Inc.^(b)		7.3750	04/01/32		587,671
	436,000	FirstCash, Inc.^(b),(c)		4.6250	09/01/28		427,200
	175,000	FirstCash, Inc.^(b)		5.6250	01/01/30		173,349
	330,000	FirstCash, Inc.^(b),(c)		6.8750	03/01/32		338,667
	328,000	goeasy Ltd.^(b)		7.6250	07/01/29		338,599
	720,000	goeasy Ltd.^(b)		6.8750	05/15/30		722,228
	584,000	Ladder Capital Finance Holdings LLLP / Ladder^(b)		4.2500	02/01/27		574,048
	805,000	Ladder Capital Finance Holdings LLLP / Ladder^(b)		4.7500	06/15/29		782,023
	1,325,000	Pattern Energy Operations, L.P. / Pattern Energy^(b)		4.5000	08/15/28		1,286,082
	709,000	Phoenix Aviation Capital Ltd.^(b)		9.2500	07/15/30		743,519
	1,009,000	Planet Financial Group, LLC^(b)		10.5000	12/15/29		1,030,555
	554,000	Rfna, L.P.^(b),(c)		7.8750	02/15/30		563,379
	1,125,000	Starwood Property Trust, Inc.^(b)		6.5000	07/01/30		1,158,416
	720,000	Walker & Dunlop, Inc.^(b)		6.6250	04/01/33		734,735
							20,602,078
		STEEL — 1.6%
	1,031,000	Allegheny Technologies, Inc.		4.8750	10/01/29		1,009,071
	950,000	Cleveland-Cliffs, Inc.^(b),(c)		7.0000	03/15/32		928,109
	565,000	Cleveland-Cliffs, Inc.^(b),(c)		7.3750	05/01/33		551,016
	95,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		76,523
	802,000	Commercial Metals Company		3.8750	02/15/31		740,268
							3,304,987
		TECHNOLOGY HARDWARE — 1.9%
	230,000	EquipmentShare.com, Inc.^(b)		8.0000	03/15/33		240,334
	1,020,000	Imola Merger Corporation^(b),(c)		4.7500	05/15/29		990,495
	248,000	NCR Corporation^(b)		5.1250	04/15/29		243,267
	550,000	Seagate Data Storage Technology Pte Ltd.^(b)		5.7500	12/01/34		520,556
	1,030,000	TTM Technologies, Inc.^(b)		4.0000	03/01/29		981,347
	974,000	Viasat, Inc.^(b),(c)		7.5000	05/30/31		846,584

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		TECHNOLOGY HARDWARE — 1.9% (Continued)
	290,000	ViaSat, Inc.^(b),(c)		5.6250	04/15/27	$	288,904
							4,111,487
		TECHNOLOGY SERVICES — 3.4%
	660,000	Block, Inc.		6.5000	05/15/32		677,737
	705,000	Fortress Intermediate 3, Inc.^(b)		7.5000	06/01/31		740,908
	310,000	GTCR W-2 Merger Sub, LLC^(b)		7.5000	01/15/31		328,009
	417,000	ION Trading Technologies Sarl^(b)		5.7500	05/15/28		403,780
	415,000	ION Trading Technologies Sarl^(b)		9.5000	05/30/29		432,424
	1,470,000	Mobius Merger Sub, Inc.^(b)		9.0000	06/01/30		1,357,439
	1,520,000	Neptune Bidco US, Inc.^(b)		9.2900	04/15/29		1,472,651
	724,000	Shift4 Payments, LLC / Shift4 Payments Finance^(b)		6.7500	08/15/32		748,395
	964,000	WEX, Inc.^(b)		6.5000	03/15/33		977,479
							7,138,822
		TELECOMMUNICATIONS — 5.2%
	632,000	Bell Telephone Company of Canada or Bell Canada^(e)	H15T5Y + 2.390%	6.8750	09/15/55		644,617
	445,000	Bell Telephone Company of Canada or Bell Canada^(e)	H15T5Y + 2.363%	7.0000	09/15/55		452,739
	1,385,000	C&W Senior Finance Ltd.^(b)		9.0000	01/15/33		1,429,579
	842,000	Cogent Communications Group, Inc.^(b)		7.0000	06/15/27		843,176
	490,000	Cogent Communications Group, Inc. / Cogent^(b)		7.0000	06/15/27		491,717
	900,000	Connect Finco S.A.RL / Connect US Finco, LLC^(b),(c)		9.0000	09/15/29		909,853
	223,000	Iliad Holding S.A.SU^(b)		8.5000	04/15/31		239,315
	2,076,000	Iliad Holding S.A.SU^(b)		7.0000	04/15/32		2,133,379
	245,000	Rogers Communications, Inc. ^(e)	H15T5Y + 2.653%	7.0000	04/15/55		251,093
	867,000	Rogers Communications, Inc. ^(e)	H15T5Y + 2.620%	7.1250	04/15/55		887,497
	254,000	Sable International Finance Ltd.^(b)		7.1250	10/15/32		255,175
	797,000	Telesat Canada / Telesat, LLC^(b),(c)		4.8750	06/01/27		496,133
	939,000	Vmed O2 UK Financing I plc^(b)		7.7500	04/15/32		979,540
	1,095,000	Zayo Group Holdings, Inc.^(b),(c)		6.1250	03/01/28		992,504
							11,006,317

		TRANSPORTATION & LOGISTICS — 2.1%
	575,000	Air Canada^(b)		3.8750	08/15/26		568,449
	350,000	American Airlines, Inc.^(b),(c)		7.2500	02/15/28		357,116

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 95.7% (Continued)
		TRANSPORTATION & LOGISTICS — 2.1% (Continued)
	810,000	American Airlines, Inc.^(b)		8.5000	05/15/29	$	847,080
	1,014,000	Star Leasing Company, LLC^(b),(c)		7.6250	02/15/30		1,001,334
	1,015,000	Stonepeak Nile Parent, LLC^(b)		7.2500	03/15/32		1,067,149
	271,000	United Airlines, Inc.^(b)		4.3750	04/15/26		269,555
	520,000	United Airlines, Inc.^(b)		4.6250	04/15/29		508,113
							4,618,796
		TRANSPORTATION EQUIPMENT — 0.1%
	198,000	JB Poindexter & Co Inc^(b)		8.7500	12/15/31		202,504

		WHOLESALE - CONSUMER STAPLES — 1.0%
	1,148,000	C&S Group Enterprises, LLC^(b)		5.0000	12/15/28		1,027,840
	1,160,000	Performance Food Group, Inc.^(b)		4.2500	08/01/29		1,116,148
							2,143,988
		WHOLESALE - DISCRETIONARY — 0.5%
	1,035,000	Verde Purchaser, LLC^(b)		10.5000	11/30/30		1,123,294

		TOTAL CORPORATE BONDS (Cost $199,361,723)					202,236,022

Shares						Fair Value
		SHORT-TERM INVESTMENTS — 20.3%
		COLLATERAL FOR SECURITIES LOANED - 16.7%
	35,275,328	Mount Vernon Liquid Assets Portfolio, 4.42% (Cost $35,275,328)^(d),(f)					35,275,328

		MONEY MARKET FUND - 3.6%
	7,707,973	First American Government Obligations Fund, Class Z, 4.15% (Cost $7,707,973)^(f)					7,707,973

		TOTAL SHORT-TERM INVESTMENTS (Cost $42,983,301)					42,983,301

		TOTAL INVESTMENTS - 116.1% (Cost $242,467,273)				$	245,504,523
		LIABILITIES IN EXCESS OF OTHER ASSETS - (16.1)%					(34,082,960	)
		NET ASSETS - 100.0%				$	211,421,563

DUNHAM HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

US0003M	ICE LIBOR USD 3 Month

^(a)	Non-income producing security.

^(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is 179,537,314 or 84.9% of net assets.

^(c)	All or a portion of these securities are on loan. Total loaned securities had a value of $34,534,475 at July 31, 2025.

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $35,275,328 at July 31, 2025.

^(e)	Variable rate security; the rate shown represents the rate on July 31, 2025.

^(f)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(g)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.5% of net assets. The total value of these securities is $285,200.

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

ASSET BACKED SECURITIES — 0.0%^(a)

RESIDENTIAL MORTGAGE — 0.0%^(a)

6,239 EUR

Fondo de Titulizacion de Activos Santander Series 2 A^(b)

EUR003M + 0.150%

2.1710

01/18/49

7,074

TOTAL ASSET BACKED SECURITIES (Cost $6,625)

7,074

CORPORATE BONDS — 62.9%

AEROSPACE & DEFENSE — 0.2%

200,000 EUR

Airbus S.E.

2.3750

04/07/32

221,732

APPAREL & TEXTILE PRODUCTS — 0.2%

200,000 EUR

Beach Acquisition Bidco, LLC^(c)

5.2500

07/15/32

232,581

ASSET MANAGEMENT — 1.6%

250,000 EUR

Blackrock, Inc.

3.7500

07/18/35

292,923

335,000 USD

Brookfield Asset Management Ltd.

5.7950

04/24/35

342,849

100,000 EUR

JAB Holdings BV

1.0000

12/20/27

109,998

200,000 EUR

JAB Holdings BV

2.5000

06/25/29

224,728

128,000 USD

MDGH GMTN RSC Ltd.^(c)

5.8750

05/01/34

136,709

400,000 USD

UBS Group A.G.^(b),(c)

H15T1Y + 1.100%

2.7460

02/11/33

349,269

1,456,476

AUTOMOTIVE — 3.2%

330,000 USD

Aptiv plc / Aptiv Global Financing DAC^(b)

H15T5Y + 3.385%

6.8750

12/15/54

332,977

400,000 GBP

Aston Martin Capital Holdings Ltd.^(c)

10.3750

03/31/29

497,284

310,000 EUR

Forvia S.E.

5.5000

06/15/31

362,663

515,000 EUR

Grupo Antolin-Irausa S.A.

3.5000

04/30/28

367,139

325,000 USD

Hyundai Capital Services, Inc.^(c)

5.2500

01/22/28

329,122

300,000 EUR

Mercedes-Benz Group A.G.

0.7500

02/08/30

315,395

45,000 USD

Nissan Motor Company Ltd.^(c)

4.8100

09/17/30

41,378

250,000 EUR

Stellantis N.V.

4.2500

06/16/31

292,315

123,000 USD

Uzauto Motors AJ^(c)

4.8500

05/04/26

121,098

300,000 EUR

Volkswagen International Finance N.V.

1.8750

03/30/27

338,438

2,997,809

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

BANKING — 8.4%

200,000 USD

African Export-Import Bank (The)

2.6340

05/17/26

194,898

330,000 USD

ASB Bank Ltd.^(c),(d),(e)

5.2840

06/17/32

331,437

340,000 USD

Australia & New Zealand Banking Group Ltd.^(b),(c)

H15T10Y + 1.350%

5.8160

06/18/36

345,181

300,000 EUR

Banco Bilbao Vizcaya Argentaria S.A.

3.5000

02/10/27

346,841

339,000 USD

Banco Davivienda S.A.^(b),(c)

H15T5Y + 4.588%

8.1250

07/02/35

345,777

48,000 USD

Banco de Credito del Peru S.A.^(b),(c)

H15T5Y + 2.486%

6.4500

07/30/35

49,428

276,000 USD

Banco de Credito e Inversiones S.A.^(b),(c)

H15T5Y + 3.767%

7.5000

12/15/73

283,245

206,000 USD

Banco Mercantil del Norte S.A.^(c),(d)

6.6250

01/24/70

191,231

572,000 USD

Banco Mercantil del Norte S.A.^(b),(c)

H15T5Y + 4.072%

8.3750

11/20/74

587,015

340,000 USD

Bank of America Corporation^(b)

SOFRRATE + 1.738%

5.5180

10/25/35

340,311

350,000 USD

Barclays plc^(b)

SOFRRATE + 1.910%

5.3350

09/10/35

348,550

522,000 USD

BBVA Bancomer S.A.^(b),(c),(e)

H15T5Y + 2.650%

5.1250

01/18/33

504,007

300,000 USD

BPCE S.A.^(b),(c)

H15T1Y + 2.791%

6.5080

01/18/35

314,303

200,000 EUR

CaixaBank S.A.

4.2500

09/06/30

242,991

225,000 EUR

Cooperatieve Rabobank UA

1.3750

02/03/27

254,851

310,000 USD

Deutsche Bank A.G.^(b),(e)

SOFRRATE + 3.650%

7.0790

02/10/34

334,217

325,000 USD

HSBC Holdings plc^(b)

SOFRRATE + 1.290%

5.2860

11/19/30

331,968

200,000 EUR

Intesa Sanpaolo SpA

5.1250

08/29/31

253,082

375,000 USD

Mizuho Financial Group, Inc.^(b)

H15T1Y + 1.900%

5.7480

07/06/34

391,118

315,000 USD

NatWest Group plc^(b)

H15T5Y + 2.200%

6.4750

06/01/34

328,963

236,000 USD

NBK Tier 1 Ltd.^(b),(c)

CMTUSD6Y + 2.403%

6.3750

07/10/73

239,582

310,000 USD

Societe Generale S.A.^(b),(c)

H15T1Y + 2.950%

6.6910

01/10/34

332,380

365,000 USD

Standard Chartered PLC^(b),(c)

H15T5Y + 2.300%

3.2650

02/18/36

328,966

330,000 USD

Toronto-Dominion Bank (The)^(b)

H15T5Y + 4.075%

8.1250

10/31/82

348,674

117,000 USD

Yapi ve Kredi Bankasi A/S^(c)

7.1250

10/10/29

117,805

7,686,821

BEVERAGES — 0.3%

245,000 EUR

Molson Coors Beverage Company

3.8000

06/15/32

286,105

BIOTECH & PHARMA — 2.6%

300,000 EUR

Bayer A.G.

1.3750

07/06/32

299,249

390,000 EUR

Cheplapharm Arzneimittel GmbH

7.5000

05/15/30

460,086

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

BIOTECH & PHARMA — 2.6% (Continued)

370,000 EUR

Grifols S.A.

3.8750

10/15/28

416,307

340,000 EUR

Perrigo Finance Unlimited Company

5.3750

09/30/32

405,006

300,000 EUR

Takeda Pharmaceutical Company Ltd.

1.0000

07/09/29

318,759

345,000 EUR

Teva Pharmaceutical Finance Netherlands II BV

7.8750

09/15/31

477,565

200,000 EUR

Utah Acquisition Sub, Inc.

3.1250

11/22/28

227,839

2,604,811

CABLE & SATELLITE — 0.5%

580,000 EUR

Altice Financing S.A.

4.2500

08/15/29

511,259

CHEMICALS — 2.2%

205,000 USD

Braskem Netherlands Finance BV^(c)

4.5000

01/31/30

145,185

390,000 EUR

INEOS Quattro Finance 2 plc

8.5000

03/15/29

450,727

400,000 EUR

Maxam Prill Sarl^(c)

6.0000

07/15/30

455,572

10,000 USD

OCP S.A.^(c)

3.7500

06/23/31

9,043

66,000 USD

OCP S.A.^(c)

6.7000

03/01/36

66,908

158,000 USD

OCP S.A.^(c)

6.8750

04/25/44

154,739

315,000 USD

OCP S.A.^(c)

7.5000

05/02/54

318,748

221,000 USD

Sasol Financing USA, LLC

4.3750

09/18/26

219,227

205,000 USD

Sasol Financing USA, LLC

6.5000

09/27/28

198,750

2,018,899

COMMERCIAL SUPPORT SERVICES — 0.4%

35,000 USD

Sodexo, Inc.^(c)

5.1500

08/15/30

35,464

330,000 USD

Sodexo, Inc.^(c),(e)

5.8000

08/15/35

337,745

373,209

CONSTRUCTION MATERIALS — 0.7%

68,000 USD

Cemex S.A.B. de C.V.^(b),(c)

H15T5Y + 4.534%

5.1250

09/08/69

67,446

198,000 USD

Cemex S.A.B. de C.V.^(b),(c)

H15T5Y + 0.250%

7.2000

09/10/73

202,396

325,000 EUR

Holcim Finance Luxembourg S.A.

0.5000

09/03/30

329,966

599,808

CONSUMER SERVICES — 0.0%^(a)

32,000 USD

Amazon Conservation DAC^(c)

6.0340

01/16/42

32,198

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

CONTAINERS & PACKAGING — 0.4%

320,000 EUR

Kleopatra Finco Sarl

4.2500

03/01/26

336,584

DIVERSIFIED INDUSTRIALS — 0.4%

335,000 USD

Siemens Funding BV^(c)

5.2000

05/28/35

343,022

ELEC & GAS MARKETING & TRADING — 0.3%

300,000 EUR

Orsted A/S

1.5000

11/26/29

321,617

ELECTRIC UTILITIES — 5.9%

260,000 USD

Adani Electricity Mumbai Ltd.^(c)

3.9490

02/12/30

239,405

160,721 USD

Adani Green Energy UP Ltd. / Prayatna Developers^(c)

6.7000

03/12/42

148,834

257,180 USD

Adani Renewable Energy RJ Ltd./Kodangal Solar^(c)

4.6250

10/15/39

207,997

208,000 USD

Adani Transmission Step-One Ltd.^(c)

4.0000

08/03/26

205,932

315,000 USD

Capital Power US Holdings, Inc.^(c),(e)

6.1890

06/01/35

324,323

43,000 USD

Comision Ejecutiva Hidroelectrica del Rio Lempa^(c)

8.6500

01/24/33

43,452

12,000 USD

Comision Federal de Electricidad^(c)

6.4500

01/24/35

11,824

285,000 EUR

E.ON S.E.

3.5000

03/25/32

332,931

310,000 USD

Electricite de France S.A.^(c)

6.9000

05/23/53

333,140

205,000 USD

Enel Finance International N.V.^(c)

6.0000

10/07/39

209,602

125,000 USD

Enel Finance International N.V.^(c)

5.5000

06/15/52

116,332

200,000 EUR

Energo-Pro A/S^(c)

8.0000

05/27/30

241,539

290,000 USD

Engie S.A.^(c)

5.6250

04/10/34

299,234

223,000 USD

Eskom Holdings SOC Ltd.^(c)

8.4500

08/10/28

235,776

216,000 USD

Generacion Mediterranea S.A. / Central Termica^(c)

11.0000

11/01/31

127,645

146,080 USD

Greenko Dutch BV^(c)

3.8500

03/29/26

144,066

248,661 USD

Minejesa Capital BV^(c)

4.6250

08/10/30

246,243

220,000 USD

Minejesa Capital BV^(c)

5.6250

08/10/37

215,437

169,400 USD

Mong Duong Finance Holdings BV^(c)

5.1250

05/07/29

166,981

490,800 USD

MSU Energy S.A.^(c)

9.7500

12/05/30

459,511

300,000 EUR

National Grid PLC

0.1630

01/20/28

324,001

300,000 EUR

Naturgy Finance BV

1.5000

01/29/28

334,213

8,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

3.3750

02/05/30

7,599

31,000 USD

Perusahaan Perseroan Persero PT Perusahaan Listrik

4.0000

06/30/50

22,449

105,000 USD

Saavi Energia Sarl^(c)

8.8750

02/10/35

109,452

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

ELECTRIC UTILITIES — 5.9% (Continued)

270,000 USD

YPF Energia Electrica S.A.^(c)

7.8750

10/16/32

272,414

261,000 USD

Zorlu Enerji Elektrik Uretim A/S^(c)

11.0000

04/23/30

253,061

5,633,393

ELECTRICAL EQUIPMENT — 0.2%

200,000 EUR

TK Elevator Midco GmbH

4.3750

07/15/27

228,856

ENGINEERING & CONSTRUCTION — 2.0%

420,000 USD

ATP Tower Holdings / Andean Telecom Partners Chile^(c)

7.8750

02/03/30

427,088

200,000 EUR

Cellnex Finance Company S.A.

2.0000

02/15/33

205,844

315,000 USD

HTA Group Ltd./Mauritius^(c)

7.5000

06/04/29

325,993

193,000 USD

IHS Holding Ltd.^(c)

6.2500

11/29/28

190,314

260,000 USD

IHS Holding Ltd.^(c)

7.8750

05/29/30

263,949

320,000 USD

IHS Holding Ltd.^(c)

8.2500

11/29/31

327,440

82,497 USD

IHS Netherlands Holdco BV^(c)

8.0000

09/18/27

83,011

1,823,639

ENTERTAINMENT CONTENT — 0.5%

260,000 GBP

Pinewood Finco plc^(c)

6.0000

03/27/30

345,311

100,000 GBP

Pinewood Finco plc

6.0000

03/27/30

132,854

478,165

FOOD — 1.1%

119,000 USD

Adecoagro S.A.^(c)

7.5000

07/29/32

119,357

300,000 EUR

Danone S.A.

3.0710

09/07/32

343,531

400,000 EUR

Froneri Lux FinCompany S.A.RL^(c)

4.7500

08/01/32

460,950

96,000 USD

Minerva Luxembourg S.A.^(c)

4.3750

03/18/31

85,982

1,009,820

HOUSEHOLD PRODUCTS — 0.4%

300,000 EUR

Unilever Finance Netherlands BV

1.7500

03/25/30

329,294

INDUSTRIAL SUPPORT SERVICES — 0.8%

320,000 USD

Ashtead Capital, Inc.^(c)

5.9500

10/15/33

332,331

100,000 EUR

Motability Operations Group plc

3.6250

01/22/33

115,302

200,000 GBP

Motability Operations Group plc

5.6250

01/24/54

240,288

687,921

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

INSTITUTIONAL FINANCIAL SERVICES — 0.3%

150,000 USD

Nomura Holdings, Inc.

1.6530

07/14/26

146,083

175,000 USD

Nomura Holdings, Inc.

2.1720

07/14/28

163,418

309,501

INSURANCE — 1.1%

300,000 EUR

Allianz S.E.^(d)

3.0990

07/06/47

344,860

350,000 EUR

Ardonagh Finco Ltd.

6.8750

02/15/31

416,641

280,000 USD

Nippon Life Insurance Company^(c),(d)

6.2500

09/13/53

290,363

1,051,864

INTERNET MEDIA & SERVICES — 0.8%

250,000 EUR

Booking Holdings, Inc.

4.5000

11/15/31

307,229

200,000 USD

Prosus N.V.^(c)

3.0610

07/13/31

178,127

127,000 USD

Prosus N.V.

3.0610

07/13/31

113,110

269,000 USD

Prosus N.V.^(c)

3.8320

02/08/51

173,636

772,102

LEISURE FACILITIES & SERVICES — 2.4%

350,000 GBP

888 Acquisitions Ltd.^(c)

10.7500

05/15/30

478,725

400,000 EUR

Accor S.A.^(d)

7.2500

10/11/73

506,304

106,000 USD

Melco Resorts Finance Ltd.^(c)

5.7500

07/21/28

104,410

388,000 USD

Melco Resorts Finance Ltd.

5.7500

07/21/28

382,178

400,000 EUR

Motion Bondco DAC

4.5000

11/15/27

432,757

384,000 USD

Studio City Finance Ltd.^(c)

5.0000

01/15/29

355,306

2,259,680

MACHINERY — 0.3%

250,000 EUR

Smiths Group plc

2.0000

02/23/27

283,213

MEDICAL EQUIPMENT & DEVICES — 0.2%

200,000 EUR

Medtronic Global Holdings SCA

0.7500

10/15/32

193,505

METALS & MINING — 1.9%

6,000 USD

Corp Nacional del Cobre de Chile^(c)

3.7000

01/30/50

4,069

151,000 USD

Freeport Indonesia PT

5.3150

04/14/32

152,211

300,000 EUR

Glencore Capital Finance DAC

1.1250

03/10/28

329,461

26,000 USD

Indonesia Asahan Aluminium Persero PT^(c)

5.8000

05/15/50

24,793

487,047 USD

Samarco Mineracao S.A.^(c)

9.0000

06/30/31

482,485

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

METALS & MINING — 1.9% (Continued)

217,000 USD

Vedanta Resources Finance II plc^(c)

10.2500

06/03/28

223,886

109,000 USD

Vedanta Resources Finance II plc^(c)

10.8750

09/17/29

111,656

103,000 USD

Vedanta Resources Finance II plc^(c)

9.4750

07/24/30

101,552

334,000 USD

WE Soda Investments Holding plc^(c)

9.5000

10/06/28

348,542

1,778,655

OIL & GAS PRODUCERS — 9.0%

428,000 USD

3R Lux S.A.RL^(c)

9.7500

02/05/31

441,911

335,000 USD

6297782, LLC^(c)

5.5840

10/01/34

330,922

16,000 USD

Abu Dhabi Crude Oil Pipeline, LLC^(c)

3.6500

11/02/29

15,538

78,000 USD

AI Candelaria Spain S.A.^(c)

5.7500

06/15/33

67,346

687,000 USD

AI Candelaria Spain S.A.

5.7500

06/15/33

593,158

388,000 USD

Ambipar Lux Sarl^(c)

10.8750

02/05/33

350,114

200,000 USD

Azule Energy Finance plc^(c)

8.1250

01/23/30

201,636

335,000 USD

BP Capital Markets plc^(b)

H15T5Y + 4.398%

4.8750

12/22/00

331,090

215,000 USD

Energean Israel Finance Ltd.^(c)

5.8750

03/30/31

201,044

200,000 USD

Energean plc

6.5000

04/30/27

197,200

253,000 USD

Energean plc^(c)

6.5000

04/30/27

249,458

250,000 EUR

Eni SpA

2.0000

05/18/31

270,499

390,000 USD

Geopark Ltd.^(c)

8.7500

01/31/30

337,472

273,000 USD

Gran Tierra Energy, Inc.^(c)

9.5000

10/15/29

228,098

250,000 USD

Harbour Energy plc^(c)

6.3270

04/01/35

250,373

54,000 USD

KazMunayGas National Company JSC^(c)

5.7500

04/19/47

47,489

99,000 USD

KazMunayGas National Company JSC^(c)

6.3750

10/24/48

92,998

298,000 USD

Kosmos Energy Ltd.

7.7500

05/01/27

282,066

48,000 USD

Kosmos Energy Ltd.

7.5000

03/01/28

41,256

56,000 USD

Kosmos Energy Ltd.^(c)

8.7500

10/01/31

43,165

56,000 USD

Leviathan Bond Ltd.

6.5000

06/30/27

55,776

110,000 USD

Leviathan Bond Ltd.^(c)

6.7500

06/30/30

108,900

461,578 USD

MC Brazil Downstream Trading S.A.RL

7.2500

06/30/31

376,532

100,000 USD

Medco Bell Pte Ltd.

6.3750

01/30/27

100,473

216,000 USD

Medco Laurel Tree Pte Ltd.^(c)

6.9500

11/12/28

216,251

1,625,000 USD

PDVSA^(f)

9.0000

11/17/21

234,813

740,000 USD

Petroleos de Venezuela S.A.^(f)

6.0000

05/16/24

103,970

460,000 USD

Petroleos de Venezuela S.A.^(f)

0.0000

05/17/35

73,370

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

OIL & GAS PRODUCERS — 9.0% (Continued)

85,000 USD

Petroleos del Peru S.A.

4.7500

06/19/32

67,998

69,000 USD

Petroleos Mexicanos

5.3500

02/12/28

67,331

45,000 USD

Petroleos Mexicanos

6.8400

01/23/30

44,318

56,000 USD

Petroleos Mexicanos

5.9500

01/28/31

52,018

225,000 USD

Petroleos Mexicanos

6.7000

02/16/32

215,500

435,000 USD

Petroleos Mexicanos

6.3500

02/12/48

335,818

118,000 USD

Petroleos Mexicanos

7.6900

01/23/50

100,289

14,000 USD

Petronas Capital Ltd.

2.4800

01/28/32

12,280

52,000 USD

Qatar Petroleum^(c)

2.2500

07/12/31

45,764

12,000 USD

Saudi Arabian Oil Company^(c)

5.8750

07/17/64

11,182

552,000 USD

SierraCol Energy Andina, LLC^(c)

6.0000

06/15/28

518,380

300,000 EUR

TotalEnergies Capital Canada Ltd.

2.1250

09/18/29

335,284

277,000 USD

Trident Energy Finance plc^(c)

12.5000

11/30/29

286,101

478,000 USD

YPF S.A.^(c)

9.5000

01/17/31

506,062

8,441,243

OIL & GAS SERVICES & EQUIPMENT — 2.6%

398,000 USD

FORESEA Holding S.A.^(c)

7.5000

06/15/30

383,535

393,256 USD

MV24 Capital BV^(c)

6.7480

06/01/34

391,321

320,000 USD

NewCompany Holding USD 20 Sarl^(c)

9.3750

11/07/29

328,118

425,000 USD

OHI Group S.A.^(c)

13.0000

07/22/29

447,738

638,730 USD

Poinsettia Finance Ltd.

6.6250

06/17/31

599,803

417,287 USD

Yinson Boronia Production BV^(c)

8.9470

07/31/42

450,853

2,601,368

PUBLISHING & BROADCASTING — 0.4%

300,000 EUR

Bertelsmann S.E. & Company KGaA

3.5000

05/29/29

352,011

REAL ESTATE OWNERS & DEVELOPERS — 0.9%

700,000 USD

China SCE Group Holdings Ltd.^(f)

7.0000

05/02/25

33,338

200,000 USD

Country Garden Holdings Company Ltd.

4.8000

08/06/30

16,300

200,000 EUR

CPI Property Group S.A.^(g)

1.6250

04/23/27

227,187

100,000 EUR

CPI Property Group S.A.^(b)

EUAMDB05 + 5.232%

7.5000

06/24/73

109,958

330,000 USD

MAF Global Securities Ltd.^(b)

H15T5Y + 3.539%

6.3750

09/20/70

330,567

64,000 USD

Port Of Spain Waterfront Development

7.8750

02/19/40

62,720

780,070

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

REIT — 0.3%

250,000 EUR

Prologis Euro Finance, LLC

4.6250

05/23/33

308,523

RENEWABLE ENERGY — 0.8%

391,500 USD

Aydem Yenilenebilir Enerji A/S^(c)

7.7500

02/02/27

388,352

190,000 USD

FS Luxembourg Sarl^(c)

8.8750

02/12/31

197,319

102,000 USD

Investment Energy Resources Ltd.^(c)

6.2500

04/26/29

100,230

57,000 USD

Limak Yenilenebilir Enerji A/S^(c)

9.6250

08/12/30

56,924

742,825

RETAIL - CONSUMER STAPLES — 0.7%

200,000 EUR

Carrefour S.A.

4.3750

11/14/31

239,401

300,000 EUR

Tesco Corporate Treasury Services plc

3.3750

05/06/32

343,404

582,805

RETAIL - DISCRETIONARY — 0.5%

461,000 USD

Movida Europe S.A.^(c),(e)

7.8500

04/11/29

433,346

SOFTWARE — 0.6%

100,000 EUR

Helios Software Holdings, Inc. / ION Corporate

7.8750

05/01/29

119,917

320,000 EUR

Helios Software Holdings, Inc. / ION Corporate^(c)

7.8750

05/01/29

383,734

503,651

SPECIALTY FINANCE — 1.2%

400,000 USD

AerCap Ireland Capital DAC / AerCap Global

3.3000

01/30/32

362,056

330,000 USD

American Express Company^(b),(e)

SOFRRATE + 1.930%

5.6250

07/28/34

338,579

330,000 USD

Avolon Holdings Funding Ltd.^(c)

5.1500

01/15/30

332,606

1,033,241

STEEL — 0.8%

477,000 USD

CSN Resources S.A.^(c)

4.6250

06/10/31

376,341

490,000 USD

Metinvest BV^(c)

7.7500

10/17/29

375,700

752,041

TELECOMMUNICATIONS — 3.2%

100,000 EUR

Altice France Holding S.A.^(c)

8.0000

05/15/27

43,471

16,000 USD

Millicom International Cellular S.A.^(c)

4.5000

04/27/31

14,722

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Spread

Coupon Rate
(%)

Maturity

Fair Value

CORPORATE BONDS — 62.9% (Continued)

TELECOMMUNICATIONS — 3.2% (Continued)

300,000 EUR

Orange S.A.

2.0000

01/15/29

336,843

380,000 EUR

SoftBank Group Corporation

3.8750

07/06/32

405,755

150,000 USD

Telecom Argentina S.A.^(c)

9.2500

05/28/33

155,236

200,000 EUR

Telefonica Emisiones S.A.

2.5920

05/25/31

221,830

400,000 EUR

Telefonica Europe BV^(b)

EUAMDB08 + 3.121%

5.7520

04/15/73

480,068

220,000 USD

Turkcell Iletisim Hizmetleri A/S^(c)

7.6500

01/24/32

226,273

261,829 USD

VF Ukraine PAT via VFU Funding plc^(c)

9.6250

02/11/27

251,355

340,000 GBP

Vmed O2 UK Financing I plc

4.5000

07/15/31

408,960

345,000 USD

Vodafone Group plc

5.8750

06/28/64

333,487

2,878,000

TOBACCO & CANNABIS — 0.3%

300,000 USD

Imperial Brands Finance plc^(c)

5.5000

02/01/30

308,524

TRANSPORTATION & LOGISTICS — 2.3%

200,000 EUR

Abertis Infraestructuras S.A.

2.3750

09/27/27

227,418

241,000 USD

Adani Ports & Special Economic Zone Ltd.^(c)

3.1000

02/02/31

206,954

150,000 EUR

Autostrade per l’Italia SpA

5.1250

06/14/33

187,224

6,000 USD

DP World PLC^(c)

4.7000

09/30/49

5,012

149,000 USD

Georgian Railway JSC^(c)

4.0000

06/17/28

137,115

416,000 USD

Grupo Aeromexico S.A.B. de C.V.^(c)

8.6250

11/15/31

406,640

360,000 EUR

Heathrow Funding Ltd.

1.8750

07/12/32

373,387

480,000 EUR

Mobico Group plc

4.8750

09/26/31

448,997

233,000 USD

Yinson Bergenia Production BV^(c)

8.4980

01/31/45

240,733

2,233,480

TOTAL CORPORATE BONDS (Cost $58,989,712)

58,813,667

NON U.S. GOVERNMENT & AGENCIES — 28.6%

LOCAL AUTHORITY — 0.3%

150,000 CAD

Province of British Columbia Canada

3.2000

06/18/44

89,292

250,000 CAD

Province of Ontario Canada

2.8000

06/02/48

134,424

85,622 USD

Provincia de Buenos Aires/Government Bonds^(g)

5.2500

09/01/37

60,710

284,426

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)

NON U.S. TREASURY — 11.5%

1,800,000 AUD

Australia Government Bond

1.2500

05/21/32

975,674

490,000 BRL

Brazil Notas do Tesouro Nacional Serie F

10.0000

01/01/31

76,227

1,250,000 BRL

Brazil Notas do Tesouro Nacional Serie F

10.0000

01/01/33

187,228

550,000 CAD

Canadian Government Bond

2.2500

06/01/29

387,448

700,000,000 COP

Colombian TES

7.0000

03/26/31

137,569

840,000 CZK

Czech Republic Government Bond

0.2500

02/10/27

37,151

3,060,000 CZK

Czech Republic Government Bond

1.7500

06/23/32

122,587

1,120,000 EUR

French Republic Government Bond OAT^(c)

3.5000

11/25/33

1,310,561

14,000,000 HUF

Hungary Government Bond

4.7500

11/24/32

35,187

1,600,000,000 IDR

Indonesia Treasury Bond

8.7500

05/15/31

108,412

450,000,000 IDR

Indonesia Treasury Bond

6.7500

07/15/35

27,747

1,162,000,000 IDR

Indonesia Treasury Bond

8.2500

05/15/36

78,967

50,000 EUR

Ireland Government Bond

0.9000

05/15/28

55,324

130,000 EUR

Ireland Government Bond

1.3000

05/15/33

133,931

750,000 EUR

Italy Buoni Poliennali Del Tesoro

2.8000

12/01/28

869,634

640,000 EUR

Italy Buoni Poliennali Del Tesoro^(c)

2.4500

09/01/33

693,695

1,430,000 EUR

Italy Buoni Poliennali Del Tesoro

4.2000

03/01/34

1,744,124

180,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

08/01/39

232,835

235,000 EUR

Italy Buoni Poliennali Del Tesoro

5.0000

09/01/40

303,517

1,730,000 MXN

Mexican Bonos

7.5000

05/26/33

83,382

3,130,000 MXN

Mexican Bonos

7.7500

11/13/42

136,489

312,000 PEN

Peru Government Bond^(c)

7.3000

08/12/33

94,796

860,000 EUR

Spain Government Bond

2.5000

05/31/27

989,596

380,000 EUR

Spain Government Bond^(c)

3.2500

04/30/34

439,013

170,000 EUR

Spain Government Bond

4.2000

01/31/37

209,330

250,000 EUR

Spain Government Bond

2.7000

10/31/48

234,236

820,000 GBP

United Kingdom Gilt

4.2500

12/07/40

992,440

10,697,100

SOVEREIGN — 16.3%

130,000 USD

Angolan Government International Bond^(c)

8.0000

11/26/29

121,848

355,000 USD

Angolan Government International Bond^(c)

8.7500

04/14/32

323,386

73,600 USD

Argentine Republic Government International Bond

1.0000

07/09/29

59,947

236,800 USD

Argentine Republic Government International Bond^(g)

0.7500

07/09/30

183,731

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)

SOVEREIGN — 16.3% (Continued)

1,379,000 USD

Argentine Republic Government International Bond^(g)

3.5000

07/09/41

842,569

381,841 USD

Argentine Republic Government International Bond^(g)

4.1250

07/09/46

245,810

46,000 USD

Benin Government International Bond^(c)

7.9600

02/13/38

44,597

193,000 USD

Benin Government International Bond^(c)

8.3750

01/23/41

190,962

26,000 USD

Bermuda Government International Bond^(c)

4.7500

02/15/29

26,216

23,000 USD

Bermuda Government International Bond

3.3750

08/20/50

15,469

109,000 USD

Bolivian Government International Bond

4.5000

03/20/28

84,217

49,000 USD

Brazilian Government International Bond

6.2500

03/18/31

50,413

218,000 USD

Brazilian Government International Bond

6.0000

10/20/33

215,828

95,000 USD

Brazilian Government International Bond

4.7500

01/14/50

67,100

179,000 USD

Brazilian Government International Bond

7.1250

05/13/54

172,511

5,000 USD

Chile Government International Bond

2.7500

01/31/27

4,880

14,000 USD

Chile Government International Bond

2.4500

01/31/31

12,557

39,000 USD

Chile Government International Bond

2.5500

01/27/32

34,326

65,000 USD

Chile Government International Bond

3.8600

06/21/47

50,300

20,000 USD

Chile Government International Bond

3.2500

09/21/71

12,087

28,000 USD

Colombia Government International Bond

4.5000

03/15/29

26,888

529,000 USD

Colombia Government International Bond

7.3750

04/25/30

557,038

97,000 USD

Colombia Government International Bond

3.2500

04/22/32

78,935

104,000 USD

Colombia Government International Bond

8.0000

11/14/35

106,817

173,000 USD

Colombia Government International Bond

4.1250

02/22/42

114,341

31,000 USD

Colombia Government International Bond

5.6250

02/26/44

23,686

277,000 USD

Colombia Government International Bond

5.0000

06/15/45

193,745

326,000 USD

Colombia Government International Bond

5.2000

05/15/49

226,560

39,000 USD

Dominican Republic International Bond^(c)

4.5000

01/30/30

37,325

28,000 USD

Dominican Republic International Bond^(c)

6.9500

03/15/37

28,692

143,000 USD

Dominican Republic International Bond

6.9500

03/15/37

146,531

41,000 USD

Dominican Republic International Bond

6.5000

02/15/48

39,426

19,000 USD

Eagle Funding Luxco Sarl^(c)

5.5000

08/17/30

19,155

717,168 USD

Ecuador Government International Bond^(g)

6.9000

07/31/30

631,645

78,000 USD

Ecuador Government International Bond^(g)

5.0000

07/31/40

49,082

52,000 USD

Egypt Government International Bond^(c)

7.6000

03/01/29

52,704

30,000 USD

Egypt Government International Bond^(c)

8.6250

02/04/30

30,471

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)

SOVEREIGN — 16.3% (Continued)

554,000 USD

Egypt Government International Bond^(c)

5.8750

02/16/31

491,903

133,000 USD

Egypt Government International Bond^(c)

7.9030

02/21/48

103,283

59,000 USD

Egypt Government International Bond^(c)

8.8750

05/29/50

49,459

212,000 USD

Egypt Government International Bond^(c)

8.7500

09/30/51

175,203

9,000 USD

El Salvador Government International Bond^(c)

8.6250

02/28/29

9,367

44,000 USD

El Salvador Government International Bond

9.2500

04/17/30

46,737

54,000 USD

El Salvador Government International Bond^(c)

8.2500

04/10/32

55,269

156,000 USD

El Salvador Government International Bond

7.6500

06/15/35

150,072

58,000 USD

El Salvador Government International Bond

7.6250

02/01/41

52,838

255,000 USD

El Salvador Government International Bond

7.1250

01/20/50

209,227

193,000 USD

Ethiopia International Bond^(c)

6.6250

12/11/24

178,525

22,000 USD

Export-Import Bank of India

2.2500

01/13/31

19,379

200,000 USD

Gabon Government International Bond

9.5000

02/18/29

187,738

136,000 USD

Gabon Government International Bond^(c)

6.6250

02/06/31

112,075

22,000 USD

Gabon Government International Bond^(c)

7.0000

11/24/31

17,968

8,624 USD

Ghana Government International Bond^(h)

0.0000

07/03/26

8,284

4,800 USD

Ghana Government International Bond^(c),(h)

0.0000

07/03/26

4,611

11,170 USD

Ghana Government International Bond^(c),(h)

0.0000

01/03/30

9,339

181,572 USD

Ghana Government International Bond^(g)

5.0000

07/03/35

146,486

150,600 USD

Ghana Government International Bond^(c),(g)

5.0000

07/03/35

121,500

181,000 USD

Guatemala Government Bond^(c)

6.8750

08/15/55

180,278

43,000 USD

Hazine Mustesarligi Varlik Kiralama A/S^(c)

8.5090

01/14/29

45,922

28,700,000 HUF

Hungary Government Bond

9.5000

10/21/26

84,991

44,000 USD

Hungary Government International Bond^(c)

6.1250

05/22/28

45,491

45,000 USD

Hungary Government International Bond^(c)

6.2500

09/22/32

47,180

29,000 USD

Hungary Government International Bond^(c)

6.0000

09/26/35

29,238

31,000 USD

Hungary Government International Bond^(c)

5.5000

03/26/36

30,035

16,000 USD

Indonesia Government International Bond

4.5500

01/11/28

16,125

101,000 USD

Indonesia Government International Bond

4.8500

01/11/33

101,126

19,000 USD

Indonesia Government International Bond

4.2000

10/15/50

15,456

21,000 USD

Indonesia Government International Bond

3.2000

09/23/61

13,315

40,000 USD

Ivory Coast Government International Bond^(c)

7.6250

01/30/33

40,073

200,000 USD

Ivory Coast Government International Bond^(c)

6.1250

06/15/33

185,787

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)

SOVEREIGN — 16.3% (Continued)

28,000 USD

Ivory Coast Government International Bond^(c)

8.0750

04/01/36

27,704

170,000 USD

Ivory Coast Government International Bond^(c)

8.2500

01/30/37

168,510

219,000 EUR

Ivory Coast Government International Bond

6.6250

03/22/48

203,377

58,000 USD

Jordan Government International Bond^(c)

7.7500

01/15/28

60,417

84,000 USD

Jordan Government International Bond^(c)

5.8500

07/07/30

81,787

154,000 USD

Jordan Government International Bond^(c)

7.3750

10/10/47

139,581

20,000 USD

Kazakhstan Government International Bond^(c)

6.5000

07/21/45

21,637

117,000 USD

Kyrgyz Republic International Bond^(c)

7.7500

06/03/30

117,528

330,000 USD

Lebanon Government International Bond^(f)

6.1000

10/04/22

61,453

72,000 USD

Lebanon Government International Bond^(f)

6.4000

05/26/23

13,437

156,000 USD

Lebanon Government International Bond^(f)

6.1500

06/19/23

29,172

11,000 USD

Magyar Export-Import Bank Zrt^(c)

6.1250

12/04/27

11,269

920,000 MYR

Malaysia Government Bond

2.6320

04/15/31

208,226

16,000 USD

Malaysia Wakala Sukuk Bhd

3.0750

04/28/51

11,267

11,000 USD

Mexico Government International Bond

4.7500

04/27/32

10,455

32,000 USD

Mexico Government International Bond

4.8750

05/19/33

30,076

8,000 USD

Mexico Government International Bond

3.5000

02/12/34

6,716

44,000 USD

Mexico Government International Bond

6.3500

02/09/35

44,748

98,000 USD

Mexico Government International Bond

4.7500

03/08/44

77,419

1,000 USD

Mexico Government International Bond

6.3380

05/04/53

915

6,000 USD

Mexico Government International Bond

6.4000

05/07/54

5,507

34,000 USD

Mexico Government International Bond

3.7710

05/24/61

19,975

56,000 USD

Nigeria Government International Bond^(c)

6.1250

09/28/28

54,672

112,000 USD

Nigeria Government International Bond^(c)

7.1430

02/23/30

109,529

86,000 USD

Nigeria Government International Bond^(c)

9.6250

06/09/31

92,097

101,000 USD

Nigeria Government International Bond^(c)

7.8750

02/16/32

98,315

12,000 USD

Nigeria Government International Bond^(c)

10.3750

12/09/34

12,924

200,000 USD

Nigeria Government International Bond

7.6250

11/28/47

162,968

32,000 USD

Oman Government International Bond^(c)

6.5000

03/08/47

33,792

46,000 USD

Oriental Republic of Uruguay

5.2500

09/10/60

41,498

13,000 USD

Panama Government International Bond

3.8750

03/17/28

12,628

64,000 USD

Panama Government International Bond

2.2520

09/29/32

49,201

18,000 USD

Panama Government International Bond

3.8700

07/23/60

10,538

60,000 USD

Peruvian Government International Bond

2.7830

01/23/31

54,166

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)

SOVEREIGN — 16.3% (Continued)

29,000 USD

Peruvian Government International Bond

3.0000

01/15/34

24,531

28,000 USD

Philippine Government International Bond

2.4570

05/05/30

25,669

2,000 USD

Philippine Government International Bond

1.6480

06/10/31

1,707

2,000 USD

Philippine Government International Bond

6.3750

01/15/32

2,187

82,000 USD

Philippine Government International Bond

5.0000

07/17/33

82,601

4,000 USD

Philippine Government International Bond

2.9500

05/05/45

2,762

8,000 USD

Philippine Government International Bond

4.2000

03/29/47

6,603

2,000 USD

Philippine Government International Bond

5.9500

10/13/47

2,085

29,000 USD

Qatar Government International Bond^(c)

4.8170

03/14/49

26,692

9,000 USD

Qatar Government International Bond^(c)

4.4000

04/16/50

7,707

82,857 USD

Republic of Angola Via Avenir Issuer II Ireland

6.9270

02/19/27

79,334

100,000 EUR

Republic of Cameroon International Bond^(c)

5.9500

07/07/32

91,288

356,000 EUR

Republic of Cameroon International Bond

5.9500

07/07/32

324,985

312,000 USD

Republic of Kenya Government International Bond^(c)

9.5000

03/05/36

301,034

360,000 PLN

Republic of Poland Government Bond

2.7500

04/25/28

92,174

160,000 PLN

Republic of Poland Government Bond

6.0000

10/25/33

44,791

2,000 USD

Republic of Poland Government International Bond

5.7500

11/16/32

2,116

140,000 USD

Republic of Poland Government International Bond

5.1250

09/18/34

140,987

28,000 USD

Republic of Poland Government International Bond

5.3750

02/12/35

28,625

12,000 USD

Republic of Poland Government International Bond

5.5000

04/04/53

11,265

3,320,000 ZAR

Republic of South Africa Government Bond

8.7500

02/28/48

151,428

307,000 USD

Republic of South Africa Government International^(c)

7.1000

11/19/36

304,745

110,000 USD

Republic of South Africa Government International

5.6500

09/27/47

82,808

216,000 USD

Republic of South Africa Government International

5.7500

09/30/49

161,790

88,000 USD

Republic of South Africa Government International

7.3000

04/20/52

79,526

1,000 USD

Romanian Government International Bond^(c)

6.6250

02/17/28

1,037

20,000 USD

Romanian Government International Bond

7.1250

01/17/33

21,239

65,000 USD

Romanian Government International Bond^(c)

6.3750

01/30/34

64,973

19,000 EUR

Romanian Government International Bond

6.2500

09/10/34

22,551

36,000 USD

Romanian Government International Bond^(c)

6.6250

05/16/36

36,050

51,000 USD

Saudi Government International Bond^(c)

4.5000

04/17/30

51,141

22,000 USD

Saudi Government International Bond^(c)

5.3750

01/13/31

22,922

140,000 USD

Saudi Government International Bond^(c)

4.8750

07/18/33

140,708

2,000 USD

Saudi Government International Bond^(c)

4.6250

10/04/47

1,687

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal
Amount ($)

Coupon Rate
(%)

Maturity

Fair Value

NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)

SOVEREIGN — 16.3% (Continued)

1,000 USD

Saudi Government International Bond^(c)

5.0000

04/17/49

883

5,000 USD

Saudi Government International Bond^(c)

5.7500

01/16/54

4,823

203,000 EUR

Senegal Government International Bond

4.7500

03/13/28

200,734

120,000 USD

Senegal Government International Bond^(c)

6.2500

05/23/33

89,370

46,654 USD

Sri Lanka Government International Bond^(c)

4.0000

04/15/28

44,379

8,926 USD

Sri Lanka Government International Bond^(c),(g)

3.1000

01/15/30

8,045

92,045 USD

Sri Lanka Government International Bond^(c),(g)

3.3500

03/15/33

75,627

130,151 USD

Sri Lanka Government International Bond^(c),(g)

3.6000

06/15/35

92,512

131,305 USD

Sri Lanka Government International Bond^(c),(g)

3.6000

02/15/38

110,554

32,000 USD

Trinidad & Tobago Government International Bond

6.4000

06/26/34

31,189

75,000 USD

Turkey Government International Bond

9.8750

01/15/28

82,027

38,000 USD

Turkey Government International Bond

9.3750

03/14/29

41,916

41,000 USD

Turkey Government International Bond

9.1250

07/13/30

45,650

75,000 USD

Turkey Government International Bond

5.9500

01/15/31

72,964

207,000 USD

Turkey Government International Bond

5.7500

05/11/47

158,472

115,000 USD

Turkiye Government International Bond

7.1250

02/12/32

116,580

101,000 USD

Turkiye Government International Bond

7.1250

07/17/32

102,211

279,000 USD

Turkiye Government International Bond

7.6250

05/15/34

289,114

76,000 USD

Turkiye Government International Bond

6.5000

01/03/35

72,919

492,000 USD

Turkiye Government International Bond

6.6250

02/17/45

427,500

13,076 USD

Ukraine Government International Bond^(g)

4.5000

02/01/29

7,944

3,571 USD

Ukraine Government International Bond^(g)

0.0000

02/01/30

1,705

13,970 USD

Ukraine Government International Bond^(c),(g)

0.0000

02/01/30

6,671

13,345 USD

Ukraine Government International Bond^(g)

0.0000

02/01/34

5,104

401,088 USD

Ukraine Government International Bond^(c),(g)

4.5000

02/01/34

208,520

100,278 USD

Ukraine Government International Bond^(g)

0.0000

02/01/35

47,883

135,152 USD

Ukraine Government International Bond^(g)

4.5000

02/01/35

69,941

36,764 USD

Ukraine Government International Bond^(c),(g)

0.0000

02/01/36

17,555

31,269 USD

Ukraine Government International Bond^(g)

4.5000

02/01/36

15,947

44,150 USD

Ukraine Government International Bond^(c),(g)

4.5000

02/01/36

22,517

5,000 USD

Uruguay Government International Bond

5.4420

02/14/37

5,101

3,000 USD

Uruguay Government International Bond

5.1000

06/18/50

2,760

32,000 USD

Uruguay Government International Bond

4.9750

04/20/55

28,227

117,000 USD

Venezuela Government International Bond^(f)

6.0000

12/09/20

18,147

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 28.6% (Continued)
		SOVEREIGN — 16.3% (Continued)
	154,000 USD	Zambia Government International Bond^(c)	0.5000	12/31/53	$	113,091
						15,269,909
		SUPRANATIONAL — 0.5%
	200,000 EUR	European Investment Bank	1.1250	09/15/36		187,752
	17,000,000 INR	Inter-American Development Bank	7.3500	10/06/30		200,265
	5,500,000 INR	International Bank for Reconstruction & Development	6.7100	01/21/35		63,158
						451,175
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $27,266,666)				26,702,610

Shares
		SHORT-TERM INVESTMENTS — 6.7%
		COLLATERAL FOR SECURITIES LOANED - 2.5%
	2,324,318	Mount Vernon Liquid Assets Portfolio, LLC, 4.42%^(i),(j)				2,324,318

		MONEY MARKET FUNDS - 4.2%
	3,957,201	Fidelity Government Portfolio, Institutional, 4.18%^(j)				3,957,200

		TOTAL SHORT-TERM INVESTMENTS (Cost $6,281,518)				6,281,518

		TOTAL INVESTMENTS - 98.2% (Cost $92,544,521)			$	91,804,869
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.8%				1,655,095
		NET ASSETS - 100.0%			$	93,459,964

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration		Notional Amount^(k)		Unrealized Appreciation (Depreciation)
	22	Eurex 10 Year Euro BUND Future		09/08/2025	$	3,258,050	$	(31,520	)
	6	Eurex 30 Year Euro BUXL Future		09/08/2025		804,156		(23,362	)
	12	French Government Bond Futures		09/08/2025		1,689,290		(17,960	)
	33	Long Gilt Future		09/26/2025		4,016,482		63,947
	19	TSE Japanese 10 Year Bond Futures		09/12/2025		17,391,740		(62,848	)
		TOTAL FUTURES CONTRACTS					$	(71,743	)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(k)		Unrealized Depreciation
	106	CBOT 10 Year US Treasury Note Future	09/19/2025	$	11,772,625	$	(105,324	)
	92	CBOT 5 Year US Treasury Note Future	09/30/2025		9,951,813		(39,805	)
	4	CBOT US Treasury Bond Futures	09/19/2025		456,750		(11,850	)
	16	Euro-BTP Italian Bond Futures	09/08/2025		2,206,166		(5,205	)
		TOTAL FUTURES CONTRACTS				$	(162,184	)

CREDIT DEFAULT SWAP AGREEMENTS
				Implied							Amortized			Unrealized
	Payment		Fixed Deal	Credit		Notional					Upfront Payments			Appreciation/
Description	Frequency^(l)	Counterparty	(Pay)Rate	Spread	Maturity Date	Value^(k)		Fair Value			Paid/ (Received)			(Depreciation)
CDX.EM SERIES 43	Quarterly⁽¹⁾	Citibank	1.00%	154	6/20/2030	$	5,920,000	$	129,469		$	235,306		$	(105,837	)
ITRAXX EUROPE CROSSOVER SERIES 43	Quarterly⁽¹⁾	Citibank	5.00%	269	6/20/2030		1,845,000		(218,601	)		(162,016	)		(56,585	)
TOTAL								$	(89,132	)	$	73,290		$	(162,422	)

⁽¹⁾

Buy Protection

FOREIGN CURRENCY CONTRACTS

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Columbian Peso	08/11/2025	Citibank		259,999,999	$	62,116	$	7
Thailand Baht	08/25/2025	Citibank		5,600,000		170,932		806
Chinese Yuan	08/25/2025	JP Morgan Chase		1,300,000		180,591		(1,224)
Polish Zloty	08/27/2025	JP Morgan Chase		130,000		34,677		(787)
Turkish Lira	08/28/2025	Citibank		1,330,000		32,046		115
Brazilian Real	09/03/2025	JP Morgan Chase		120,000		21,255		150
South African Rand	09/08/2025	JP Morgan Chase		560,000		30,667		(725)
Euro	10/10/2025	Barclay		108,000		123,886		(2,373)
Euro	10/10/2025	Citi Capital Markets		725,000		831,644		(7,579)
Euro	10/10/2025	JP Morgan Chase		380,000		435,896		(7,536)
Japanese Yen	10/10/2025	Barclay		17,500,000		116,956		(1,984)
					$	2,040,666	$	(21,130)

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

FOREIGN CURRENCY CONTRACTS (Continued)


Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)

To Sell:
Euro	08/06/2025	Barclay		1,078,337	$	1,231,429	$	20,571
Euro	08/06/2025	JP Morgan Chase		8,178,126		9,339,174		310,826
Columbian Peso	08/11/2025	Citibank		260,000,000		62,115		803
Euro	08/11/2025	JP Morgan Chase		462,000		527,771		15,271
Euro	08/18/2025	Citi Capital Markets		275,000		314,301		9,035
Indian Rupee	08/25/2025	JP Morgan Chase		6,300,000		71,924		503
Thailand Baht	08/25/2025	Citibank		500,000		15,262		92
Czech Koruna	08/27/2025	JP Morgan Chase		400,000		18,583		207
Hungarian Forints	08/27/2025	Citibank		12,600,000		35,903		433
Brazilian Real	09/03/2025	JP Morgan Chase		700,000		123,990		541
South African Rand	09/08/2025	JP Morgan Chase		560,000		30,667		876
Peruvian Sole	09/22/2025	JP Morgan Chase		200,000		55,598		590
Australian Dollar	10/10/2025	Barclay		1,536,300		988,581		16,106
British Pound	10/10/2025	Barclay		1,331,500		1,759,630		41,744
Canadian Dollar	10/10/2025	JP Morgan Chase		863,600		625,355		8,791
Euro	10/10/2025	Barclay		974,500		1,117,844		27,766
Euro	10/10/2025	Citi Capital Markets		75,000		86,032		928
Euro	10/10/2025	JP Morgan Chase		18,676,902		21,424,169		565,351
Japanese Yen	10/10/2025	JP Morgan Chase		96,562,500		645,348		19,654
Columbian Peso	11/04/2025	Citibank		259,999,999		61,540		31
					$	38,535,216	$	1,040,119

Total							$	1,018,989

Foreign Currency		Settlement Date	Counterparty	Local Currency Amount Purchased		Local Currency Amount Sold		U.S. Dollar Market Value Buy		U.S. Dollar Market Value Sell			Unrealized Appreciation/ (Depreciation)
To Buy:	To Sell:
British Pound	Euro	8/22/2025	Citi Capital Markets		339,079		390,000		447,887		(445,858	)	$	2,029
Japanese Yen	Euro	8/29/2025	JP Morgan Chase		127,809,077		740,000		850,009		(846,394	)		3,615
Euro	British Pound	10/10/2025	Barclay		26,902		23,400		30,859		(30,924	)		(65	)
Euro	British Pound	10/10/2025	JP Morgan Chase		1,636,738		1,419,200		1,877,493		(1,875,529	)		1,964
					129,811,796		2,572,600	$	3,206,248	$	3,198,705		$	7,543

Total													$	7,543

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

A/S	- Anonim Sirketi

LLC	- Limited Liability Company

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

SA	- Société Anonyme

CMTUSD6Y	USD Constant Maturity 6 Year

EUAMDB05	Euribor ICE SWAP Rate 5 Year

EUAMDB08	Euribor ICE SWAP Rate 8 Year

EUR003M	Euribor 3 Month

H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year

H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

SOFRRATE	United States Secured Overnight Financing Rate

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

COP	Columbian Peso

CZK	Czech Koruna

EUR	Euro

GBP	British Pound

HUF	Hungarian Forints

IDR	Indonesia Rupiah

INR	Indian Rupee

MXN	Mexican Peso

MYR	Malaysian Ringgit

PEN	Peruvian Sole

PLN	Polish Zloty

USD	US Dollars

ZAR	South African Rand

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

^(a)	Percentage rounds to less than 0.1%.

^(b)	Variable rate security; the rate shown represents the rate on July 31, 2025.

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is $37,710,316 or 40.3% of net assets.

^(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

^(e)	All or a portion of these securities are on loan. Total loaned securities had a value of $2,275,110 at July 31, 2025.

^(f)	Represents issuer in default on interest payments; non-income producing security.

^(g)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2025.

^(h)	Zero coupon bond.

⁽ⁱ⁾	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $2,324,318 at July 31, 2025.

^(j)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(k)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

^(l)	If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 98.1%
		AEROSPACE & DEFENSE - 3.7%
	8,842	L3Harris Technologies, Inc.	$	2,429,958
	25,725	RTX Corporation		4,053,488
				6,483,446
		ASSET MANAGEMENT - 2.1%
	3,273	Blackrock, Inc.^(a)		3,619,971

		AUTOMOTIVE - 0.9%
	30,563	General Motors Company		1,630,230

		BANKING - 8.5%
	78,175	Bank of America Corporation		3,695,332
	23,311	JPMorgan Chase & Company		6,905,651
	16,152	Truist Financial Corporation		706,004
	43,866	Wells Fargo & Company		3,536,916
				14,843,903
		BIOTECH & PHARMA - 4.7%
	9,021	AbbVie, Inc.		1,705,149
	5,205	Amgen, Inc.		1,535,996
	23,366	Gilead Sciences, Inc.		2,623,768
	29,600	Merck & Company, Inc.		2,312,352
				8,177,265
		CHEMICALS - 2.4%
	6,153	Air Products and Chemicals, Inc.^(a)		1,771,325
	13,606	Corteva, Inc.		981,401
	21,073	DuPont de Nemours, Inc.		1,515,149
				4,267,875
		CONSTRUCTION MATERIALS - 2.0%
	4,085	Martin Marietta Materials, Inc.		2,348,384
	8,269	Owens Corning		1,152,947
				3,501,331
		CONSUMER SERVICES - 0.6%
	13,978	Service Corp International^(a)		1,066,661

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.5%
	11,974	Honeywell International, Inc.	$	2,662,419

		E-COMMERCE DISCRETIONARY - 3.0%
	22,186	Amazon.com, Inc.^(b)		5,193,965

		ELECTRIC UTILITIES - 2.9%
	19,395	Duke Energy Corporation		2,359,208
	36,944	NextEra Energy, Inc.		2,625,240
				4,984,448
		ELECTRICAL EQUIPMENT - 3.8%
	2,258	GE Vernova, LLC		1,490,935
	25,174	Johnson Controls International PLC		2,643,269
	7,025	Rockwell Automation, Inc.		2,470,763
				6,604,967
		ENGINEERING & CONSTRUCTION - 1.3%
	5,389	Quanta Services, Inc.		2,188,635

		ENTERTAINMENT CONTENT - 3.2%
	37,396	Fox Corporation, Class A		2,085,201
	28,974	Walt Disney Company (The)		3,451,093
				5,536,294
		FOOD - 1.9%
	36,405	Mondelez International, Inc., Class A		2,355,039
	18,059	Tyson Foods, Inc., Class A		944,486
				3,299,525
		HEALTH CARE FACILITIES & SERVICES - 2.3%
	7,573	Cencora, Inc.		2,166,483
	7,551	UnitedHealth Group, Inc.		1,884,428
				4,050,911
		HOUSEHOLD PRODUCTS - 1.5%
	16,933	Procter & Gamble Company (The)		2,547,909

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		INDUSTRIAL REIT - 0.7%
	10,841	Prologis, Inc.	$	1,157,602

		INFRASTRUCTURE REIT - 1.2%
	9,699	American Tower Corporation, A		2,021,175

		INSTITUTIONAL FINANCIAL SERVICES - 4.0%
	16,012	Bank of New York Mellon Corporation (The)		1,624,417
	3,530	Goldman Sachs Group, Inc. (The)		2,554,273
	15,087	Intercontinental Exchange, Inc.^(a)		2,788,530
				6,967,220
		INSURANCE - 5.8%
	7,346	Berkshire Hathaway, Inc., Class B^(b)		3,466,430
	22,492	Hartford Insurance Group, Inc. (The)		2,797,780
	10,848	Prudential Financial, Inc.		1,123,636
	10,017	Travelers Companies, Inc. (The)		2,606,824
				9,994,670
		INTERNET MEDIA & SERVICES - 3.7%
	19,186	Alphabet, Inc., Class A		3,681,794
	3,527	Meta Platforms, Inc., Class A		2,727,923
				6,409,717
		LEISURE FACILITIES & SERVICES - 1.1%
	9,609	Darden Restaurants, Inc.		1,937,847

		MACHINERY - 2.1%
	4,925	Parker-Hannifin Corporation		3,604,608

		MEDICAL EQUIPMENT & DEVICES - 5.9%
	30,424	Abbott Laboratories		3,839,205
	52,017	Avantor, Inc.^(b)		699,108
	9,195	Becton Dickinson and Company		1,639,009
	4,207	Stryker Corporation		1,652,215
	4,856	Thermo Fisher Scientific, Inc.		2,271,054
				10,100,591

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		METALS & MINING - 0.9%
	37,545	Freeport-McMoRan, Inc.	$	1,510,811

		OIL & GAS PRODUCERS - 5.1%
	23,569	ConocoPhillips		2,247,068
	15,044	EOG Resources, Inc.		1,805,581
	11,950	Expand Energy Corporation		1,252,121
	30,996	Exxon Mobil Corporation		3,460,394
				8,765,164
		OIL & GAS SERVICES & EQUIPMENT - 0.9%
	48,504	Schlumberger N.V.		1,639,435

		RESIDENTIAL REIT - 0.7%
	21,383	Equity LifeStyle Properties, Inc.		1,281,269

		RETAIL - DISCRETIONARY - 2.8%
	12,324	Lowe’s Companies, Inc.		2,755,276
	16,422	TJX Companies, Inc. (The)		2,045,032
				4,800,308
		SELF-STORAGE REIT - 0.9%
	5,950	Public Storage		1,618,043

		SEMICONDUCTORS - 3.1%
	9,273	Broadcom, Inc.		2,723,481
	18,267	Micron Technology, Inc.		1,993,660
	12,354	ON Semiconductor Corporation^(b)		696,271
				5,413,412
		SOFTWARE - 2.6%
	4,525	Microsoft Corporation		2,414,087
	8,023	Oracle Corporation		2,035,997
				4,450,084
		SPECIALTY FINANCE - 1.1%
	6,438	American Express Company		1,926,958

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		TECHNOLOGY HARDWARE - 3.2%
	45,997	Cisco Systems, Inc.	$	3,131,476
	5,379	Motorola Solutions, Inc.		2,361,273
				5,492,749
		TECHNOLOGY SERVICES - 2.1%
	22,958	PayPal Holdings, Inc.^(b)		1,578,592
	3,899	S&P Global, Inc.		2,148,739
				3,727,331
		TELECOMMUNICATIONS - 1.0%
	42,561	Verizon Communications, Inc.		1,819,908

		TRANSPORTATION & LOGISTICS - 2.9%
	62,767	CSX Corporation		2,230,739
	40,074	Delta Air Lines, Inc.		2,132,338
	14,606	Knight-Swift Transportation Holdings, Inc.		620,755
				4,983,832

		TOTAL COMMON STOCKS (Cost $104,596,973)		170,282,489

		SHORT-TERM INVESTMENTS — 6.8%
		COLLATERAL FOR SECURITIES LOANED - 4.9%
	8,509,547	Mount Vernon Liquid Assets Portfolio, LLC, , 4.42% (Cost $8,509,547)^{(c) (d)}		8,509,547

		MONEY MARKET FUNDS - 1.9%
	3,243,953	Invesco Treasury Portfolio, Institutional Class, 4.20% (Cost $3,243,953)^(c)		3,243,953

		TOTAL SHORT-TERM INVESTMENTS (Cost $11,753,500)		11,753,500

		TOTAL INVESTMENTS - 104.9% (Cost $116,350,473)	$	182,035,989
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.9)%		(8,543,687	)
		NET ASSETS - 100.0%	$	173,492,302

DUNHAM LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

LLC	- Limited Liability Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

^(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $8,298,525 at July 31, 2025.

^(b)	Non-income producing security.

^(c)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $8,509,547 at July 31, 2025.

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8%
		AEROSPACE & DEFENSE - 1.4%
	67,863	AerSale Corporation^(a)	$	409,893
	9,965	Ituran Location and Control Ltd.		393,618
	5,062	Leonardo DRS, Inc.		210,579
	8,663	TAT Technologies Ltd.^(a)		298,570
				1,312,660
		APPAREL & TEXTILE PRODUCTS - 1.2%
	148,170	Brilliant Earth Group, Inc.^(a)		222,255
	13,948	Gildan Activewear, Inc.		704,513
	37,199	Under Armour, Inc., Class C^(a),(b)		234,354
				1,161,122
		AUTOMOTIVE - 0.9%
	9,345	Gentherm, Inc.^(a)		299,414
	211,488	Holley, Inc.^(a)		439,895
	15,083	Motorcar Parts of America, Inc.^(a)		156,411
				895,720
		BANKING - 12.1%
	24,272	Capital Bancorp, Inc.		764,083
	21,163	Capital City Bank Group, Inc.		837,843
	12,470	Central Pacific Financial Corporation		332,450
	16,001	Dime Community Bancshares, Inc.		443,388
	16,108	Enterprise Financial Services Corporation		889,000
	3,962	Esquire Financial Holdings, Inc.^(b)		379,877
	23,994	First BanCorporation		499,795
	36,869	First Commonwealth Financial Corporation		608,707
	35,056	Horizon Bancorp, Inc.		543,017
	14,515	Independent Bank Corporation		443,433
	15,496	National Bank Holdings Corporation, Class A		574,282
	10,105	Northeast Bank		1,002,112
	36,788	Northpointe Bancshares, Inc.^(b)		540,048
	25,168	OceanFirst Financial Corporation		422,319
	11,545	OFG Bancorp		492,048
	5,031	Popular, Inc.		576,452
	11,266	Prosperity Bancshares, Inc.		750,541
	12,348	Webster Financial Corporation		711,862

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		BANKING - 12.1% (Continued)
	27,231	WesBanco, Inc.	$	820,470
				11,631,727
		BIOTECH & PHARMA - 0.9%
	4,757	Halozyme Therapeutics, Inc.^(a)		285,277
	29,950	Innoviva, Inc.^(a)		544,192
				829,469
		CHEMICALS - 2.1%
	9,293	Ashland, Inc.		479,147
	12,630	Huntsman Corporation		122,511
	15,799	Koppers Holdings, Inc.		519,156
	50,475	Kronos Worldwide, Inc.		270,041
	12,090	Mosaic Company (The)		435,361
	64,567	Rayonier Advanced Materials, Inc.^(a)		247,937
				2,074,153
		COMMERCIAL SUPPORT SERVICES - 3.4%
	16,239	ABM Industries, Inc.		749,104
	52,356	ADT, Inc.		437,173
	9,609	AMN Healthcare Services, Inc.^(a)		176,229
	61,281	BrightView Holdings, Inc.^(a)		977,431
	11,411	First Advantage Corporation^(a),(b)		197,296
	43,035	TrueBlue, Inc.^(a)		310,713
	9,704	V2X, Inc.^(a)		459,776
				3,307,722
		CONSUMER SERVICES - 0.7%
	17,302	Legacy Education, Inc.^(a)		194,994
	19,495	Matthews International Corporation, Class A^(b)		457,937
				652,931
		ELECTRIC UTILITIES - 2.5%
	9,658	Black Hills Corporation		558,039
	2,029	IDACORP, Inc.		254,295
	11,283	Northwestern Energy Group, Inc.		605,897
	12,196	Portland General Electric Company		501,500
	10,419	Unitil Corporation		537,412
				2,457,143

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		ELECTRICAL EQUIPMENT - 1.5%
	6,906	Allient, Inc.	$	278,381
	677	Generac Holdings, Inc.^(a)		131,805
	6,429	Mesa Laboratories, Inc.		491,690
	72,559	Stoneridge, Inc.^(a)		558,704
				1,460,580
		ENGINEERING & CONSTRUCTION - 3.2%
	5,043	Arcosa, Inc.		433,093
	18,202	Bowman Consulting Group Ltd.^(a)		631,245
	2,625	MasTec, Inc.^(a)		496,676
	2,435	MYR Group, Inc.^(a)		471,173
	56,350	Orion Group Holdings, Inc.^(a)		417,554
	14,341	Tutor Perini Corporation^(a)		690,519
				3,140,260
		ENTERTAINMENT CONTENT - 0.8%
	97,604	Reservoir Media, Inc.^(a)		774,976

		FOOD - 0.6%
	3,596	BellRing Brands, Inc.^(a)		196,270
	24,254	Nomad Foods Ltd.^(b)		408,437
				604,707
		FORESTRY, PAPER & WOOD PRODUCTS - 0.3%
	2,481	UFP Industries, Inc.		243,138

		GAS & WATER UTILITIES - 1.7%
	29,025	BKV Corporation^(a)		599,076
	15,843	RGC Resources, Inc.		319,078
	9,124	Spire, Inc.		679,464
				1,597,618
		HEALTH CARE FACILITIES & SERVICES - 0.9%
	21,582	Joint Corporation (The)^(a)		238,265
	114,446	Quipt Home Medical Corporation^(a)		252,926
	690	Tenet Healthcare Corporation^(a)		111,283
	41,992	Viemed Healthcare, Inc.^(a)		255,731
				858,205

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		HOME CONSTRUCTION - 0.3%
	4,765	Century Communities, Inc.	$	268,222

		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.8%
	59,394	Hillman Solutions Corporation^(a)		468,619
	3,465	Timken Company (The)		263,652
				732,271
		INDUSTRIAL REIT - 0.4%
	27,542	Plymouth Industrial REIT, Inc.		399,910

		INDUSTRIAL SUPPORT SERVICES - 1.1%
	126,494	Custom Truck One Source, Inc.^(a),(b)		782,998
	15,193	Titan Machinery, Inc.^(a)		293,529
				1,076,527
		INSTITUTIONAL FINANCIAL SERVICES - 1.2%
	108,884	BGC Group, Inc., Class A		1,009,355
	6,247	Perella Weinberg Partners^(b)		124,565
				1,133,920
		INSURANCE - 4.6%
	27,537	American Integrity Insurance Group, Inc.^(a)		513,840
	4,394	Axis Capital Holdings LTD.		412,333
	15,078	Bowhead Specialty Holdings, Inc.^(a)		490,035
	12,859	CNO Financial Group, Inc.		473,726
	5,206	Hanover Insurance Group, Inc. (The)		893,506
	17,187	Kemper Corporation		1,058,547
	408	Primerica, Inc.		108,377
	9,362	Slide Insurance Holdings, Inc.^(a)		176,006
	17,028	Tiptree, Inc.		353,842
				4,480,212
		INTERNET MEDIA & SERVICES - 1.9%
	108,679	Blade Air Mobility, Inc., Class A^(a),(b)		433,629
	14,583	Cargurus, Inc.^(a)		478,615
	36,725	Cars.com, Inc.^(a)		472,651
	151,022	TrueCar, Inc.^(a)		276,370

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		INTERNET MEDIA & SERVICES - 1.9% (Continued)
	141,039	Vivid Seats, Inc., Class A^(a)	$	218,610
				1,879,875
		LEISURE FACILITIES & SERVICES - 0.7%
	3,599	Dave & Buster’s Entertainment, Inc.^(a),(b)		105,235
	95,952	Denny’s Corporation^(a)		356,941
	2,414	Wyndham Hotels & Resorts, Inc.		207,604
				669,780
		LEISURE PRODUCTS - 0.7%
	117,379	Clarus Corporation		422,564
	8,826	Fox Factory Holding Corporation^(a),(b)		268,046
				690,610
		MACHINERY - 2.5%
	12,880	CECO Environmental Corporation^(a)		578,956
	28,190	Enovis Corporation^(a)		755,492
	7,734	Helios Technologies, Inc.		283,760
	27,476	Manitowoc Company, Inc. (The)^(a)		350,319
	66,421	Ranpak Holdings Corporation^(a)		242,437
	1,632	Regal Rexnord Corporation		249,500
				2,460,464
		MEDICAL EQUIPMENT & DEVICES - 3.4%
	34,313	CareDx, Inc.^(a)		421,535
	32,105	Carlsmed, Inc.^(a)		451,396
	37,906	Orthofix Medical, Inc.^(a)		418,482
	8,512	Teleflex, Inc.		1,017,184
	55,810	Zimvie, Inc.^(a)		1,048,671
				3,357,268
		METALS & MINING - 4.5%
	13,082	Alcoa Corporation		392,068
	89,465	Capstone Copper Corporation^(a)		501,691
	33,462	Century Aluminum Company^(a)		708,724
	42,503	Constellium S.E.^(a)		582,716
	29,826	ERO Copper Corporation^(a),(b)		403,248
	113,067	Ferroglobe PLC^(b)		478,273
	10,482	Hallador Energy Company^(a)		184,902

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		METALS & MINING - 4.5% (Continued)
	177,139	Taseko Mines Ltd.^(a)	$	543,817
	11,026	Warrior Met Coal, Inc.^(b)		566,516
				4,361,955
		MULTI ASSET CLASS REIT - 0.6%
	36,203	Broadstone Net Lease, Inc.^(b)		587,937

		OIL & GAS PRODUCERS - 1.0%
	11,203	Antero Resources Corporation^(a)		391,321
	13,706	SM Energy Company^(b)		378,149
	5,790	Viper Energy, Inc.		218,051
				987,521
		OIL & GAS SERVICES & EQUIPMENT - 4.8%
	10,401	Atlas Energy Solutions, Inc.^(b)		135,213
	26,416	Expro Group Holdings N.V.^(a)		284,764
	8,331	Kodiak Gas Services, Inc.		269,341
	19,625	Liberty Energy, Inc., CLASS A		242,173
	51,295	Matrix Service Company^(a)		783,787
	87,297	National Energy Services Reunited Corporation^(a),(b)		582,271
	17,613	Natural Gas Services Group, Inc.^(a)		424,297
	68,797	NPK International, Inc.^(a)		620,549
	27,277	Select Water Solutions, Inc., Class A		262,678
	2,021	Solaris Oilfield Infrastructure, Inc.		66,026
	160,757	TETRA Technologies, Inc.^(a),(b)		659,104
	10,935	Thermon Group Holdings, Inc.^(a)		309,242
				4,639,445
		REAL ESTATE OWNERS & DEVELOPERS - 0.5%
	21,794	Legacy Housing Corporation^(a)		487,750

		REAL ESTATE SERVICES - 0.5%
	32,752	Newmark Group, Inc., Class A^(b)		496,848

		RESIDENTIAL REIT - 0.9%
	6,127	Centerspace		333,493

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		RESIDENTIAL REIT - 0.9% (Continued)
	38,471	UMH Properties, Inc.^(b)	$	626,308
				959,801
		RETAIL - DISCRETIONARY - 2.3%
	917	Academy Sports & Outdoors, Inc.		46,574
	6,253	Advance Auto Parts, Inc.^(b)		331,847
	14,259	Bath & Body Works, Inc.		412,941
	33,091	Driven Brands Holdings, Inc.^(a)		559,238
	16,822	Monro, Inc.^(b)		237,106
	29,461	National Vision Holdings, Inc.^(a),(b)		714,724
				2,302,430
		RETAIL REIT - 3.6%
	30,829	Alpine Income Property Trust, Inc.		433,147
	36,434	Brixmor Property Group, Inc.		952,019
	30,871	CTO Realty Growth, Inc.		509,680
	29,435	Getty Realty Corporation^(b)		817,999
	36,616	NETSTREIT Corporation^(b)		667,510
				3,380,355
		SEMICONDUCTORS - 3.5%
	23,236	Alpha & Omega Semiconductor Ltd.^(a)		591,821
	5,676	Coherent Corporation^(a)		610,738
	5,932	Diodes, Inc.^(a)		292,863
	2,289	Semtech Corporation^(a)		116,968
	17,527	Silicon Motion Technology Corporation - ADR		1,341,517
	9,935	Tower Semiconductor Ltd.^(a)		454,526
				3,408,433
		SOFTWARE - 3.7%
	29,881	BlackBerry Ltd.^(a),(b)		110,261
	2,556	Calix, Inc.^(a)		144,900
	13,281	Consensus Cloud Solutions, Inc.^(a)		268,011
	207,468	Kaltura, Inc.^(a)		371,368
	19,415	Phreesia, Inc.^(a)		523,428
	33,702	Teradata Corporation^(a)		705,383
	12,741	Verint Systems, Inc.^(a)		271,128
	245,155	Vimeo, Inc.^(a)		929,137

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		SOFTWARE - 3.7% (Continued)
	41,595	VTEX^(a),(b)	$	248,322
				3,571,938
		SPECIALTY FINANCE - 2.7%
	15,104	Air Lease Corporation		836,761
	34,685	EZCORP, Inc., Class A^(a)		496,689
	2,023	Federal Agricultural Mortgage Corporation, Class C		348,502
	934	FirstCash Holdings, Inc.		124,493
	15,152	SLM Corporation^(b)		481,834
	5,391	Stewart Information Services Corporation		350,038
				2,638,317
		STEEL - 2.6%
	62,308	Algoma Steel Group, Inc.		333,348
	7,802	Commercial Metals Company		404,612
	42,006	Metallus, Inc.^(a)		663,694
	14,056	Northwest Pipe Company^(a)		587,260
	45,234	thyssenkrupp A.G.		527,851
				2,516,765
		TECHNOLOGY HARDWARE - 2.0%
	11,963	Crane NXT Company^(b)		709,884
	68,582	NCR Voyix Corporation^(a)		934,087
	20,718	RADCOM Ltd.^(a)		280,936
				1,924,907
		TECHNOLOGY SERVICES - 1.0%
	9,756	MAXIMUS, Inc.		720,578
	31,048	Priority Technology Holdings, Inc.^(a)		212,679
				933,257
		TELECOMMUNICATIONS - 0.8%
	182,050	8x8, Inc.^(a)		353,177
	33,206	Ooma, Inc.^(a)		377,884
				731,061
		TRANSPORTATION & LOGISTICS - 7.3%
	4,162	Allegiant Travel Company^(a),(b)		214,926
	69,824	Ardmore Shipping Corporation^(b)		759,685
	29,496	Covenant Logistics Group, Inc.		712,328

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 94.8% (Continued)
		TRANSPORTATION & LOGISTICS - 7.3% (Continued)
	44,948	DHT Holdings, Inc.	$	498,473
	16,283	GXO Logistics, Inc.^(a),(b)		809,427
	14,753	Knight-Swift Transportation Holdings, Inc.^(b)		627,003
	87,799	Proficient Auto Logistics, Inc.^(a),(b)		606,691
	90,915	Radiant Logistics, Inc.^(a)		537,308
	17,001	Scorpio Tankers, Inc.		768,615
	24,862	Star Bulk Carriers Corporation^(b)		453,980
	40,040	Sun Country Airlines Holdings, Inc.^(a)		464,064
	11,623	Teekay Tankers Ltd., Class A		492,234
				6,944,734
		TRANSPORTATION EQUIPMENT - 0.2%
	22,318	Wabash National Corporation		222,287

		WHOLESALE - CONSUMER STAPLES - 0.2%
	15,525	Grocery Outlet Holding Corporation^(a),(b)		204,464

		WHOLESALE - DISCRETIONARY - 0.3%
	26,113	Hudson Technologies, Inc.^(a)		245,201

		TOTAL COMMON STOCKS (Cost $83,920,682)		91,696,596

		SHORT-TERM INVESTMENTS — 20.4%
		COLLATERAL FOR SECURITIES LOANED - 15.4%
	14,825,561	Mount Vernon Liquid Assets Portfolio, LLC, , 4.42% (Cost $14,825,561)^(c)(d)		14,825,561

		MONEY MARKET FUNDS - 5.0%
	4,871,052	Fidelity Government Portfolio, Institutional, 4.18% (Cost $4,871,052)^(c)		4,871,052

		TOTAL SHORT-TERM INVESTMENTS (Cost $19,696,613)		19,696,613

DUNHAM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

	Fair Value
TOTAL INVESTMENTS - 115.2% (Cost $103,617,295)	$	111,393,209
LIABILITIES IN EXCESS OF OTHER ASSETS - (15.2)%		(14,704,690	)
NET ASSETS - 100.0%	$	96,688,519

ADR	- American Depositary Receipt

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $14,425,658 at July 31, 2025.

^(c)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $14,825,561 at July 31, 2025.

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 99.3%
		ADVERTISING & MARKETING - 1.5%
	34,649	Trade Desk, Inc. (The), Class A^(a)	$	3,013,077

		ASSET MANAGEMENT - 4.2%
	29,375	Blackstone, Inc.		5,080,700
	32,753	Robinhood Markets, Inc., Class A^(a),(b)		3,375,197
				8,455,897
		BIOTECH & PHARMA - 1.0%
	2,785	Eli Lilly & Company		2,061,095

		E-COMMERCE DISCRETIONARY - 11.0%
	66,365	Amazon.com, Inc.^(a)		15,536,710
	2,646	MercadoLibre, Inc.^(a)		6,281,313
				21,818,023
		HOUSEHOLD PRODUCTS - 1.0%
	16,015	elf Beauty, Inc.^(a),(b)		1,940,858

		INTERNET MEDIA & SERVICES - 13.8%
	18,960	Meta Platforms, Inc., Class A		14,664,422
	7,009	Netflix, Inc.^(a)		8,126,235
	52,082	Uber Technologies, Inc.^(a)		4,570,196
				27,360,853
		LEISURE FACILITIES & SERVICES - 2.1%
	98,155	Chipotle Mexican Grill, Inc.^(a),(b)		4,208,886

		LEISURE PRODUCTS - 1.0%
	2,579	Axon Enterprise, Inc.^(a)		1,948,409

		MEDICAL EQUIPMENT & DEVICES - 6.2%
	35,557	DexCom, Inc.^(a),(b)		2,871,939
	9,669	Insulet Corporation^(a)		2,788,540
	13,721	Intuitive Surgical, Inc.^(a)		6,601,035
				12,261,514
		SEMICONDUCTORS - 14.2%
	25,753	Advanced Micro Devices, Inc.^(a)		4,540,511

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		SEMICONDUCTORS - 14.2% (Continued)
	4,084	ASML Holding N.V. - ADR^(b)	$	2,837,196
	33,805	Marvell Technology, Inc.		2,716,908
	101,998	NVIDIA Corporation		18,142,384
				28,236,999
		SOFTWARE - 31.8%
	9,516	Cadence Design Systems, Inc.^(a)		3,469,248
	12,544	Crowdstrike Holdings, Inc., Class A^(a)		5,702,126
	5,149	Intuit, Inc.		4,042,634
	27,484	Microsoft Corporation		14,662,713
	21,557	Palantir Technologies, Inc., Class A^(a)		3,413,551
	24,190	Palo Alto Networks, Inc.^(a),(b)		4,199,384
	13,960	Salesforce, Inc.		3,606,287
	14,180	ServiceNow, Inc.^(a)		13,373,442
	45,082	Shopify, Inc., Class A^(a)		5,509,471
	18,843	Veeva Systems, Inc., Class A^(a)		5,355,181
				63,334,037
		TECHNOLOGY HARDWARE - 1.5%
	24,990	Arista Networks, Inc.^(a)		3,079,268

		TECHNOLOGY SERVICES - 10.0%
	6,730	Coinbase Global, Inc., Class A^(a),(b)		2,542,325
	20,597	Mastercard, Inc., Class A		11,667,583
	16,762	Visa, Inc., Class A		5,790,768
				20,000,676

		TOTAL COMMON STOCKS (Cost $76,404,589)		197,719,592

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.2%
		COLLATERAL FOR SECURITIES LOANED - 10.4%
	20,679,837	Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (Cost $20,679,837)^(d),(d)		20,679,837

DUNHAM FOCUSED LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.2% (Continued)
		MONEY MARKET FUND - 0.8%
	1,549,311	STIT - Treasury Obligations Portfolio, 4.14% (Cost $1,549,311)^(d)	$	1,549,311

		TOTAL SHORT-TERM INVESTMENTS (Cost $22,229,148)		22,229,148

		TOTAL INVESTMENTS - 110.5% (Cost $98,633,737)	$	219,948,740
		LIABILITIES IN EXCESS OF OTHER ASSETS - (10.5)%		(20,862,989	)
		NET ASSETS - 100.0%	$	199,085,751

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $19,605,088 at July 31, 2025.

^(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $20,679,837 at July 31, 2025.

^(d)	Rate disclosed is the seven day effective yield as of July 31, 2025.

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.2%
		AEROSPACE & DEFENSE - 2.8%
	18,523	Hexcel Corporation^(b)	$	1,109,713
	45,214	Redwire Corporation^(a),(b)		646,108
	901	Teledyne Technologies, Inc.^(a)		496,469
				2,252,290
		APPAREL & TEXTILE PRODUCTS - 1.1%
	79,707	Canada Goose Holdings, Inc.^(a),(b)		872,792

		ASSET MANAGEMENT - 0.7%
	8,893	Etoro Group Ltd.^(a)		533,224

		BANKING - 4.0%
	41,902	Fulton Financial Corporation		752,141
	23,527	Glacier Bancorp, Inc.		1,031,189
	7,715	Pinnacle Financial Partners, Inc.		678,071
	29,622	Seacoast Banking Corporation of Florida		835,044
				3,296,445
		BIOTECH & PHARMA - 7.2%
	49,417	Anavex Life Sciences Corporation^(a),(b)		558,412
	6,933	Arcellx, Inc.^(a)		494,947
	59,276	Capricor Therapeutics, Inc.^(a),(b)		484,878
	78,560	Certara, Inc.^(a)		773,031
	16,201	Crinetics Pharmaceuticals, Inc.^(a)		463,187
	35,416	Denali Therapeutics, Inc.^(a),(b)		489,803
	12,376	GRAIL, Inc.^(a),(b)		423,383
	12,278	Guardant Health, Inc.^(a),(b)		503,152
	84,024	Olema Pharmaceuticals, Inc.^(a)		431,883
	46,433	Roivant Sciences Ltd.^(a)		527,479
	21,520	Structure Therapeutics, Inc. - ADR^(a),(b)		383,056
	24,678	Telix Pharmaceuticals Ltd. - ADR^(a),(b)		335,374
				5,868,585
		CHEMICALS - 1.4%
	227,534	Codexis, Inc.^(a)		609,791
	5,529	Sensient Technologies Corporation		620,851
				1,230,642

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		CONSUMER SERVICES - 1.1%
	27,982	Universal Technical Institute, Inc.^(a)	$	901,580

		ELECTRICAL EQUIPMENT - 6.2%
	21,654	Bloom Energy Corporation, Class A^(a),(b)		809,643
	8,149	BWX Technologies, Inc.^(b)		1,238,078
	93,180	Mirion Technologies, Inc.^(a)		2,082,572
	4,459	Powell Industries, Inc.^(b)		1,057,229
				5,187,522
		ENGINEERING & CONSTRUCTION - 4.4%
	2,022	Comfort Systems USA, Inc.		1,422,073
	6,288	Installed Building Products, Inc.^(b)		1,272,000
	3,399	Sterling Infrastructure, Inc.^(a)		909,538
				3,603,611
		ENTERTAINMENT CONTENT - 0.8%
	24,156	IMAX Corporation^(a),(b)		622,983

		FOOD - 0.9%
	14,231	BellRing Brands, Inc.^(a)		776,728

		FORESTRY, PAPER & WOOD PRODUCTS - 0.5%
	6,028	Trex Company, Inc.^(a)		387,239

		HEALTH CARE FACILITIES & SERVICES - 4.0%
	3,716	Addus HomeCare Corporation^(a),(b)		396,794
	68,145	Ardent Health Partners, Inc.^(a)		722,337
	14,006	RadNet, Inc.^(a)		766,548
	55,671	SI-BONE, Inc.^(a)		948,078
	19,838	Surgery Partners, Inc.^(a)		435,444
				3,269,201
		HOME CONSTRUCTION - 1.7%
	11,603	Century Communities, Inc.		653,133
	12,154	Champion Homes, Inc.^(a)		740,178
				1,393,311

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		HOUSEHOLD PRODUCTS - 2.9%
	12,394	elf Beauty, Inc.^(a),(b)	$	1,502,028
	7,151	Interparfums, Inc.^(b)		862,411
				2,364,439
		INDUSTRIAL INTERMEDIATE PROD - 0.9%
	22,472	Xometry, Inc., Class A^(a),(b)		726,744

		INDUSTRIAL SUPPORT SERVICES - 2.7%
	3,401	Applied Industrial Technologies, Inc.		923,372
	5,451	Herc Holdings, Inc.^(b)		636,731
	20,805	WillScot Holdings Corporation^(b)		610,627
				2,170,730
		INSTITUTIONAL FINANCIAL SERVICES - 5.6%
	2,111	Evercore, Inc., Class A		635,707
	3,098	Houlihan Lokey, Inc.		590,665
	16,454	Moelis & Company, Class A		1,154,083
	55,237	Perella Weinberg Partners^(b)		1,101,426
	8,020	Tradeweb Markets, Inc., Class A		1,111,171
				4,593,052
		INTERNET MEDIA & SERVICES - 2.2%
	31,938	Fiverr International Ltd.^(a)		705,191
	30,022	Pinterest, Inc., Class A^(a)		1,158,849
				1,864,040
		LEISURE FACILITIES & SERVICES - 2.7%
	49,930	OneSpaWorld Holdings Ltd.		1,104,451
	73,805	Portillo’s, Inc.^(a),(b)		735,098
	2,227	Texas Roadhouse, Inc.		412,285
				2,251,834
		LEISURE PRODUCTS - 0.6%
	641	Axon Enterprise, Inc.^(a)		484,269

		MACHINERY - 4.2%
	19,231	CECO Environmental Corporation^(a)		864,433
	15,849	Flowserve Corporation		888,178
	6,050	Lindsay Corporation		825,886

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		MACHINERY - 4.2% (Continued)
	4,969	MSA Safety, Inc.^(b)	$	883,836
				3,462,333
		MEDICAL EQUIPMENT & DEVICES - 5.8%
	72,233	Adaptive Biotechnologies Corporation^(a)		739,666
	80,608	AngioDynamics, Inc. ^(a)		714,187
	28,294	Establishment Labs Holdings, Inc.^(a),(b)		1,187,075
	5,774	Lantheus Holdings, Inc.^(a),(b)		411,051
	6,562	Repligen Corporation^(a)		768,213
	36,272	Stevanato Group SpA^(b)		896,281
				4,716,473
		METALS & MINING - 0.3%
	3,373	MP Materials Corporation^(a)		207,440

		OIL & GAS PRODUCERS - 0.5%
	1,716	Cheniere Energy, Inc.		404,770

		OIL & GAS SERVICES & EQUIPMENT - 1.0%
	25,928	Kodiak Gas Services, Inc.		838,252

		RETAIL - CONSUMER STAPLES - 1.2%
	7,176	Ollie’s Bargain Outlet Holdings, Inc. ^(a)		980,457

		RETAIL - DISCRETIONARY - 2.0%
	4,531	Boot Barn Holdings, Inc.^(a),(b)		778,879
	12,196	Freshpet, Inc.^(a)		833,231
				1,612,110
		SEMICONDUCTORS - 5.2%
	27,858	Aehr Test Systems^(a),(b)		470,800
	29,321	Allegro MicroSystems, Inc.^(a),(b)		920,972
	16,381	Lattice Semiconductor Corporation^(a)		816,265
	541	Monolithic Power Systems, Inc.		384,781
	7,965	Onto Innovation, Inc. ^(a)		754,684
	4,350	SiTime Corporation^(a)		882,398
				4,229,900

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.2% (Continued)
		SOFTWARE - 17.2%
	49,250	ACV Auctions, Inc. ^(a)	$	699,843
	9,006	BILL Holdings, Inc. ^(a)		385,907
	16,702	Blackline, Inc.^(a),(b)		898,234
	49,340	Clearwater Analytics Holdings, Inc., Class A^(a)		999,628
	45,341	Confluent, Inc., Class A^(a)		803,669
	15,420	Dynatrace, Inc. ^(a)		811,246
	53,291	Freshworks, Inc., Class A^(a)		692,250
	21,223	Gitlab, Inc., Class A^(a),(b)		929,780
	32,276	JFrog Ltd. ^(a)		1,401,101
	4,260	MongoDB, Inc. ^(a)		1,013,411
	33,225	nCino, Inc.^(a),(b)		927,808
	7,512	Oddity Tech Ltd.^(a),(b)		526,366
	34,751	Privia Health Group, Inc. ^(a)		678,340
	10,782	Procore Technologies, Inc. ^(a)		772,315
	10,472	Q2 Holdings, Inc. ^(a)		850,326
	15,539	Varonis Systems, Inc. ^(a)		867,542
	25,112	Vertex, Inc., Class A^(a),(b)		832,965
				14,090,731
		TECHNOLOGY HARDWARE - 1.0%
	2,444	Fabrinet^(b)		791,196

		TECHNOLOGY SERVICES - 3.2%
	59,014	Core Scientific, Inc.^(a),(b)		799,050
	13,129	MAXIMUS, Inc.		969,708
	7,910	Shift4 Payments, Inc., Class A^(a),(b)		814,730
				2,583,488
		TRANSPORTATION & LOGISTICS - 1.2%
	3,133	Saia, Inc. ^(a)		946,918

		TOTAL COMMON STOCKS (Cost $64,858,623)		79,515,329

DUNHAM SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 35.1%
		COLLATERAL FOR SECURITIES LOANED - 31.0%
	25,396,980	Mount Vernon Liquid Assets Portfolio, 4.42% (Cost $25,396,980)^(c),(d)	$	25,396,980

		MONEY MARKET FUND - 4.1%
	3,312,704	Fidelity Investments Money Market Government Portfolio, Class I, 4.18% (Cost $3,312,704)^(d)		3,312,704

		TOTAL SHORT-TERM INVESTMENTS (Cost $28,709,684)		28,709,684

		TOTAL INVESTMENTS - 132.3% (Cost $93,568,307)	$	108,225,013
		LIABILITIES IN EXCESS OF OTHER ASSETS - (32.3)%		(26,439,258	)
		NET ASSETS - 100.0%	$	81,785,755

ADR	- American Depositary Receipt

LTD	- Limited Company

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $24,317,343 at July 31, 2025.

^(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $25,396,980 at July 31, 2025.

^(d)	Rate disclosed is the seven day effective yield as of July 31, 2025.

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		CLOSED END FUNDS — 1.0%
		MIXED ALLOCATION - 1.0%
	128,764	Vietnam Enterprise Investments Ltd.^(a)	$	1,180,339

		TOTAL CLOSED END FUNDS (Cost $803,103)		1,180,339

		COMMON STOCKS — 97.3%
		AEROSPACE & DEFENSE - 2.2%
	262,609	Bharat Electronics Ltd.		1,142,235
	1,735	Hanwha Aerospace Company Ltd.		1,230,934
	738	LIG Nex1 Company Ltd.		330,467
				2,703,636
		ASSET MANAGEMENT - 2.4%
	115,412	360 ONE WAM Ltd.		1,383,083
	10,500	Futu Holdings Ltd. - ADR		1,613,640
				2,996,723
		AUTOMOTIVE - 1.0%
	43,500	BYD Company Ltd., H Shares		635,139
	4,004	Hyundai Motor Company		605,720
				1,240,859
		BANKING - 18.8%
	152,062	Abu Dhabi Islamic Bank PJSC		998,391
	3,998,400	Bank Central Asia Tbk P.T.		2,003,492
	177,210	Bank of the Philippine Islands		359,963
	34,335	Bank Polska Kasa Opieki S.A.		1,864,632
	191,794	BDO Unibank, Inc.		469,340
	138,500	China Merchants Bank Company Ltd., H Shares		898,749
	3,917	Credicorp Ltd.		928,329
	1,628,144	E.Sun Financial Holding Company Ltd.		1,736,956
	228,931	FirstRand Ltd.		972,242
	14,600	Grupo Financiero Galicia S.A. - ADR^(b)		736,862
	31,489	HDFC Bank Ltd. - ADR		2,417,411
	69,450	HDFC Bank Ltd.		1,595,692
	30,087	ICICI Bank Ltd. - ADR		1,013,932
	942,000	Industrial & Commercial Bank of China Ltd., H Shares		721,786

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.3% (Continued)
		BANKING - 18.8% (Continued)
	14,479	KB Financial Group, Inc.	$	1,143,914
	8,921	OTP Bank Nyrt		723,854
	1,909,900	Public Bank Bhd		1,881,000
	99,644	Saudi Awwal Bank		858,878
	178,000	SCB X PCL		685,353
	74,272	Woori Financial Group, Inc.		1,310,470
				23,321,246
		BEVERAGES - 0.6%
	19,800	Heineken Malaysia Bhd		111,047
	96,002	Varun Beverages Ltd.		571,262
				682,309
		BIOTECH & PHARMA - 0.8%
	4,306	Hugel, Inc.^(a)		1,033,579

		E-COMMERCE DISCRETIONARY - 3.5%
	279,841	Alibaba Group Holding Ltd.		4,207,359

		ELECTRIC UTILITIES - 0.7%
	15,944	Metlen Energy & Metals S.A.		877,573

		ENGINEERING & CONSTRUCTION - 3.5%
	1,016,900	Gamuda Bhd		1,227,395
	333,564	Indus Towers Ltd.^(a)		1,377,306
	40,196	Larsen & Toubro Ltd.		1,664,348
				4,269,049
		GAS & WATER UTILITIES - 1.2%
	3,900	Cia de Saneamento Basico do Estado de Sao Paulo - ADR		75,192
	71,700	Cia de Saneamento Basico do Estado de Sao Paulo		1,383,347
				1,458,539
		HEALTH CARE FACILITIES & SERVICES - 4.5%
	1,041,300	Bangkok Dusit Medical		682,877
	242,032	Max Healthcare Institute Ltd.		3,438,012
	50,643	Specialized Medical Company^(a)		267,572

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.3% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 4.5% (Continued)
	273,000	Wuxi Biologics Cayman, Inc.^(a),(c)	$	1,110,030
				5,498,491
		HOME CONSTRUCTION - 0.4%
	468,349	Talaat Moustafa Group		513,963

		HOUSEHOLD PRODUCTS - 0.2%
	19,600	Mao Geping Cosmetics Company LTD^(c)		249,173

		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	38,800	Hong Kong Exchanges & Clearing Ltd.		2,099,815

		INSURANCE - 4.0%
	168,000	AIA Group Ltd.		1,566,465
	10,317	DB Insurance Company Ltd.		942,992
	860,000	PICC Property & Casualty Company Ltd., H Shares		1,785,006
	49,790	Prudential PLC		631,648
				4,926,111
		INTERNET MEDIA & SERVICES - 12.3%
	233,210	Grab Holdings Ltd.^(a)		1,140,397
	248,000	Kuaishou Technology^(a),(c)		2,421,492
	126,500	Tencent Holdings Ltd.		8,856,571
	98,700	Tencent Music Entertainment Group - ADR		2,071,713
	10,700	Trip.com Group Ltd.		664,284
				15,154,457
		LEISURE FACILITIES & SERVICES - 2.2%
	161,220	Jollibee Foods Corporation		600,308
	377,479	Lemon Tree Hotels Ltd.^(a),(c)		642,686
	65,160	OPAP S.A.		1,462,715
				2,705,709
		METALS & MINING - 1.1%
	265,000	Chifeng Jilong Gold Mining Company Ltd.^(c)		776,405
	60,800	Vale S.A. - ADR		579,424
				1,355,829

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.3% (Continued)
		OIL & GAS PRODUCERS - 0.7%
	376,189	Gazprom PJSC^(a),(d),(e)	$	—
	19,000	Vista Energy S.A.B. de C.V. - ADR^(a),(b)		849,300
				849,300
		OIL & GAS SERVICES & EQUIPMENT - 0.8%
	606,279	ADNOC Drilling Company PJSC		963,920

		REAL ESTATE OWNERS & DEVELOPERS - 1.1%
	1,220,300	Ayala Land, Inc.		522,657
	183,800	Cyrela Brazil Realty S.A. Empreendimentos e		800,871
				1,323,528
		RENEWABLE ENERGY - 1.3%
	43,200	Contemporary Amperex Technology Company Ltd.		1,580,026

		RETAIL - CONSUMER STAPLES - 0.0%^(f)
	8,512	Magnit PJSC^(a),(d),(e)		—

		RETAIL - DISCRETIONARY - 1.9%
	258	LPP S.A.		1,145,948
	272,700	Vivara Participacoes S.A.		1,231,090
				2,377,038
		SEMICONDUCTORS - 14.3%
	5,000	ASPEED Technology, Inc.		755,319
	9,000	eMemory Technology, Inc.		607,734
	10,708	SK Hynix, Inc.		2,063,803
	372,608	Taiwan Semiconductor Manufacturing Company Ltd.		14,309,427
				17,736,283
		SPECIALTY FINANCE - 1.5%
	34,186	Cholamandalam Investment and Finance Company Ltd.		561,111
	35,300	Qifu Technology, Inc. - ADR		1,211,849
				1,772,960
		TECHNOLOGY HARDWARE - 10.3%
	82,099	Accton Technology Corporation		2,418,692
	90,000	Asia Vital Components Co., Ltd.		2,728,673
	96,786	Samsung Electronics Company Ltd.		4,905,082

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 97.3% (Continued)
		TECHNOLOGY HARDWARE - 10.3% (Continued)
	391,800	Xiaomi Corp^(a),(c)	$	2,636,018
				12,688,465
		TECHNOLOGY SERVICES - 0.6%
	3,229	Elm Company		782,269

		TELECOMMUNICATIONS - 2.1%
	117,968	Bharti Airtel Ltd.		2,571,176

		TRANSPORTATION & LOGISTICS - 0.9%
	387,200	Rumo S.A.		1,147,121

		TRANSPORTATION EQUIPMENT - 0.7%
	14,122	Eicher Motors Ltd.		879,774

		TOTAL COMMON STOCKS (Cost $87,448,582)		119,966,280

		PREFERRED STOCKS — 1.1%
		AUTOMOTIVE — 0.3%
	3,429	Hyundai Motor Company		403,546

		TECHNOLOGY HARDWARE — 0.8%
	21,864	Samsung Electronics Company Ltd.		895,216

		TOTAL PREFERRED STOCKS (Cost $1,248,435)		1,298,762

		SHORT-TERM INVESTMENTS — 1.9%
		COLLATERAL FOR SECURITIES LOANED - 1.1%
	1,391,148	Mount Vernon Liquid Assets Portfolio, LLC, 4.42%^(g),(h)		1,391,148

DUNHAM EMERGING MARKETS STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.9% (Continued)
		MONEY MARKET FUNDS - 0.8%
	958,097	First American Government Obligations Fund, Class X, 4.19%^(h)	$	958,097

		TOTAL SHORT-TERM INVESTMENTS (Cost $2,349,245)		2,349,245

		TOTAL INVESTMENTS - 101.3% (Cost $91,849,365)	$	124,794,626
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%		(1,579,879	)
		NET ASSETS - 100.0%	$	123,214,747

ADR	- American Depositary Receipt

LLC	- Limited Liability Company

LTD	- Limited Company

PJSC	- Public Joint-Stock Company

PLC	- Public Limited Company

PT	- Perseroan Terbatas

SA	- Société Anonyme

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $1,326,909 at July 31, 2025.

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is $7,835,804 or 6.4% of net assets.

^(d)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.

^(e)	Illiquid security.

^(f)	Percentage rounds to less than 0.1%.

^(g)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $1,391,148 at July 31, 2025.

^(h)	Rate disclosed is the seven day effective yield as of July 31, 2025.

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1%
		AEROSPACE & DEFENSE - 3.0%
	5,586	Airbus S.E.	$	1,123,698
	1,950	Dassault Aviation S.A.		607,473
	1,800	Embraer S.A.		25,870
	166	Hanwha Aerospace Company Ltd.		117,772
	2,185	Leonardo SpA		117,842
	3,270	MTU Aero Engines A.G.		1,411,300
	39,911	Rolls-Royce Holdings plc		566,458
	1,968	Safran S.A.		649,300
				4,619,713
		APPAREL & TEXTILE PRODUCTS - 0.4%
	817	Adidas A.G.		156,236
	2,600	Asics Corporation		61,127
	55,100	Huali Industrial Group Company Ltd.		398,496
				615,859
		ASSET MANAGEMENT - 3.3%
	162,300	Everbright Securities Company Ltd.		408,860
	11,500	Industrivarden A.B., C Shares		424,761
	25,896	Investor A.B., B Shares		750,576
	1,207	Julius Baer Group Ltd.		81,670
	36,338	UBS Group A.G.^(a)		1,353,313
	120,106	XP, Inc., Class A		1,938,510
				4,957,690
		AUTOMOTIVE - 1.0%
	4,244	Hyundai Mobis Company Ltd.		890,572
	1,761	Kia Corp		128,135
	1,767	Magna International, Inc.^(a)		72,447
	205	Rheinmetall A.G.		406,015
				1,497,169
		BANKING - 22.1%
	775	ABN AMRO Bank N.V. ^(b)		22,416
	33,209	Abu Dhabi Commercial Bank PJSC		146,947
	110,828	Abu Dhabi Islamic Bank PJSC		727,662
	143,000	Agricultural Bank of China Ltd., H Shares		93,682

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		BANKING - 22.1% (Continued)
	17,316	AIB Group plc	$	136,673
	0	Akbank T.A.S.		1
	7,988	Al Rajhi Bank		201,399
	27,239	Alpha Bank S.A.		102,014
	30,481	Banco Bilbao Vizcaya Argentaria S.A.		508,643
	194,656	Banco BPM SpA		2,483,815
	24,156	Banco de Sabadell S.A.		89,205
	55,100	Banco do Brasil S.A.		193,841
	85,730	Banco Santander S.A.		736,884
	6,714	Bank Hapoalim BM		125,893
	8,455	Bank Leumi Le-Israel BM		156,389
	2,113,100	Bank Negara Indonesia Persero Tbk P.T.		512,321
	4,202,000	Bank of China Ltd., H Shares		2,425,458
	553,000	Bank of Communications Company Ltd., H Shares		498,181
	229,387	Bank of Ireland Group PLC		3,077,729
	95,786	Barclays plc - ADR		1,879,320
	79,615	Barclays PLC		389,161
	31,712	BNK Financial Group, Inc.		330,266
	42,074	BNP Paribas S.A.		3,838,297
	325,500	BOC Hong Kong Holdings Ltd.		1,461,584
	20,483	CaixaBank S.A.		192,814
	475	Capitec Bank Holdings Ltd.		92,085
	242,000	China CITIC Bank Corp Ltd., H Shares		224,848
	443,000	China Construction Bank Corporation, H Shares		453,103
	116,000	Chongqing Rural Commercial Bank Company Ltd., H Shares		92,005
	339	Credicorp Ltd.		80,343
	3,867	Danske Bank A/S		153,420
	97,898	Emirates NBD Bank PJSC		712,940
	1,178	Erste Group Bank A.G.		107,779
	6,555	FinecoBank Banca Fineco SpA		139,657
	24,674	First Abu Dhabi Bank PJSC		120,703
	27,735	FirstRand Ltd.		117,787
	75,796	Grupo Cibest S.A.		978,387
	13,916	Grupo Financiero Banorte S.A.B. de C.V. - ADR		619,819

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		BANKING - 22.1% (Continued)
	12,700	Grupo Financiero Banorte SAB de CV	$	113,112
	1	Haci Omer Sabanci Holding A/S		1
	10,225	Hana Financial Group, Inc.		621,660
	28,900	Hang Seng Bank Ltd.		420,979
	307,900	Huaxia Bank Company Ltd.		339,713
	924	Industrial & Commercial Bank of China Ltd. - ADR		14,073
	1,348,000	Industrial & Commercial Bank of China Ltd., H Shares		1,032,874
	41,894	ING Groep N.V.		976,883
	110,337	Intesa Sanpaolo SpA		665,167
	6,727	Israel Discount Bank Ltd., Class A		64,326
	32,900	Itau Unibanco Holding S.A.		183,189
	8,000	Japan Post Bank Company Ltd.		89,294
	15,000	Kasikornbank PCL		73,926
	12,641	KB Financial Group, Inc.		998,702
	115,200	Krung Thai Bank PCL		77,196
	321,737	Lloyds Banking Group plc - ADR^(a)		1,357,730
	354,766	Lloyds Banking Group PLC		363,795
	2,822	Mediobanca Banca di Credito Finanziario SpA		62,164
	700	Mizrahi Tefahot Bank Ltd.		43,237
	4,952	National Bank of Greece S.A.		69,110
	16,287	Nordea Bank Abp		237,809
	1,218	OTP Bank Nyrt		98,829
	4,500	Powszechna Kasa Oszczednosci Bank Polski S.A.		98,541
	17,423	Qatar National Bank QPSC		89,647
	775,890	Sberbank of Russia PJSC^(c),(d),(e)		—
	24,500	SCB X PCL		94,332
	2,831	Shinhan Financial Group Company Ltd.		137,083
	3,214	Societe Generale S.A.		205,255
	8,021	Svenska Handelsbanken A.B., A Shares		97,747
	4,762	Swedbank A.B., Class A		126,824
	7,760	Turkiye Garanti Bankasi A/S		27,203
	1	Turkiye Is Bankasi A/S		0
	6,731	UniCredit SpA		495,492

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		BANKING - 22.1% (Continued)
	1,284,860,000	VTB Bank PJSC^(c),(d),(e)	$	—
	2,347	Woori Financial Group, Inc.		41,411
	0	Yapi ve Kredi Bankasi A/S^(e)		0
				33,540,775
		BEVERAGES - 0.5%
	75,800	Ambev S.A.		169,744
	8,500	Fomento Economico Mexicano S.A.B. de C.V.		76,850
	17,500	Kirin Holdings Company Ltd.		230,618
	13,600	Yakult Honsha Company Ltd.		218,799
				696,011
		BIOTECH & PHARMA - 2.0%
	10,400	Astellas Pharma, Inc.		107,838
	1,693	AstraZeneca PLC		250,896
	18,700	Daiichi Sankyo Company Ltd.		458,765
	291	Genmab A/S^(e)		62,656
	100,000	Livzon Pharmaceutical Group, Inc.		478,671
	5,300	Otsuka Holdings Company Ltd.		252,342
	3,700	Shionogi & Company Ltd.		61,882
	50,700	Takeda Pharmaceutical Company Ltd.		1,392,773
				3,065,823
		CHEMICALS - 0.3%
	3,282	Nutrien Ltd.^(a)		194,688
	10,128	PhosAgro PJSC^(c),(d),(e)		—
	76,700	Satellite Chemical Company Ltd.		207,113
				401,801
		COMMERCIAL SUPPORT SERVICES - 0.1%
	3,600	Recruit Holdings Company Ltd.		213,601

		CONSTRUCTION MATERIALS - 0.3%
	207,900	Huaxin Cement Company Ltd., Class A		444,067
	0	Turkiye Sise ve Cam Fabrikalari A/S		0
				444,067

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		CONTAINERS & PACKAGING - 0.1%
	7,938	Brambles Ltd.	$	121,444

		DIVERSIFIED INDUSTRIALS - 0.0%^(f)
	1,408	Alfa Laval A.B.		61,354

		E-COMMERCE DISCRETIONARY - 0.4%
	25,100	Meituan ^(b),(e)		387,232
	9,132	Vipshop Holdings Ltd. - ADR		137,802
				525,034
		ELECTRIC UTILITIES - 1.3%
	1,449	Emera, Inc.		68,037
	6,989	Fortis, Inc.^(a)		342,251
	10,731	Hydro One Ltd.		379,488
	11,855	Korea Electric Power Corporation - ADR		162,888
	276,800	Tokyo Electric Power Company Holdings, Inc.^(e)		1,048,158
				2,000,822
		ELECTRICAL EQUIPMENT - 3.3%
	62,916	ABB Ltd.		4,113,407
	1,400	Daikin Industries Ltd.		172,145
	1,433	Prysmian SpA		114,506
	3,587	Siemens Energy A.G.^(e)		415,522
				4,815,580
		ENGINEERING & CONSTRUCTION - 0.0%^(f)
	1	Enka Insaat ve Sanayi A/S		1

		ENTERTAINMENT CONTENT - 4.2%
	80,500	37 Interactive Entertainment Network Technology		185,132
	5,800	Bandai Namco Holdings, Inc.		187,562
	7,600	Capcom Company Ltd.		193,471
	1,226	CD Projekt S.A.		81,890
	551,400	Giant Network Group Company Ltd.		1,812,190
	16,000	Konami Group Corporation		2,172,228
	13,500	NetEase, Inc.		352,921

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		ENTERTAINMENT CONTENT - 4.2% (Continued)
	30,400	Nexon Company Ltd.	$	556,283
	1,943	Sea Ltd. - ADR^(e)		304,371
	9,200	Toho Company Ltd.		580,481
				6,426,529
		FOOD - 1.6%
	5,800	Ajinomoto Company, Inc.		153,453
	447,800	Charoen Pokphand Foods PCL		311,266
	59,400	Dekon Food And Agriculture Group^(b)		685,183
	1,350,500	WH Group Ltd.^(b)		1,352,041
				2,501,943
		HEALTH CARE FACILITIES & SERVICES - 0.9%
	45,782	Asymchem Laboratories Tianjin Company Ltd.		725,664
	45,172	WuXi AppTec Company Ltd.		599,574
				1,325,238
		HOME & OFFICE PRODUCTS - 0.4%
	1	Arcelik A/S^(e)		3
	24,200	Haier Smart Home Company Ltd., H Shares		76,239
	103,600	Hisense Home Appliances Group Company Ltd.		368,851
	48,000	Hisense Home Appliances Group Company Ltd., H Shares		137,651
				582,744
		HOUSEHOLD PRODUCTS - 0.2%
	8,000	Kao Corporation		359,986

		INDUSTRIAL INTERMEDIATE PROD - 1.0%
	704,700	China International Marine Containers Group, H shares		756,859
	657,700	China International Marine Containers Group		749,504
				1,506,363
		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	30,000	B3 S.A. - Brasil Bolsa Balcao		67,288
	1,134	Computershare Ltd.		30,526
	1,003	Deutsche Boerse A.G.		290,412
	175,800	Guotai Junan Securities Company Ltd.^(b)		379,506
	22,800	Hong Kong Exchanges & Clearing Ltd.		1,233,912
	5,200	Japan Exchange Group, Inc.		50,818

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.7% (Continued)
	4,005	London Stock Exchange Group plc - ADR	$	122,473
	49,300	Nomura Holdings, Inc.		325,703
	1,200	Singapore Exchange Ltd.		14,714
				2,515,352
		INSURANCE - 8.4%
	181,400	AIA Group Ltd.		1,691,409
	1,953	Allianz S.E.		772,197
	23,994	Aviva plc		205,006
	39,000	China Life Insurance Company Ltd., H Shares		112,656
	13,600	China Pacific Insurance Group Company Ltd., H Shares		54,773
	1,142,000	China Reinsurance Group Corporation^(b)		198,233
	14,800	Dai-ichi Life Insurance Co. Ltd.		117,105
	635	Fairfax Financial Holdings Ltd.		1,123,147
	12,290	Generali		458,735
	7,097	Hyundai Marine & Fire Insurance Company Ltd.^(e)		133,203
	14,300	Japan Post Holdings Company Ltd.		132,433
	11,900	MS&AD Insurance Group Holdings, Inc.		254,266
	35,287	NN Group N.V.		2,377,352
	2,312,000	People’s Insurance Company Group of China Ltd., H Shares		1,776,241
	22,000	Ping An Insurance Group Company of China Ltd., H Shares		151,038
	3,712	Samsung Fire & Marine Insurance Company Ltd.		1,165,302
	31,900	Sompo Holdings, Inc.		940,674
	1,300	T&D Holdings, Inc.		31,746
	10,200	Tokio Marine Holdings, Inc.		409,576
	816	Zurich Insurance Group A.G.		556,592
				12,661,684
		INTERNET MEDIA & SERVICES - 1.4%
	970	Kakao Corporation		40,010
	748	NAVER Corporation		125,182
	353	Scout24 A.G.^(b)		47,201
	841	Spotify Technology S.A.^(e)		526,920
	18,600	Tencent Holdings Ltd.		1,302,231
	33,000	Z Holdings Corporation		120,625
				2,162,169

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		LEISURE FACILITIES & SERVICES - 0.9%
	2,945	Aristocrat Leisure Ltd.	$	131,864
	995	Evolution A.B.^(b)		88,531
	63,200	H World Group Ltd.		197,260
	39,000	Haidilao International Holding Ltd.^(b)		69,135
	148,800	Shanghai Jinjiang International Hotels Company		465,876
	260,900	Wanda Film Holding Company Ltd.^(e)		423,028
	1,303	Yum China Holdings, Inc.		60,824
				1,436,518
		MACHINERY - 0.1%
	7,000	Techtronic Industries Company Ltd.		83,704
	6,800	WEG S.A.		44,930
				128,634
		MEDICAL EQUIPMENT & DEVICES - 2.1%
	11,700	Hoya Corporation		1,476,164
	8,400	Olympus Corporation		100,359
	4,944	Sonova Holding A.G.		1,345,780
	12,700	Terumo Corporation		215,366
				3,137,669
		METALS & MINING - 4.5%
	18,079	Agnico Eagle Mines Ltd.^(a)		2,248,305
	2,140	Alamos Gold, Inc., Class A		52,002
	9,541	Barrick Mining Corporation		201,506
	2,664	First Quantum Minerals Ltd.^(e)		44,778
	13,368	Franco-Nevada Corporation^(a)		2,129,924
	11,875	Gold Fields Ltd.		289,616
	75,200	Huaibei Mining Holdings Company Ltd.		128,170
	6,150	Kinross Gold Corporation		98,402
	378,500	MMC Norilsk Nickel PJSC^(c),(d),(e)		—
	6,021	Northern Star Resources Ltd.		59,819
	1,912	Pan American Silver Corporation^(a)		51,662
	11,469	Wheaton Precious Metals Corporation		1,049,528
	204,300	Wuchan Zhongda Group Company Ltd.		152,758
	79,453	Zhejiang Huayou Cobalt Company Ltd.		485,864
				6,992,334

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		OIL & GAS PRODUCERS - 2.1%
	80,970	BP PLC	$	434,024
	7,629	Cenovus Energy, Inc.		116,120
	1,214,000	China Petroleum & Chemical Corporation, H Shares		712,405
	15,200	ENEOS Holdings, Inc.		79,782
	6,389	Equinor ASA		164,118
	87,530	Gazprom PJSC - ADR^(c),(d),(e)		—
	247,390	Gazprom PJSC^(c),(d),(e)		—
	5,300	Inpex Corporation		75,468
	24,250	LUKOIL PJSC^(c),(d),(e)		—
	2,334	ORLEN S.A.		51,978
	1,184,100	PetroChina Company Ltd., H Shares		1,157,144
	54,000	PTT PCL		54,723
	4,541	Repsol S.A.		68,887
	117,940	Rosneft Oil Company PJSC^(c),(d),(e)		—
	6,867	Suncor Energy, Inc.		270,972
	6,830	Tatneft PJSC^(c),(d),(e)		—
				3,185,621
		PUBLISHING & BROADCASTING - 0.1%
	7,110	Informa plc		81,303

		REAL ESTATE OWNERS & DEVELOPERS - 0.7%
	33,223	Emaar Properties PJSC		137,581
	59,665	Ronesans Gayrimenkul Yatirim A/S^(e)		200,988
	7,500	Sun Hung Kai Properties Ltd.		89,081
	204,000	Wharf Real Estate Investment Company Ltd.		647,664
	12,600	Zhejiang China Commodities City Group Company Ltd.		37,199
				1,112,513
		REAL ESTATE SERVICES - 0.2%
	1,646	FirstService Corporation		324,624

		RENEWABLE ENERGY - 0.3%
	5,304	Vestas Wind Systems A/S		96,847
	371,000	Xinjiang Goldwind Science & Technology Company Ltd.		329,330
				426,177

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		RETAIL - CONSUMER STAPLES - 1.1%
	1,500	Alimentation Couche-Tard, Inc.	$	77,945
	13,500	CK Hutchison Holdings Ltd.		87,872
	2,579	Dollarama, Inc.		352,491
	31,509	Jeronimo Martins SGPS S.A.		768,528
	500	Kobe Bussan Company Ltd.		13,315
	2,793	Metro, Inc.		213,567
	6,459	Woolworths Group Ltd.		130,391
				1,644,109
		RETAIL - DISCRETIONARY - 1.3%
	2,200	Fast Retailing Company Ltd.		671,091
	5,896	Industria de Diseno Textil S.A.		281,786
	62,300	Lao Feng Xiang Company Ltd., A Shares		406,813
	58,400	Lao Feng Xiang Company Ltd., B Shares		209,014
	439	Pandora A/S		72,482
	6,267	Wesfarmers Ltd.		342,793
				1,983,979
		SEMICONDUCTORS - 5.5%
	40,800	Kioxia Holdings Corporation^(e)		664,605
	7,000	MediaTek, Inc.		316,203
	2,672	SK Hynix, Inc.		514,987
	1,538	STMicroelectronics N.V.		39,162
	168,000	Taiwan Semiconductor Manufacturing Company Ltd.		6,451,776
	2,000	Tokyo Electron Ltd.		317,970
				8,304,703
		SOFTWARE - 2.2%
	111	Constellation Software, Inc.		382,947
	272	CyberArk Software Ltd.^(e)		111,920
	3,652	Dassault Systemes S.E.		120,037
	367	Descartes Systems Group, Inc. (The)^(e)		38,814
	175	Nice Ltd.^(e)		27,316
	6,500	Obic Company Ltd.		231,426
	1,600	Open Text Corporation^(a)		47,088
	304	Pro Medicus Ltd.		62,426
	4,707	SAP S.E.		1,346,717

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		SOFTWARE - 2.2% (Continued)
	6,463	Shopify, Inc., Class A^(e)	$	789,956
	4,600	TIS, Inc.		146,755
	814	Xero Ltd.^(e)		93,738
				3,399,140
		SPECIALTY FINANCE - 0.7%
	17,600	ORIX Corporation		395,365
	20,481	Samsung Card Company Ltd.		729,129
				1,124,494
		STEEL - 0.1%
	2,151	POSCO - ADR		117,531

		TECHNOLOGY HARDWARE - 4.6%
	70,790	Anker Innovations Technology Company Ltd.		1,214,163
	3,000	Asustek Computer, Inc.		65,690
	34,500	Avary Holding Shenzhen Company Ltd.		252,599
	10,100	Brother Industries Ltd.		171,867
	18,800	Canon, Inc.		533,991
	9,000	Delta Electronics, Inc.		169,121
	154,808	Hisense Visual Technology Company Ltd.		488,092
	66,000	Hon Hai Precision Industry Company Ltd.		387,146
	538	LG Electronics, Inc.		29,612
	449	LG Innotek Company Ltd.		49,818
	9,700	Nintendo Company Ltd.		810,748
	23,761	Nokia OYJ		96,886
	39,600	Panasonic Holdings Corporation		374,604
	43,965	Samsung Electronics Company Ltd.		2,228,132
	14,277	Telefonaktiebolaget LM Ericsson, Class B		103,719
				6,976,188
		TECHNOLOGY SERVICES - 1.2%
	120	Adyen N.V.^(b),(e)		205,929
	1,131	CGI, Inc.		109,035
	4,480	Experian plc		236,055
	18,100	Nomura Research Institute Ltd.		716,254

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		TECHNOLOGY SERVICES - 1.2% (Continued)
	5,922	RELX plc	$	307,704
	1,157	Wolters Kluwer N.V.		180,310
				1,755,287
		TELECOMMUNICATIONS - 4.8%
	6,500	Advanced Info Service PCL		57,559
	34,036	BT Group PLC		92,954
	96,561	Deutsche Telekom A.G.		3,465,111
	35,200	KDDI Corporation		577,712
	745,700	Maxis Bhd		599,991
	585,800	Nippon Telegraph & Telephone Corporation		591,600
	19,056	Ooredoo QPSC		70,433
	1,997	Rogers Communications, Inc., Class B^(a)		66,700
	47,500	Singapore Telecommunications Ltd.		141,559
	6,625	Tele2 A.B., B Shares		102,407
	149,500	Telefonica Brasil S.A.		841,235
	26,915	Telekom Austria A.G.		285,807
	17,151	Telstra Group Ltd.		54,660
	3,053	TELUS Corporation		49,153
	245,517	Vodafone Group plc		266,190
				7,263,071
		TOBACCO & CANNABIS - 0.1%
	3,355	British American Tobacco plc - ADR		180,096

		TRANSPORTATION & LOGISTICS - 2.4%
	21,600	ANA Holdings, Inc.		400,535
	15,349	Canadian National Railway Company		1,434,364
	4,100	Central Japan Railway Company		95,584
	135,000	China Airlines Ltd.		92,277
	51,800	China Merchants Port Group Company Ltd.		144,569
	10,700	East Japan Railway Company		229,355
	3,924	Poste Italiane SpA^(b)		84,823
	3,800	Singapore Technologies Engineering Ltd.		25,564
	1,027	TFI International, Inc.		89,524
	9,234	Transurban Group		81,717

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 96.1% (Continued)
		TRANSPORTATION & LOGISTICS - 2.4% (Continued)
	1	Turk Hava Yollari AO	$	7
	880,900	YUNDA Holding Group Company Ltd.		928,266
				3,606,585
		TRANSPORTATION EQUIPMENT - 2.6%
	144,266	China CSSC Holdings Ltd.		686,836
	2,605	HD Hyundai Heavy Industries Company Ltd.		909,149
	2,520	Kongsberg Gruppen ASA		75,306
	7,161	Korea Shipbuilding & Offshore Engineering Company		1,829,982
	17,634	Wartsila OYJ Abp		487,462
				3,988,735
		WHOLESALE - DISCRETIONARY - 0.6%
	21,400	Pop Mart International Group Ltd.^(b)		667,550
	10,000	Toyota Tsusho Corporation		229,193
				896,743

		TOTAL COMMON STOCKS (Cost $122,622,672)		145,684,806

		EXCHANGE-TRADED FUNDS — 1.2%
		EQUITY - 1.2%
	14,123	iShares Core MSCI EAFE ETF		1,156,250
	6,927	iShares Core MSCI Emerging Markets ETF		417,906
	3,304	iShares MSCI EAFE ETF^(a)		289,166
				1,863,322

		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,871,486)		1,863,322

		PREFERRED STOCKS — 2.0%
		AUTOMOTIVE — 0.1%
	987	Volkswagen A.G.		103,262

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares						Fair Value
		PREFERRED STOCKS — 2.0% (Continued)
		BANKING — 0.5%
	27,900	Banco Bradesco S.A.				$	77,226
	44,474	Grupo Cibest S.A.					481,587
	25,600	Itau Unibanco Holding S.A.^(e)					159,914
							718,727
		INSTITUTIONAL FINANCIAL SERVICES — 0.4%
	110,420	Mirae Asset Securities Company Ltd.					672,070

		INSURANCE — 0.5%
	3,206	Samsung Fire & Marine Insurance Company Ltd.					760,688

		TECHNOLOGY HARDWARE — 0.5%
	19,632	Samsung Electronics Company Ltd.					803,828

		TOTAL PREFERRED STOCKS (Cost $2,421,598)					3,058,575

			Expiration Date	Exercise Price
		WARRANT — 0.0%^(f)
		SOFTWARE - 0.0% ^(f)
	108	Constellation Software Inc (Canada)	04/02/2040	$	0.00		—

		TOTAL WARRANT (Cost $0)					—

		SHORT-TERM INVESTMENTS — 5.9%
		COLLATERAL FOR SECURITIES LOANED - 4.7%
	7,240,598	Mount Vernon Liquid Assets Portfolio, LLC, 4.42%^(g),(h)					7,240,597

		MONEY MARKET FUNDS - 1.2%
	1,779,727	Fidelity Government Portfolio, Institutional, 4.18%^(h)					1,779,727

		TOTAL SHORT-TERM INVESTMENTS (Cost $9,020,324)					9,020,324

DUNHAM INTERNATIONAL STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

	Fair Value
TOTAL INVESTMENTS - 105.2% (Cost $135,936,080)	$	159,627,027
LIABILITIES IN EXCESS OF OTHER ASSETS - (5.2)%		(7,900,982	)
NET ASSETS - 100.0%	$	151,726,045

ADR	- American Depositary Receipt

A/S	- Anonim Sirketi

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

NV	- Naamioze Vennootschap

OYJ	- Julkinen osakeyhtiö

PJSC	- Public Joint-Stock Company

PLC	- Public Limited Company

PT	- Perseroan Terbatas

SA	- Société Anonyme

TAS	- Turkish Accounting Standards

^(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,051,152 at July 31, 2025.

^(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is $4,187,780 or 2.8% of net assets.

^(c)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.

^(d)	Illiquid security.

^(e)	Non-income producing security.

^(f)	Percentage rounds to less than 0.1%.

^(g)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $7,240,597 at July 31, 2025.

^(h)	Rate disclosed is the seven day effective yield as of July 31, 2025.

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 39.0%
		COMMODITY - 8.0%
	251,288	iShares GSCI Commodity Dynamic Roll Strategy ETF^(a)			$	6,709,390

		EQUITY - 31.0%
	144,100	Franklin FTSE Japan ETF^(a)				4,575,175
	107,400	Franklin FTSE United Kingdom ETF				3,285,366
	30,600	Invesco Nasdaq 100 ETF				7,116,642
	56,400	SPDR EURO STOXX 50 ETF^(a)				3,263,868
	12,200	SPDR S&P 500 ETF Trust ETF				7,711,376
						25,952,427

		TOTAL EXCHANGE-TRADED FUNDS (Cost $22,420,757)				32,661,817

Principal Amount ($)			Coupon Rate (%)	Maturity
		NON U.S. GOVERNMENT & AGENCIES — 3.5%
		SUPRANATIONAL — 3.5%
	1,500,000	Asian Development Bank	1.0000	04/14/26		1,465,801
	1,500,000	Asian Development Bank	2.6250	01/12/27		1,469,711
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,934,920)				2,935,512

		U.S. GOVERNMENT & AGENCIES — 39.4%
		U.S. TREASURY NOTES — 39.4%
	3,500,000	United States Treasury Note	2.0000	08/15/25		3,496,631
	3,500,000	United States Treasury Note	0.2500	09/30/25		3,476,626
	3,500,000	United States Treasury Note	0.2500	10/31/25		3,464,857
	3,500,000	United States Treasury Note	2.8750	11/30/25		3,483,031
	2,500,000	United States Treasury Note	0.3750	12/31/25		2,459,556
	3,000,000	United States Treasury Note	3.8750	01/15/26		2,994,779
	3,500,000	United States Treasury Note	0.5000	02/28/26		3,423,632
	3,000,000	United States Treasury Note	2.2500	03/31/26		2,960,489
	1,500,000	United States Treasury Note	0.7500	08/31/26		1,446,563
	2,000,000	United States Treasury Note	0.8750	09/30/26		1,926,563

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 39.4% (Continued)
		U.S. TREASURY NOTES — 39.4% (Continued)
	2,000,000	United States Treasury Note	1.1250	10/31/26	$	1,927,852
	2,000,000	United States Treasury Note	1.2500	12/31/26		1,923,281
						32,983,860
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $32,971,689)				32,983,860

Shares
		SHORT-TERM INVESTMENTS — 25.2%
		COLLATERAL FOR SECURITIES LOANED - 9.7%
	8,129,787	Mount Vernon Liquid Assets Portfolio, LLC, , 4.42% (Cost $8,129,787)^{(b) (d)}				8,129,787

		MONEY MARKET FUNDS - 15.5%
	12,979,202	MSILF Government Portfolio, Institutional Class, 4.20% (Cost $12,979,202)^(b)				12,979,202

		TOTAL SHORT-TERM INVESTMENTS (Cost $21,108,989)				21,108,989

		TOTAL INVESTMENTS - 107.1% (Cost $79,436,355)			$	89,690,178
		LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1)%				(5,975,454	)
		NET ASSETS - 100.0%			$	83,714,724

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(c)		Value and Unrealized Appreciation (Depreciation)
	105	CBOT 10 Year US Treasury Note	09/22/2025	$	11,661,563	$	66,753
	25	Eurex 10 Year Euro BUND Future	09/09/2025		3,702,329		(34,959	)
	26	Euro BONO Futures on long-term Spanish government	09/09/2025		3,663,987		(20,701	)
	56	Euro-BTP Italian Bond Futures	09/09/2025		7,721,580		8,200
	55	French Government Bond Futures	09/09/2025		7,742,578		(83,063	)
	63	Long Gilt Future	09/29/2025		7,667,829		69,062
		TOTAL LONG FUTURES CONTRACTS				$	5,292

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(c)		Value and Unrealized Depreciation
	11	CME E-Mini NASDAQ 100 Index Future	09/22/2025	$	5,140,300	$	(243,877	)
	18	CME E-Mini Standard & Poor’s 500 Index Future	09/22/2025		5,736,825		(293,028	)
	22	Eurex EURO STOXX 50 Future	09/22/2025		1,341,402		(5,915	)
	11	FTSE 100 Index Future	09/22/2025		1,325,462		(37,930	)
	5	TSE TOPIX (Tokyo Price Index) Future	09/12/2025		977,824		(28,987	)
		TOTAL SHORT FUTURES CONTRACTS				$	(609,737	)
		TOTAL FUTURES CONTRACTS				$	(604,445	)

DUNHAM DYNAMIC MACRO FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation
To Sell:
British Pound	10/16/2025	US Bank		2,350,000	$	3,105,776	$	53,319
Euro	10/16/2025	US Bank		2,800,000		3,213,077		73,195
Japanese Yen	10/16/2025	US Bank		640,000,000		4,279,968		80,880
					$	10,598,821	$	207,394

Total							$	207,394

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

SPDR	- Standard & Poor’s Depositary Receipt

^(a)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,886,143 at July 31, 2025.

^(b)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

^(d)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $8,129,787 at July 31, 2025.

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares						Fair Value
		COMMON STOCKS — 0.0%^(a)
		TELECOMMUNICATIONS - 0.0%^(a)
	10,000	NII Holdings, Inc. 144A^{(b),(c), (l)}				$	5,700

		TOTAL COMMON STOCKS (Cost $57,730)					5,700

Shares				Coupon Rate (%)	Maturity	Fair Value
		PREFERRED STOCKS — 0.5%
		INSURANCE — 0.5%
	31,098	Brighthouse Financial, Inc.^(d)		—			514,361
	45,419	Brighthouse Financial, Inc.		—			758,497
							1,272,858
		TOTAL PREFERRED STOCKS (Cost $1,279,266)					1,272,858

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 41.2%
		ASSET MANAGEMENT — 1.0%
	2,450,000	CI Financial Corporation^(c)		7.5000	05/30/29		2,589,270

		AUTOMOTIVE — 1.8%
	2,429,000	Ford Motor Credit Company, LLC^(d)		6.9500	06/10/26		2,456,945
	2,195,000	General Motors Company		5.3500	04/15/28		2,230,851
							4,687,796
		BANKING — 8.4%
	2,500,000	ABN AMRO Bank N.V.^(c),(e)	H15T1Y + 1.550%	6.5750	10/13/26		2,508,662
	3,590,000	Barclays plc^(d),(e)	USISSO05 + 3.686%	7.6250	09/15/73		3,679,980
	2,005,000	JPMorgan Chase & Company^(f)	ICE LIBOR USD 3 Month + 0.550%	5.0900	02/01/27		1,980,335
	3,550,000	NatWest Group plc^(e)	H15T1Y + 2.850%	7.4720	11/10/26		3,575,384
	4,615,000	Societe Generale S.A.^(c)		5.2500	02/19/27		4,651,501
	5,145,000	Wells Fargo & Company^(f)	US0003M + 0.500%	5.0790	01/15/27		5,098,305
	795,000	Wells Fargo & Company		5.9500	12/01/86		809,412
							22,303,579
		BIOTECH & PHARMA — 0.6%
	1,750,000	Biocon Biologics Global plc^(c)		6.6700	10/09/29		1,648,166

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 41.2% (Continued)
		CHEMICALS — 1.7%
	2,700,000	Braskem Netherlands Finance BV^(c),(d)		8.0000	10/15/34	$	1,922,400
	2,520,000	FMC Corporation^(e)	H15T5Y + 4.366%	8.4500	11/01/55		2,612,058
							4,534,458
		COMMERCIAL SUPPORT SERVICES — 0.3%
	725,000	RR Donnelley & Sons Company^(c)		9.5000	08/01/29		740,196

		CONSUMER SERVICES — 0.8%
	2,300,000	Grand Canyon University		5.1250	10/01/28		2,223,531

		E-COMMERCE DISCRETIONARY — 1.6%
	1,900,000	Rakuten Group, Inc.^(c)		11.2500	02/15/27		2,062,308
	2,010,000	Rakuten Group, Inc.^(c)		9.7500	04/15/29		2,212,486
							4,274,794
		ELECTRIC UTILITIES — 4.8%
	3,465,000	American Electric Power Company, Inc.		5.6990	08/15/25		3,465,582
	2,895,000	Dominion Energy, Inc.^(e)	H15T5Y + 2.207%	6.6250	05/15/55		2,973,000
	3,030,000	NextEra Energy Capital Holdings, Inc.		5.7490	09/01/25		3,031,943
	3,300,000	PG&E Corporation^(e)	H15T5Y + 3.883%	7.3750	03/15/55		3,188,965
							12,659,490
		ENGINEERING & CONSTRUCTION — 0.9%
	2,345,000	IHS Holding Ltd.^(c)		5.6250	11/29/26		2,318,902

		ENTERTAINMENT CONTENT — 2.4%
	2,700,000	Discovery Communications, LLC		3.9500	03/20/28		2,597,063
	2,064,000	Paramount Global		7.8750	07/30/30		2,299,221
	1,560,000	Paramount Global^(d)		6.8750	04/30/36		1,624,005
							6,520,289
		FOOD — 0.5%
	1,205,000	JBS USA LUX S.A. / JBS USA Food Company / JBS USA		6.5000	12/01/52		1,234,724

		HEALTH CARE FACILITIES & SERVICES — 1.0%
	2,950,000	Centene Corporation		3.0000	10/15/30		2,570,499

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 41.2% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 1.1%
	4,185,000	Credit Suisse Group A.G.^(c)	USSW5 + 4.598%	7.5000	06/11/70	$	324,338
	2,485,000	Goldman Sachs Capital I		6.3450	02/15/34		2,600,765
							2,925,103
		INSURANCE — 2.5%
	385,000	Farmers Exchange Capital^(c)		7.0500	07/15/28		404,078
	1,130,000	Farmers Insurance Exchange^(c),(e)	H15T10Y + 3.864%	7.0000	10/15/64		1,158,562
	3,835,000	Ohio National Financial Services, Inc.^(c)		6.8000	01/24/30		3,784,390
	1,000,000	Pacific Life Insurance Company^(c)		9.2500	06/15/39		1,343,743
							6,690,773
		LEISURE FACILITIES & SERVICES — 1.4%
	3,100,000	Resorts World Las Vegas, LLC / RWLV Capital, Inc.^(c)		4.6250	04/06/31		2,570,519
	1,000,000	Voyager Parent, LLC^(c)		9.2500	07/01/32		1,058,898
							3,629,417
		METALS & MINING — 1.3%
	1,445,000	First Quantum Minerals Ltd.^(c)		8.0000	03/01/33		1,493,478
	1,981,710	Samarco Mineracao S.A.^(c)		9.0000	06/30/31		1,963,146
							3,456,624
		OIL & GAS PRODUCERS — 2.5%
	3,000,000	Hess Corporation		6.0000	01/15/40		3,213,599
	3,075,000	Venture Global LNG, Inc.^(c)		9.8750	02/01/32		3,319,057
							6,532,656
		SEMICONDUCTORS — 0.9%
	2,375,000	Foundry JV Holdco, LLC^(c),(d)		6.1000	01/24/36		2,430,252

		SPECIALTY FINANCE — 2.8%
	2,930,000	AerCap Ireland Capital DAC / AerCap Global^(e)	H15T5Y + 2.441%	6.5000	01/31/56		2,973,062
	2,010,000	AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL^(e)	H15T5Y + 2.720%	6.9500	03/10/55		2,104,007
	2,320,000	Avolon Holdings Funding Ltd.^(c)		4.9500	01/15/28		2,330,884
							7,407,953
		TELECOMMUNICATIONS — 2.4%
	828,000	Frontier Communications Corporation^(c)		6.7500	05/01/29		836,524
	4,857,000	Frontier Communications Holdings, LLC^(c),(d)		6.0000	01/15/30		4,919,568

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 41.2% (Continued)
		TELECOMMUNICATIONS — 2.4% (Continued)
	511,500	Sprint Spectrum Company, LLC / Sprint Spectrum^(c)		5.1520	03/20/28	$	513,386
							6,269,478
		TRANSPORTATION & LOGISTICS — 0.5%
	1,311,103	United Airlines 2020-1 Class B Pass Through Trust Series 2020-1B Class B		4.8750	01/15/26		1,309,247

		TOTAL CORPORATE BONDS (Cost $112,069,458)					108,957,197

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		MUNICIPAL BONDS — 0.9%
		HIGHER EDUCATION — 0.9%
	2,405,000	Maricopa County Industrial Development Authority^(c)		7.3750	10/01/29		2,484,113

		TOTAL MUNICIPAL BONDS (Cost $2,405,000)					2,484,113

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 0.9%
		SOVEREIGN — 0.9%
	2,295,000	Colombia Government International Bond		7.7500	11/07/36		2,293,485

		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,286,503)					2,293,485

Principal Amount ($)				Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 51.9%
		U.S. TREASURY BILLS — 51.9%
	31,000,000	United States Treasury Bill^(g)		—	09/18/25		30,823,920
	32,500,000	United States Treasury Bill^(g)		—	10/16/25		32,209,495
	33,000,000	United States Treasury Bill^(g)		—	12/18/25		32,468,641
	33,000,000	United States Treasury Bill^(g)		—	01/08/26		32,394,083
	980,000	United States Treasury Note		3.8750	07/31/30		976,287
	3,345,000	United States Treasury Note ^{(n), (o)}		4.7500	02/15/45		3,289,860

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 51.9% (Continued)
		U.S. TREASURY BILLS — 51.9% (Continued)
	5,180,000	United States Treasury Note	4.6250	02/15/55	$	4,967,134
						137,129,420
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $137,211,654)				137,129,420

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. TREASURY BONDS & NOTES — 3.3%
	3,040,000	United States Treasury Note	3.8750	06/30/30		3,028,838
	5,855,000	United States Treasury Note	4.2500	05/15/35		5,804,226
						8,833,064
		TOTAL U.S. TREASURY BONDS & NOTES (Cost $8,797,505)				8,833,064

Shares					Fair Value
		SHORT-TERM INVESTMENTS — 3.9%
		COLLATERAL FOR SECURITIES LOANED - 2.9%
	7,591,753	Mount Vernon Liquid Assets Portfolio, 4.42% (Cost $7,591,753)^(d),(i)				7,591,753

		MONEY MARKET FUND - 1.0%
	2,604,000	First American Government Obligations Fund, Class X, 4.19% (Cost $2,604,000)⁽ⁱ⁾				2,604,000

		TOTAL SHORT-TERM INVESTMENTS (Cost $10,195,753)				10,195,753

		TOTAL INVESTMENTS - 102.6% (Cost $275,863,523)			$	271,171,590
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.6)%				(6,974,952	)
		NET ASSETS - 100.0%			$	264,196,638

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Depreciation
	33	CBOT 10 Year US Treasury Note	09/22/2025	$	3,665,063	$	(40,891	)
	51	CBOT 5 Year US Treasury Note	10/01/2025		5,516,766		(30,680	)
	55	CBOT US Treasure Bond Futures	09/22/2025		6,280,313		(218,332	)
	121	Ultra 10-Year US Treasury Note Futures	09/22/2025	$	13,682,452		(193,171	)
	42	Ultra U.S. Treasury Bond Futures	09/22/2025		4,927,125		(182,437	)
		TOTAL FUTURES CONTRACTS				$	(665,511	)

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

CREDIT DEFAULT SWAP AGREEMENTS
Description and Payment Frequency	Payment Frequency	Counterparty	Fixed Deal (Pay)Rate	Implied Credit Spread	Maturity Date	Notional Value			Fair Value^(m)			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY SERIES 44	Quarterly ⁽¹⁾	HSBC Securities	5.00%	323.42	12/20/2029		$17,000,000			(1,322,504	)		(1,230,183	)	$	(50,724	)
CDX.NA.IG SERIES 44	Quarterly ⁽¹⁾	HSBC Securities	1.00%	51.37	12/20/2029		41,000,000			(934,007	)		(888,316	)	$	(34,160	)
DARDEN RESTAURANTS INC	Quarterly ⁽¹⁾	Barclays	1.00%	22.00	6/20/2027		7,000,000			(108,402	)		(99,967	)	$	(8,435	)
LENNAR CORPORATIOn	Quarterly ⁽²⁾	Barclays	5.00%	(82.00)	12/20/2029		(5,000,000	)		868,161			841,235		$	26,926
NEXTERA ENERGY CAPITAL HOLDINGS INC.	Quarterly ⁽²⁾	Barclays	1.00%	(65.00)	6/20/2030		(7,000,000	)		116,197			107,520		$	8,677
SEMPRA ENERGY	Quarterly ⁽¹⁾	Barclays	1.00%	40.00	6/20/2030		7,000,000			(196,717	)		(188,490	)	$	(8,227	)
TOLL BROTHERS INC.	Quarterly ⁽¹⁾	Barclays	1.00%	79.00	12/20/2029		5,000,000			(48,254	)		(45,127	)	$	(3,127	)
VERIZON COMMUNICATIONS INC^(k)	Quarterly ⁽²⁾	Barclays	-1.00%	(31.00)	6/20/2027		(7,000,000	)		96,346			88,358		$	7,988
TOTAL										(1,529,180	)		(1,414,970	)		(61,082	)

(1)

Buy Protection

(2)

Sell Protection

TOTAL RETURN SWAPS

Description

Frequency

Counterparty

Notional Value

Variable Rate
Premium Paid

Maturity Date

Unrealized
Depreciation

Markit IBoxx US Dollar Liquid High Yield Index

At Maturity

Goldman Sachs

14,000,000

US0001M

9/20/2025

(177,093

)

LLC	- Limited Liability Company

LTD	- Limited Company

PLC	- Public Limited Company

S/A	- Société Anonyme

H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year

H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

US0003M	ICE LIBOR USD 3 Month

USISSO05	5-Year U.S. Dollar SOFR ICE Swap Rate Index

USSW5	USD SWAP SEMI 30/360 5YR

^(a)	Percentage rounds to less than 0.1%.

^(b)	Non-income producing security.

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is 51,594,527 or 19.5% of net assets.

^(d)	All or a portion of these securities are on loan. The total loaned securities had a value of $7,493,360 at July 31, 2025.

^(e)	Variable rate security; the rate shown represents the rate on July 31, 2025.

DUNHAM LONG/SHORT CREDIT FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

^(f)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

^(g)	Zero coupon bond.

^(h)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $7,591,753 at July 31, 2025.

⁽ⁱ⁾	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(j)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

^(k)	If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.

^(l)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities is $5,700.

^(m)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽ⁿ⁾	All or portion of security held as collateral for Futures at 7/31/2025.

^(o)	All or portion of security held as collateral for Swaps at 7/31/2025.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		CLOSED END FUNDS — 1.3%
		EQUITY - 1.3%
	2,468,782	Altaba, Inc. ^(h)	$	3,209,417

		TOTAL CLOSED END FUNDS (Cost $22,837,384)		3,209,417

Shares			Fair Value
		COMMON STOCKS — 74.6%
		ADVERTISING & MARKETING - 3.3%
	115,279	Omnicom Group, Inc.^(b)		8,305,852

		APPAREL & TEXTILE PRODUCTS - 2.0%
	79,735	Skechers USA, Inc., Class A^(a)		5,043,239

		AUTOMOTIVE - 2.7%
	60,822	Toyota Industries Corporation		6,564,439

		BANKING - 5.4%
	485,704	Pacific Premier Bancorp, Inc.		10,525,206
	33,070	Pinnacle Financial Partners, Inc.		2,906,522
				13,431,728
		BIOTECH & PHARMA - 4.0%
	93,569	Verona Pharma plc - ADR^(a)		9,833,166

		CABLE & SATELLITE - 4.6%
	186,660	Liberty Broadband Corporation - Series C^(a)		11,445,991

		CHEMICALS - 5.1%
	187,118	Covestro A.G. 144A^(a),(c)		12,691,036

		CONSTRUCTION MATERIALS - 0.5%
	46,530	James Hardie Industries plc^(a)		1,206,988

		ELECTRIC UTILITIES - 4.9%
	215,487	TXNM Energy, Inc.		12,237,507

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 74.6% (Continued)
		FOOD - 2.0%
	61,067	Kellanova	$	4,874,979

		INDUSTRIAL INTERMEDIATE PRODUCTS - 3.0%
	37,150	Chart Industries, Inc.^(a),(b)		7,386,535

		INDUSTRIAL SUPPORT SERVICES - 2.3%
	197,000	WillScot Holdings Corporation		5,781,950

		METALS & MINING - 8.7%
	2,902,552	Gold Road Resources Ltd.		5,856,959
	448,867	MAG Silver Corporation		9,165,863
	701,550	Sandstorm Gold Ltd.		6,566,508
				21,589,330
		OIL & GAS PRODUCERS - 6.3%
	0	Chevron Corporation		57
	84,102	Columbia Pipeline Group, Inc.^(a)		—
	463,392	Parkland Corporation		13,079,721
	133,032	Sitio Royalties Corporation, Class A		2,417,191
				15,496,969
		RETAIL - CONSUMER STAPLES - 2.8%
	368,900	Albertsons Companies, Inc., Class A		7,090,258

		RETAIL - DISCRETIONARY - 1.0%
	98,500	Foot Locker, Inc.^(a)		2,466,440

		SOFTWARE - 5.0%
	739,790	AvidXchange Holdings, Inc.^(a)		7,294,329
	206,225	Informatica, Inc., Class A^(a)		5,093,758
				12,388,087
		TECHNOLOGY SERVICES - 2.9%
	801,180	Dun & Bradstreet Holdings, Inc.^(b)		7,290,738

		TELECOMMUNICATIONS - 2.1%
	134,673	Frontier Communications Parent, Inc.^(a),(b)		4,947,885

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares						Fair Value
		COMMON STOCKS — 74.6% (Continued)
		TELECOMMUNICATIONS - 2.1% (Continued)
	205,893	NII Holdings, Inc. 144A^{(a),(c), (h)}				$	72,063
							5,019,948
		TRANSPORTATION & LOGISTICS - 6.0%
	1,025	American Airlines Group, Inc.^(a)					11,777
	101,283	American Airlines Group, Inc. Escrow Security^(a),(h)					—
	140,100	CSX Corporation					4,979,154
	26,162	Norfolk Southern Corporation					7,273,035
	10,800	Union Pacific Corporation					2,397,276
							14,661,242

		TOTAL COMMON STOCKS (Cost $190,687,276)					184,806,422

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHTS — 0.4%
		ASSET MANAGEMENT - 0.0% ^(d)
	117,448	Pershing Square Sparc Holdings Ltd ^(h)	9/29/2034	$	—		35,234

		FORESTRY, PAPER & WOOD PRODUCTS - 0.3%
	532,221	Resolute Forest Products, Inc. – CVR ^(h)		$	6.25		798,332

		MEDICAL EQUIPMENT & DEVICES - 0.1%
	34,956	Abiomed, Inc. – CVR ^(h)	12/31/2034	$	35.00		55,930

		TOTAL RIGHTS (Cost $850,905)					889,496

Shares						Fair Value
		SHORT-TERM INVESTMENTS — 22.6%
		COLLATERAL FOR SECURITIES LOANED - 6.7%
	16,588,301	Mount Vernon Liquid Assets Portfolio, 4.42% (Cost $16,588,301)^(e),(f)					16,588,301

		MONEY MARKET FUND - 15.9%
	39,377,987	Fidelity Investments Money Market Government Portfolio, Class I, 4.18% (Cost $39,377,987)^(e)					39,377,987
		TOTAL SHORT-TERM INVESTMENTS (Cost $55,966,288)					55,966,288

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Contracts^(g)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		EQUITY OPTIONS PURCHASED - 0.2%
		PUT OPTIONS PURCHASED - 0.2%
	46	Rocket Companies, Inc.	MS	01/16/2026	$	9	$	67,942	$	1,150
	310	Sunoco, L.P.	MS	12/19/2025		53		1,714,610		94,550
	948	Sunoco, L.P.	MS	12/19/2025		55		5,243,388		402,900
	107	Sunoco, L.P.	MS	12/19/2025		58		591,817		60,455
		TOTAL PUT OPTIONS PURCHASED (Cost - $697,658)								559,055
		TOTAL EQUITY OPTIONS PURCHASED (Cost - $697,658)								559,055

		TOTAL INVESTMENTS - 99.1% (Cost $271,039,511)							$	245,430,678
		CALL OPTIONS WRITTEN - (1.0)% (Premiums received - $2,193,025)								(2,444,436	)
		TOTAL SECURITIES SOLD SHORT – (24.1)% (Proceeds - $65,448,116)								(59,657,128	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 26.0%								64,474,578
		NET ASSETS - 100.0%							$	247,803,692

Contracts^(g)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (1.0)%
		CALL OPTIONS WRITTEN - (1.0)%
	1,304	Albertsons Companies, Inc.	MS	01/16/2026	$	20	$	2,506,288	$	136,920
	2,385	Albertsons Companies, Inc.	MS	01/16/2026		21		4,583,970		178,875
	1,401	CSX Corporation	MS	01/16/2026		35		4,979,154		361,458
	115	Dick’s Sporting Goods, Inc.	MS	09/19/2025		210		2,432,365		148,350
	450	James Hardie Industries plc	MS	12/19/2025		50		1,202,319		208,575
	86	Norfolk Southern Corporation	MS	01/16/2026		290		2,390,800		89,870
	108	Union Pacific Corporation	MS	01/16/2026		230		2,397,276		110,808
	1,970	WillScot Holdings Corporation	MS	12/19/2025		25		5,781,950		1,209,580
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $2,193,025)								2,444,436
		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $2,193,025)							$	2,444,436

ADR	- American Depositary Receipt

LP	- Limited Partnership

LTD	- Limited Company

PLC	- Public Limited Company

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $16,123,044 at July 31, 2025.

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is 12,763,099 or 5.2% of net assets.

^(d)	Percentage rounds to less than 0.1%.

^(e)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(f)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of 16,588,301 at July 31, 2025.

^(g)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

^(h)	Level 3 securities fair value under procedures established by the Board of Trustees, represents 1.68% of net assets. The total value of these securities is $4,171,066.

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

July 31, 2025

Shares				Fair Value
			COMMON STOCKS — (24.1)%
			ADVERTISING & MARKETING - (3.3)%
	(335,113	)	Interpublic Group of Companies, Inc. (The)	$	(8,243,780	)

			BANKING - (5.5)%
	(444,419	)	Columbia Banking System, Inc.		(10,577,172	)
	(63,183	)	Synovus Financial Corporation		(2,984,765	)
					(13,561,937	)
			CABLE & SATELLITE - (4.8)%
	(44,057	)	Charter Communications, Inc., Class A		(11,867,193	)

			HEALTH CARE FACILITIES & SERVICES - (1.9)%
	(47,166	)	Amedisys, Inc.		(4,650,568	)

			METALS & MINING - (6.0)%
	(131,648	)	Northern Star Resources Ltd.		(1,317,241	)
	(260,793	)	Pan American Silver Corporation		(7,046,627	)
	(43,846	)	Royal Gold, Inc.		(6,639,161	)
					(15,003,029	)
			OIL & GAS PRODUCERS - (1.0)%
	(64,588	)	Viper Energy, Inc.		(2,432,384	)

			TRANSPORTATION & LOGISTICS - (1.6)%
	(17,562	)	Union Pacific Corporation		(3,898,237	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds - $65,448,116)	$	(59,657,128	)

DUNHAM MONTHLY DISTRIBUTION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025 (Unaudited)

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/ (Depreciation)
To Buy:
Euro	08/12/2025	Morgan Stanley FX		4,308,107	$	4,921,758	$	(143,695	)
Euro	08/12/2025	US Bank		287,432		328,374		(228	)
					$	5,250,132	$	(143,923	)

To Sell:
Euro	08/04/2025	US Bank		137,895	$	157,451	$	112
Euro	08/12/2025	Morgan Stanley FX		16,053,139		18,339,763		(55,155	)
Canadian Dollar	08/15/2025	Morgan Stanley FX		6,962,036		5,027,449		27,971
Japanese Yen	09/17/2025	Morgan Stanley FX		995,675,209		6,636,726		327,378
Australian Dollar	10/31/2025	Morgan Stanley FX		7,314,431		4,708,575		58,986
					$	34,869,964	$	359,292

Total							$	215,369

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 100.8%
		ASSET MANAGEMENT - 7.2%
	538,205	FTAI Infrastructure, LLC^(a)	$	3,374,545

		DATA CENTER REIT - 11.7%
	12,889	Digital Realty Trust, Inc.		2,274,135
	4,041	Equinix, Inc.		3,172,872
				5,447,007
		FOOD - 1.3%
	187,154	Cadiz, Inc.^(b)		595,150

		HEALTH CARE REIT - 5.4%
	14,759	Ventas, Inc.		991,510
	9,346	Welltower, Inc.		1,542,744
				2,534,254
		INDUSTRIAL REIT - 8.4%
	27,571	Prologis, Inc.^(a)		2,944,031
	26,401	Rexford Industrial Realty, Inc.		964,429
				3,908,460
		INFRASTRUCTURE REIT - 11.8%
	16,995	American Tower Corporation, A		3,541,588
	11,394	Crown Castle, Inc.		1,197,395
	3,126	SBA Communications Corporation, Class A		702,475
				5,441,458
		INTERNET MEDIA & SERVICES - 1.2%
	6,808	Zillow Group, Inc., Class C^(b)		541,576

		LEISURE FACILITIES & SERVICES - 7.8%
	62,049	Caesars Entertainment, Inc.^(a),(b)		1,655,467
	54,803	MGM Resorts International^(a),(b)		1,997,570
				3,653,037
		MORTGAGE FINANCE - 1.6%
	33,581	AGNC Investment Corporation^(a)		316,669
	21,738	Annaly Capital Management, Inc.		441,933
				758,602

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 100.8% (Continued)
		OFFICE REIT - 2.8%
	17,077	Alexandria Real Estate Equities, Inc.	$	1,305,195

		OIL & GAS PRODUCERS - 3.4%
	586,510	New Fortress Energy, Inc.^(a)		1,598,240

		REAL ESTATE SERVICES - 3.6%
	10,688	CBRE Group, Inc., Class A^(b)		1,664,549

		RESIDENTIAL REIT - 7.7%
	11,330	American Homes 4 Rent, Class A^(a)		393,038
	4,608	AvalonBay Communities, Inc.		858,378
	7,022	Equity LifeStyle Properties, Inc.		420,758
	11,577	Equity Residential		731,666
	21,127	Invitation Homes, Inc.		647,543
	4,609	Sun Communities, Inc.		571,654
				3,623,037
		RETAIL REIT - 6.1%
	60,380	Macerich Company (The)		1,008,950
	10,989	Simon Property Group, Inc.		1,799,888
				2,808,838
		SELF-STORAGE REIT - 4.8%
	8,127	Extra Space Storage, Inc.		1,091,944
	4,225	Public Storage		1,148,947
				2,240,891
		SELF-STORAGE REITS - 0.7%
	8,535	CubeSmart		332,097

		SPECIALTY FINANCE - 6.0%
	20,191	FTAI Aviation Ltd.^(a)		2,778,484

		SPECIALTY REITS - 5.0%
	10,064	Americold Realty Trust, Inc.		161,829
	12,564	Iron Mountain, Inc.		1,223,231

DUNHAM REAL ESTATE STOCK FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2025

Shares			Fair Value
		COMMON STOCKS — 100.8% (Continued)
		SPECIALTY REITS - 5.0% (Continued)
	68,859	NewLake Capital Partners, Inc.	$	966,436
				2,351,496
		TECHNOLOGY SERVICES - 3.1%
	15,171	CoStar Group, Inc.^(b)		1,444,127

		TIMBER REIT - 1.2%
	22,192	Weyerhaeuser Company		555,910

		TOTAL COMMON STOCKS (Cost $40,611,627)		46,956,953

Shares			Fair Value
		SHORT-TERM INVESTMENT — 17.5%
		COLLATERAL FOR SECURITIES LOANED - 17.5%
	8,133,248	Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (Cost $8,133,248)^(c),(d)		8,133,248

		TOTAL INVESTMENTS - 118.3% (Cost $48,744,875)	$	55,090,201
		LIABILITIES IN EXCESS OF OTHER ASSETS - (18.3)%		(8,540,412	)
		NET ASSETS - 100.0%	$	46,549,789

LLC	- Limited Liability Company

LTD	- Limited Company

REIT	- Real Estate Investment Trust

^(a)	Non-income producing security.

^(b)	All or a portion of these securities are on loan. Total loaned securities had a value of $7,550,173 at July 31, 2025.

^(c)	Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $8,133,248 at July 31, 2025.

^(d)	Rate disclosed is the seven day effective yield as of July 31, 2025.

DUNHAM U.S. ENHANCED MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2025

Principal Amount ($)			Discount Rate (%)		Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 56.5%
		U.S. TREASURY BILLS — 43.9%
	27,000,000	United States Treasury Bill^(a)		4.1348	09/02/25	$	26,897,664
	25,000,000	United States Treasury Bill^(a),(b)		4.1686	11/04/25		24,722,092
							51,619,756
			Coupon Rate (%)
		U.S. TREASURY NOTES — 12.6%
	16,000,000	United States Treasury Note		1.2500	09/30/28		14,750,625

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $66,584,020)					66,370,381

Shares
		SHORT-TERM INVESTMENTS — 7.2%
		MONEY MARKET FUNDS - 7.2%
	8,451,257	Fidelity Government Portfolio, Institutional, 4.18% (Cost $8,451,257)^(c)					8,451,257

Contracts^(d)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FLEX OPTIONS PURCHASED - 36.4%
		CALL OPTIONS PURCHASED - 36.4%
	150	S&P 500 INDEX	Societe Generale	01/31/2030	$	6,100	$	91,500,000	$	24,047,139
	100	S&P 500 INDEX	Societe Generale	06/11/2029		5,450		54,500,000		18,687,149
		TOTAL CALL OPTIONS PURCHASED (Cost - $35,243,421)								42,734,288

		TOTAL FLEX OPTIONS PURCHASED (Cost - $35,243,421)								42,734,288

		TOTAL INVESTMENTS - 100.1% (Cost $110,278,698)							$	117,555,926
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%								(73,531	)
		NET ASSETS - 100.0%							$	117,482,395

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(e)		Value and Unrealized Appreciation (Depreciation)
	115	CBOT 10 Year US Treasury Note Future	09/19/2025	$	12,772,188	$	(1,941	)
	235	CBOT 2 Year US Treasury Note Future	09/30/2025		48,641,328		(61,446	)
	460	CBOT 5 Year US Treasury Note Future	09/30/2025		49,759,062		97,535
	30	CBOT US Treasury Bond Futures	09/19/2025		3,425,625		19,641
	25	CME E-Mini Standard & Poor’s 500 Index Future	09/19/2025		7,967,813		426,901
		TOTAL FUTURES CONTRACTS				$	480,690

^(a)	Zero coupon bond.

^(b)	A portion is held as collateral for futures.

^(c)	Rate disclosed is the seven day effective yield as of July 31, 2025.

^(d)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

^(e)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.